Debt Financing and Financial Flexibility Evidence from Pro-active Leverage Increases

Firms that intentionally increase leverage through substantial debt issuances do so primarily as a response to operating needs rather than a desire to make a large equity payout. Subsequent debt reductions are neither rapid, nor the result of pro-active attempts to rebalance the firm’s capital structure towards a long-run target. Instead, the evolution of the firm’s leverage ratio depends primarily on whether or not the firm produces a financial surplus. In fact, firms that generate subsequent deficits tend to cover these deficits predominantly with more debt even though they exhibit leverage ratios that are well above estimated target levels. While many of our findings are difficult to reconcile with traditional capital structure models, they are broadly consistent with a capital structure theory in which financial flexibility, in the form of unused debt capacity, plays an important role in capital structure choices.

No many-scallop theorem: Collective locomotion of reciprocal swimmers

To achieve propulsion at low Reynolds number, a swimmer must deform in a way that is not invariant under time-reversal symmetry; this result is known as the scallop theorem. We show here that there is no many-scallop theorem. We demonstrate that two active particles undergoing reciprocal deformations can swim collectively; moreover, polar particles also experience effective long-range interactions. These results are derived for a minimal dimers model, and generalized to more complex geometries on the basis of symmetry and scaling arguments. We explain how such cooperative locomotion can be realized experimentally by shaking a collection of soft particles with a homogeneous external field

Changing home care aides: Differences between family and non-family care in California Medicaid home and community-based services.

In California Medicaid home-and-community-based services (HCBS), recipients' family members receive payment as home care aides (HCAs). We analyzed data on first-time HCBS recipients to examine factors associated with the likelihood of switching HCAs within the first year of services. Those with family HCAs were less than half as likely to change than those with non-family HCAs and racial/ethnic minorities with non-family HCAs had the highest switching rates. Lower wages and local unemployment were associated with switching of non-family HCAs but not family HCAs. Policymakers can foster continuity of home care by paying family members for home care and raising worker wages

Traffic jams and intermittent flows in microfluidic networks

We investigate both experimentally and theoretically the traffic of particles flowing in microfluidic obstacle networks. We show that the traffic dynamics is a non-linear process: the particle current does not scale with the particle density even in the dilute limit where no particle collision occurs. We demonstrate that this non-linear behavior stems from long range hydrodynamic interactions. Importantly, we also establish that there exists a maximal current above which no stationary particle flow can be sustained. For higher current values, intermittent traffic jams form thereby inducing the ejection of the particles from the initial path and the subsequent invasion of the network. Eventually, we put our findings in the broader context of the transport proccesses of driven particles in low dimension

Mapping individual electromagnetic field components inside a photonic crystal

We present a method to map the absolute electromagnetic field strength inside photonic crystals. We apply the method to map the electric field component Ez of a two-dimensional photonic crystal slab at microwave frequencies. The slab is placed between two mirrors to select Bloch standing waves and a subwavelength spherical scatterer is scanned inside the resulting resonator. The resonant Bloch frequencies shift depending on the electric field at the position of the scatterer. To map the electric field component Ez we measure the frequency shift in the reflection and transmission spectrum of the slab versus the scatterer position. Very good agreement is found between measurements and calculations without any adjustable parameters.Comment: 12 pages, 7 figure

Fluctuations of g-factors in metal nanoparticles: Effects of electron-electron interaction and spin-orbit scattering

We investigate the combined effect of spin-orbit scattering and electron-electron interactions on the probability distribution of $g$-factors of metal nanoparticles. Using random matrix theory, we find that even a relatively small interaction strength %(ratio of exchange constant $J$ and mean level %spacing \spacing $\simeq 0.3$) significantly increases $g$-factor fluctuations for not-too-strong spin-orbit scattering (ratio of spin-orbit rate and single-electron level spacing 1/\tau_{\rm so} \spacing \lesssim 1), and leads to the possibility to observe $g$-factors larger than two.Comment: RevTex, 2 figures inserte

The New Control and Interlock System for the SPS Main Power Converters

The Control and Interlock System (CIS) of the SPS main power converters was designed in the mid-70s and became increasingly difficult to maintain. A new system based on Programmable Logic Controllers has been developed by an external contractor in close collaboration with CERN. The system is now operational and fully integrated in the SPS/LEP control infrastructure. The CIS is the first major contracted industrial solution used to control accelerator equipment directly involved in the production of particle beams at CERN. This paper gives an overview of the SPS main power converter installation and describes both the contractual and technical solution adopted for the CIS. It first explains how the system was specified and how the contractual relationship was defined to respect CERNs purchasing rules and the operational requirements of the SPS accelerator. The architectural design of the new system is presented with special emphasis on how the conflict between safety and availability has been addressed

An ensemble approach to assess hydrological models’ contribution to uncertainties in the analysis of climate change impact on water resources

Over the recent years, several research efforts investigated the impact of climate change on water resources for different regions of the world. The projection of future river flows is affected by different sources of uncertainty in the hydro-climatic modelling chain. One of the aims of the QBic3 5 project (Que´bec-Bavarian International Collaboration on Climate Change) is to assess the contribution to uncertainty of hydrological models by using an ensemble of hydrological models presenting a diversity of structural complexity (i.e. lumped, semi distributed and distributed models). The study investigates two humid, mid-latitude catchments with natural flow conditions; one located in 10 Southern Que´bec (Canada) and one in Southern Bavaria (Germany). Daily flow is simulated with four different hydrological models, forced by outputs from regional climate models driven by a given number of GCMs’ members over a reference (1971–2000) and a future (2041–2070) periods. The results show that the choice of the hydrological model does strongly affect the climate change response of selected hydrological indicators, especially those related to low flows. Indicators related to high flows seem less sensitive on the choice of the hydrological model. Therefore, the computationally less demanding models (usually simple, lumped and conceptual) give a significant level of trust for high and overall mean flows

On the need for bias correction in regional climate scenarios to assess climate change impacts on river runoff

In climate change impact research, the assessment of future river runoff as well as the catchment scale water balance is impeded by different sources of modeling uncertainty. Some research has already been done in order to quantify the uncertainty of climate 5 projections originating from the climate models and the downscaling techniques as well as from the internal variability evaluated from climate model member ensembles. Yet, the use of hydrological models adds another layer of incertitude. Within the QBic3 project (Qu´ebec-Bavaria International Collaboration on Climate Change) the relative contributions to the overall uncertainty from the whole model chain (from global climate 10 models to water management models) are investigated using an ensemble of multiple climate and hydrological models. Although there are many options to downscale global climate projections to the regional scale, recent impact studies tend to use Regional Climate Models (RCMs). One reason for that is that the physical coherence between atmospheric and land-surface 15 variables is preserved. The coherence between temperature and precipitation is of particular interest in hydrology. However, the regional climate model outputs often are biased compared to the observed climatology of a given region. Therefore, biases in those outputs are often corrected to reproduce historic runoff conditions from hydrological models using them, even if those corrections alter the relationship between temperature and precipitation. So, as bias correction may affect the consistency between RCM output variables, the use of correction techniques and even the use of (biased) climate model data itself is sometimes disputed among scientists. For those reasons, the effect of bias correction on simulated runoff regimes and the relative change in selected runoff indicators is explored. If it affects the conclusion of climate change analysis in 25 hydrology, we should consider it as a source of uncertainty. If not, the application of bias correction methods is either unnecessary in hydro-climatic projections, or safe to use as it does not alter the change signal of river runoff. The results of the present paper highlight the analysis of daily runoff simulated with four different hydrological models in two natural-flow catchments, driven by different regional climate models for a reference and a future period. As expected, bias correction of climate model outputs is important for the reproduction of the runoff regime of the 5 past regardless of the hydrological model used. Then again, its impact on the relative change of flow indicators between reference and future period is weak for most indicators with the exception of the timing of the spring flood peak. Still, our results indicate that the impact of bias correction on runoff indicators increases with bias in the climate simulations

Control and interlock system for the SPS main power converters

The control and interlock system of the main power converters was 20 years old and needed to be replaced. In order to face the shrinking resources of CERN, it was decided to adopt, as far as possible, standard industrial solutions and to contract out the development of the new system to industry. A tender was sent to European firms and the contract was awarded to GTD, a Spanish Engineering Firm, in May 1997. The SPS accelerator restarted in March 98 with the new Control and Interlock System