This paper presents an empirical investigation of the importance of specialized assets and other unique characteristics of a firm in explaining the variance in capital structure across firms. The results show thatfirm-spec@c effects contribute most to the variance in leverage, suggesting a strong link between strategy and capital structure. capital structure choice', Journal of Finance, 43, Turk, T. A. arid R. E. Hoskisson. 'The strategic implications of capital structure decisions'
This paper starts with a survey of the received theories of vertical integration. We then extend these theories by arguing that while uncertainty in general will make integration more effective, a particular type of uncertainty, the possibility of technological obsolescence, works the other way. After making this point at a conceptual level, we build a model to study how the frequency of technological change interacts with the intensity of competition to influence the optimal level of integration. The predictions of the model are then tested and very strongly supported by data from 93 industries.
Current magnetic-nanoparticle technology is challenging due to the limited magnetic properties of iron oxide nanoparticles (IONPs). Increasing the saturation magnetization of magnetic nanoparticles may permit more effective development of multifunctional agents for simultaneous targeted cell delivery, magnetic resonance imaging (MRI) contrast enhancement, and targeted cancer therapy in the form of local hyperthermia. We describe the synthesis and characterization of novel iron-based nanoparticles (FeNPs) coated with biocompatible biscarboxyl-terminated poly(ethylene glycol) (cPEG). In comparison to conventional IONPs similar in size (10 nm), FeNPs particles have a much greater magnetization and coercivity based on hysteresis loops from sample magnetometry. Increased magnetization afforded by the FeNPs permits more effective generation of local hyperthermia than IONPs when subjected to an oscillating magnetic field in a safe frequency range. Furthermore, FeNPs have a much stronger shortening effect on T 2 relaxation time than IONPs, suggesting that FeNPs may be more effective MRI contrast agents. Next-generation FeNPs with a biocompatible coating may
With the rapid growth in population and economic development, emissions of greenhouse gases (GHGs) from the Indian subcontinent have sharply increased during recent decades. However, evaluation of regional fluxes of GHGs and characterization of their spatial and temporal variations by atmospheric inversions remain uncertain due to a sparse regional atmospheric observation network. As a result of an Indo-French collaboration, three new atmospheric stations were established in India at Hanle (HLE), Pondicherry (PON) and Port Blair (PBL), with the objective of monitoring the atmospheric concentrations of GHGs and other trace gases. Here we present the results of the measurements of CO2, CH4, N2O, SF6, CO, and H-2 from regular flask sampling at these three stations over the period 2007-2011. For each species, annual means, seasonal cycles and gradients between stations were calculated and related to variations in natural GHG fluxes, anthropogenic emissions, and monsoon circulations. Covariances between species at the synoptic scale were analyzed to investigate the likely source(s) of emissions. The flask measurements of various trace gases at the three stations have the potential to constrain the inversions of fluxes over southern and northeastern India. However, this network of ground stations needs further extension to other parts of India to better constrain the GHG budgets at regional and continental scales
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