Growth options, macroeconomic conditions, and the cross section of credit risk

AbstractWe extend the Fama-French (1992) model by considering growth option (as well as distress/leverage) variables in explaining the cross section of stock returns. We find that growth option variables, namely growth in capital investment and yet-unexercised growth options (GO), are significantly and negatively related to stock returns. Investors may be willing to accept lower average returns from growth stocks in exchange for a more favorable (positively skewed) risk-return profile. Book-to-market (BM) ratio seems to proxy for omitted distress/leverage variables. When these are explicitly accounted for, BM is not that significant. Our growth options variables have added explanatory power.

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A New Approach to the Demonstration of Oxidase-Localization Using Tannic Acid Or Catechin

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s0424820100073933 ◽

1973 ◽

Vol 31 ◽

pp. 698-699

Author(s):

V. Mizuhira ◽

Y. Futaesaku

Keyword(s):

Cross Section ◽

Tannic Acid ◽

Elastic Fiber ◽

The Other ◽

New Approach ◽

Tissue Block ◽

Active Reaction ◽

The Cross

Previously we reported that tannic acid is a very effective fixative for proteins including polypeptides. Especially, in the cross section of microtubules, thirteen submits in A-tubule and eleven in B-tubule could be observed very clearly. An elastic fiber could be demonstrated very clearly, as an electron opaque, homogeneous fiber. However, tannic acid did not penetrate into the deep portion of the tissue-block. So we tried Catechin. This shows almost the same chemical natures as that of proteins, as tannic acid. Moreover, we thought that catechin should have two active-reaction sites, one is phenol,and the other is catechole. Catechole site should react with osmium, to make Os- black. Phenol-site should react with peroxidase existing perhydroxide.

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Energy Distribution in Electron Beams

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s0424820100096096 ◽

1972 ◽

Vol 30 ◽

pp. 568-569

Author(s):

Tamotsu Ohno

Keyword(s):

Electron Beam ◽

Energy Distribution ◽

Cross Section ◽

Integral Curve ◽

Electron Beams ◽

Electron Gun ◽

Angular Divergence ◽

Apparent Increase ◽

Integral Width ◽

The Cross

The energy distribution in an electron; beam from an electron gun provided with a biased Wehnelt cylinder was measured by a retarding potential analyser. All the measurements were carried out with a beam of small angular divergence (<3xl0-4 rad) to eliminate the apparent increase of energy width as pointed out by Ichinokawa.The cross section of the beam from a gun with a tungsten hairpin cathode varies as shown in Fig.1a with the bias voltage Vg. The central part of the beam was analysed. An example of the integral curve as well as the energy spectrum is shown in Fig.2. The integral width of the spectrum ΔEi varies with Vg as shown in Fig.1b The width ΔEi is smaller than the Maxwellian width near the cut-off. As |Vg| is decreased, ΔEi increases beyond the Maxwellian width, reaches a maximum and then decreases. Note that the cross section of the beam enlarges with decreasing |Vg|.

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