In this paper I analyze how debt structure and the strategic interaction between shareholders and creditors in the event of default a¤ect expected stock returns. By endogenizing shareholders’decision to default, the model generates new predictions linking …rm characteristics to expected stock returns through an intuitive economic mechanism. In particular, the model predicts that expected stock ...

Although various proof rules for procedure calls in weakest precondition semantics have been proposed over the years [3, chapter 12] [4] [1], none of these is particularly suitable for calculational program construction. The problem is that they tend to yield a precondition that is tortuously expressed. For instance, let a procedure for finding the integer square root of a parameter y be specif...

In this paper we present a new strategy for PVS that implements a square root and division elimination in order to use automatic arithmetic strategies that were not able to deal with these operations in a rst place. This strategy relies on a PVS formalization of the square root and division elimination and deep embedding of PVS expressions inside PVS. Therefore using computational re ection and...

Magnetic relaxation in large spin molecular paramagnets is often found to behave as δM(t) ∼ √ t at short times t. This behaviour was explained by Prokofiev & Stamp as arising from dipole interactions between molecular spins. However, as observed by Miyashita & Saito, the same behaviour can arise from a different mechanism which, in the present work, is related to hyperfine interactions. The Miy...

We propose a generalization of the parallelogram identity in any dimension N ≥ 2, establishing the ratio of the quadratic mean of the diagonals to the quadratic mean of the faces of a parallelotope.

Current mitigation levels for noise transients impinging on marine mammals are specified by rms pressures. The rms measure critically relies upon choosing the size of averaging window for the squared pressures. Derivation of this window is not standardized, which can lead to 2-12 dB differences in rms sound pressure for the same wave forms. rms pressure does not represent the energy of the nois...

The scaling of root mean square (RMS) wave aberration in an isometrically growing eye is investigated, along with changes due to measurements made at different relative pupil sizes. It is found that, relative to an initial state, if an eye expands in all directions by the factor k, and the wave aberration is then measured at a relative pupil size which has changed over the pupil size used for t...

We present a model of competitive interaction among n symmetric …rms producing a homongeous good that includes both Bertrand and Cournot competition as special cases. In our model the intensity of competition is captured by a single parameter –the perceived slope of competitors’supply functions. We show that total welfare increases monotonically with the intensity of competition and the number ...

We setup a model of competitive interaction among symmetric …rms producing a homogeneous good that includes both Bertrand and Cournot competition as special cases. In our model the intensity of competition is captured by a single parameter –the perceived slope of competitors’supply functions. We show when the number of …rms is …xed, total welfare increases monotonically with the degree of compe...