1,538 research outputs found

    Education, Schooling, and Religion in Early Modern Japan

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    オランダ, ライデン, 1999年10月 27日-29

    Introduction

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    オランダ, ライデン, 1999年10月 27日-29

    Collateral and Debt Maturity Choice. A Signaling Model

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    This paper derives optimal loan policies under asymmetric information where banks offer loan contracts of long and short duration, backed or unbacked with collateral. The main novelty of the paper is that it analyzes a setting in which high quality firms use collateral as a complementary device along with debt maturity to signal their superiority. The least-cost signaling equilibrium depends on the relative costs of the signaling devices, the difference in firm quality and the proportion of good firms in the market. Model simulations suggest a non-monotonic relationship between firm quality and debt maturity, in which high quality firms have both long-term secured debt and short-term secured or non-secured debt.

    Drifting snow measurements on the Greenland Ice Sheet and their application for model evaluation

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    This paper presents autonomous drifting snow observations performed on the Greenland Ice Sheet in the fall of 2012. High-frequency snow particle counter (SPC) observations at ~ 1 m above the surface provided drifting snow number fluxes and size distributions; these were combined with meteorological observations at six levels. We identify two types of drifting snow events: katabatic events are relatively cold and dry, with prevalent winds from the southeast, whereas synoptic events are short lived, warm and wet. Precipitating snow during synoptic events disturbs the drifting snow measurements. Output of the regional atmospheric climate model RACMO2, which includes the drifting snow routine PIEKTUK-B, agrees well with the observed near-surface climate at the site, as well as with the frequency and timing of drifting snow events. Direct comparisons with the SPC observations at 1 m reveal that the model overestimates the horizontal snow transport at this level, which can be related to an overestimation of saltation and the typical size of drifting snow particles
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