Corporate Dollar Debt and Depreciations: Much Ado About Nothing?

Much has been written recently about the problems for emerging markets that might result from a mismatch between foreign-currency denominated liabilities and assets (or income flows) denominated in local currency. In particular, several models, developed in the aftermath of financial crises of the late 1990s, suggest that the expansion in the "peso" value of "dollar" liabilities resulting from a devaluation could, via a net worth effect, offset the expansionary competitiveness effect. Assessing which effect dominates is ultimately an empirical matter. In this vein, this paper constructs a new database with accounting information (including the currency composition of liabilities) for over 450 non-financial firms in five Latin American countries. The authors estimate, at the firm level, the reduced-form effect on investment of holding foreign-currency-denominated debt during an exchange-rate realignment. It is consistently found that, contrary to the predicted sign of the net-worth effect, firms holding more dollar debt do not invest less than their counterparts in the aftermath of a depreciation. The paper shows that this result is due to firms matching the currency denomination of their liabilities with the exchange-rate sensitivity of their profits. Because of this matching, the negative balance-sheet effects of a depreciation on firms holding dollar debt are offset by the larger competitiveness gains of these firms.

Maturity Mismatch and Financial Crises: Evidence from Emerging Market Corporations

Substantial attention has been paid in recent years to the risk of maturity mismatch in emerging markets. Although this risk is microeconomic in nature, the evidence advanced thus far has taken the form of macro correlations. This paper empirically evaluates this mechanism at the micro level by using a database of over 3,000 publicly traded firms from fifteen emerging markets. The paper measures the risk of short-term exposure by estimating, at the firm level, the effect on investment of the interaction of short-term exposure and aggregate capital flows. This effect is (statistically) zero, contrary to the prediction of the maturity-mismatch hypothesis. This conclusion is robust to using a variety of different estimators, alternative measures of capital flows, and controls for devaluation effects and access to international capital. The paper finds evidence that short-term-exposed firms pay higher financing costs and liquidate assets at fire sale prices, but the paper does not find that this reduction in net worth translates into a drop in investment.

Structuring Statistical Tests for Validating Encryption: An Array-based Approach

The technological advancements made in recent years regarding the transfer of personal data have brought along an imperative need for increased security and encryption capabilities. Information sent across these electronic platforms is most often intended to be delivered to and received by specific individuals. However, the notion that these selected individuals are the only people that are able to come into contact with the information is flawed. A more realistic assumption, and the assumption that is currently demonstrated, is that the information sent can and will be intercepted. This means that successful encryption of the data is an invaluable part of the transfer process. For this reason, the study of encryption and the validation of cryptographic functions are topics that computer scientists continually work to improve. Current practice for determining the success of cryptographic functions tends to consist of various statistical tests conducted on random outputs from the algorithm. In this thesis, we propose an array-based structure to validate not only the output from an cryptographic function, but the cryptographic function itself. In using an array-based structure such as this, we do not limit ourselves to only detecting output that suggests a failure for the encryption function. With this structure we allow an opportunity to detect specific contributors to the failure within the algorithm

A Socioeconomic Study of the Non-industrial Private Forest Landowner Wood Supply Chain Link in the Cumberland Plateau Region of Tennessee

The Cumberland Plateau in Tennessee currently is experiencing widespread forest parcelization and changes in species composition as a result of changes in land use and ownership. These changes can be attributed partially to industrial forest land divestiture, the lingering effects of the 1998 – 2002 Southern Pine Beetle (SPB) epidemic, and expanding development due to increasing population growth. The region has recently become a focus of debate concerning land use change, land management practices, and the effects on biodiversity. A stratified random sample of 1600 Nonindustrial Private Forest (NIPF) landowners owning 40 or more acres of forestland were surveyed obtaining a 39 percent response rate. The survey was undertaken to gain new insight on the socio-demographics of Plateau NIPF landowners and to understand their forest management objectives and intentions for future timber harvesting activities. The findings reveal almost 50 percent of respondents were retired or employed as professionals and lived on or within 60 miles of their forest land. Ninety-one percent of all respondents had either purchased or inherited their forest land, and the majority indicated they intended to pass their forest land on to their heirs. The top three nonconsumptive ownership objectives were to enjoy scenery (m = 3.98), for peacefulness (m = 3.94), and to preserve nature (m = 3.83). Timber management was ranked as only moderately important (m = 2.60). Forty-five percent of all respondents indicated that they had previously sold or harvested timber from their forest land, but only 30 percent indicated they intended to sell timber in the future. Logit regression (n = 438) and factor analysis (n = 344) were used to model the respondents’ willingness to sell timber in the future. NIPF landowners who indicated they would most likely consider a future timber sale had sold timber in the past, had a higher interest in timber production, had received forest management advice in the past, and had a higher interest in maintaining the health of their forest. Factor analysis revealed landowners most likely to consider selling timber in the future fit into three principle component groupings: 1) Improvers; 2) Investors; 3) or Legacy Owners

Opinions and attitudes of practicing Consulting Foresters about the TVA/ACF Consulting Forester Assistance Program

In 1970, The Tennessee Valley Authority (TVA) initiated the Consulting Forester Assistance (CPA) Program. The program was a cooperative among TVA, the Association of Consulting Foresters (ACF), various state forestry agencies, and the U.S. Forest Service, State and Private Forestry. The program\u27s objective was to assist in the establishment of new private forest consultants in the Tennessee Valley, a seven state region. The goal was to have new consultants work primarily with non-industrial private forest landowners as clients in private forestry development. A key to past success of the 18-year program has been the strong support of cooperators, and their ability to find new noncompetitive geographic areas, not near established consulting forestry operations. The opinions and support of these public and private foresters will likely determine the future role of the program regardless of past success. In 1987 an independent study was made by The University of Tennessee under contract with the ACF to evaluate the CFA program. Two mailed questionnaires were used to obtain opinions from both state service foresters and consulting foresters about the program. An attempt was made to obtain a balanced sample between ACF and non- ACF members for comparison purposes. The usable response rate of 72.4 percent was obtained from consulting foresters. All state foresters responded to a separate questionnaire. Generally, state service foresters (appointed by each State Forester) were not in support of continuing the program, with the exceptions of the State of Tennessee and the State of Alabama. Minor differences were found between the opinions of ACF and non-ACF members, with over 48 percent of both groups not supporting continuation of the program. Most respondents offered their ideas for either changing the program or suggesting alternatives in lieu of continuing the program. The general level of program awareness was very low, including ACF members. Consultants with high levels of knowledge about the program were, in general, more supportive of the program. This finding suggests that there is a need for better public relations information about the program in order to obtain continued professional support by all cooperating agencies

Effectiveness of Advanced Nitrogen-Removal Onsite Wastewater Treatment Systems in a New England Coastal Community

Wastewater is a major source of nitrogen (N) to groundwater and coastal waterbodies, threatening both environmental and public health. Advanced N-removal onsite wastewater treatment systems (OWTS) are used to reduce effluent N concentration; however, few studies have assessed their effectiveness. We evaluated the total N (TN) concentration of effluent from 50 advanced N-removal OWTS in Charlestown, Rhode Island, USA for 3 years. We quantified differences in effectiveness as a function of N-removal technology and home occupancy pattern (seasonal vs. year-round use), and examined the relationship between wastewater properties and TN concentration. RX30 systems produced the lowest median TN concentration (mg N/L) (13.2), followed by FAST (13.4), AX20 (14.9), and Norweco (33.8). Compliance with the state’s regulatory standard for effluent TN concentration (19 mg N/L) was highest for RX30 systems (78%), followed by AX20 (73%), FAST (67%), and Norweco (0%). Occupancy pattern did not affect effluent TN concentration. Variation in TN concentration was driven by ammonium and nitrate for all technologies, and also by temperature for FAST and pH for Norweco. Median daily (g N/day) and annual (kg N/yr) N loads were significantly higher for year-round (5.3 and 2.3) than for seasonal (3.7 and 0.41) systems, likely due to differences in volume of wastewater treated. Our results suggest that advanced N-removal OWTS vary in their compliance with the state regulatory standard for effluent TN and can withstand long periods of non-use without compromising effectiveness. Nevertheless, systems used year-round do produce a higher daily and annual N load than seasonally-used systems

A Dimensional Model of Psychopathology Among Homeless Adolescents: Suicidality, Internalizing, and Externalizing Disorders

The present study examined associations among dimensions of suicidality and psychopathology in a sample of 428 homeless adolescents (56.3% female). Confirmatory factor analysis results provided support for a three-factor model in which suicidality (measured with lifetime suicidal ideation and suicide attempts), internalizing disorders (assessed with lifetime diagnoses of major depressive episode and post-traumatic stress disorder), and externalizing disorders (indicated by lifetime diagnoses of conduct disorder, alcohol abuse, and drug abuse) were positively intercorrelated. The findings illustrate the utility of a dimensional approach that integrates suicidality and psychopathology into one model

User-Based Photometer Analysis of Effluent from Advanced Nitrogen-Removal Onsite Wastewater Treatment Systems

Advanced nitrogen-removal onsite wastewater treatment systems (OWTS) are used to reduce total nitrogen (N) levels in domestic wastewater. Maintaining system performance requires regular monitoring and in situ rapid tests can provide an inexpensive option for assessing treatment performance. We used a portable photometer to measure ammonium and nitrate concentrations in final effluent from 46 advanced N-removal OWTS, sampling each site at least three times in 2017. To assess photometer accuracy, we compared measurements made using the photometer with those determined by standard laboratory methods using linear regression analysis and a two-tailed t test to compare regression parameters to those for a perfect linear relationship (slope = 1, intercept = 0). Our results show that photometer-based analysis reliably estimates inorganic N (ammonium and nitrate) concentration in field and laboratory settings. Photometer-based analysis of the sum of inorganic N species also consistently approximated the total N concentration in the final effluent from the systems. A cost-benefit analysis indicated that the photometer is a more cost-effective option than having samples analyzed by commercial environmental testing laboratories after analysis of 8 to 33 samples. A portable photometer can be used to provide reliable, cost-effective measurements of ammonium and nitrate concentrations, and estimates of total N levels in advanced N-removal OWTS effluent. This method can be a viable tool for triaging system performance in the field, helping to identify systems that are not functioning properly and may need to be adjusted or repaired by an operation and maintenance service provider in order to meet treatment standards

Status and prospects for renewable energy using wood pellets from the southeastern United States

The ongoing debate about costs and benefits of wood-pellet based bioenergy production in the southeastern United States (SE USA) requires an understanding of the science and context influencing market decisions associated with its sustainability. Production of pellets has garnered much attention as US exports have grown from negligible amounts in the early 2000s to 4.6 million metric tonnes in 2015. Currently, 98% of these pellet exports are shipped to Europe to displace coal in power plants. We ask, ‘How is the production of wood pellets in the SE USA affecting forest systems and the ecosystem services they provide?’ To address this question, we review current forest conditions and the status of the wood products industry, how pellet production affects ecosystem services and biodiversity, and what methods are in place to monitor changes and protect vulnerable systems. Scientific studies provide evidence that wood pellets in the SE USA are a fraction of total forestry operations and can be produced while maintaining or improving forest ecosystem services. Ecosystem services are protected by the requirement to utilize loggers trained to apply scientifically based best management practices in planning and implementing harvest for the export market. Bioenergy markets supplement incomes to private rural landholders and provide an incentive for forest management practices that simultaneously benefit water quality and wildlife and reduce risk of fire and insect outbreaks. Bioenergy also increases the value of forest land to landowners, thereby decreasing likelihood of conversion to nonforest uses. Monitoring and evaluation are essential to verify that regulations and good practices are achieving goals and to enable timely responses if problems arise. Conducting rigorous research to understand how conditions change in response to management choices requires baseline data, monitoring, and appropriate reference scenarios. Long-term monitoring data on forest conditions should be publicly accessible and utilized to inform adaptive management