Debtor-in-possession financing

Several recent papers have documented the benefits of debtor-in-possession (DIP) financing in the restructuring of firms in Chapter 11. However, the view on benefits is not unanimous and some legal scholars have raised doubts about DIP financing's effects on debt-holders and the possibility of expropriative wealth transfers. In this paper we address this issue by analyzing both stock and bond price data for a comprehensive sample of DIP loans and find significant positive abnormal stock and bond returns at the announcement of DIP loans. Also, we do not find evidence of wealth transfers from junior to senior debt-holders. Further, we examine the DIP loan process in detail and we document important institutional features of DIP loans such as maturity, covenants, fees and interest charges. We find evidence of intense monitoring using covenants. We also find higher fees and charges associated with DIP loans. We argue that overall the results are consistent with the information processing role of financial intermediaries.     

Current and future water issues in the Oldman River Basin of Alberta, Canada.

Long-term trends in alpine and prairie snow pack accumulation and melt are affecting streamflow within the Oldman River Basin in southern Alberta, Canada. Unchecked rural and urban development also has contributed to changes in water quality, including enhanced microbial populations and increased waterborne pathogen occurrence. In this study we look at changing environment within the Oldman River Basin and its impact on water quality and quantity. The cumulative effects include a decline in net water supplies, and declining quality resulting in increased risk of disease. Our data indicates that decreases in the rate of flow of water can result in sedimentation of bacterial contaminants within the water column. Water for ecosystems, urban consumption, recreation and distribution through irrigation is often drawn from waterholding facilities such as dams and weirs, and concern must be expressed over the potential for contaminate build-up and disproportionate potential of these structures to pose a risk to human and animal health. With disruption of natural flow rates for water resulting from environmental change such as global warming and/or human intervention, increased attention needs to be paid to use of best management practices to protect source water supplies.     

Upgrading Textile & Apparel Market in 2007

In 2007,as the process of economic globalization is speeding up,China’s market became more open and attractive to the world.The Chinese apparel industry gained a rare historical opportunity to strengthen self-upgrading and improvement,while facing the competition and challenges from domestic and overseas markets.     

医疗器械领域商业贿赂特点及成因分析

本文总结了我国医疗器械购销活动中商业贿赂的表现形式,分析了其贿赂特点及产生的社会危害,剖析了医疗器械购销活动中商业贿赂的产生原因,提出了相应的对策建议.     

基于高校教师职业特点的激励机制探析

在对高校教师激励机制现状分析之后,针对高校教师的职业特点,提出了高校教师激励机制模式:薪酬激励、社会保障计划、参与激励、竞争激励、组织文化激励、工作激励。     

Stochastic frontier models with random coefficients

The paper proposes a stochastic frontier model with random coefficients to separate technical inefficiency from technological differences across firms, and free the frontier model from the restrictive assumption that all firms must share exactly the same technological possibilities. Inference procedures for the new model are developed based on Bayesian techniques, and computations are performed using Gibbs sampling with data augmentation to allow finite‐sample inference for underlying parameters and latent efficiencies. An empirical example illustrates the procedure. Copyright © 2002 John Wiley & Sons, Ltd.     

Socio‐economic distance and spatial patterns in unemployment

This paper examines the spatial patterns of unemployment in Chicago between 1980 and 1990. We study unemployment clustering with respect to different social and economic distance metrics that reflect the structure of agents' social networks. Specifically, we use physical distance, travel time, and differences in ethnic and occupational distribution between locations. Our goal is to determine whether our estimates of spatial dependence are consistent with models in which agents' employment status is affected by information exchanged locally within their social networks. We present non‐parametric estimates of correlation across Census tracts as a function of each distance metric as well as pairs of metrics, both for unemployment rate itself and after conditioning on a set of tract characteristics. Our results indicate that there is a strong positive and statistically significant degree of spatial dependence in the distribution of raw unemployment rates, for all our metrics. However, once we condition on a set of covariates, most of the spatial autocorrelation is eliminated, with the exception of physical and occupational distance. Racial and ethnic composition variables are the single most important factor in explaining the observed correlation patterns. Copyright © 2002 John Wiley & Sons, Ltd.     

温度应力、自收缩对高性能混凝土早期开裂的影响

根据高性混凝土的水化特性、物理力学特性及自收缩特性，分析了高性能混凝土早期开裂机理和影响早期开裂的主要因素．并结合工程实例，借助混凝土温度和应力有限元仿真计算方法分析研究了表面适度保温和水管冷却技术在高性能混凝土温控防裂中的应用效果．研究结果表明，表面适度保温与水管冷却相结合能有效降低混凝土的内外温差，减小混凝土早期表面拉应力与后期内部拉应力，防裂效果明显，对类似的工程具有借鉴作用．     

我国商业银行私人银行业务的发展现状与对策

随着我国富裕阶层队伍的不断壮大,我国私人银行业务显示出巨大的市场潜力,中外银行因此展开了激烈的竞争。但是,我国商业银行发展私人银行业务也面临着诸多制约因素。因此,我国商业银行应在市场细分、产品的研发与创新、品牌建设、组织架构、专业人才的培养、外部环境建设等方面采取切实措施,以促进私人银行业务的发展