Variability of black hole accretion discs: The cool, thermal disc component

We extend the model of King et al. (2004) for variability in black hole accretion discs, by taking proper account of the thermal properties of the disc. Because the degree of variability in the King et al. (2004) model depends sensitively on the ratio of disc thickness to radius, H/R, it is important to follow the time-dependence of the local disc structure as the variability proceeds. In common with previous authors, we develop a one-zone model for the local disc structure. We agree that radial heat advection plays an important role in determining the inner disc structure, and also find limit-cycle behaviour. When the stochastic magnetic dynamo model of King et al. (2004) is added to these models, we find similar variability behaviour to before. We are now better placed to put physical constraints on model parameters. In particular, we find that in order to be consistent with the low degree of variability seen in the thermal disc component of black hole binaries, we need to limit the energy density of the poloidal field that can be produced by local dynamo cells in the disc to less than a few percent of the energy density of the dynamo field within the disc itself.Comment: 18 pages, 17 figures, accepted by MNRA

What Can We Learn About the Sensitivity of Investment to Stock Prices with a Better Measure of Tobin's q?

This paper examines the responsiveness of investment to q (i.e., the ratio of a firm's market value to the replacement cost of its assets) using data on a unique type of firm: Real Estate Investment Trusts (REITs). For REITs, we have high quality estimates of the net asset value of the firm that we use to create relatively accurate measures of Tobin's q. In addition, REITs have institutional features that mitigate some of the complications faced by previous studies. We have three main results. First, there is little evidence of a statistical link between REIT investment and a traditional accounting-based measure of q. Second, REIT investment is highly sensitive to estimates of q that are based on analysts' appraisals of asset value. A REIT whose NAV-based q ratio rises from 1.0 to 1.1 will increase its assets by 4.3 percent in the next year. Third, the difference between the appraisal-based measure of q and the traditional accounting based measure typically increases with the age of the firm's assets and varies across types of properties. These results suggest that measurement error in q can lead to appreciable downward biases in investment sensitivities, even in an industry that seems to meet many of the assumptions in Tobin's original paper, but that Tobin's investment model performs well with a better measure of q.Investment; Tobin's q; Real Estate Investment Trusts

Exploratory study on microanalysis of thin films by backscattering techniques

Solid phase epitaxial growth of Si layers was studied by backscattering spectrometry for controllable electrical characteristics. Samples were fabricated by vacuum deposition on a thin layer of Sb before deposition of the amorphous Si layer. Analysis of the resulting SPEG layer showed that Sb was present in the SPEG layer of Si. The characteristic of the SPEG layer against the Si substrate was rectifying. A scanning microprobe picture of a cleaved sample established the presence of a depletion region more than 1 micron below the surface. Hall effect data indicated that the SPEG layer was n-type, with average free carrier concentration of about 10 to the 19th power cm/3 and average electron mobility of about 40 sq cm/Vs. SPEG with Pd silicide or Ni silicide transport layers showed fast initial transient growth regimes with slower growth in the steady state regimes

What Can We Learn About the Sensitivity of Investment to Stock Prices with a Better Measure of Tobin's q?

This paper examines the responsiveness of investment to q (i.e., the ratio of a firm's market value to the replacement cost of its assets) using data on a unique type of firm: Real Estate Investment Trusts (REITs). For REITs, we have high quality estimates of the net asset value of the firm that we use to create relatively accurate measures of Tobin's q. In addition, REITs have institutional features that mitigate some of the complications faced by previous studies. We have three main results. First, there is little evidence of a statistical link between REIT investment and a traditional accounting-based measure of q. Second, REIT investment is highly sensitive to estimates of q that are based on analysts' appraisals of asset value. A REIT whose NAV-based q ratio rises from 1.0 to 1.1 will increase its assets by 4.3 percent in the next year. Third, the difference between the appraisal-based measure of q and the traditional accounting based measure typically increases with the age of the firm's assets and varies across types of properties. These results suggest that measurement error in q can lead to appreciable downward biases in investment sensitivities, even in an industry that seems to meet many of the assumptions in Tobin's original paper, but that Tobin's investment model performs well with a better measure of q.Investment; Tobin's q; Real Estate Investment Trusts

Space charge effects in current transport Quarterly status report

Space charge limitations of currents for use in dosimeter

Kinetics of silicide formation by thin films of V on Si and SiO_2 substrates

The reaction rate of vacuum‐evaporated films of V of the order of 1000 Å thick is investigated by MeV He backscattering spectrometry. On substrates of single‐crystal Si and for anneal times up to several hours in the temperature range 570–650°C, VSi_2 is formed at a linear rate in time. The activation energy of the process is 1.7±0.2 eV. The presence of oxygen in amounts of 10% can significantly decelerate the reaction. On substrates of SiO_2 in the temperature range 730–820°C and anneal times of several hours or less, V_3Si is formed at a square‐root rate in time. The activation energy of this process is 2.0±0.2 eV

Do Stock Prices Really Reflect Fundamental Values? The Case of REITs

Real estate investment trust (REIT) stock prices deviate substantially from net asset values (NAV). Using REIT data since 1990, we find large positive excess returns to a strategy of buying stocks that trade at a discount to NAV, and shorting stocks trading at a premium to NAV. Estimated alphas from this strategy are between 0.9% and 1.8% per month, with little risk. Trading costs and short-sale constraints are not prohibitive and the results strengthen when we control for differences in liquidity or the extent of institutional ownership. We find that some variation in P/NAV makes sense, as premiums are positively related to recent and future NAV growth. However, there appears to be too much volatility in P/NAV, giving rise to potential profits from short-term mean reversion. The closed-end fund literature has some similar findings on stock price deviations from fundamental value, but compared to closed-end funds REITs are much larger and have much higher insider and institutional ownership. These differences suggest that REIT premiums and discounts reflect more than just small investor sentiment, which is a common explanation of why closed-end fund prices deviate from their fundamental value.

The Emotional Self-Efficacy Scale: Adaptation and Validation for Young Adolescents

Emotional self-efficacy (ESE) is an important aspect of emotional functioning, with current measures for children and adolescents focused on the measurement of self-beliefs in relation to the management of emotions. In the present study, we report the psychometric properties of the first adaptation of the Emotional Self-Efficacy Scale for youth (Youth-ESES) that measures additional aspects of ESE, such as perceiving and understanding emotions and helping others modulate their emotions. Participants were 192 young adolescents aged 11 to 13 years from a U.K. state school. They completed the Youth-ESES and measures of ability emotional intelligence (EI) and cognitive ability. Results support the same four-factor structure that has been previously documented using the adult version of the ESES, with the four subscales being largely independent from cognitive ability and only moderately related to ability EI. However, the four subscales were less differentiated in the present study compared with adult data previously published, suggesting that there is a strong general factor underlying young adolescents’ ESE scores. Overall, the results suggest that the adapted Youth-ESES can be reliably used with youth, and that confidence in how a young person feels about his or her emotional functioning remains distinct from emotional skill