Solicited and Unsolicited Credit Ratings: A Global Perspective

We conducted a global study of the long-term issuer ratings of nonfinancial firms from Standard and Poor's Ratings Services (S&P) for the period 1998–2003. Specifically, we focused on the solicited versus unsolicited ratings and sample-selection bias in the analysis. Unlike the literature, we adopted an improved method using Wooldridge’s instrumental-variable approach to mitigate the concern of specification errors in Heckman’s model. We found that the probability of seeking a long-term issuer rating is positively related to the size and profitability of the firm, and negatively related to the growth opportunities and debt levels of the firm. The credit rating is positively related to the sovereign rating, size, and profitability of the issuer, and negatively related to the debt ratio of the issuer. Consistent with the literature, we found sample-selection bias in credit ratings. Our findings suggest that the firms with solicited ratings seem to be more profitable, more liquid, and have lower leverage than the issuers with unsolicited ratings. After controlling for sample-selection bias and some key financial ratios, we found that unsolicited firms, on average, seem to have lower long-term issuer ratings.corporate long-term issuer ratings; solicited and unsolicited

Formation of long-lived, scarlike modes near avoided resonance crossings in optical microcavities

We study the formation of long-lived states near avoided resonance crossings in open systems. For three different optical microcavities (rectangle, ellipse, and semi-stadium) we provide numerical evidence that these states are localized along periodic rays, resembling scarred states in closed systems. Our results shed light on the morphology of long-lived states in open mesoscopic systems.Comment: 4 pages, 5 figures (in reduced quality), to appear in Phys. Rev. Let

Deviation from Snell's Law for Beams Transmitted Near the Critical Angle: Application to Microcavity Lasers

We show that when a narrow beam is incident upon a dielectric interface near the critical angle for total internal reflection it will be transmitted into the far-field with an angular deflection from the direction predicted by Snell's Law, due to a phenomenon we call "Fresnel Filtering". This effect can be quite large for the parameter range relevant to dielectric microcavity lasers.Comment: 4 pages, 3 figures (eps), RevTeX 3.1, to be published in Optics Letter

Higher rank numerical ranges of normal matrices

The higher rank numerical range is closely connected to the construction of quantum error correction code for a noisy quantum channel. It is known that if a normal matrix $A \in M_n$ has eigenvalues $a_1, \..., a_n$, then its higher rank numerical range $\Lambda_k(A)$ is the intersection of convex polygons with vertices $a_{j_1}, \..., a_{j_{n-k+1}}$, where $1 \le j_1 < \... < j_{n-k+1} \le n$. In this paper, it is shown that the higher rank numerical range of a normal matrix with $m$ distinct eigenvalues can be written as the intersection of no more than $\max\{m,4\}$ closed half planes. In addition, given a convex polygon ${\mathcal P}$ a construction is given for a normal matrix $A \in M_n$ with minimum $n$ such that $\Lambda_k(A) = {\mathcal P}$. In particular, if ${\mathcal P}$ has $p$ vertices, with $p \ge 3$, there is a normal matrix $A \in M_n$ with $n \le \max\left\{p+k-1, 2k+2 \right\}$ such that $\Lambda_k(A) = {\mathcal P}$.Comment: 12 pages, 9 figures, to appear in SIAM Journal on Matrix Analysis and Application

Radio Astronomy

Contains reports on one research project.National Aeronautics and Space Administration (Contract NAS5-21980

Enhanced depth resolution in optical scanning holography using a configurable pupil

The optical scanning holography (OSH) technique can capture all the three-dimensional volume information of an object in a hologram via a single raster scan. The digital hologram can then be processed to reconstruct individual sectional images of the object. In this paper, we present a scheme to reconstruct sectional images in OSH with enhanced depth resolution, where a spatial light modulator (SLM) is adopted as a configurable point pupil. By switching the SLM between two states, different Fresnel zone plates (FZPs) are generated based on the same optical system. With extra information provided by different FZPs, a depth resolution at 0.7 μm can be achieved.published_or_final_versio