A note on infinitely distributive inverse semigroups

We show that in any infinitely distributive inverse semigroup the existing binary meets distribute over all the joins that exist.Comment: 3 page

Sup-lattice 2-forms and quantales

A 2-form between two sup-lattices L and R is defined to be a sup-lattice bimorphism L x R -> 2. Such 2-forms are equivalent to Galois connections, and we study them and their relation to quantales, involutive quantales and quantale modules. As examples we describe applications to C*-algebras.Comment: 30 pages. Contains more detailed background section and corrections of several typos and mistake

Capital Structure and Regulation in U.S. Local Telephony: an Exploratory Econometric Study

The paper aims at empirically investigating the relationship between regulation and the capital structure of the regulated firm, A key aspect of the referred relationship pertains a leverage effect according to which debt could be increased as a response to previous physical capital investment with an ultimate goal of inducing higher rates. Theoretical models like Spiegel and Spulber [1997, RAND Journal of Economics] highlight that effect. The present paper considers a panel data set of local exchange carriers-LECs in the U.S. and investigate Granger causality between changes in long-term debt (NDEBT) and gross investment (INV) in physical capital. The evidence accruing from a dynamic panel data estimation indicates an uni-directional causality from INV to NDEBT and therefore is, to a large extent, consistent with a leverage effect and with the notion that the size of the firm´s investment project can impose a restriction on the amount of new debt. The result prevails independent of a control variable that indicates the regulatory regime.regulation; capital structure; dynamic panel data

Capital Structure and Regulation in U.S. Local Telephony: An Exploratory Econometric Study

The paper aims at empirically investigating the relationship between regulation and the capital structure of the regulated firm, A key aspect of the referred relationship pertains a leverage effect according to which debt could be increased as a response to previous physical capital investment with an ultimate goal of inducing higher rates. Theoretical models like Spiegel and Spulber [1997, RAND Journal of Economics] highlight that effect. The present paper considers a panel data set of local exchange carriers-LECs in the U.S. and investigate Granger causality between changes in long-term debt (NDEBT) and gross investment (INV) in physical capital. The evidence accruing from a dynamic panel data estimation indicates an uni-directional causality from INV to NDEBT and therefore is, to a large extent, consistent with a leverage effect and with the notion that the size of the firm´s investment project can impose a restriction on the amount of new debt. The result prevails independent of a control variable that indicates the regulatory regime.regulation, capital structure, dynamic panel data