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.

Evaluating the Diversity of Emergency Medicine Foundation (EMF) Grant Recipients in the Last Decade

On behalf of the ACEP Research CommitteeIntroduction: To study diversity of researchers and barriers to success among Emergency Medicine Foundation (EMF) grant recipients in the last 10 years.Methods: EMF grant awardees were approached to complete a brief survey, which included demographics, queries related to contributions to the literature, success in obtaining grants, and any perceived barriers they encountered.Results: Of the 342 researchers contacted by email, a total of 147 completed the survey for a response rate of 43%. The respondents were predominately mid to late career white-male-heterosexual-Christian with an average age of 44 years (range 25-69 years of age). With regards to training and education, the majority of respondents (50%) were either Associate or Professor clinical rank (8% instructor/resident/fellow and 31% Assistant). Sixty-two percent of the respondents reported perceived barriers to career advancement since completion of residency. The largest perceived barrier to success was medical specialty (26%), followed by gender (21%) and age (16%).Conclusion: Our survey of EMF grant recipients in the last 10 years shows a considerable lack of diversity. The most commonly perceived barriers to career advancement by this cohort were medical specialty, gender, and age. An opportunity exists for further definition of barriers and development of mechanisms to overcome them, with a goal of increased success for those that are underrepresented. 

Climatology 2011: An MLS and Sonde Derived Ozone Climatology for Satellite Retrieval Algorithms

The ozone climatology used as the a priori for the version 8 Solar Backscatter Ultraviolet (SBUV) retrieval algorithms has been updated. The Microwave Limb Sounder (MLS) instrument on Aura has excellent latitude coverage and measures ozone daily from the upper troposphere to the lower mesosphere. The new climatology consists of monthly average ozone profiles for ten degree latitude zones covering pressure altitudes from 0 to 65 km. The climatology was formed by combining data from Aura MLS (2004-2010) with data from balloon sondes (1988-2010). Ozone below 8 km (below 12 km at high latitudes) is based on balloons sondes, while ozone above 16 km (21 km at high latitudes) is based on MLS measurements. Sonde and MLS data are blended in the transition region. Ozone accuracy in the upper troposphere is greatly improved because of the near uniform coverage by Aura MLS, while the addition of a large number of balloon sonde measurements improves the accuracy in the lower troposphere, in the tropics and southern hemisphere in particular. The addition of MLS data also improves the accuracy of climatology in the upper stratosphere and lower mesosphere. The revised climatology has been used for the latest reprocessing of SBUV and TOMS satellite ozone data

An FeLoBAL Binary Quasar

In an ongoing infrared imaging survey of quasars at Keck Observatory, we have discovered that the z=1.285 quasar SDSS J233646.2-010732.6 comprises two point sources with a separation of 1.67". Resolved spectra show that one component is a standard quasar with a blue continuum and broad emission lines; the other is a broad absorption line (BAL) quasar, specifically, a BAL QSO with prominent absorption from MgII and metastable FeII, making it a member of the ``FeLoBAL'' class. The number of known FeLoBALs has recently grown dramatically from a single example to more than a dozen, including a gravitationally lensed example and the binary member presented here, suggesting that this formerly rare object may be fairly common. Additionally, the presence of this BAL quasar in a relatively small separation binary adds to the growing evidence that the BAL phenomenon is not due to viewing a normal quasar at a specific orientation, but rather that it is an evolutionary phase in the life of many, if not all, quasars, and is particularly associated with conditions found in interacting systems.Comment: AASTEX 13 pp., 4 figs; accepted by ApJ Letter

A study of filament winding

Abstract Not Provided

A dynamic ion cooling technique for FTICR mass spectrometry

AbstractA fast dynamic ion cooling technique based upon the adiabatic invariant phenomenon for Fourier transform ion cyclotron resonance mass spectrometry (FTICR) is presented. The method cools ions in the FTICR trap more efficiently, within a few hundred milliseconds without the use of a buffer gas, and results in a substantial signal enhancement. All performance aspects of the FTICR spectrum, e.g., peak intensities, mass resolution, and mass accuracy, improve significantly compared with cooling based on ion–ion interactions. The method may be useful in biological applications of FTICR, such as in proteomic studies involving extended on-line liquid chromatography (LC) separations, in which both the duty cycle and mass accuracy are crucially important

Dark and Baryonic Matter in Bright Spiral Galaxies: I.Near-infrared and Optical Broadband Surface Photometry of 30 Galaxies

We present photometrically calibrated images and surface photometry in the B, V, R, J, H, and K-bands of 25, and in the g, r, and K-bands of 5 nearby bright (Bo_T<12.5 mag) spiral galaxies with inclinations between 30-65 degrees spanning the Hubble Sequence from Sa to Scd. Data are from The Ohio State University Bright Spiral Galaxy Survey, the Two Micron All Sky Survey, and the Sloan Digital Sky Survey Second Data Release. Radial surface brightness profiles are extracted, and integrated magnitudes are measured from the profiles. Axis ratios, position angles, and scale lengths are measured from the near-infrared images. A 1-dimensional bulge/disk decomposition is performed on the near-infrared images of galaxies with a non-negligible bulge component, and an exponential disk is fit to the radial surface brightness profiles of the remaining galaxies.Comment: 28 page

The Fourier Imaging X-ray Spectrometer (FIXS) for the Argentinian, Scout-launched satelite de Aplicaciones Cienficas-1 (SAC-1)

The Fourier Imaging X-ray Spectrometer (FIXS) is one of four instruments on SAC-1, the Argentinian satellite being proposed for launch by NASA on a Scout rocket in 1992/3. The FIXS is designed to provide solar flare images at X-ray energies between 5 and 35 keV. Observations will be made on arcsecond size scales and subsecond time scales of the processes that modify the electron spectrum and the thermal distribution in flaring magnetic structures

The Sloan Digital Sky Survey Stripe 82 Imaging Data: Depth-Optimized Co-adds Over 300 Deg^2 in Five Filters

We present and release co-added images of the Sloan Digital Sky Survey (SDSS) Stripe 82. Stripe 82 covers an area of 300 deg^2 on the Celestial Equator, and has been repeatedly scanned 70-90 times in the ugriz bands by the SDSS imaging survey. By making use of all available data in the SDSS archive, our co-added images are optimized for depth. Input single-epoch frames were properly processed and weighted based on seeing, sky transparency, and background noise before co-addition. The resultant products are co-added science images and their associated weight images that record relative weights at individual pixels. The depths of the co-adds, measured as the 5 sigma detection limits of the aperture (3.2 arcsec diameter) magnitudes for point sources, are roughly 23.9, 25.1, 24.6, 24.1, and 22.8 AB magnitudes in the five bands, respectively. They are 1.9-2.2 mag deeper than the best SDSS single-epoch data. The co-added images have good image quality, with an average point-spread function FWHM of ~1 arcsec in the r, i, and z bands. We also release object catalogs that were made with SExtractor. These co-added products have many potential uses for studies of galaxies, quasars, and Galactic structure. We further present and release near-IR J-band images that cover ~90 deg^2 of Stripe 82. These images were obtained using the NEWFIRM camera on the NOAO 4-m Mayall telescope, and have a depth of about 20.0--20.5 Vega magnitudes (also 5 sigma detection limits for point sources).Comment: 19 pages, 17 figures, accepted for publication in ApJ