Tranching in the Syndicated Loan Market

We use data comprising over 100,000 loans from 115 countries during 1995-2009 to examine factors that affect the extent of loan tranching, and the range of tranche spreads. The data show five factors that drive them: asymmetric information, borrower risk, transaction costs, the presence of institutional investors, and the legal system. Tranching is more extensive and generates greater differences in spreads between tranches of a same loan when asymmetric information and risk are more pronounced. Economic and institutional factors driving tranching are more directly applicable to non-investment grade loans. For developing countries, the data highlight factors that affect the extent of tranching but such factors show little sensitivity to the pricing of the relative spreads.Loan;Debt finance;Tranche;Law and finance

Fabrication of submicron planar Gunn diode

We present, for the first time, the fabrication process for a submicron planar Gunn diode in In<sub>0.53</sub>Ga<sub>0.47</sub>As on an InP substrate operating at 265 GHz. A novel two stage lift off method has been developed to achieve a submicron gaps between contacts down to 135 nm with widths up to 120 μm

Thermonuclear burst physics with RXTE

Recently we have made measurements of thermonuclear burst energetics and recurrence times which are unprecedented in their precision, largely thanks to the sensitivity of the Rossi X-ray Timing Explorer. In the "Clocked Burster", GS 1826-24, hydrogen burns during the burst via the rapid-proton (rp) process, which has received particular attention in recent years through theoretical and modelling studies. The burst energies and the measured variation of alpha (the ratio of persistent to burst flux) with accretion rate strongly suggests solar metallicity in the neutron star atmosphere, although this is not consistent with the corresponding variation of the recurrence time. Possible explanations include extra heating between the bursts, or a change in the fraction of the neutron star over which accretion takes place. I also present results from 4U 1746-37, which exhibits regular burst trains which are interrupted by "out of phase" bursts.Comment: 4 pages, 2 figures, AIP conference proceedings format. To appear in the proceedings of the "X-ray Timing 2003: Rossi and Beyond" meeting held in Cambridge, MA, November, 200

Experimentally estimated dead space for GaAs and InP based planar Gunn diodes

The authors would like to thank the staff of the James Watt Nanofabrication Centre at the University of Glasgow for help in fabricating the devices which is reported in this paper. ‘Part of this work was supported by ESPRC through EP/H011862/ 1, and EP/H012966/1.Peer reviewedPublisher PD

A bibliography of published information relevant to fire toxicity

A bibliography containing 883 references in the field of fire toxicity is presented to assist in literature searches to help reduce human fire hazards

Dynamic acoustic field activated cell separation (DAFACS)

Advances in diagnostics, cell and stem cell technologies drive the development of application-specific tools for cell and particle separation. Acoustic micro-particle separation offers a promising avenue for highthroughput, label-free, high recovery, cell and particle separation and isolation in regenerative medicine. Here, we demonstrate a novel approach utilizing a dynamic acoustic field that is capable of separating an arbitrary size range of cells. We first demonstrate the method for the separation of particles with different diameters between 6 and 45 μm and secondly particles of different densities in a heterogeneous medium. The dynamic acoustic field is then used to separate dorsal root ganglion cells. The shearless, label-free and low damage characteristics make this method of manipulation particularly suited for biological applications. Advantages of using a dynamic acoustic field for the separation of cells include its inherent safety and biocompatibility, the possibility to operate over large distances (centimetres), high purity (ratio of particle population, up to 100%), and high efficiency (ratio of separated particles over total number of particles to separate, up to 100%)

The cooling rate of neutron stars after thermonuclear shell flashes

Thermonuclear shell flashes on neutron stars are detected as bright X-ray bursts. Traditionally, their decay is modeled with an exponential function. However, this is not what theory predicts. The expected functional form for luminosities below the Eddington limit, at times when there is no significant nuclear burning, is a power law. We tested the exponential and power-law functional forms against the best data available: bursts measured with the high-throughput Proportional Counter Array (PCA) on board the Rossi X-ray Timing Explorer. We selected a sample of 35 'clean' and ordinary (i.e., shorter than a few minutes) bursts from 14 different neutron stars that 1) show a large dynamic range in luminosity, 2) are the least affected by disturbances by the accretion disk and 3) lack prolonged nuclear burning through the rp-process. We find indeed that for every burst a power law is a better description than an exponential function. We also find that the decay index is steep, 1.8 on average, and different for every burst. This may be explained by contributions from degenerate electrons and photons to the specific heat capacity of the ignited layer and by deviations from the Stefan-Boltzmann law due to changes in the opacity with density and temperature. Detailed verification of this explanation yields inconclusive results. While the values for the decay index are consistent, changes of it with the burst time scale, as a proxy of ignition depth, and with time are not supported by model calculations.Comment: 10 pages, 7 figures, recommended for publication in A&

Haplotype analysis of the PPARgamma Pro12Ala and C1431T variants reveals opposing associations with body weight.

BACKGROUND: Variation at the PPARG locus may influence susceptibility to type 2 diabetes and related traits. The Pro12Ala polymorphism may modulate receptor activity and is associated with protection from type 2 diabetes. However, there have been inconsistent reports of its association with obesity. The silent C1431T polymorphism has not been as extensively studied, but the rare T allele has also been inconsistently linked to increases in weight. Both rare alleles are in linkage disequilibrium and the independent associations of these two polymorphisms have not been addressed. RESULTS: We have genotyped a large population with type 2 diabetes (n = 1107), two populations of non-diabetics from Glasgow (n = 186) and Dundee (n = 254) and also a healthy group undergoing physical training (n = 148) and investigated the association of genotype with body mass index. This analysis has demonstrated that the Ala12 and T1431 alleles are present together in approximately 70% of the carriers. By considering the other 30% of individuals with haplotypes that only carry one of these polymorphisms, we have demonstrated that the Ala12 allele is consistently associated with a lower BMI, whilst the T1431 allele is consistently associated with higher BMI. CONCLUSION: This study has therefore revealed an opposing interaction of these polymorphisms, which may help to explain previous inconsistencies in the association of PPARG polymorphisms and body weight

Theory of cooling neutron stars versus observations

We review current state of neutron star cooling theory and discuss the prospects to constrain the equation of state, neutrino emission and superfluid properties of neutron star cores by comparing the cooling theory with observations of thermal radiation from isolated neutron stars.Comment: 9 pages, 4 figures, 3 tables, to appear in the proceedings of "40 Years of Pulsars" held in Montreal, Canada, August 12-17, 2007, eds. C. Bassa, Z. Wang, A. Cumming, V. Kaspi, AIP, in press (v.2 - minor bibliography corrections