Borrow cheap, buy high? The determinants of leverage and pricing in buyouts

Private equity funds pay particular attention to capital structure when executing leveraged buyouts, creating an interesting setting for examining capital structure theories. Using a large, detailed, international sample of buyouts from 1980-2008, we find that buyout leverage is unrelated to the cross-sectional factors – suggested by traditional capital structure theories – that drive public firm leverage. Instead, variation in economy-wide credit conditions is the main determinant of leverage in buyouts, while having little impact on public firms. Higher deal leverage is associated with higher transaction prices and lower buyout fund returns, suggesting that acquirers overpay when access to credit is easier

Patient expectations of surgery outcomes for appearance-altering eye conditions

Conditions affecting the eyes can be associated with impaired vision, social functioning and reduced quality of life. Unsurprisingly, patients with these problems often seek surgery to improve their vision and change their appearance. Elizabeth Jenkinson and Sadie Wickwar consider research suggesting that patients may have differing expectations of outcomes that can be achieved with surgical interventions

Large eddy simulation of plume dispersion behind an aircraft in the take-off phase

The aim of this paper is to provide an investigation, using large eddy simulation, into plume dispersion behind an aircraft in co-flowing take-off conditions. Validation studies of the computational model were presented by Aloysius and Wrobel (Environ Model Softw 24:929–937, 2009) and a study of the flow and dispersion properties of a double-engine aircraft jetwas presented by Aloysius et al. EEC/SEE/2007/001,EUROCONTROLExperimentalCentre, http://www.eurocontrol.int/eec/gallery/content/public/document/eec/report/2007/ 032_ALAQS_comparison_of_CFD_and_Lagrangian_dispersion_methods.pdf), in which only the engine was modelled. In this paper, the complete geometry of a Boeing 737 is modelled and investigated. The currentwork represents a contribution towards a better understanding of the source dynamics behind an airplane jet engine during the take-off and landing phases. The information provided from these simulations will be useful for future improvements of existing dispersion models

'HeART of Stroke (HoS)', a community-based Arts for Health group intervention to support self-confidence and psychological well-being following a stroke: protocol for a randomised controlled feasibility study

Introduction Over 152 000 people in the UK have strokes annually and a third experience residual disability. Low mood also affects a third of stroke survivors; yet psychological support is poor. While Arts for Health interventions have been shown to improve well-being in people with mild-to-moderate depression post-stroke, their role in helping people regain sense of self, well-being and confidence has yet to be evaluated. The main aim of this study is to explore the feasibility of conducting a pragmatic multicentre randomised controlled trial to assess the effectiveness and cost-effectiveness of an Arts for Health group intervention (‘HeART of Stroke’ (HoS)) for stroke survivors. HoS is a 10-session artist-facilitated group intervention held in the community over 14 weeks. It offers a non-judgemental, supportive environment for people to explore sense of self, potentially enhancing well-being and confidence. Methods and analysis Sixty-four people, up to 2 years post-stroke, recruited via secondary care research staff or community stroke/rehabilitation teams in two UK centres will be randomised to either HoS plus usual care or usual care only. Self-reported outcomes, measured at baseline and approximately 5 months postrandomisation, will include stroke-related, well-being, mood, self-esteem, quality of life and process measures. Analyses will focus on estimating key feasibility parameters (eg, rates of recruitment, retention, intervention attendance). We will develop outcome and resource use data collection methods to inform an effectiveness and cost-effectiveness analysis in the future trial. Interviews, with a sample of participants, will explore the acceptability of the intervention and study processes, as well as experiences of the HoS group. Ethics and dissemination National Health Service (NHS), Research and Development and University ethical approvals have been obtained. Two peer-reviewed journal publications are planned plus one service user led publication. Findings will be disseminated at key national conferences, local stakeholder events and via institutional websites.This paper presents independent research funded by the National Institute for Health Research (NIHR) under its Research for Patient Benefit (RfPB) Programme (Grant Reference Number PB-PG-0212-27054)

NMR shim coil design utilising a rapid spherical harmonic calculation method

A rapid spherical harmonic calculation method is used for the design of Nuclear Magnetic Resonance shim coils. The aim is to design each shim such that it generates a field described purely by a single spherical harmonic. By applying simulated annealing techniques, coil arrangements are produced through the optimal positioning of current-carrying circular arc conductors of rectangular cross-section. This involves minimizing the undesirable harmonies in relation to a target harmonic. The design method is flexible enough to be applied for the production of coil arrangements that generate fields consisting significantly of either zonal or tesseral harmonics. Results are presented for several coil designs which generate tesseral harmonics of degree one

The impact of transport infrastructure projects on sustainable development within a major logistics gateway in North West England

In the North West of England the issue of a perceived infrastructure gap is of increasing concern. Investment needs to be made to improve the transport infrastructure of the region if it is to be expected to promote the development of its own regional logistics gateway. Funding tools have been set up to address the challenges arising from the imbalance in infrastructure development that exists between regions in the north of the United Kingdom and those in the south. For regions with well developed economies the outlook is promising as the availability of modern transport infrastructure looks set to improve. However, some sources believe that the development of new transport infrastructure will have a negative impact upon sustainable development. It is expected that this will occur in a range of both direct and indirect ways. As a result, it is critical that planning for the creation of new intermodal transport infrastructure, or the upgrading of that which already exists, takes into account the impact that these developments will have on the sustainable development of the host region. A scenario based development methodology is proposed in this paper. It was developed to provide a way to identify potential scenarios that may arise within a given region as a result of transport infrastructure projects. To create significant scenarios the methodology is dependent on the availability of a sufficient quantity of quality data. For this paper that data was collected through a focus group composed of stakeholders from the region in question. This was further supported by the performance of an impact survey using the same group of stakeholders

6-Deoxyhexoses froml-Rhamnose in the Search for Inducers of the Rhamnose Operon: Synergy of Chemistry and Biotechnology

In the search for alternative non‐metabolizable inducers in the l ‐rhamnose promoter system, the synthesis of fifteen 6‐deoxyhexoses from l ‐rhamnose demonstrates the value of synergy between biotechnology and chemistry. The readily available 2,3‐acetonide of rhamnonolactone allows inversion of configuration at C4 and/or C5 of rhamnose to give 6‐deoxy‐d ‐allose, 6‐deoxy‐d ‐gulose and 6‐deoxy‐l ‐talose. Highly crystalline 3,5‐benzylidene rhamnonolactone gives easy access to l ‐quinovose (6‐deoxy‐l ‐glucose), l ‐olivose and rhamnose analogue with C2 azido, amino and acetamido substituents. Electrophilic fluorination of rhamnal gives a mixture of 2‐deoxy‐2‐fluoro‐l ‐rhamnose and 2‐deoxy‐2‐fluoro‐l ‐quinovose. Biotechnology provides access to 6‐deoxy‐l ‐altrose and 1‐deoxy‐l ‐fructose

Evolutionary fleet sizing in static and uncertain environments with shuttle transportation tasks - the case studies of container terminals

This paper aims to identify the optimal number of vehicles in environments with shuttle transportation tasks. These environments are very common industrial settings where goods are transferred repeatedly between multiple machines by a fleet of vehicles. Typical examples of such environments are manufacturing factories, warehouses and container ports. One very important optimisation problem in these environments is the fleet sizing problem. In real-world settings, this problem is highly complex and the optimal fleet size depends on many factors such as uncertainty in travel time of vehicles, the processing time of machines and size of the buffer of goods next to machines. These factors, however, have not been fully considered previously, leaving an important gap in the current research. This paper attempts to close this gap by taking into account the aforementioned factors. An evolutionary algorithm was proposed to solve this problem under static and uncertain situations. Two container ports were selected as case studies for this research. For the static cases, the state-of-the-art CPLEX solver was considered as the benchmark. Comparison results on real-world scenarios show that in the majority of cases the proposed algorithm outperforms CPLEX in terms of solvability and processing time. For the uncertain cases, a high-fidelity simulation model was considered as the benchmark. Comparison results on real-world scenarios with uncertainty show that in most cases the proposed algorithm could provide an accurate robust fleet size. These results also show that uncertainty can have a significant impact on the optimal fleet size

An improved memetic algorithm to enhance the sustainability and reliability of transport in container terminals

This paper improves our previous attempts in which we studied a combination of an evolutionary algorithm (EA) and Monte Carlo simulation (MCS). Results of those studies showed the process of sampling in MCS is very time consuming. This prevents the EA from producing an accurate estimation of the robust solutions within reasonable time. Thus the present work improves the performance of the EA to make it possible to reach high quality solutions in reasonable time, therefore yielding a number of more practical solutions in real cases. Firstly, it proposes a new sampling technique to generate samples that better reflect the worst-case scenarios. This helps the EA to find more robust solutions using smaller sample sizes. Secondly, it proposes a new adaptive sampling technique to adjust the sample size during evolution. Subsequently, to evaluate the proposed algorithm we tested it in a typical environment with shuttle transport tasks: container terminal. Experimental results show that such improvements led to a significantly improved performance of the EA, thus making the proposed algorithm perfectly usable for empirical cases