The Response of Firms' Leverage to Uncertainty: Evidence from UK Public versus Non-Public Firms

This paper empirically investigates the effects of uncertainty on firms' leverage. The analysis is carried out for a large panel of public and non-public UK manufacturing rms over 1999-2008. The empirical results provide evidence that firms use less short-term debt as they go through periods of high uncertainty. The leverage of non-public firms is more sensitive to idiosyncratic uncertainty in comparison to their public counterparts, yet macroeconomic uncertainty a ects both types of firms similarly. We finally end our investigation showing that the total impact of either type of uncertainty on firms' leverage is related to the amount of the cash buffer each firm carries

Time of primordial Be-7 conversion into Li-7, energy release and doublet of narrow cosmological neutrino lines

One of the important light elements created during the big bang nucleosynthesis is Be-7 which then decays to Li-7 by electron capture when recombination becomes effective but well before the Saha equilibrium recombination is reached. This means that Be-7 should wait until its recombination epoch even though the half-life of the hydrogenic beryllium atom is only 106.4 days. We calculate when the conversion from primordial Be-7 to Li-7 occurs taking into account the population of the hyperfine structure sublevels and solving the kinetic equations for recombination, photoionization and conversion rate. We also calculate the energies and the spectrum of narrow neutrino doublet lines resulting from Be-7 decay.Comment: Minor typos correcte