Texture Segmentation using LBP embedded Region Competition

In this paper, we modify the region competition method to segment textures. First, local Binary pattern (LBP) histogram is adopted to capture the texture information. Then, considering the specific goal of texture segmentation, we propose new assumption about region competition and rewrite the energy function based on LBP histograms. We also develop the two-stage iterative algorithm to make our energy converge to a local minimum. Because of the fast LBP operator and nonparametric histogram model, we can simplify the step of parameter estimating, which is always the most time-consuming. Besides, LBP' s high performance for texture characterization helps to make our method more suitable for texture segmentation problem. Experiments show that the performance of our proposed method is promising, and a robust and fast segmentation of texture images is obtained

Investment timing and optimal capital structure under liquidity risk

© 2017 Informa UK Limited, trading as Taylor & Francis Group. Deterioration in debt market liquidity reduces debt values and affects firms' decisions. Considering such risk, we develop an investment timing model and obtain analytic solutions. We carry out a comprehensive analysis in optimal financing, default, and investment strategies, and stockholder–bondholder conflicts. Our model explains stylized facts and replicates empirical findings in credit spreads. We obtain six new insights for decision makers. We propose a ‘new trade-off theory’ for optimal capital structure, a new tax effect, and new explanations of ‘debt conservatism puzzle’ and ‘zero-leverage puzzle’. Failure in recognizing liquidity risk results in substantially over-leveraging, early bankruptcy or investment, overpriced options, and undervalued coupons and credit spreads. In addition, agency costs are surprisingly small for a high liquidity risk or a low project risk. Interestingly, the risk shifting incentive and debt overhang problem decrease with liquidity risk under moderate tax rates while they increase under high tax rates