Knowledge Capital, Intangible Assets, and Leverage: Evidence from U.S. Agricultural Biotechnology Firms

Agricultural biotechnology firms are high technology companies. Firms in general, and high technology firms in particular, are a set of both assets in place and growth opportunities. This has important implications for managerial decision-making. Knowledge capital motivates exploitation of growth options, which affects firm cash flow. In turn, the level and volatility of firm cash flow influences firm financing decisions. Previous studies suggest that knowledge capital can influence both the location and capital structure of firms in the biotechnology industry. However, empirical analysis has not extended to agricultural biotechnology firms. This research helps in understanding the role of knowledge capital and other intangible assets in capital structure decisions of U.S. agricultural biotechnology firms. Quantitative results indicate that leverage is negatively related to growth and nondebt tax shields. Asset tangibility, size, profitability, and uniqueness are positively related to leverage. Using various characterizations of leverage, our models explain up to approximately 75% of the variation in leverage. Empirically generated elasticities buttress the importance of intangible assets such as knowledge capital and tax shields in capital structure choice. This analysis adds a significant new component to understanding the financing decisions of agricultural biotechnology firms.Capital structure, Agricultural biotechnology, Knowledge capital, Intangible assets, Agribusiness,

The Midwestern Music Camp 1936-1962

Thesis (M.M.E.)--University of Kansas, Art and Music Education and Music Therapy, 1992

Water treatment and distribution simulation for a SCADA security testbed.

Supervisory Control and Data Acquisition (SCADA) systems are used in almost all industrial processes including use in the nation\u27s critical infrastructure. The electric, water, and gas industries are merely a few that rely heavily on the use of SCADA systems in order to provide reliable service to the public. Any disruption in these systems would lead to major issues in day to day life and could produce a hazardous environment until the services are restored. SCADA equipment was first implemented decades ago, and in some cases the equipment deployed at that time is still in use today. As network technology emerged and advanced over the last several years, SCADA systems were adapted in order to provide network access and control from remote locations. This led to vulnerabilities in limiting access to the system and provided a means for hackers, hactavist, and nation-states to gain control of critical infrastructure SCADA systems in order to cause both physical and economical damage. New technologies and research areas have emerged in an effort to thwart these possible intrusions and attacks. However, there is a need to have adequate means of testing new security devices since it would be impractical to test on a functioning SCADA system. This leads to the development of simulations and testbeds that can provide a low-cost, easily configurable means of testing new cyber security devices. A water treatment and distribution simulation was developed in order to provide this means of testing. The simulation encompasses two components. The first is a software simulation that provides virtualized components typically found in water systems such as pumps, valves, and water tanks. The second is a hardware component that provides an interface from the software to actual SCADA equipment such as remote terminal units and human machine interfaces. The simulation was tested with a prototype cyber security device to ensure functionality. Attacks were carried out on the SCADA system with and without the security device in place. The simulation allowed for both a virtualized and physical response to the attacks. The simulation provided a robust, cost-effective testbed for verifying the functionality of the security device

Magnetic deformation of the white dwarf surface structure

The influence of strong, large-scale magnetic fields on the structure and temperature distribution in white dwarf atmospheres is investigated. Magnetic fields may provide an additional component of pressure support, thus possibly inflating the atmosphere compared to the non-magnetic case. Since the magnetic forces are not isotropic, atmospheric properties may significantly deviate from spherical symmetry. In this paper the magnetohydrostatic equilibrium is calculated numerically in the radial direction for either for small deviations from different assumptions for the poloidal current distribution. We generally find indication that the scale height of the magnetic white dwarf atmosphere enlarges with magnetic field strength and/or poloidal current strength. This is in qualitative agreement with recent spectropolarimetric observations of Grw+10\degr8247. Quantitatively, we find for e.g. a mean surface poloidal field strength of 100 MG and a toroidal field strength of 2-10 MG an increase of scale height by a factor of 10. This is indicating that already a small deviation from the initial force-free dipolar magnetic field may lead to observable effects. We further propose the method of finite elements for the solution of the two-dimensional magnetohydrostatic equilibrium including radiation transport in the diffusive approximation. We present and discuss preliminary solutions, again indicating on an expansion of the magnetized atmosphere.Comment: 14 pages with 14 figure

Illinois: An Assessment of Access to Counsel & Quality or Representation in Delinquency Proceedings

Examines the scope and quality of legal representation of accused children in juvenile courts throughout the state and provides recommendations for strengthening the quality of defender services for children

Star-forming galaxies in low-redshift clusters: Data and integrated galaxy properties

This paper is a continuation of an ongoing study of the evolutionary processes affecting cluster galaxies. Both CCD R band and H alpha narrow-band imaging was used to determine photometric parameters (m_(r), r_(24), H alpha flux and equivalent width) and derive star formation rates for 227 CGCG galaxies in 8 low-redshift clusters. The galaxy sample is a subset of CGCG galaxies in an objective prism survey of cluster galaxies for H alpha emission. It is found that detection of emission-line galaxies in the OPS is 85%, 70%, and 50% complete at the mean surface brightness values of 1.25 x 10^(-19), 5.19 x 10^(-20), and 1.76 x 10^(-20) W m^(-2) arcsec^(-2), respectively, measured within the R band isophote of 24 mag arcsec^(-2) for the galaxy. The CCD data, together with matched data from a recent H alpha galaxy survey of UGC galaxies within 3000 km s^(-1), will be used for a comparative study of R band and H alpha surface photometry between cluster and field spirals.Comment: Accepted for publication in A&A. 11 pages, including 6 figure

Disturbances of Plant Communities : Spruce Bark Beetle Infestation

The spruce bark beetle (Dendroctonus rufipennis) is not new to the area, nor is it the only insect to affect the region\u27s forests. Epidemic scale outbreaks are known to have occurred on the lower Kenai Peninsula as far back as the mid-1800s. The recent epidemic, however, has certainly been the most significant terrestrial ecological disturbance to the area in recorded history (Wittwer et al. 1998). Notable outbreaks were not noted in the Kachemak Bay Watershed until the 1950s and early 1960s when the first outbreak was observed near Anchor Point. At approximately the same time, beetle outbreaks were growing outside of the Watershed. An extended period of drought is thought to have contributed to the surge in outbreaks by reducing trees\u27 ability to resist and recover from beetle attack. Increased rainfall in the late 1960s, however, dampened the drought conditions, curtailing a more widespread epidemic. By the late 1970s, beetle outbreaks had skyrocketed again on the Kenai Peninsula. Despite this outbreak, the Kachemak Bay Watershed remained healthy until 1984 when an outbreak in the Fox River drainage began to expand, and beetles commenced consuming forests along East Road on the northern side of the Bay. Meanwhile, a small infestation in Mallard Bay, on the southern side of the Watershed, expanded to 12,000 acres by 1988. In addition, more outbreaks were developing to the north of Homer, near Ninilchik and Crooked Creek. There was some thought that the maritime climate of the Bay area would keep the outbreaks from expanding throughout the area, but this was not to be the case

Shock resilience of structural pillars in naval vessels

Although structural pillars are extensively used in commercial vessels, traditionally their use on board UK warships has been discouraged. This is due to the tendency of pillars to "punch through" the deck when subjected to the high impulse loading of shock from underwater explosions (UNDEX). There are however many spaces within naval ships that would significantly benefit from the wide-open spaces created from the use of pillars as opposed to full bulkheads, such as machinery rooms, mooring decks and accommodation flats. This paper re-addresses the question of a shock capable pillar, looking at how a pillar can be designed or mounted to increase its resilience to shock from underwater explosions. It is proposed that the advice against the use of pillars in warships could be unfounded; this is supported by the fact that not all navies reject their use. The results of this study imply that as long as the pillar is sited properly on primary structural members, then pillar buckling should occur long before "punch though"

Shock resilience of structural pillars in naval vessels

Although structural pillars are extensively used in commercial vessels, traditionally their use on board UK warships has been discouraged. This is due to the tendency of pillars to "punch through" the deck when subjected to the high impulse loading of shock from underwater explosions (UNDEX). There are however many spaces within naval ships that would significantly benefit from the wide-open spaces created from the use of pillars as opposed to full bulkheads, such as machinery rooms, mooring decks and accommodation flats. This paper re-addresses the question of a shock capable pillar, looking at how a pillar can be designed or mounted to increase its resilience to shock from underwater explosions. It is proposed that the advice against the use of pillars in warships could be unfounded; this is supported by the fact that not all navies reject their use. The results of this study imply that as long as the pillar is sited properly on primary structural members, then pillar buckling should occur long before "punch though"