Capital structure and its determinants in the United Kingdom – a decompositional analysis

Prior research on capital structure by Rajan and Zingales (1995) suggests that the level of gearing in UK companies is positively related to size and tangibility, and negatively correlated with profitability and the level of growth opportunities. However, as argued by Harris and Raviv (1991), 'The interpretation of results must be tempered by an awareness of the difficulties involved in measuring both leverage and the explanatory variables of interest'. In this study the focus is on the difficulties of measuring gearing, and the sensitivity of Rajan and Zingales' results to variations in gearing measures are tested. Based on an analysis of the capital structure of 822 UK companies, Rajan and Zingales' results are found to be highly definitional-dependent. The determinants of gearing appear to vary significantly, depending upon which component of debt is being analysed. In particular, significant differences are found in the determinants of long- and short-term forms of debt. Given that trade credit and equivalent, on average, accounts for more than 62% of total debt, the results are particularly sensitive to whether such debt is included in the gearing measure. It is argued, therefore, that analysis of capital structure is incomplete without a detailed examination of all forms of corporate debt

HIRAS images of fossil dust shells around AGB stars

We present high resolution HIRAS 60 and 100 micron images of AGB stars surrounded by fossil dust shells. Resolving the extended emission of the circumstellar dust allows a determination of the mass loss history of the star. We show that the geometry of the 60 micron emission surrounding HR 3126 agrees well with that of the optical reflection nebula. The emission around the carbon star U Hya is resolved into a central point source and a ring of dust, and the mass loss rate in the detached shell is 70 times higher than the current mass loss rate

Doses, modos de aplicação de calcário e índices de acidez do solo para produção de soja e milho na Região da Zona da mata de Rondônia: respostas das plantas às doses e modos de aplicação de calcário em solo cultivado no sistema plantio direto.

O objetivo do trabalho foi de avaliar a resposta de soja e milho a diferentes doses de calcário, correlacionando-as com a saturação por bases (V%) e com o modo de incorporação (sistema mínimo, sistema tradicional e sem preparo), afim de estabelecer os melhores níveis de pH, dose e modo de aplicação do calcário para a região e sua influencia na disponibilidade dos nutrientes. O experimento foi instalado na área experimental do Campus de Agronomia em um Latossolo Vermelho-Amarelo distrófico típico, que foi cultivado com soja e milho (Safra 10/11). O modo de aplicação de calcário e a dose não resultaram em diferença na produtividade de milho. Para a soja a aplicação superficial de calcário proporcionou maior rendimento em relação ao sistema tradicional. A calagem proporcionou aumento nos níveis de V%, pH e Ca+Mg, demonstrando também eficiência na neutralização do alumínio

HITRAP: A facility at GSI for highly charged ions

An overview and status report of the new trapping facility for highly charged ions at the Gesellschaft fuer Schwerionenforschung is presented. The construction of this facility started in 2005 and is expected to be completed in 2008. Once operational, highly charged ions will be loaded from the experimental storage ring ESR into the HITRAP facility, where they are decelerated and cooled. The kinetic energy of the initially fast ions is reduced by more than fourteen orders of magnitude and their thermal energy is cooled to cryogenic temperatures. The cold ions are then delivered to a broad range of atomic physics experiments.Comment: 8 pages, 11 figure

Bodily relations and reciprocity in the art of Sonia Khurana

This article explores the significance of the ‘somatic’ and ‘ontological turn’ in locating the radical politics articulated in the contemporary performance, installation, video and digital art practices of New Delhi-based artist, Sonia Khurana (b. 1968). Since the late 1990s Khurana has fashioned a range of artworks that require new sorts of reciprocal and embodied relations with their viewers. While this line of art practice suggests the need for a primarily philosophical mode of inquiry into an art of the body, such affective relations need to be historicised also in relation to a discursive field of ‘difference’ and public expectations about the artist’s ethnic, gendered and national identity. Thus, this intimate, visceral and emotional field of inter- and intra-action is a novel contribution to recent transdisciplinary perspectives on the gendered, social and sentient body, that in turn prompts a wider debate on the ethics of cultural commentary and art historiography

IRAS sky survey atlas: Explanatory supplement

This Explanatory Supplement accompanies the IRAS Sky Survey Atlas (ISSA) and the ISSA Reject Set. The first ISSA release in 1991 covers completely the high ecliptic latitude sky, absolute value of beta is greater than 50 deg, with some coverage down to the absolute value of beta approx. equal to 40 deg. The second ISSA release in 1992 covers ecliptic latitudes of 50 deg greater than the absolute value of beta greater than 20 deg, with some coverage down to the absolute value of beta approx. equal to 13 deg. The remaining fields covering latitudes within 20 deg of the ecliptic plane are of reduced quality compared to the rest of the ISSA fields and therefore are released as a separate IPAC product, the ISSA Reject Set. The reduced quality is due to contamination by zodiacal emission residuals. Special care should be taken when using the ISSA Reject images. In addition to information on the ISSA images, some information is provided in this Explanatory Supplement on the IRAS Zodiacal History File (ZOHF), Version 3.0, which was described in the December 1988 release memo. The data described in this Supplement are available at the National Space Science Data Center (NSSDC) at the Goddard Space Flight Center. The interested reader is referred to the NSSDC for access to the IRAS Sky Survey Atlas (ISSA)

Organizational Agility through Project Portfolio Management

In dynamic environments, organizational agility is essential for survival; organizations must be able to adapt to change in order to succeed. In project-based organizations, a dynamic project portfolio management (PPM) capability can enhance organizational agility. PPM is an important organizational capability that enables organizations to manage and balance the portfolio holistically, to align projects with strategy, and to ensure adequate resourcing for projects in order to maximize the benefits from project investments. A dynamic PPM capability enables organizations to be agile and flexible by facilitating adjustments to the project portfolio and reallocating resources in response to the changes in the environment. In order for the PPM capability to remain relevant, it must evolve to reflect changes in the environment. Examples of aspects of PPM that enhance organizational agility are outlined in this paper to provide guidance for practitioners