Flow and Transport in Regions with Aquatic Vegetation

This review describes mean and turbulent flow and mass transport in the presence of aquatic vegetation. Within emergent canopies, the turbulent length scales are set by the stem diameter and spacing, and the mean flow is determined by the distribution of the canopy frontal area. Near sparse submerged canopies, the bed roughness and near-bed turbulence are enhanced, but the velocity profile remains logarithmic. For dense submerged canopies, the drag discontinuity at the top of the canopy generates a shear layer, which contains canopy-scale vortices that control the exchange of mass and momentum between the canopy and the overflow. The canopy-scale vortices penetrate a finite distance into the canopy, δe, set by the canopy drag. This length scale segregates the canopy into two regions: The upper canopy experiences energetic turbulent transport, controlled by canopy-scale vortices, whereas the lower canopy experiences diminished transport, associated with the smaller stem-scale turbulence. The canopy-scale vortices induce a waving motion in flexible blades, called a monami.National Science Foundation (U.S.) (EAR 0309188)National Science Foundation (U.S.) (EAR 0125056)National Science Foundation (U.S.) (EAR0738352)National Science Foundation (U.S.) (OCE0751358

Time-varying managerial overconfidence and pecking order preference

This paper examines whether managerial overconfidence enhances or weakens pecking order preference. We construct time-varying managerial words-based (i.e. tone of Chairman’s Statement) and action-based (i.e. firm investment and directors’ trading) overconfidence measures. Both optimistic tone and industry-adjusted investment have significant and negative impacts on the pecking order coefficient in the Shyam-Sunder and Myers (J Financ Econ 51:219–244, 1999) regression framework. Overconfident managers tend to use more equity than debt to finance deficits. This new evidence is consistent with the proposition that overconfident managers who underestimate the riskiness of future earnings believe that their debt (equity) is undervalued (overvalued) and therefore prefer equity to debt financing. Thus, managerial overconfidence can lead to a reverse pecking order preference. We also find that managerial overconfidence significantly weakens pecking order preference especially in firms with high earnings volatility and small firms

Bulletin: Number 176: Inspection of Concentrated Commercial Feeding Stuffs during the Spring of 1900

24 pages, 1 article*Inspection of Concentrated Commercial Feeding Stuffs during the Spring of 1900* (Jordan, W. H.; Jenter, C. G.) 22 page