7,020 research outputs found
Lender forbearance
We use a threshold-based design to study ex post discretion in lenders’ contractual enforcement of covenant violations. At preset thresholds, lenders enforce contractual breaches only infrequently, but this enforcement is associated with material consequences, e.g., fees and renegotiations. Enforcement varies significantly over time and peaks when credit conditions are tightest, indicating that enforcement is procyclical. Costly coordination reduces enforcement: syndicates with ex ante restrictive voting requirements enforce at lower rates. Consistent with theories of lender competition and implicit contracting, enforcement rates are lower for borrowers with access to alternative sources of financing and well-reputed lead arrangers
A High-resolution Scintillating Fiber Tracker With Silicon Photomultiplier Array Readout
We present prototype modules for a tracking detector consisting of multiple
layers of 0.25 mm diameter scintillating fibers that are read out by linear
arrays of silicon photomultipliers. The module production process is described
and measurements of the key properties for both the fibers and the readout
devices are shown. Five modules have been subjected to a 12 GeV/c proton/pion
testbeam at CERN. A spatial resolution of 0.05 mm and light yields exceeding 20
detected photons per minimum ionizing particle have been achieved, at a
tracking efficiency of more than 98.5%. Possible techniques for further
improvement of the spatial resolution are discussed.Comment: 31 pages, 27 figures, pre-print version of an article published in
Nuclear Instruments and Methods in Physics Research Section A, Vol. 62
A spectroscopic survey of faint, high-galactic latitude red clump stars. II. The medium resolution sample
Aims. The goal of our survey is to provide accurate and multi-epoch radial
velocities, atmospheric parameters (Teff, log g and [M/H]), distances and space
velocities of faint Red Clump stars. Methods. We recorded high signal-to-noise
(S/N >= 200) spectra of Red Clump stars, over the 4750-5950 Ang range, at a
resolving power 5500. The target stars are distributed over the great circle of
the celestial equator. Radial velocities were obtained via cross-correlation
against IAU radial velocity standards. Atmospheric parameters were derived via
chi^2 fit to a synthetic spectral library. A large number of RC stars from
other surveys were re-observed to check the consistency of our results.
Results. A total of 245 Red Clump stars were observed (60 of them with a second
epoch observation separated in time by about three months), and the results are
presented in an output catalog. None of them is already present in other
surveys of Red Clump stars. In addition to astrometric and photometric support
data from external sources, the catalog provides radial velocities (accuracy
sigma(RV)=1.3 km/s), atmospheric parameters (sigma(Teff)=88 K, sigma(log
g)=0.38 dex and sigma([M/H])=0.17 dex), spectro-photometric distances, (X,Y,Z)
galacto-centric positions and (U,V,W) space velocities.Comment: in press in A&
The Gaia-ESO Survey: the selection function of the Milky Way field stars
The Gaia-ESO Survey was designed to target all major Galactic components
(i.e., bulge, thin and thick discs, halo and clusters), with the goal of
constraining the chemical and dynamical evolution of the Milky Way. This paper
presents the methodology and considerations that drive the selection of the
targeted, allocated and successfully observed Milky Way field stars. The
detailed understanding of the survey construction, specifically the influence
of target selection criteria on observed Milky Way field stars is required in
order to analyse and interpret the survey data correctly. We present the target
selection process for the Milky Way field stars observed with VLT/FLAMES and
provide the weights that characterise the survey target selection. The weights
can be used to account for the selection effects in the Gaia-ESO Survey data
for scientific studies. We provide a couple of simple examples to highlight the
necessity of including such information in studies of the stellar populations
in the Milky Way.Comment: 18 pages, 19 figures, Accepted for publication in MNRAS (April 25,
2016
The Gaia-ESO Survey: a quiescent Milky Way with no significant dark/stellar accreted disc
According to our current cosmological model, galaxies like the Milky Way are
expected to experience many mergers over their lifetimes. The most massive of
the merging galaxies will be dragged towards the disc-plane, depositing stars
and dark matter into an accreted disc structure. In this work, we utilize the
chemo-dynamical template developed in Ruchti et al. to hunt for accreted stars.
We apply the template to a sample of 4,675 stars in the third internal data
release from the Gaia-ESO Spectroscopic Survey. We find a significant component
of accreted halo stars, but find no evidence of an accreted disc component.
This suggests that the Milky Way has had a rather quiescent merger history
since its disc formed some 8-10 billion years ago and therefore possesses no
significant dark matter disc.Comment: 15 pages, 11 figures, accepted for publication in MNRA
The Gaia-ESO Survey: radial metallicity gradients and age-metallicity relation of stars in the Milky Way disk
We study the relationship between age, metallicity, and alpha-enhancement of
FGK stars in the Galactic disk. The results are based upon the analysis of
high-resolution UVES spectra from the Gaia-ESO large stellar survey. We explore
the limitations of the observed dataset, i.e. the accuracy of stellar
parameters and the selection effects that are caused by the photometric target
preselection. We find that the colour and magnitude cuts in the survey suppress
old metal-rich stars and young metal-poor stars. This suppression may be as
high as 97% in some regions of the age-metallicity relationship. The dataset
consists of 144 stars with a wide range of ages from 0.5 Gyr to 13.5 Gyr,
Galactocentric distances from 6 kpc to 9.5 kpc, and vertical distances from the
plane 0 < |Z| < 1.5 kpc. On this basis, we find that i) the observed
age-metallicity relation is nearly flat in the range of ages between 0 Gyr and
8 Gyr; ii) at ages older than 9 Gyr, we see a decrease in [Fe/H] and a clear
absence of metal-rich stars; this cannot be explained by the survey selection
functions; iii) there is a significant scatter of [Fe/H] at any age; and iv)
[Mg/Fe] increases with age, but the dispersion of [Mg/Fe] at ages > 9 Gyr is
not as small as advocated by some other studies. In agreement with earlier
work, we find that radial abundance gradients change as a function of vertical
distance from the plane. The [Mg/Fe] gradient steepens and becomes negative. In
addition, we show that the inner disk is not only more alpha-rich compared to
the outer disk, but also older, as traced independently by the ages and Mg
abundances of stars.Comment: accepted for publication in A&
The RAVE Survey: Constraining the Local Galactic Escape Speed
We report new constraints on the local escape speed of our Galaxy. Our
analysis is based on a sample of high velocity stars from the RAVE survey and
two previously published datasets. We use cosmological simulations of disk
galaxy formation to motivate our assumptions on the shape of the velocity
distribution, allowing for a significantly more precise measurement of the
escape velocity compared to previous studies. We find that the escape velocity
lies within the range 498\kms < \ve < 608 \kms (90 per cent confidence), with
a median likelihood of 544\kms. The fact that \ve^2 is significantly
greater than 2\vc^2 (where \vc=220\kms is the local circular velocity)
implies that there must be a significant amount of mass exterior to the Solar
circle, i.e. this convincingly demonstrates the presence of a dark halo in the
Galaxy. For a simple isothermal halo, one can calculate that the minimum radial
extent is kpc. We use our constraints on \ve to determine the mass
of the Milky Way halo for three halo profiles. For example, an adiabatically
contracted NFW halo model results in a virial mass of
and virial radius of
kpc (90 per cent confidence). For this model the circular
velocity at the virial radius is 142^{+31}_{-21}\kms. Although our halo
masses are model dependent, we find that they are in good agreement with each
other.Comment: 19 pages, 9 figures, MNRAS (accepted). v2 incorporates minor cosmetic
revisions which have no effect on the results or conclusion
Thick disk kinematics from RAVE and the solar motion
Radial velocity surveys such as the Radial Velocity Experiment (RAVE) provide
us with measurements of hundreds of thousands of nearby stars most of which
belong to the Galactic thin, thick disk or halo. Ideally, to study the Galactic
disks (both thin and thick) one should make use of the multi-dimensional
phase-space and the whole pattern of chemical abundances of their stellar
populations. In this paper, with the aid of the RAVE Survey, we study the thin
and thick disks of the Milky Way, focusing on the latter. We present a
technique to disentangle the stellar content of the two disks based on the
kinematics and other stellar parameters such as the surface gravity of the
stars. Using the Padova Galaxy Model, we checked the ability of our method to
correctly isolate the thick disk component from the Galaxy mixture of stellar
populations. We introduce selection criteria in order to clean the observed
radial velocities from the Galactic differential rotation and to take into
account the partial sky coverage of RAVE. We developed a numerical technique to
statistically disentangle thin and thick disks from their mixture. We deduce
the components of the solar motion relative to the Local Standard of Rest (LSR)
in the radial and vertical direction, the rotational lag of the thick disk
component relative to the LSR, and the square root of the absolute value of the
velocity dispersion tensor for the thick disk alone. The analysis of the thin
disk is presented in another paper. We find good agreement with previous
independent parameter determinations. In our analysis we used photometrically
determined distances. In the Appendix we show that similar values can be found
for the thick disk alone as derived in the main sections of our paper even
without the knowledge of photometric distances.Comment: accepted on A&A, please see companion paper "THIN disk kinem...
‘One door closes, a next door opens up somewhere’: The learning of one Olympic synchronised swimmer
Although training in sport is necessary to reach Olympic status, a conditioned body is not the only outcome. Athletes also learn how to be Olympians. This learning involves taking on certain ways of acting, thinking and valuing. Such learning has implications beyond competition, as athletes eventually retire from elite sport and devote their time to other activities. This paper examines processes of learning and transition using the case of Amelia, a former Olympic synchronised swimmer. Through two in-depth interviews, empirical material was generated which focused on the learning that took place during this athlete’s career and after, during her transition to paid employment. A cultural view of learning was used as the theoretical frame to understand the athlete’s experiences. Our reading suggests that the athlete learned in various ways to be productive. Some of these ways of being were useful after retirement; others were less compatible. In fact, Amelia used a two-year period after retirement to reconstruct herself. Key to her eventual successful transition was to distance herself from the sport and to critically reflect upon her sporting experiences. We thus recommend that those involved with high-performance athletes foster a more balanced perspective that acknowledges and promotes ways of being beyond athletic involvement
The Gaia-ESO survey: A quiescent milky way with no significant dark/stellar accreted disc
According to our current cosmological model, galaxies like the Milky Way are expected to experience many mergers over their lifetimes. The most massive of the merging galaxies will be dragged towards the disc plane, depositing stars and dark matter into an accreted disc structure. In this work, we utilize the chemodynamical template developed in Ruchti et al. to hunt for accreted stars. We apply the template to a sample of 4675 stars in the third internal data release from the Gaia-ESO Spectroscopic Survey. We find a significant component of accreted halo stars, but find no evidence of an accreted disc component. This suggests that the Milky Way has had a rather quiescent merger history since its disc formed some 8-10 billion years ago and therefore possesses no significant dark matter disc
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