4,924 research outputs found

    Undergraduate Catalog of Studies, 2023-2024

    Get PDF

    Designing capital-ratio triggers for Contingent Convertibles

    Get PDF
    Contingent Convertible (CoCo) bonds represent a novel category of debt financial instruments, recently introduced into the financial landscape. Their primary role is to bolster financial stability by maintaining healthy capital levels for the issuing entity. This is achieved by converting the bond principal into equity or writing it down once the minimum capital ratios are violated. CoCos aim to recapitalize the bank before it is on the brink of collapse, to avoid a state bailout at a huge cost to the taxpayer. Under normal circumstances, CoCo bonds operate as ordinary coupon-paying bonds, which only in case of insufficient capital ratios are converted into equity of the issuer. However, the CoCo market has struggled to expand over the years, and the recent tumult involving Credit Suisse and its enforced CoCo write-off has underscored these challenges. The focus of this research work is on the first hand to understand the reasons for this failure, and, on the other hand, to modify its underlying design in order to restore its intended purpose: to act as a liquidity buffer, strengthening the capital structure of the issuing firm. The cornerstone of the proposed work is the design of a self-adaptive model for leverage. This model features an automatic conversion that does not hinge on the judgment of regulatory authorities. Notably, it allows the issuer's debt-to-assets ratio to remain within predetermined boundaries, where the likelihood of default on outstanding liabilities remains minimal. The pricing of the proposed instruments is difficult as the conversion is dynamic. We view CoCos essentially as a portfolio of different financial instruments. This treatment makes it easier to analyze their response to different market events that may or may not trigger their conversion to equity. We provide evidence of the model's effectiveness and discuss it implications of its implementation, in light of the regulatory environment and best market practices.Skilyrt breytanleg (e. Contingent Convertible, skammstafað CoCo) skuldabréf eru nýstárleg gerð af fjármálagerningum sem nýlega komu fram á sjónarsvið fjármálamarkaða. Helsta hlutverk þeirra er að e a fjármálastöðugleika með því að viðhalda hæfilegum eiginfjárgrunni fyrir útgefendur þeirra. Þetta er gert með því að umbreyta höfuðstól skuldabréfs í hlutafé eða með því færa þau niður þegar krafa um eiginfjárhlutföll eru rofin. CoCo hefur það markmið að endurfjármagna bankann áður en hann fellur og þar með koma í veg fyrir björgunaraðgerðir af hálfu ríkisins, sem hefur í för með sér mikinn kostnað fyrir skattgreiðendur. Undir venjulegum kringumstæðum virka CoCo skuldabréf eins og hefðbundin arðgreiðslu- skuldabréf, sem einungis er breytt í hlutafé þegar eiginfjárhlutföll útgefanda þeirra eru ekki nægjanleg. Eigi að síður hefur markaður fyrir CoCo átt erfitt uppdráttar í gegnum tíðina og hefur nýlegur titringur í kringum Credit Suisse og þvingaðar afskriftir þeirra á CoCo skuldabréfum ýtt enn frekar undir erfiðleikana. Helsti tilgangur þessarar rannsóknar er tvíþættur. Annars vegar er ætlunin að skilja hvers vegna CoCo hefur ekki átt meiri velgengni að fagna en raun ber vitni. Hins vegar er henni ætlað að breyta grundvallarhönnun CoCo í þeim tilgangi að endurheimta upprunalegan tilgang þeirra: sem er að vera stuðpúði lausafés sem styrkir fjármagnsskipan útgáfu fyrirtækisins. Hornsteinn verkefnisins er hönnun á líkani með sjálfaðlögunarhæfni með tilliti til skuldsetningarhlutfalls. Líkanið býr yfir sjálfvirkri umbreytingu sem ræðst því ekki af reglum eftirlitsyfirvalda. Það gerir útgefanda því kleift að viðhalda hlutfalli skulda á móti eignum innan fyrirfram skilgreindra marka, þar sem líkur á vanskilum vegna útistandandi skuldbindinga haldast í lágmarki. Verðlagning gerninganna sem lagðir eru til í rannsókninni er þó vandasöm þar sem umbreytingin er dýnamísk. Í meginatriðum verður litið á CoCos sem safn ólíkra fjármálagerninga. Með þessari aðferð er hægt að greina viðbrögð þeirra við mismunandi markaðsatburðum sem geta mögulega hrint af stað umbreytingu yfir í hlutafé. Sýnt verður fram á skilvirkni líkansins ásamt því að álykta um innleiðingu þess með tilliti til regluverks og bestu markaðsvenja.RU Research Fund Icelandic Research Fun

    Neuromodulatory effects on early visual signal processing

    Get PDF
    Understanding how the brain processes information and generates simple to complex behavior constitutes one of the core objectives in systems neuroscience. However, when studying different neural circuits, their dynamics and interactions researchers often assume fixed connectivity, overlooking a crucial factor - the effect of neuromodulators. Neuromodulators can modulate circuit activity depending on several aspects, such as different brain states or sensory contexts. Therefore, considering the modulatory effects of neuromodulators on the functionality of neural circuits is an indispensable step towards a more complete picture of the brain’s ability to process information. Generally, this issue affects all neural systems; hence this thesis tries to address this with an experimental and computational approach to resolve neuromodulatory effects on cell type-level in a well-define system, the mouse retina. In the first study, we established and applied a machine-learning-based classification algorithm to identify individual functional retinal ganglion cell types, which enabled detailed cell type-resolved analyses. We applied the classifier to newly acquired data of light-evoked retinal ganglion cell responses and successfully identified their functional types. Here, the cell type-resolved analysis revealed that a particular principle of efficient coding applies to all types in a similar way. In a second study, we focused on the issue of inter-experimental variability that can occur during the process of pooling datasets. As a result, further downstream analyses may be complicated by the subtle variations between the individual datasets. To tackle this, we proposed a theoretical framework based on an adversarial autoencoder with the objective to remove inter-experimental variability from the pooled dataset, while preserving the underlying biological signal of interest. In the last study of this thesis, we investigated the functional effects of the neuromodulator nitric oxide on the retinal output signal. To this end, we used our previously developed retinal ganglion cell type classifier to unravel type-specific effects and established a paired recording protocol to account for type-specific time-dependent effects. We found that certain retinal ganglion cell types showed adaptational type-specific changes and that nitric oxide had a distinct modulation of a particular group of retinal ganglion cells. In summary, I first present several experimental and computational methods that allow to study functional neuromodulatory effects on the retinal output signal in a cell type-resolved manner and, second, use these tools to demonstrate their feasibility to study the neuromodulator nitric oxide

    UMSL Bulletin 2023-2024

    Get PDF
    The 2023-2024 Bulletin and Course Catalog for the University of Missouri St. Louis.https://irl.umsl.edu/bulletin/1088/thumbnail.jp

    Long-Molecule Assessment of Ribosomal DNA and RNA

    Get PDF
    The genes encoding ribosomal RNA and their transcriptional products are essential for life, however, remain poorly understood. Even with the advent of long-range sequencing methodologies, rDNA loci are difficult to study and remain obscure, prompting the consideration of alternative methods to probing this critical region of the genome. The research outlined in this thesis utilises molecular combing, a fibre stretching technique, to isolate DNA molecules measuring more than 5 Mbp in length. The capture of DNA molecules of this size should assist in exploring the architecture of entire rDNA clusters at the single-molecule level. Combining molecular combing with SNP targeting probes, this study aims to distinguish and assess the arrangement of rDNA promoter variants which have been shown to exhibit dramatically different environmental sensitivity. Additionally, through the application of Oxford Nanopore Technologies direct RNA sequencing, the work here has demonstrated the capture of near full-length rRNA primary transcripts, which will allow for assessing post-transcriptional modification across the length of multiple coding subunits within a single molecule, for the first time. Furthermore, an exploration of RNA modification profiles across sample types representative of different developmental stages has been conducted. This study predicts many sites to be differentially modified across these different developmental conditions, several of which are known to be important for, if not crucial in ribosome biogenesis and function. The work outlined in this thesis provides a framework for future studies to conduct long-molecule, genetic, and epitranscriptome profiling of this vital region of the genome, and its dynamic response to a changing environment

    Natural and Technological Hazards in Urban Areas

    Get PDF
    Natural hazard events and technological accidents are separate causes of environmental impacts. Natural hazards are physical phenomena active in geological times, whereas technological hazards result from actions or facilities created by humans. In our time, combined natural and man-made hazards have been induced. Overpopulation and urban development in areas prone to natural hazards increase the impact of natural disasters worldwide. Additionally, urban areas are frequently characterized by intense industrial activity and rapid, poorly planned growth that threatens the environment and degrades the quality of life. Therefore, proper urban planning is crucial to minimize fatalities and reduce the environmental and economic impacts that accompany both natural and technological hazardous events

    LIPIcs, Volume 251, ITCS 2023, Complete Volume

    Get PDF
    LIPIcs, Volume 251, ITCS 2023, Complete Volum

    UMSL Bulletin 2022-2023

    Get PDF
    The 2022-2023 Bulletin and Course Catalog for the University of Missouri St. Louis.https://irl.umsl.edu/bulletin/1087/thumbnail.jp

    2023-2024 Catalog

    Get PDF
    The 2023-2024 Governors State University Undergraduate and Graduate Catalog is a comprehensive listing of current information regarding:Degree RequirementsCourse OfferingsUndergraduate and Graduate Rules and Regulation

    NEMISA Digital Skills Conference (Colloquium) 2023

    Get PDF
    The purpose of the colloquium and events centred around the central role that data plays today as a desirable commodity that must become an important part of massifying digital skilling efforts. Governments amass even more critical data that, if leveraged, could change the way public services are delivered, and even change the social and economic fortunes of any country. Therefore, smart governments and organisations increasingly require data skills to gain insights and foresight, to secure themselves, and for improved decision making and efficiency. However, data skills are scarce, and even more challenging is the inconsistency of the associated training programs with most curated for the Science, Technology, Engineering, and Mathematics (STEM) disciplines. Nonetheless, the interdisciplinary yet agnostic nature of data means that there is opportunity to expand data skills into the non-STEM disciplines as well.College of Engineering, Science and Technolog
    corecore