The magnitude and Cyclical Behavior of Financial Market Frictions

We analyze a new panel data set that includes balance sheet information, measures of expected default risk, and credit spreads on publicly-traded debt for more than 900 firms over the period 1997Q1 through 2003Q3. We obtain precise time-specific estimates of the financial frictions parameter underlying the benchmark financial accelerator model of Bernanke, Gertler, and Gilchrist (1999) and clearly reject the null hypothesis of no credit market imperfections; furthermore, for the expansionary period through mid-2000, these estimates are quite similar to the calibrated values used in previous research. Finally, we find that financial market frictions exhibit strong cyclical pattern, with parameter estimates rising by a factor of two during the latest economic downturn before returning to pre-recession levels in 2003.perturbation, policy

Multi-parameter optimization tool for low-cost commercial fuselage crown designs

The work in progress for developing a methodology and software tool to aid in the optimal design of composite structures is discussed. The methodology is being developed to take advantage of the ability to tailor the composite material in conjunction with the design of the structure. The composites optimization design software UWCODA was found to be very successful in preliminary testing and early experience. UWCODA is a composites design code that uses a number of plies and fiber angles as design variables, employs maximum strain failure criteria for objective function and additional constraints, includes Boeing design tools for stiffened panels, and includes stiffener geometry in the design variables

A Managerial Perspective on the Information Technology Needs of End-Users

The advancement in Information Technology (IT) has brought a tremendous impact on End-User Computing (EUC). Many organizations have partially decentralized information systems, and functional area managements are being held accountable for effective utilization of IT. This study investigates IT knowledge and skills which functional area managers identify as important for end-users. Since information systems managers\u27 views are also important, their perceptions are compared with non-information systems functional area managers\u27 perceptions. Results of this study suggest specific IT topics that business graduates should know and be able to apply. The topics identified should receive the most emphasis in the MIS curriculum for all business majors

The impact of knowledge and social influences on adolescents' breast-feeding beliefs and intentions

Objectives Many health promotion educational interventions assume that increasing knowledge directly influences beliefs, intentions and behaviour, whereas research suggests that knowledge alone is insufficient for behavioural change. Social cognition frameworks such as the Theory of Reasoned Action (TRA) propose a central role for beliefs and social normative influences. This Scottish study evaluates the role of knowledge and social influences (subjective norms, exposure to breastfeeding; social barriers) on beliefs and future intentions to breastfeed or bottle-feed. Social influences from family and peers are investigated. Design A cross-sectional between-subjects observational design was used. A questionnaire was administered to a sample of 229 (46%) male and 267 (54%) female adolescents aged 11-18. Setting Participants completed questionnaires during lessons at 3 secondary schools in Central Scotland. Results Knowledge about health benefits of breastfeeding was generally poor. Analyses found that perceived social barriers to breastfeeding moderated the relationship between knowledge and beliefs. More knowledge, positive beliefs and supportive subjective norms also predicted future intentions to breastfeed. Parental norms exerted greater influence than peer norms on adolescents’ breastfeeding beliefs. Conclusions Knowledge and social influences are important predictors of positive breastfeeding beliefs, and future intentions to breastfeed in adolescents. This has important implications for breastfeeding health promotion interventions in young people

Radiative E1 decays of X(3872)

Radiative E1 decay widths of $\rm X(3872)$ are calculated through the relativistic Salpeter method, with the assumption that $\rm X(3872)$ is the $\chi_{c1}$(2P) state, which is the radial excited state of $\chi_{c1}$(1P). We firstly calculated the E1 decay width of $\chi_{c1}$(1P), the result is in agreement with experimental data excellently, then we calculated the case of $\rm X(3872)$ with the assignment that it is $\chi_{c1}$(2P). Results are: {\Gamma}({\rm X(3872)}\rightarrow \gamma \sl J/\psi)=33.0 keV, ${\Gamma}({\rm X(3872)}\rightarrow \gamma \psi(2S))=146$ keV and ${\Gamma}({\rm X(3872)}\rightarrow \gamma \psi(3770))=7.09$ keV. The ratio {{\rm Br(X(3872)}\rightarrow\gamma\psi(2{\rm S}))}/{{\rm Br(X(3872)}\rightarrow \gamma {\sl J}/\psi)}=4.4 agrees with experimental data by BaBar, but larger than the new up-bound reported by Belle recently. With the same method, we also predict the decay widths: ${\Gamma}(\chi_{b1}(1\rm P))\rightarrow \gamma \Upsilon(1\rm S))=30.0$ keV, ${\Gamma}(\chi_{b1}(2\rm P))\rightarrow \gamma \Upsilon(1\rm S))=5.65$ keV and ${\Gamma}(\chi_{b1}(2\rm P))\rightarrow \gamma \Upsilon(2S))=15.8$ keV, and the full widths: ${\Gamma}(\chi_{b1}(1\rm P))\sim 85.7$ keV, ${\Gamma}(\chi_{b1}(2\rm P))\sim 66.5$ keV.Comment: 9 pages, 4 figures, 2 tables, version to be published in Phys. Lett.

Invariant imbedding theory of mode conversion in inhomogeneous plasmas. II. Mode conversion in cold, magnetized plasmas with perpendicular inhomogeneity

A new version of the invariant imbedding theory for the propagation of coupled waves in inhomogeneous media is applied to the mode conversion of high frequency electromagnetic waves into electrostatic modes in cold, magnetized and stratified plasmas. The cases where the external magnetic field is applied perpendicularly to the direction of inhomogeneity and the electron density profile is linear are considered. Extensive and numerically exact results for the mode conversion coefficients, the reflectances and the wave electric and magnetic field profiles inside the inhomogeneous plasma are obtained. The dependences of mode conversion phenomena on the magnitude of the external magnetic field, the incident angle and the wave frequency are explored in detail.Comment: 11 figures, to be published in Physics of Plasma

Theory of the propagation of coupled waves in arbitrarily-inhomogeneous stratified media

We generalize the invariant imbedding theory of the wave propagation and derive new invariant imbedding equations for the propagation of arbitrary number of coupled waves of any kind in arbitrarily-inhomogeneous stratified media, where the wave equations are effectively one-dimensional. By doing this, we transform the original boundary value problem of coupled second-order differential equations to an initial value problem of coupled first-order differential equations, which makes the numerical solution of the coupled wave equations much easier. Using the invariant imbedding equations, we are able to calculate the matrix reflection and transmission coefficients and the wave amplitudes inside the inhomogeneous media exactly and efficiently. We establish the validity and the usefulness of our results by applying them to the propagation of circularly-polarized electromagnetic waves in one-dimensional photonic crystals made of isotropic chiral media. We find that there are three kinds of bandgaps in these structures and clarify the nature of these bandgaps by exact calculations.Comment: 7 pages, 1 figure, to appear in Europhys. Let