Cross-Border Valuation: The International Cost of Equity Capital

How does a firm in one country evaluate an investment in a firm in another country, or how does it evaluate a foreign project that the firm itself is undertaking? The firm must estimate future free cash flows just as in a domestic project, but choosing an appropriate discount rate is a particular challenge. This study examines the determinants of the discount rate for an international acquisition or project by examining the sources of risk in an international setting. These risks include stock-market price risk measured with various versions of the capital asset pricing model, as well as exchange rate risk and political risk. To measure stock market risk, both segmented and integrated models of the world equity markets are considered. The emphasis of the study is on some of the practical aspects of estimation, particular for markets where no comparable investments exist on which to base estimates of risk premiums. To show how each of these risks might be measured, the study reports estimates for a representative French firm, Thals. The estimates range widely depending on whether or not the equity market is globally integrated.

N\'{e}el Spin Orbit Torque driven antiferromagnetic resonance in Mn2_{2}Au probed by time-domain THz spectroscopy

We observe the excitation of collective modes in the THz range driven by the recently discovered N\'{e}el spin-orbit torques (NSOT) in the metallic antiferromagnet Mn$_{2}$Au. Temperature dependent THz spectroscopy reveals a strong absorption mode centered near 1 THz, which upon heating from 4 K to 450 K softens and looses intensity. Comparison with the estimated eigenmode frequencies implies that the observed mode is an in-plane antiferromagnetic resonance (AFMR) mode. The AFMR absorption strength exceeds those found in antiferromagnetic insulators, driven by the magnetic field of the THz radiation, by three orders of magnitude. Based on this and the agreement with our theory modelling, we infer that the driving mechanism for the observed mode is the current induced NSOT. This electric manipulation of the Ne\'{e}l order parameter at high frequencies makes Mn$_{2}$Au a prime candidate for AFM ultrafast memory applications.Comment: 5 pages, 4 figure

Mineral chemistry of the Tissint meteorite: Indications of two-stage crystallization in a closed system

The Tissint meteorite is a geochemically depleted, olivine-phyric shergottite. Olivine megacrysts contain 300–600 μm cores with uniform Mg# (~80 ± 1) followed by concentric zones of Fe-enrichment toward the rims. We applied a number of tests to distinguish the relationship of these megacrysts to the host rock. Major and trace element compositions of the Mg-rich core in olivine are in equilibrium with the bulk rock, within uncertainty, and rare earth element abundances of melt inclusions in Mg-rich olivines reported in the literature are similar to those of the bulk rock. Moreover, the P Kα intensity maps of two large olivine grains show no resorption between the uniform core and the rim. Taken together, these lines of evidence suggest the olivine megacrysts are phenocrysts. Among depleted olivine-phyric shergottites, Tissint is the first one that acts mostly as a closed system with olivine megacrysts being the phenocrysts. The texture and mineral chemistry of Tissint indicate a crystallization sequence of: olivine (Mg# 80 ± 1) → olivine (Mg# 76) + chromite → olivine (Mg# 74) + Ti-chromite → olivine (Mg# 74–63) + pyroxene (Mg# 76–65) + Cr-ulvöspinel → olivine (Mg# 63–35) + pyroxene (Mg# 65–60) + plagioclase, followed by late-stage ilmenite and phosphate. The crystallization of the Tissint meteorite likely occurred in two stages: uniform olivine cores likely crystallized under equilibrium conditions; and a fractional crystallization sequence that formed the rest of the rock. The two-stage crystallization without crystal settling is simulated using MELTS and the Tissint bulk composition, and can broadly reproduce the crystallization sequence and mineral chemistry measured in the Tissint samples. The transition between equilibrium and fractional crystallization is associated with a dramatic increase in cooling rate and might have been driven by an acceleration in the ascent rate or by encounter with a steep thermal gradient in the Martian crust

Youth entrepreneursh1p: definitions, challenges and prospects of development

The article deals with the definition of «youth entrepreneurship», age stages and psychological types of young entrepreneurs. The authors highlighted the barriers of youth entrepreneurs hip and ways of overcoming them.В статье рассматриваются определение понятия «молодежное предпринимательство», возрастные стадии и психологические типы молодых предпринимателей. Выделены барьеры предпринимательской деятельности молодежи и пути их преодоления

A Closed-Form Solution of the Multi-Period Portfolio Choice Problem for a Quadratic Utility Function

In the present paper, we derive a closed-form solution of the multi-period portfolio choice problem for a quadratic utility function with and without a riskless asset. All results are derived under weak conditions on the asset returns. No assumption on the correlation structure between different time points is needed and no assumption on the distribution is imposed. All expressions are presented in terms of the conditional mean vectors and the conditional covariance matrices. If the multivariate process of the asset returns is independent it is shown that in the case without a riskless asset the solution is presented as a sequence of optimal portfolio weights obtained by solving the single-period Markowitz optimization problem. The process dynamics are included only in the shape parameter of the utility function. If a riskless asset is present then the multi-period optimal portfolio weights are proportional to the single-period solutions multiplied by time-varying constants which are depending on the process dynamics. Remarkably, in the case of a portfolio selection with the tangency portfolio the multi-period solution coincides with the sequence of the simple-period solutions. Finally, we compare the suggested strategies with existing multi-period portfolio allocation methods for real data.Comment: 38 pages, 9 figures, 3 tables, changes: VAR(1)-CCC-GARCH(1,1) process dynamics and the analysis of increasing horizon are included in the simulation study, under revision in Annals of Operations Researc

High-Temperature Transport Properties of Yb4−xSmxSb3

Polycrystalline L4Sb3 (L = La, Ce, Sm, and Yb) and Yb4−x Sm x Sb3, which crystallizes in the anti-Th3P4 structure type (I-43d no. 220), were synthesized via high-temperature reaction. Structural and chemical characterization were performed by x-ray diffraction and electronic microscopy with energy-dispersive x-ray analysis. Pucks were densified by spark plasma sintering. Transport property measurements showed that these compounds are n-type with low Seebeck coefficients, except for Yb4Sb3, which shows semimetallic behavior with hole conduction above 523 K. By partially substituting Yb by a trivalent rare earth we successfully improved the thermoelectric figure of merit of Yb4Sb3 up to 0.7 at 1273 K

Electric-field-induced nematic-cholesteric transition and 3-D director structures in homeotropic cells

We study the phase diagram of director structures in cholesteric liquid crystals of negative dielectric anisotropy in homeotropic cells of thickness d which is smaller than the cholesteric pitch p. The basic control parameters are the frustration ratio d/p and the applied voltage U. Fluorescence Confocal Polarising Microscopy allows us to directly and unambiguously determine the 3-D director structures. The results are of importance for potential applications of the cholesteric structures, such as switchable gratings and eyewear with tunable transparency based.Comment: Will be published in Physical Review

Effect of Silicon Content on Carbide Precipitation and Low-Temperature Toughness of Pressure Vessel Steels

Cr – Mn – Mo – Ni pressure vessel steels containing 0.54 and 1.55% Si are studied. Metallographic and fractographic analyses of the steels after tempering at 650 and 700°C are performed. The impact toughness at – 30°C and the hardness of the steels are determined. The mass fraction of the carbide phase in the steels is computed with the help of the J-MatPro 4.0 software