120 research outputs found

    Asymptotic vibrational states of the H-3(+) molecular ion

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    Vibrational calculations for H-3(+) are performed using an accurate global ab initio potential energy surface. Fourteen bound states close to dissociation are found to have interesting long-range dynamics. These asymptotic vibrational states (AVS) are studied graphically by cuts through their wave functions and by calculating a rotational constant. These AVS, which overlap open system classical trajectories that form half-tori, should lead to an increased density of states near dissociation. Their influence on the infrared near-dissociation spectrum of H-3(+) remains to be determined

    Analysis of Floating Rate Bonds and the Firm Characteristics: Evidence from the Stock Price Reaction

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    We examine the security and firm characteristics of a sample of 2,027 non-convertible investment grade floating rate securities (bonds) issued by the US based firms between 1980 and 2018. These bonds pay a coupon based on short term reference rate, such as fed funds rate, plus a fixed quoted margin. Considerable number (81.6%) of these issues are between 1992 and 2007 signifying floating rate as an effective mechanism to mitigate firm’s interest rate risk when the rates are high and expected to fall. A positive and significant abnormal return (CAR = 0.27%), in the event window surrounding issue date, provides strong evidence that the floating rate is viewed as a less restrictive provision as compared to the call option. Majority of the issues (89.3%) are non-callable since the floating rate mitigates interest rate risk for the issuing firm. Lack of put provision in these bonds (in only 7.35% of the sample issues) signifies no significant investor concerns of falling bond prices. Regression analysis reveals that firms with growth options and with higher leverage experience positive CAR due to the financial flexibility these bonds provide. Firms with higher level of information asymmetry benefits less from issuing these securities since most of these bonds (90.13%) are issued at par therefore, the price is not likely to carry information content that mitigates information asymmetry between the firms and the investors

    Effectiveness of Event Risk Covenants in High Yield Bonds: Evidence from Long-Run Stock Performance

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    We examine the post-issue long-run performance of the common stock of the firms issuing nonconvertible high yield bonds with event risk covenants (ERCs) over the period five years after the issue date. Using Fama French (1993) four factor regression model to analyze a sample of 217 issues issued between 1986 and 2004, we find statistically and economically significant monthly average abnormal returns between 0.36% and 0.55%, which compounds to 24% to 39% over the five year period. The evidence suggests strong long-run overperformance after the issuance. This result is in contrast to the evidence of underperformance after the straight debt issues (Speiss and Affleck-Graves, 1999). Our results support the evidence that the ERCs in bonds issued by the firms closer to financial distress or with low credit rating, help significantly reduce the agency problem between the common stockholders and the bondholders resulting in direct cost benefit to the firm in terms of reduced yields. This benefit seems to far outweigh the costs to the stockholders in terms of agency cost of potential management entrenchment and/or potential loss of takeover premium. The net result is the higher returns for the shareholders. The full impact of this benefit is only realized in the long-run

    Measurement of stray load loss of d.c. machines

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    For many years the standard practice, in calculation of conventional efficiency of d.c. machines, has been to include stray load losses as equal to 1% of the output. This assumption may be true for large, compensated d.c. machines but it is known to be small for smaller, uncompensated, general-purpose, industrial-type machines of open design. An A.I.E.E. Committee on Rotating Machines was formed to investigate whether the present practice of assigning 1% for the stray load loss is justified or not. They reached a conclusion, reported in 1949, after investigating 243 stray loss tests on different motors ranging from 1/2 hp to 50 hp, that the present practice should be continued until a new method is available which gives a direct measure of these losses...In this article, an attempt is made to measure stray load losses directly by a short circuit test --Introduction, page 1-2

    Kinetics of base-catalysed reactions

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    The work of Wulfman on the mechanism of the Michael reactions suggests that the normal Michael reaction is second order kinetically, with the rate being proportional to the concentration of the acceptor and the active form of the addendum. A detailed reaction mechanism of normal Michael reaction was not proposed due to insufficient data which resulted from analytical difficulties. This investigation involves the study of the kinetics of normal Michael reaction from the stand point of base strength, solvent concentration and acidity of the reactants, solvent and products --Experimental. A. Purpose of Investigation, page 17

    Identifying the understanding of mental illness of mental health care users of mixed ancestry group attending a community mental health clinic

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    The purpose of this study was to elicit how mental health care users from a mixed ancestry group, otherwise called “Coloureds” at a Mental Health Clinic in an urban South African context, understood mental illness. “Coloured” peoples perceptions about mental illness in not well documented as few studies have addressed the needs of this population group in South Africa. The purpose was addressed within a closed questionnaire schedule using the Illness Perception Questionnaire - Mental Health, which was administered over a two month period, from 3rd June 2011 to 29th July 2011, using a non experimental, prospective, descriptive research design survey method. Data were collected by means of a self administered questionnaire and analysed by means of descriptive statistics. According to the statistician no confidence level was necessary as the instrument used was already tested to be valid and reliable. Since the study was descriptive, no comparative statistics were necessary.The analysed data revealed evidence of poor identification of mental illnesses. This could be a contributory factor to the inadequate adherence to treatment strategies and high re-hospitalization rates in this community. There was also a lack of collaboration between health workers and mental health care users and inadequate imparting of mental illness information by the mental health care practitioners. The positive results that have become evident in this study of good community support, good personal control of illness, a belief in the importance of taking medication and low stress levels, may be utilized effectively to empower this community with knowledge about mental illness. This may allow this community to assume responsibility and be supportive in the efforts to destigmatise mental illness and to ensure that community mental health care services move efficiently and effectively

    Deuterated hydrogen chemistry: Partition functions, Equilibrium constants and Transition intensities for the H3+ system

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    H3+ and the deuterated isotopomers are thought to play an important role in interstellar chemistry. The partition functions of H3+, D2H+ and D3+ are calculated to a temperature of 800 K by explicitly summing the ab initio determined rotation-vibration energy levels of the respective species. These partition functions are used to calculate the equilibrium constants for nine important reactions in the interstellar medium involving H3+ and its deuterated isotopomers. These equilibrium constants are compared to previously determined experimental and theoretical values. The Einstein A coefficients for the strongest dipole transitions are also calculated

    AN INTRODUCTION TO HEAVY METAL POLLUTION AND DIFFERENT TECHNOLOGIES AVAILABLE FOR REMEDIATION

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    This paper revises the fundamental facts about potentially toxic elements belonging to the group of heavy metals. The study highlights the ongoing soil pollution status affected by these non-biodegradable elements, the basic characteristics of these metals that make them toxic, their mode of accumulation in different trophic levels, their toxic effect on human beings and the probable remediation technologies being used to remediate soils contaminated with heavy metal when the pollution problem has evolved. The technologies focused on solidification, soil washing, soil flushing, electro-kinetic remediation and phytoremediation are presented. The choice of the technology to be used for remediation depends on the condition of the soil and the extent of contamination. Conventional electro-kinetics is the most effective and rapid technology, but on the scale of ecosystem restoration, phytoremediation is an eco-friendly, green and cost-effective solution

    Stock Market Response to Multiple Alliance Announcements: A Multi-Industry Analysis

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    We document frequency distribution of 4315 two-party, non-equity alliances undertaken by the U.S. based firms between 1986 and 2015 in 11industries and find that on an aggregate basis, the firms which form multiple alliances based on the exploitation motive are as likely to enter into alliance as the firms that enter into multiple alliances based on the exploration motive. However, we find strong evidence that the firms that enter into alliances on three or more occasions are driven by the exploration motive while, the firms that enter into alliances one and one or two times are driven by the exploitation motive.  The average cumulative abnormal returns (ACAR) for all of the three subsamples of firms that undertook one, one or two, and three or more alliances during the time period for this study are all positive but exhibit a declining trend.  Firms that are larger in terms of total assets engage more frequently in alliances than smaller firms.  Returns to firms that enter into three or more alliances are sensitive to the leverage employed and the likelihood of bankruptcy whereas returns to firms that enter into only one or one or two alliances are affected significantly by the considerations of competitive forces

    The spectroscopy of H3+3: low energy to dissociation

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    The H3" ion is the simplest and most fundamental of polyatomic molecules consisting of three protons and two electrons. H3 is an important molecule playing a key role in many areas of Physics, Chemistry and Astronomy. The astrophysical importance of H3" lies in the fact that most of the universe is made up of hydrogen, and molecular hydrogen in the cool regions. H3" is rapidly formed by the reaction H2 + H+-*H++H (1) Thus H3 is usually the dominant ion in environments containing molecular hydrogen. Further more, multiply deuterated species have been observed in the interstellar medium recently. These species are thought to have been formed via deuterium fractionation effects, in which the isotopomers H2D+ and D2H+ play a significant role. More than two decades have passed since Carrington and co-workers produced a remarkably rich spectrum of the H3". Over 27,000 absorption lines in a region between 872cm-1 to 1094cm""1. This experiment still remains largely unexplained. This work calculates intensities of transitions of states near dissociation. Thus will help illuminate the Carrington spectrum. Within this work I present a method of calculating line strengths for the H3" system. Several improvements on previous methods are presented, including the use discrete variable representation, symmetry and a parallel algorithm. The implementation of this method on massively parallel computers is also discussed. Several applications of the synthetic spectra of and isotopomers are presented. This will include where possible how they have aided other work and the results of this other work
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