Solicited and Unsolicited Credit Ratings: A Global Perspective

We conducted a global study of the long-term issuer ratings of nonfinancial firms from Standard and Poor's Ratings Services (S&P) for the period 1998–2003. Specifically, we focused on the solicited versus unsolicited ratings and sample-selection bias in the analysis. Unlike the literature, we adopted an improved method using Wooldridge’s instrumental-variable approach to mitigate the concern of specification errors in Heckman’s model. We found that the probability of seeking a long-term issuer rating is positively related to the size and profitability of the firm, and negatively related to the growth opportunities and debt levels of the firm. The credit rating is positively related to the sovereign rating, size, and profitability of the issuer, and negatively related to the debt ratio of the issuer. Consistent with the literature, we found sample-selection bias in credit ratings. Our findings suggest that the firms with solicited ratings seem to be more profitable, more liquid, and have lower leverage than the issuers with unsolicited ratings. After controlling for sample-selection bias and some key financial ratios, we found that unsolicited firms, on average, seem to have lower long-term issuer ratings.corporate long-term issuer ratings; solicited and unsolicited

Remote sensing and field assessment of tsunami effects on coastal pond aquaculture in northern Sumatra

An attempt was made to conduct spatial assessment of the pattern and extent of damage to coastal aquaculture ponds along the east coast of Aceh province in Sumatra, Indonesia, resulting from the tsunami event of 26 December 2004. High-resolution satellite imagery, i.e., SPOT-5 multispectral scenes covering the 700 km stretch of the coast, acquired before and after the tsunami, were digitally enhanced and visually interpreted to delineate pockets of aquaculture ponds that were discerned to be damaged and relatively intact. Field checks were conducted at 87 sites in the four eastern coastal districts. The results indicate that SPOT-5 multispectral imagery was minimally sufficient to detect areas of damaged and relatively intact aquaculture ponds, but the 10-m spatial resolution poses limitations to evaluating the extent of pond damage. Nevertheless, the 60 km swath of the imagery makes it reasonably affordable for large-area assessment to identify pockets of severe damage for targeting more detailed assessments. The image maps produced from a mosaic of the SPOT-5 scenes can also serve as base maps for spatial planning in the challenging task of reconstruction and rehabilitation of the disrupted livelihoods of the coastal communities.Remote sensing, Disasters, Spatial analysis, Coastal zone, ISEW, Indonesia, Aceh,

Few-electron quantum dots in III-V ternary alloys: role of fluctuations

We study experimentally the electron transport properties of gated quantum dots formed in InGaAs/InP and InAsP/InP quantum well structures grown by chemical-beam epitaxy. For the case of the InGaAs quantum well, quantum dots form directly underneath narrow gate electrodes due to potential fluctuations. We measure the Coulomb-blockade diamonds in the few-electron regime of a single quantum dot and observe photon-assisted tunneling peaks under microwave irradiation. A singlet-triplet transition at high magnetic field and Coulomb-blockade effects in the quantum Hall regime are also observed. For the InAsP quantum well, an incidental triple quantum dot forms also due to potential fluctuations within a single dot layout. Tunable quadruple points are observed via transport measurements.Comment: 3.3 pages, 3 figures. Added two new subfigures, new references, and improved the tex

Coherent Transport Through a Quadruple Point in a Few Electron Triple Dot

A few electron double electrostatic lateral quantum dot can be transformed into a few electron triple quantum dot by applying a different combination of gate voltages. Quadruple points have been achieved at which all three dots are simultaneously on resonance. At these special points in the stability diagram four occupation configurations are possible. Both charge detection and transport experiments have been performed on this device. In this short paper we present data and confirm that transport is coherent by observing a Pi phase shift in magneto-conductance oscillations as one passes through the quadruple point.Comment: To be published in ICPS Conf. Proceedings 200

A Tuneable Few Electron Triple Quantum Dot

In this paper we report on a tuneable few electron lateral triple quantum dot design. The quantum dot potentials are arranged in series. The device is aimed at studies of triple quantum dot properties where knowing the exact number of electrons is important as well as quantum information applications involving electron spin qubits. We demonstrate tuning strategies for achieving required resonant conditions such as quadruple points where all three quantum dots are on resonance. We find that in such a device resonant conditions at specific configurations are accompanied by novel charge transfer behaviour.Comment: 11 pages, 4 figure

Optimising DNA binding to carbon nanotubes by non-covalent methods

The use of carbon nanotubes as a gene delivery system has been extensively studied in recent years owing to its potential advantages over viral vectors. To achieve this goal, carbon nanotubes have to be functionalized to become compatible with aqueous media and to bind the genetic material. To establish the best conditions for plasmid DNA binding, we compare the dispersion properties of single-, double- and multi-walled carbon nanotubes (SWCNTs, DWCNTs and MWCNTs, respectively) functionalized with a variety of surfactants by non-covalent attachment. The DNA binding properties of the functionalized carbon nanotubes were studied and compared by electrophoresis. Furthermore, a bilayer functionalization method for DNA binding on SWCNTs was developed that utilized RNA-wrapping to solubilize the nanotubes and cationic polymers as a bridge between nanotubes and DNA

System architecture of MMIC-based large aperture arrays for space application

The persistent trend to use millimeter-wave frequencies for satellite communications presents the challenge to design large-aperture phased arrays for space applications. These arrays, which comprise 100 to 10,000 elements, are now possible due to the advent of lightwave technology and the availability of monolithic microwave integrated circuits. In this paper, system aspects of optically controlled array design are studied. In particular, two architectures for a 40 GHz array are outlined, and the main system-related issues are examined: power budget, synchronization in frequency and phase, and stochastic effects

Application of Risk Informed Decision Making to Highly Reliable Three Dimensionally Woven Thermal Protection System for Mars Sample Return

The NASA Risk Informed Decision Making process is used to assess a trade space of three dimensionally woven thermal protection systems for application to the Mars Sample Return Earth Entry Vehicle. Candidate architectures are assessed based on mission assurance, technical development, cost, and schedule risk. Assessment methodology differed between the architectures, utilizing a four-point quantitative scale for mission assurance and technical development and highly tailored PERT techniques for cost and schedule. Risk results are presented, in addition to a review of RIDM effectiveness for this application

Eclipsing Systems in Star Structures. III. Early-Type Contact System BH Centauri

Close to 1000 photoelectric observations of BH Cen in the yellow, blue, and ultraviolet regions were analyzed. The period found was 0.791616 days. The depths of minima were about equal, and were more than 1 magnitude! A photometric solution was derived with the Wilson and Devinney model. The binary is an overcontact system with primary and secondary masses equal to 10 M?. Based on its membership in IC 2944 and the size of the primary radius, BH Cen may be another example of a zero-age contact system

The visibility study of S-T+_+ Landau-Zener-St\"uckelberg oscillations without applied initialization

Probabilities deduced from quantum information studies are usually based on averaging many identical experiments separated by an initialization step. Such initialization steps become experimentally more challenging to implement as the complexity of quantum circuits increases. To better understand the consequences of imperfect initialization on the deduced probabilities, we study the effect of not initializing the system between measurements. For this we utilize Landau-Zener-St\"uckelberg oscillations in a double quantum dot circuit. Experimental results are successfully compared to theoretical simulations.Comment: 8 pages, 5 figure