The Evolution of Buyout Pricing and Financial Structure

This paper presents evidence on systematic changes in the pricing and financial structure of 124 large management buyouts completed between 1980 and 1989. We find that over tine (1) prices increased relative to current cash flows with no accompanying decrease in risk or increase in projected future cash flows; (2) required bank principal repayments accelerated, leading to sharply lower ratios of cash flow to total debt obligations; (3) private subordinated debt was replaced by public debt while the use of strip-financing techniques declined; and (4) management teams invested a smaller fraction of their net worth in post-buyout equity. These patterns of buyout prices and structures suggest that based on ex ante data, one could have expected lower returns and more frequent financial distress in later buyouts. Preliminary post-buyout evidence is consistent with this interpretation.

A Survey of Medical Diagnostic Software

The field of medical diagnostic software is reviewed to define its status in the medical profession. This is accomplished in a two-step procedure. The first step is a cross-section of literature on the topic, and the second step is a survey of physicians in a sample area. The cross-section of literature presents some of the more advanced studies which have been conducted on medical diagnostic software. Also presented is an explanation of the logic used in diagnostic software and the results of several test cases. The survey was of physicians in the Orlando, Florida area to define the actual application of medical diagnostic software. It presented a sample of physicians\u27 feelings concerning the present use of medical diagnostic software. From these steps, the present status of medical diagnostic software is defined and projections concerning its future made

Positron-inert gas differential elastic scattering

Measurements are being made in a crossed beam experiment of the relative elastic differential cross section (DCS) for 5 to 300 eV positrons scattering from inert gas atoms (He, Ne, Ar, Kr, and Xe) in the angular range from 30 to 134 deg. Results obtained at energies around the positronium (Ps) formation threshold provide evidence that Ps formation and possibly other inelastic channels have an effect on the elastic scattering channel

A guided analytics tool for feature selection in steel manufacturing with an application to blast furnace top gas efficiency

In knowledge intensive industries such as steel manufacturing, application of data analytics to optimise process performance, requires effective knowledge transfer between domain experts and data scientists. This is often an inefficient path to follow, requiring much iteration whilst being suboptimal with regard to organisational knowledge capture for the long term. With the ‘initial Guided Analytics for parameter Testing and controlband Extraction (iGATE)’ tool we created a feature selection framework that finds influential process parameters and their optimal control bands and which can easily be made available to process operators in the form of guided analytics tool, while allowing them to modify the analysis according to their expertise. The method is embedded in a work flow whereby the extracted parameters and control bands are verified by the domain expert and a report of the analysis is automatically generated. The approach allows us to combine the power of suitable statistical analysis with process-expertise, whilst dramatically reducing the time needed for conducting the feature selection. We regard this application as a stepping stone to gain user confidence in advance of introduction of more autonomous analytics approaches. We present the statistical foundations of iGATE and illustrate its effectiveness in the form of a case study of Tata Steel blast furnace data. We have made the iGATE core functionality freely available in the igate package for the R programming language