The application of behavioural theory to corporate finance is now attracting the attention of theoretical work. However, very little rigorous empirical work has been carried out to analyse the desirability of behaviou...The application of behavioural theory to corporate finance is now attracting the attention of theoretical work. However, very little rigorous empirical work has been carried out to analyse the desirability of behavioural biases in relation to financing decisions. The main results argue that managerial overconfidence provides an alternative determinant of capital structure. However, many questions remain to be explored, related to overconfidence measures and positive/negative effects of managerial overconfidence. Our paper assumes that the combination of financial theory and behavioural theory leads to better explanatory power. We follow two complementary goals. Firstly, we examine the dynamic trade-off model introducing a behavioural perspective. Secondly, we propose extending the pecking order analysis to incorporate overconfidence in Shyam-Sunder and Myers＇s model. We use a sample of Tunisian firms and employ panel-data estimation procedures to account for endogeneity and spurious correlation issues. Our results confirm the assumption that manager confidence is positively related to debt level. Overconfident managers underestimate the probability of financial distress and will choose higher levels of debt than they would if they were ＂rational＂.展开更多
A joint cooperation diversity and symbol mapping diversity (SMD) strategy is proposed for cooperative packet retransmission system with high-order modulation such as 16QAM. Substantial SER/BER (symbol error rate/bit e...A joint cooperation diversity and symbol mapping diversity (SMD) strategy is proposed for cooperative packet retransmission system with high-order modulation such as 16QAM. Substantial SER/BER (symbol error rate/bit error rate) gains result from multiple packet transmissions over independent paths and distinct bit-to-symbol mappings for each packet transmis-sion. The SER/BER performance of relay assisted retransmission system is analyzed. Simulation results show that the joint-diversity strategy can provide more BER gains than other relaying strategies (i.e., decode-and-forward and constellation rearrangement relaying strategies) when no relay makes a decision error; but if some relays make decision errors, the joint-di-versity strategy outperforms other relaying strategies only when the relays are closer to the source than to the destination.展开更多
Based on digital signal processing theory,a novel method of designing optical notch filter is proposed for Mach-Zehnder interferometer with cascaded optical fiber rings coupled structure.The method is simple and effec...Based on digital signal processing theory,a novel method of designing optical notch filter is proposed for Mach-Zehnder interferometer with cascaded optical fiber rings coupled structure.The method is simple and effective,and it can be used to implement the designing of the optical notch filter which has arbitrary number of notch points in one free spectrum range(FSR).A design example of notch filter based on cascaded single-fiber-rings is given.On this basis,an improved cascaded double-fiber-rings structure is presented to eliminate the effect of phase shift caused by the single-fiber-ring structure.This new structure can improve the stability and applicability of system.The change of output intensity spectrum is finally investigated for each design parameter and the tuning characteristics of the notch filter are also discussed.展开更多
文摘The application of behavioural theory to corporate finance is now attracting the attention of theoretical work. However, very little rigorous empirical work has been carried out to analyse the desirability of behavioural biases in relation to financing decisions. The main results argue that managerial overconfidence provides an alternative determinant of capital structure. However, many questions remain to be explored, related to overconfidence measures and positive/negative effects of managerial overconfidence. Our paper assumes that the combination of financial theory and behavioural theory leads to better explanatory power. We follow two complementary goals. Firstly, we examine the dynamic trade-off model introducing a behavioural perspective. Secondly, we propose extending the pecking order analysis to incorporate overconfidence in Shyam-Sunder and Myers＇s model. We use a sample of Tunisian firms and employ panel-data estimation procedures to account for endogeneity and spurious correlation issues. Our results confirm the assumption that manager confidence is positively related to debt level. Overconfident managers underestimate the probability of financial distress and will choose higher levels of debt than they would if they were ＂rational＂.
基金the National Natural Science Foundation of China (No. 60372107)the Natural Science Fund for Higher Educa-tion of Jiangsu Province, China (No. 06KJA51001)the Natural Science Fund of the Science and Technology Department of Jiangsu Province, China (No. BK2007729)
文摘A joint cooperation diversity and symbol mapping diversity (SMD) strategy is proposed for cooperative packet retransmission system with high-order modulation such as 16QAM. Substantial SER/BER (symbol error rate/bit error rate) gains result from multiple packet transmissions over independent paths and distinct bit-to-symbol mappings for each packet transmis-sion. The SER/BER performance of relay assisted retransmission system is analyzed. Simulation results show that the joint-diversity strategy can provide more BER gains than other relaying strategies (i.e., decode-and-forward and constellation rearrangement relaying strategies) when no relay makes a decision error; but if some relays make decision errors, the joint-di-versity strategy outperforms other relaying strategies only when the relays are closer to the source than to the destination.
基金supported by the National Natural Science Foundation of China (No.10804070)the Innovation Program of Shanghai Municipal Education Commission (No.09YZ06)Shanghai Leading Academic Discipline Project (No.S30108)
文摘Based on digital signal processing theory,a novel method of designing optical notch filter is proposed for Mach-Zehnder interferometer with cascaded optical fiber rings coupled structure.The method is simple and effective,and it can be used to implement the designing of the optical notch filter which has arbitrary number of notch points in one free spectrum range(FSR).A design example of notch filter based on cascaded single-fiber-rings is given.On this basis,an improved cascaded double-fiber-rings structure is presented to eliminate the effect of phase shift caused by the single-fiber-ring structure.This new structure can improve the stability and applicability of system.The change of output intensity spectrum is finally investigated for each design parameter and the tuning characteristics of the notch filter are also discussed.
