Stockholder and Bondholder Reactions To Revelations of Large CEO Inside Debt Holdings: An Empirical Analysis (CRI 2009-005)

We conduct an event study of stockholders’ and bondholders’ reactions to companies’ initial reports of their CEOs’ inside debt positions, as required by SEC disclosure regulations that became effective early in 2007. Results show that bond prices rise, equity prices fall, and the volatility of both securities drops at the time of disclosures by firms whose CEOs have sizeable pensions or deferred compensation. The results indicate a transfer of value from equity toward debt, as well as an overall destruction of enterprise value, when a CEO’s inside debt holdings are large

Small-signal model for 2D-material based field-effect transistors targeting radio-frequency applications: the importance of considering non-reciprocal capacitances

A small-signal equivalent circuit of 2D-material based field-effect transistors is presented. Charge conservation and non-reciprocal capacitances have been assumed so the model can be used to make reliable predictions at both device and circuit levels. In this context, explicit and exact analytical expressions of the main radio-frequency figures of merit of these devices are given. Moreover, a direct parameter extraction methodology is provided based on S-parameter measurements. In addition to the intrinsic capacitances, transconductance and output conductance, our approach allows extracting the series combination of drain/source metal contact and access resistances. Accounting for these extrinsic resistances is of upmost importance when dealing with low dimensional field-effect transistors.Comment: 8 pages, 10 figures, 4 table

How productive is optimism? the Impact of ambiguity on the "big push"

The paper finds that sufficient ambiguity leads to the uniqueness of equilibrium in macroeconomic coordination games. The results have a Keynesian flavour: sufficient optimism gives rise to a Pareto-optimal equilibrium; and sufficient pessimism results in a Pareto-inferior equilibrium. This analysis is applied to a "Big Push" model from the economic growth literature.Ambiguity, Strategic Complementary, Coordination Games, Optimism, "Big Push".

Traffic Management Systems

This study uses regression analysis to evaluate long-run traffic management system performance. Three important traffic management systems in the Twin Cities metro area - Ramp Metering, Variable Message Signs (VMS), and Freeway Service Patrol (the Highway Helper Program) were evaluated with multiple regression models to predict link speed and incident rate. We find that ramp meters increase freeway link speed and reduce incident rate. Freeway Service Patrols increase link speed when incidents are present. The results for variable message signs are ambiguous.Traffic management system; Traffic system performance; Before-and-after study; Ramp Metering System; Variable Message Signs (VMS); Freeway Service Patrol; Highway Helper Program.