Lender learning and entry under demand uncertainty

This paper examines the effect of demand uncertainty on the properties of the first period contract between a lender and the incumbent, when there is a threat of entry. The main findings are that unlike the cost uncertainty case, entry has no effect on the incumbent's incentives and it leads the lender to learn less.

Debt, Managerial Incentives and Learning.

Using a dynamic model with uncertainty and asymmetric information, we study the impact of debt on managerial compensation and performance targets. In this model, compensation has two roles to play – providing incentives to the manager and learning about his type. We show that debt acts as a substitute of compensation in both dimensions. If uncertainty is not too low, the incentive role of debt dominates the learning role. Thus in the presence of debt, compensation contracts can be more effective in learning about the manager. As debt increases, the pay-performance sensitivity falls and learning increases. We also examine the choice of debt and derive conditions under which a positive level of debt is optimal. We also conduct comparative statistics with respect to the degree of asymmetric information and uncertainty.

Bayesian Estimation of Dynamic Discrete Choice Models

Structural estimation, Dynamic programming, MCMC

Debt, Managerial Incentives and Learning

Using a dynamic model with uncertainty and asymmetric information, we study the impact of debt on managerial compensation and performance targets. In this model, compensation has two roles to play-providing incentives to the manager and learning about his type. We show that debt acts as a substitute of compensation in both dimensions, by making future pro…ts and the upfront payment to the manager less sensitive to the …rst period compensation. If uncertainty is not too low, the incentive role of debt dominates the learning role. Thus in the presence of debt, compensation contracts can be more e¤ective in learning about the manager. As debt increases, the pay-performance sensitivity falls and learning increases. We also examine the choice of debt taking into account its e¤ect on managerial compensation and derive conditions under which a positive level of debt, due to its e¤ect on compensation, is optimal, even abstracting from other costs and bene…ts of debt. We also conduct comparative statics with respect to the degree of asymmetric information and uncertainty. 1

Financial Intermediation and Entry-Deterrence: A survey

In this paper, we summarize the findings of a series of our papers on the relationship between financial contracting and the game of entry-deterrence in a dynamic context.The incumbent has private information about its cost and enters into an agency relationship with a lender in each of the two periods. We examine the effect of this agency relationship on the probability of entry and limit pricing on the one hand and the effect of the game of entry-deterrence on the form of the financial contract on the other. The three papers make different assumptions about the uncertainty of demand and the informational structure.

A Practitioner's Guide to Bayesian Estimation of Discrete Choice Dynamic Programming Models

This paper provides a step-by-step guide to estimating discrete choice dynamic programming (DDP) models using the Bayesian Dynamic Programming algorithm developed by Imai Jain and Ching (2008) (IJC). The IJC method combines the DDP solution algorithm with the Bayesian Markov Chain Monte Carlo algorithm into a single algorithm, which solves the DDP model and estimates its structural parameters simultaneously. The main computational advantage of this estimation algorithm is the efficient use of information obtained from the past iterations. In the conventional Nested Fixed Point algorithm, most of the information obtained in the past iterations remains unused in the current iteration. In contrast, the Bayesian Dynamic Programming algorithm extensively uses the computational results obtained from the past iterations to help solving the DDP model at the current iterated parameter values. Consequently, it significantly alleviates the computational burden of estimating a DDP model. We carefully discuss how to implement the algorithm in practice, and use a simple dynamic store choice model to illustrate how to apply this algorithm to obtain parameter estimates.Bayesian Dynamic Programming, Discrete Choice Dynamic Programming, Markov Chain Monte Carlo

Synthesis,Characterization and Biological studies on Mannich Bases of 2-Substituted Benzimidazole Derivatives

In the present study novel derivatives of 2-substituted benzimidazoles were prepared via Mannich reaction and evaluated for their in vitro antimicrobial activity against two gram negative strains (Escherichia coli and Pseudomonas aeruginosa), two gram positive strains (Bacillus subtilis and Staphylococcus aureus) and fungal strains (Candida albicans and Aspergillus niger).The synthesized compounds were also screened for antioxidant activity.The newly synthesized compounds were characterized by spectral and analytical techniques.The results revealed that all the synthesized compounds have a significant antioxidant and biological activity against the tested microorganisms

Mannich Bases of 2-Substituted Benzimidazoles - A Review

Mannich bases are the end products of mannich reaction and are known as beta amino ketone carrying compounds. Mannich reaction is a carbon carbon bond forming nucleophilic addition reaction which helps in synthesizing N-methyl derivatives and many other drug molecules. Mannich base derivatives of benzimidazoles possess many pharmacological properties such as anti-oxidant, anti-inflammatory, anticancer, antiviral, anthelmintic and play an important role in medical field. As these drugs are clinically useful in treatment of microbial infections and exhibit other therapeutic activities also, so this encouraged the development of more potent, novel and clinically significant compounds. In this review synthesis and various biological activities of new mannich bases of benzimidazole derivatives reported is discussed

Examination of the relation of localization of placenta at 18-24 weeks of gestation by ultrasonography with the development of preeclampsia later in pregnancy

Background: The aim of the study was to examine the relation of localization of placenta at 18-24 weeks of gestation by ultrasonography with the development of preeclampsia later in pregnancy.Methods: Hospital based Prospective observational Cohort study at department of Obstetrics and Gynecology, Dr. BSA Hospital Delhi. 150 pregnant women of gestational age18-24 weeks attending ANC clinic were enrolled for ultrasound examination and on the basis of ultrasonography (USG) findings placenta was classified as Group-A (patient found to have laterally located placenta). And Group-B (patients found to have centrally located placenta). All women in both the group were followed up regularly till term. Study duration was 1 year, June 2017-June 2018.Results: The overall risk of developing Preeclampsia with a late rally located placenta was 8.5(odds ratio) with 95% confidence interval (4.0339 to17.9108). This difference was highly statistically significant (p<.0001). Placental laterality has a sensitivity of 77.27%, beside that it has a good specificity of 71.43% and negative predictive value of 80%. Lateral localization of placenta by ultrasonography at mid trimester can be used as a screening test. The presence of urine albumin in group A was found in 70.67% as compared to 13.33% in group B. This difference was statistically significant. (p=0.0001). Around 72% of total complications were seen in Group-A as compared to 28% in Group-B. This difference was found to be statistically significant (p=0.028).Conclusions: Significant correlation exists between placental laterality and the development of preeclampsia and thus placental localization by ultrasonography in midtrimester (at 18-24 weeks) can be used for prediction of development of preeclampsia later in pregnancy

Comparative study of transperineal and transvaginal sonography for localization of placenta in antepartum haermorrhage

Background: Haemorrhage is one of the leading causes of maternal mortality and morbidity in world in pregnant patients.Patients with antepartum haemorrhage confirmation of location of placenta by sonography is must for management. Transvaginal sonography(TVS) has main disadvantage of need of penetration of vagina and  provoking vaginal haemorrhage It can also result in uterine contraction & requirement of special transducer. Transperineal sonography(TPS) is more convenient and safer means of imaging the cervix and lower uterine segment overcoming the short coming of transabdominal sonography and eliminating the risk associated with Transvaginal sonography.  Thus present study was undertaken with a view to evulate patients of antepartum haemorrhage by Transvaginal as well as by transperineal sonography to compare accuracy of transperineal with Transvaginal sonography.Methods: Transvaginal probe was gently introduced for about 3-4 cm beyond the introitus. Distance between internal os and lower edge of placenta was measured. The diagnosis of placenta previa was made if placental edge was located within 5cm of internal os. Transperineal sonography was performed with convex transducer. Bladder was kept empty The transducer was positioned directly on perineum in sagittal orientation over the labia minora with center of transducer typically posterior to urethra and anterior to vaginal orifice and measurement taken.Results: TPS diagnosed placenta previa in 31 cases, 30 of which had placenta previa. TPS  negated placenta previa in 19 cases, none of which had placenta previa. So false positive rate of TPS was found to 4.7%, false negative 0% sensitivity 100% specificity 95.2%. Positive predictive value of TPS was found to be 96.7% and negative predictive value of TVS was found to be 100%.Conclusions: So, to conclude transperineal sonography is easy to perform, well tolerated accurate diagnostic tool with high sensitivity specificity, positive and negative predictive values for localisation of placenta cases of APH. TVS can be replaced by TPS in cases of APH for localisation of placenta