Leveraged buybacks

Debt-financed share buybacks generate positive short-term and long-run abnormal stock returns. Leveraged buyback firms have more debt capacity, higher marginal tax rate, lower excess cash and lower growth prospects ex ante, increase leverage and reduce investments more sharply ex post than cash-financed buyback firms. Firms that are over-levered ex-ante are associated with lower returns and real investments following leveraged buybacks. The lower announcement returns of over-levered firms are concentrated on firms with weaker corporate governance. The evidence is consistent with leveraged buybacks enabling firms to optimize their leverage, on average benefiting shareholders. The benefits decrease with a firm’s leverage ex ante

Anableps: Adapting Bitrate for Real-Time Communication Using VBR-encoded Video

Content providers increasingly replace traditional constant bitrate with variable bitrate (VBR) encoding in real-time video communication systems for better video quality. However, VBR encoding often leads to large and frequent bitrate fluctuation, inevitably deteriorating the efficiency of existing adaptive bitrate (ABR) methods. To tackle it, we propose the Anableps to consider the network dynamics and VBR-encoding-induced video bitrate fluctuations jointly for deploying the best ABR policy. With this aim, Anableps uses sender-side information from the past to predict the video bitrate range of upcoming frames. Such bitrate range is then combined with the receiver-side observations to set the proper bitrate target for video encoding using a reinforcement-learning-based ABR model. As revealed by extensive experiments on a real-world trace-driven testbed, our Anableps outperforms the GCC with significant improvement of quality of experience, e.g., 1.88x video quality, 57% less bitrate consumption, 85% less stalling, and 74% shorter interaction delay.Comment: This paper will be presented at IEEE ICME 202

Geometry-Aware Video Quality Assessment for Dynamic Digital Human

Dynamic Digital Humans (DDHs) are 3D digital models that are animated using predefined motions and are inevitably bothered by noise/shift during the generation process and compression distortion during the transmission process, which needs to be perceptually evaluated. Usually, DDHs are displayed as 2D rendered animation videos and it is natural to adapt video quality assessment (VQA) methods to DDH quality assessment (DDH-QA) tasks. However, the VQA methods are highly dependent on viewpoints and less sensitive to geometry-based distortions. Therefore, in this paper, we propose a novel no-reference (NR) geometry-aware video quality assessment method for DDH-QA challenge. Geometry characteristics are described by the statistical parameters estimated from the DDHs' geometry attribute distributions. Spatial and temporal features are acquired from the rendered videos. Finally, all kinds of features are integrated and regressed into quality values. Experimental results show that the proposed method achieves state-of-the-art performance on the DDH-QA database

Perceptual Quality Assessment for Digital Human Heads

Digital humans are attracting more and more research interest during the last decade, the generation, representation, rendering, and animation of which have been put into large amounts of effort. However, the quality assessment of digital humans has fallen behind. Therefore, to tackle the challenge of digital human quality assessment issues, we propose the first large-scale quality assessment database for three-dimensional (3D) scanned digital human heads (DHHs). The constructed database consists of 55 reference DHHs and 1,540 distorted DHHs along with the subjective perceptual ratings. Then, a simple yet effective full-reference (FR) projection-based method is proposed to evaluate the visual quality of DHHs. The pretrained Swin Transformer tiny is employed for hierarchical feature extraction and the multi-head attention module is utilized for feature fusion. The experimental results reveal that the proposed method exhibits state-of-the-art performance among the mainstream FR metrics, which can provide an effective FR-IQA index for DHHs

Simple Baselines for Projection-based Full-reference and No-reference Point Cloud Quality Assessment

Point clouds are widely used in 3D content representation and have various applications in multimedia. However, compression and simplification processes inevitably result in the loss of quality-aware information under storage and bandwidth constraints. Therefore, there is an increasing need for effective methods to quantify the degree of distortion in point clouds. In this paper, we propose simple baselines for projection-based point cloud quality assessment (PCQA) to tackle this challenge. We use multi-projections obtained via a common cube-like projection process from the point clouds for both full-reference (FR) and no-reference (NR) PCQA tasks. Quality-aware features are extracted with popular vision backbones. The FR quality representation is computed as the similarity between the feature maps of reference and distorted projections while the NR quality representation is obtained by simply squeezing the feature maps of distorted projections with average pooling The corresponding quality representations are regressed into visual quality scores by fully-connected layers. Taking part in the ICIP 2023 PCVQA Challenge, we succeeded in achieving the top spot in four out of the five competition tracks

Improving the Gilbert-Varshamov Bound by Graph Spectral Method

We improve Gilbert-Varshamov bound by graph spectral method. Gilbert graph $G_{q,n,d}$ is a graph with all vectors in $\mathbb{F}_q^n$ as vertices where two vertices are adjacent if their Hamming distance is less than $d$. In this paper, we calculate the eigenvalues and eigenvectors of $G_{q,n,d}$ using the properties of Cayley graph. The improved bound is associated with the minimum eigenvalue of the graph. Finally we give an algorithm to calculate the bound and linear codes which satisfy the bound

On the Weight Distribution of Weights Less than 2wmin⁡2w_{\min} in Polar Codes

The number of low-weight codewords is critical to the performance of error-correcting codes. In 1970, Kasami and Tokura characterized the codewords of Reed-Muller (RM) codes whose weights are less than $2w_{\min}$, where $w_{\min}$ represents the minimum weight. In this paper, we extend their results to decreasing polar codes. We present the closed-form expressions for the number of codewords in decreasing polar codes with weights less than $2w_{\min}$. Moreover, the proposed enumeration algorithm runs in polynomial time with respect to the code length