Cross-border acquisitions and financial leverage of UK acquirers

Based on a sample of 782 acquisitions by UK firms during 1982-2009, this paper examines the impact of cross-border acquisitions on financial leverage. The paper shows that cross-border acquisitions have a negative impact on the financial leverage of acquiring firms. However, the negative impact of cross-border acquisitions disappears when acquirers choose targets from developed countries, and also when the acquisitions are undertaken by multinational firms. Collectively, the findings imply that exposure to foreign markets reduces the borrowing ability of acquiring firms especially when they choose targets from developing countries, and when they have no previous experience in foreign markets

Faster Approximate String Matching for Short Patterns

We study the classical approximate string matching problem, that is, given strings $P$ and $Q$ and an error threshold $k$, find all ending positions of substrings of $Q$ whose edit distance to $P$ is at most $k$. Let $P$ and $Q$ have lengths $m$ and $n$, respectively. On a standard unit-cost word RAM with word size $w \geq \log n$ we present an algorithm using time $$O(nk \cdot \min(\frac{\log^2 m}{\log n},\frac{\log^2 m\log w}{w}) + n)$$ When $P$ is short, namely, $m = 2^{o(\sqrt{\log n})}$ or $m = 2^{o(\sqrt{w/\log w})}$ this improves the previously best known time bounds for the problem. The result is achieved using a novel implementation of the Landau-Vishkin algorithm based on tabulation and word-level parallelism.Comment: To appear in Theory of Computing System

A Hedged Monte Carlo Approach to Real Option Pricing

In this work we are concerned with valuing optionalities associated to invest or to delay investment in a project when the available information provided to the manager comes from simulated data of cash flows under historical (or subjective) measure in a possibly incomplete market. Our approach is suitable also to incorporating subjective views from management or market experts and to stochastic investment costs. It is based on the Hedged Monte Carlo strategy proposed by Potters et al (2001) where options are priced simultaneously with the determination of the corresponding hedging. The approach is particularly well-suited to the evaluation of commodity related projects whereby the availability of pricing formulae is very rare, the scenario simulations are usually available only in the historical measure, and the cash flows can be highly nonlinear functions of the prices.Comment: 25 pages, 14 figure

Brane cosmology with curvature corrections

We study the cosmology of the Randall-Sundrum brane-world where the Einstein-Hilbert action is modified by curvature correction terms: a four-dimensional scalar curvature from induced gravity on the brane, and a five-dimensional Gauss-Bonnet curvature term. The combined effect of these curvature corrections to the action removes the infinite-density big bang singularity, although the curvature can still diverge for some parameter values. A radiation brane undergoes accelerated expansion near the minimal scale factor, for a range of parameters. This acceleration is driven by the geometric effects, without an inflaton field or negative pressures. At late times, conventional cosmology is recovered.Comment: RevTex4, 8 pages, no figures, minor change

Energy Loss of Gluons, Baryons and k-Quarks in an N=4 SYM Plasma

We consider different types of external color sources that move through a strongly-coupled thermal N=4 super-Yang-Mills plasma, and calculate, via the AdS/CFT correspondence, the dissipative force (or equivalently, the rate of energy loss) they experience. A bound state of k quarks in the totally antisymmetric representation is found to feel a force with a nontrivial k-dependence. Our result for k=1 (or k=N-1) agrees at large N with the one obtained recently by Herzog et al. and Gubser, but contains in addition an infinite series of 1/N corrections. The baryon (k=N) is seen to experience no drag. Finally, a heavy gluon is found to be subject to a force which at large N is twice as large as the one experienced by a heavy quark, in accordance with gauge theory expectations.Comment: Latex 2e, 24 pages, 1 eps figure; v2: slightly amplified discussion on the relation between the drag force and the tension of a spatial Wilson loop; v3: minor changes, version to appear in JHE

Magnetic Branes in Gauss-Bonnet Gravity

We present two new classes of magnetic brane solutions in Einstein-Maxwell-Gauss-Bonnet gravity with a negative cosmological constant. The first class of solutions yields an $(n+1)$-dimensional spacetime with a longitudinal magnetic field generated by a static magnetic brane. We also generalize this solution to the case of spinning magnetic branes with one or more rotation parameters. We find that these solutions have no curvature singularity and no horizons, but have a conic geometry. In these spacetimes, when all the rotation parameters are zero, the electric field vanishes, and therefore the brane has no net electric charge. For the spinning brane, when one or more rotation parameters are non zero, the brane has a net electric charge which is proportional to the magnitude of the rotation parameter. The second class of solutions yields a spacetime with an angular magnetic field. These solutions have no curvature singularity, no horizon, and no conical singularity. Again we find that the net electric charge of the branes in these spacetimes is proportional to the magnitude of the velocity of the brane. Finally, we use the counterterm method in the Gauss-Bonnet gravity and compute the conserved quantities of these spacetimes.Comment: 17 pages, No figure, The version to be published in Phys. Rev.

Rotating Black Branes in the presence of nonlinear electromagnetic field

In this paper, we consider a class of gravity whose action represents itself as a sum of the usual Einstein-Hilbert action with cosmological constant and an $U(1)$ gauge field for which the action is given by a power of the Maxwell invariant. We present a class of the rotating black branes with Ricci flat horizon and show that the presented solutions may be interpreted as black brane solutions with two event horizons, extreme black hole and naked singularity provided the parameters of the solutions are chosen suitably. We investigate the properties of the solutions and find that for the special values of the nonlinear parameter, the solutions are not asymptotically anti-deSitter. At last, we obtain the conserved quantities of the rotating black branes and find that the nonlinear source effects on the electric field, the behavior of spacetime, type of singularity and other quantities.Comment: 7 pages, 5 figures, to appear in EPJ

CANELC: constructing an e-language corpus

This paper reports on the construction of CANELC: the Cambridge and Nottingham e-language Corpus.3 CANELC is a one million word corpus of digital communication in English, taken from online discussion boards, blogs, tweets, emails and SMS messages. The paper outlines the approaches used when planning the corpus: obtaining consent; collecting the data and compiling the corpus database. This is followed by a detailed analysis of some of the patterns of language used in the corpus. The analysis includes a discussion of the key words and phrases used as well as the common themes and semantic associations connected with the data. These discussions form the basis of an investigation of how e-language operates in both similar and different ways to spoken and written records of communication (as evidenced by the BNC - British National Corpus). 3 CANELC stands for Cambridge and Nottingham e-language Corpus. This corpus has been built as part of a collaborative project between The University of Nottingham and Cambridge University Press with whom sole copyright of the annotated corpus resides. CANELC comprises one-million words of digital English taken from SMS messages, blogs, tweets, discussion board content and private/business emails. Plans to extend the corpus are under discussion. The legal dimension to corpus ‘ownership’ of some forms of unannotated data is a complex one and is under constant review. At the present time the annotated corpus is only available to authors and researchers working for CUP and is not more generally available

On the thin-shell limit of branes in the presence of Gauss-Bonnet interactions

In this paper we study thick-shell braneworld models in the presence of a Gauss-Bonnet term. We discuss the peculiarities of the attainment of the thin-shell limit in this case and compare them with the same situation in Einstein gravity. We describe the two simplest families of thick-brane models (parametrized by the shell thickness) one can think of. In the thin-shell limit, one family is characterized by the constancy of its internal density profile (a simple structure for the matter sector) and the other by the constancy of its internal curvature scalar (a simple structure for the geometric sector). We find that these two families are actually equivalent in Einstein gravity and that the presence of the Gauss-Bonnet term breaks this equivalence. In the second case, a shell will always keep some non-trivial internal structure, either on the matter or on the geometric sectors, even in the thin-shell limit.Comment: 17 pages, 2 figures, RevTeX 4. Revised version accepted for publication in Physical Review