Capital market imperfections, uncertainty and corporate investment in the Czech Republic

The well-known Klein-Monti model of bank behavior considers a monopolistic bank. We demonstrate that this model’s results on the comparative static effects of a change in the exogenous interbank market interest rate do not necessarily hold in oligopolistic Cournot or Stackelberg generalizations. Introducing asymmetries in the cost functions of the banks, or in their way of conduct, may imply counterintuitive effects on the individual banks’ volumes of loans and deposits. Keywords: Bank behavior, Cournot oligopoly, Stackelberg oligopoly

Characterisation of an Electrostatic Vibration Harvester

Harvesting energy from ambient vibration is proposed as an alternative to storage based power supplies for autonomous systems. The system presented converts the mechanical energy of a vibration into electrical energy by means of a variable capacitor, which is polarized by an electret. A lumped element model is used to study the generator and design a prototype. The device has been micromachined in silicon, based on a two-wafer process. The prototype was successfully tested, both using an external polarization source and an electret.Comment: Submitted on behalf of EDA Publishing Association (http://irevues.inist.fr/EDA-Publishing

A new power MEMS component with variable capacitance

Autonomous devices such as wireless sensors and sensor networks need a long battery lifetime in a small volume. Incorporating micro-power generators based on ambient energy increases the lifetime of these systems while reducing the volume. This paper describes a new approach to the conversion of mechanical energy, available in vibrations, to electrical energy. The conversion principle is based on charge transportation between two parallel capacitors. An electret is used to polarize the device. A large-signal model was developed, allowing simulations of the behavior of the generator. A small-signal model was then derived in order to quantify the output power as a function of the design parameters. These models show the possibility of generating up to 40 muW with a device of 10 mm 2. A layout was made based on a standard SOI-technology, available in an MPW. With this design a power of 1 muW at 1020 Hz is expected

A Binary Orbit for the Massive, Evolved Star HDE 326823, a WR+O System Progenitor

The hot star HDE 326823 is a candidate transition-phase object that is evolving into a nitrogen-enriched Wolf-Rayet star. It is also a known low-amplitude, photometric variable with a 6.123 d period. We present new, high and moderate resolution spectroscopy of HDE 326823, and we show that the absorption lines show coherent Doppler shifts with this period while the emission lines display little or no velocity variation. We interpret the absorption line shifts as the orbital motion of the apparently brighter star in a close, interacting binary. We argue that this star is losing mass to a mass gainer star hidden in a thick accretion torus and to a circumbinary disk that is the source of the emission lines. HDE 326823 probably belongs to a class of objects that produce short-period WR+O binaries.Comment: 32 pages, 10 figures, accepted to the Astronomical Journa

The option to wait to invest and equilibrium credit rationing

Stiglitz and Weiss (1981) show that firms considering risky projects have higher reservation interest rates and hence it is optimal for a bank to reduce loan supply. In this note we show that when the risk involved in an investment will be resolved in the future, investors with riskier projects have a greater return from waiting. More risky projects have lower reservation interest rates and hence there is no motive for banks to ration credit demand

Motion-Based Generators for Industrial Applications

Scaling down of electronic systems has generated a large interest in the research on miniature energy sources. In this paper a closer look is given to the use of vibration based scavengers in industrial environments, where waste energy is abundantly available as engine related vibrations or large amplitude motions. The modeling of mechanical generators resulted in the design and realization of two prototypes, based on electromagnetic and electrostatic conversion of energy. Although the prototypes are not yet optimized against size and efficiency, a power of 0.3 mW has been generated in a 5 Hz motion with a 0.5 meter amplitude.Comment: Submitted on behalf of TIMA Editions (http://irevues.inist.fr/tima-editions