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This study examines the empirical relations between the governance structure of public corporations in the United States and the rating and pricing of their debt securities. We study an unbalanced panel of 775 unique U.S. firms fr...
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This study examines the empirical relations between the governance structure of public corporations in the United States and the rating and pricing of their debt securities. We study an unbalanced panel of 775 unique U.S. firms from 2001 through 2007 and identify several statistically significant relations between corporate governance factors and credit ratings, bond spreads and firm values. We find that credit ratings are negatively related to the presence of antitakeover measures for firms with speculative grade ratings and positively related to the presence of antitakeover measures for firms with investment grade ratings. Moreover, we find that spreads are positively related to the presence of antitakeover measures, and this relation is significantly stronger for firms with less than investment grade credit ratings. Our findings also suggest that more stable boards, defined as having attributes relating to board tenure, director liability indemnification and classified board structures are related to higher credit ratings and lower bond spreads. We conjecture that boards with greater stability may be better positioned to take into consideration the longer term interests of the firm as a whole, thus benefiting the firm's creditors.
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摘要 :
This study examines the empirical relations between the governance structure of public corporations in the United States and the rating and pricing of their debt securities. We study an unbalanced panel of 775 unique U.S. firms fr...
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This study examines the empirical relations between the governance structure of public corporations in the United States and the rating and pricing of their debt securities. We study an unbalanced panel of 775 unique U.S. firms from 2001 through 2007 and identify several statistically significant relations between corporate governance factors and credit ratings, bond spreads and firm values. We find that credit ratings are negatively related to the presence of antitakeover measures for firms with speculative grade ratings and positively related to the presence of antitakeover measures for firms with investment grade ratings. Moreover, we find that spreads are positively related to the presence of antitakeover measures, and this relation is significantly stronger for firms with less than investment grade credit ratings. Our findings also suggest that more stable boards, defined as having attributes relating to board tenure, director liability indemnification and classified board structures are related to higher credit ratings and lower bond spreads. We conjecture that boards with greater stability may be better positioned to take into consideration the longer term interests of the firm as a whole, thus benefiting the firm's creditors.
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Previous empirical research documents a convex cross-sectional relationship between past performance and mutual fund flows. Using a dynamic rational expectations equilibrium model with endogenous portfolio management, I propose a ...
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Previous empirical research documents a convex cross-sectional relationship between past performance and mutual fund flows. Using a dynamic rational expectations equilibrium model with endogenous portfolio management, I propose a new economic theory to explain the convex flow-performance relationship. The proposed theory highlights the importance of incorporating active portfolio management into economic analysis of fund flows. With higher managerial ability a fund manager can generate higher returns through some investment opportunities. At the same time the manager enhances a fund’s performance further by optimally shifting the asset mix toward the profitable opportunities. In anticipation of the increased investments as well as the higher returns, fund investors rationally invest a disproportionately large amount of money into the fund. A quantitative analysis shows that the fully calibrated model accounts for several empirical regularities of mutual funds. Furthermore, using the same model, I develop a unified theory of open-end fund flows and closed-end fund discounts, and show that by the above economic argument the model predicts a convex “premium-performance” relationship in the case of closed-end funds. I empirically test and confirm this novel prediction.
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The dynamics of mechanical systems of high dimension or many degrees of freedom will be discussed. The modeling of both fluid and structural systems will be considered with special emphasis given to fluid-structural or aeroelastic...
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The dynamics of mechanical systems of high dimension or many degrees of freedom will be discussed. The modeling of both fluid and structural systems will be considered with special emphasis given to fluid-structural or aeroelastic systems. Novel and effective theoretical and computational techniques will be considered and illustrative correlations with experimental results given. Also briefly considered will be nanoscale systems that are modeled at the molecular level using similar mathematical techniques. Aeroelastic systems are those that involved the coupled interaction between a convecting fluid flow and a flexible elastic structure. The nonlinear dynamical response of such systems is of great current interest. Currently operational aircraft are known to encounter limit cycle oscillations (LCO) in certain flight regimes and relatively simple experimental wind tunnel models have been designed to exhibit LCO as well. The LCO may be either beneficial or dangerous for the safety of the aircraft. The results of several wind tunnel experiments are discussed and compared to those from mathematical models. The physical models include (1) an airfoil with control surface freeplay; (2) a delta wing with structural geometrical nonlinearities due to plate-like deformations; and (3) a very high aspect ratio wing with geometrical structural nonlinearities due to coupling among torsional twist, transverse bending and fore-and-aft bending. In addition, the theoretical and computational advantages of modeling the aerodynamic flow field in terms of a set of global modes and also using a novel form of the harmonic balance method are emphasized. A recent theoretical result for large shock motions in a viscous transonic flow around an oscillating airfoil undergoing LCO is presented to illustrate the results to be obtained by such methods.
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In this paper we develop a new framework that captures the common landscape underlying the common non-convex low-rank matrix problems including matrix sensing, matrix completion and robust PCA. In particular, we show for all above...
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In this paper we develop a new framework that captures the common landscape underlying the common non-convex low-rank matrix problems including matrix sensing, matrix completion and robust PCA. In particular, we show for all above problems (including asymmetric cases): 1) all local minima are also globally optimal: 2) no high-order saddle points exists. These results explain why simple algorithms such as stochastic gradient descent have global converge, and efficiently optimize these non-convex objective functions in practice. Our framework connects and simplifies the existing analyses on optimization landscapes for matrix sensing and symmetric matrix completion. The framework naturally leads to new results for asymmetric matrix completion and robust PCA.
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A computational code has been developed for aeroelastic analysis. The structural bending and torsional stiffness for an all-movable horizontal tail are based upon the experimental data published in the prior literature. A linear t...
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A computational code has been developed for aeroelastic analysis. The structural bending and torsional stiffness for an all-movable horizontal tail are based upon the experimental data published in the prior literature. A linear three-dimensional time domain vortex lattice aerodynamic model is used. The computational code is used to study the flutter and also nonlinear limit cycle oscillations (LCO) induced by a free play gap in the actuating mechanism at the root of the tail as well as the effects of the initial angle of attack on LCO response. It is found that the angle of attack significantly affects the LCO behavior and if sufficiently large may suppress the LCO. The computed flutter results are compared with the experimental data with good quantitative agreement between theory and experiment. No experimental results for LCO of this configuration are available in the literature as yet.
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摘要 :
A computational code has been developed for aeroelastic analysis. The structural bending and torsional stiffness for an all-movable horizontal tail are based upon the experimental data published in the prior literature. A linear t...
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A computational code has been developed for aeroelastic analysis. The structural bending and torsional stiffness for an all-movable horizontal tail are based upon the experimental data published in the prior literature. A linear three-dimensional time domain vortex lattice aerodynamic model is used. The computational code is used to study the flutter and also nonlinear limit cycle oscillations (LCO) induced by a free play gap in the actuating mechanism at the root of the tail as well as the effects of the initial angle of attack on LCO response. It is found that the angle of attack significantly affects the LCO behavior and if sufficiently large may suppress the LCO. The computed flutter results are compared with the experimental data with good quantitative agreement between theory and experiment. No experimental results for LCO of this configuration are available in the literature as yet.
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