40 research outputs found

    Does the Tail Wag the Dog?: The Effect of Credit Default Swaps on Credit Risk

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    We use credit default swaps (CDS) trading data to demonstrate that the credit risk of reference firms, reflected in rating downgrades and bankruptcies, increases significantly upon the inception of CDS trading, a finding that is robust after controlling for the endogeneity of CDS trading. Additionally, distressed firms are more likely to file for bankruptcy if they are linked to CDS trading. Furthermore, firms with more “no restructuring” contracts than other types of CDS contracts (i.e., contracts that include restructuring) are more adversely affected by CDS trading, and the number of creditors increases after CDS trading begins, exacerbating creditor coordination failure in the resolution of financial distress.postprin

    Relationships between temperature and latent periods of rust and leaf-spot diseases of groundnut

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    The effect of temperature on the latent periods of rust, late leaf spot and early leaf spot diseases of groundnut caused by Puccinia arachidis, Phaeoisariopsis personata and Cercospora arachidicola. respectively, was studied. The latent periods (LP) of rust, late leaf spot and early leaf spot ranged from 12-49 days, 13-38 days and 13-39 days, respectively, between 12 C and 33 C An equation relating the rate of pathogen development (1/LP) to temperature was fitted using daily mean temperatures to provide three cardinal temperatures: the minimum (7"m,n), optimum (r^pc), and maximum (Tm,,). T^,^ was about I2°C for rust and about 10°C for the two leaf-spot diseases. Top, for all three diseases was close to 25 C. 7"max was Bl'C for early leaf spot, and extrapolated values for late leaf spot and rust were about 35 and 40°C, respectively

    Social Networking Technology, Social Network Composition, and Reductions in Substance Use Among Homeless Adolescents

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    Peer-based prevention programs for homeless youth are complicated by the potential for reinforcing high-risk behaviors among participants. The goal of this study is to understand how homeless youth could be linked to positive peers in prevention programming by understanding where in social and physical space positive peers for homeless youth are located, how these ties are associated with substance use, and the role of social networking technologies (e.g., internet and cell phones) in this process. Personal social network data were collected from 136 homeless adolescents in Los Angeles, CA. Respondents reported on composition of their social networks with respect to: home-based peers and parents (accessed via social networking technology; e.g., the internet, cell phone, texting), homeless peers and agency staff (accessed face-to-face) and whether or not network members were substance-using or non-substance-using. Associations between respondent’s lifetime cocaine, heroin, and methamphetamine use and recent (previous 30 days) alcohol and marijuana use were assessed by the number of non-substance-using versus substance-using ties in multivariate linear regression models. 43% of adolescents reported a non-substance-using home-based tie. More of these ties were associated with less recent alcohol use. 62% of adolescents reported a substance-using homeless tie. More of these ties were associated with more recent marijuana use as well as more lifetime heroin and methamphetamine use. For homeless youth, who are physically disconnected from positive peers, social networking technologies can be used to facilitate the sorts of positive social ties that effective peer-based prevention programs require