I estimate two factor models of Swiss exchange rates during the First World War. I have data for five of the primary belligerents: Britain, France, Italy, Germany, and Austria-Hungary. At the outbreak of the war, these nations suspended convertibility of their currencies into gold with the promise that after the war each would restore convertibility at the old par. However, once convertibility ...

Alkaline wet oxidation and steam explosion pretreatments of sugarcane bagasse were compared with regard to biomass fractionation, formation of by-products, and enzymatic convertibility of the pretreated material. Wet oxidation led to the solubilisation of 82% of xylan and 50% of lignin, and to a two-fold increase of cellulose content in the pretreated solids, while steam explosion solubilised o...

In this paper we show that if the government can levy taxes to back the currency, speculative hyperinflations are ruled out as equilibrium outcomes. This is so even though convertibility is never observed in equilibrium. The only observational difference between a pure fiat money economy and a convertible economy as the one described in this paper is the potential of the former to exhibit specu...

By introducing the concept of ǫ-convertibility, we extend Nielsen’s and Vidal’s theorems to the entanglement transformation of infinite-dimensional systems. Using an infinitedimensional version of Vidal’s theorem we derive a new stochastic-LOCC (SLOCC) monotone which can be considered as an extension of the Schmidt rank. We show that states with polynomially-damped Schmidt coefficients belong t...

By introducing the concept of -convertibility, we extend Nielsen’s and Vidal’s theorems to the entanglement transformation of infinite-dimensional systems. Using an infinitedimensional version of Vidal’s theorem we derive a new stochastic-LOCC (SLOCC) monotone which can be considered as an extension of the Schmidt rank. We show that states with polynomially-damped Schmidt coefficients belong to...

For most of the postwar period, Europe’s capital markets remained largely closed to international capital flows. This paper explores the costs of this policy. Using the familiar event-study methodology, we examine the extent to which restrictions of current and capital account convertibility affected stock returns. We find that the delayed introduction of full currency convertibility increased ...

Field Editor: G. Cassar This paper develops a theory of the participating convertible preferred (PCP) stock commonly used in venture capital settings. I show that the participation and convertibility features of PCP stock can be used to reduce information asymmetry between the venture and potential investors at the time of exit. Further, the convertibility feature of PCP helps in alleviating th...

BACKGROUND Improvement of biofeedstock quality for cellulosic ethanol production will be facilitated by inexpensive and rapid methods of evaluation, such as those already employed in the field of ruminant nutrition. Our objective was to evaluate whether forage quality and compositional measurements could be used to estimate ethanol yield of maize stover as measured by a simplified pretreatment ...