Credit Ratings as Coordination Mechanisms

In this paper, we provide a novel rationale for credit ratings. The rationale that we propose is that credit ratings can serve as a coordinating mechanism in situations where multiple equilibria can obtain. We show that credit ratings provide a "focal point" for firms and their investors. We explore the vital, but previously overlooked implicit contractual relationship between a credit rating agency and a firm. Credit ratings can help fix the desired equilibrium and as such play an economically meaningful role. Our model provides several empirical predictions and insights regarding the expected price impact of ratings changes, the discreteness in funding cost changes, and the effect of the focus of organizations on the efficacy of credit ratings.http://deepblue.lib.umich.edu/bitstream/2027.42/39841/3/wp457.pd

Credit Ratings as Coordination Mechanisms

In this paper, we provide a novel rationale for credit ratings. The rationale that we propose is that credit ratings can serve as a coordinating mechanism in situations where multiple equilibria can obtain. We show that credit ratings provide a "focal point" for firms and their investors. We explore the vital, but previously overlooked implicit contractual relationship between a credit rating agency and a firm. Credit ratings can help fix the desired equilibrium and as such play an economically meaningful role. Our model provides several empirical predictions and insights regarding the expected price impact of ratings changes, the discreteness in funding cost changes, and the effect of the focus of organizations on the efficacy of credit ratings.coordination, credit ratings, multiple equilibria

High voltage solar array study Final report

High voltage solar array stud

Clinical surveillance of thrombotic microangiopathies in Scotland, 2003-2005

The prevalence, incidence and outcomes of haemolytic uraemic syndrome (HUS) and thrombotic thrombocytopaenic purpura (TTP) are not well established in adults or children from prospective studies. We sought to identify both outcomes and current management strategies using prospective, national surveillance of HUS and TTP, from 2003 to 2005 inclusive. We also investigated the links between these disorders and factors implicated in the aetiology of HUS and TTP including infections, chemotherapy, and immunosuppression. Most cases of HUS were caused by verocytotoxin-producing Escherichia coli (VTEC), of which serotype O157 predominated, although other serotypes were identified. The list of predisposing factors for TTP was more varied although use of immunosuppressive agents and severe sepsis, were the most frequent precipitants. The study demonstrates that while differentiating between HUS and TTP is sometimes difficult, in most cases the two syndromes have quite different predisposing factors and clinical parameters, enabling clinical and epidemiological profiling for these disorders

Detection of tightly closed flaws by nondestructive testing (NDT) methods in steel and titanium

X-radiographic, liquid penetrant, ultrasonic, eddy current and magnetic particle testing techniques were optimized and applied to the evaluation of 4340 steel (180 KSI-UTS) and 6Al-4V titanium (STA) alloy specimens. Sixty steel specimens containing a total of 176 fatigue cracks and 60 titanium specimens containing a total of 135 fatigue cracks were evaluated. The cracks ranged in length from .043 cm (0.017 inch) to 1.02 cm (.400 inch) and in depth from .005 cm (.002 inch) to .239 cm (.094 inch) for steel specimens. Lengths ranged from .048 cm (0.019 inch) to 1.03 cm (.407 inch) and depths from 0.010 cm (.004 inch) to .261 cm (0.103 inch) for titanium specimens. Specimen thicknesses were nominally .152 cm (0.060 inch) and 0.635 cm (0.250 inch) and surface finishes were nominally 125 rms. Specimens were evaluated in the "as machined" surface condition, after etch surface and after proof loading in a randomized inspection sequence

Influence of Warping on Stress for Restrained Concrete Slabs: For Application to CRCP

Continuously-reinforced concrete pavement (CRCP) is widely used in transportation system because of its low maintenance requirement. However, the need for large volumes of steel creates a high cost for new construction. The Illinois Tollway is preparing to substantially renovate highways in and around Chicago and this work seeks to understand how concretes of varying mixture designs can be made thinner by reducing the amount of built-in stress. The experiment examines warping in beams subjected to various degrees of restraint, in an effort to assess effectiveness at reducing warping in continuously reinforced concrete pavements. Value added methodologies such as internal curing with fine lightweight aggregate and topically-applied shrinkage-reducing admixture (SRA) were applied to a controlled concrete mixture design. The experimental program examines the warping of a composite concrete-steel beam with differing degrees of restraint, accomplished through using a 1/4 and ½” steel plate with a 2.5 concrete section . Each beam undergoes seven days of uni-axial warping, subjected to a controlled temperature and humidity environment (23+/-2C and 50 +/- 2 % RH), with a linear variable differential transformer to monitor endpoint deflection. Results indicate that as degree of restraint increases, the associated, or built-in , stress increases too; however, the deflection decreases by as much as a factor of two between unrestrained and 1/2 restraint. These findings potentially serve as a solution for effectively reducing the amount of concrete necessary for sustained loading associated with CRCP while mitigating warping and stresses associated