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We study a dynamic agency model where the agent privately observes the firm's cash flows that are subject to persistent shocks. We characterize the policy dynamics and implement the optimal contract by financial securities. Because bad performance distorts investors' beliefs downward, the agent has less incentive to misrepresent information. The agent's compensation is less than what he can divert...
Regarding the hypersonic flow over an Earth-reentry inflatable decelerator from 80 km to 50 km altitude, the influence of surface temperature on the aerodynamics and aerothermodynamics of the vehicle were investigated. By applying surface radiative equilibrium condition and several fixed surface temperatures (300 K to 2000 K) as boundary conditions, a system of Navier-Stokes equations incorporating...
The inflatable aerodynamic decelerator (IAD), which allows heavier and larger payloads and offers flexibility in landing site selection at higher altitudes, possesses potential superiority in next generation space transport system. However, due to the flexibilities of material and structure assembly, IAD inevitably experiences surface deformation during atmospheric entry, which in turn alters the...
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