Financing SMEs: a model for optimising the capital structure

This paper argues that the existing finance literature is inadequate with respect to its cov-erage of capital structure of small and medium sized enterprises (SMEs). In particular it is argued that the cost of equity (being both conceptually ill defined and empirically non quantifiable) is not applicable to the capital structure decisions for a large proportion of SMEs and the optimal capital structure depends only on the mix of short and long term debt. The paper then presents a model for optimising the debt mix and demonstrates its practical application using an Italian firm’s debt structure as a case study

Accurate high-resolution depth profiling of magnetron sputtered transition metal alloy films containing light species: A multi-method approach

We present an assessment of a multi-method approach based on ion beam analysis to obtain high-resolution depth profiles of the total chemical composition of complex alloy systems. As a model system we employ an alloy based on several transition metals and containing light species. Samples have been investigated by a number of different ion-beam based techniques, i.e., Rutherford Backscattering Spectrometry, Particle-Induced X-ray Emission, Elastic Backscattering Spectrometry and Time-of-Flight/Energy Elastic Recoil Detection Analysis. Sets of spectra obtained from these different techniques were analyzed both independently and following an iterative and self-consistent approach yielding a more accurate depth profile of the sample, including both metallic heavy constituents (Cr, Fe and Ni) as well as the rather reactive light species (C, O) in the alloy. A quantitative comparison in terms of achievable precision and accuracy is made and the limitations of the single method approach are discussed for the different techniques. The multi-method approach is shown to yield significantly improved and accurate information on stoichiometry, depth distribution, and thickness of the alloy with the improvements being decisive for a detailed correlation of composition to the material properties such as corrosion strength. The study also shows the increased relative importance of experimental statistics for the achievable accuracy in the multi-method approach.Comment: 18 pages, 6 figures and 1 tabl

Emergence of pulled fronts in fermionic microscopic particle models

We study the emergence and dynamics of pulled fronts described by the Fisher-Kolmogorov-Petrovsky-Piscounov (FKPP) equation in the microscopic reaction-diffusion process A + A A$ on the lattice when only a particle is allowed per site. To this end we identify the parameter that controls the strength of internal fluctuations in this model, namely, the number of particles per correlated volume. When internal fluctuations are suppressed, we explictly see the matching between the deterministic FKPP description and the microscopic particle model.Comment: 4 pages, 4 figures. Accepted for publication in Phys. Rev. E as a Rapid Communicatio

Evaluating GAIA performances on eclipsing binaries. I. Orbits and stellar parameters for V505 Per, V570 Per and OO Peg

The orbits and physical parameters of three detached, double-lined A-F eclipsing binaries have been derived combining H_P, V_T, B_T photometry from the Hipparcos/Tycho mission with 8500-8750 Ang ground-based spectroscopy, mimicking the photometric+spectroscopic observations that should be obtained by GAIA, the approved Cornerstone 6 mission by ESA. This study has two main objectives, namely (a) to derive reasonable orbits for a number of new eclipsing binaries and (b) to evaluate the expected performances by GAIA on eclipsing binaries and the accuracy achievable on the determination of fundamental stellar parameters like masses and radii. It is shown that a 1% precision in the basic stellar parameters can be achieved by GAIA on well observed detached eclipsing binaries provided that the spectroscopic observations are performed at high enough resolution. Other types of eclipsing binaries (including semi-detached and contact types) and different spectral types will be investigated in following papers along this series.Comment: A&A, 11 pages, 5 figures, 5 table

Fluctuating "Pulled" Fronts: the Origin and the Effects of a Finite Particle Cutoff

Recently it has been shown that when an equation that allows so-called pulled fronts in the mean-field limit is modelled with a stochastic model with a finite number $N$ of particles per correlation volume, the convergence to the speed $v^*$ for $N \to \infty$ is extremely slow -- going only as $\ln^{-2}N$. In this paper, we study the front propagation in a simple stochastic lattice model. A detailed analysis of the microscopic picture of the front dynamics shows that for the description of the far tip of the front, one has to abandon the idea of a uniformly translating front solution. The lattice and finite particle effects lead to a ``stop-and-go'' type dynamics at the far tip of the front, while the average front behind it ``crosses over'' to a uniformly translating solution. In this formulation, the effect of stochasticity on the asymptotic front speed is coded in the probability distribution of the times required for the advancement of the ``foremost bin''. We derive expressions of these probability distributions by matching the solution of the far tip with the uniformly translating solution behind. This matching includes various correlation effects in a mean-field type approximation. Our results for the probability distributions compare well to the results of stochastic numerical simulations. This approach also allows us to deal with much smaller values of $N$ than it is required to have the $\ln^{-2}N$ asymptotics to be valid.Comment: 26 pages, 11 figures, to appear in Phys. rev.

The distance to the Pleiades from orbital solution of the double-lined eclipsing binary HD 23642

Combining precise B,V photoelectric photometry and radial velocities, we have been able to derive a firm orbital solution and accurate physical parameters for the newly discovered eclipsing binary HD 23642 in the Pleiades open cluster. The resulting distance to the binary, and therefore to the cluster, is 132 +/- 2 pc. This closely confirms the distance modulus obtained by classical main sequence fitting methods (m-M = 5.60 or 132 pc), moving cluster techniques and the astrometric orbit of Atlas. This is the first time the distance to a member of the Pleiades is derived by orbital solution of a double-lined eclipsing binary, and it is intended to contribute to the ongoing discussion about the discordant Hipparcos distance to the cluster.Comment: accepted in press in A&A as Letter to the Edito

LBT observations of the HR 8799 planetary system: First detection of HR8799e in H band

We have performed H and Ks band observations of the planetary system around HR 8799 using the new AO system at the Large Binocular Telescope and the PISCES Camera. The excellent instrument performance (Strehl ratios up to 80% in H band) enabled detection the inner planet HR8799e in the H band for the first time. The H and Ks magnitudes of HR8799e are similar to those of planets c and d, with planet e slightly brighter. Therefore, HR8799e is likely slightly more massive than c and d. We also explored possible orbital configurations and their orbital stability. We confirm that the orbits of planets b, c and e are consistent with being circular and coplanar; planet d should have either an orbital eccentricity of about 0.1 or be non-coplanar with respect to b and c. Planet e can not be in circular and coplanar orbit in a 4:2:1 mean motion resonances with c and d, while coplanar and circular orbits are allowed for a 5:2 resonance. The analysis of dynamical stability shows that the system is highly unstable or chaotic when planetary masses of about 5 MJup for b and 7 MJup for the other planets are adopted. Significant regions of dynamical stability for timescales of tens of Myr are found when adopting planetary masses of about 3.5, 5, 5, and 5 Mjup for HR 8799 b, c, d, and e respectively. These masses are below the current estimates based on the stellar age (30 Myr) and theoretical models of substellar objects.Comment: 13 pages, 10 figures, A&A, accepte

Breakup reaction models for two- and three-cluster projectiles

Breakup reactions are one of the main tools for the study of exotic nuclei, and in particular of their continuum. In order to get valuable information from measurements, a precise reaction model coupled to a fair description of the projectile is needed. We assume that the projectile initially possesses a cluster structure, which is revealed by the dissociation process. This structure is described by a few-body Hamiltonian involving effective forces between the clusters. Within this assumption, we review various reaction models. In semiclassical models, the projectile-target relative motion is described by a classical trajectory and the reaction properties are deduced by solving a time-dependent Schroedinger equation. We then describe the principle and variants of the eikonal approximation: the dynamical eikonal approximation, the standard eikonal approximation, and a corrected version avoiding Coulomb divergence. Finally, we present the continuum-discretized coupled-channel method (CDCC), in which the Schroedinger equation is solved with the projectile continuum approximated by square-integrable states. These models are first illustrated by applications to two-cluster projectiles for studies of nuclei far from stability and of reactions useful in astrophysics. Recent extensions to three-cluster projectiles, like two-neutron halo nuclei, are then presented and discussed. We end this review with some views of the future in breakup-reaction theory.Comment: Will constitute a chapter of "Clusters in Nuclei - Vol.2." to be published as a volume of "Lecture Notes in Physics" (Springer

Kinematic reduction of reaction-diffusion fronts with multiplicative noise: Derivation of stochastic sharp-interface equations

We study the dynamics of generic reaction-diffusion fronts, including pulses and chemical waves, in the presence of multiplicative noise. We discuss the connection between the reaction-diffusion Langevin-like field equations and the kinematic (eikonal) description in terms of a stochastic moving-boundary or sharp-interface approximation. We find that the effective noise is additive and we relate its strength to the noise parameters in the original field equations, to first order in noise strength, but including a partial resummation to all orders which captures the singular dependence on the microscopic cutoff associated to the spatial correlation of the noise. This dependence is essential for a quantitative and qualitative understanding of fluctuating fronts, affecting both scaling properties and nonuniversal quantities. Our results predict phenomena such as the shift of the transition point between the pushed and pulled regimes of front propagation, in terms of the noise parameters, and the corresponding transition to a non-KPZ universality class. We assess the quantitative validity of the results in several examples including equilibrium fluctuations, kinetic roughening, and the noise-induced pushed-pulled transition, which is predicted and observed for the first time. The analytical predictions are successfully tested against rigorous results and show excellent agreement with numerical simulations of reaction-diffusion field equations with multiplicative noise.Comment: 17 pages, 6 figure