Institutional Debt Holder Governance

Using data on the universe of US-based mutual funds, we find that two out of five fund families hold corporate bonds of firms in which they also own an equity stake. We show that the greater the fraction of debt a fund family holds in a given firm, the greater its propensity to vote in line with the interests of firm debt holders at shareholder meetings. Voting has direct policy consequences as firms that receive more votes in favor of creditors make corporate decisions more in line with the interests of debt holders

Stability of plane Poiseuille-Couette flows of a piezo-viscous fluid

We examine stability of fully developed isothermal unidirectional plane Poiseuille--Couette flows of an incompressible fluid whose viscosity depends linearly on the pressure as previously considered in Hron01 and Suslov08. Stability results for a piezo-viscous fluid are compared with those for a Newtonian fluid with constant viscosity. We show that piezo-viscous effects generally lead to stabilisation of a primary flow when the applied pressure gradient is increased. We also show that the flow becomes less stable as the pressure and therefore the fluid viscosity decrease downstream. These features drastically distinguish flows of a piezo-viscous fluid from those of its constant-viscosity counterpart. At the same time the increase in the boundary velocity results in a flow stabilisation which is similar to that observed in Newtonian fluids with constant viscosity

Stability of plane Poiseuille flow of a fluid with pressure-dependent viscosity

We study the linear stability of a plane Poiseuille flow of an incompressible fluid whose viscosity depends linearly on the pressure. It is shown that the local critical Reynolds number is a sensitive function of the applied pressure gradient and that it decreases along the channel. While in the limit of small pressure gradients conventional results for a pressure-independent Newtonian fluid are recovered, a significant stabilisation of the flow and an elongation of the critical disturbance wavelength are observed when the longitudinal pressure gradient is increased. These features drastically distinguish the stability characteristics of a piezo-viscous flow from its pressure-independent Newtonian counterpart

Revisiting plane Couette-Poiseuille flows of a piezo-viscous fluid

We re-examine fully developed isothermal unidirectional plane Couette-Poiseuille flows of an incompressible fluid whose viscosity depends linearly on the pressure as previously considered in Hron et al 2001. We show that the conclusion made there that, in contrast to Newtonian and power-law fluids, piezo-viscous fluids allow multiple solutions is not justified, and that the inflection velocity profiles reported in Hron et al 2001 cannot exist. Subsequently, we undertake a systematic parametric study of these flows and identify three distinct families of solutions which can exist in the considered geometry. One of these families has no similar counterpart for fluids with pressure-independent viscosity. We also show that the critical wall speed exists beyond which Poiseuille-type flows are impossible regardless of the magnitude of the applied pressure gradient. For smaller wall speeds channel choking occurs for Poiseuille-type flows at large pressure gradients. These features distinguish drastically piezo-viscous fluids from their Newtonian and power-law counterparts