Funding and Asset Allocation in Corporate Pension Plans: An Empirical Investigation

This paper contrasts and empirically tests two different views of corporate pension policy: the traditional view that pension funds are managed without regard to either corporate financial policy or the interests of the corporation and its shareholders, and the corporate financial perspective represented by the recent theoretical work of Black (1980), Sharpe (1916),Tepper (1981), and Treynor (1971), which stresses the potential effects of a firm's financial condition on its pension funding and asset allocation decisions. We find several pieces of evidence supporting the corporate financial perspective. First, we find that there is a significant inverse relationship between firms' profitability and the discount rates they choose tor eport their pension liabilities. In view of this we adjust all reported pension liabilities to a common discount rate assumption. We then find a significant positive relationship between firm profitability and the degree ofpension funding, as is consistent with the corporate financial perspective. We also find some evidence that firms facing higher risk and lower tax liabilities are less inclined to fully fund their pension plans. On the asset allocation question, we find that the distribution of plan assets invested in bonds is bi-modal, but that it does not tend to cluster around extreme portfolio configurations to the extent predicted by the corporate financial perspective. We also find that the percentage of plan assets invested in bonds in negatively related to both total size of plan and the proportion of unfunded liabilities.The latter relationship shows up particularly among the riskiest firms and is consistent with the corporate financial perspective on pension decisions.

Reduction of tilt rotor download using circulation control

The effect of boundary layer control blowing on the download of a wing in the wake of a hovering rotor was measured in a small scale experiment. The objective was to evaluate the potential of boundary layer control blowing for reducing tilt rotor download. Variations were made in rotor thrust coefficient, blowing pressure ratio, and blowing slot height. The effect of these parameter variations on the wing download and wing surface pressures is presented. The boundary layer control blowing caused reductions in the wing download of 25 to 55 percent

Hamamatsu R5900-01-L16 photomultiplier tube spectral / spatial characterization

Not provided

Cuba versus CIA

https://stars.library.ucf.edu/prism/1563/thumbnail.jp

Digging by Debating: Linking massive datasets to specific arguments

We will develop and implement a multi-scale workbench, called "InterDebates", with the goal of digging into data provided by hundreds of thousands, eventually millions, of digitized books, bibliographic databases of journal articles, and comprehensive reference works written by experts. Our hypotheses are: that detailed and identifiable arguments drive many aspects of research in the sciences and the humanities; that argumentative structures can be extracted from large datasets using a mixture of automated and social computing techniques; and, that the availability of such analyses will enable innovative interdisciplinary research, and may also play a role in supporting better-informed critical debates among students and the general public. A key challenge tackled by this project is thus to uncover and represent the argumentative structure of digitized documents, allowing users to find and interpret detailed arguments in the broad semantic landscape of books and articles

Boundary Conditions on Internal Three-Body Wave Functions

For a three-body system, a quantum wave function $\Psi^\ell_m$ with definite $\ell$ and $m$ quantum numbers may be expressed in terms of an internal wave function $\chi^\ell_k$ which is a function of three internal coordinates. This article provides necessary and sufficient constraints on $\chi^\ell_k$ to ensure that the external wave function $\Psi^\ell_m$ is analytic. These constraints effectively amount to boundary conditions on $\chi^\ell_k$ and its derivatives at the boundary of the internal space. Such conditions find similarities in the (planar) two-body problem where the wave function (to lowest order) has the form $r^{|m|}$ at the origin. We expect the boundary conditions to prove useful for constructing singularity free three-body basis sets for the case of nonvanishing angular momentum.Comment: 41 pages, submitted to Phys. Rev.

Hubble Space Telescope imaging of η Carinae

We present new high spatial resolution observations of the material around η Carinae obtained with the Hubble Space Telescope Wide Field/Planetary Camera. The star η Carinae is one of the most massive and luminous stars in our Galaxy, and has been episodically expelling significant quantities of gas over the last few centuries. The morphology of the bright central nebulosity (the homunculus) indicates that it is a thin shell with very well defined edges, and is clumpy on 0".2 (~10^(16)cm) scales. An extension to the northeast of the star {NN/NS using Walborn's [ApJL, 204, L17 ( 1976)] nomenclature} appears to be a stellar jet and its associated bow shock. The bow shock is notable for an intriguing series of parallel linear features across its face. The S ridge and the W arc appear to be part of a "cap" of emission located to the SW and behind the star. Together, the NE jet and the SW cap suggest that the symmetry axis for the system runs NE-SW rather than SE-NW, as previously supposed. Overall, the data indicate that the material around the star may represent an oblate shell with polar blowouts, rather than a bipolar flow