Tradeoff Theory and Leverage Dynamics of High-Frequency Debt Issuers*

2020 ◽  
Author(s):  
B Espen Eckbo ◽  
Michael Kisser
Keyword(s):  
High Frequency ◽  
Low Frequency ◽  
Debt Financing ◽  
Trade Off ◽  
Speed Of Adjustment ◽  
Industrial Companies ◽  
Long Run ◽  
Speed Up ◽  
Target Leverage ◽  
Leverage Dynamics

Abstract We test whether high-frequency net-debt issuers (HFIs)—public industrial companies with relatively low issuance costs and high debt-financing benefits—manage leverage toward long-run targets. Our answer is they do not: (1) the leverage–profitability correlation is negative even in quarters with leverage rebalancing; (2) the speed-of-adjustment to target leverage deviations is no higher for HFIs than for low-frequency net-debt issuers; and (3) under-leveraged HFIs do not speed up rebalancing activity in significant investment periods. Thus, even in the subset of firms most likely to follow dynamic trade-off theory, the theory does not appear to hold.

scholarly journals Fast Texture Synthesis in Adaptive Wavelet Packet Trees

2013 ◽  
Vol 2013 ◽  
pp. 1-8
Author(s):  
Ying-Shen Juang ◽  
Hsi-Chin Hsin ◽  
Tze-Yun Sung ◽  
Carlo Cattani
Keyword(s):  
High Frequency ◽  
Texture Synthesis ◽  
Wavelet Packet ◽  
Low Frequency ◽  
Computation Time ◽  
Wavelet Packet Transform ◽  
Synthesis Process ◽  
Adaptive Wavelet ◽  
Hierarchical Trees ◽  
Speed Up

Wavelet packet transform known as a substantial extension of wavelet transform has drawn a lot of attention to visual applications. In this paper, we advocate using adaptive wavelet packet transform for texture synthesis. The adaptive wavelet packet coefficients of an image are organized into hierarchical trees called adaptive wavelet packet trees, based on which an efficient algorithm has been proposed to speed up the synthesis process, from the low-frequency tree nodes representing the global characteristics of textures to the high-frequency tree nodes representing the local details. Experimental results show that the texture synthesis in the adaptive wavelet packet trees (TSIAWPT) algorithm is suitable for a variety of textures and is preferable in terms of computation time.

scholarly journals Short Note on Space Wind Powered by Disorder: Dark Energy

2018 ◽  
Author(s):  
Mesut Kavak
Keyword(s):  
High Frequency ◽  
Short Note ◽  
Low Frequency ◽  
Lower Mass ◽  
Gravitational Fields ◽  
Down Low ◽  
The World ◽  
Pioneer Anomaly ◽  
Speed Up ◽  
Moving Bodies

After midnight just before sleeping, I noticed in my bed, that free space itself can cause a parachute effect on the moving bodies especially the bodies move in low gravitational fields like in Pioneer Anomaly. Because of this reason, while speed of a satellite is decreasing, speed of another one which spins around the world on different axis can increase; a satellite wandering in interstellar medium can speed up as also it can slow down; low frequency light and high frequency light behave differently; galaxies have lower mass can spin faster since mutual gravitation is not only option. These are only a few examples.

scholarly journals A Frequency Decomposition-Based Hybrid Forecasting Algorithm for Short-Term Reactive Power

Energies ◽  
2021 ◽  
Vol 14 (20) ◽  
pp. 6606
Author(s):  
Jiabao Du ◽  
Changxi Yue ◽  
Ying Shi ◽  
Jicheng Yu ◽  
Fan Sun ◽  
...  
Keyword(s):  
High Frequency ◽  
Reactive Power ◽  
Short Term Memory ◽  
Low Frequency ◽  
Ensemble Empirical Mode Decomposition ◽  
Short Term ◽  
Prediction Ability ◽  
Frequency Decomposition ◽  
Mode Decomposition ◽  
Speed Up

This paper proposes a new frequency decomposition-based hybrid reactive power forecasting algorithm, EEMD-LSTM-RFR (ELR), which adopts a strategy of frequency decomposition prediction after ensemble empirical mode decomposition and then data reconstruction to improve the prediction ability of reactive power. This decomposition process can compress the high frequency of reactive power and benefits the following separate forecasting. Long short-term memory is proposed for the high-frequency feature of reactive power to deal with the forecasting difficulty caused by strong signal disturbance and randomness. In contrast, random forest regression is applied to the low-frequency part in order to speed up the forecasting. Four classical algorithms and four hybrid algorithms based on different signal decompositions are compared with the proposed algorithm, and the results show that the proposed algorithm outperforms those algorithms. The predicting index RMSE decreases to 0.687, while the fitting degree R2 gradually approaches 1 with a step-by-step superposition of high-frequency signals, indicating that the proposed decomposition-predicting reconstruction strategy is effective.

scholarly journals TRADE OFF THEORY DAN KECEPATAN PENYESUAIAN KE ARAH TARGET LEVERAGE (SUATU TINJAUAN TEORITIS DAN EMPIRIS)

2018 ◽  
Vol 9 (2) ◽  
pp. 69
Author(s):  
Dwi Cahyaningdyah
Keyword(s):  
Capital Structure ◽  
Empirical Studies ◽  
Economic Shocks ◽  
Trade Off ◽  
Speed Of Adjustment ◽  
Key Factor ◽  
Optimal Target ◽  
Spurious Result ◽  
Target Leverage ◽  
Alternative Solutions

Trade off theory of capital structure predicts that firms have optimal target leverage. However, empirical studies provide evidence that firms’ capital structure  often deviate from the target because of economic shocks. Therefore firm should make adjustment toward target leverage to maintain optimal trade off between cost and benefit of their financing decision.Understanding of adjustment behavior of the firm is key factor to comprehend firms’ capital structure dynamic. Nevertheless, asan important issue in corporate finance, speed of adjustment estimation still have several problems caused bias and spurious result. Recent studies identified several econometric problems of the model used by previous studies. This paper revisited these problems and provide several alternative solutions from recent studies. 

scholarly journals Good-enough production: Selecting easier words instead of more accurate ones

2021 ◽  
Author(s):  
Mark Koranda ◽  
Martin Zettersten ◽  
Maryellen MacDonald
Keyword(s):  
High Frequency ◽  
Low Frequency ◽  
Word Meanings ◽  
Frequency Word ◽  
Trade Off ◽  
Word Use ◽  
Trade Offs ◽  
Language Communication ◽  
The Times ◽  
High Frequency Words

While many implicit decisions are the result of a trade-off, trade-offs in word use, such as whether a producer meant to convey a message more aligned with kitten despite saying a more accessible word like cat, are difficult to measure. To test the trade-off between message alignment and accessibility, we designed an artificial lexicon where word meanings corresponded to angles on a compass. In a novel language communication game, participants trained on some words more than others (high- vs low-frequency), and then earned points by producing words, often requiring an implicit decision between a high- vs low-frequency word. A trade-off was observed across four experiments, such that high-frequency words were produced even when less aligned with messages. Since high-frequency words are more accessible, these results suggest that implicit decisions between words are impacted by accessibility. Of all the times that people have said cat, many times they likely meant kitten.

BLIND IMAGE RESTORATION BY COMBINING WAVELET TRANSFORM AND RBF NEURAL NETWORK

2007 ◽  
Vol 05 (01) ◽  
pp. 15-26 ◽  
Author(s):  
PING GUO ◽  
HONGZHAI LI ◽  
MICHAEL R. LYU
Keyword(s):  
Neural Network ◽  
Wavelet Transform ◽  
High Frequency ◽  
Additive Noise ◽  
Rbf Neural Network ◽  
Low Frequency ◽  
Degraded Image ◽  
Speed Up ◽  
Blind Image ◽  
The Given

In this paper, we present a novel technique for restoring a blurred noisy image without any prior knowledge of the blurring function and the statistics of noise. The technique combines wavelet transform with radial basis function (RBF) neural network to restore the given image which is degraded by Gaussian blur and additive noise. In the proposed technique, the wavelet transform is adopted to decompose the degraded image into high frequency parts and low frequency part. Then the RBF neural network based technique is used to restore the underlying image from the given image. The inverse principal element method (IPEM) is applied to speed up the computation. Experimental results show that the proposed technique inherited the advantages of wavelet transform and IPEM, and the algorithm is efficient in computation and robust to the noise.

scholarly journals Trade-Off Or Pecking Order: Evidence From South African Manufacturing, Mining, And Retail Firms

2013 ◽  
Vol 12 (8) ◽  
pp. 927
Author(s):  
Vusani Moyo ◽  
Hendrik Wolmarans ◽  
Leon Brummer
Keyword(s):  
South African ◽  
Random Effects ◽  
Negative Correlation ◽  
Fixed Effects ◽  
Debt Ratio ◽  
Pecking Order ◽  
Trade Off ◽  
Speed Of Adjustment ◽  
Financing Decisions ◽  
Target Leverage

This study tests the trade-off and pecking order hypotheses of corporate financing decisions and estimates the speed of adjustment toward target leverage using a cross-section of 42 manufacturing, 24 mining and 21 retail firms listed on the Johannesburg Stock Exchange (JSE) for the period 2000-2010. It uses the generalised least squares (GLS) random effects, maximum likelihood (ML) random effects, fixed effects, time series regression, Arellano and Bond (1991), Blundell and Bond (1998) and random effects Tobit estimators to fit the two versions of the partial adjustment models. The study finds that leverage is positively correlated to profitability and this supports the trade-off theory. The trade-off theory is further supported by the negative correlation on non-debt tax shields. Consistent with the pecking order theory, capital expenditure and growth rate are positively correlated to leverage while asset tangibility is inversely related to leverage. The negative correlation on financial distress and the positive correlation on dividends paid support both the pecking order and trade-off theories. These results are consistent with the view that the pecking order and trade-off theories are non-mutual exclusive in explaining the financing decisions of firms. The results also show that South African manufacturing, mining and retail firms do have target leverage ratios and the true speed of adjustment towards target leverage is 57.64% for book-to-debt ratio and 42.44% for market-to-debt ratio.

Frequency Effect of Formulaic Sequences on CAF in Academic Writing: Examples from L2 Master’s Theses

2020 ◽  
Vol 43 (4) ◽  
pp. 489-505
Author(s):  
Rong Ma
Keyword(s):  
Academic Writing ◽  
High Frequency ◽  
Low Frequency ◽  
Frequency Effect ◽  
Formulaic Sequences ◽  
Trade Off ◽  
Student Writers ◽  
Significant Frequency ◽  
Frequency Group ◽  
The Individual

Abstract This study was conducted to explore the individual uses of formulaic sequence (FS) frequency and their effects on complexity, accuracy, and fluency (CAF) in academic writing. Data was collected from the conclusion sections of a self-compiled corpus of 30 L2 master’s theses. Statistical analysis revealed several notable conclusions. 1) Student writers tend to make repetitive use of particular FSs in single texts. 2）FS use has a significant frequency effect on fluency, and the high-frequency group slightly outperforms the low-frequency group. 3) FS use has a certain frequency effect on accuracy, and the high-frequency group demonstrates the strongest correlation between FS frequency and accuracy. 4) FS use has a significant frequency effect on lexical complexity, and the low-frequency group slightly outperforms the high-frequency group. In the low-frequency group, FS use has a significant frequency effect on syntactic complexity as well. Finally, 5) The results support Skehan’s trade-off effect, a competition between CAF, which, to a certain degree, is affected by individual uses of FS frequency. The low-frequency group displays a greater trade-off effect than the high-frequency group.

Simulations of high-resolution images of amorphous silicon films

1986 ◽  
Vol 44 ◽  
pp. 544-545
Author(s):  
G. Y. Fan ◽  
J. M. Cowley
Keyword(s):  
Electron Microscope ◽  
High Frequency ◽  
Fourier Transformation ◽  
Amorphous Materials ◽  
Low Frequency ◽  
Chromatic Aberration ◽  
Structure Information ◽  
Frequency Components ◽  
High Resolution Images ◽  
Spatial Frequency Spectrum

It is well known that the structure information on the specimen is not always faithfully transferred through the electron microscope. Firstly, the spatial frequency spectrum is modulated by the transfer function (TF) at the focal plane. Secondly, the spectrum suffers high frequency cut-off by the aperture (or effectively damping terms such as chromatic aberration). While these do not have essential effect on imaging crystal periodicity as long as the low order Bragg spots are inside the aperture, although the contrast may be reversed, they may change the appearance of images of amorphous materials completely. Because the spectrum of amorphous materials is continuous, modulation of it emphasizes some components while weakening others. Especially the cut-off of high frequency components, which contribute to amorphous image just as strongly as low frequency components can have a fundamental effect. This can be illustrated through computer simulation. Imaging of a whitenoise object with an electron microscope without TF limitation gives Fig. 1a, which is obtained by Fourier transformation of a constant amplitude combined with random phases generated by computer.

SEM image sharpness analysis

1996 ◽  
Vol 54 ◽  
pp. 142-143
Author(s):  
M. T. Postek ◽  
A. E. Vladar
Keyword(s):  
High Frequency ◽  
Low Frequency ◽  
Quantitative Information ◽  
Primary Electron ◽  
Image Sharpness ◽  
Critical Dimensions ◽  
Sem Image ◽  
Frequency Changes ◽  
Electron Microscopes ◽  
Scanning Electron

Fully automated or semi-automated scanning electron microscopes (SEM) are now commonly used in semiconductor production and other forms of manufacturing. The industry requires that an automated instrument must be routinely capable of 5 nm resolution (or better) at 1.0 kV accelerating voltage for the measurement of nominal 0.25-0.35 micrometer semiconductor critical dimensions. Testing and proving that the instrument is performing at this level on a day-by-day basis is an industry need and concern which has been the object of a study at NIST and the fundamentals and results are discussed in this paper.In scanning electron microscopy, two of the most important instrument parameters are the size and shape of the primary electron beam and any image taken in a scanning electron microscope is the result of the sample and electron probe interaction. The low frequency changes in the video signal, collected from the sample, contains information about the larger features and the high frequency changes carry information of finer details. The sharper the image, the larger the number of high frequency components making up that image. Fast Fourier Transform (FFT) analysis of an SEM image can be employed to provide qualitiative and ultimately quantitative information regarding the SEM image quality.

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