The Costs, Wealth Effects, and Determinants of International Capital Raising: Evidence from Public Yankee Bonds

This paper examines the costs, wealth effects, and determinants of international capital raising for a sample of 260 public debt issues made by non-U.S. firms in the U.S. (Yankee) market. We find that investors demand economically significant premiums on bonds issued by firms that are located in countries that do not protect investors' rights and do not have a prior history of on-going disclosure. The results provide support for the literature that suggests better legal protections and more detailed information disclosure increases the price investors will pay for financial assets. We also find that the average stock price reaction to Yankee bond offerings is significantly positive and that abnormal returns are largest for first-time Yankee bond issuers. In addition, we show that foreign firms tend to issue in the Yankee market when the relative interest cost is low, indicating that potential differences in borrowing costs influence where firms choose to sell bonds.http://deepblue.lib.umich.edu/bitstream/2027.42/39829/3/wp445.pd

Quantum tomography for collider physics: Illustrations with lepton pair production

Quantum tomography is a method to experimentally extract all that is observable about a quantum mechanical system. We introduce quantum tomography to collider physics with the illustration of the angular distribution of lepton pairs. The tomographic method bypasses much of the field-theoretic formalism to concentrate on what can be observed with experimental data, and how to characterize the data. We provide a practical, experimentally-driven guide to model-independent analysis using density matrices at every step. Comparison with traditional methods of analyzing angular correlations of inclusive reactions finds many advantages in the tomographic method, which include manifest Lorentz covariance, direct incorporation of positivity constraints, exhaustively complete polarization information, and new invariants free from frame conventions. For example, experimental data can determine the $entanglement$ $entropy$ of the production process, which is a model-independent invariant that measures the degree of coherence of the subprocess. We give reproducible numerical examples and provide a supplemental standalone computer code that implements the procedure. We also highlight a property of $complex$ $positivity$ that guarantees in a least-squares type fit that a local minimum of a $\chi^{2}$ statistic will be a global minimum: There are no isolated local minima. This property with an automated implementation of positivity promises to mitigate issues relating to multiple minima and convention-dependence that have been problematic in previous work on angular distributions.Comment: 25 pages, 3 figure

Persistent Evidence of a Jovian Mass Solar Companion in the Oort Cloud

We present an updated dynamical and statistical analysis of outer Oort cloud cometary evidence suggesting the sun has a wide-binary Jovian mass companion. The results support a conjecture that there exists a companion of mass ~ 1-4 M_Jup orbiting in the innermost region of the outer Oort cloud. Our most restrictive prediction is that the orientation angles of the orbit normal in galactic coordinates are centered on the galactic longitude of the ascending node Omega = 319 degree and the galactic inclination i = 103 degree (or the opposite direction) with an uncertainty in the normal direction subtending ~ 2% of the sky. A Bayesian statistical analysis suggests that the probability of the companion hypothesis is comparable to or greater than the probability of the null hypothesis of a statistical fluke. Such a companion could also have produced the detached Kuiper Belt object Sedna. The putative companion could be easily detected by the recently launched Wide-field Infrared Survey Explorer (WISE).Comment: 41 pages, 9 figures, submitted to ICARU

Block Motion Changes in Japan Triggered by the 2011 Great Tohoku Earthquake

Plate motions are governed by equilibrium between basal and edge forces. Great earthquakes may induce differential static stress changes across tectonic plates, enabling a new equilibrium state. Here we consider the torque balance for idealized circular plates and find a simple scalar relationship for changes in relative plate speed as a function of its size, upper mantle viscosity, and coseismic stress changes. Applied to Japan, the 2011 $\mathrm{M}_{\mathrm{W}}=9.0$ Tohoku earthquake generated coseismic stresses of $10^2-10^5$~Pa that could have induced changes in motion of small (radius $\sim100$~km) crustal blocks within Honshu. Analysis of time-dependent GPS velocities, with corrections for earthquake cycle effects, reveals that plate speeds may have changed by up to $\sim3$ mm/yr between $\sim3.75$-year epochs bracketing this earthquake, consistent with an upper mantle viscosity of $\sim 5\times10^{18}$Pa$\cdot$s, suggesting that great earthquakes may modulate motions of proximal crustal blocks at frequencies as high as $10^-8$~Hz

Endowment Effects and Contribution Strategies in Public Good Experiments

We investigate behavior in a laboratory public good experiment with unique endowment schemes that allow a wider range of contribution strategies than in standard voluntary contribution mechanism (VCM) experiments. A baseline treatment follows a standard VCM design (subjects receive 10 tokens in each of 10 rounds that may be allocated between a private account and a group account). In a new carry-over treatment, any tokens not allocated to the group account in the current period are made available for contributions in future periods. Under full endowment, subjects receive 100 tokens in round one (rather than 10 tokens per round for each of 10 rounds). In the pledge treatment, subjects’ allocation decisions for an initial endowment of 100 tokens may be changed in any round and are binding only for the final round. We find that the size of the effective endowment and whether contributions are binding significantly impact subject decision making. Deviations from the free riding outcome are greater when subjects have a larger portion of their total endowment earlier in the experiment, and subjects contribute less when their contribution decisions are bindin

Enhanced drag in pipe turbulent flow by an aqueous electrolyte: an electroviscous effect

Drag enhancement is reported for turbulent pipe flow of aqueous electrolyte solutions. No electroviscous effect was obtained with laminar flow. Nor was any unusual pressure drop observed for laminar or turbulent flow of non-electrolyte aqueous solutions such as sugar. An electroviscous theory was advanced that predicted the drag enhancement for a 1/1 electrolyte solution. The theory depended on consideration of Debye length

Electromagnetic Deflection of Spinning Particles

We show that it is possible to obtain self-consistent and physically acceptable relativistic classical equations of motion for a point-like spin-half particle possessing an electric charge and a magnetic dipole moment, directly from a manifestly covariant Lagrangian, if the classical degrees of freedom are appropriately chosen. It is shown that the equations obtained encompass the well-tested Lorentz force and Thomas--Bargmann--Michel--Telegdi spin equations, as well as providing a definite specification of the classical _magnetic_dipole_ force_, whose exact form has been the subject of recent debate. Radiation reaction---the force and torque on an accelerated particle due to its self-interaction---is neglected at this stage.Comment: 18 pp. (latex, uses revtex 3), UM-P-92/9

The Foldy-Wouthuysen transformation

The Foldy-Wouthuysen transformation of the Dirac Hamiltonian is generally taught as simply a mathematical trick that allows one to obtain a two-component theory in the low-energy limit. It is not often emphasized that the transformed representation is the only one in which one can take a meaningful *classical limit*, in terms of particles and antiparticles. We briefly review the history and physics of this transformation.Comment: Standard LaTeX, 6 page