Cliff Effect

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Cliff Effect

In economics, the disproportionately positive or negative results of an action. For example, suppose a company takes on too much debt and a credit ratings agency downgrades its bond rating. This may increase the company's borrowing costs significantly, which in turn gives it less cash on hand to make coupon payments. This can lead to a further downgrade and the cycle continues. The cliff effect implies that relatively little separates a company from being seen as quite healthy to being seen as a poor investment.
References in periodicals archive ?
Arizona-Seton Hall pops onto CBS, with Dayton-DePaul and Air Force-North Carolina on DTV heading into the home stretch, and Gonzaga-Valpo warming up as the nightcap.
Meanwhile, one looming problem has not even begun to be addressed: In-the-field tests of television sets equipped with digital tuners suggest that DTV reception--at least under the technical standard digital broadcasters are currently required to use, dubbed 8VSB--is not as reliable as analog broadcast reception.
As FCC chairman Michael Powell has said, economies of scale and the falling prices of televisions will more than make up for any differential in the price of an external DTV box and an internal tuner card.
That means DTV owners will need an antenna to get the DTV signal.