We model dynamic investment, financing and default decisions of a firm, which begins its life with a collection of growth options. The firm exercises them optimally over time, and finances the costs of investment by adjusting its capital structure, which trades off the tax benefits with the distress cost of debt and the agency cost of investment distortions from potential debt overhang. Conflic...

We characterize optimal taxation of foreign capital and optimal sovereign debt policy in a small open economy where the government cannot commit to policy, seeks to insure a risk averse domestic constituency, and is more impatient than the market. Optimal policy generates long-run cycles in both sovereign debt and foreign direct investment in an environment in which the first best capital stock...

Transport infrastructures, such as highways, disrupt animal migrations and cause roadkill. To mitigate the latter problem, fences have been built but their effectiveness has rarely tested under controlled conditions. Here, we of most commonly used fence in France probably Europe (wire netting fence) to block animals. We wire fence, with without a structural modification (i.e. an overhang), thre...

Non-homologous end joining (NHEJ) is the main repair pathway for DNA double-strand breaks (DSBs) in cells with limited 5' resection. To better understand how overhang polarity of chromosomal DSBs affects NHEJ, we made site-specific 5'-overhanging DSBs (5' DSBs) in yeast using an optimized zinc finger nuclease at an efficiency that approached HO-induced 3' DSB formation. When controlled for the ...

Telomeres are specialized chromatin structures that protect chromosome ends. Critical among telomere proteins are those that bind the telomeric single-strand DNA (ssDNA) overhangs. These proteins are thought to differ among eukaryotes. Three interacting proteins (Cdc13, Stn1, and Ten1) associate with the telomeric overhang in budding yeast, a single protein known as Pot1 (protection of telomere...

This study investigates experimentally the relationship between induced vibration and surface roughness in turning of 41Cr4 Alloy steel using Response Surface Methodology RSM. The levels of process cutting parameters in the study are limited to the following data; Depth of cut (1.0, 2.0, 3.0 mm), cutting speed (260, 320, 400 rpm), feed rate (0.15, 0.20, 0.30 mm/rev), tool nose radius (0, 1, 2 m...

AIMS Analysis of the morphology of the distal femur, and by extension of the femoral components in total knee arthroplasty (TKA), has largely been related to the aspect ratio, which represents the width of the femur. Little is known about variations in trapezoidicity (i.e. whether the femur is more rectangular or more trapezoidal). This study aimed to quantify additional morphological character...

We model the expansion decision of a levered firm. Straight debt distorts both timing and scaling: firm invests less later than its all-equity financed counterpart. The inclusion performance sensitivity in contract mitigates such distortions. Moreover, is consistent with value maximization within standard trade-off theory capital structure. As result, our rationalizes widespread use sensitive (...