Non-Linear Impact of Growth Opportunity and Firm Size on the Capital Structure

One of the focuses on capital structure studies is to identify economic forces influencing corporate capital structure. We investigated the non-linear effects of the firm-specific factors to the leverage of the firm of the US-listed firms. In the partial-adjusted model, growth opportunity and the size of the firm had non-linear effects on the leverage of the firm. Growth opportunity showed quadratic effects on leverage with a negative linear term but a positive quadratic term. It meant if the growth opportunity of a firm reached a certain level, fund providers can relatively detect it and subsequently causes a decrease in asymmetric information. This detection of ample growth opportunity will increase the accessibility of external funding. Firm size also exhibits quadratic effects on leverage with a positive linear term but a negative quadratic term. In other words, if the firm size as a proxy of various omitted variables was imminent, the financial market has been applied the diversification discount that will decrease the accessibility of external funding.JEL Classification: G32, D92DOI: https://doi.org/10.26905/jkdp.v22i4.240

A new non-Fermi liquid fixed point

We study a new exchange interaction in which the conduction electrons with pseudo spin $S_c=3/2$ interact with the impurity spin $S_I=1/2$. Due to the overscreening of the impurity spin by higher conduction electron spin, a new non-trivial intermediate coupling strength fixed point is realized. Using the numerical renormalization group (NRG), we show that the low-energy spectra are described by a non-Fermi liquid excitation spectrum. A conformal field theory analysis is compared with NRG results and excellent agreement is obtained. Using the double fusion rule to generate the operator spectrum with the conformal theory, we find that the specific heat coefficient and magnetic susceptibility will diverge as $T^{-2/3}$, that the scaling dimension of an applied magnetic field is $5/6$, and that exchange anisotropy is always relevant. We discuss the possible relevance of our work to two-level system Kondo materials and dilute cerium alloys, and we point out a paradox in understanding the Bethe-Ansatz solutions to the multichannel Kondo model.Comment: Revised. 20 page

Thermopower of Aharonov-Bohm Interferometer with a Quantum Dot

We report on the thermopower of an Aharonov-Bohm interferometer (AB) with a quantum dot in the Kondo limit. The thermopower is anomalously enhanced due to the Kondo effect as in heavy fermion systems. In contrast to the bulk systems, the sign of the thermopower can be changed by adjusting the energy level scheme or the particle-hole asymmetry of a dot with the gate voltage. Further the magnitude and even the sign of the thermopower in the AB ring can be changed at will with varying either magnetic fields or the gate voltages.Comment: 4 pages, 3 figures, accepted for publication in Physical Review Letter

Transport through a quantum wire with a side quantum-dot array

A noninteracting quantum-dot array side-coupled to a quantum wire is studied. Transport through the quantum wire is investigated by using a noninteracting Anderson tunneling Hamiltonian. The conductance at zero temperature develops an oscillating band with resonances and antiresonances due to constructive and destructive interference in the ballistic channel, respectively. Moreover, we have found an odd-even parity in the system, whose conductance vanishes for an odd number of quantum dots while becomes $2e^2/h$ for an even number. We established an explicit relation between this odd-even parity, and the positions of the resonances and antiresonances of the conductivity with the spectrum of the isolated QD arrayComment: 5 pages, 4 figures, submitted to PR

Strong terahertz emission from electromagnetic diffusion near cutoff in plasma

Anew mechanism for electromagnetic emission in the terahertz (THz) frequency regime from laser-plasma interactions is described. A localized and long-lasting transverse current is produced by two counter-propagating short laser pulses in weakly magnetized plasma. We show that the electromagnetic wave radiating from this current source, even though its frequency is close to cut-off of the ambient plasma, grows and diffuses towards the plasma-vacuum boundary, emitting a strong monochromatic THz wave. With driving laser pulses of moderate power, the THz wave has a field strength of tens of MV m(-1), a frequency of a few THz and a quasi-continuous power that exceeds all previous monochromatic THz sources. The novelty of the mechanism lies in a diffusing electromagnetic wave close to cut-off, which is modelled by a continuously driven complex diffusion equationopen