Evidence on the Lack of Separation between Business and Personal Risks among Small Businesses

Small business researchers conjecture that there is little separation between business and personal risks among small businesses. Personal assets and wealth can be subject to business risks in the form of an implicit or explicit claim depending on the organizational form and whether personal commitments are pledged by owners. The choice of organizational form can be considered a mechanism to increase the degree of separation; however, lenders\u27 requirements for personal commitments mitigate the benefits of limited liability provisions. This paper examines the role of personal collateral and personal guarantees in augmenting implicit claims on business and personal assets with explicit claims on personal assets and personal wealth. We document the degree of non-separation of business and personal risks for 692 firms. Our results suggests that small business owners have a significant incidence of personal assets and wealth pledged for business loans, even for organizational forms such as S-corporations and C-corporations with limited legal liability. These results confirm the conjecture that there is a lack of separation between business and personal risks. The lack of separation of business and personal risks has important policy implications for the borrowing patterns and access to credit markets of small businesses

Cryogenic mechanical loss of a single-crystalline GaP coating layer for precision measurement applications

The first direct observations of gravitational waves have been made by the Advanced LIGO detectors. However, the quest to improve the sensitivities of these detectors remains, and epitaxially grown single-crystal coatings show considerable promise as alternatives to the ion-beam sputtered amorphous mirror coatings typically used in these detectors and other such precision optical measurements. The mechanical loss of a 1 μm thick single-crystalline gallium phosphide (GaP) coating, incorporating a buffer layer region necessary for the growth of high quality epitaxial coatings, has been investigated over a broad range of frequencies and with fine temperature resolution. It is shown that at 20 K the mechanical loss of GaP is a factor of 40 less than an undoped tantala film heat-treated to 600 °C and is comparable to the loss of a multilayer GaP/AlGaP coating. This is shown to translate into possible reductions in coating thermal noise of a factor of 2 at 120 K and 5 at 20 K over the current best IBS coatings (alternating stacks of silica and titania-doped tantala). There is also evidence of a thermally activated dissipation process between 50 and 70 K

Timing of Supplemental Feeding for Tilapia Production

The staged addition of feed to fertilized fish ponds was evaluated by adding fertilizers to 15 ponds stocked with Nile tilapia Oreochromis niloticus , then adding feed at half ad libitum rates once fish in the ponds reached a target weight. Each pond was stocked with 750 fish (3 fish/m 2 ), and each treatment included three ponds with first feeding at (a) 50 g, (b) 100 g, (c) 150 g, (d) 200 g, and (e) 250 g. Ponds in Thailand (at the Ayutthaya Freshwater Fisheries Station, Royal Thai Department of Fisheries) were maintained for 236–328 d until the fish reached 500 g. Growth was similar for all treatments under fertilizer alone (1.17 g/d) and was also similar when feed was applied (3.1 g/d). Feed application rates averaged 1.17% BW/d, indicating substantial use of natural food. Pond water quality did not deteriorate under supplemental feeding. Feed conversion rates averaged 1.03. Multiple regression indicated that 73.8% of the variance in growth was explained by design variables (feed input and days), while 86.2% of the variance in growth was explained by adding dissolved oxygen content and alkalinity into the equation. The most efficient system was to grow fish to 100–150 g with fertilizers alone, then add feed. First adding feed (at 50% ad libitum) once fish reached 100 g produced the highest predicted annual revenues ($6,164 per hectare). Results of this experiment indicated that either critical standing crop occurred early (before the first fish sample) or did not occur at all in these ponds.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/73113/1/j.1749-7345.1996.tb00625.x.pd

The 8 o'clock Arc: A Serendipitous Discovery of a Strongly Lensed Lyman Break Galaxy in the SDSS DR4 Imaging Data

We report on the serendipitous discovery of the brightest Lyman Break Galaxy (LBG) currently known, a galaxy at z=2.73 that is being strongly lensed by the z=0.38 Luminous Red Galaxy (LRG) SDSS J002240.91+143110.4. The arc of this gravitational lens system, which we have dubbed the "8 o'clock arc" due to its time of discovery, was initially identified in the imaging data of the Sloan Digital Sky Survey Data Release 4 (SDSS DR4); followup observations on the Astrophysical Research Consortium (ARC) 3.5m telescope at Apache Point Observatory confirmed the lensing nature of this system and led to the identification of the arc's spectrum as that of an LBG. The arc has a spectrum and a redshift remarkably similar to those of the previous record-holder for brightest LBG (MS 1512-cB58, a.k.a "cB58"), but, with an estimated total magnitude of (g,r,i) = (20.0,19.2,19.0) and surface brightness of (mu_g,mu_r,mu_i) = (23.3, 22.5, 22.3) mag/arcsec^2, the 8 o'clock arc is thrice as bright. The 8 o'clock arc, which consists of three lensed images of the LBG, is 162deg (9.6arcsec) long and has a length-to-width ratio of 6:1. A fourth image of the LBG -- a counter-image -- can also be identified in the ARC 3.5m g-band images. A simple lens model for the system assuming a singular isothermal ellipsoid potential yields an Einstein radius of 2.91+/-0.14 arcsec, a total mass for the lensing LRG (within the (10.6+/-0.5)/h kpc enclosed by the lensed images) of 1.04x10^12/h Msun, and a magnification factor for the LBG of 12.3(+15/-3.6). The LBG itself is intrinsically quite luminous (approximately 6L*) and shows indications of massive recent star formation, perhaps as high as 160/h Msun/year.Comment: 4 pages 5 figures, submitted to ApJ Letter

Long-term calorie restriction in humans is not associated with indices of delayed immunologic aging: A descriptive study.

BACKGROUND: Delayed immunologic aging is purported to be a major mechanism through which calorie restriction (CR) exerts its anti-aging effects in non-human species. However, in non-obese humans, the effect of CR on the immune system has been understudied relative to its effects on the cardiometabolic system. OBJECTIVE: To examine whether CR is associated with delayed immunologic aging in non-obese humans. METHODS: We tested whether long-term CR practitioners (average 10.03 years of CR) evidenced decreased expression of T cell immunosenescence markers and longer immune cell telomeres compared to gender-, race/ethnicity-, age-, and education-matched "healthy" Body Mass Index (BMI) and "overweight"/"obese" BMI groups. RESULTS: Long-term human CR practitioners had lower BMI (p <  0.001) and fasting glucose (p <  0.001), as expected. They showed similar frequencies of pre-senescent cells (CD8+CD28- T cells and CD57 and PD-1 expressing T cells) to the comparison groups. Even after adjusting for covariates, including cytomegalovirus status, we observed shorter peripheral blood mononuclear cell telomeres in the CR group (p = 0.012) and no difference in granulocyte telomeres between groups (p = 0.42). CONCLUSIONS: We observed no clear evidence that CR as it is currently practiced in humans delays immune aging related to telomere length or T cell immunosenescent markers

Do Differences in Pleadings Standards Cause Forum Shopping in Securities Class Actions?: Doctrinal and Empirical Analyses

Federal appellate courts have promulgated divergent legal standards for pleading fraud in securities fraud class actions after the Private Securities Litigation Reform Act (PSLRA). Recently, the Supreme Court of the United States issued a decision in Tellabs, Inc. v. Makor Issues & Rights, Ltd. that could have resolved these differences, but did not do so. This Paper provides two significant contributions. We first show that Tellabs avoids deciding the hard issues that confront courts and litigants daily in the wake of the PSLRA\u27s heightened pleading standard. As a consequence, the opinion keeps very much alive the circuits\u27 disparate interpretations of the PSLRA\u27s fraud pleading standard. To be sure, Tellabs might ultimately be applied by lower courts to narrow the range of permissible approaches to satisfying the strong inference standard, but leaves a good deal of room within which wide variations in approach will continue. Our second contribution is empirical in that we seek to answer the question: do plaintiffs\u27 attorneys take advantage of the differences among the circuits\u27 interpretation of the pleading standard to select more favorable venues to file their cases, as some scholars have claimed? We find that 85 percent of the securities fraud class actions in our sample are filed in the home circuit of the defendant corporation. While we find that the differences in the circuits\u27 pleading standards do not have a statistically significant impact on the plaintiffs\u27 choice of venue, we find that plaintiffs are more likely to file low-value cases in jurisdictions other than the one in which the defendant\u27s headquarters is located

Electricity consumption and household characteristics: Implications for census-taking in a smart metered future

This paper assesses the feasibility of determining key household characteristics based on temporal load profiles of household electricity demand. It is known that household characteristics, behaviours and routines drive a number of features of household electricity loads in ways which are currently not fully understood. The roll out of domestic smart meters in the UK and elsewhere could enable better understanding through the collection of high temporal resolution electricity monitoring data at the household level. Such data affords tremendous potential to invert the established relationship between household characteristics and temporal load profiles. Rather than use household characteristics as a predictor of loads, observed electricity load profiles, or indicators based on them, could instead be used to impute household characteristics. These micro level imputed characteristics could then be aggregated at the small area level to produce ‘census-like’ small area indicators. This work briefly reviews the nature of current and future census taking in the UK before outlining the household characteristics that are to be found in the UK census and which are also known to influence electricity load profiles. It then presents descriptive analysis of two smart meter-like datasets of half-hourly domestic electricity consumption before reporting on the results from a multilevel modelling-based analysis of the same data. The work concludes that a number of household characteristics of the kind to be found in UK census-derived small area statistics may be predicted from particular load profile indicators. A discussion of the steps required to test and validate this approach and the wider implications for census taking is also provided