Mechanism of very high energy radiation in BL Lacertae object 3C 66A

Our goal is to understand the nature of blazars and the mechanisms for the generation of high-energy $\gamma$-rays, through the investigation of the blazar 3C 66A. We model the high energy spectrum of 3C 66A, which has been observed recently with the Fermi-LAT and VERITAS telescope. The spectrum has a hard change from the energy range of 0.2-100 GeV to 200-500 GeV in recent almost contemporaneous observations of two telescopes. The de-absorbed VERITAS spectrum greatly depends on the redshift, which is highly uncertain. If z=0.444 is adopted, we are able to use the SSC model to produce the Fermi-LAT component and the EC model to the VERITAS component. However, if z=0.1, the intrinsic VERITAS spectrum will be softer, there will be a smooth link between the Fermi-LAT and VERITAS spectra which can be explained using a SSC model.Comment: 5 pages, 3 figures. accepted for publication in A&

New directions in Japanese bank-firm-relationships: does a relationship matter for corporate performance?

The paper is a first step to tests the impact of bank-firm-relationships on corporate performance under changing economic conditions. Using a data set of standardized annual financial statements of 100 Japanese corporations all listed at the First Section of the Tokyo stock exchange, at the current stage of analysis we find empirical evidence that: (1) investment is determined by output expectations. (2) Q is a significant variable for investment behavior. (3) Investment is restricted by debt-equity ratio, (4) therefore the much claimed signaling effect of a high debt-equity ratio does not hold. (5) In contrast to Germany though, banks allow firms with bank-relationships higher short term debt to total finance and long term loans to total finance ratios, whereas firms with no relationships have a higher equity ratio. (6) Banks influence firms with bank-relationships to decide on low risk investment decisions. Therefore they are able to allow a higher debt-equity ratio (in contrast to Germany). (7) Non-bank-related firms are much more profitable than bank-related firms. The difference is even stronger than in Germany. Yet they also have to bear a higher amount of risk. (8) Apparently the policy of banks in Japan is much different to German banks: Banks force bank-affiliated firms to follow an investment policy, which is much more cautious and therefore leads to less profitability. This again leads to a bank-policy that allows to supply these firms with higher amounts of borrowings. -- Gegenstand dieses Beitrages ist die Untersuchung des Einflusses von Bank-Firmen- Beziehungen auf die Unternehmensleistung bei sich ändernden wirtschaftlichen Rahmenbedingungen. Unter Verwendung eines Datensatzes von standardisierten Geschäftsberichten 100 japanischer Unternehmen, welche an der ersten Sektion der Börse in Tokio notiert sind, kommt die empirische Untersuchung zu folgenden Ergebnissen: (1) Investitionen werden von Output-Erwartungen bestimmt, (2) Q ist eine signifikante Variable in Bezug auf Investitionsverhalten (3) Investitionen werden durch den Verschuldungsgrad beschränkt, (4) daher gilt der so oft herangezogene signaling effect eines hohen Verschuldungsgrades nicht. (5) Im Gegensatz zu Deutschland gewähren die Banken den Unternehmen mit Bankbeziehungen jedoch höhere Quoten kurzfristiger und langfristiger Verschuldung. Die Unternehmen ohne Bankbeziehungen haben hingegen einen höheren Eigenkapitalanteil. (6) Bei Investitionsentscheidungen beeinflussen japanische Banken die Unternehmen mit Bankbeziehungen dahingehend, Investitionen mit geringem Risiko zu tätigen. Daher sind sie bereit, einen höheren Verschuldungsgrad zu gewähren als dies in Deutschland der Fall ist. (7) Unternehmen ohne Bankbeziehungen sind erheblich profitabler als Unternehmen mit Bankbeziehungen. Die unterschiedliche Höhe der Rentabilität beider Gruppen ist noch ausgeprägter als in Deutschland, die japanischen Unternehmen ohne Bankbeziehungen haben jedoch auch ein höheres Risiko zu tragen. (8) Offenbar ist die Politik japanischer Banken sehr unterschiedlich im Vergleich zu der Politik deutscher Banken: Banken zwingen Unternehmen mit Bankbeziehungen eine Investitionspolitik zu betreiben, die viel vorsichtiger ist und daher zu einer geringeren Rentabilität führt. Dies wiederum gestattet den Banken eine Politik zu verfolgen, die es erlaubt den Unternehmen in höherem Maße Kredite zu gewähren.

Investment Strategies to Exploit Economic Growth in China

Since the beginning of the economic reforms two decades ago, the economy in China has enjoyed a real growth rate of 9.6 percent per year. We believe that China is only in the early stages of its rapid-growth period. China is likely to enjoy rapid growth for decades to come at rates well above those of any other large country in the world.

pH-responsive gas–water–solid interface for multiphase catalysis

© 2015 American Chemical Society. Despite their wide utility in laboratory synthesis and industrial fabrication, gas-water-solid multiphase catalysis reactions often suffer from low reaction efficiency because of the low solubility of gases in water. Using a surface-modification protocol, interface-active silica nanoparticles were synthesized. Such nanoparticles can assemble at the gas-water interface, stabilizing micrometer-sized gas bubbles in water, and disassemble by tuning of the aqueous phase pH. The ability to stabilize gas microbubbles can be finely tuned through variation of the surface-modification protocol. As proof of this concept, Pd and Au were deposited on these silica nanoparticles, leading to interface-active catalysts for aqueous hydrogenation and oxidation, respectively. With such catalysts, conventional gas-water-solid multiphase reactions can be transformed to H 2 or O 2 microbubble reaction systems. The resultant microbubble reaction systems exhibit significant catalysis efficiency enhancement effects compared with conventional multiphase reactions. The significant improvement is attributed to the pronounced increase in reaction interface area that allows for the direct contact of gas, water, and solid phases. At the end of reaction, the microbubbles can be removed from the reaction systems through changing the pH, allowing product separation and catalyst recycling. Interestingly, the alcohol oxidation activation energy for the microbubble systems is much lower than that for the conventional multiphase reaction, also indicating that the developed microbubble system may be a valuable platform to design innovative multiphase catalysis reactions