Debt, hedging, and human capital

This paper provides a theory of debt and hedging based on human capital. We distinguish human capital from physical capital in two ways: (1) human capital is inalienable and can exercise a one-sided option to leave the firm, and (2) human capital is not perfectly replaceable. We show that a firm may reach the first best solution while issuing debt or equity to outsiders provided that either the insiders receive a senior claim or that the firm hedges. We then show that, given asymmetric information concerning costs, the only viable solution has the firm issuing debt to outsiders and hedging.

Spatial analysis of the association of alcohol outlets and alcohol-related pedestrian/bicyclist injuries in New York City

Background Pedestrian and bicyclist injury is an important public health issue. The retail environment, particularly the presence of alcohol outlets, may contribute the the risk of pedestrian or bicyclist injury, but this association is poorly understood. Methods This study quantifies the spatial risk of alcohol-related pedestrian injury in New York City at the census tract level over a recent 10-year period using a Bayesian hierarchical spatial regression model with Integrated Nested Laplace approximations. The analysis measures local risk, and estimates the association between the presence of alcohol outlets in a census tract and alcohol-involved pedestrian/bicyclist injury after controlling for social, economic and traffic-related variables. Results Holding all other covariates to zero and adjusting for both random and spatial variation, the presence of at least one alcohol outlet in a census tract increased the risk of a pedestrian or bicyclist being struck by a car by 47 % (IDR = 1.47, 95 % Credible Interval (CrI) 1.13, 1.91). Conclusions The presence of one or more alcohol outlets in a census tract in an urban environment increases the risk of bicyclist/pedestrian injury in important and meaningful ways. Identifying areas of increased risk due to alcohol allows the targeting of interventions to prevent and control alcohol-related pedestrian and bicyclist injuries

Multiple incidence angle SIR-B experiment over Argentina

The Shuttle Imaging Radar (SIR-B), the second synthetic aperture radar (SAR) to fly aboard a shuttle, was launched on October 5, 1984. One of the primary goals of the SIR-B experiment was to use multiple incidence angle radar images to distinguish different terrain types through the use of their characteristic backscatter curves. This goal was accomplished in several locations including the Chubut Province of southern Argentina. Four descending image acquisitions were collected providing a multiple incidence angle image set. The data were first used to assess stereo-radargrammetric techniques. A digital elevation model was produced using the optimum pair of multiple incidence angle images. This model was then used to determine the local incidence angle of each picture element to generate curves of relative brightness vs. incidence angle. Secondary image products were also generated using the multi-angle data. The results of this work indicate that: (1) various forest species and various structures of a single species may be discriminated using multiple incidence angle radar imagery, and (2) it is essential to consider the variation in backscatter due to a variable incidence angle when analyzing and comparing data collected at varying frequencies and polarizations

Emigration behavior of Clark's Nutcracker

Journal ArticleEruptive movements of the Clark's Nutcracker (Nucifraga columbiana) were observed during the late summer and fall of 1977, 1978 and 1979 in northern Utah and adjacent states. Over 2,000 emigrating nutcrackers were seen during these periods. Eruptions began in mid to late August, about the time nutcrackers began foraging on developing conifer cones, and continued until early October. Nearly all nutcrackers traveled in small, loose flocks (x = 10.1 individuals). During 1977-1978, most emigrating nutcrackers appeared to winter in p&on-juniper woodlands of Utah and adjacent states and no nutcrackers were reported outside their normal breeding range. A northward movement of nutcrackers, presumably the same population observed emigrating southward in fall 1977, was noted in summer 1978. Evidence for breeding of nutcrackers on their wintering areas is presented. A compartmental model summarizes current knowledge on the temporal and spatial aspects of nutcracker emigration

An operations concept methodology to achieve low-cost mission operations

Historically, the Mission Operations System (MOS) for a space mission has been designed last because it is needed last. This has usually meant that the ground system must adjust to the flight vehicle design, sometimes at a significant cost. As newer missions have increasingly longer flight operations lifetimes, the MOS becomes proportionally more difficult and more resource-consuming. We can no longer afford to design the MOS last. The MOS concept may well drive the spacecraft, instrument, and mission designs, as well as the ground system. A method to help avoid these difficulties, responding to the changing nature of mission operations is presented. Proper development and use of an Operations Concept document results in a combined flight and ground system design yielding enhanced operability and producing increased flexibility for less cost

Zircon and the Role of Magmatic Petrogenesis in the Formation of Felsic-Hosted Volcanogenic Massive Sulfide (VMS) Deposits: A Case Study from the Mid-Paleozoic Yukon-Tanana Terrane, Northern Canadian Cordillera

Magmatism is a critical component in sustaining hydrothermal convection and metal transport during the formation of volcanogenic massive sulfide (VMS) deposits. Previous studies of magmatic petrogenesis in VMS systems have demonstrated that ore-related volcanic rocks have distinct whole-rock geochemical and isotopic signatures (i.e., high HFSE, REE, Th, εHf-Nd, zircon saturation T) relative to barren volcanic rocks, which supports models of elevated crustal heat flow during periods of ore deposition; however, the petrologic characteristics and intrinsic parameters (e.g., T, fO2) related to these magmatic events in VMS districts remain poorly understood. Arc–back-arc assemblages from the mid-Paleozoic Yukon-Tanana terrane are well-characterized and include the Finlayson Lake VMS district, which is host to several felsic-hosted deposits (e.g., Kudz Ze Kayah, GP4F, Wolverine) that were generated in a peri-Laurentian continental back-arc tectonic setting. In this study, zircon from back-arc and coeval arc rocks in the Yukon-Tanana terrane was used as a proxy for primary magma formation conditions that generated VMS-proximal and VMS-distal stratigraphy. Our results indicate that zircon grains in VMS-proximal environments have unique textural, geochemical, and isotopic characteristics (e.g., low-aspect ratios, greater abundance of zircon-phosphate intergrowths, Th/U \u3e 1, Zr/Hf \u3e 80, Tzrc \u3e 780 °C, εHfi \u3e –7) that are clearly distinguished from zircon in VMS-distal rocks in both the back-arc and arc settings (Th/U \u3c 1, Zr/Hf \u3c 80, Tzrc \u3c 780 °C, εHfi \u3c –7). These signatures correlate to VMS-proximal magmas that were hotter, less fractionated, and contained greater juvenile melt contributions compared to VMS-distal magmas and reflect a series of high-flux magmatic events that directly correspond to the early tectonic development of Yukon-Tanana terrane. Moreover, this study underscores the importance of mineral-scale petrology, geochemistry, and geochronology in defining the primary magmatic conditions that generated VMS-related felsic rocks and highlights the utility of zircon as a prospectivity tool in both grassroots and brownfields VMS exploration

Votes at 16: what the UK can learn from Austria, Norway and the Crown dependencies

Implementing the proposal in Ed Miliband’s party conference speech to lower the voting age would make Britain one of only a few countries to allow 16 year olds to vote. In this post, Democratic Audit asks leading democracy experts to share findings from nations that have introduced this change, focusing especially on Austria, Norway and, from closer to home, a number of the UK’s Crown dependencies

Acute post-disaster medical needs of patients with diabetes: emergency department use in New York City by diabetic adults after Hurricane Sandy.

OBJECTIVE: To evaluate the acute impact of disasters on diabetic patients, we performed a geospatial analysis of emergency department (ED) use by New York City diabetic adults in the week after Hurricane Sandy. RESEARCH DESIGN AND METHODS: Using an all-payer claims database, we retrospectively analyzed the demographics, insurance status, and medical comorbidities of post-disaster ED patients with diabetes who lived in the most geographically vulnerable areas. We compared the patterns of ED use among diabetic adults in the first week after Hurricane Sandy\u27s landfall to utilization before the disaster in 2012. RESULTS: In the highest level evacuation zone in New York City, postdisaster increases in ED visits for a primary or secondary diagnosis of diabetes were attributable to a significantly higher proportion of Medicare patients. Emergency visits for a primary diagnosis of diabetes had an increased frequency of certain comorbidities, including hypertension, recent procedure, and chronic skin ulcers. Patients with a history of diabetes visited EDs in increased numbers after Hurricane Sandy for a primary diagnosis of myocardial infarction, prescription refills, drug dependence, dialysis, among other conditions. CONCLUSIONS: We found that diabetic adults aged 65 years and older are especially at risk for requiring postdisaster emergency care compared to other vulnerable populations. Our findings also suggest that there is a need to support diabetic adults particularly in the week after a disaster by ensuring access to medications, aftercare for patients who had a recent procedure, and optimize their cardiovascular health to reduce the risk of heart attacks

The Mismatch in Distributions of Vertebrates and the Plants that they Disperse

© 2018 The Authors Little is known about how mutualistic interactions affect the distribution of species richness on broad geographic scales. Because mutualism positively affects the fitness of all species involved in the interaction, one hypothesis is that the richness of species involved should be positively correlated across their range, especially for obligate relationships. Alternatively, if mutualisms involve multiple mutualistic partners, the distribution of mutualists should not necessarily be related, and patterns in species distributions might be more strongly correlated with environmental factors. In this study, we compared the distributions of plants and vertebrate animals involved in seed-dispersal mutualisms across the United States and Canada. We compiled geographic distributions of plants dispersed by frugivores and scatter-hoarding animals, and compared their distribution of richness to the distribution in disperser richness. We found that the distribution of animal dispersers shows a negative relationship to the distribution of the plants that they disperse, and this is true whether the plants dispersed by frugivores or scatter-hoarders are considered separately or combined. In fact, the mismatch in species richness between plants and the animals that disperse their seeds is dramatic, with plants species richness greatest in the in the eastern United States and the animal species richness greatest in the southwest United States. Environmental factors were corelated with the difference in the distribution of plants and their animal mutualists and likely are more important in the distribution of both plants and animals. This study is the first to describe the broad-scale distribution of seed-dispersing vertebrates and compare the distributions to the plants they disperse. With these data, we can now identify locations that warrant further study to understand the factors that influence the distribution of the plants and animals involved in these mutualisms