The Capital Structure Decisions of New Firms

Based on data from the Kauffman Firm Survey, examines the funding sources of firms in their first year of operations. Highlights start-ups' reliance on external debt financing such as bank loans and credit cards, regardless of their credit scores

Patterns of Financing: A Comparison Between White- and African-American Young Firms

Based on Kauffman Firm Survey data, examines differences in start-up and follow-on capital injections into and capital use by firms with African-American and white owners. Explores how access to capital affects the racial gap in new business formation

What is the Price of Hubris? Using Takeover Battles to Infer Overpayments and Synergies

We present a framework for determining the information that can be extracted from stock prices around takeover contests. In only two types of cases is it theoretically possible to use stock price movements to infer bidder overpayment and relative synergies. The takeover contest for Paramount in 1994 illustrates one of these generic cases. We estimate that Viacom, the winning' bidder, overpaid for Paramount by more than $2 billion. This occurred despite the fact that Viacom's CEO owned roughly 3/4 of Viacom. These results are consistent with managerial overconfidence and/or large private benefits, but not with the traditional agency-based incentive problem.

Public policy to promote entrepreneurship: a call to arms

We debate the motivation for and effectiveness of public policies to encourage individuals to become entrepreneurs. Reviewing established evidence we find that most Western world policies do not greatly reduce or solve any market failures but instead waste taxpayers’ money, encourage those already intent on becoming entrepreneurs, and mostly generate one-employee businesses with low-growth intentions and a lack of interest in innovating. Most policy initiatives that would have the effect of promoting valuable entrepreneurship would not be recognizable as such, because they would primarily address other market failures: A central-payer health care would remove healthcare-related distortions affecting employment choices; greater STEM education would produce more engineers of which some start valuable new firms; and labor market reform to encourage hiring immigrants in jobs they have been educated for would reduce inefficient allocation of talent to entrepreneurship

Shearing Interferometer for Quantifying the Coherence of Hard X-Ray Beams

We report a quantitative measurement of the full transverse coherence function of the 14.4 keV x-ray radiation produced by an undulator at the Swiss Light Source. An x-ray grating interferometer consisting of a beam splitter phase grating and an analyzer amplitude grating has been used to measure the degree of coherence as a function of the beam separation out to 30 m. Importantly, the technique provides a model-free and spatially resolved measurement of the complex coherence function and is not restricted to high resolution detectors and small fields of view. The spatial characterization of the wave front has important applications in discovering localized defects in beam line optics

Serodiagnosis of Mycobacterium abscessus complex infection in cystic fibrosis

Early signs of pulmonary disease with Mycobacterium abscessus complex (MABSC) can be missed in patients with cystic fibrosis (CF). A serological method could help stratify patients according to risk. The objective of this study was to test the diagnostic accuracy of a novel method for investigating IgG activity against MABSC. A prospective study of all patients attending the Copenhagen CF Centre was conducted by culturing for MABSC during a 22-month period and then screening patients with an anti-MABSC IgG ELISA. Culture-positive patients had stored serum examined for antibody kinetics before and after culture conversion. 307 patients had 3480 respiratory samples cultured and were then tested with the anti-MABSC IgG ELISA. Patients with MABSC pulmonary disease had median anti-MABSC IgG levels six-fold higher than patients with no history of infection (434 versus 64 ELISA units; p<0.001). The test sensitivity was 95% (95% CI 74–99%) and the specificity was 73% (95% CI 67–78%). A diagnostic algorithm was constructed to stratify patients according to risk. The test accurately identified patients with pulmonary disease caused by MABSC and was suited to be used as a complement to mycobacterial culture

A possible dearth of hot gas in galaxy groups at intermediate redshift

We examine the X-ray luminosity of galaxy groups in the CNOC2 survey, at redshifts 0.1 < z < 0.6. Previous work examining the gravitational lensing signal of the CNOC2 groups has shown that they are likely to be genuine, gravitationally bound objects. Of the 21 groups in the field of view of the EPIC-PN camera on XMM-Newton, not one was visible in over 100 ksec of observation, even though three of the them have velocity dispersions high enough that they would easily be visible if their luminosities scaled with their velocity dispersions in the same way as nearby groups' luminosities scale. We consider the possibility that this is due to the reported velocity dispersions being erroneously high, and conclude that this is unlikely. We therefore find tentative evidence that groups at intermediate redshift are underluminous relative to their local cousins.Comment: 16 pages, 5 figures, reference added in section 1, typos corrected, published in Ap

Extranuclear X-ray Emission in the Edge-on Seyfert Galaxy NGC 2992

We found several extranuclear (r >~ 3") X-ray nebulae within 40" (6.3 kpc at 32.5 Mpc) of the nucleus of the Seyfert galaxy NGC 2992. The net X-ray luminosity from the extranuclear sources is ~2-3 E39 erg/s (0.3-8.0 keV). The X-ray core itself (r <~ 1") is positioned at 9:45:41.95 -14:19:34.8 (J2000) and has a remarkably simple power-law spectrum with photon index Gamma=1.86 and Nh=7E21 /cm2. The near-nuclear (3" <~ r <~ 18") Chandra spectrum is best modelled by three components: (1) a direct AGN component with Gamma fixed at 1.86, (2) cold Compton reflection of the AGN component, and (3) a 0.5 keV low-abundance (Z < 0.03 Zsolar) "thermal plasma," with ~10% of the flux of either of the first two components. The X-ray luminosity of the 3rd component (the "soft excess") is ~1.4E40 erg/s, or ~5X that of all of the detected extranuclear X-ray sources. We suggest that most (~75-80%) of the soft excess emission originates from 1" < r < 3", which is not imaged in our observation due to severe CCD pile-up. We also require the cold reflector to be positioned at least 1" (158 pc) from the nucleus, since there is no reflection component in the X-ray core spectrum. Much of the extranuclear X-ray emission is coincident with radio structures (nuclear radio bubbles and large-scale radio features), and its soft X-ray luminosity is generally consistent with luminosities expected from a starburst-driven wind (with the starburst scaled from L_FIR). However, the AGN in NGC 2992 seems equally likely to power the galactic wind in that object. Furthermore, AGN photoionization and photoexcitation processes could dominate the soft excess, especially the \~75-80% which is not imaged by our observations.Comment: 34 pages AASTEX, 9 (low-res) PS figures, ApJ, in press. For full-resolution postscript file, visit http://www.pha.jhu.edu/~colbert/n2992_chandra.ps.g

Cellular expression and crystal structure of the murine cytomegalovirus MHC-Iv glycoprotein, m153

Mouse cytomegalovirus (MCMV), a β-herpesvirus that establishes latent and persistent infections in mice, is a valuable model for studying complex virus-host interactions. MCMV encodes the m145 family of putative immunoevasins with predicted MHC-I structure. Functions attributed to some family members include downregulation of host MHC-I (m152) and NKG2D ligands (m145, m152, m155) and interaction with inhibitory or activating NK receptors (m157). We present the cellular, biochemical and structural characterization of m153, which is a heavily glycosylated homodimer, that does not require β2m or peptide, and is expressed at the surface of MCMV-infected cells. Its 2.4 Å crystal structure confirms that this compact molecule preserves an MHC-I-like fold and reveals a novel mode of dimerization, confirmed by site-directed mutagenesis, and a distinctive disulfide-stabilized extended amino terminus. The structure provides a useful framework for comparative analysis of the divergent members of the m145 family

HST Imaging Polarimetry of the Gravitational Lens FSC10214+4724

We present imaging polarimetry of the extremely luminous, redshift 2.3 IRAS source FSC10214+4724. The observations were obtained with HST's Faint Object Camera in the F437M filter, which is free of strong emission lines. The 0.7 arcsec long arc is unresolved to 0.04 arcsec FWHM in the transverse direction, and has an integrated polarization of 28 +/- 3 percent, in good agreement with ground-based observations. The polarization position angle varies along the arc by up to 35 deg. The overall position angle is 62 +/- 3 deg east of north. No counterimage is detected to B = 27.5 mag ($3\sigma$), giving an observed arc to counterimage flux ratio greater than 250, considerably greater than the flux ratio of 100 measured previously in the I-band. This implies that the configuration of the object in the source plane at the B-band is different from that at I-band, and/or that the lensing galaxy is dusty.Comment: 17 pages, 3 figures. Accepted for publication in Astronomical Journal, February 199