Repurchasing debt

In this paper we build a theoretical model of corporate debt repurchases. First, we find that the firm that buys back its own debt from a creditor must pay a premium over the price at which the same creditor is willing to trade with third parties. This is because the repurchase by a firm leads to a dollar-for-dollar reduction in the amount of cash or assets available to pay the remaining debt. Second, the repurchase price is lower when there are multiple bondholders because of cross-creditor externalities. Therefore, we challenge the view that restructuring more dispersed debt is always more costly to implement. Third, when bankruptcy costs are significant, there is a range of prices below face value at which debt can be repurchased. Fourth, we show that repurchases contribute to flexibility in firms capital structure and increase ex-ante firm value, but have limited power to mitigate debt overhang

Negative feedback effects on star formation history and cosmic reionization

After considering the effects of negative feedback on the process of star formation, we explore the relationship between star formation process and the associated feedback, by investigating how the mechanical feedback from supernovae(SNe) and radiative feedback from luminous objects regulate the star formation rate and therefore affect the cosmic reionization.Based on our present knowledge of the negative feedback theory and some numerical simulations, we construct an analytic model in the framework of the Lambda cold dark matter model. In certain parameter regions, our model can explain some observational results properly. In large halos(T_vir>10000 K), both mechanical and radiative feedback have a similar behavior: the relative strength of negative feedback reduces as the redshift decreases. In contrast, in small halos (T_vir<10000 K$) that are thought to breed the first stars at early time, the radiative feedback gets stronger when the redshift decreases. And the star formation rate in these small halos depends very weakly on the star-formation efficiency. Our results show that the radiative feedback is important for the early generation stars. It can suppress the star formation rate considerably. But the mechanical feedback from the SNe explosions is not able to affect the early star formation significantly. The early star formation in small-halo objects is likely to be self-regulated. The radiative and mechanical feedback dominates the star formation rate of the PopII/I stars all along. The feedback from first generation stars is very strong and should not be neglected. However, their effects on the cosmic reionization are not significant, which results in a small contribution to the optical depth of Thomson scattering.Comment: 12 pages,6 figure

Multi-service Signal Multiplexing and Isolation for Physical-Layer Network Slicing (PNS)

Network slicing has been identified as one of the most important features for 5G and beyond to enable operators to utilize networks on an as-a-service basis and meet the wide range of use cases. In physical layer, the frequency and time resources are split into slices to cater for the services with individual optimal designs, resulting in services/slices having different baseband numerologies (e.g., subcarrier spacing) and / or radio frequency (RF) front-end configurations. In such a system, the multi-service signal multiplexing and isolation among the service/slices are critical for the Physical-Layer Network Slicing (PNS) since orthogonality is destroyed and significant inter-service/ slice-band-interference (ISBI) may be generated. In this paper, we first categorize four PNS cases according to the baseband and RF configurations among the slices. The system model is established by considering a low out of band emission (OoBE) waveform operating in the service/slice frequency band to mitigate the ISBI. The desired signal and interference for the two slices are derived. Consequently, one-tap channel equalization algorithms are proposed based on the derived model. The developed system models establish a framework for further interference analysis, ISBI cancelation algorithms, system design and parameter selection (e.g., guard band), to enable spectrum efficient network slicing

Channel Estimation and Optimal Pilot Signals for Universal Filtered Multi-Carrier (UFMC) Systems

We propose channel estimation algorithms and pilot signal optimization for the universal filtered multi-carrier (UFMC) system based on the comb-type pilot pattern. By considering the least square linear interpolation (LSLI), discrete Fourier transform (DFT), minimum mean square error (MMSE) and relaxed MMSE (RMMSE) channel estimators, we formulate the pilot signals optimization problem by minimizing the estimation MSE subject to the power constraint on pilot tones. The closed-form optimal solutions and minimum MSE are derived for LSLI, DFT, MMSE and RMMSE estimators

Efficient DCT-MCM Detection for Single and Multi-Antenna Wireless Systems

The discrete cosine transform (DCT) based multicarrier modulation (MCM) system is regarded as one of the promising transmission techniques for future wireless communications. By employing cosine basis as orthogonal functions for multiplexing each real-valued symbol with symbol period of T, it is able to maintain the subcarrier orthogonality while reducing frequency spacing to 1/(2T) Hz, which is only half of that compared to discrete Fourier transform (DFT) based multicarrier systems. In this paper, following one of the effective transmission models by which zeros are inserted as guard sequence and the DCT operation at the receiver is replaced by DFT of double length, we reformulate and evaluate three classic detection methods by appropriately processing the post-DFT signals both for single antenna and multiple-input multiple-output (MIMO) DCT-MCM systems. In all cases, we show that with our reformulated detection approaches, DCT-MCM schemes can outperform, in terms of error-rate, conventional OFDM-based systems