The Place of Risk Management in Financial Institutions

The purpose of this paper is to address two issues. It defines the appropriate role played by institutions in the financial sector and focuses on the role of risk management in firms that use their own balance sheets to provide financial products. A key objective is to explain when risks are better transferred to the purchaser of the assets issued or created by the financial institution and when the risks of these financial products are best absorbed by the firm itself. However, once these risks are absorbed, they must be efficiently managed. So, a second part of the current analysis develops a framework for efficient and effective risk management for those risks which the firm chooses to manage within its balance sheet. The goal of this activity is to achieve the highest value added from the risk management undertaken.

Plumbophyllite, a new species from the Blue Bell claims near Baker, San Bernardino County, California

The new mineral plumbophyllite, Pb2Si4O10·H2O, orthorhombic with space group Pbcn and cell parameters a = 13.2083(4), b = 9.7832(3), c = 8.6545(2) Å, V = 1118.33(5) Å^3, and Z = 4. It occurs as colorless to pale blue prismatic crystals to 3 mm, with wedge-shaped terminations at the Blue Bell claims, about 11 km west of Baker, San Bernardino County, California. It is found in narrow veins in a highly siliceous hornfels in association with cerussite, chrysocolla, fluorite, goethite, gypsum, mimetite, opal, plumbotsumite, quartz, sepiolite, and wulfenite. The streak is white, the luster is vitreous, the Mohs hardness is about 5, and there is one perfect cleavage, {100}. The measured density is 3.96(5) g/cm^3 and the calculated density is 3.940 g/cm^3. Optical properties (589 nm): biaxial (+), {alpha} = 1.674(2), β = 1.684(2), {gamma} = 1.708(2), 2V = 66(2)°, dispersion r > v (strong); X = b, Y = c, Z = a. Electron microprobe analysis provided PbO 60.25, CuO 0.23, SiO_2 36.22 wt%, and CHN analysis provided H_2O 3.29 wt% for a total of 99.99 wt%. Powder IR spectroscopy confirmed the presence of H_2O and single-crystal IR spectroscopy indicated the H_2O to be oriented perpendicular to the b axis. Raman spectra were also obtained. The strongest powder X-ray diffraction lines are [d (hkl) I]: 7.88(110)97, 6.63(200)35, 4.90(020)38, 3.623(202)100, 3.166(130)45, 2.938(312/411/222)57, 2.555(132/213)51, and 2.243(521/332)50. The atomic structure (R1 = 2.04%) consists of undulating sheets of silicate tetrahedra between which are located Pb atoms and channels containing H_2O (and Pb^(2+) lone-pair electrons). The silicate sheets can be described as consisting of zigzag pyroxene-like (SiO_3)_n chains joined laterally into sheets with the unshared tetrahedral apices in successive chains pointed alternately up and down, a configuration also found in pentagonite

Improved Parameters and New Lensed Features for Q0957+561 from WFPC2 Imaging

New HST WFPC2 observations of the lensed double QSO 0957+561 will allow improved constraints on the lens mass distribution and hence will improve the derived value of H$_0$. We first present improved optical positions and photometry for the known components of this lens. The optical separation between the A and B quasar images agrees with VLBI data at the 10 mas level, and the optical center of the primary lensing galaxy G1 coincides with the VLBI source G' to within 10 mas. The best previous model for this lens (Grogin and Narayan 1996) is excluded by these data and must be reevaluated. Several new resolved features are found within 10\arcsec of G1, including an apparent fold arc with two bright knots. Several other small galaxies are detected, including two which may be multiple images of each other. We present positions and crude photometry of these objects.Comment: 7 pages including 2 postscript figures, LaTeX, emulateapj style. Also available at http://www.astro.lsa.umich.edu:80/users/philf/www/papers/list.htm

Hand Factors in Cardiac Development

Congenital heart defects account for 1% of infant mortality and 10% of in utero deaths. As the vertebrate embryo develops, multiple tissue types develop in tandem to morphologically pattern the functional heart. Underlying cardiac development is a network of transcription factors known to tightly control these morphological events. Members of the Twist family of basic helix–loop–helix transcription factors, Hand1 and Hand2, are essential to this process. The expression patterns and functional role of Hand factors in neural crest cells, endocardium, myocardium, and epicardium is indicative of their importance during cardiogenesis; however, to date, an extensive understanding of the transcriptional targets of Hand proteins and their overall mechanism of action remain unclear. In this review, we summarize the recent findings that further outline the crucial functions of Hand factors during heart development and in post‐natal heart function

Towards synthesis of a minimal cell

Construction of a chemical system capable of replication and evolution, fed only by small molecule nutrients, is now conceivable. This could be achieved by stepwise integration of decades of work on the reconstitution of DNA, RNA and protein syntheses from pure components. Such a minimal cell project would initially define the components sufficient for each subsystem, allow detailed kinetic analyses and lead to improved in vitro methods for synthesis of biopolymers, therapeutics and biosensors. Completion would yield a functionally and structurally understood self-replicating biosystem. Safety concerns for synthetic life will be alleviated by extreme dependence on elaborate laboratory reagents and conditions for viability. Our proposed minimal genome is 113 kbp long and contains 151 genes. We detail building blocks already in place and major hurdles to overcome for completion

Numerical simulations of a line plume impinging on a ceiling in cold fresh water

Laminar plumes from a line source of warm water at the base of a shallow, homogeneous body of cold water (below the temperature of maximum density) were simulated by a computational model. The plume water undergoes buoyancy reversal as it mixes with the cold ambient. If this occurs before the plume has reached the ceiling of the domain, the plume flaps from side to side. Otherwise, it spreads along the ceiling and then sinks, with a vortex enclosed between the rising plume and the sinking flow. Some of the dense, mixed water from the sinking flow is re-entrained into the rising plume, while the rest flows outwards along the floor. However, with high source temperatures, a sufficient volume of warm water eventually builds up to also form a positively buoyant gravity current along the ceiling

Warm discharges in cold fresh water: 2. Numerical simulation of laminar line plumes

The behaviour of a discharge of warm water upwards into a homogeneous body of cold fresh water was investigated by means of a numerical model. The discharge has a parabolic velocity profile, with Reynolds number Re = 50, Prandtl number Pr = 7 and Froude number varied over the range 0:2 Fr 2:5. Water density is taken to be a quadratic function of temperature, so that an initially positively buoyant discharge will experience buoyancy reversal as it mixes with an ambient below the temperature of maximum density. The resulting plume has some similarities to a fountain resulting from injection of negatively buoyant fluid upward into a less dense ambient. The plume is initially symmetric, but then its head detaches as it approaches its maximum height. The detached head is denser than the fluid in the plume below it, and the interaction between the sinking head and the rising plume causes a sideways deflection; as this cycle is repeated, the plume displays side-to-side flapping motion and vertical bobbing. As Froude number is increased (i.e. buoyancy reduced) the growth of the plume becomes slower, but the plume eventually reaches a greater height. We obtain empirical power-law scalings for maximum height and time taken to reach that height as functions of Froude number; these scalings are simlar to those for fountains with a linear dependence of density on temperature in the very weak regime

Tetramethyl tert-butylcalix[4]arene tetraketone

The title molecule, 25,26,27,28-tetraacetonyloxy-5,11,- 17,23-tetra-tert-butylpentacyclo[19.3.1.13,7.19,13.115,19]- octacosa-1(25),3,5,7(28),9,11,13(27),15,17,19,21,23-dodecaene, has twofold crystallographic symmetry and adopts a distorted cone conformation in the solid state. The orientation of the four aromatic tings is such that two of the rings are almost parallel to each other and the other two almost normal to one another. This conformation precludes a solvent molecule being enclathrated within the cavity

Detectable HIV Viral Load in Kenya: Data from a Population-Based Survey.

IntroductionAt the individual level, there is clear evidence that Human Immunodeficiency Virus (HIV) transmission can be substantially reduced by lowering viral load. However there are few data describing population-level HIV viremia especially in high-burden settings with substantial under-diagnosis of HIV infection. The 2nd Kenya AIDS Indicator Survey (KAIS 2012) provided a unique opportunity to evaluate the impact of antiretroviral therapy (ART) coverage on viremia and to examine the risks for failure to suppress viral replication. We report population-level HIV viral load suppression using data from KAIS 2012.MethodsBetween October 2012 to February 2013, KAIS 2012 surveyed household members, administered questionnaires and drew serum samples to test for HIV and, for those found to be infected with HIV, plasma viral load (PVL) was measured. Our principal outcome was unsuppressed HIV viremia, defined as a PVL ≥ 550 copies/mL. The exposure variables included current treatment with ART, prior history of an HIV diagnosis, and engagement in HIV care. All point estimates were adjusted to account for the KAIS 2012 cluster sampling design and survey non-response.ResultsOverall, 61·2% (95% CI: 56·4-66·1) of HIV-infected Kenyans aged 15-64 years had not achieved virological suppression. The base10 median (interquartile range [IQR]) and mean (95% CI) VL was 4,633 copies/mL (0-51,596) and 81,750 copies/mL (59,366-104,134), respectively. Among 266 persons taking ART, 26.1% (95% CI: 20.0-32.1) had detectable viremia. Non-ART use, younger age, and lack of awareness of HIV status were independently associated with significantly higher odds of detectable viral load. In multivariate analysis for the sub-sample of patients on ART, detectable viremia was independently associated with younger age and sub-optimal adherence to ART.DiscussionThis report adds to the limited data of nationally-representative surveys to report population- level virological suppression. We established heterogeneity across the ten administrative and HIV programmatic regions on levels of detectable viral load. Timely initiation of ART and retention in care are crucial for the elimination of transmission of HIV through sex, needle and syringe use or from mother to child. Further refinement of geospatial mapping of populations with highest risk of transmission is necessary

Assessment of Woven Wire for Reducing Predation on Red-Winged Blackbird Nests

Red-winged blackbirds (RWBL) are a polygynous species, and disruptions to either territorial behavior or reproductive fitness of the males has potential to lower annual productivity of several females. A reduction in the number of fledglings produced per territory could ultimately result in lower damage to grain crops, at least on a local scale. It is thus feasible that socially acceptable nonlethal methods, including reproductive inhibition through either physical or chemical means, may accomplish a reduction in crop damage. Scientists at the USDA, Wildlife Services\u27 National Wildlife Research Center have shown that reproductive inhibition is an effective method for reducing local populations of some bird species. None of the studies, however, have had to meaningfully incorporate loss of statistical power through predation events on nests or eggs. We expect a crippling reduction in sample size (i.e., nests, eggs, nestlings, and fledglings) to occur over the course of any field experiment intended to measure the effects of reproductive inhibition on RWBL. Thus, developing a methodology to reduce predation of nests is a preliminary yet necessary step in the process of conducting any subsequent field-level tests. We assessed the efficacy of 2.54-cm x 2.54-cm woven wire cylinders (measuring 366- cm height x 183-cm diameter) for reducing mammalian predation on nests of RWBL. If effective at reducing nest predation, we will use these exclusion devices to enhance sample sizes in future experiments designed to assess effects of reproductive inhibition by chemical or physical methods on annual productivity of RWBL