Institutional Debt Holder Governance

Using data on the universe of US-based mutual funds, we find that two out of five fund families hold corporate bonds of firms in which they also own an equity stake. We show that the greater the fraction of debt a fund family holds in a given firm, the greater its propensity to vote in line with the interests of firm debt holders at shareholder meetings. Voting has direct policy consequences as firms that receive more votes in favor of creditors make corporate decisions more in line with the interests of debt holders

Constraints on scalar diffusion anomaly in three-dimensional flows having bounded velocity gradients

This study is concerned with the decay behaviour of a passive scalar $\theta$ in three-dimensional flows having bounded velocity gradients. Given an initially smooth scalar distribution, the decay rate $d/dt$ of the scalar variance $$ is found to be bounded in terms of controlled physical parameters. Furthermore, in the zero diffusivity limit, $\kappa\to0$, this rate vanishes as $\kappa^{\alpha_0}$ if there exists an $\alpha_0\in(0,1]$ independent of $\kappa$ such that $<\infty$ for $\alpha\le\alpha_0$. This condition is satisfied if in the limit $\kappa\to0$, the variance spectrum $\Theta(k)$ remains steeper than $k^{-1}$ for large wave numbers $k$. When no such positive $\alpha_0$ exists, the scalar field may be said to become virtually singular. A plausible scenario consistent with Batchelor's theory is that $\Theta(k)$ becomes increasingly shallower for smaller $\kappa$, approaching the Batchelor scaling $k^{-1}$ in the limit $\kappa\to0$. For this classical case, the decay rate also vanishes, albeit more slowly -- like $(\ln P_r)^{-1}$, where $P_r$ is the Prandtl or Schmidt number. Hence, diffusion anomaly is ruled out for a broad range of scalar distribution, including power-law spectra no shallower than $k^{-1}$. The implication is that in order to have a $\kappa$-independent and non-vanishing decay rate, the variance at small scales must necessarily be greater than that allowed by the Batchelor spectrum. These results are discussed in the light of existing literature on the asymptotic exponential decay $\sim e^{-\gamma t}$, where $\gamma>0$ is independent of $\kappa$.Comment: 6-7 journal pages, no figures. accepted for publication by Phys. Fluid

Probing topology by "heating": Quantized circular dichroism in ultracold atoms

We reveal an intriguing manifestation of topology, which appears in the depletion rate of topological states of matter in response to an external drive. This phenomenon is presented by analyzing the response of a generic 2D Chern insulator subjected to a circular time-periodic perturbation: due to the system's chiral nature, the depletion rate is shown to depend on the orientation of the circular shake. Most importantly, taking the difference between the rates obtained from two opposite orientations of the drive, and integrating over a proper drive-frequency range, provides a direct measure of the topological Chern number of the populated band ($\nu$): this "differential integrated rate" is directly related to the strength of the driving field through the quantized coefficient $\eta_0\!=\!\nu /\hbar^2$. Contrary to the integer quantum Hall effect, this quantized response is found to be non-linear with respect to the strength of the driving field and it explicitly involves inter-band transitions. We investigate the possibility of probing this phenomenon in ultracold gases and highlight the crucial role played by edge states in this effect. We extend our results to 3D lattices, establishing a link between depletion rates and the non-linear photogalvanic effect predicted for Weyl semimetals. The quantized circular dichroism revealed in this work designates depletion-rate measurements as a universal probe for topological order in quantum matter.Comment: 10 pages, 5 figures (including Sup. Mat.). Revised version, accepted for publicatio

Involutivity of integrals for sine-Gordon, modified KdV and potential KdV maps

Closed form expressions in terms of multi-sums of products have been given in \cite{Tranclosedform, KRQ} of integrals of sine-Gordon, modified Korteweg-de Vries and potential Korteweg-de Vries maps obtained as so-called $(p,-1)$-traveling wave reductions of the corresponding partial difference equations. We prove the involutivity of these integrals with respect to recently found symplectic structures for those maps. The proof is based on explicit formulae for the Poisson brackets between multi-sums of products.Comment: 24 page

On the Microcanonical Entropy of a Black Hole

It has been suggested recently that the microcanonical entropy of a system may be accurately reproduced by including a logarithmic correction to the canonical entropy. In this paper we test this claim both analytically and numerically by considering three simple thermodynamic models whose energy spectrum may be defined in terms of one quantum number only, as in a non-rotating black hole. The first two pertain to collections of noninteracting bosons, with logarithmic and power-law spectra. The last is an area ensemble for a black hole with equi-spaced area spectrum. In this case, the many-body degeneracy factor can be obtained analytically in a closed form. We also show that in this model, the leading term in the entropy is proportional to the horizon area A, and the next term is ln A with a negative coefficient.Comment: 15 pages, 1 figur

Bounding film drainage in common thin films

A review of thin film drainage models is presented in which the predictions of thinning velocities and drainage times are compared to reported values on foam and emulsion films found in the literature. Free standing films with tangentially immobile interfaces and suppressed electrostatic repulsion are considered, such as those studied in capillary cells. The experimental thinning velocities and drainage times of foams and emulsions are shown to be bounded by predictions from the Reynolds and the theoretical MTsR equations. The semi-empirical MTsR and the surface wave equations were the most consistently accurate with all of the films considered. These results are used in an accompanying paper to develop scaling laws that bound the critical film thickness of foam and emulsion films

Epidermal growth factor (EGF)-like repeats of human tenascin-C as ligands for EGF receptor.

Signaling through growth factor receptors controls such diverse cell functions as proliferation, migration, and differentiation. A critical question has been how the activation of these receptors is regulated. Most, if not all, of the known ligands for these receptors are soluble factors. However, as matrix components are highly tissue-specific and change during development and pathology, it has been suggested that select growth factor receptors might be stimulated by binding to matrix components. Herein, we describe a new class of ligand for the epidermal growth factor (EGF) receptor (EGFR) found within the EGF-like repeats of tenascin-C, an antiadhesive matrix component present during organogenesis, development, and wound repair. Select EGF-like repeats of tenascin-C elicited mitogenesis and EGFR autophosphorylation in an EGFR-dependent manner. Micromolar concentrations of EGF-like repeats induced EGFR autophosphorylation and activated extracellular signal-regulated, mitogen-activated protein kinase to levels comparable to those induced by subsaturating levels of known EGFR ligands. EGFR-dependent adhesion was noted when the ligands were tethered to inert beads, simulating the physiologically relevant presentation of tenascin-C as hexabrachion, and suggesting an increase in avidity similar to that seen for integrin ligands upon surface binding. Specific binding to EGFR was further established by immunofluorescence detection of EGF-like repeats bound to cells and cross-linking of EGFR with the repeats. Both of these interactions were abolished upon competition by EGF and enhanced by dimerization of the EGF-like repeat. Such low affinity behavior would be expected for a matrix-tethered ligand; i.e., a ligand which acts from the matrix, presented continuously to cell surface EGF receptors, because it can neither diffuse away nor be internalized and degraded. These data identify a new class of insoluble growth factor ligands and a novel mode of activation for growth factor receptors