Production flexibility, product markets, and capital structure decisions

We examine how production flexibility affects financial leverage. A worldwide sample of energy utilities allows us to apply direct measures for production flexibility based on their power plants. We find that production flexibility increases financial leverage. For identification, we exploit privatizations and deregulations of electricity markets, geographical variations in natural resources, the technological evolution of gas-fired power plants, and differences in electricity prices and recapitalization cost across regions. Production flexibility affects financial leverage via the channels of reduced expected cost of financial distress and higher present value of tax shields. The relative importance of these channels depends on firms' profitability.postprin

Oscillation Effects On Neutrinos From The Early Phase Of a Nearby Supernova

Neutrinos emitted during stellar core collapse leading to a supernova are primarily of the electron neutrino type at source which may undergo oscillation between flavor eigenstates during propagation to an earth-bound detector. Although the number of neutrinos emitted during the pre-bounce collapse phase is much smaller than that emitted in the post-bounce phase (in which all flavors of neutrinos are emitted), a nearby supernova event may nevertheless register a substantial number of detections from the pre-bounce phase at SuperKamiokande (SK) and the Sudbury Neutrino Observatory (SNO). The calorimetric measurement of the supernova neutrino fluence from this stage via the charge current and neutral current detection channels in SNO and the corresponding distortion of detected spectrum in SK over the no-oscillation spectrum, can probe information about neutrino mass difference and mixing which are illustrated here in terms of two- and three-flavor oscillation models

Simulation of FRET dyes allows quantitative comparison against experimental data

Fully understanding biomolecular function requires detailed insight into the systems’ structural dynamics. Powerful experimental techniques such as single molecule Förster Resonance Energy Transfer (FRET) provide access to such dynamic information yet have to be carefully interpreted. Molecular simulations can complement these experiments but typically face limits in accessing slow time scales and large or unstructured systems. Here, we introduce a coarse-grained simulation technique that tackles these challenges. While requiring only few parameters, we maintain full protein flexibility and include all heavy atoms of proteins, linkers, and dyes. We are able to sufficiently reduce computational demands to simulate large or heterogeneous structural dynamics and ensembles on slow time scales found in, e.g., protein folding. The simulations allow for calculating FRET efficiencies which quantitatively agree with experimentally determined values. By providing atomically resolved trajectories, this work supports the planning and microscopic interpretation of experiments. Overall, these results highlight how simulations and experiments can complement each other leading to new insights into biomolecular dynamics and function

Alleviating poverty through Islamic microfinance: factors and measures of financial performance, and roles of Islamic values and financial policies

Indonesia has a strong presence of microfinance sector with the number of Islamic Microfinance Institutions (IMFIs) estimated to be around 5,000 currently. Microfinance is an effective tool in alleviating poverty in Indonesia due to the limited access to financial services by the poor who accounted for approximately 96 million Indonesians (or 37% of the total population), living on less than USD 1.90 a day. In the absence of collateral and steady income, the poor are considered too risky to be given credit facilities by the formal financial services providers and living in remote areas has also limited their access to formal financial services. This study aims to examine the poverty alleviation efforts from the perspective of the IMFIs in view of their direct involvement in the process and having rich information about financial issues facing the borrowers. The managers also understand about financial inclusion agenda as well as financial guidelines and regulations issued by the relevant authorities. A total of 34 managers of Baitulmaal Wa Tamwil (BMTs), which registered under the Sharia Cooperative Centre (INKOPSYAH) are taken as respondents from the Jakarta, Bogor, Depok, Tangerang and Bekasi (JABODETABEK) areas. The first instrument was a survey questionnaire, and the second one was an in-depth interview to outline data related to the model design. The findings of this research are expected to contribute to better decision-making for the BMTs to further enhance its role in alleviating poverty. The findings also elaborate several dimensions to improving financial inclusion among the poor including providing financial services, implementing Islamic principles, significant policies, community-based framework concept and training financial education. This research highlights the need for a variety of strategies to warrant success of poverty alleviation efforts by BMT

Identifying the neutrino mass spectrum from a supernova neutrino burst

We study the role that the future detection of the neutrino burst from a galactic supernova can play in the reconstruction of the neutrino mass spectrum. We consider all possible 3$\nu$ mass and flavor spectra which describe the solar and atmospheric neutrino data. For each of these spectra we find the observable effects of the supernova neutrino conversions both in the matter of the star and the earth. We show that studies of the electron neutrino and anineutrino spectra as well as observations of the neutral current effects from supernova will allow us (i) to identify the solar neutrino solution, (ii) to determine the type of mass hierarchy (normal or inverted) and (iii) to probe the mixing $|U_{e3}|^2$ to values as low as $10^{-4} - 10^{-3}$.Comment: 53 pages, 13eps figures. Substantial changes made, new results, figures and tables adde

The impact of customer-specific marketing expenses on customer retention and customer profitability

We study the effects of customer-specific marketing expenses on customer retention and customer profitability in a business-to-business setting. Using data from a company providing hygiene services, we look at the impact of a hitherto unstudied type of expense targeted at individual customer relationships: the offering of free equipment to customers. The data allow tracking the activities performed in more than 4,500 customer relationships over a period of 4 years. Retention rates are higher for customers targeted with free equipment, but this effect results from an interaction with customer size. First-order dynamic panel data analyses show that the impact of targeted marketing expenses on customer dollar profit is positive for large customers, but there is no effect for smaller customers. Thus, targeted marketing expenses seem to be a tool for relationship maintenance rather than customer development: they help in retaining large customers that generate more profit, but they do not seem to work in developing new customers into larger, more profitable ones

Affinity-restricted memory B cells dominate recall responses to heterologous flaviviruses

Memory B cells (MBCs) can respond to heterologous antigens either by molding new specificities through secondary germinal centers (GCs) or selecting pre-existing clones without further affinity maturation. To distinguish these mechanisms in flavivirus infections and immunizations, we studied recall responses to envelope protein domain III (DIII). Conditional deletion of activation induced cytidine deaminase (AID) between heterologous challenges of West Nile, Japanese encephalitis, Zika, and Dengue viruses did not affect recall responses. DIII-specific MBCs were contained mostly within the plasma cell-biased CD80(+) subset and few GCs arose following heterologous boosters, demonstrating that recall responses are confined by pre-existing clonal diversity. Measurement of monoclonal antibody binding affinity to DIII proteins, timed AID deletion, single cell RNA-sequencing, and lineage tracing experiments point to selection of relatively low affinity MBCs as a mechanism to promote diversity. Engineering immunogens to avoid this MBC diversity may facilitate flavivirus type-specific vaccines with minimized potential for infection enhancement

Is Large Lepton Mixing Excluded?

The original \bnum -(or $\bar{\nu}_{\tau}$-) energy spectrum from the gravitational collapse of a star has a larger average energy than the spectrum for \bnue since the opacity of \bnue exeeds that of \bnum (or $\nu_{\tau}$). Flavor neutrino conversion, \bnue $\leftrightarrow$ \bnum, induced by lepton mixing results in partial permutation of the original \bnue and \bnum spectra. An upper bound on the permutation factor, $p \leq 0.35$ (99$\%$ CL) is derived using the data from SN1987A and the different models of the neutrino burst. The relation between the permutation factor and the vacuum mixing angle is established, which leads to the upper bound on this angle. The excluded region, $\sin^2 2\theta > 0.7 - 0.9$, covers the regions of large mixing angle solutions of the solar neutrino problem: ``just-so" and, partly, MSW, as well as part of region of $\nu_{e} - \nu_{\mu}$ oscillation space which could be responsible for the atmospheric muon neutrino deficit. These limits are sensitive to the predicted neutrino spectrum and can be strengthened as supernova models improve.Comment: 20 pages, TeX file. For hardcopy with figures contact [email protected]. Institute for Advanced Study number AST 93/1

Factors associated with shunt dynamic in patients with cryptogenic stroke and patent foramen ovale: an observational cohort study

<p>Abstract</p> <p>Background</p> <p>As previously reported there is evidence for a reduction in right to left shunt (RLS) in stroke patients with patent foramen ovale (PFO). This occurs predominantly in patients with cryptogenic stroke (CS). We therefore analysed factors associated with a shunt reduction on follow-up in stroke patients suffering of CS.</p> <p>Methods</p> <p>On index event PFO and RLS were proven by transesophageal echocardiography and contrast-enhanced transcranial Doppler-sonography (ce-TCD). Silent PE was proved by ventilation perfusion scintigraphy (V/Q) within the stroke work-up on index event; all scans were re-evaluated in a blinded manner by two experts. The RLS was re-assessed on follow-up by ce-TCD. A reduction in shunt volume was defined as a difference of ≥20 microembolic signals (MES) or the lack of evidence of RLS on follow-up. For subsequent analyses patients with CS were considered; parameters such as deep vein thrombosis (DVT) and silent pulmonary embolism (PE) were analysed.</p> <p>Results</p> <p>In 39 PFO patients suffering of a CS the RLS was re-assessed on follow-up. In all patients (n = 39) with CS a V/Q was performed; the median age was 40 years, 24 (61.5%) patients were female. In 27 patients a reduction in RLS was evident. Silent PE was evident in 18/39 patients (46.2%). Factors such as atrial septum aneurysm, DVT or even silent PE were not associated with RLS dynamics. A greater time delay from index event to follow-up assessment was associated with a decrease in shunt volume (median 12 vs. 6 months, <it>p </it>= 0.013).</p> <p>Conclusions</p> <p>In patients with CS a reduction in RLS is not associated with the presence of a venous embolic event such as DVT or silent PE. A greater time delay between the initial and the follow-up investigation increases the likelihood for the detection of a reduction in RLS.</p

A model independent spin analysis of fundamental particles using azimuthal asymmetries

Exploiting the azimuthal angle dependence of the density matrices we construct observables that directly measure the spin of a heavy unstable particle. A novelty of the approach is that the analysis of the azimuthal angle dependence in a frame other than the usual helicity frame offers an independent cross-check on the extraction of the spin. Moreover, in some instances when the transverse polarisation tensor of highest rank is vanishing, for an accidental or dynamical reason, the standard azimuthal asymmetries vanish and would lead to a measurement with a wrong spin assignment. In a frame such as the one we construct, the correct spin assignment would however still be possible. The method gives direct information about the spin of the particle under consideration and the same event sample can be used to identify the spins of each particle in a decay chain. A drawback of the method is that it is instrumental only when the momenta of the test particle can be reconstructed. However we hope that it might still be of use in situations with only partial reconstruction. We also derive the conditions on the production and decay mechanisms for the spins, and hence the polarisations, to be measured at a collider experiment. As an example for the use of the method we consider the simultaneous reconstruction, at the partonic level, of the spin of both the top and the $W$ in top pair production in $e^+ e^-$ in the semi-leptonic channel.Comment: 42 pages, 7 figures, 4 table