Why Do U.S. Firms Hold So Much More Cash Than They Used To?

The average cash to assets ratio for U.S. industrial firms increases by 129% from 1980 to 2004. Because of this increase in the average cash ratio, American firms at the end of the sample period can pay back their debt obligations with their cash holdings, so that the average firm has no leverage when leverage is measured by net debt. This change in cash ratios and net debt is the result of a secular trend rather than the outcome of the recent buildup in cash holdings of some large firms. It is concentrated among firms that do not pay dividends. The average cash ratio increases over the sample period because the cash flow of American firms has become riskier, these firms hold fewer inventories and accounts receivable, and the typical firm spends more on R&D. The precautionary motive for cash holdings appears to explain the increase in the average cash ratio.

Testing the Impact of Post-Traumatic Stress on Existential Motivation for Ideological Close- and Open-Mindedness

The present thesis builds on terror management theory and anxiety buffer disruption theory to propose that although existential motivation normally leads people to become more certain of their worldviews, traumatic experiences can disrupt those belief systems and cause people to respond to death-awareness by making an open-minded search for alternative belief systems instead. To test that hypothesis, groups of participants with low and high levels of traumatic stress were reminded of death (vs. a control topic condition), followed by an assessment of closed- and open-mindedness. Thus, the present research explored the previously untested hypothesis that increased awareness of mortality will boost ideological dogmatism among those with low levels of traumatic stress (for whom established worldview buffers are unchallenged), but that MS will lead to reduced ideological dogmatism (open-minded approach to alternative belief systems) among those with high levels of traumatic stress (for whom established worldview buffers are challenged). The data failed to replicate data that suggest low levels of traumatic stress lead to higher dogmatism after a mortality salience. However, the data does align with the idea that higher levels of trauma do lead to more ideological open-mindedness

Shape of the ocean surface and implications for the Earth's interior: GEOS-3 results

A new set of 1 deg x 1 deg mean free air anomalies was used to construct a gravimetric geoid by Stokes' formula for the Indian Ocean. Utilizing such 1 deg x 1 deg geoid comparisons were made with GEOS-3 radar altimeter estimates of geoid height. Most commonly there were constant offsets and long wavelength discrepancies between the two data sets; there were many probable causes including radial orbit error, scale errors in the geoid, or bias errors in altitude determination. Across the Aleutian Trench the 1 deg x 1 deg gravimetric geoids did not measure the entire depth of the geoid anomaly due to averaging over 1 deg squares and subsequent aliasing of the data. After adjustment of GEOS-3 data to eliminate long wavelength discrepancies, agreement between the altimeter geoid and gravimetric geoid was between 1.7 and 2.7 meters in rms errors. For purposes of geological interpretation, techniques were developed to directly compute the geoid anomaly over models of density within the Earth. In observing the results from satellite altimetry it was possible to identify geoid anomalies over different geologic features in the ocean. Examples and significant results are reported

Making Lemon-Aid From the Supreme Court\u27s Lemon: Why Current Establishment Clause Jurisprudence Should be Replaced by a Modified Coercion Test

In order to eliminate inconsistent results and promote predictability in litigation, a more uniform test should be developed and applied in Establishment Clause cases. Part I of this Comment will delineate the inherent problems with the two main tests currently utilized by the Supreme Court in Establishment Clause cases: the Lemon test and the endorsement test. Part II will further highlight the flaws of the Lemon and endorsement tests by examining their application to holiday display cases and the recent Ten Commandments cases. Part III will argue that applying a modified coercion test is the best means for achieving the most consistent results, even though it too has its limitation. Part IV will compare the practical application of the modified coercion test to the holiday display cases, the recent Ten Commandments cases, and the Pledge of Allegiance case. Part V will conclude that keeping Church and State separate does not require the complete bifurcation of all things religious from the rest of society, and that the modified coercion test is best suited for achieving the goal of appreciation of and tolerance for divergent points of view in the United States

Processing of multispectral thermal IR data for geologic applications

Multispectral thermal IR data were acquired with a 24-channel scanner flown in an aircraft over the E. Tintic Utah mining district. These digital image data required extensive computer processing in order to put the information into a format useful for a geologic photointerpreter. Simple enhancement procedures were not sufficient to reveal the total information content because the data were highly correlated in all channels. The data were shown to be dominated by temperature variations across the scene, while the much more subtle spectral variations between the different rock types were of interest. The image processing techniques employed to analyze these data are described

Evaluation of LANDSAT MSS vs TM simulated data for distinguishing hydrothermal alteration

The LANDSAT Follow-On (LFO) data was simulated to demonstrate the mineral exploration capability of this system for segregating different types of hydrothermal alteration and to compare this capability with that of the existing LANDSAT system. Multispectral data were acquired for several test sites with the Bendix 24-channel MSDS scanner. Contrast enhancements, band ratioing, and principal component transformations were used to process the simulated LFO data for analysis. For Red Mountain, Arizona, the LFO data allowed identification of silicified areas, not identifiable with LANDSAT 1 and 2 data. The improved LFO resolution allowed detection of small silicic outcrops and of a narrow silicified dike. For Cuprite - Ralston, Nevada, the LFO spectral bands allowed discrimination of argillic and opalized altered areas; these could not be spectrally discriminated using LANDSAT 1 and 2 data. Addition of data from the 1.3- and 2.2- micrometer regions allowed better discriminations of hydrothermal alteration types

The shrinking number of public corporations in the US

In his famous Harvard Business Review article titled "Eclipse of the public corporation," Jensen (1989) argues that public corporations are inefficient organizational forms because private firms can resolve agency conflicts between investors and managers better than public firms. His prediction initially appeared invalid. As shown in Figure 1, the number of public firms increased sharply in the first half of ..

Random geometric complexes

We study the expected topological properties of Cech and Vietoris-Rips complexes built on i.i.d. random points in R^d. We find higher dimensional analogues of known results for connectivity and component counts for random geometric graphs. However, higher homology H_k is not monotone when k > 0. In particular for every k > 0 we exhibit two thresholds, one where homology passes from vanishing to nonvanishing, and another where it passes back to vanishing. We give asymptotic formulas for the expectation of the Betti numbers in the sparser regimes, and bounds in the denser regimes. The main technical contribution of the article is in the application of discrete Morse theory in geometric probability.Comment: 26 pages, 3 figures, final revisions, to appear in Discrete & Computational Geometr

Uniform random colored complexes

We present here random distributions on $(D+1)$-edge-colored, bipartite graphs with a fixed number of vertices $2p$. These graphs are dual to $D$-dimensional orientable colored complexes. We investigate the behavior of quantities related to those random graphs, such as their number of connected components or the number of vertices of their dual complexes, as $p \to \infty$. The techniques involved in the study of these quantities also yield a Central Limit Theorem for the genus of a uniform map of order $p$, as $p \to \infty$.Comment: 36 pages, 9 figures, minor additions and correction