On signalling and debt maturity choice

The theoretical literature on a firm?s choice of debt maturity argues that a borrowing firm can signal its value in asymmetric information setting by borrowing short. This well-known fact is based on Flannery (1986). This paper questions the use of debt maturity as a signalling device. We demonstrate that Flannery?s (1986) signalling outcome is vulnerable on two accounts. First, the separating equilibrium established by Flannery is not driven by the incentive compatibility. Second, derivations of the separating equilibrium appear to be vulnerable due to the lack of the refinements of pooling equilibria. If correct constraints are provided, the parameter space for the separating equilibrium shrinks, moderating the signalling role of debt maturity.

Study of the CAC mechanisms for telecommunications systems with adaptive links according to propagation conditions

This paper presents the framework and the activities of a PhD research work in progress supported by Alcatel Alenia Space in collaboration with TeSA and SUPAERO. It deals with Connection Admission Control (CAC) for Telecommunications Systems with adaptive links according to propagation conditions. Indeed, in high frequency bands communications, deep fadings may occur because of atmospheric propagation losses. The mitigation techniques used to counteract fades impacts the system capacity, therefore the CAC mechanism. The CAC which only uses current capacity information may lead to intolerable dropping of admitted connection, and thus breaches the QoS guarantees made upon connection acceptance. New CAC mechanisms shall be studied to take into account the capacity variation and the mitigation techniques (IFMT) developed to compensate the attenuation in Ka and above frequency range

Collateral and Debt Maturity Choice. A Signaling Model

This paper derives optimal loan policies under asymmetric information where banks offer loan contracts of long and short duration, backed or unbacked with collateral. The main novelty of the paper is that it analyzes a setting in which high quality firms use collateral as a complementary device along with debt maturity to signal their superiority. The least-cost signaling equilibrium depends on the relative costs of the signaling devices, the difference in firm quality and the proportion of good firms in the market. Model simulations suggest a non-monotonic relationship between firm quality and debt maturity, in which high quality firms have both long-term secured debt and short-term secured or non-secured debt.

Development of freshwater prawn (Macrobrachium rosenbergii) seed production and culture technology in the Mekong Delta Region of Vietnam: A review of the JIRCAS Project at Cantho University.

The Mekong Delta of Vietnam is a region rich in aquatic resources having high potential for aquaculture development. Inland aquaculture in the Mekong Delta has greatly increased since the last decade. Fish culture carried out in combination with other agricultural activities such as animal husbandry and rice cultivation, and intensive aquaculture in ponds and cages have been the dominant forms of fish production. However, the giant freshwater prawn, Macrobrachium rosenbergii, has recently become a species of economic significance and the target of aquaculture activity in the Mekong Delta. M. rosenbergii is cultured throughout the region in the rice fields, ponds, orchard gardens and in pens along river banks. The major constraints in this industry are seed supply and culture techniques, becoming the major obstacles for the further development of the culture of this species. In a collaborative research project implemented between the Japan International Research Center for Agricultural Sciences (JIRCAS) and Cantho University (CTU) since 1994, studies have been carried out on various aspects relating to the establishment of M. rosenbergii seed production and culture technology. The project is now in the middle of its second phase and has generated a great deal of scientific and practical information. This paper presents an overview of the achievements of this project

A Cenozoic-style scenario for the end-Ordovician glaciation

The end-Ordovician was an enigmatic interval in the Phanerozoic, known for massive glaciation potentially at elevated CO2 levels, biogeochemical cycle disruptions recorded as large isotope anomalies and a devastating extinction event. Ice-sheet volumes claimed to be twice those of the Last Glacial Maximum paradoxically coincided with oceans as warm as today. Here we argue that some of these remarkable claims arise from undersampling of incomplete geological sections that led to apparent temporal correlations within the relatively coarse resolution capability of Palaeozoic biochronostratigraphy. We examine exceptionally complete sedimentary records from two, low and high, palaeolatitude settings. Their correlation framework reveals a Cenozoic-style scenario including three main glacial cycles and higher-order phenomena. This necessitates revision of mechanisms for the end-Ordovician events, as the first extinction is tied to an early phase of melting, not to initial cooling, and the largest δ13C excursion occurs during final deglaciation, not at the glacial apex

MASCOT ON-BOARD COMPUTER BASED ON SPACEWIRE LINKS

The general concept of the “Mobile Asteroid Surface Scout” (MASCOT) is to provide a small landing system intended to be deployed from a supporting main spacecraft. It is specifically designed to be compatible with JAXA’s Hayabusa 2 (HY2, scheduled for launch in 2014) mission design and the environment given by the target asteroid 1999JU3. The design foresees an OBC for gathering, processing, compressing and storing of the scientific payload and the housekeeping data and to run system and subsystem tasks