10,189 research outputs found
Credit Enhancement through Financial Engineering: Freeport-McMoRan's Gold-Denominated Depository Shares
In 1993 and early 1994, Freeport McMoRan Copper and Gold (FCX), a mining company, issued two series of gold-denominated depositary shares to raise 430 million dollars expanding their mining capacity in Indonesia. We price the depositary shares using a term structure model for the forward rates implied by gold futures and we show that FCX successfully enhanced the credit quality of the issue. This credit enhancement is achieved because the effect of linking the payoff of the depositary shares to gold reduces default risk and is similar to conventional risk management. However, the bundling of financing and risk management allows the firm to target hedging benefits only to the newly issued securities. The design of the security also overcomes the asset substitution problem. The depositary shares issued by FCX illustrate how firms can enhance credit quality through financial engineering without changing the existing priority ordering of their capital structure.Risk management, Gold-linked, Hybrid Securities
Algebraic methods in the theory of generalized Harish-Chandra modules
This paper is a review of results on generalized Harish-Chandra modules in
the framework of cohomological induction. The main results, obtained during the
last 10 years, concern the structure of the fundamental series of
modules, where is a semisimple Lie
algebra and is an arbitrary algebraic reductive in
subalgebra. These results lead to a classification of simple
modules of finite type with generic minimal
types, which we state. We establish a new result about the
Fernando-Kac subalgebra of a fundamental series module. In addition, we pay
special attention to the case when is an eligible subalgebra
(see the definition in section 4) in which we prove stronger versions of our
main results. If is eligible, the fundamental series of
modules yields a natural algebraic generalization
of Harish-Chandra's discrete series modules.Comment: Keywords : generalized Harish-Chandra module, (g,k)-module of finite
type, minimal k-type, Fernando-Kac subalgebra, eligible subalgebra; Pages no.
: 13; Bibliography : 21 item
M\"obius and twisted graphene nanoribbons: stability, geometry and electronic properties
Results of classical force field geometry optimizations for twisted graphene
nanoribbons with a number of twists varying from 0 to 7 (the case =1
corresponds to a half-twist M\"obius nanoribbon) are presented in this work.
Their structural stability was investigated using the Brenner reactive force
field. The best classical molecular geometries were used as input for
semiempirical calculations, from which the electronic properties (energy
levels, HOMO, LUMO orbitals) were computed for each structure. CI wavefunctions
were also calculated in the complete active space framework taking into account
eigenstates from HOMO-4 to LUMO+4, as well as the oscillator strengths
corresponding to the first optical transitions in the UV-VIS range. The lowest
energy molecules were found less symmetric than initial configurations, and the
HOMO-LUMO energy gaps are larger than the value found for the nanographene used
to build them due to electronic localization effects created by the twisting. A
high number of twists leads to a sharp increase of the HOMO LUMO
transition energy. We suggest that some twisted nanoribbons could form crystals
stabilized by dipolar interactions
Probing Quantized Einstein-Rosen Waves with Massless Scalar Matter
The purpose of this paper is to discuss in detail the use of scalar matter
coupled to linearly polarized Einstein-Rosen waves as a probe to study quantum
gravity in the restricted setting provided by this symmetry reduction of
general relativity. We will obtain the relevant Hamiltonian and quantize it
with the techniques already used for the purely gravitational case. Finally we
will discuss the use of particle-like modes of the quantized fields to
operationally explore some of the features of quantum gravity within this
framework. Specifically we will study two-point functions, the Newton-Wigner
propagator, and radial wave functions for one-particle states.Comment: Accepted for publication in Physical Review
Local electronic nematicity in the one-band Hubbard model
Nematicity is a well known property of liquid crystals and has been recently
discussed in the context of strongly interacting electrons. An electronic
nematic phase has been seen by many experiments in certain strongly correlated
materials, in particular, in the pseudogap phase generic to many hole-doped
cuprate superconductors. Recent measurements in high superconductors has
shown even if the lattice is perfectly rotationally symmetric, the ground state
can still have strongly nematic local properties. Our study of the
two-dimensional Hubbard model provides strong support of the recent
experimental results on local rotational symmetry breaking. The
variational cluster approach is used here to show the possibility of an
electronic nematic state and the proximity of the underlying symmetry-breaking
ground state within the Hubbard model. We identify this nematic phase in the
overdoped region and show that the local nematicity decreases with increasing
electron filling. Our results also indicate that strong Coulomb interaction may
drive the nematic phase into a phase similar to the stripe structure. The
calculated spin (magnetic) correlation function in momentum space shows the
effects resulting from real-space nematicity
AVALIANDO A GESTÃO UNIVERSITÁRIA PONTO A PONTO: ESTUDO DE CASO
O processo de avaliação do ensino superior segue duas vertentes principais: a avaliação centrada no planejamento institucional com metas e indicadores globais bem definidos e a avaliação setorizada ou pontual que permite uma visão detalhada das rotinas e envolvimento dos indivíduos com a instituição. Neste trabalho apresentamos os resultados da avaliação pontual interna e externa de um setor administrativo da Universidade Federal de Santa Catarina. A avaliação foi realizada através análise de questionários com questões abertas e de resposta induzida. Os questionários foram preenchidos anonimamente e de forma voluntária por servidores da unidade (32 respondidos de 34 questionários enviados) e por usuários dos serviços da unidade (81 respondidos de 138 questionários enviados). Os resultados mostram, entre outros, os seguintes pontos positivos da avaliação interna: alto grau de envolvimento dos servidores com o processo de avaliação; satisfação com o trabalho; ambiente de trabalho propício à troca de idéias. Dos pontos negativos podemos ressaltar: os servidores sentem uma distribuição desigual da carga de trabalho no setor e fora dele e manifestam a falta de reuniões periódicas com as chefias. A avaliação externa revela respostas elogiosas ao trabalho do setor mas também que parte dos serviços prestados não são bem conhecidos da comunidade universitária. A auto avaliação é mais severa do que a avaliação externa, mostrando o espírito crítico dos servidores do setor. A avaliação permite recomendar ações concretas para reforçar os pontos positivos e minimizar os aspectos negativos como, por exemplo, o estabelecimento de uma agenda de reuniões periódicas entre servidores e chefias. Concluímos, além dos resultados diretos, que a avaliação setorizada é um mecanismo válido de diagnóstico da gestão e que existe, na comunidade universitária, um ambiente propício à continuidade da aplicação deste método
Asymptotics of Regulated Field Commutators for Einstein-Rosen Waves
We discuss the asymptotic behavior of regulated field commutators for
linearly polarized, cylindrically symmetric gravitational waves and the
mathematical techniques needed for this analysis. We concentrate our attention
on the effects brought about by the introduction of a physical cut-off in the
study of the microcausality of the model and describe how the different
physically relevant regimes are affected by its presence. Specifically we
discuss how genuine quantum gravity effects can be disentangled from those
originating in the introduction of a regulator.Comment: 9 figures, 19 pages in DIN A4 format. Accepted for publication in
Journal of Mathematical Physic
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