Stuart Gilson

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We present novel empirical evidence that conflicts of interest between creditors and their borrowers have a significant impact on firm investment policy. We examine a large sample of private credit agreements between banks and public firms and find that 32% of the agreements contain an explicit restriction on the firm’s capital expenditures. Creditors are(More)
The financial crisis in East Asia in 1997-1998 led to financial distress of firms with different financial and ownership structures and happened across countries with very diverse institutional setups. Studying this event allows the identification of factors that determine the use of bankruptcy as a means of resolving corporate financial distress. Of a(More)
Visually recognizing objects at different orientations and distances has been assumed to depend either on extracting from the retinal image a viewpoint-invariant, typically three-dimensional (3D) structure, such as object parts, or on mentally transforming two-dimensional (2D) views. To test how these processes might interact with each other, an experiment(More)
We present here a method for calibrating an optical see-through head-mounted display (HMD) using techniques usually applied to camera calibration (photogrammetry). Using a camera placed inside the HMD to take pictures simultaneously of a tracked object and features in the HMD display, we could exploit established camera calibration techniques to recover(More)
Using an immersive virtual reality system, we measured the ability of observers to detect the rotation of an object when its movement was yoked to the observer's own translation. Most subjects had a large bias such that a static object appeared to rotate away from them as they moved. Thresholds for detecting target rotation were similar to those for an(More)
We measured the movements of soccer players heading a football in a fully immersive virtual reality environment. In mid-flight the ball's trajectory was altered from its normal quasi-parabolic path to a linear one, producing a jump in the rate of change of the angle of elevation of gaze (alpha) from player to ball. One reaction time later the players(More)
As we move through the world, our eyes acquire a sequence of images. The information from this sequence is sufficient to determine the structure of a three-dimensional scene, up to a scale factor determined by the distance that the eyes have moved. Previous evidence shows that the human visual system accounts for the distance the observer has walked and the(More)
An increasing number of neuroscience experiments are using virtual reality to provide a more immersive and less artificial experimental environment. This is particularly useful to navigation and three-dimensional scene perception experiments. Such experiments require accurate real-time tracking of the observer's head in order to render the virtual scene.(More)
View-based and Cartesian representations provide rival accounts of visual navigation in humans, and here we explore possible models for the view-based case. A visual “homing” experiment was undertaken by human participants in immersive virtual reality. The distributions of endpoint errors on the ground plane differed significantly in shape and extent(More)