Merrill Lynch Bank USA has a multibillion dollar portfolio of revolving credit-line commitments with over 100 institutions. These credit lines give corporations access to a specified amount of cash for short-term funding needs. A key risk associated with credit lines is liquidity risk, or the risk that the bank will need to provide significant assets to the borrowers on short notice. We develop...

During slow flight, bird species vary in their upstroke kinematics using either a 'flexed wing' or a distally supinated 'tip-reversal' upstroke. Two hypotheses have been presented concerning the function of the tip-reversal upstroke. The first is that this behavior is aerodynamically inactive and serves to minimize drag. The second is that the tip-reversal upstroke is capable of producing signi...

Capital expenditures are a critical part of hospitals' efforts to maintain quality of patient care and financial stability. Over the past 20 years, finding capital to fund these expenditures has become increasingly challenging for hospitals, particularly independent hospitals. Independent hospitals struggling to find ways to fund necessary capital investment are often advised that their best st...

This article examines how research productivity, administrative service, and teaching affect reputational capital in the market for academic economists. Also, we investigate the issue of the durability of reputational capital, estimating the penalties associated with gaps in research output. Our results reveal that (1) the market makes a distiniction between the quantity and the quality of an i...

We investigate the relationship between venture capital (VC) networks and investment performance in China. Distinct features of China’s VC networks are captured in our econometric model through the inclusion of an index of network stability and a dummy variable that indicates a VC firm’s connections with the Chinese state. Our econometric analysis shows that a VC firm’s position in its network,...

This paper examines how professional service firms have used a combination of clan and bureaucratic control techniques to manage change over a 100-year period. Both sets of controls have been present throughout, but the mix between the two has altered to reflect changes in the broader institutional environment. These shifts create new contradictions that eventually undermine their very success....

venture capital, innovation models, research management, corporate research After carefully evaluating a variety of mechanisms to leverage the world class Venture Capital (VC) firms in the vicinity of Hewlett-Packard's Silicon Valley headquarters, Hewlett-Packard Labs (hpl.hp.com) and the venture capital firm Foundation Capital (www.foundationcapital.com) entered into a strategic relationship. ...

Strategic implementation is an elemental step in revolving a company's vision and objectives into reality. To implement strategies successfully is critical for not only public but also for private organizations. Without proper implementation, even the most superior and fine strategy would not make the grade as established. In last few decades, a number of articles have been published to underst...

By applying a helical electric field along a plasma region, a revolving electron current is formed along the plasma and an elliptically polarized far-field terahertz wave pattern is observed. The observed terahertz wave polarization reveals the remarkable role of velocity retardation between optical pulses and generated terahertz pulses in the generation process. Extensive simulations, includin...

Inspired by the coordinated beating of the flagellar pair of the green algae Chlamydomonas, we study theoretically a simple, mirror-symmetric swimmer, which propels itself at low Reynolds number by a revolving motion of a pair of spheres. We show that perfect synchronization between these two driven spheres can occur due to the motion of the swimmer and local hydrodynamic friction forces. Hydro...