Cross-Border Valuation: The International Cost of Equity Capital

How does a firm in one country evaluate an investment in a firm in another country, or how does it evaluate a foreign project that the firm itself is undertaking? The firm must estimate future free cash flows just as in a domestic project, but choosing an appropriate discount rate is a particular challenge. This study examines the determinants of the discount rate for an international acquisition or project by examining the sources of risk in an international setting. These risks include stock-market price risk measured with various versions of the capital asset pricing model, as well as exchange rate risk and political risk. To measure stock market risk, both segmented and integrated models of the world equity markets are considered. The emphasis of the study is on some of the practical aspects of estimation, particular for markets where no comparable investments exist on which to base estimates of risk premiums. To show how each of these risks might be measured, the study reports estimates for a representative French firm, Thals. The estimates range widely depending on whether or not the equity market is globally integrated.

The Role of Shugoshin in Meiotic Chromosome Segregation

During meiosis, DNA replication is followed by 2 successive chromosome segregation events, resulting in the production of gametes with a haploid number of chromosomes from a diploid precursor cell. Faithful chromosome segregation in meiosis requires that sister chromatid cohesion is lost from chromosome arms during meiosis I, but retained at centromeric regions until meiosis II. Recent studies have begun to uncover the mechanisms underlying this stepwise loss of cohesion in meiosis and the role of a conserved protein, shugoshin, in regulating this process

Resonances, radiation pressure and optical scattering phenomena of drops and bubbles

Acoustic levitation and the response of fluid spheres to spherical harmonic projections of the radiation pressure are described. Simplified discussions of the projections are given. A relationship between the tangential radiation stress and the Konstantinov effect is introduced and fundamental streaming patterns for drops are predicted. Experiments on the forced shape oscillation of drops are described and photographs of drop fission are displayed. Photographs of critical angle and glory scattering by bubbles and rainbow scattering by drops are displayed

Rectification in one--dimensional electronic systems

Asymmetric current--voltage ($I(V)$) curves, known as the diode or rectification effect, in one--dimensional electronic conductors can have their origin from scattering off a single asymmetric impurity in the system. We investigate this effect in the framework of the Tomonaga--Luttinger model for electrons with spin. We show that electron interactions strongly enhance the diode effect and lead to a pronounced current rectification even if the impurity potential is weak. For strongly interacting electrons and not too small voltages, the rectification current, $I_r = [I(V)+I(-V)]/2$, measuring the asymmetry in the current--voltage curve, has a power--law dependence on the voltage with a negative exponent, $I_r \sim V^{-|z|}$, leading to a bump in the current--voltage curve.Comment: 9 pages; 3 figure

Strong Correlations in Actinide Redox Reactions

Reduction-oxidation (redox) reactions of the redox couples An(VI)/An(V), An(V)/An(IV), and An(IV)/An(III), where An is an element in the family of early actinides (U, Np, and Pu), as well as Am(VI)/Am(V) and Am(V)/Am(III), are modeled by combining density functional theory with a generalized Anderson impurity model that accounts for the strong correlations between the 5f electrons. Diagonalization of the Anderson impurity model yields improved estimates for the redox potentials and the propensity of the actinide complexes to disproportionate.Comment: 17 pages, 10 figure, 3 tables. Corrections and clarifications; this version has been accepted for publication in The Journal of Chemical Physic

Investigations into the Sarcomeric Protein and Ca2+-Regulation Abnormalities Underlying Hypertrophic Cardiomyopathy in Cats (Felix catus).

Hypertrophic cardiomyopathy (HCM) is the most common single gene inherited cardiomyopathy. In cats (Felix catus) HCM is even more prevalent and affects 16% of the outbred population and up to 26% in pedigree breeds such as Maine Coon and Ragdoll. Homozygous MYBPC3 mutations have been identified in these breeds but the mutations in other cats are unknown. At the clinical and physiological level feline HCM is closely analogous to human HCM but little is known about the primary causative mechanism. Most identified HCM causing mutations are in the genes coding for proteins of the sarcomere. We therefore investigated contractile and regulatory proteins in left ventricular tissue from 25 cats, 18 diagnosed with HCM, including a Ragdoll cat with a homozygous MYBPC3 R820W, and 7 non-HCM cats in comparison with human HCM (from septal myectomy) and donor heart tissue. Myofibrillar protein expression was normal except that we observed 20–44% MyBP-C haploinsufficiency in 5 of the HCM cats. Troponin extracted from 8 HCM and 5 non-HCM cat hearts was incorporated into thin filaments and studied by in vitro motility assay. All HCM cat hearts had a higher (2.06 ± 0.13 fold) Ca2+-sensitivity than non-HCM cats and, in all the HCM cats, Ca2+-sensitivity was not modulated by troponin I phosphorylation. We were able to restore modulation of Ca2+-sensitivity by replacing troponin T with wild-type protein or by adding 100 μM Epigallocatechin 3-gallate (EGCG). These fundamental regulatory characteristics closely mimic those seen in human HCM indicating a common molecular mechanism that is independent of the causative mutation. Thus, the HCM cat is a potentially useful large animal model

Applications of Machine-Learning Algorithms for Infrared Colour Selection of Galactic Wolf-Rayet Stars

We have investigated and applied machine-learning algorithms for Infrared Colour Selection of Galactic Wolf-Rayet (WR) candidates. Objects taken from the GLIMPSE catalogue of the infrared objects in the Galactic plane can be classified into different stellar populations based on the colours inferred from their broadband photometric magnitudes ($J$, $H$ and $K_s$ from 2MASS, and the four \textit{Spitzer}/IRAC bands). The algorithms tested in this pilot study are variants of the $k$-Nearest Neighbours ($k$-NN) approach, which is ideal for exploratory studies of classification problems where interrelations between variables and classes are complicated. The aims of this study are (1) to provide an automated tool to select reliable WR candidates and potentially other classes of objects, (2) to measure the efficiency of infrared colour selection at performing these tasks and, (3) to lay the groundwork for statistically inferring the total number of WR stars in our Galaxy. We report the performance results obtained over a set of known objects and selected candidates for which we have carried out follow-up spectroscopic observations, and confirm the discovery of 4 new WR stars.Comment: Authors' version of published paper, now at MNRAS, 473, 256