New Meaningful Effects in Modern Capital Structure Theory

Paper is devoted to describe the new meaningful effects in capital structure theory, discovered within modern theory of capital cost and capital structure, created by Brusov, Filatova and Orekhova (BFO theory). These qualitatively new effects are present in general version of BFO theory and absent in its perpetuity limit (Modigliani - Miller theory). BFO theory has changed some main existing principles of financial management. Discovered effects modify our understanding of financial management and dictate some unusual managerial decisions

The Impact of the Central Bank Key Rate and Commercial Banks Credit Rates on Creating and Maintaining of a Favorable Investment Climate in the Country

Paper is devoted to study of the impact of the Central Bank key rate and commercial banks credit rates on creating and maintaining of a favorable investment climate in the country. Within the framework of modern investment models created by the authors, the dependence of the efficiency of investments on the level of debt financing within a wide range of values of equity costs and debt capital costs under different project terms (long-term projects as well as projects of arbitrary duration) and different investment profitability coefficients β is investigated. The effectiveness of investments is determined by Net Present Value, NPV. The study is conducted within the framework of investment models with debt repayment at the end of the project term. It is found that NPV depends practically linearly on leverage level L, increasing or decreasing depending on profitability coefficient b and credit rate values kd. The cut off credit rate values kd*, separating the range of increasing NPV(L) from range of decreasing NPV(L), are determined. The Central Bank should keep its key rate at the level which allow commercial banks keep their credit rates below the cut off credit rate kd* values in order to create and maintain a favorable investment climate in the country

The Fornax dwarf galaxy as a remnant of recent dwarf-dwarf merging in the Local Group

We present results from the first numerical analysis to support the hypothesis, first proposed in Coleman et al. (2004), that the Fornax dwarf galaxy was formed from the minor merging of two dwarfs about 2 Gyr ago. Using orbits for the Fornax dwarf that are consistent with the latest proper motion measurements, our dynamical evolution models show that the observed asymmetric shell-like substructures can be formed from the remnant of a smaller dwarf during minor merging. These models also predict the formation of diffuse stellar streams. We discuss how these stellar substructures depend on model parameters of dwarf-dwarf merging, and how the intermediate-age subpopulations found in the vicinity of these substructures may be formed from gas accretion in the past merger events. We also suggest that one of Fornax's GCs originates from a merged dwarf companion, and demonstrate where as yet undetected tidal streams or HI gas formed from the dwarf merging may be found in the outer halo of the Galaxy.Comment: 14 pages, 4 figures, 1 tabl

The Outer Halo of the Nearest Giant Elliptical : A VLT/VIMOS Survey of the Resolved Stellar Populations in Centaurus A to 85 kpc

This article has been accepted for publication in Monthly Notices of the Royal Astronomical Society. © 2013 The Author(s). Published by Oxford University Press on behalf of the Royal Astronomical Society. All rights reserved.We present the first deep survey of resolved stellar populations in the remote outer halo of our nearest giant elliptical (gE), Centaurus A (D=3.8 Mpc). Using the VIMOS/VLT optical camera, we obtained deep photometry for four fields along the major and minor axes at projected elliptical radii of ~30-85 kpc (corresponding to ~5-14 R_{eff}). We use resolved star counts to map the spatial and colour distribution of red giant branch (RGB) stars down to ~2 magnitudes below the RGB tip. We detect an extended halo out to the furthermost elliptical radius probed (~85 kpc or ~14 R_{eff}), demonstrating the vast extent of this system. We detect a localised substructure in these parts, visible in both (old) RGB and (intermediate-age) luminous asymptotic giant branch stars, and there is some evidence that the outer halo becomes more elliptical and has a shallower surface brightness profile. We derive photometric metallicity distribution functions for halo RGB stars and find relatively high median metallicity values ([Fe/H]_{med} -0.9 to -1.0 dex) that change very little with radius over the extent of our survey. Radial metallicity gradients are measured to be ~-0.002 to -0.004 dex/kpc and the fraction of metal-poor stars (defined as [Fe/H]Peer reviewe

Electrical stimulation with non-implanted electrodes for overactive bladder in adults

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