Economic and accounting rates of return

The rate of return on invested capital is a central concept in financial analysis. The purpose of calculating the rate of return on investment in general is to measure the financial performance, to assess the desirability of a project and to make decisions on the valuation of firms. Financial statement users make regular use of the accounting rate of return (ARR) rather than the economic rate of return (IRR) to assess the performance of corporations and public-sector enterprises, to evaluate capital investment projects, and to price financial claims such as shares. Since ARR measures are based on published accounting statements, there has been a long and sometimes heated debate as to whether such measures have any economic significance. This paper aims to provide a summary of the economic and accounting rates of return discussions in the literature. We analyze the concepts of ARR and IRR and explore possible relationships between them. We extend the previous studies in this line to provide more specific relations of IRR and ARR.

2D cognitive optical data processing with phase change materials

We demonstrate high-density, multi-level crystallization of a Ge2Sb2Te5 thin film using tightly focused femtosecond laser pulses. The optical reflectivity in each distinct phase states level is characterized for applications in ultra-fast cognitive parallel data processing

Near-optimal two-mode spin squeezing via feedback

We propose a feedback scheme for the production of two-mode spin squeezing. We determine a general expression for the optimal feedback, which is also applicable to the case of single-mode spin squeezing. The two-mode spin squeezed states obtained via this feedback are optimal for j=1/2 and are very close to optimal for j>1/2. In addition, the master equation suggests a Hamiltonian that would produce two-mode spin squeezing without feedback, and is analogous to the two-axis countertwisting Hamiltonian in the single mode case.Comment: 10 pages, 6 figures, journal versio

Comparative Study on Magnetic Properties and Microstructure of As-prepared and Alternating Current Joule Annealed Wires

AbstractX-ray diffraction (XRD), high-resolution transmission electron microscopy (HRTEM), magnetic measurement including impedance measurement were used for investigating the microstructure and magnetic properties of as-prepared and alternating current Joule annealed (ACJA) Co-rich amorphous microwires for potential sensor applications. Experimental results indicated that as-cast and ACJA wires both were amorphous characteristic, while ACJA wire has an enhanced local ordering degree of atom arrangement. There was a transform of magnetic properties after ACJA treatment, namely increasing coercivity, maximum magnetic permeability and saturation magnetization, resulting from the coactions of magnetic anisotropy and magnetic moment exchange coupling. Moreover, ACJA treatment can drastically improve the GMI property of melt-extracted wires. At 5MHz, the maximum GMI ratio [ΔZ/Z0]max of ACJA wire increases to 205.93%, which is nearly 4.1 times of 50.62% for as-cast wire, and the field response sensitivity ξmax of ACJA wire increases to 463.70%/Oe by more than 2 times of 212.15%/Oe for as-cast wire. From sensor application perspective, the sensor applied frequency range (SAFR) of ACJA wire is 3MHz-7MHz (the better working frequency is at 5MHz). It can therefore be concluded that the ACJA wire (60mA, 480s, 50Hz) has better GMI and magnetic properties, is more suitable for potential magnetic sensor applications working at low-frequency and relatively high-working-magnetic field

Leaf- and plant-level carbon gain in yellow birch, sugar maple, and beech seedlings from contrasting forest litght environments

Leaf-level photosynthetic-light response and plant-level daily carbon gain were estimated for seedlings of moderately shade-tolerant yellow birch (Betula alleghaniensis Britton) and shade-tolerant sugar maple (Acer saccharum Marsh.) and beech (Fagus grandifolia Ehrh.) growing in gaps and under a closed canopy in a sugar maple stand at Duchesnay, Que. All three species had a higher photosynthetic capacity (A(max)) in the gaps than in shade, but yellow birch and beech responded more markedly than sugar maple to the increase in light availability. The high degree of plasticity observed in beech suggests that the prediction that photosynthetic plasticity should decrease with increasing shade tolerance may not hold when comparisons are made among a few late-successional species. Unit-area daily carbon gain (C(A)) was significantly higher in the gaps than in shade for all three species, but no significant difference was observed between light environments for plant-level carbon gain (C(W)). In shade, we found no difference of C(A) and C(W) among species. In gaps, beech had a significantly higher C(A) than sugar maple but similar to that of birch, and birch had a significantly higher C(W) than maple but similar to that of beech. Sugar maple consistently had lower carbon gains than yellow birch and beech but is nevertheless the dominant species at our study site. These results indicate that although plant-level carbon gain is presumably more closely related to growth and survival of a species than leaf-level photosynthesis, it is still many steps removed from the ecological success of a species

Cooler Magnetic Spectrometer

This research was sponsored by the National Science Foundation Grant NSF PHY-931478