3,242 research outputs found
Application of timing option to founding investment decision of biotech start-ups
In the field of life sciences, biotech start-ups are expected to follow a more rapid commercialization process than that experienced by big pharmaceutical companies. There are about 300 public companies out of 1500 biotech start-ups in the United States, but only 23 public companies out of about 500 biotech start-ups in Japan. Why is there such a big numerical difference between the two countries? As a key term, a timing option is defined as a deferrable right—like a call option—to start any given project as a real option. It is considered as a useful tool when determining the optimal timing for risky, but promising biopharmaceutical projects given the trade-off of irreversible investments as a sunk cost. The objectives of this paper include determining the characteristics of the optimal timing for start-ups, understanding the model structures, and forecasting the optimal timing. As one of findings, the dividend as an opportunity cost of waiting option can be more important than the risk and the intensity of R&D competition. It means that Japan’s start-up environment as venture capital or partnership opportunity with big pharmaceutical firms needs to be improved.<br
Deformable self-propelled particles
A theory of self-propelled particles is developed in two dimensions assuming
that the particles can be deformed from a circular shape when the propagating
velocity is increased. A coupled set of equations in terms of the velocity and
a tensor variable to represent the deformation is introduced to show that there
is a bifurcation from a straight motion to a circular motion of a single
particle. Dynamics of assembly of the particles is studied numerically where
there is a global interaction such that the particles tend to cause an
orientational order.Comment: 4pages, 4figure
Infrared Spectroscopy of CO Ro-vibrational Absorption Lines toward the Obscured AGN IRAS 08572+3915
We present high-resolution spectroscopy of gaseous CO absorption in the
fundamental ro-vibrational band toward the heavily obscured active galactic
nucleus (AGN) IRAS 08572+3915. We have detected absorption lines up to highly
excited rotational levels (J<=17). The velocity profiles reveal three distinct
components, the strongest and broadest (delta_v > 200 km s-1) of which is due
to blueshifted (-160 km s-1) gas at a temperature of ~ 270 K absorbing at
velocities as high as -400 km s-1. A much weaker but even warmer (~ 700 K)
component, which is highly redshifted (+100 km s-1), is also detected, in
addition to a cold (~ 20 K) component centered at the systemic velocity of the
galaxy. On the assumption of local thermodynamic equilibrium, the column
density of CO in the 270 K component is NCO ~ 4.5 x 10^18 cm-2, which in fully
molecular gas corresponds to a H2 column density of NH2 ~ 2.5 x 10^22 cm-2. The
thermal excitation of CO up to the observed high rotational levels requires a
density greater than nc(H2) > 2 x 10^7 cm-3, implying that the thickness of the
warm absorbing layer is extremely small (delta_d < 4 x 10-2 pc) even if it is
highly clumped. The large column densities and high radial velocities
associated with these warm components, as well as their temperatures, indicate
that they originate in molecular clouds near the central engine of the AGN.Comment: 13 pages, 7 figures, accepted for publication in PASJ (Vol.65 No.1
2013/02/25
Investigation of electron temperature gradient driven micro-reconnecting modes in toroidal high-energy plasmas
Thesis (S.B.)--Massachusetts Institute of Technology, Dept. of Physics, 2007.Includes bibliographical references (p. 43).Experiments carried out with magnetically confined, high temperature plasmas have revealed important effects that have yet to be justified by existing theory. In particular, there arises an anomalous particle inflow in the central region of the plasma column. Experimental evidence suggests that this particle transport results from the excitation of unstable, short wavelength modes driven by the electron temperature gradient, but the validity of the existing theory is limited to the edge of the plasma column. This thesis investigates the question of how microscopic, electron temperature gradient driven, micro-reconnecting modes may collectively give rise to particle inflow in the central region of the plasma column by examining solutions to the mode dispersion relation. Derivations of micro-reconnecting modes in both fluid and kinetic theory are presented, and the resulting dispersion relation is analyzed.by Keven T. Takasaki.S.B
Cooling Owing to High Thermal Conduction Non-metallic Material and Stability of Superconducting Coil
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