An empirical study on the decoupling movements between corporate bond and CDS spreads

Applied to the European markets, this paper analyzes the price of credit risk on the Credit Default Swap (CDS) and corporate bond markets by comparing the sensitivity of the credit spreads on each market to systematic, idiosyncratic risk factors and liquidity. Our analysis confirms the existence of a long-run relationship between the two markets, and the tendency for CDS markets to lead corporate bond markets in terms of price discovery. We find that the outbreak of the financial turmoil in the summer of 2007 induced a substantial increase in risk aversion and a shift in the pricing of credit risk, with CDS markets becoming more sensitive to systematic risk while cash bond markets priced in more information about liquidity and idiosyncratic risk. Moreover, the financial turbulence also brought about a systematic disconnection between the two markets caused by the significant change in the lead-lag relationship, with CDS markets always leading the cash bond markets. JEL Classification: G12, G14, G15corporate bond spreads, Credit Default Swap Spreads, liquidity

Preferences for Short-Term Versus Long-Term Bonuses for Stock Investments

Performance-related bonuses in the finance sector are considered important tools to provide incentives. An example is that stock portfolio managers are awarded bonuses conditionally on their portfolios producing superior returns either relative to an index or equivalent funds. Concerns are however expressed that bonuses to portfolio managers are based on too short time intervals, which may impact negatively on the degree to which environmental and social factors are taken into account in investment decisions. The question addressed in this article is how bonus schemes can be designed so that delayed payouts will be equally motivating as short-term payouts. We have conducted two experiments to investigate preference for bonus payments that are paid out either frequently of infrequently. In Experiment 1 employing 27 undergraduates, preferences were measured for one certain long-term bonus versus four certain bonuses evenly distributed across time. A majority chose the short-term bonuses, and in order for a long-term bonus to be equally preferred the results showed that it needs to be approximately 40 percent higher than the four combined short-term bonuses. Experiment 2 employing another 36 undergraduates introduced uncertainty of outcomes which more accurately reflects the setting faced by stock investors. A four-year bonus is compared to four one-year bonuses. Uncertainty was the same, decreasing or increasing over the four years. The results showed that decreasing uncertainty made a majority prefer the four-year bonus to the added one-year bonuses. In conclusion, introducing uncertainty in choices concerning future outcomes is shown to reduce the extent to which future bonus outcomes are discounted relative to immediate bonus outcomes.Portfolio management; Performance-related bonus; Time discounting

Osteoarthritis

Osteoarthritis is a common and important problem in performance horses and symptoms include lameness accompanied with heat, pain and joint swelling. Several different diagnostic methods exist. However, detection of early stages of inflammation is problematic; hence assays for biochemical markers, such as the cytokines, are considered a possible way to monitor inflammation. Many of the cytokines are mediators released in the process of inflammation and one important example is tumor necrosis factor alpha (TNFα). In this pilot study of five horses, an ELISA was used to measure TNFα in synovial fluid from fetlock joints. This was performed in order to evaluate if any inflammatory reaction against intra-articularly injected hyaluronan X (hyaluronic acid) was present. Hyaluronan X is a new product with a higher molecular weight compared to hyaluronic suspensions commonly used in equine practice for the treatment of osteoarthritis. All the horses showed clinical signs of joint inflammation at some point. However, only one of the five horses presented a detectable level of TNFα in synovial fluid from the fetlock joint. Unfortunately, the hyaluronan X had been contaminated with ethanol during the manufacture and hence no conclusions about the side effects of this new hyaluronic suspension could be drawn. In future studies, a revised study design with repeated sampling of synovial fluid from experimental joints as well as control joints must be developed. In addition, the manufacturing of the hyaluronic suspension must be improved.Ledinflammation (osteoartrit) är ett viktigt problem hos arbetande hästar och manifesteras som hälta med associerad värme, smärta och ledsvullnad. Flera olika diagnostiska metoder finns att tillgå men tidiga stadier av inflammation är svåra att upptäcka. Därför analyseras olika biokemiska och inflammatoriska markörer i både ledvätska och serum. Dessa markörer inkluderar de olika mediatorer som frisätts i samband med den inflammatoriska processen i leden och ett viktigt exempel är inflammationscytokinen tumör-nekros-faktor alfa (TNFα). I den nedan beskrivna pilotstudien med fem hästar injicerades kotleden i ett framben med hyaluronsyra X och den kontralaterala leden användes som kontroll. Hyaluronsyra X är en ny produkt med högre molekylvikt än de som idag används vid behandling av osteoartrit hos häst. En hästspecifik ELISA användes sedan för mätning av TNFα i ledvätska. Tanken med detta var att utvärdera huruvida injektionen av hyaluronsyra X gav upphov till en inflammatorisk reaktion i leden. Alla fem hästarna i studien visade kliniska tecken på ledinflammation men bara en av dem hade ett förhöjt värde av TNFα i kotleden. Tyvärr var hyaluronsyrasuspensionen vid ett par tillfällen kontaminerad av etanol vilket i sig kan leda till inflammation i leden. Därför kan inga slutsatser om eventuella biverkningar av preparatet dras från denna studie. Inför uppföljande studier bör tillverkningen av hyaluronsyra X förbättras och kvalitetssäkras. Dessutom måste studiedesignen förändras så att upprepade ledvätskeprover tas från både försöksleden och kontrolleden vid samma tillfällen

Assessment of iodine nutrition in populations: past, present, and future

Iodine status has been historically assessed by palpation of the thyroid and reported as goiter rates. Goiter is a functional biomarker that can be applied to both individuals and populations, but it is subjective. Iodine status is now assessed using an objective biomarker of exposure, i.e., urinary iodine concentrations (UICs) in spot samples and comparison of the median UIC to UIC cut-offs to categorize population status. This has improved standardization, but inappropriate use of the crude proportion of UICs below the cut-off level of 100 µg/L to estimate the number of iodine-deficient children has led to an overestimation of the prevalence of iodine deficiency. In this review, a new approach is proposed in which UIC data are extrapolated to iodine intakes, adjusted for intraindividual variation, and then interpreted using the estimated average requirement cut-point model. This may allow national programs to define the prevalence of iodine deficiency in the population and to quantify the necessary increase in iodine intakes to ensure sufficiency. In addition, thyroglobulin can be measured on dried blood spots to provide an additional sensitive functional biomarker of iodine statu

Mapping of reading and spelling abilities in 12-year-olds with autism spectrum disorder without mental retardation

Earlier findings regarding reading and spelling abilities in school-aged children with autism spectrum disorder (ASD) without mental retardation are varying. This study aimed to map out reading and spelling abilities at the age of 12 for this group of children within a longitudinal research project. All 35 children participating in this study had received an early diagnosis and intervention. A wide range of tests were used and those assessing reading, spelling and general language abilities were analyzed. Results showed no difficulties in decoding for 88.2 % of the participants. Clearly impaired reading comprehension and spelling was found in 25.8 % and 26.4 % of the participants respectively. A positive correlation was found between word decoding and reading comprehension. The results reflect a major heterogeneity at both group- and individual level. This demands extensive knowledge in relation to approaching and treating these children in school as well as other settings.De forskningsresultat som finns om läs- och stavningsfärdigheter hos barn i skolåldern med autismspektrumtillstånd (AST) utan utvecklingsstörning är varierande. Syftet med den aktuella studien var att kartlägga läs- och stavningsförmåga i denna grupp barn vid 12 års ålder som en uppföljning inom ett longitudinellt forskningsprojekt. Samtliga 35 barn som deltog i studien hade fått tidig diagnos samt erhållit intervention. Ett brett testbatteri användes och de deltester som prövade läs- och stavningsfärdigheter samt grundläggande språklig färdighet (IGS) analyserades. Inga svårigheter gällande avkodning uppvisades hos 88,2 % av deltagarna. Resultaten visade på tydliga svårigheter med läsförståelse för 25,8 % och med stavning för 26,4 % av deltagarna. Positiva samband erhölls mellan resultaten för ordavkodning och läsförståelse. I resultaten avspeglas en betydande heterogenitet på både grupp- och individnivå vilket ställer stora krav på kunskapen om och bemötandet av dessa barn i och utanför skolsammanhang

Social Influence in Stockmarkets: A Conceptual Analysis of Social Influence Processes in Stock Markets

This paper focuses on the role of social factors for booms-bubbles-busts cycles in stock markets. It is argued that indirect and direct social influences are important contributors by reinforcing stock investors’ cognitive biases exaggerated by affective influences. A review of herding research primarily undertaken by financial economists is followed by a demonstration that psychological theories of direct social influence (imitation) have bearings on the understanding of the herding phenomenon in stock markets. How to continue this research with relevance for regulations of stock markets is discussed.Social influence; stock investments; conceptual analysis

Owner Perceived Behavior in Cats and the Influence of Husbandry Practices, Housing and Owner Attitudes in Sweden

Simple Summary In this paper, we describe the results from an online survey that targeted cat owners in Sweden. The aim of the study was to investigate how owners perceived the behavior of their cats, and if the cat characteristics could influence the owner attitudes. In this study, we describe the data from 3253 cats and their owners. Less than one in five cat owners reported that they had experienced behavioral problems with their cats. Owners of cats with outdoor access reported experiencing fewer problems. However, we could not find an effect of the length of time a cat was left home alone. If owners had university level knowledge in animal behavior, we could see an effect on the perception of cat behaviors such as cats misbehaving out of spite. Many owners did not believe that cats could be trained to overcome behavior problems, and many owners also thought that cats could manage on their own. These attitudes can in the long run have negative effects on the welfare of cats. This study consisted of an online survey based on a convenience sample among cat owners in Sweden. The aim was to investigate how owner and cat characteristics influenced the perceived behavior of cats, focusing on perceived behavioral or temperamental problems. The relation between owner knowledge, the provided environment, and owner perceived behavior of 3253 pet cats were investigated. Few respondents (18%) reported behavioral or temperamental problems, and consequently 82% perceived no problem whatsoever. Fewer cats with outdoor access were reported to display behavioral or temperamental problems. However, there was no effect of the length of time a cat was left home alone. Having studied animal behavior at university level influenced the perception of some cat behaviors, but not the incidence of reporting perceived problems. Many owners did not believe that it was possible to prevent behavioral problems in cats by training (58.5%), and many owners thought that cats could manage independently on their own (66%). Attitudes like this can cause challenges in the owner-cat interactions. The perception of problems with cats will be influenced by factors relating to husbandry routines such as outdoor access, which in the future could help to implement recommendations for cat husbandry and care

Convergence-analysis of the internet and the telecommunication architectures

The convergence of the Internet and Telecommunication Architectures is a key issue in today’s telecommunication world. It is foreseen that future versions of UMTS will be all-IP based, and therefore the interest in this area is increasing. The focus in this paper is to show how to access IN-services from the Internet and other IP-based networks. Previous research of the interworking between PSTN and IP-networks will be discussed. The respective advantages of different architectures are presented and some solutions of building a bridge between the protocols used in these networks are described. Further, this paper presents some of the performance problems that may occur in such systems

Electromagnetically Induced Acoustic Transparency with a Superconducting Circuit

We report the observation of electromagnetically induced transparency (EIT) of a mechanical field, where a superconducting artificial atom is coupled to a 1D-transmission line for surface acoustic waves. An electromagnetic microwave drive is used as the control field, rendering the superconducting transmon qubit transparent to the acoustic probe beam. The strong frequency dependence of the acoustic coupling enables EIT in a ladder configuration due to the suppressed relaxation of the upper level. Our results show that superconducting circuits can be engineered to interact with acoustic fields in parameter regimes not readily accessible to purely electromagnetic systems

Identification of collagen-induced arthritis loci in aged multiparous female mice

Collagen-induced arthritis in mice is one of the most commonly used autoimmune experimental models, with many similarities to rheumatoid arthritis. Since collagen-induced arthritis is a complex polygenic disease there is a need for identification of several major disease-controlling genes. Because rheumatoid arthritis particularly affects aged women, we have in the present study identified new genetic regions critical for collagen-induced arthritis by studying aged female mice of a cross between NFR/N and B10.Q (H-2(q )haplotype). The mice in the present study had different reproductive histories, which did not significantly affect the onset, incidence or severity of the disease. A total of 200 female mice were used in a total genome-wide screening with 125 microsatellite markers. We found one new significant quantitative trait locus affecting the arthritis incidence, severity and day of onset on chromosome 11 (denoted Cia40), which colocalizes with a locus controlling pregnancy failure. Furthermore, a quantitative trait locus of suggestive significance associated with the incidence, severity and day of onset was identified on chromosome 1. Finally, a suggestively significant quantitative trait locus associated with collagen type II antibody titers was identified on chromosome 13. This study indicates that several gene loci control arthritis in aged multiparous females, and that at least one of these loci coincides with pregnancy failure