Growth options and firm valuation

This paper studies the relation between firm value and a firm's growth options. We find strong empirical evidence that (average) Tobin's Q increases with firm-level volatility. However, the significance mainly comes from R&D firms, which have more growth options than non-R&D firms. By decomposing firm-level volatility into its systematic and unsystematic part, we also document that only idiosyncratic volatility (ivol) has a significant effect on valuation. Second, we analyze the relation of stock returns to realized contemporaneous idiosyncratic volatility and R&D expenses. Single sorting according to the size of idiosyncratic volatility, we only find a significant ivol anomaly for non-R&D portfolios, whereas in a four-factor model the portfolio alphas of R&D portfolios are all positive. Double sorting on idiosyncratic volatility and R&D expenses also reveals these differences between R&D and non-R&D firms. To simultaneously control for several explanatory variables, we also run panel regressions of portfolio alphas which confirm the relative importance of idiosyncratic volatility that is amplified by R&D expenses

Spatially resolved photo ionization of ultracold atoms on an atom chip

We report on photo ionization of ultracold magnetically trapped Rb atoms on an atom chip. The atoms are trapped at 5 $\mu$K in a strongly anisotropic trap. Through a hole in the chip with a diameter of 150 $\mu$m two laser beams are focussed onto a fraction of the atomic cloud. A first laser beam with a wavelength of 778 nm excites the atoms via a two photon transition to the 5D level. With a fiber laser at 1080 nm the excited atoms are photo ionized. Ionization leads to depletion of the atomic density distribution observed by absorption imaging. The resonant ionization spectrum is reported. The setup used in this experiment is not only suitable to investigate BEC ion mixtures but also single atom detection on an atom chip

Virtual testing environment tools for railway vehicle certification

This paper describes the work performed in Work Package 6 of the European project DynoTRAIN. Its task was to investigate the effects that uncertainties present within the track and running conditions have on the simulated behaviour of a railway vehicle. Methodologies and frameworks for using virtual simulation and statistical tools, in order to reduce both the cost and time required for the certification of new or modified railway vehicles, were proposed. In particular, the project developed a virtual test track (VTT) toolkit that is capable of both generating a series of test tracks based on measurements, which can be used in vehicle virtual testing using computer simulation models, and also automatically handling the output results. The toolkit is compliant with prEN14363: 2013. The VTT was used as an experimental tool to analyse cross-correlations between track data (input) and matching vehicle response (output) based on data recorded using a test train. This paper discusses the issues encountered in the process and suggests avenues for future developments and potential use in the context of European cross-acceptance. The VTT offers benefits to the areas of design development and regulatory certification

Nonlinear Dynamics of a Bose-Einstein Condensate in a Magnetic Waveguide

We have studied the internal and external dynamics of a Bose-Einstein condensate in an anharmonic magnetic waveguide. An oscillating condensate experiences a strong coupling between the center of mass motion and the internal collective modes. Due to the anharmonicity of the magnetic potential, not only the center of mass motion shows harmonic frequency generation, but also the internal dynamics exhibit nonlinear frequency mixing. We describe the data with a theoretical model to high accuracy. For strong excitations we test the experimental data for indications of a chaotic behavior.Comment: 4 pages, 4 figure

Campus & alumni news

Boston University Medicine was published by the Boston University Medical Campus, and presented stories on events and topics of interest to members of the BU Medical Campus community. It followed the discontinued publication Centerscope as Boston University Medicine from 1991-2005, and was continued as Campus & Alumni News from 2006-2013 before returning to the title Boston University Medicine from 2014-present

Sympathetic Cooling of Lithium by Laser-cooled Cesium

We present first indications of sympathetic cooling between two neutral, optically trapped atomic species. Lithium and cesium atoms are simultaneously stored in an optical dipole trap formed by the focus of a CO$_2$ laser, and allowed to interact for a given period of time. The temperature of the lithium gas is found to decrease when in thermal contact with cold cesium. The timescale of thermalization yields an estimate for the Li-Cs cross-section.Comment: 4 pages, proceedings of ICOLS 200

Combined chips for atom-optics

We present experiments with Bose-Einstein condensates on a combined atom chip. The combined structure consists of a large-scale "carrier chip" and smaller "atom-optics chips", containing micron-sized elements. This allows us to work with condensates very close to chip surfaces without suffering from fragmentation or losses due to thermally driven spin flips. Precise three-dimensional positioning and transport with constant trap frequencies are described. Bose-Einstein condensates were manipulated with submicron accuracy above atom-optics chips. As an application of atom chips, a direction sensitive magnetic field microscope is demonstrated.Comment: 9 pages, 9 figure