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We find that a firm's investment is highly sensitive to the investments of other firms headquartered nearby, even those in very different industries. A firm's investment also responds to fluctuations in the cash flows and stock prices (q) of local firms outside its sector. These patterns do not appear to reflect exogenous area shocks such as local shocks to labor or real estate values, but rather suggest that local agglomeration economies are important determinants of firm investment and growth.

We use exogenous scheduling of Wall Street Journal columnists to identify a causal relation between financial reporting and stock market performance. To measure the media's unconditional effect, we add columnist fixed effects to a daily regression of excess Dow Jones Industrial Average returns. Relative to standard control variables, these fixed effects increase the R² by about 35%, indicating each columnist's average persistent \"bullishness\" or \"bearishness.\" To measure the media's conditional effect, we interact columnist fixed effects with lagged returns. This increases explanatory power by yet another one-third, and identifies amplification or attenuation of prevailing sentiment as a tool used by financial journalists.

This paper documents that the path of credit spreads since a firm's last loan influences the level at which it can currently borrow. If spreads have moved in the firm's favor (i.e., declined), it is charged a higher interest rate than is justified by current fundamentals, whereas if spreads have moved to the firm's detriment, it is charged a lower rate. We evaluate several possible explanations for this finding, and conclude that anchoring to past deal terms is most plausible.

I find that growth in local proprietary income is positively correlated with the future stock returns and cash flows of public firms headquartered nearby. This predictability is strongest for firms in high-technology industries, for firms with more localized business operations, and when proprietor financial constraints are relaxed as measured by changes in aggregate housing prices. Proprietary income growth also predicts aggregate stock prices. There exists a common proprietary income growth factor across economic regions which pro-cyclically predicts aggregate market returns. This factor is highly correlated with the Silicon Valley proprietary income growth rate—which itself is a stronger predictor of aggregate returns than the dividend yield or CAY.

We find that a firm's investment is highly sensitive to the investments of other firms headquartered nearby, even those in very different industries. It also responds to fluctuations in the cash flows and stock prices (q) of local firms outside its sector. These patterns do not appear to reflect exogenous area shocks such as local shocks to labor or real estate values, but rather suggest that local agglomeration economies are important determinants of firm investment and growth.

Globular clusters are some of the oldest bound stellar structures observed in the Universe 1 . They are ubiquitous in large galaxies and are believed to trace intense star-formation events and the hierarchical build-up of structure 2 , 3 . Observations of globular clusters in the Milky Way, and a wide variety of other galaxies, have found evidence for a ‘ metallicity floor ’ , whereby no globular clusters are found with chemical (metal) abundances below approximately 0.3 to 0.4 per cent of that of the Sun 4 – 6 . The existence of this metallicity floor may reflect a minimum mass and a maximum redshift for surviving globular clusters to form—both critical components for understanding the build-up of mass in the Universe 7 . Here we report measurements from the Southern Stellar Streams Spectroscopic Survey of the spatially thin, dynamically cold Phoenix stellar stream in the halo of the Milky Way. The properties of the Phoenix stream are consistent with it being the tidally disrupted remains of a globular cluster. However, its metal abundance ([Fe/H] = −2.7) is substantially below the empirical metallicity floor. The Phoenix stream thus represents the debris of the most metal-poor globular clusters discovered so far, and its progenitor is distinct from the present-day globular cluster population in the local Universe. Its existence implies that globular clusters below the metallicity floor have probably existed, but were destroyed during Galactic evolution. The Phoenix stream in the Milky Way halo is shown to be a tidally disrupted remnant of an unusually metal-poor globular cluster, which was possibly destroyed during Galactic evolution.

The Phoenix stellar stream has a low intrinsic dispersion in velocity and metallicity that implies the progenitor was probably a low mass globular cluster. In this work we use Magellan/MIKE high-dispersion spectroscopy of eight Phoenix stream red giants to confirm this scenario. In particular, we find negligible intrinsic scatter in metallicity (\\(\\sigma(\\mathrm{[Fe~II/H]}) = 0.04^{+0.11}_{-0.03}\\)) and a large peak-to-peak range in [Na/Fe] and [Al/Fe] abundance ratios, consistent with the light element abundance patterns seen in the most metal-poor globular clusters. However, unlike any other globular cluster, we also find an intrinsic spread in [Sr II/Fe] spanning \\(\\sim\\)1 dex, while [Ba II/Fe] shows nearly no intrinsic spread (\\(\\sigma(\\mathrm{[Ba~II/H]}) = {0.03}^{+0.10}_{-0.02}\\)). This abundance signature is best interpreted as slow neutron capture element production from a massive fast-rotating metal-poor star (\\(15-20 \\mathrm{M}_\\odot\\), \\(v_\\mathrm{ini}/v_\\mathrm{crit} = 0.4\\), \\([\\mathrm{Fe/H}] = -3.8\\)). The low inferred cluster mass suggests the system would have been unable to retain supernovae ejecta, implying that any massive fast-rotating metal-poor star that enriched the interstellar medium must have formed and evolved before the globular cluster formed. Neutron capture element production from asymptotic giant branch stars or magneto-rotational instabilities in core-collapse supernovae provide poor fits to the observations. We also report one Phoenix stream star to be a lithium-rich giant (\\(A(\\mathrm{Li}) = 3.1 \\pm 0.1\\)). At \\([\\mathrm{Fe/H}] = -2.93\\) it is among the most metal-poor lithium-rich giants known.

We present high-resolution Magellan/MIKE spectroscopy of 42 red giant stars in seven stellar streams confirmed by the Southern Stellar Stream Spectroscopic Survey (S5): ATLAS, Aliqa Uma, Chenab, Elqui, Indus, Jhelum, and Phoenix. Abundances of 30 elements have been derived from over 10,000 individual line measurements or upper limits using photometric stellar parameters and a standard LTE analysis. This is currently the most extensive set of element abundances for stars in stellar streams. Three streams (ATLAS, Aliqa Uma, and Phoenix) are disrupted metal-poor globular clusters, although only weak evidence is seen for the light element anticorrelations commonly observed in globular clusters. Four streams (Chenab, Elqui, Indus, and Jhelum) are disrupted dwarf galaxies, and their stars display abundance signatures that suggest progenitors with stellar masses ranging from \\(10^6-10^7 M_\\odot\\). Extensive description is provided for the analysis methods, including the derivation of a new method for including the effect of stellar parameter correlations on each star's abundance and uncertainty. This paper includes data gathered with the 6.5 meter Magellan Telescopes located at Las Campanas Observatory, Chile.

Globular clusters are some of the oldest bound stellar structures observed in the Universe. They are ubiquitous in large galaxies and are believed to trace intense star formation events and the hierarchical build-up of structure. Observations of globular clusters in the Milky Way, and a wide variety of other galaxies, have found evidence for a `metallicity floor', whereby no globular clusters are found with chemical (`metal') abundances below approximately 0.3 to 0.4 per cent of that of the Sun. The existence of this metallicity floor may reflect a minimum mass and a maximum redshift for surviving globular clusters to form, both critical components for understanding the build-up of mass in the universe. Here we report measurements from the Southern Stellar Streams Spectroscopic Survey of the spatially thin, dynamically cold Phoenix stellar stream in the halo of the Milky Way. The properties of the Phoenix stream are consistent with it being the tidally disrupted remains of a globular cluster. However, its metal abundance ([Fe/H] = -2.7) is substantially below that of the empirical metallicity floor. The Phoenix stream thus represents the debris of the most metal-poor globular cluster discovered so far, and its progenitor is distinct from the present-day globular cluster population in the local Universe. Its existence implies that globular clusters below the metallicity floor have probably existed, but were destroyed during Galactic evolution.

We report the discovery of a nearby dwarf galaxy in the constellation of Hydrus, between the Large and the Small Magellanic Clouds. Hydrus 1 is a mildy elliptical ultra-faint system with luminosity \\(M_V\\sim\\) -4.7 and size \\(\\sim\\) 50 pc, located 28 kpc from the Sun and 24 kpc from the LMC. From spectroscopy of \\(\\sim\\) 30 member stars, we measure a velocity dispersion of 2.7 km/s and find tentative evidence for a radial velocity gradient consistent with 3 km/s rotation. Hydrus 1's velocity dispersion indicates that the system is dark matter dominated, but its dynamical mass-to-light ratio M/L \\(\\sim\\) 66 is significantly smaller than typical for ultra-faint dwarfs at similar luminosity. The kinematics and spatial position of Hydrus~1 make it a very plausible member of the family of satellites brought into the Milky Way by the Magellanic Clouds. While Hydrus 1's proximity and well-measured kinematics make it a promising target for dark matter annihilation searches, we find no evidence for significant gamma-ray emission from Hydrus 1. The new dwarf is a metal-poor galaxy with a mean metallicity [Fe/H]=-2.5 and [Fe/H] spread of 0.4 dex, similar to other systems of similar luminosity. Alpha-abundances of Hyi 1 members indicate that star-formation was extended, lasting between 0.1 and 1 Gyr, with self-enrichment dominated by SN Ia. The dwarf also hosts a highly carbon-enhanced extremely metal-poor star with [Fe/H] \\(\\sim\\) -3.2 and [C/Fe] \\(\\sim\\) +3.0.