Liquidity Costs and Stock Price Response to Convertible Security Calls

Firms\u27 announcements to call in-the-money convertible securities for redemption essentially force their conversion into common stock, and such announcements are generally met with significant reductions in the calling firms\u27 equity values. An explanation based on liquidity costs is advanced and tested. The explanation implies that investors who choose to sell their shares early in the conversion period bear liquidity costs by selling at reduced prices. Consistent with the explanation, the average share price decline is short-lived, lasting most of the conversion period. Thus, a component of the call announcement effect appears to be due to liquidity costs

Preroughening, Diffusion, and Growth of An FCC(111) Surface

Preroughening of close-packed fcc(111) surfaces, found in rare gas solids, is an interesting, but poorly characterized phase transition. We introduce a restricted solid-on-solid model, named FCSOS, which describes it. Using mostly Monte Carlo, we study both statics, including critical behavior and scattering properties, and dynamics, including surface diffusion and growth. In antiphase scattering, it is shown that preroughening will generally show up at most as a dip. Surface growth is predicted to be continuous at preroughening, where surface self-diffusion should also drop. The physical mechanism leading to preroughening on rare gas surfaces is analysed, and identified in the step-step elastic repulsion.Comment: Revtex + uuencoded figures, to appear in Physical Review Letter

Unique continuation results for Ricci curvature and applications

Unique continuation results are proved for metrics with prescribed Ricci curvature in the setting of bounded metrics on compact manifolds with boundary, and in the setting of complete, conformally compact metrics. Related to this issue, an isometry extension property is proved: continuous groups of isometries at conformal infinity extend into the bulk of any complete conformally compact Einstein metric. Relations of this property with the invariance of the Gauss-Codazzi constraint equations under deformations are also discussed.Comment: 32 pages, supercedes math.DG/0501067; final published versio

On ``hyperboloidal'' Cauchy data for vacuum Einstein equations and obstructions to smoothness of ``null infinity''

Various works have suggested that the Bondi--Sachs--Penrose decay conditions on the gravitational field at null infinity are not generally representative of asymptotically flat space--times. We have made a detailed analysis of the constraint equations for ``asymptotically hyperboloidal'' initial data and find that log terms arise generically in asymptotic expansions. These terms are absent in the corresponding Bondi--Sachs--Penrose expansions, and can be related to explicit geometric quantities. We have nevertheless shown that there exists a large class of ``non--generic'' solutions of the constraint equations, the evolution of which leads to space--times satisfying the Bondi--Sachs--Penrose smoothness conditions.Comment: 8 pages, revtex styl

Stability in Designer Gravity

We study the stability of designer gravity theories, in which one considers gravity coupled to a tachyonic scalar with anti-de Sitter boundary conditions defined by a smooth function W. We construct Hamiltonian generators of the asymptotic symmetries using the covariant phase space method of Wald et al.and find they differ from the spinor charges except when W=0. The positivity of the spinor charge is used to establish a lower bound on the conserved energy of any solution that satisfies boundary conditions for which $W$ has a global minimum. A large class of designer gravity theories therefore have a stable ground state, which the AdS/CFT correspondence indicates should be the lowest energy soliton. We make progress towards proving this, by showing that minimum energy solutions are static. The generalization of our results to designer gravity theories in higher dimensions involving several tachyonic scalars is discussed.Comment: 29 page

Unique continuation and extensions of Killing vectors at boundaries for stationary vacuum space-times

Generalizing Riemannian theorems of Anderson-Herzlich and Biquard, we show that two $(n+1)$-dimensional stationary vacuum space-times (possibly with cosmological constant $\Lambda \in \R$) that coincide up to order one along a timelike hypersurface \mycal T are isometric in a neighbourhood of \mycal T. We further prove that KIDS of $\partial M$ extend to Killing vectors near $\partial M$. In the AdS type setting, we show unique continuation near conformal infinity if the metrics have the same conformal infinity and the same undetermined term. Extension near $\partial M$ of conformal Killing vectors of conformal infinity which leave the undetermined Fefferman-Graham term invariant is also established

On essential self-adjointness for magnetic Schroedinger and Pauli operators on the unit disc in R^2

We study the question of magnetic confinement of quantum particles on the unit disk \ID in \IR^2, i.e. we wish to achieve confinement solely by means of the growth of the magnetic field $B(\vec x)$ near the boundary of the disk. In the spinless case we show that $B(\vec x)\ge \frac{\sqrt 3}{2}\cdot\frac{1}{(1-r)^2}-\frac{1}{\sqrt 3}\frac{1}{(1-r)^2\ln \frac{1}{1-r}}$, for $|\vec x|$ close to 1, insures the confinement provided we assume that the non-radially symmetric part of the magnetic field is not very singular near the boundary. Both constants $\frac{\sqrt 3}{2}$ and $-\frac{1}{\sqrt 3}$ are optimal. This answers, in this context, an open question from Y. Colin de Verdi\`ere and F. Truc. We also derive growth conditions for radially symmetric magnetic fields which lead to confinement of spin 1/2 particles.Comment: 18 pages; the main theorem has been expanded and generalize