Cross-border acquisitions and financial leverage of UK acquirers

Based on a sample of 782 acquisitions by UK firms during 1982-2009, this paper examines the impact of cross-border acquisitions on financial leverage. The paper shows that cross-border acquisitions have a negative impact on the financial leverage of acquiring firms. However, the negative impact of cross-border acquisitions disappears when acquirers choose targets from developed countries, and also when the acquisitions are undertaken by multinational firms. Collectively, the findings imply that exposure to foreign markets reduces the borrowing ability of acquiring firms especially when they choose targets from developing countries, and when they have no previous experience in foreign markets

Faster Approximate String Matching for Short Patterns

We study the classical approximate string matching problem, that is, given strings $P$ and $Q$ and an error threshold $k$, find all ending positions of substrings of $Q$ whose edit distance to $P$ is at most $k$. Let $P$ and $Q$ have lengths $m$ and $n$, respectively. On a standard unit-cost word RAM with word size $w \geq \log n$ we present an algorithm using time $$O(nk \cdot \min(\frac{\log^2 m}{\log n},\frac{\log^2 m\log w}{w}) + n)$$ When $P$ is short, namely, $m = 2^{o(\sqrt{\log n})}$ or $m = 2^{o(\sqrt{w/\log w})}$ this improves the previously best known time bounds for the problem. The result is achieved using a novel implementation of the Landau-Vishkin algorithm based on tabulation and word-level parallelism.Comment: To appear in Theory of Computing System

A Hedged Monte Carlo Approach to Real Option Pricing

In this work we are concerned with valuing optionalities associated to invest or to delay investment in a project when the available information provided to the manager comes from simulated data of cash flows under historical (or subjective) measure in a possibly incomplete market. Our approach is suitable also to incorporating subjective views from management or market experts and to stochastic investment costs. It is based on the Hedged Monte Carlo strategy proposed by Potters et al (2001) where options are priced simultaneously with the determination of the corresponding hedging. The approach is particularly well-suited to the evaluation of commodity related projects whereby the availability of pricing formulae is very rare, the scenario simulations are usually available only in the historical measure, and the cash flows can be highly nonlinear functions of the prices.Comment: 25 pages, 14 figure

On the thin-shell limit of branes in the presence of Gauss-Bonnet interactions

In this paper we study thick-shell braneworld models in the presence of a Gauss-Bonnet term. We discuss the peculiarities of the attainment of the thin-shell limit in this case and compare them with the same situation in Einstein gravity. We describe the two simplest families of thick-brane models (parametrized by the shell thickness) one can think of. In the thin-shell limit, one family is characterized by the constancy of its internal density profile (a simple structure for the matter sector) and the other by the constancy of its internal curvature scalar (a simple structure for the geometric sector). We find that these two families are actually equivalent in Einstein gravity and that the presence of the Gauss-Bonnet term breaks this equivalence. In the second case, a shell will always keep some non-trivial internal structure, either on the matter or on the geometric sectors, even in the thin-shell limit.Comment: 17 pages, 2 figures, RevTeX 4. Revised version accepted for publication in Physical Review

Brane cosmology with curvature corrections

We study the cosmology of the Randall-Sundrum brane-world where the Einstein-Hilbert action is modified by curvature correction terms: a four-dimensional scalar curvature from induced gravity on the brane, and a five-dimensional Gauss-Bonnet curvature term. The combined effect of these curvature corrections to the action removes the infinite-density big bang singularity, although the curvature can still diverge for some parameter values. A radiation brane undergoes accelerated expansion near the minimal scale factor, for a range of parameters. This acceleration is driven by the geometric effects, without an inflaton field or negative pressures. At late times, conventional cosmology is recovered.Comment: RevTex4, 8 pages, no figures, minor change

Changes in capital allocation practices – ERM and organisational change

This paper aims to study changes in capital allocation routines following the introduction of a new risk management system, enterprise risk management (ERM). Based on an institutional framework and empirical evidence from multiple sources in a large UK insurance company, we evaluated the extent and nature of organisational change. ERM was seen as an external driver to the change in the existing routines, which in turn led to internal changes in new capital allocation routines. The change was extreme, which signifies that existing capital allocation routines were not strong enough to deal with ERM as a key driver of change

Magnetic Branes in Gauss-Bonnet Gravity

We present two new classes of magnetic brane solutions in Einstein-Maxwell-Gauss-Bonnet gravity with a negative cosmological constant. The first class of solutions yields an $(n+1)$-dimensional spacetime with a longitudinal magnetic field generated by a static magnetic brane. We also generalize this solution to the case of spinning magnetic branes with one or more rotation parameters. We find that these solutions have no curvature singularity and no horizons, but have a conic geometry. In these spacetimes, when all the rotation parameters are zero, the electric field vanishes, and therefore the brane has no net electric charge. For the spinning brane, when one or more rotation parameters are non zero, the brane has a net electric charge which is proportional to the magnitude of the rotation parameter. The second class of solutions yields a spacetime with an angular magnetic field. These solutions have no curvature singularity, no horizon, and no conical singularity. Again we find that the net electric charge of the branes in these spacetimes is proportional to the magnitude of the velocity of the brane. Finally, we use the counterterm method in the Gauss-Bonnet gravity and compute the conserved quantities of these spacetimes.Comment: 17 pages, No figure, The version to be published in Phys. Rev.

Energy Loss of Gluons, Baryons and k-Quarks in an N=4 SYM Plasma

We consider different types of external color sources that move through a strongly-coupled thermal N=4 super-Yang-Mills plasma, and calculate, via the AdS/CFT correspondence, the dissipative force (or equivalently, the rate of energy loss) they experience. A bound state of k quarks in the totally antisymmetric representation is found to feel a force with a nontrivial k-dependence. Our result for k=1 (or k=N-1) agrees at large N with the one obtained recently by Herzog et al. and Gubser, but contains in addition an infinite series of 1/N corrections. The baryon (k=N) is seen to experience no drag. Finally, a heavy gluon is found to be subject to a force which at large N is twice as large as the one experienced by a heavy quark, in accordance with gauge theory expectations.Comment: Latex 2e, 24 pages, 1 eps figure; v2: slightly amplified discussion on the relation between the drag force and the tension of a spatial Wilson loop; v3: minor changes, version to appear in JHE

Placing high-redshift quasars in perspective: A catalog of spectroscopic properties from the gemini near infrared spectrograph-distant quasar survey

We present spectroscopic measurements for 226 sources from the Gemini Near Infrared Spectrograph-Distant Quasar Survey (GNIRS-DQS). Being the largest uniform, homogeneous survey of its kind, it represents a fluxlimited sample (mi≤19.0 mag, H≤16.5 mag) of Sloan Digital Sky Survey (SDSS) quasars at 1.5 ≤ z ≤ 3.5 with a monochromatic luminosity (λLλ) at 5100 Å in the range of 1044-1046 erg s-1. A combination of the GNIRS and SDSS spectra covers principal quasar diagnostic features, chiefly the C IV λ1549, Mg II λλ2798, 2803, Hβ λ4861, and [O III] λλ4959, 5007 emission lines, in each source. The spectral inventory will be utilized primarily to develop prescriptions for obtaining more accurate and precise redshifts, black hole masses, and accretion rates for all quasars. Additionally, the measurements will facilitate an understanding of the dependence of rest-frame ultraviolet-optical spectral properties of quasars on redshift, luminosity, and Eddington ratio, and test whether the physical properties of the quasar central engine evolve over cosmic time.Fil: Matthews, Brandon M.. University of North Texas; Estados UnidosFil: Shemmer, Ohad. University of North Texas; Estados UnidosFil: Dix, Cooper. University of North Texas; Estados UnidosFil: Brotherton, Michael S.. University of Wyoming; Estados UnidosFil: Myers, Adam D.. University of Wyoming; Estados UnidosFil: Andruchow, Ileana. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata. Instituto de Astrofísica La Plata. Universidad Nacional de La Plata. Facultad de Ciencias Astronómicas y Geofísicas. Instituto de Astrofísica La Plata; ArgentinaFil: Brandt, W.N.. State University of Pennsylvania; Estados UnidosFil: Ferrero, Gabriel A.. Universidad Nacional de La Plata. Facultad de Ciencias Astronómicas y Geofísicas; ArgentinaFil: Gallagher, S.C.. The University Of Western Ontario; CanadáFil: Green, Richard. University of Arizona; Estados UnidosFil: Lira, Paulina. Universidad de Chile.; ChileFil: Plotkin, Richard M.. University of Nevada. Deparment of Physics; Estados UnidosFil: Richards, Gordon T.. Drexel University; Estados UnidosFil: Runnoe, Jessie C.. Vanderbilt University; Estados UnidosFil: Schneider, Donald P.. State University of Pennsylvania; Estados UnidosFil: Shen, Yue. University of Illinois at Urbana; Estados UnidosFil: Strauss, Michael A.. University of Princeton; Estados UnidosFil: Wills, Beverley J.. University of Texas at Austin; Estados Unido