The default premium and corporate bond experience

A study that represents the first effort to tie together the differential returns required by holders of low-rated coporate bonds and the actual default experiences of these issues.Debt ; Corporate bonds

A Renormalization group approach for highly anisotropic 2D Fermion systems: application to coupled Hubbard chains

I apply a two-step density-matrix renormalization group method to the anisotropic two-dimensional Hubbard model. As a prelude to this study, I compare the numerical results to the exact one for the tight-binding model. I find a ground-state energy which agrees with the exact value up to four digits for systems as large as $24 \times 25$. I then apply the method to the interacting case. I find that for strong Hubbard interaction, the ground-state is dominated by magnetic correlations. These correlations are robust even in the presence of strong frustration. Interchain pair tunneling is negligible in the singlet and triplet channels and it is not enhanced by frustration. For weak Hubbard couplings, interchain non-local singlet pair tunneling is enhanced and magnetic correlations are strongly reduced. This suggests a possible superconductive ground state.Comment: 8 pages, 11 figures, expanded version of cond-mat/060856

Traction force microscopy on soft elastic substrates: a guide to recent computational advances

The measurement of cellular traction forces on soft elastic substrates has become a standard tool for many labs working on mechanobiology. Here we review the basic principles and different variants of this approach. In general, the extraction of the substrate displacement field from image data and the reconstruction procedure for the forces are closely linked to each other and limited by the presence of experimental noise. We discuss different strategies to reconstruct cellular forces as they follow from the foundations of elasticity theory, including two- versus three-dimensional, inverse versus direct and linear versus non-linear approaches. We also discuss how biophysical models can improve force reconstruction and comment on practical issues like substrate preparation, image processing and the availability of software for traction force microscopy.Comment: Revtex, 29 pages, 3 PDF figures, 2 tables. BBA - Molecular Cell Research, online since 27 May 2015, special issue on mechanobiolog

Disinflation, equity valuation, and investor rationality

An examination of the relationship between inflation and equity prices, concluding that equity prices respond rationally to such factors as real interest rates and risk.Corporations - Finance ; Inflation (Finance) ; Stocks

PRICE ENHANCEMENT, RETURNS VARIABILITY, AND SUPPLY RESPONSE IN THE U.S. DAIRY SECTOR

Dairy producers operating in the U.S. have been protected against market price variability by the federal price support program for over 35 years. During the late 1970s tax outlays to operate this program grew at a rapid rate. While many authors have addressed the economic implications of the existing dairy price support program, few have explicitly considered the relationship between risk aversion, capital investment, milk production, and support price policy in this process. This paper considers the role of uncertainty and risk-averse behavior and suggests that these elements are crucial to an economic analysis of the current program and future dairy policy issues.Livestock Production/Industries,

PRICE SUPPORTS, RISK AVERSION AND U.S. DAIRY POLICY: AN ALTERNATIVE PERSPECTIVE OF THE LONG-TERM IMPACTS

Agricultural and Food Policy,

Influence of carrier lifetime on quantum criticality and superconducting Tc of (TMTSF)_2ClO_4

This work presents and analyzes electrical resistivity data on the organic superconductor (TMTSF)$_2$ClO$_4$ and their anion substituted alloys (TMTSF)$_2$(ClO$_4$)$_{1-x}$(ReO$_4$)$_x$ along the least conducting $c^\star$ axis. Nonmagnetic disorder introduced by finite size domains of anion ordering on non Fermi liquid character of resistivity is investigated near the conditions of quantum criticality. The evolution of the $T$-linear resistivity term with anion disorder shows a limited decrease in contrast with the complete suppression of the critical temperature $T_c$ as expected for unconventional superconductivity beyond a threshold value of $x$. The resulting breakdown of scaling between both quantities is compared to the theoretical predictions of a linearized Boltzmann equation combined to the scaling theory of umklapp scattering in the presence of disorder induced pair-breaking for the carriers.Comment: 13 pages, 8 figure

Properties of unique hard X-ray dips observed from GRS 1915+105 and IGR J17091-3624 and their implications

We report a comprehensive study on spectral and timing properties of hard X-ray dips uniquely observed in some so-called variability classes of the micro-quasars GRS 1915+105 and IGR J17091-3624. These dips are characterized by a sudden decline in the 2.0-60.0 keV X-ray intensity by a factor of 4-12 simultaneous with the increase in hardness ratio by a factor of 2-4. Using 31 observations of GRS 1915+105 with RXTE/PCA, we show that different behavior are observed in different types of variability classes, and we find that a dichotomy is observed between classes with abrupt transitions vs those with smoother evolution. For example, both energy-lag spectra and frequency-lag spectra of hard X-ray dips in classes with abrupt transitions and shorter dip intervals show hard-lag (hard photons lag soft photons), while both lag spectra during hard dips in classes with smoother evolution and longer dip intervals show soft-lag. Both lag time-scales are of the order of 100-600 msec. We also show that timing and spectral properties of hard X-ray dips observed in light curves of IGR J17091-3624 during its 2011 outburst are consistent with the properties of the abrupt transitions in GRS 1915+105 rather than smooth evolution. A global correlation between the X-ray intensity cycle time and hard dip time is observed for both abrupt and smooth transition which may be due to two distinct physical processes whose time-scales are eventually correlated. We discuss implications of our results in the light of some generic models.Comment: 17 pages, 5 figures, accepted for publication in the Astrophysical Journa

Compatriot and foreigner : a study of impression formation in three countries

Caption title"February 5, 1957."At head of title: Communications Program. Experimental Section"350"--handwritten on coverIncludes bibliographical references (leaf 21