Large capital infusions, investor reactions, and the return and risk performance of financial institutions over the business cycle and recent finanical crisis

The authors examine investors' reactions to announcements of large seasoned equity offerings (SEOs) by U.S. financial institutions (FIs) from 2000 to 2009. These offerings include market infusions as well as injections of government capital under the Troubled Asset Relief Program (TARP). The sample period covers both business cycle expansions and contractions, and the recent financial crisis. They present evidence on the factors affecting FI decisions to issue capital, the determinants of investor reactions, and post-SEO performance of issuers as well as a sample of matching FIs. The authors find that investors reacted negatively to the news of private market SEOs by FIs, both in the immediate term (e.g., the two days surrounding the announcement) and over the subsequent year, but positively to TARP injections. Reactions differed depending on the characteristics of the FIs, stage of the business cycle, and conditions of financial crisis. Larger institutions were less likely to have raised capital through market offerings during the period prior to TARP, and firms receiving a TARP injection tended to be larger than other issuers. The authors find that while TARP may have allowed FIs to increase their lending (as a share of assets) in the year after the issuance, they took on more credit risk to do so. They find no evidence that banks' capital adequacy increased after the capital injections.Securities ; Financial services industry ; Banks and banking

Gender Differences in Smoking Among an Urban Emergency Department Sample.

BackgroundUrban emergency department (ED) patients have elevated smoking and substance use compared with the general population. We analyzed gender differences in smoking among an urban ED sample and assessed the contribution of substance use, demographic, and couple factors.MethodsWe conducted a secondary analysis of data obtained from a cross-sectional, observational survey (N = 1037 participants) on drinking, drug use, and intimate partner violence (IPV). Gender-specific logistic regression models for current (past 30-day) smoking and multinomial regression models for smoking intensity (light: ⩽5 cigarettes per day [CPD]; moderate: 6 to 10 CPD; heavier: >10 CPD) were estimated.ResultsSmoking prevalence was higher among men than women (35.5% vs 18.9%; P < .001). Substance use (frequency of intoxication, marijuana, amphetamine, and cocaine use), demographic (food insufficiency, unemployment), and couple-related factors (having a spouse/partner who smoked, IPV involvement, being in a same-gender couple) were differentially associated with current smoking and level of intensity among men and women.ConclusionsEmergency department staff should consider the impact of polysubstance use, food insufficiency, unemployment, and whether both partners in the couple smoke when screening patients for smoking and formulating cessation treatment plans. Women in same-gender relationships and those who have experienced IPV involvement may require additional referral

Doppler imaging of the young late-type star LO Pegasi (BD +22 4409) in September 2003

A Doppler image of the ZAMS late-type rapidly rotating star LO Pegasi, based on spectra acquired between 12 and 15 September 2003, is presented. The Least Square Deconvolution technique is applied to enhance the signal-to-noise ratio of the mean rotational broadened line profiles extracted from the observed spectra. In the present application, a unbroadened spectrum is used as a reference, instead of a simple line list, to improve the deconvolution technique applied to extract the mean profiles. The reconstructed image is similar to those previously obtained from observations taken in 1993 and 1998, and shows that LO Peg photospheric activity is dominated by high-latitude spots with a non-uniform polar cap. The latter seems to be a persistent feature as it has been observed since 1993 with little modifications. Small spots, observed between ~ 10 and ~ 60 degrees of latitude, appears to be different with respect to those present in the 1993 and 1998 maps.Comment: 21 pages, 10 figures, accepted by Monthly Notices of the Royal Astronomical Societ

Vacuum technology and space simulation

Manual on vacuum technology and space simulatio

POLOCALC: a Novel Method to Measure the Absolute Polarization Orientation of the Cosmic Microwave Background

We describe a novel method to measure the absolute orientation of the polarization plane of the CMB with arcsecond accuracy, enabling unprecedented measurements for cosmology and fundamental physics. Existing and planned CMB polarization instruments looking for primordial B-mode signals need an independent, experimental method for systematics control on the absolute polarization orientation. The lack of such a method limits the accuracy of the detection of inflationary gravitational waves, the constraining power on the neutrino sector through measurements of gravitational lensing of the CMB, the possibility of detecting Cosmic Birefringence, and the ability to measure primordial magnetic fields. Sky signals used for calibration and direct measurements of the detector orientation cannot provide an accuracy better than 1 deg. Self-calibration methods provide better accuracy, but may be affected by foreground signals and rely heavily on model assumptions. The POLarization Orientation CALibrator for Cosmology, POLOCALC, will dramatically improve instrumental accuracy by means of an artificial calibration source flying on balloons and aerial drones. A balloon-borne calibrator will provide far-field source for larger telescopes, while a drone will be used for tests and smaller polarimeters. POLOCALC will also allow a unique method to measure the telescopes' polarized beam. It will use microwave emitters between 40 and 150 GHz coupled to precise polarizing filters. The orientation of the source polarization plane will be registered to sky coordinates by star cameras and gyroscopes with arcsecond accuracy. This project can become a rung in the calibration ladder for the field: any existing or future CMB polarization experiment observing our polarization calibrator will enable measurements of the polarization angle for each detector with respect to absolute sky coordinates.Comment: 15 pages, 5 figures, Accepted by Journal of Astronomical Instrumentatio