The authors examine a firm＇s decision to begin issuing debt in public bond markets and find that it is a function of both life cycle influences and opportunistic timing. Defining life cycle factors to encompass both ...The authors examine a firm＇s decision to begin issuing debt in public bond markets and find that it is a function of both life cycle influences and opportunistic timing. Defining life cycle factors to encompass both a firm＇s age in years and its underlying characteristics, the authors confirm that bond market participation is generally restricted to large, mature firms. Summary statistics show that finns obtain their initial bond ratings on average 9.5 years after their equity initial public offering （IPO） and 11.8 years after initiating dividend payments. Growth rates, capital expenditures, and cash flow volatility all decline as the firm accesses public debt markets, consistent with entry into the mature phase of its life cycle. With respect to opportunistic timing, it is asked whether entry into public bond markets follows strong performance （or precedes weak performance） at both the firm and market levels. At the firm level, the authors find that the debt IPO occurs following periods of strong operating performance and high excess stock returns. At the market level, entry coincides with favorable interest rates and default spreads. The benefits of careful timing result in firms receiving initial bond ratings that are stronger than what would be predicted; however, there is no evidence of abnormal numbers of downgrades for these firms in subsequent years.展开更多
The mating behavior of Propylea dissecta (Mulsant) was investigated in detail.Protandry was evident, as males mature earlier than females. Predicted age of sexual maturation of male and female ladybirds was 7.12 and 9...The mating behavior of Propylea dissecta (Mulsant) was investigated in detail.Protandry was evident, as males mature earlier than females. Predicted age of sexual maturation of male and female ladybirds was 7.12 and 9.33 days, respectively. Males performed courtship in six steps, viz. approach, watch, examine, embrace, mount and attempt. Embrace is possibly an appeasement act, while examine serves to recognize mate.Chemical signals initiate male attraction toward females. Visual and tactile cues appear to secondarily help in mate recognition. Mating lasted longest (275.40 ± 12.23 min) when it occurred between unmated individuals. It was much shorter (176.60 ± 5.60 min) when prior mated individuals copulated. There was a significant decrease in mating durations when adults were subjected to five successive matings. Fecundity and percent egg viability increased significantly with increase in the number of matings.展开更多
Research on fruit fly courtship has mostly focused on males＇ behavioral repertoire whereas females have been as- sumed to respond by either rejecting or accepting males. In many fruit fly species including Drosophila...Research on fruit fly courtship has mostly focused on males＇ behavioral repertoire whereas females have been as- sumed to respond by either rejecting or accepting males. In many fruit fly species including Drosophila melanogaster, however, mating typically follows an extended period of courtship, which provides ample opportunities for females to inform males about their likelihood of mating. Our experiments indeed revealed that sexually immature females in both D. melanogasterand D. si- mulans showed responses to conspecific males that were distinct from those of sexually mature females. Furthermore, females＇ responses to conspecifie males were different from their responses to heterospecific males. Our data indicate that females＇ beha- vioral repertoire early in courtship can inform males about their probability of mating if they persist in courting. We hypothesize （i） that males can rely on behavioral feedback from females for optimally allocating their courtship efforts towards distinct female classes, （ii） that males may learn to modulate their courtship behavior based on specific feedback from females, and （iii） that fe- males may learn to alter their behavior towards distinct types of males in order to elicit the desired male response. Overall, we suggest that, although little explored, female behavior determines the dynamics of courtship and mating and can thus influence sexual selection and incipient speciation .展开更多
Life-history theory predicts that in hibemators age of maturation is related positively to body size and negatively to the duration of active season aboveground. Yellow souslik is a large-sized ground squirrel with lo...Life-history theory predicts that in hibemators age of maturation is related positively to body size and negatively to the duration of active season aboveground. Yellow souslik is a large-sized ground squirrel with long hibernation, which suggests late maturation. We used four-year field observations of marked individuals to determine the age of maturation in males through analysis of age-dependent variation in body size, mass, androgen status, timing of spring emergence, ranging patterns and social behavior during the mating season. Yearling males were smaller, lighter, had lower level of fecal testosterone, emerged later and had smaller home ranges than older males. Social activity and the number of females encountered did not differ between age classes. After the second hibernation none of the studied parameters varied with age. Cluster analysis revealed two behavioral tactics： ＂active＂ males （adults only） emerged earlier, ranged more widely, initiated more contacts, encountered more females and were heavier than ＂passive＂ males （both yearling and adult）. Thus, males of S. fulvus reached adult size and matured after two hibernations, which is relatively fast for such a big species with short active period. Indirect evidence for copulations and high variation among yearlings in all parameters suggest that some of them might successfully compete with adults. Active tactic of wandering and searching for females is energetically costly, and probably only adult males in good physical condition can afford it, whereas passive tactic of residing is energy saving and good for adults in poor condition and for yearlings that are continuing to grow.展开更多
This paper considers the combined effects of the nonlinear intra-specific regulation and maturation delays on the two-species competition model. Dynamical behaviors of the model are studied, and sharp global asymptoti...This paper considers the combined effects of the nonlinear intra-specific regulation and maturation delays on the two-species competition model. Dynamical behaviors of the model are studied, and sharp global asymptotical stability criteria for the coexistence equilibrium as well as the excluding equilibria are established. It is shown that increase of the maturation delay of one species has negative effect on its permanence and a sufficiently large maturation delay will directly lead to its extinction, and that variation of the intra-specific regulation parameter of one species may change the surviving or extinction behaviors of its competitor.展开更多
文摘The authors examine a firm＇s decision to begin issuing debt in public bond markets and find that it is a function of both life cycle influences and opportunistic timing. Defining life cycle factors to encompass both a firm＇s age in years and its underlying characteristics, the authors confirm that bond market participation is generally restricted to large, mature firms. Summary statistics show that finns obtain their initial bond ratings on average 9.5 years after their equity initial public offering （IPO） and 11.8 years after initiating dividend payments. Growth rates, capital expenditures, and cash flow volatility all decline as the firm accesses public debt markets, consistent with entry into the mature phase of its life cycle. With respect to opportunistic timing, it is asked whether entry into public bond markets follows strong performance （or precedes weak performance） at both the firm and market levels. At the firm level, the authors find that the debt IPO occurs following periods of strong operating performance and high excess stock returns. At the market level, entry coincides with favorable interest rates and default spreads. The benefits of careful timing result in firms receiving initial bond ratings that are stronger than what would be predicted; however, there is no evidence of abnormal numbers of downgrades for these firms in subsequent years.
文摘The mating behavior of Propylea dissecta (Mulsant) was investigated in detail.Protandry was evident, as males mature earlier than females. Predicted age of sexual maturation of male and female ladybirds was 7.12 and 9.33 days, respectively. Males performed courtship in six steps, viz. approach, watch, examine, embrace, mount and attempt. Embrace is possibly an appeasement act, while examine serves to recognize mate.Chemical signals initiate male attraction toward females. Visual and tactile cues appear to secondarily help in mate recognition. Mating lasted longest (275.40 ± 12.23 min) when it occurred between unmated individuals. It was much shorter (176.60 ± 5.60 min) when prior mated individuals copulated. There was a significant decrease in mating durations when adults were subjected to five successive matings. Fecundity and percent egg viability increased significantly with increase in the number of matings.
文摘Research on fruit fly courtship has mostly focused on males＇ behavioral repertoire whereas females have been as- sumed to respond by either rejecting or accepting males. In many fruit fly species including Drosophila melanogaster, however, mating typically follows an extended period of courtship, which provides ample opportunities for females to inform males about their likelihood of mating. Our experiments indeed revealed that sexually immature females in both D. melanogasterand D. si- mulans showed responses to conspecific males that were distinct from those of sexually mature females. Furthermore, females＇ responses to conspecifie males were different from their responses to heterospecific males. Our data indicate that females＇ beha- vioral repertoire early in courtship can inform males about their probability of mating if they persist in courting. We hypothesize （i） that males can rely on behavioral feedback from females for optimally allocating their courtship efforts towards distinct female classes, （ii） that males may learn to modulate their courtship behavior based on specific feedback from females, and （iii） that fe- males may learn to alter their behavior towards distinct types of males in order to elicit the desired male response. Overall, we suggest that, although little explored, female behavior determines the dynamics of courtship and mating and can thus influence sexual selection and incipient speciation .
文摘Life-history theory predicts that in hibemators age of maturation is related positively to body size and negatively to the duration of active season aboveground. Yellow souslik is a large-sized ground squirrel with long hibernation, which suggests late maturation. We used four-year field observations of marked individuals to determine the age of maturation in males through analysis of age-dependent variation in body size, mass, androgen status, timing of spring emergence, ranging patterns and social behavior during the mating season. Yearling males were smaller, lighter, had lower level of fecal testosterone, emerged later and had smaller home ranges than older males. Social activity and the number of females encountered did not differ between age classes. After the second hibernation none of the studied parameters varied with age. Cluster analysis revealed two behavioral tactics： ＂active＂ males （adults only） emerged earlier, ranged more widely, initiated more contacts, encountered more females and were heavier than ＂passive＂ males （both yearling and adult）. Thus, males of S. fulvus reached adult size and matured after two hibernations, which is relatively fast for such a big species with short active period. Indirect evidence for copulations and high variation among yearlings in all parameters suggest that some of them might successfully compete with adults. Active tactic of wandering and searching for females is energetically costly, and probably only adult males in good physical condition can afford it, whereas passive tactic of residing is energy saving and good for adults in poor condition and for yearlings that are continuing to grow.
文摘This paper considers the combined effects of the nonlinear intra-specific regulation and maturation delays on the two-species competition model. Dynamical behaviors of the model are studied, and sharp global asymptotical stability criteria for the coexistence equilibrium as well as the excluding equilibria are established. It is shown that increase of the maturation delay of one species has negative effect on its permanence and a sufficiently large maturation delay will directly lead to its extinction, and that variation of the intra-specific regulation parameter of one species may change the surviving or extinction behaviors of its competitor.
