Microfluidic transport based on direct electrowetting

An integrated microfluidic system was fabricated which functions by deliberately manipulating interfacial tension. A distinctive characteristic of our system is the use of an array of adjacent, elongated, working electrodes and protruding polydimethylsiloxane open-flow channels. Microfluidic transport was realized directly on the bare gold electrode surface in the absence of an additional dielectric layer. By changing the potential of the working electrode to a negative potential, a liquid column could be transported from one end of an elongated working electrode to the other end. Transport of the liquid column could be altered without any valves by switching on the adjacent electrode in a given direction. The flow velocity depended on the applied potential, i.e., the velocity could be altered by deliberate manipulation of the electrode potential. In addition, the flow velocity increased as the dimensions of the flow channel decreased. The applied voltage was less than 2 V, and the power consumption was in the order of tens of muW

HYDROGEN BONDING IN betabeta-NITRO ALCOHOLS. III. PYRIDINE COMPLEXES

BETA -Nitro alcohols form stable 1:1 complexes with pyridine, examples of which were prepared. In solvents such as dichloromethane and carbon tetrachloride the complexes partially dissociate into their components. The dissociation constants for the equilibria were determined by infrared methods and may be used as a measure of the strength of the complex hydrogen bond. The dissociation constants decrease with increasing number of BETA -nitro groups. Some reactions of the pyridine complexes are described. (auth

Direct observation of magnetization dynamics generated by nano-contact spin-torque vortex oscillators

Time-resolved scanning Kerr microscopy has been used to directly image the magnetization dynamics of nano-contact (NC) spin-torque vortex oscillators (STVOs) when phase-locked to an injected microwave (RF) current. The Kerr images reveal free layer magnetization dynamics that extend outside the NC footprint, where they cannot be detected electrically, but which are crucial to phase-lock STVOs that share common magnetic layers. For a single NC, dynamics were observed not only when the STVO frequency was fully locked to that of the RF current, but also for a partially locked state characterized by periodic changes in the core trajectory at the RF frequency. For a pair of NCs, images reveal the spatial character of dynamics that electrical measurements show to have enhanced amplitude and reduced linewidth. Insight gained from these images may improve understanding of the conditions required for mutual phase-locking of multiple STVOs, and hence enhanced microwave power emission.Comment: 10 pages, 3 figure

The price of rapid exit in venture capital-backed IPOs

This paper proposes an explanation for two empirical puzzles surrounding initial public offerings (IPOs). Firstly, it is well documented that IPO underpricing increases during “hot issue” periods. Secondly, venture capital (VC) backed IPOs are less underpriced than non-venture capital backed IPOs during normal periods of activity, but the reverse is true during hot issue periods: VC backed IPOs are more underpriced than non-VC backed ones. This paper shows that when IPOs are driven by the initial investor’s desire to exit from an existing investment in order to finance a new venture, both the value of the new venture and the value of the existing firm to be sold in the IPO drive the investor’s choice of price and fraction of shares sold in the IPO. When this is the case, the availability of attractive new ventures increases equilibrium underpricing, which is what we observe during hot issue periods. Moreover, I show that underpricing is affected by the severity of the moral hazard problem between an investor and the firm’s manager. In the presence of a moral hazard problem the degree of equilibrium underpricing is more sensitive to changes in the value of the new venture. This can explain why venture capitalists, who often finance firms with more severe moral hazard problems, underprice IPOs less in normal periods, but underprice more strongly during hot issue periods. Further empirical implications relating the fraction of shares sold and the degree of underpricing are presented

Default Risk and Equity Returns: A Comparison of the Bank-Based German and the U.S. Financial System

In this paper, we address the question whether the impact of default risk on equity returns depends on the financial system firms operate in. Using an implementation of Merton's option-pricing model for the value of equity to estimate firms' default risk, we construct a factor that measures the excess return of firms with low default risk over firms with high default risk. We then compare results from asset pricing tests for the German and the U.S. stock markets. Since Germany is the prime example of a bank-based financial system, where debt is supposedly a major instrument of corporate governance, we expect that a systematic default risk effect on equity returns should be more pronounced for German rather than U.S. firms. Our evidence suggests that a higher firm default risk systematically leads to lower returns in both capital markets. This contradicts some previous results for the U.S. by Vassalou/Xing (2004), but we show that their default risk factor looses its explanatory power if one includes a default risk factor measured as a factor mimicking portfolio. It further turns out that the composition of corporate debt affects equity returns in Germany. Firms' default risk sensitivities are attenuated the more a firm depends on bank debt financing

Observation of vortex dynamics in arrays of nanomagnets

Vortex dynamics within arrays of square ferromagnetic nanoelements have been studied by time-resolved scanningKerr microscopy (TRSKM),while x-ray photoemission electronmicroscopy has been used to investigate the equilibrium magnetic state of the arrays. An alternating field demagnetization process was found to initialize a distribution of equilibrium states within the individual elements of the array, including quasiuniform states and vortex states of different chirality and core polarization. Repeated initialization revealed some evidence of stochastic behavior during the formation of the equilibrium state. TRSKM with a spatial resolution of ∼300 nm was used to detect vortex gyration within arrays of square nanoelements of 250-nm lateral size. Two arrays were studied consisting of a 9 × 9 and 5 × 5 arrangement of nanoelements with 50- and 500-nm element edge-to-edge separation to encourage strong and negligible dipolar interactions, respectively. In the 5 × 5 element array, TRSKM images, acquired at a fixed phase of the driving microwave magnetic field, revealed differences in the gyrotropic phase within individual elements. While some phase variation is attributed to the dispersion in the size and shape of elements, the vortex chirality and core polarization are also shown to influence the phase. In the 9 × 9 array, strong magneto-optical response due to vortex gyration was observed across regions with length equal to either one or two elements. Micromagnetic simulations performed for 2 × 2 arrays of elements suggest that particular combinations of vortex chirality and polarization in neighboring elements are required to generate the observed magneto-optical contrast.Engineering and Physical Sciences Research Council (EPSRC

Media Reporting and Business Cycles: Empirical Evidence based on News Data

Recent literature suggests that news shocks could be an important driver of economic cycles. In this article, we use a direct measure of news sentiment derived from media reports. This allows us to examine whether innovations in the reporting tone correlate with changes in the assessment and expectations of the business situation as reported by firms in the German manufacturing sector. We fi nd that innovations in news reporting affect business expectations, even when conditioning on the current business situation and industrial production. The dynamics of the empirical model con rm theoretical predictions that news innovations affect real variables such as production via changes in expectations. Looking at individual sectors within manufacturing, we fi nd that macroeconomic news is at least as important for business expectations as sector-spefici c news. This is consistent with the existence of information complementarities across sectors