41 research outputs found

    Is the Corporate Loan Market Globally Integrated? A Pricing Puzzle

    Get PDF
    We offer evidence that interest rate spreads on syndicated loans to corporate borrowers are economically significantly smaller in Europe than in the United States, other things equal. Differences in borrower, loan, and lender characteristics do not appear to explain this phenomenon. Borrowers overwhelmingly issue in their natural home market and bank portfolios display home bias. This may explain why pricing discrepancies are not competed away, though their causes remain a puzzle. Thus, important determinants of loan origination market outcomes remain to be identified, home bias appears to be material for pricing, and corporate financing costs differ across Europe and the United States

    Generated carrier dynamics in V-pit enhanced InGaN/GaN light emitting diode

    Get PDF
    We investigate the effects of V-pits on the optical properties of a state-of-the art highly efficient, blue InGaN/GaN multi-quantum-well (MQW) light emitting diode (LED) with high internal quantum efficiency (IQE) of > 80%. The LED is structurally enhanced by incorporating pre-MQW InGaN strain relief layer with low InN content and patterned sapphire substrate. For comparison, a conventional (unenhanced) InGaN/GaN MQW LED (with IQE of 46%) grown under similar conditions was subjected to the same measurements. Scanning transmission electron microscopy (STEM) reveals the absence of V-pits in the unenhanced LED, whereas in the enhanced LED, V-pits with {10-11} facets, emerging from threading dislocations (TDs) were prominent. Cathodoluminescence mapping reveals the luminescence properties near the V-pits, showing that the formation of V-pit defects can encourage the growth of defect-neutralizing barriers around TD defect states. The diminished contribution of TDs in the MQWs allows indium-rich localization sites to act as efficient recombination centers. Photoluminescence and time-resolved spectroscopy measurements suggest that the V-pits play a significant role in the generated carrier rate and droop mechanism, showing that the quantum confined Stark effect is suppressed at low generated carrier density, after which the carrier dynamics and droop are governed by the carrier overflow effect

    The Role of Information and Financial Reporting in Corporate Governance and Debt Contracting

    Get PDF
    We review recent literature on the role of financial reporting transparency in reducing governance-related agency conflicts among managers, directors, and shareholders, as well as in reducing agency conflicts between shareholders and creditors, and offer researchers some suggested avenues for future research. Key themes include the endogenous nature of debt contracts and governance mechanisms with respect to information asymmetry between contracting parties, the heterogeneous nature of the informational demands of contracting parties, and the heterogeneous nature of the resulting governance and debt contracts. We also emphasize the role of a commitment to financial reporting transparency in facilitating informal multiperiod contracts among managers, directors, shareholders, and creditors

    Message Journal, Issue 5: COVID-19 SPECIAL ISSUE Capturing visual insights, thoughts and reflections on 2020/21 and beyond...

    Get PDF
    If there is a theme running through the Message Covid-19 special issue, it is one of caring. Of our own and others’ resilience and wellbeing, of friendship and community, of students, practitioners and their futures, of social justice, equality and of doing the right thing. The veins of designing with care run through the edition, wide and deep. It captures, not designers as heroes, but those with humble views, exposing the need to understand a diversity of perspectives when trying to comprehend the complexity that Covid-19 continues to generate. As graphic designers, illustrators and visual communicators, contributors have created, documented, written, visualised, reflected, shared, connected and co-created, designed for good causes and re-defined what it is to be a student, an academic and a designer during the pandemic. This poignant period in time has driven us, through isolation, towards new rules of living, and new ways of working; to see and map the world in a different light. A light that is uncertain, disjointed, and constantly being redefined. This Message issue captures responses from the graphic communication design community in their raw state, to allow contributors to communicate their experiences through both their written and visual voice. Thus, the reader can discern as much from the words as the design and visualisations. Through this issue a substantial number of contributions have focused on personal reflection, isolation, fear, anxiety and wellbeing, as well as reaching out to community, making connections and collaborating. This was not surprising in a world in which connection with others has often been remote, and where ‘normal’ social structures of support and care have been broken down. We also gain insight into those who are using graphic communication design to inspire and capture new ways of teaching and learning, developing themselves as designers, educators, and activists, responding to social justice and to do good; gaining greater insight into society, government actions and conspiracy. Introduction: Victoria Squire - Coping with Covid: Community, connection and collaboration: James Alexander & Carole Evans, Meg Davies, Matthew Frame, Chae Ho Lee, Alma Hoffmann, Holly K. Kaufman-Hill, Joshua Korenblat, Warren Lehrer, Christine Lhowe, Sara Nesteruk, Cat Normoyle & Jessica Teague, Kyuha Shim. - Coping with Covid: Isolation, wellbeing and hope: Sadia Abdisalam, Tom Ayling, Jessica Barness, Megan Culliford, Stephanie Cunningham, Sofija Gvozdeva, Hedzlynn Kamaruzzaman, Merle Karp, Erica V. P. Lewis, Kelly Salchow Macarthur, Steven McCarthy, Shelly Mayers, Elizabeth Shefrin, Angelica Sibrian, David Smart, Ane Thon Knutsen, Isobel Thomas, Darryl Westley. - Coping with Covid: Pedagogy, teaching and learning: Bernard J Canniffe, Subir Dey, Aaron Ganci, Elizabeth Herrmann, John Kilburn, Paul Nini, Emily Osborne, Gianni Sinni & Irene Sgarro, Dave Wood, Helena Gregory, Colin Raeburn & Jackie Malcolm. - Coping with Covid: Social justice, activism and doing good: Class Action Collective, Xinyi Li, Matt Soar, Junie Tang, Lisa Winstanley. - Coping with Covid: Society, control and conspiracy: Diana Bîrhală, Maria Borțoi, Patti Capaldi, Tânia A. Cardoso, Peter Gibbons, Bianca Milea, Rebecca Tegtmeyer, Danne Wo

    Current events in insurance: Three essays on capital, learning, and geography

    No full text
    This dissertation combines three essays on topics related to the industrial organization of insurance markets. The unifying theme is that each essay addresses an empirical aspect of a topic of current interest in the academic literature on insurance markets. The first chapter utilizes policy-level insurance data to test a theory of asymmetric information among competing insurance companies, providing a contribution to the empirical literature on asymmetric information in insurance markets. The second chapter uses a novel firm-level dataset of European insurance companies to compare the operating efficiency of domestic versus foreign insurers. The results of this work are important in understanding the role of geography and globalization in the financial service industry. The third chapter uses a frontier efficiency methodology to test hypotheses concerning the build-up of equity capital in the U.S. property-liability industry during the late 1990s. In addition to testing a variety of theories about capital structure, the work identifies a penalty associated with holding excess financial capital. In concert, these three essays provide a contemporary look at important issues in insurance economics

    Current events in insurance: Three essays on capital, learning, and geography

    No full text
    This dissertation combines three essays on topics related to the industrial organization of insurance markets. The unifying theme is that each essay addresses an empirical aspect of a topic of current interest in the academic literature on insurance markets. The first chapter utilizes policy-level insurance data to test a theory of asymmetric information among competing insurance companies, providing a contribution to the empirical literature on asymmetric information in insurance markets. The second chapter uses a novel firm-level dataset of European insurance companies to compare the operating efficiency of domestic versus foreign insurers. The results of this work are important in understanding the role of geography and globalization in the financial service industry. The third chapter uses a frontier efficiency methodology to test hypotheses concerning the build-up of equity capital in the U.S. property-liability industry during the late 1990s. In addition to testing a variety of theories about capital structure, the work identifies a penalty associated with holding excess financial capital. In concert, these three essays provide a contemporary look at important issues in insurance economics

    All-experimental analysis of doubly resonant Sum-Frequency Generation spectra: application to aggregated rhodamine films

    No full text
    International audienceA new method is proposed to analyze doubly-resonant infrared-visible sum-frequency (DR-SFG) spectra. Based on the transform technique, this approach is free from assumptions about vibronic modes, energies, or line widths, and accurately captures through the overlap spectral function all required aspects of the vibronic structure from simple experimental linear absorption spectra. Details and implementation of the method are provided, along with three examples treating rhodamine thin films about one monolayer thick. The technique leads to a perfect agreement between experiment and simulations of the visible DR-SFG lineshapes, even in the case of complex intermolecular interactions resulting from J{aggregated chromophores in heterogeneous films. For films with mixed H and J aggregates, separation of their responses shows that the J{aggregate DR-SFG response is dominant. Our analysis also accounts for the unexplained results published in the early times of DR-SFG experiments

    Quantitative Comparison of IMAC and TiO 2 Surfaces Used in the Study of Regulated, Dynamic Protein Phosphorylation ARTICLE IN PRESS

    No full text
    Protein phosphorylation regulates many aspects of cellular function, including cell proliferation, migration, and signal transduction. An efficient strategy to isolate phosphopeptides from a pool of unphosphorylated peptides is essential to global characterization using mass spectrometry. We describe an approach employing isotope tagging reagents for relative and absolute quantification (iTRAQ) labeling to compare quantitatively commercial and prototypal immobilized metal affinity chelate (IMAC) and metal oxide resins. Results indicate a prototype iron chelate resin coupled to magnetic beads outperforms either the Ga 3ϩ -coupled analog, Fe 3ϩ , or Ga 3ϩ -loaded, iminodiacetic acid (IDA)-coated magnetic particles, Ga 3ϩ -loaded Captivate beads, Fe 3ϩ -loaded Poros 20MC, or zirconium-coated ProteoExtract magnetic beads. For example, compared with Poros 20MC, the magnetic metal chelate (MMC) studied here improved phosphopeptide recovery by 20% and exhibited 60% less contamination from unphosphorylated peptides. With respect to efficiency and contamination, MMC performed as well as prototypal magnetic metal oxide-coated (TiO 2 ) beads (MMO) or TiO 2 chromatographic spheres, even if the latter were used with 2,5-dihydroxybenzoic acid (DHB) procedures. Thus far, the sensitivity of the new prototypes reaches 50 fmol, which is comparable to TiO 2 spheres. In an exploration of natural proteomes, tryptic (phospho)peptides captured from stable isotopic labeling with amino acids in cell culture (SILAC)-labeled immunocomplexes following EGF-treatment of 5 ϫ 10 7 HeLa cells were sufficient to quantify stimulated response of over 60 proteins and identify 20 specific phosphorylation sites. (J Am Soc Mass Spectrom 2007, xx, xxx) © 2007 American Society for Mass Spectrometry C haracterization of protein phosphorylation status, especially following stimulated transduction events, can provide mechanistic insights into the biological basis of signaling, cell cycle progression, adhesion, migration, and numerous other functions. Nowadays, the identification of phosphorylation sites in a complex milieu is carried out mainly by mass spectrometry. However, the sensitivity of analysis is largely hindered by low stoichiometry of phosphorylation, the reversible nature of the modification, and relatively weak ionization of phosphopeptides. It has been noted that enrichment of phosphopeptides from a pool of unphosphorylated peptides dramatically improves the success frequency for characterization. Several methods for enriching phosphorylated peptides have been reported, including chemical derivatization of phospho-residues [1-5], antibody-based capture, immobilized metal affinity chromatography (IMAC) [6 -10], enrichment on metal oxide surfaces Although 32 P-radiolabeled phosphopeptides have been used to quantify capture efficiency of a few IMAC materials in MS studies, most evaluations of capture materials have been performed in a qualitative fashio
    corecore