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Ebook Debt Capacity of Tangible Assets: What is Collateralizable in the Debt Market?
Submitted by wulan on Thu, 02/11/2010 - 07:50Many corporate capital structure studies have documented a positive relationship between collateral (measured as the fraction of property, plant, and equipment to total assets) and firm leverage (see, e.g., Titman and Wessels, 1988, Rajan and Zingales, 1995, MacKay and Phillips, 2005, Bharath, Pasquariello and Wu, 2006, Faulkender and Petersen, 2006; and very recently Wald and Long, 2007, Kale and Shahrur, 2007, Lemmon and Zender, 2007 just to cite some). This is largely explained by the fact that tangible assets can be pledged as collateral to lenders and thus allow companies to raise debt.
The empirical approach followed in aforementioned studies consists of including as explanatory variable an aggregate measure of tangibility in a leverage regression for large samples of public companies. This approach implicitly assumes that all types of tangible assets (e.g., land, buildings, and machineries & equipments) posses the same degree of debt capacity with no loss of information associated with the use of an aggregate measure of tangibility (that does not distinguish among the different types of tangible assets).
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Free Ocean Engineering Ebooks Reliability Transform Method
Submitted by acrobat on Fri, 08/01/2008 - 01:38Since the end of the cold war the United States is the single dominant naval power in the world. The emphasis of the last decade has been to reduce cost while maintaining this status.

As the Navy’s infrastructure decreases, so too does its ability to be an active participant in all aspects of ship operations and design. One way that the navy has achieved large savings is by using the Military Sealift Command to manage day to day operations of the Navy’s auxiliary and underway replenishment ships. While these ships are an active part of the Navy’s fighting force, they infrequently are put into harm’s way. The natural progression in the design of these ships is to have them fully classified under current American Bureau of Shipping (ABS) rules, as they closely resemble commercial ships. The first new design to be fully classed under ABS is the T-AKE. The Navy and ABS consider the T-AKE program a trial to determine if a partnership between the two organizations can extend into the classification of all new naval ships. A major difficulty in this venture is how to translate the knowledge base which led to the development of current military specifications into rules that ABS can use for future ships.
The specific task required by the Navy in this project is to predict the inherent availability of the new T-AKE class ship. To accomplish this task, the reliability of T-AKE equipment and machinery must be known. Under normal conditions reliability data would be obtained from past ships with similar mission, equipment and machinery. Due to the unique nature of the T-AKE acquisition, this is not possible. Because of the use of commercial off the shelf (COTS) equipment and machinery, military equipment and machinery reliability data can not be used directly to predict T-AKE availability. This problem is compounded by the fact that existing COTS equipment and machinery reliability data developed in commercial applications may not be applicable to a military application. A method for deriving reliability data for commercial equipment and machinery adapted or used in military applications is required.
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Ebook Diet, Fruit Choice And Variation In Body Condition Of Frugivorous Warblers In Mediterranean Scrubland
Submitted by puput on Thu, 10/22/2009 - 03:36Most dispersal mutualisms between animals and plants depend on the inclusion of plant propagules (seeds, pollen) as a part of the animal food, and result from the animal feeding on the plant (Janzen 1985). A major constraint on the evolution of a tight mutuatistic relationship between animals that gather food and plants that provide this food is that no single plant part produces an adequately balanced set of nutrients for the consumer and, as a consequence, the animal must build up a diverse diet in terms of both plant species and plant parts. The consequences of these nutritional constraints for the animals involved have been repeatedly documented (e.g. Belowski 1978, Westoby 1978, Bergeron & Jodoin 1984, Karasov 1985), and involve, as a generalization, the need to build up a diverse diet including 'minor' components that might be difficult to obtain. This has consequences for the patterns of habitat use, time budget, digestive physiology or body condition.
Frugivorous birds feeding on fleshy fruits experience nutritional constraints quite similar to those of herbivores feeding on vegetative plant parts (Foster 1978, Moermond & Denslow 1985). The fruit pulp is extremely scarce in protein and, if the amount present is adequate, it is usually imbalanced with other fractions, such as lipids or carbohydrates, resulting an inadequate food even when ingestion rate is not limiting (Foster 1978, Robbins 1983). The need to obtain minor nutrients (minerals, vitamins) and the presence of secondary plant metabolites, acting as digestion inhibitors or poisons, might impose deviations from the predictions derived from energetic models by creating partial preferences (Westoby 1978). Shortage of specific nutrients may result in individual preferences for particular meals, i.e., combinations of food items that better supply the nutritional needs (Rozin & Kalat 1971, Clark 1980). In addition, the seed(s) acts as an indigestible ballast decreasing the profitability of the nutrients within the fruit (Herrera 1981, Levey 1986). Therefore, a short retention time of the ingesta is the most commonly reported characteristic of frugivores. It can be seen as an adaptation to deal with digestive bottlenecks, arising when the caloric demand is fulfilled but the nitrogen or mineral need is not supplemented because food processing is limiting (Sibly 1981).
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