A dilution cost approach to financial intermediation and securities markets

This paper proposes a model of financial markets and corporate finance,with asymmetric information and no taxes, where equity issues, Bankdebt and Bond financing may all co-exist in equilibrium. The paperemphasizes the relationship Banking aspect of financial intermediation:firms turn to banks as a source of investment mainly because banks aregood at helping them through times of financial distress. The debtrestructuring service that banks may offer, however, is costly. Therefore,the firms which do not expect to be financially distressed prefer toobtain a cheaper market source of funding through bond or equity issues.This explains why bank lending and bond financing may co-exist inequilibrium. The reason why firms or banks also issue equity in our modelis simply to avoid bankruptcy. Banks have the additional motive that theyneed to satisfy minimum capital adequacy requeriments. Several types ofequilibria are possible, one of which has all the main characteristics ofa "credit crunch". This multiplicity implies that the channels of monetarypolicy may depend on the type of equilibrium that prevails, leadingsometimes to support a "credit view" and other times the classical "moneyview".

Effect of refuge supplement on Audouin's gull chick survival

One of the main threats to Audouin´s gull (Larus audouinii) at Chafarinas Islands is predation on eggs and chicks by the yellow-legged gull (Larus cachinnans). During the 1999 and 2000 breeding seasons we tested the effects of supplementary refuge availability on chick survival. Well before the laying period, nine adjacent enclosures were erected inside Audouin´s gull´s breeding grounds and some of them were supplied with artificial refuges. Our results showed significantly greater chick survival in the enclosures with artificial refuges than in control ones. In 2000, an overall lower breeding success of Audouin´s gull and a dilution of the refuge effect were observed. These results were probably related to food-shortage that year. We suggest that, along with other factors, an increase in refuge availability may significantly enhance Audouin´s gull chick survival.

Signatures of CP violation in the presence of multiple b-pair production at hadron colliders

We calculate the production of two b-quark pairs in hadron collisions. Sources of multiple pairs are multiple interactions and higher order perturbative QCD mechanisms. We subsequently investigate the competing effects of multiple b-pair production on measurements of CP violation: (i) the increase in event rate with multiple b-pair cross sections which may reach values of the order of 1 b in the presence of multiple interactions and (ii) the dilution of b versus b tagging efficiency because of the presence of events with four B mesons. The impact of multiple B-meson production is small unless the cross section for producing a single pair exceeds 1 mb. We show that even for larger values of the cross section the competing effects (i) and (ii) roughly compensate so that there is no loss in the precision with which CP-violating CKM angles can be determined.

Optimisation of doped microcrystalline silicon films deposited at very low temperatures by Hot-Wire CVD

In this paper we present new results on doped μc-Si:H thin films deposited by hot-wire chemical vapour deposition (HWCVD) in the very low temperature range (125-275°C). The doped layers were obtained by the addition of diborane or phosphine in the gas phase during deposition. The incorporation of boron and phosphorus in the films and their influence on the crystalline fraction are studied by secondary ion mass spectrometry and Raman spectroscopy, respectively. Good electrical transport properties were obtained in this deposition regime, with best dark conductivities of 2.6 and 9.8 S cm -1 for the p- and n-doped films, respectively. The effect of the hydrogen dilution and the layer thickness on the electrical properties are also studied. Some technological conclusions referred to cross contamination could be deduced from the nominally undoped samples obtained in the same chamber after p- and n-type heavily doped layers.

From demagnetizing to magnetizing interactions in CoFe-AgCu granular films

CoFe-AgCu granular films of compositions ranging from 0.17-0.44 ferromagnetic atomic concentration were prepared by rf sputtering. The microstructure and the transport and magnetic properties suggested that this family of samples can be classified into two groups with a crossover concentration at about 32 at. %. The experimental results for samples Co34Fe8Ag54Cu4 and Co18Fe8Ag70Cu4, which are representative of both different behaviors, are discussed. For the as-prepared sample with higher CoFe content, an uncompensated out-of-plane antiferromagneticlike microstructure with dominant demagnetizing interactions was observed. The particle growth through the annealing led to large in-plane ferromagneticlike clusters with dominant magnetizing interactions. The thermal dependence of the remanence-to-saturation ratio of the as-prepared and annealed samples indicated the existence of a high degree of magnetic correlations leading to a very low magnetoresistivity: In none of the cases was a Stoner¿Wohlfarth behavior observed. On the contrary, for the sample with lower CoFe content, the magnetoresistivity change was much higher, and the remanence followed the expected behavior, since magnetic correlations were strongly reduced through dilution.

Spin-glass behaviour in mixed metal oxides with a rutile-type structure

We report here on the magnetic properties of compounds of composition Fe1−xCrxSbO4 and Fe1−xGaxSbO4. The introduction of paramagnetic Cr3+ and diamagnetic Ga3+ into the rutile‐related iron antimonate lattice does not destroy the antisite atomic ordering which exists in iron antimonate of composition FeSbO4. The initial slope of the Curie temperature dependence on x is similar in both series, indicating that Fe3+‐Cr3+ interactions are very small. The magnetic susceptibility measurements recorded from the compounds of composition Fe1−xCrxSbO4, x<0.4, and Fe0.9Ga0.1SbO4 show them to behave as spin glasses at low temperatures. The inhibition of compounds of the type Fe1−xCrxSbO4, x>0.4, and Fe1−xGaxSbO4, x>0.1 to undergo a spin‐glass transition above 4.2 K is associated with a dilution effect.

Effect of refuge supplement on Audouin's gull chick survival

One of the main threats to Audouin´s gull (Larus audouinii) at Chafarinas Islands is predation on eggs and chicks by the yellow-legged gull (Larus cachinnans). During the 1999 and 2000 breeding seasons we tested the effects of supplementary refuge availability on chick survival. Well before the laying period, nine adjacent enclosures were erected inside Audouin´s gull´s breeding grounds and some of them were supplied with artificial refuges. Our results showed significantly greater chick survival in the enclosures with artificial refuges than in control ones. In 2000, an overall lower breeding success of Audouin´s gull and a dilution of the refuge effect were observed. These results were probably related to food-shortage that year. We suggest that, along with other factors, an increase in refuge availability may significantly enhance Audouin´s gull chick survival.

Carbohydrate and nitrogen stores in Festuca paniculata under mowing explain dominance in subalpine grasslands

Cessation of traditional management threatens semi-natural grassland diversity through the colonisation or increase of competitive species adapted to nutrient-poor conditions. Regular mowing is one practice that controls their abundance. This study evaluated the ecophysiological mechanisms limiting short- and long-term recovery after mowing for Festuca paniculata, a competitive grass that takes over subalpine grasslands in the Alps following cessation of mowing. We quantified temporal variations in carbon (C) and nitrogen (N) content, starch, fructan and total soluble sugars in leaves, stem bases and roots of F. paniculata during one growth cycle in mown and unmown fields and related them to the dynamics of soil mineral N concentration and soil moisture. Short-term results suggest that the regrowth of F. paniculata following mowing might be N-limited, first because of N dilution by C increments in the plant tissue, and second, due to low soil mineral N and soil moisture at this time of year. However, despite short-term effects of mowing on plant growth, C and N content and concentration at the beginning of the following growing season were not affected. Nevertheless, total biomass accumulation at peak standing biomass was largely reduced compared to unmown fields. Moreover, lower C storage capacity at the end of the growing season impacted C allocation to vegetative reproduction during winter, thereby dramatically limiting the horizontal growth of F. paniculata tussocks in the long term. We conclude that mowing reduces the growth of F. paniculata tussocks through both C and N limitation. Such results will help understanding how plant responses to defoliation regulate competitive interactions within plant communities.

Catalan beauty and the transnational beast: Barcelona on screen

This article explores the case of Barcelona as paradigmatic global city in such transnational productions as Vicky Cristina Barcelona by Woody Allen (2008) and Biutiful by Alejandro González Iñárritu (2010). Allen"s film shows the extreme dilution that national and linguistic identity undergoes under foreign eyes in its rendition of a"hip Barcelona" for tourists"invaded" by transnational subjects in search of bourgeois pleasures. Maybe in pursuit of a more"real" city, Iñárritu"s Biutiful moves to the Barcelona of the immigrants and the undocumented, a transnational and paradoxical location inhabited by those who need to cross borders in order to survive. Through reference to the work of Manuel Castells, Saskia Sassen, Neil Smith and Michel De Certeau among others, we argue that neither of these representations of the city is more real or unreal than the other. In their drastically divergent ways, both films contribute their external perspectives to the imaginary construction of Barcelona as a fascinating global city and can be seen as a dyptich of a transnational Barcelona. Further, they contribute to the ongoing debate about the polarization between the local and the global, the construction of urban boarders inside cities through gentrification, the transformation of the places we (would like to) inhabit, and the translation of all these into visual terms.

Real-time monitoring of the silicidation process of tungsten filaments at high temperature used as catalysers for silane decomposition

The scope of this work is the systematic study of the silicidation process affecting tungsten filaments at high temperature (1900ºC) used for silane decomposition in the hot-wire chemical vapour deposition technique (HWCVD). The correlation between the electrical resistance evolution of the filaments, Rfil(t), and the different stages of the their silicidation process is exposed. Said stages correspond to: the rapid formation of two WSi2 fronts at the cold ends of the filaments and their further propagation towards the middle of the filaments; and, regarding the hot central portion of the filaments: a initial stage of silicon dissolution into the tungsten bulk, with a random duration for as-manufactured filaments, followed by the inhomogeneous nucleation of W5Si3 (which is later replaced by WSi2) and its further growth towards the filaments core. An electrical model is used to obtain real-time information about the current status of the filaments silicidation process by simply monitoring their Rfil(t) evolution during the HWCVD process. It is shown that implementing an annealing pre-treatment to the filaments leads to a clearly repetitive trend in the monitored Rfil(t) signatures. The influence of hydrogen dilution of silane on the filaments silicidation process is also discussed.

Minimal requirements for parameters to be used for the development of predictive models for microbial source tracking. The example of the pair somatic coliphages and phages infecting Bacteroides

Several methods and approaches for measuring parameters to determine fecal sources of pollution in water have been developed in recent years. No single microbial or chemical parameter has proved sufficient to determine the source of fecal pollution. Combinations of parameters involving at least one discriminating indicator and one universal fecal indicator offer the most promising solutions for qualitative and quantitative analyses. The universal (nondiscriminating) fecal indicator provides quantitative information regarding the fecal load. The discriminating indicator contributes to the identification of a specific source. The relative values of the parameters derived from both kinds of indicators could provide information regarding the contribution to the total fecal load from each origin. It is also essential that both parameters characteristically persist in the environment for similar periods. Numerical analysis, such as inductive learning methods, could be used to select the most suitable and the lowest number of parameters to develop predictive models. These combinations of parameters provide information on factors affecting the models, such as dilution, specific types of animal source, persistence of microbial tracers, and complex mixtures from different sources. The combined use of the enumeration of somatic coliphages and the enumeration of Bacteroides-phages using different host specific strains (one from humans and another from pigs), both selected using the suggested approach, provides a feasible model for quantitative and qualitative analyses of fecal source identification.

Carbohydrate and nitrogen stores in Festuca paniculata under mowing explain dominance in subalpine grasslands

Cessation of traditional management threatens semi-natural grassland diversity through the colonisation or increase of competitive species adapted to nutrient-poor conditions. Regular mowing is one practice that controls their abundance. This study evaluated the ecophysiological mechanisms limiting short- and long-term recovery after mowing for Festuca paniculata, a competitive grass that takes over subalpine grasslands in the Alps following cessation of mowing. We quantified temporal variations in carbon (C) and nitrogen (N) content, starch, fructan and total soluble sugars in leaves, stem bases and roots of F. paniculata during one growth cycle in mown and unmown fields and related them to the dynamics of soil mineral N concentration and soil moisture. Short-term results suggest that the regrowth of F. paniculata following mowing might be N-limited, first because of N dilution by C increments in the plant tissue, and second, due to low soil mineral N and soil moisture at this time of year. However, despite short-term effects of mowing on plant growth, C and N content and concentration at the beginning of the following growing season were not affected. Nevertheless, total biomass accumulation at peak standing biomass was largely reduced compared to unmown fields. Moreover, lower C storage capacity at the end of the growing season impacted C allocation to vegetative reproduction during winter, thereby dramatically limiting the horizontal growth of F. paniculata tussocks in the long term. We conclude that mowing reduces the growth of F. paniculata tussocks through both C and N limitation. Such results will help understanding how plant responses to defoliation regulate competitive interactions within plant communities.