Financing asset growth : [version 11 august 2013]

In this paper we provide new evidence that corporate financing decisions are associated with managerial incentives to report high equity earnings. Managers rely most heavily on debt to finance their asset growth when their future earnings prospects are poor, when they are under pressure due to past declines in earnings, negative past stock returns, and excessively optimistic analyst earnings forecasts, and when the earnings yield is high relative to bond yields so that from an accounting perspective equity is ‘expensive’. Managers of high debt issuing firms are more likely to be newly appointed and also more likely to be replaced in subsequent years. Abnormal returns on portfolios formed on the basis of asset growth and debt issuance are strongly positively associated with the contemporaneous changes in returns on assets and on equity as well as with earnings surprises. This may account for the finding that debt issuance forecasts negative abnormal returns, since debt issuance also forecasts negative changes in returns on assets and on equity and negative earnings surprises. Different mechanisms appear to be at work for firms that retire debt

The Thimbleberry Gallmaker, \u3ci\u3eDiastrophus Kincaidii,\u3c/i\u3e (Hymenoptera: Cynipidae), in the Great Lakes Region

Diastrophus kinccddii, a gall wasp previously known only from California and the Pacific Northwest, is reported from the Great Lakes Region. It is present on thimbleberry, Rubus parviflorus, in three counties in the Upper Peninsula of Michi- gan and in Duluth, Minnesota. It may have arrived on the Keweenaw Peninsula of Upper Michigan within the past ten years. Information about its biology, distribu- tion, and abundance is presented

Variable Bandwidth Filter for Multibeam Echo-sounding Bottom Detection

The accuracy of a seafloor map derived from multibeam swath bathymetry depends first and foremost on the quality of the bottom detection process that yields estimates of the arrival time and angle of bottom echoes received in each beam. Filtering of each beam with a fixed bandwidth filter, with the bandwidth based on the length of the transmitted pulse, reduces the error associated with the time-angle estimates. However, filters of this type can not be optimal over the wide range of operational environments encountered. Better results are obtained with a processing scheme that varies the filter bandwidth across the swath width using detected time and angle information from the previous ping. This method is evaluated using sonar data obtained with a Reson SeaBat 8111ER and the results compared with those obtained using a fixed bandwidth filter

Automated tracking of colloidal clusters with sub-pixel accuracy and precision

Quantitative tracking of features from video images is a basic technique employed in many areas of science. Here, we present a method for the tracking of features that partially overlap, in order to be able to track so-called colloidal molecules. Our approach implements two improvements into existing particle tracking algorithms. Firstly, we use the history of previously identified feature locations to successfully find their positions in consecutive frames. Secondly, we present a framework for non-linear least-squares fitting to summed radial model functions and analyze the accuracy (bias) and precision (random error) of the method on artificial data. We find that our tracking algorithm correctly identifies overlapping features with an accuracy below 0.2% of the feature radius and a precision of 0.1 to 0.01 pixels for a typical image of a colloidal cluster. Finally, we use our method to extract the three-dimensional diffusion tensor from the Brownian motion of colloidal dimers.Comment: 20 pages, 8 figures. Non-revised preprint version, please refer to http://dx.doi.org/10.1088/1361-648X/29/4/04400

Spatially resolved photo ionization of ultracold atoms on an atom chip

We report on photo ionization of ultracold magnetically trapped Rb atoms on an atom chip. The atoms are trapped at 5 $\mu$K in a strongly anisotropic trap. Through a hole in the chip with a diameter of 150 $\mu$m two laser beams are focussed onto a fraction of the atomic cloud. A first laser beam with a wavelength of 778 nm excites the atoms via a two photon transition to the 5D level. With a fiber laser at 1080 nm the excited atoms are photo ionized. Ionization leads to depletion of the atomic density distribution observed by absorption imaging. The resonant ionization spectrum is reported. The setup used in this experiment is not only suitable to investigate BEC ion mixtures but also single atom detection on an atom chip

Aerobee 150 structural and aerodynamic pitch coupling

Aerobee 150 structural and aerodynamic pitch coupling failure analysis based on flight performance data reductio

Seafloor Characterization Through the Application of AVO Analysis to Multibeam Sonar Data

In the seismic reflection method, it is well known that seismic amplitude varies with the offset between the seismic source and detector and that this variation is a key to the direct determination of lithology and pore fluid content of subsurface strata. Based on this fundamental property, amplitude-versus-offset (AVO) analysis has been used successfully in the oil industry for the exploration and characterization of subsurface reservoirs. Multibeam sonars acquire acoustic backscatter over a wide range of incidence angles and the variation of the backscatter with the angle of incidence is an intrinsic property of the seafloor. Building on this analogy, we have adapted an AVO-like approach for the analysis of acoustic backscatter from multibeam sonar data. The analysis starts with the beam-by-beam time-series of acoustic backscatter provided by the multibeam sonar and then corrects the backscatter for seafloor slope (i.e. true incidence angle), time varying and angle varying gains, and area of insonification. Once the geometric and radiometric corrections are made, a series of “AVO attributes” (e.g. near, far, slope, gradient, fluid factor, product, etc.) are calculated from the stacking of consecutive time series over a spatial scale that approximates half of the swath width (both along track and across track). Based on these calculated AVO attributes and the inversion of a modified Williams, K. L. (2001) acoustic backscatter model, we estimate the acoustic impedance, the roughness, and consequently the grain size of the insonified area on the seafloor. The inversion process is facilitated through the use of a simple, interactive graphical interface. In the process of this inversion, the relative behavior of the model parameters is constrained by established inter-property relationships. The approach has been tested using a 300 kHz Simrad EM3000 multibeam sonar in Little Bay, N.H., an area that we can easily access for ground-truth studies. AVO-derived impedance estimates are compared to in situ measurements of sound speed and AVO-derived grain-size estimates are compared to the direct measurement of grain size on grab samples. Both show a very good correlation indicating the potential of this approach for robust seafloor characterization