Snow and leverage

Using a sample of highly (over-)leveraged Austrian ski hotels undergoing debt restructurings, we show that reducing a debt overhang leads to a significant improvement in operating performance (return on assets, net profit margin). In particular, a reduction in leverage leads to a decrease in overhead costs, wages, and input costs, and to an increase in sales. Changes in leverage in the debt restructurings are instrumented with Unexpected Snow, which captures the extent to which a ski hotel experienced unusually good or bad snow conditions prior to the debt restructuring. Effectively, Unexpected Snow provides lending banks with the counterfactual of what would have been the ski hotel's operating performance in the absence of strategic default, thus allowing to distinguish between ski hotels that are in distress due to negative demand shocks ("liquidity defaulters") and ski hotels that are in distress due to debt overhang ("strategic defaulters")

Simulation of gas micro flows based on finite element and finite volume method

This paper was presented at the 4th Micro and Nano Flows Conference (MNF2014), which was held at University College, London, UK. The conference was organised by Brunel University and supported by the Italian Union of Thermofluiddynamics, IPEM, the Process Intensification Network, the Institution of Mechanical Engineers, the Heat Transfer Society, HEXAG - the Heat Exchange Action Group, and the Energy Institute, ASME Press, LCN London Centre for Nanotechnology, UCL University College London, UCL Engineering, the International NanoScience Community, www.nanopaprika.eu.The Regularized 13-Moment Equations state a model for describing rarefied gas flows. The equations are based on a moment approximation of the Boltzmann equation and aim at an accurate prediction up to Knudsen numbers of 0.5. This paper is concerned with the numerical treatment of the PDE system, with special focus on slow flows. Finite elements and finite volumes are applied and the results of both approaches are discussed and the pros and cons are outlined

Quantum Griffiths phase in CePd(1-x)Rh(x) with x ~ 0.8

The magnetic field dependence of the magnetisation ($M$) and the temperature dependence of the ac susceptibility ($\chi' = dM/dH$) of CePd(1-x)Rh(x) single crystals with $0.80 \leq x \leq 0.86$ are analysed within the frame of the quantum Griffiths phase scenario, which predicts $M \propto H^{\lambda}$ and $\chi' \propto T^{\lambda-1}$ with $0 \leq \lambda \leq 1$. All $M$ vs $H$ and $\chi'$ vs $T$ data follow the predicted power-law behaviour. The parameter $\lambda$, extracted from $\chi'(T)$, is very sensitive to the Rh content $x$ and varies systematically with $x$ from -0.1 to 0.4. The value of $\lambda$, derived from $M(H)$ measurements on a \cpr single crystal, seems to be rather constant, $\lambda \approx 0.2$, in a broad range of temperatures between 0.05 and 2 K and fields up to about 10 T. All observed signatures and the $\lambda$ values are thus compatible with the quantum Griffiths scenario.Comment: 4 pages, 3 figure

Snow and Leverage

Using a sample of highly (over-)leveraged Austrian ski hotels undergoing debt restructurings, we show that reducing a debt overhang leads to a significant improvement in operating performance (return on assets, net profit margin). In particular, a reduction in leverage leads to a decrease in overhead costs, wages, and input costs, and to an increase in sales. Changes in leverage in the debt restructurings are instrumented with Unexpected Snow , which captures the extent to which a ski hotel experienced unusually good or bad snow conditions prior to the debt restructuring. Effectively, Unexpected Snow provides lending banks with the counterfactual of what would have been the ski hotel’s operating performance in the absence of strategic default, thus allowing to distinguish between ski hotels that are in distress due to negative demand shocks (“liquidity defaulters”) and ski hotels that are in distress due to debt overhang (“strategic defaulters”).

AMPK regulates basal skeletal muscle capillarization and VEGF expression, but is not necessary for the angiogenic response to exercise

5 -AMP-activated protein kinase(AMPK)is a metabolic fuel sensor that monitors cellular energy charge, while the vasculature is important for maintaining cellular energy homeostasis. Mice with muscle-specific inactive AMPK (AMPK DN) were used to investigate if AMPK regulates skeletal muscle capillarization and the angiogenic responses to exercise. Two hours of the AMP analogueAICAR(1.0 g kg - 1)or systemichypoxia (6%O2) increased vascular endothelial growth factor (VEGF) mRNA in wild-type (WT), but not in AMPK DN mice. In contrast, the increase in VEGF mRNA with acute exercise (1 h at 20m min - 1, 10% gradient) was greater in AMPK DN compared to WT mice. Nuclear run-on assay demonstrated that exercise increased VEGF transcription, while hypoxia decreased VEGF transcription. There was no difference in VEGF transcription between WT and AMPK DN. There was a strong correlation between VEGF transcription and VEGF mRNA at rest and with exercise. Resting capillarization was lower in AMPK DN compared to WT. Wheel running (28 days) increased capillarization and this response was AMPK independent. Significant correlations between VEGF protein and muscle capillarization are consistent with VEGF being an important determinant of skeletal muscle capillarization. These data are to our knowledge the first to demonstrate in skeletal muscle in vivo that: (1) AMPK is necessary for hypoxia-induced VEGF mRNA stabilization, (2) acute exercise increases VEGF transcription, (3) inhibition of AMPK augments the VEGF mRNA response to acute exercise, and (4) AMPK regulates basal VEGF expression and capillarization, but is not necessary for exercise-induced angiogenesis. Originally published Journal of Physiology, Vol. 586, No. 24, Dec 200

Interplay between Kondo suppression and Lifshitz transitions in YbRh2_2Si2_2 at high magnetic fields

We investigate the magnetic field dependent thermopower, thermal conductivity, resistivity and Hall effect in the heavy fermion metal YbRh2Si2. In contrast to reports on thermodynamic measurements, we find in total three transitions at high fields, rather than a single one at 10 T. Using the Mott formula together with renormalized band calculations, we identify Lifshitz transitions as their origin. The predictions of the calculations show that all experimental results rely on an interplay of a smooth suppression of the Kondo effect and the spin splitting of the flat hybridized bands.Comment: 5 pages, 4 figure

Quantum Criticality in doped CePd_1-xRh_x Ferromagnet

CePd_1-xRh_x alloys exhibit a continuous evolution from ferromagnetism (T_C= 6.5 K) at x = 0 to a mixed valence (MV) state at x = 1. We have performed a detailed investigation on the suppression of the ferromagnetic (F) phase in this alloy using dc-(\chi_dc) and ac-susceptibility (\chi_ac), specific heat (C_m), resistivity (\rho) and thermal expansion (\beta) techniques. Our results show a continuous decrease of T_C (x) with negative curvature down to T_C = 3K at x*= 0.65, where a positive curvature takes over. Beyond x*, a cusp in cac is traced down to T_C* = 25 mK at x = 0.87, locating the critical concentration between x = 0.87 and 0.90. The quantum criticality of this region is recognized by the -log(T/T_0) dependence of C_m/T, which transforms into a T^-q (~0.5) one at x = 0.87. At high temperature, this system shows the onset of valence instability revealed by a deviation from Vegard's law (at x_V~0.75) and increasing hybridization effects on high temperature \chi_dc and \rho. Coincidentally, a Fermi liquid contribution to the specific heat arises from the MV component, which becomes dominant at the CeRh limit. In contrast to antiferromagnetic systems, no C_m/T flattening is observed for x > x_cr rather the mentioned power law divergence, which coincides with a change of sign of \beta. The coexistence of F and MV components and the sudden changes in the T dependencies are discussed in the context of randomly distributed magnetic and Kondo couplings.Comment: 11 pages, 11 figure

Kondo-Cluster-Glass State near a Ferromagnetic Quantum Phase Transition

We report on a comprehensive study of CePd$_{1-x}$Rh$_x$ $(0.6 \leq x \leq 0.95)$ poly- and single crystals close to the ferromagnetic instability by means of low-temperature ac susceptibility, magnetization and volume thermal expansion. The signature of ferromagnetism in this heavy-fermion system can be traced from 6.6 K in CePd down to 25 mK for $x=0.87$. Despite pronounced non-Fermi-liquid (NFL) effects in both, specific heat and thermal expansion, the Gr\"uneisen ratio {\it does not} diverge as $T\to 0$, providing evidence for the absence of a quantum critical point. Instead, a peculiar "Kondo-cluster-glass" state is found for $x\geq 0.65$, and the NFL effects in the specific heat, ac susceptibility and magnetization are compatible with the quantum Griffiths phase scenario.Comment: 4 pages, 4 figure

Single crystal growth of YbRh2Si2 and YbIr2Si2

We report on the single crystal growth of the heavy-fermion compounds YbRh2Si2 and YbIr2Si2 using a high-temperature indium-flux technique. The optimization of the initial composition and the temperature-time profile lead to large (up to 100 mg) and clean (\rho_0=0.5 \mu\Omega cm) single crystals of YbRh2Si2. Low-temperature resistivity measurements revealed a sample dependent temperature exponent below 10 K, which for the samples with highest quality deviates from a linear-in-T behaviour. Furthermore, we grew single crystals of the alloy series Yb(Rh_(1-x)Ir_x)2Si2 with 0<x<0.23 and report the structural details. For pure YbIr2Si2, we establish the formation of two crystallographic modifications, where the magnetic 4f-electrons have different physical ground states.Comment: Invited paper for the Symposium on `Design, Discovery and Growth of Novel Materials' in the Philosophical Magazin