Pension fund finance and sponsoring companies: Empirical evidence on theoretical hypotheses

This study presents empirical evidence on the influence of sponsoring companies on the funding and portfolio allocation of pension funds, an issue on which most extant literature is theoretical. We use a unique microdataset of 550 Dutch defined benefit company pension funds and 100 sponsoring firms over 1996-2005 to test the relevance of the main theoretical hypotheses, the first paper to do so in a comprehensive manner. We find that pension funds have lower cover ratios when (1) their sponsoring company is highly leveraged, (2) the fund’s return on assets is relatively low, and (3) the sponsoring firm is small. Further, defined benefit pension funds are found to invest more in shares when their sponsoring companies are highly leveraged. These links in general suggest higher risk in the sponsor leads to correspondingly higher risk in the fund, and warrant close attention by regulators

In-plane Theory of Non-Sequential Triple Ionization

We describe first-principles in-plane calculations of non-sequential triple ionization (NSTI) of atoms in a linearly polarized intense laser pulse. In a fully classically correlated description, all three electrons respond dynamically to the nuclear attraction, the pairwise e-e repulsions and the laser force throughout the duration of a 780nm laser pulse. Nonsequential ejection is shown to occur in a multi-electron, possibly multi-cycle and multi-dimensional, rescattering sequence that is coordinated by a number of sharp transverse recollimation impacts.Comment: 4 pages, 4 figure

Morphological Classification of Local Luminous Infrared Galaxies

We present an analysis of the morphological classification of 89 luminous infrared galaxies (LIRGs) from the Great Observatories All-sky LIRG Survey (GOALS) sample using non-parametric coefficients and compare their morphology as a function of wavelength. We rely on images obtained in the optical (B- and I-band) as well as in the infrared (H-band and 5.8$\mu$m). Our classification is based on the calculation of $Gini$ and the second order of light ($M_{20}$) non-parametric coefficients which we explore as a function of stellar mass ($M_\star$), infrared luminosity ($L_{IR}$) and star formation rate (SFR). We investigate the relation between $M_{20}$, the specific SFR (sSFR) and the dust temperature ($T_{dust}$) in our galaxy sample. We find that $M_{20}$ is a better morphological tracer than $Gini$, as it allows to distinguish systems formed by double systems from isolated and post-merger LIRGs. The multi-wavelength analysis allows us to identify a region in the $Gini$-$M_{20}$ parameter space where ongoing mergers reside, regardless of the band used to calculate the coefficients. In particular when measured in the H-band, this region can be used to identify ongoing mergers, with a minimal contamination from LIRGs in other stages. We also find that while the sSFR is positively correlated with $M_{20}$ when measured in the mid-infrared, i.e. star-bursting galaxies show more compact emission, it is anti-correlated with the B-band based $M_{20}$. We interpret this as the spatial decoupling between obscured and un-obscured star formation, whereby the ultraviolet/optical size of a LIRGs experience an intense dust enshrouded central starburst is larger than in the one in the mid-infrared since the contrast between the nuclear to the extended disk emission is smaller in the mid-infrared. This has important implications for high redshift surveys of dusty sources. [abridged]Comment: ( 18 pages, 12 figures, Accepted for publication in A&A

Influence of spontaneous emission on laser-induced autoionization

A master equation that describes the effect of spontaneous emission on laser-induced autoionization is formulated and its solution is obtained for arbitrary laser strengths. The radiative decay is shown to affect drastically the nature of spectra near confluence. Analytic expressions for widths and positions are given to demonstrate the new features of spectra

Molecular gas in NUclei of GAlaxies (NUGA) XV. Molecular gas kinematics in the inner 3kpc of NGC6951

Within the NUclei of GAlaxies project we have obtained IRAM PdBI and 30m 12CO(1-0) and 12CO(2-1) observations of the spiral galaxy NGC 6951. Previous work shows that there is indirect evidence of gas inflow from 3 kpc down to small radii: a large-scale stellar bar, a prominent starburst ring (r~580 pc) and a LINER/Seyfert 2 nucleus. In this paper we study the gas kinematics as traced by the CO line emission in detail. We quantify the influence of the large-scale stellar bar by constructing an analytical model of the evolution of gas particles in a barred potential. From this model gravitational torques and mass accumulation rates are computed. We compare our model-based gravitational torque results with previous observationally-based ones. The model also shows that the large-scale stellar bar is indeed the dominant force for driving the gas inward, to the starburst ring. Inside the ring itself a nuclear stellar oval might play an important role. Detailed analysis of the CO gas kinematics there shows that emission arises from two co-spatial, but kinematically distinct components at several locations. The main emission component can always be related to the overall bar-driven gas kinematics. The second component exhibits velocities that are larger than expected for gas on stable orbits, has a molecular gas mass of 1.8x10^6Msun, is very likely connected to the nuclear stellar oval, and is consistent with inflowing motion towards the very center. This may form the last link in the chain of gas inflow towards the active galactic nucleus in NGC 6951.Comment: 17 pages, accepted by A&A (17 feb 2011

Photoemission spectra in intense laser field induced autoionization

Photoemission spectra from autoionizing states in the presence of a strong laser field are calculated. Such spectra have very sharp features near "confluence" (at the Fano minimum) and are very similar, in structure, to photoelectron spectra. The total intensity, as a function of laser intensity or detuning, has a peak near confluence, which can be used, among other things, for the accurate determination of Fano asymmetry parameter q

Constraints to the sustainability of a ‘systematised’ approach to livestock marketing amongst smallholder cattle producers in South Africa

Commercialization of smallholder agriculture in South Africa is underpinned by reforms to improve livestock off-take in communal areas and engage smallholder farmers with formal markets. To achieve this, Custom Feeding Programmes (CFPs) were established to improve the condition of communal cattle prior to their sale into formal markets and to ‘systematise’ the informal marketing of cattle in communal areas by enabling participants to achieve higher informal market prices. We evaluate the sustainability of eight CFPs located in Eastern Cape Province in terms of their ability to add value to smallholder cattle production and encourage market participation. Communities with CFPs achieved a 16.6% mean cattle off-take rate, substantially higher than in most communal systems. Furthermore, cattle sold through CFPs attained a 17% higher mean selling price than those sold through other marketing channels. However, these benefits were mainly realized by better-off farmers with larger cattle herds and greater ability to transport animals to and from CFPs. More marginalized farmers, particularly women, had low participation. CFPs also face challenges to their sustainability, including inconsistent feed and water supplies, poor infrastructure and high staff turnover. Key to enhancing participation in CFPs, will be improving the way they are supported and embedded within communities

Explaining two circumnuclear star forming rings in NGC5248

The distribution of gas in the central kiloparsec of a galaxy has a dynamically rapid evolution. Nonaxisymmetries in the gravitational potential of the galactic disk, such as a large scale stellar bar or spiral, can lead to significant radial motion of gaseous material from larger radii to the central region. The large influx of gas and the subsequent star formation keep the central region constantly changing. However, the ability of gas to reach the nucleus proper to fuel an AGN phase is not guaranteed. Gas inflow can be halted at a circumnuclear star forming ring several hundred parsec away. The nearby galaxy NGC5248 is especially interesting in this sense since it is said to host 2 circumnuclear star forming rings at 100pc and 370pc from its quiescent nucleus. Here we present new subarcsecond PdBI+30m CO(2-1) emission line observations of the central region. For the first time the molecular gas distribution at the smallest stellar ring is resolved into a gas ring, consistent with the presence of a quiescent nucleus. However, the molecular gas shows no ring structure at the larger ring. We combine analyses of the gaseous and stellar content in the central kiloparsec of this galaxy to understand the gas distribution and dynamics of this star forming central region. We discuss the probability of two scenarios leading to the current observations, given our full understanding of this system, and discuss whether there are really two circumnuclear star forming rings in this galaxy.Comment: Accepted for publication in A&A, 14pages + long tabl

Second-order regular variation, convolution and the central limit theorem

AbstractSecond-order regular variation is a refinement of the concept of regular variation which is useful for studying rates of convergence in extreme value theory and asymptotic normality of tail estimators. For a distribution tail 1 − F which possesses second-order regular variation, we discuss how this property is inherited by 1 − F2 and 1 − F∗2. We also discuss the relationship of central limit behavior of tail empirical processes, asymptotic normality of Hill's estimator and second-order regular variation

Correlations of record events as a test for heavy-tailed distributions

A record is an entry in a time series that is larger or smaller than all previous entries. If the time series consists of independent, identically distributed random variables with a superimposed linear trend, record events are positively (negatively) correlated when the tail of the distribution is heavier (lighter) than exponential. Here we use these correlations to detect heavy-tailed behavior in small sets of independent random variables. The method consists of converting random subsets of the data into time series with a tunable linear drift and computing the resulting record correlations.Comment: Revised version, to appear in Physical Review Letter