Determinants of Leverage and Agency problems

In this paper we empirically investigate the determinants of leverage and agency problems and we examine the relationships between leverage and agency problems. As in Titman and Wessels (1988) we use structural equations modeling with latent variables. In contrast to Titman and Wessels (1988), who employ data obtained from annual reports and capital markets, we use questionnaire data to measure firm characteristics. The questions concern the characteristics of the respondents’ firms, including the presence of agency problems. We estimate the relations between these characteristics. The results confirm that the trade-off between tax advantages and bankruptcy costs determines leverage. We also find free cash flow and corporate governance characteristics as determinants of overinvestment. Despite findings that agency problems are present, direct relationships between leverage and four agency problems are absent.capital structure;agency costs

Search for the magnetic field of the O7.5 III star xi Persei

Cyclical wind variability is an ubiquitous but as yet unexplained feature among OB stars. The O7.5 III(n)((f)) star xi Persei is the brightest representative of this class on the Northern hemisphere. As its prominent cyclical wind properties vary on a rotational time scale (2 or 4 days) the star has been already for a long time a serious magnetic candidate. As the cause of this enigmatic behavior non-radial pulsations and/or a surface magnetic field are suggested. We present a preliminary report on our attempts to detect a magnetic field in this star with high-resolution measurements obtained with the spectropolarimeter Narval at TBL, France during 2 observing runs of 5 nights in 2006 and 5 nights in 2007. Only upper limits could be obtained, even with the longest possible exposure times. If the star hosts a magnetic field, its surface strength should be less than about 300 G. This would still be enough to disturb the stellar wind significantly. From our new data it seems that the amplitude of the known non-radial pulsations has changed within less than a year, which needs further investigation.Comment: 2 pages, 6 figures, contributed poster at IAU Symposium 259 "Cosmic Magnetic Fields: from Planets, to Stars and Galaxies", Tenerife, Spain, November 3-7, 200

The Dividend and Share Repurchase Policies of Canadian Firms

We empirically investigate dividend and share repurchase policies of Canadian firms. We have sent aquestionnaire to the 500 largest non-financial Canadian companies listed on the Toronto StockExchange, of which 191 usable responses were returned. These data are used to measure firmcharacteristics. We use several logit regression analyses to test the structure and determinants of thedividend and share repurchase choice. Our results are consistent with a structure in which thecompany first decides whether it wants to pay out cash to its shareholders or not. In the second stagethe firm decides on the form of the payout: dividends, share repurchases or both. Payout is determinedby free cash flow. The choice for dividends and repurchases depends on behavioral and taxpreferences. Furthermore, the payout is less likely to be dividends if the company has executive stockoption plans. Finally, we find evidence for the Brennan and Thakor (1990) model. According to thismodel the existence of asymmetric information amongst outsiders is associated with a preference fordividend payments over share repurchases.dividends;nested logit models;payout decisions;share repurchases;strategic financial decisions

The Dividend and Share Repurchase Policies of Canadian Firms: Empirical Evidence based on New Research Design

We empirically investigate dividend and share repurchase policies of Canadian firms. We use several logit regression analyses to test the structure and determinants of the dividend and share repurchase choice. We have sent a questionnaire to the 500 largest non-financial Canadian companies listed on the Toronto Stock Exchange, of which 191 usable responses were returned. These data are used to measure firm characteristics. Our results are consistent with a structure in which the company first decides whether it wants to pay out cash to its shareholders or not. In the second stage the firm decides on the form of the payout: dividends, share repurchases or both. Payout is determined by free cash flow. The type of payout depends on behavioral and tax preferences. Furthermore, the payout is less likely to be dividends if the company has executive stock option plans. Finally, we find evidence for the Brennan and Thakor (1990) model. According to this model the existence of asymmetric information amongst outsiders is associated with a preference for dividend payments over share repurchases.dividend policy;shares

A new catalog of photometric redshifts in the Hubble Deep Field

Using the newly available infrared images of the Hubble Deep Field in the J, H, and K bands and an optimal photometric method, we have refined a technique to estimate the redshifts of 1067 galaxies. A detailed comparison of our results with the spectroscopic redshifts in those cases where the latter are available shows that this technique gives very good results for bright enough objects (AB(8140) < 26.0). From a study of the distribution of residuals (Dz(rms)/(1+z) ~ 0.1 at all redshifts) we conclude that the observed errors are mainly due to cosmic variance. This very important result allows for the assessment of errors in quantities to be directly or indirectly measured from the catalog. We present some of the statistical properties of the ensemble of galaxies in the catalog, and finish by presenting a list of bright high-redshift (z ~ 5) candidates extracted from our catalog, together with recent spectroscopic redshift determinations confirming that two of them are at z=5.34 and z=5.60.Comment: 28 pages, 12PS+4JPEG figures, aaspp style. Accepted for publication in The Astrophysical Journal. The catalog, together with a clickable map of the HDF, Tables 4 and 5 (HTML, LaTeX or ASCII format), and the figures, are available at http://bat.phys.unsw.edu.au/~fsoto/hdfcat.htm

The Trouble with Hubble Types in the Virgo Cluster

Quantitative measures of central light concentration and star formation activity are derived from R and Halpha surface photometry of 84 bright S0-Scd Virgo Cluster and isolated spiral galaxies. For isolated spirals, there is a good correlation between these two parameters and assigned Hubble types. In the Virgo Cluster, the correlation between central light concentration and star formation activity is significantly weaker. Virgo Cluster spirals have systematically reduced global star formation with respect to isolated spirals, with severe reduction in the outer disk, but normal or enhanced activity in the inner disk. Assigned Hubble types are thus inadequate to describe the range in morphologies of bright Virgo Cluster spirals. In particular, spirals with reduced global star formation activity are often assigned misleading early-type classifications, irrespective of their central light concentrations. 45+-25% of the galaxies classified as Sa in the Virgo Cluster sample have central light concentrations more characteristic of isolated Sb-Sc galaxies. The misleading classification of low concentration galaxies with low star formation rates as early-type spirals may account for part of the excess of `early-type' spiral galaxies in clusters. Thus the morphology-density relationship is not all due to a systematic increase in the bulge-to-disk ratio with environmental density.Comment: Accepted for publication in ApJ Letters. Latex aaspp4.sty, 9 pages, 2 Postscript (embedded) figures. Also available at http://www.astro.yale.edu/koopmann/preprint.htm

Power harvesting in a helicopter lag damper

In this paper a new power harvesting application is developed and simulated. Power harvesting is chosen within the European Clean Sky project as a solution to powering in-blade health monitoring systems as opposed to installing an elaborate electrical infrastructure to draw power from and transmit signals to the helicopter body. Local generation of power will allow for a ‘plug and play’ rotor blade and signals may be logged or transmitted wirelessly.\ud The lag damper is chosen to be modified as it provides a well defined loading due to the re-gressive damping characteristic. A piezo electric stack is installed inside the damper rod, effec-tively coupled in series with the damper. Due to the well defined peak force generated in the damper the stack geometry requires a very limited margin of safety. Typically the stack geometry must be chosen to prevent excessive voltage build-up as opposed to mechanical overload.\ud Development and simulation of the model is described starting with a simplified blade and piezo element model. Presuming specific flight conditions transient simulations are conducted using various power harvesting circuits and their performance is evaluated. The best performing circuit is further optimized to increase the specific power output. Optimization of the electrical and mechanical domains must be done simultaneously due to the high electro-mechanical cou-pling of the piezo stack. The non-linear electrical properties of the piezo material, most notably the capacitance which may have a large influence, are not yet considered in this study.\ud The power harvesting lag damper provides sufficient power for extensive health monitoring systems within the blade while retaining the functionality and safety of the standard component. For the 8.15m blade radius and 130 knots flight speed under consideration simulations show 7.5 watts of power is generated from a single damper

Alx1, a member of the Cart1/Alx3/Alx4 subfamily of Paired-class homeodomain proteins, is an essential component of the gene network controlling skeletogenic fate specification in the sea urchin embryo

In the sea urchin embryo, the large micromeres and their progeny function as a critical signaling center and execute a complex morphogenetic program. We have identified a new and essential component of the gene network that controls large micromere specification, the homeodomain protein Alx1. Alx1 is expressed exclusively by cells of the large micromere lineage beginning in the first interphase after the large micromeres are born. Morpholino studies demonstrate that Alx1 is essential at an early stage of specification and controls downstream genes required for epithelial-mesenchymal transition and biomineralization. Expression of Alx1 is cell autonomous and regulated maternally through ß-catenin and its downstream effector, Pmar1. Alx1 expression can be activated in other cell lineages at much later stages of development, however, through a regulative pathway of skeletogenesis that is responsive to cell signaling. The Alx1 protein is highly conserved among euechinoid sea urchins and is closely related to the Cart1/Alx3/Alx4 family of vertebrate homeodomain proteins. In vertebrates, these proteins regulate the formation of skeletal elements of the limbs, face and neck. Our findings suggest that the ancestral deuterostome had a population of biomineral-forming mesenchyme cells that expressed an Alx1-like protein