Phase-reference VLBI Observations of the Compact Steep-Spectrum Source 3C 138

We investigate a phase-reference VLBI observation that was conducted at 15.4 GHz by fast switching VLBA antennas between the compact steep-spectrum radio source 3C 138 and the quasar PKS 0528+134 which are about 4$^\circ$ away on the sky. By comparing the phase-reference mapping with the conventional hybrid mapping, we demonstrate the feasibility of high precision astrometric measurements for sources separated by 4$^\circ$. VLBI phase-reference mapping preserves the relative phase information, and thus provides an accurate relative position between 3C 138 and PKS 0528+134 of $\Delta\alpha=-9^m46^s.531000\pm0^s.000003$ and $\Delta\delta=3^\circ6^\prime26^{\prime\prime}.90311\pm0^{\prime\prime}.00007$ (J2000.0) in right ascension and declination, respectively. This gives an improved position of the nucleus (component A) of 3C 138 in J2000.0 to be RA=$05^h 21^m 9^s.885748$ and Dec=$16^\circ 38' 22''.05261$ under the assumption that the position of calibrator PKS 0528+134 is correct. We further made a hybrid map by performing several iterations of CLEAN and self-calibration on the phase-referenced data with the phase-reference map as an input model for the first phase self-calibration. Compared with the hybrid map from the limited visibility data directly obtained from fringe fitting 3C 138 data, this map has a similar dynamic range, but a higher angular resolution. Therefore, phase-reference technique is not only a means of phase connection, but also a means of increasing phase coherence time allowing self-calibration technique to be applied to much weaker sources.Comment: 9 pages plus 2 figures, accepted by PASJ (Vol.58 No.6

Interest rate regulation, earnings transparency and capital structure: evidence from Chinese listed companies, 2003-2015

We use samples from Chinese listed companies to investigate the effects of interest rate deregulation and earnings transparency on company’s capital structure in China over the period of 2003-2015. In particular, we study the link between state-owned enterprises (SOEs), economic growth targets, and marketization in China's unique institutional context. The results show earnings transparency increases firm leverage and the additional tests suggest that such an effect takes place via a mechanism by reducing the cost of debt finance. However, information transparency could moderate the effects of interest rate deregulation on corporate capital structure. In addition, it finds that SOEs are less sensitive towards the changes of interest rates in China because lending to SOEs is policy-oriented and lacks of market evaluation of business risk. Government control is conducive to enhancing the transparency of the whole industry, however, market-oriented reform is conducive to enhancing the transparency of the company's own information. The results are robust to endogeneity tests and a variety of variable and model specifications. Lastly, we find that information transparency has little impact on equity financing because of IPO and SEO strictly controlled by the Chinese government. These findings are important for management and policy implications. The paper makes contribution to the relationship between earnings disclosure quality and capital structure in the Chinese unique institutional context, such as taking the progressive interest rate reform, SOES, different economic growth target and different marketization level in each province of China. We suggest that investors will pay more attention to the company's own unique information transparency in the provinces with high degree of marketization. As a potential direction for future research, we will investigate how the earnings transparency has impact on capital structure, and how such impact would depend on the transparency of specific business, the cap of foreign shareholding and the convenience of investment

Influence of statistical fluctuations on K/πK/\pi ratios in relativistic heavy ion collisions

The influence of pure statistical fluctuations on $K/\pi$ ratio is investigated in an event-by-event way. Poisson and the modified negative binomial distributions are used as the multiplicity distributions since they both have statistical background. It is shown that the distributions of the ratio in these cases are Gaussian, and the mean and relative variance are given analytically.Comment: 6 pages in RevTeX, 3 eps figures include