We use Extended Merton model(EMM)for estimating the firm’s credit risks in the presence of inflation.We show quantitatively that inflation is an influential factor making either a benign or adverse effect on the firm...We use Extended Merton model(EMM)for estimating the firm’s credit risks in the presence of inflation.We show quantitatively that inflation is an influential factor making either a benign or adverse effect on the firm’s survival,supporting at the microeconomic level New Keynesian findings of the nonlinear inflation effect on output growth.Lower inflation increasing the firm’s expected rate of return can raise its mean year returns and decrease its default probability.Higher inflation,decreasing the expected rate return,makes the opposite effect.The magnitude of the adverse effect depends on the firm strength:for a steady firm,this effect is small,whereas for a weaker firm,it can be fatal.EMM is the only model taking account of inflation.It can be useful for banks or insurance companies estimating credit risks of commercial borrowers over the debt maturity,and for the firm’s management planning long-term business operations.展开更多
This thesis is to study spatial effect of education output on economic growth through the use of spatial measurement technique. According to the study: there’s the presence of spatial spillover effects in human capit...This thesis is to study spatial effect of education output on economic growth through the use of spatial measurement technique. According to the study: there’s the presence of spatial spillover effects in human capital, economic growth, and others;in previous years, human capital depended on mainly the employers with junior school education or below;in recent years, with the reduction of employers with junior school education or below, employers with regular higher education can best promote the economic growth. However, it’s very difficult for human capital with vocational education to promote economic growth, especially in recent years. Therefore, from the perspective of long-term economic growth, China should focus on culturing professional talents and put more resources into the development of vocational education while developing the higher education.展开更多
Input/output devices for flash memory are exposed to gamma ray irradiation. Total ionizing dose has been shown great influence on characteristic degradation of transistors with different sizes. In this paper, we obser...Input/output devices for flash memory are exposed to gamma ray irradiation. Total ionizing dose has been shown great influence on characteristic degradation of transistors with different sizes. In this paper, we observed a larger increase of off-state leakage in the short channel device than in long one. However, a larger threshold voltage shift is observed for the narrow width device than for the wide one, which is well known as the radiation induced narrow channel effect. The radiation induced charge in the shallow trench isolation oxide influences the electric field of the narrow channel device. Also, the drain bias dependence of the off-state leakage after irradiation is observed, which is called the radiation enhanced drain induced barrier lowing effect. Finally, we found that substrate bias voltage can suppress the off-state leakage, while leading to more obvious hump effect.展开更多
基金The author is infinitely thankful to his friend and colleague M.Rubinstein for valuable discussions and an invariable interest to his work.The author is also thankful to C.Miller for his high estimation of the author’s efforts.Of course,all errors are author’s full responsibility.
文摘We use Extended Merton model(EMM)for estimating the firm’s credit risks in the presence of inflation.We show quantitatively that inflation is an influential factor making either a benign or adverse effect on the firm’s survival,supporting at the microeconomic level New Keynesian findings of the nonlinear inflation effect on output growth.Lower inflation increasing the firm’s expected rate of return can raise its mean year returns and decrease its default probability.Higher inflation,decreasing the expected rate return,makes the opposite effect.The magnitude of the adverse effect depends on the firm strength:for a steady firm,this effect is small,whereas for a weaker firm,it can be fatal.EMM is the only model taking account of inflation.It can be useful for banks or insurance companies estimating credit risks of commercial borrowers over the debt maturity,and for the firm’s management planning long-term business operations.
文摘This thesis is to study spatial effect of education output on economic growth through the use of spatial measurement technique. According to the study: there’s the presence of spatial spillover effects in human capital, economic growth, and others;in previous years, human capital depended on mainly the employers with junior school education or below;in recent years, with the reduction of employers with junior school education or below, employers with regular higher education can best promote the economic growth. However, it’s very difficult for human capital with vocational education to promote economic growth, especially in recent years. Therefore, from the perspective of long-term economic growth, China should focus on culturing professional talents and put more resources into the development of vocational education while developing the higher education.
文摘Input/output devices for flash memory are exposed to gamma ray irradiation. Total ionizing dose has been shown great influence on characteristic degradation of transistors with different sizes. In this paper, we observed a larger increase of off-state leakage in the short channel device than in long one. However, a larger threshold voltage shift is observed for the narrow width device than for the wide one, which is well known as the radiation induced narrow channel effect. The radiation induced charge in the shallow trench isolation oxide influences the electric field of the narrow channel device. Also, the drain bias dependence of the off-state leakage after irradiation is observed, which is called the radiation enhanced drain induced barrier lowing effect. Finally, we found that substrate bias voltage can suppress the off-state leakage, while leading to more obvious hump effect.
