Temporal Resolution of Uncertainty, the Investment Policy of Levered Firms and Corporate Debt Yields

This paper attempts to link the agency literature (concerned with whether debt will trigger underinvestment incentives or risk-shifting behavior) with the one dealing with temporal resolution of uncertainty. To the best of our knowledge, apart from one article by John and Ronen (1990), there is no research article linking the two literatures. We are concerned here with how the product/input market influences deviations from the optimal investment policy, in particular to what extent the speed of resolution of uncertainty of the industry in which a given firm operates affects the risk-shifting behavior of a shareholder-aligned manager. We assume that investors are risk neutral and that the return on the risky technology is normally distributed. It is then shown that the pattern of temporal resolution of uncertainty monotonically affects risk shifting as well as bond yields, even after contracts mitigating deviations from optimal investment policy have been written; empirical implications are derived and discussed

Disorganized and Unresolved States in Adulthood

Fear plays a central role in attachment theory and disorganization in adulthood. Fear associated with traumatic memories interferes with resolution of trauma resulting in disorganized mental states, captured as unresolved/disorganized speech surrounding loss and/or abuse in the Adult Attachment Interview. Mothers who are unresolved experience fear stemming from traumatic memories and display frightening behavior towards their infants. Disorganization can predispose individuals to dissociative mental processes, including altered states (absorption), PTSD, and depersonalization. Social psychologists have conceptualized adult disorganization as fear of the romantic partner. Studies examining stability of adult disorganization indicate unresolved loss is more readily resolved than unresolved abuse. Understanding disorganization in adulthood, including experiences that support reparation and reorganization, is important for developing effective interventions.Wellcome Trust Grant number RHZB/13

Temporal Resolution of Uncertainty, the Investment Policy of Levered Firms and Corporate Debt Yields

This paper attempts to link the agency literature (concerned with the fact that tensions between bondholders and shareholders may trigger suboptimal investment decisions) with the one dealing with temporal resolution of uncertainty (TRU). We consider here how the speed of resolution of the uncertainty characterizing the firm’s operations affects the risk-shifting behavior of a shareholder-aligned manager. It is assumed that investors are risk neutral and that the return on the risky technology is normally distributed. It is shown that the speed of TRU affects monotonically the extent of risk shifting as well as bond yields, even after optimal contracts mitigating deviations from the first-best investment policy have been written. In particular, the optimal investment-restricting covenant is endogenously characterized. Empirical implications are derived and discussed

Lattice supersymmetry, superfields and renormalization

We study Euclidean lattice formulations of non-gauge supersymmetric models with up to four supercharges in various dimensions. We formulate the conditions under which the interacting lattice theory can exactly preserve one or more nilpotent anticommuting supersymmetries. We introduce a superfield formalism, which allows the enumeration of all possible lattice supersymmetry invariants. We use it to discuss the formulation of Q-exact lattice actions and their renormalization in a general manner. In some examples, one exact supersymmetry guarantees finiteness of the continuum limit of the lattice theory. As a consequence, we show that the desired quantum continuum limit is obtained without fine tuning for these models. Finally, we discuss the implications and possible further applications of our results to the study of gauge and non-gauge models.Comment: 44 pages, 1 figur

Dynamical Linked Cluster Expansions: A Novel Expansion Scheme for Point-Link-Point-Interactions

Dynamical linked cluster expansions are linked cluster expansions with hopping parameter terms endowed with their own dynamics. This amounts to a generalization from 2-point to point-link-point interactions. We develop an associated graph theory with a generalized notion of connectivity and describe an algorithmic generation of the new multiple-line graphs. We indicate physical applications to spin glasses, partially annealed neural networks and SU(N) gauge Higgs systems. In particular the new expansion technique provides the possibility of avoiding the replica-trick in spin glasses. We consider variational estimates for the SU(2) Higgs model of the electroweak phase transition. The results for the transition line, obtained by dynamical linked cluster expansions, agree quite well with corresponding high precision Monte Carlo results.Comment: 41 pages, latex2e, 10 postscript figure

Understanding the connection between attachment trauma and maternal self-efficacy in depressed mothers

Maternal self-efficacy predicts sensitive and responsive caregiving. Low maternal self-efficacy is associated with a higher incidence of postpartum depression. Maternal self-efficacy and postpartum depression can both be buffered by social support. Maternal self-efficacy and postpartum depression have both been linked independently, albeit in separate studies, to the experience of violent trauma, childhood maltreatment, and spousal abuse. This study proposed a model in which postpartum depression mediates the relation between attachment trauma and maternal self-efficacy, with emotional support as a moderator. Participants were 278 first-time mothers of infants under 14 months. Cross-sectional data were collected online. Mothers completed questionnaires on attachment trauma, maternal self-efficacy, postpartum depression, and emotional support. A moderated mediation model was tested in a structural equation modeling framework using Mplus’ estimate of indirect effects. Postpartum depression fully mediated the relation between trauma and maternal self-efficacy. Emotional support moderated only the pathway between postpartum depression and maternal self-efficacy. Attachment trauma's implications for maternal self-efficacy should be understood in the context of overall mental health. Mothers at the greatest risk for low maternal self-efficacy related to attachment trauma also are those suffering from postpartum depression. Emotional support buffered mothers from postpartum depression, though, which has implications for intervention and future research.This research was made possible by a Medical Humanities New Investigator Award from the Wellcome Trust (Grant WT103343MA)

Family Minds: A randomized controlled trial of a group intervention to improve foster parents’ reflective functioning

Family Minds is a brief group psychoeducational parenting intervention designed to increase the reflective functioning (RF) and mentalization skills of foster parents. RF is important for foster parents who have to build relationships with children whose adverse experiences increase their risk for psychosocial challenges. A randomized controlled trial (RCT) for Family Minds was conducted in Texas with 89 foster parents. The main aims of this study were to examine whether the intervention could significantly increase the RF/mentalization skills of the foster parents and decrease their parenting stress. After 6 weeks, compared with the control group, intervention foster parents improved their RF via a lowering of pre-mentalizing and also significantly decreased parenting stress related to parent–child dysfunctional interactions. Other measures of RF and parenting stress showed no significant differences between groups. Foster child behavior was not significantly different between groups, although data at 6 months showed a possible lowering of internalizing symptoms for children of intervention parents. This RCT provides some encouraging evidence that Family Minds may increase RF in foster parents, improve parental sensitivity and their ability to emotionally regulate, decrease parenting stress related to challenging interactions with their foster children, and possibly decrease children's internalizing behavior

Temporal Resolution of Uncertainty, the Investment Policy of Levered Firms and Corporate Debt Yields

This paper attempts to link the agency literature (concerned with whether debt will trigger underinvestment incentives or risk-shifting behavior) with the one dealing with temporal resolution of uncertainty. To the best of our knowledge, apart from one article by John and Ronen (1990), there is no research article linking the two literatures. We are concerned here with how the product/input market influences deviations from the optimal investment policy, in particular to what extent the speed of resolution of uncertainty of the industry in which a given firm operates affects the risk-shifting behavior of a shareholder-aligned manager. We assume that investors are risk neutral and that the return on the risky technology is normally distributed. It is then shown that the pattern of temporal resolution of uncertainty monotonically affects risk shifting as well as bond yields, even after contracts mitigating deviations from optimal investment policy have been written; empirical implications are derived and discussed

The Asymptotic Expansion of Lattice Loop Integrals Around the Continuum Limit

We present a method of computing any one-loop integral in lattice perturbation theory by systematically expanding around its continuum limit. At any order in the expansion in the lattice spacing, the result can be written as a sum of continuum loop integrals in analytic regularization and a few genuine lattice integrals (``master integrals''). These lattice master integrals are independent of external momenta and masses and can be computed numerically. At the one-loop level, there are four master integrals in a theory with only bosonic fields, seven in HQET and sixteen in QED or QCD with Wilson fermions.Comment: 9 pages, 2 figure

Temporal Resolution of Uncertainty, the Investment Policy of Levered Firms and Corporate Debt Yields

This paper attempts to link the agency literature (concerned with the fact that tensions between bondholders and shareholders may trigger suboptimal investment decisions) with the one dealing with temporal resolution of uncertainty (TRU). We consider here how the speed of resolution of the uncertainty characterizing the firm’s operations affects the risk-shifting behavior of a shareholder-aligned manager. It is assumed that investors are risk neutral and that the return on the risky technology is normally distributed. It is shown that the speed of TRU affects monotonically the extent of risk shifting as well as bond yields, even after optimal contracts mitigating deviations from the first-best investment policy have been written. In particular, the optimal investment-restricting covenant is endogenously characterized. Empirical implications are derived and discussed