Decentralized Investment Banking: The Case of Discount Dividend-Reinve stment and Stock-Purchase Plans

Discount dividend-reinvestment and stock-purchase plans allow shareholders to capture part of the underwriting fees incurred in new stock offerings and save sponsoring firms some of the usual underwriting costs. We tested the degree to which individual investors can profitably serve this investment banking function by implementing simple investment/trading strategies designed to capture the discounts and distribute the shares in the market. The large profits earned by our strategies raise serious questions about why it takes firms so long to raise the target level of capital and why many eligible shareholders do not participate in these discount plans.

Employee Stock Ownership Plans and Corporate Restructuring: Myths and Realities

During the first six months of 1989 U.s. corporations acquired over $19 billion of their own stock to establish employer stock ownership plans (ESOPs). We evaluate the common claims that there exist unique tax and incentive contracting advantages to establishing ESOPs. Our analysis suggests that, particularly for large firms, where the greatest growth in ESOPs has occurred, the case is very weak for taxes being the primary motivation to establish an ESOP. The case is also weak for employee incentives being the driving force behind their establishment. We conclude that the main motivation for the growth of ESOPs is their anti-takeover characteristics.

The impact of satellite temperature soundings on the forecasts of a small national meteorological service

The impact of introducing satellite temperature sounding data on a numerical weather prediction model of a national weather service is evaluated. A dry five level, primitive equation model which covers most of the Northern Hemisphere, is used for these experiments. Series of parallel forecast runs out to 48 hours are made with three different sets of initial conditions: (1) NOSAT runs, only conventional surface and upper air observations are used; (2) SAT runs, satellite soundings are added to the conventional data over oceanic regions and North Africa; and (3) ALLSAT runs, the conventional upper air observations are replaced by satellite soundings over the entire model domain. The impact on the forecasts is evaluated by three verification methods: the RMS errors in sea level pressure forecasts, systematic errors in sea level pressure forecasts, and errors in subjective forecasts of significant weather elements for a selected portion of the model domain. For the relatively short range of the present forecasts, the major beneficial impacts on the sea level pressure forecasts are found precisely in those areas where the satellite sounding are inserted and where conventional upper air observations are sparse. The RMS and systematic errors are reduced in these regions. The subjective forecasts of significant weather elements are improved with the use of the satellite data. It is found that the ALLSAT forecasts are of a quality comparable to the SAR forecasts

Hopping magnetoresistance in ion irradiated monolayer graphene

Magnetoresistance (MR) of ion irradiated monolayer graphene samples with variable-range hopping (VRH) mechanism of conductivity was measured at temperatures down to $T = 1.8$ K in magnetic fields up to $B = 8$ T. It was observed that in perpendicular magnetic fields, hopping resistivity $R$ decreases, which corresponds to negative MR (NMR), while parallel magnetic field results in positive MR (PMR) at low temperatures. NMR is explained on the basis of the "orbital" model in which perpendicular magnetic field suppresses the destructive interference of many paths through the intermediate sites in the total probability of the long-distance tunneling in the VRH regime. At low fields, a quadratic dependence ($|\Delta R/R|\sim B^2$) of NMR is observed, while at $B > B^*$, the quadratic dependence is replaced by the linear one. It was found that all NMR curves for different samples and different temperatures could be merged into common dependence when plotted as a function of $B/B^*$. It is shown that $B^*\sim T^{1/2}$ in agreement with predictions of the "orbital" model. The obtained values of $B^*$ allowed also to estimate the localization radius $\xi$ of charge carriers for samples with different degree of disorder. PMR in parallel magnetic fields is explained by suppression of hopping transitions via double occupied states due to alignment of electron spins.Comment: 14 pages, 9 figures. As accepted for publication on Physica

Temperature and Emission-Measure Profiles Along Long-Lived Solar Coronal Loops Observed with TRACE

We report an initial study of temperature and emission measure distributions along four steady loops observed with the Transition Region and Coronal Explorer (TRACE) at the limb of the Sun. The temperature diagnostic is the filter ratio of the extreme-ultraviolet 171-angstrom and 195-angstrom passbands. The emission measure diagnostic is the count rate in the 171-angstrom passband. We find essentially no temperature variation along the loops. We compare the observed loop structure with theoretical isothermal and nonisothermal static loop structure.Comment: 10 pages, 3 postscript figures (LaTeX, uses aaspp4.sty). Accepted by ApJ Letter

Ray stability in weakly range-dependent sound channels

Ray stability is investigated in environments consisting of a range-independent background sound-speed profile on which a range-dependent perturbation, such as that produced by internal waves in deep ocean environments, is superimposed. Numerical results show that ray stability is strongly influenced by the background sound speed profile. Ray instability is shown to increase with increasing magnitude of alpha := I omega^{prime} / omega, where 2 pi / omega(I) is the range of a ray double loop and I is the ray action variable. The mechanism, shear-induced instability enhancement, by which alpha controls ray instability is described.Comment: To appear in JAS