Non-Linear Implications of Credit Ratings in the Selection of Capital Providers and their Validity as Hidden Information Indicators

The Credit Ratings (CR) and Capital Structure (CR-CS) hypothesis asserts that CR influence firms' debt levels. This study argues that CR as an indicator of hidden information is more influential in determining the choice of Capital Providers (CP). Using a sample of 629 firms and 12,580 firm-year observations, we find that firms use their credit ratings to choose their preferred type of capital providers. This study not only establishes that "firms do care about their capital providers," but it also adds CR as a reliable predictor of such considerations. This study establishes that managers adopt utility maximising behaviour when choosing their capital providers. Firms differentiated by their credit ratings are likely to choose different capital providers. This study finds that higher rated firms prefer public debt. The preference of public debt is valid under different model settings. We also observe that financial distress, indicated by the current rating of firms, is a significant determinant of the choice of private debt over public debt.In addition to conventional specifications of CR, this study constructs a new CR specification called realised rating change and historical ratings. This study establishes that the realised rating changes and historical credit ratings influence the choice of capital providers. Evidence indicates that after having a rating adjustment which we call realised rating, firms are more likely to use public providers. This could be indicative of the fact that after a rating upgrade manager expects public capital providers to ask lower premiums. Alternatively, after rating downgrade they want to test the investors' perception about the creditworthiness of their firm. Our results are robust in the presence of other hidden information indicators and other CR variants. These results are controlled for the financial distress concerns.This study also extends choice modelling in CS and CR discussion. It shows that revealed preference choice modelling can produce more robust results. Choice modelling allows us to study the utility maximising behaviour of firms and managers and identifies the non-linear implications of CR on financing choices. Using such an approach may enable us to bridge the theoretical gap between monetary economics and corporate finance. The first usually concerns relationship lending or bank lending to firms, and the latter focuses on financial innovation and engineering to raise capital. By combining both strands, we may better understand why managers often make financial decisions contrary to the expected pattern.More research using the advanced choice models may enable us to understand persistent irregularities found in corporate financing choices. As these models allow researchers to relax IID and IIA assumptions; hence, they can enable derivation of predictive models which capture complex managerial behaviour. As firms are moving away from the traditional financing medium and looking to explore options such as crowdfunding and digital assets. Therefore, understanding complex behaviour is needed now more than ever

Smart CMOS mid-infrared sensor array.

We present a novel single-chip thermopile sensor array for mid-infrared room temperature imaging. The array is fabricated on a single complementary metal-oxide-semiconductor (CMOS) dielectric membrane, composed of single-crystal silicon (Si) p+ and n+ elements, and standard CMOS tungsten metal layers for thermopile cold junction heatsinking, significantly reducing the chip size and simplifying its processing. We demonstrate a 16×16 pixel device with 34 V/W responsivity and enhanced optical absorption in the 8-14 μm waveband, with a suitable performance for gesture recognition and people-counting applications. Our simple, low-cost sensor is an attractive on-chip array for a variety of applications in the mid-infrared spectral region

IMPROVING PROJECT MANAGEMENT PLANNING AND CONTROL IN THE SERVICES OPERATION ENVIRONMENT BY USING THE 6S TECHNIQUE

In today's business land-scape, more is needed for companies to have a solid organizational system and values; they must also continuously improve their quality management systems to ensure zero accidents and complete safety. With intense competition among organizations to produce quality products, creating a positive and productive workplace for employees is a common challenge. Modern technology and the latest methods must be utilized to achieve desired goals and overcome industry challenges. One of the most modern and latest techniques available to organizations is the 6S methodology, which can help achieve industry goals. This study targets to assess the current level of project management planning and control, determine the awareness and understanding of the 6S methodology, and evaluate its impact on project management planning and control. We have chosen a questionnaire methodology for this quantitative research to examine the relationship between familiarity with the 6S methodology and its implementation in a service operating environment. This study will provide insights and recommendations on incorporating the 6S methodology into project management planning and control in a service operating environment. To ensure the successful implementation of the 6S methodology, organizations should provide adequate training and resources to their project management teams and encourage collaboration and communication among team members

Impacts of signal free corridors on the incidence of road traffic accidents in Karachi

Increase in road Traffic Accidents is a global phenomenon and Pakistan is no exception. In Karachi, this problem becomes severe due to rapid growth of population. This menace is ruining the lives of thousands of people and making Karachi a worrisome place to live. Recent road geometrical transitions in the city with insufficient accessories have been reducing the problem of traffic congestion to a limited extent. On the contrary, this has erupted as a problem of Road Traffic Accidents which is reaching out of proportions. Recently, induction of a unique feature named, Signal Free Corridor in Karachi has cost many precious lives. In this paper GIS based analysis has been employed by using buffer technique to document the number of Road Traffic Accidents on four Signal Free Corridors, evaluated for five different years. It was revealed that the minor injury accidents were highest in all four Signal Free Corridors. However, in some cases number of severe and fatal road accident cases showed the emerging trend as well. Four types of road users were identified on these corridors out of which riders/pillion and pedestrians were the most vulnerable to Road Traffic Accidents. There is an emergent need to enforce the vehicle speed rules and regulations that would provide breathing time to traffic as well as reduce the incidents of consistent traffic blockages and rising Road Traffic Accidents

Exploring organizational management of extrovert school leadership

The study aimed at determining the personality traits of extroversion and introversion of school leadership and evaluating their organizational management in Federal Government Educational Institutions (FGEIs). A quantitative research design along with a positivist paradigm was followed. The total population consisted of 68 school principals and 592 teachers of FGEIs in the Gujranwala, Fazaia, and Lahore Regions from which 54 principals and 381 teachers were selected using a random sampling technique. Eysenck Personality Inventory (EPI) was deployed to collect information about personality traits and data regarding organizational management, the researchers used a self-developed questionnaire. Pearson correlation r and t-tests were deployed for inferential stats. The results showed that extrovert school leaders perform their duties well as they hold a clear concept of the vision and mission of the organization, set up an accepted procedure to plan short-term and long-term goals, share responsibilities with all stakeholders following their skills, and ensure the smooth functioning of the school with the help of all stakeholders. In comparison, introverted school principals show less interest in the organizational management of their schools. Moreover, organizational management of school leadership has a positive correlation with the personality trait of extroversion and a significant difference can be seen in organizational management of an extrovert and an introvert school principal. It was recommended that the performance indicators and standards of school principals should be effectively communicated to school leadership. Introvert school leadership should be provided with the necessary psychological training to reduce this shortcoming of personality

A low-power, low-cost infra-red emitter in CMOS technology

In this paper, 1 we present the design and characterization of a low-power low-cost infra-red emitter based on a tungsten micro-hotplate fabricated in a commercial 1-μm SOI-CMOS technology. The device has a 250-μm diameter resistive heater inside a 600-μm diameter thin dielectric membrane. We first present electro-thermal and optical device characterization, long term stability measurements, and then demonstrate its application as a gas sensor for a domestic boiler. The emitter has a dc power consumption of only 70 mW, a total emission of 0.8 mW across the 2.5–15-μm wavelength range, a 50% frequency modulation depth of 70 Hz, and excellent uniformity from device-to-device. We also compare two larger emitters (heater size of 600 and 1800 μm) made in the same technology that have a much higher infra-red emission, but at the detriment of higher power consumption. Finally, we demonstrate that carbon nanotubes can be used to significantly enhance the thermo-optical transduction efficiency of the emitter

Giant cell reparative granuloma of temporal bone: Case report of a 62-year-old male

Giant cell reparative granuloma (GCRG) is an uncommon non‑neoplastic reactive tumor which occurs almost exclusively within the mandible and maxilla. GCRG of the temporal bone is a rare condition. It has been found to affect predominantly adolescents and adults (age: 10‑25 years). We report a case of a 62‑year‑old male with GCRG of left temporal bone who presented to us with progressive left temporal swelling for 3 months. It was associated with hearing loss. There was no history of trauma. A non‑contrast computed tomography scan brain showed a locally destructive lesion involving squamous temporal bone closely related to the left temporal lobe and infratemporal fossa. Magnetic resonance imaging brain with contrast showed a hypointense lesion on T1 and with peripheral contrast enhancement after gadolinium injection. Patient underwent left temporal craniotomy with atticotomy, mastoidectomy, duraplasty, and opening of middle ear and temporomandibular joint. A bone graft was then taken from right iliac crest and used to repair the resulting defect. Final histopathology report confirmed GCRG. We discuss radiological and histopathological features of lesion in this case report

Crosstalk Analysis of a CMOS Single Membrane Thermopile Detector Array.

We present a new experimental technique to characterise the crosstalk of a thermopile-based thermal imager, based on bi-directional electrical heating of thermopile elements. The new technique provides a significantly simpler and more reliable method to determine the crosstalk, compared to a more complex experimental setup with a laser source. The technique is used to characterise a novel single-chip array, fabricated on a single dielectric membrane. We propose a theoretical model to simulate the crosstalk, which shows good agreement with the experimental results. Our results allow a better understanding of the thermal effects in these devices, which are at the center of a rising market of industrial and consumer applications

Utilization of Marble Wastes in Clay Bricks: A Step towards Lightweight Energy Efficient Construction Materials

Marble dust is one of the hazardous byproducts of marble-processing factories and requires planned disposal. Its beneficial use as a construction material will add to the sustainability, and most importantly, might overcome the burden of marble waste disposal. However, the use of marble dust in concrete has a negative impact. Therefore, this research examines various properties related to the utilization of such material in ceramic clay, and therefore its effects on the use of clay bricks are investigated. The research activity covers the categorization of marble dust powder from three different sources: Ziarat in Mohmand Agency, Buneer, and Mullagori (Pakistan). Its utilization in different proportions preparation of bricks is also addressed. Through the partial replacement of clay with marble dust from 0 to 30% by weight with amplification of 5%, seven mix designs are examined. The test result includes Bulk density, water absorption, porosity, thermal insulation, and strength. The partial replacement of clay with marble dust reduced its weight, strength and increased its porosity, water absorption, and thermal insulation. Furthermore, the utilization of marble powder in bricks minimizes soil erosion and reduces pollution to the environment. Doi: 10.28991/cej-2021-03091738 Full Text: PD