Determinants of the development of corporate bond markets in Argentina: One size does not fit all

Conventional theory leads to expect bonds to be a financing vehicle for large firms because of economies of scale and contracting costs. We find both in our econometric evidence for firms quoted on Latin American stock exchanges, and in our survey results for Argentina, that size of assets is a robust determinant of the use of bond finance. This result, together with the fact that there are few firms that are large in terms of market value, can help understand why Argentina, as well as Latin America, has small bond markets in terms of the ratio of the stock of bonds to GDP. Since firm value represents the present value of the cash flows against which the firm borrows, the outstanding stock of corporate bonds is as small as the size of Argentine firms.debt structure, leverage, short term debt, corporate bonds, firm size, firm value

Loan and bond finance in Argentina, 1985-2005

Loan and bond finance during 1985-2005 can be divided into three sub-periods. After the 1982 debt crisis, which mainly involved domestic and foreign bank loans to both the corporate and government sectors, there was practically no credit. This situation of lack of credit persisted until the domestic economy was stabilized in 1991 with the Convertibility Plan, and foreign debt renegotiation was completed in 1993 with the Brady Plan. Loan finance recovered to unprecedented levels since the 1950s, and bond finance became for the first time an important financing vehicle for both the national government and large firms in the corporate sector. Credit came to a sudden stop in 2001, with widespread default on both corporate and government bonds. The 2001 debt crisis was not followed by runaway domestic inflation, and by 2005 Argentina was able to return to foreign capital markets.bank loans, sovereign bonds, provincial bonds, central bank bonds, corporate bonds, pension funds, yields, liquidity

Loan and bond finance in Argentina, 1985-2005

Loan and bond finance during 1985-2005 can be divided into three sub-periods. After the 1982 debt crisis, which mainly involved domestic and foreign bank loans to both the corporate and government sectors, there was practically no credit. This situation of lack of credit persisted until the domestic economy was stabilized in 1991 with the Convertibility Plan, and foreign debt renegotiation was completed in 1993 with the Brady Plan. Loan finance recovered to unprecedented levels since the 1950s, and bond finance became for the first time an important financing vehicle for both the national government and large firms in the corporate sector. Credit came to a sudden stop in 2001, with widespread default on both corporate and government bonds. The 2001 debt crisis was not followed by runaway domestic inflation, and by 2005 Argentina was able to return to foreign capital markets

New Optimization Methods for Converging Perturbative Series with a Field Cutoff

We take advantage of the fact that in lambda phi ^4 problems a large field cutoff phi_max makes perturbative series converge toward values exponentially close to the exact values, to make optimal choices of phi_max. For perturbative series terminated at even order, it is in principle possible to adjust phi_max in order to obtain the exact result. For perturbative series terminated at odd order, the error can only be minimized. It is however possible to introduce a mass shift in order to obtain the exact result. We discuss weak and strong coupling methods to determine the unknown parameters. The numerical calculations in this article have been performed with a simple integral with one variable. We give arguments indicating that the qualitative features observed should extend to quantum mechanics and quantum field theory. We found that optimization at even order is more efficient that at odd order. We compare our methods with the linear delta-expansion (LDE) (combined with the principle of minimal sensitivity) which provides an upper envelope of for the accuracy curves of various Pade and Pade-Borel approximants. Our optimization method performs better than the LDE at strong and intermediate coupling, but not at weak coupling where it appears less robust and subject to further improvements. We also show that it is possible to fix the arbitrary parameter appearing in the LDE using the strong coupling expansion, in order to get accuracies comparable to ours.Comment: 10 pages, 16 figures, uses revtex; minor typos corrected, refs. adde

Input for baroreflex analysis: which blood pressure signal should be used?

The baroreflex (BR) is an important physiological regulatory mechanism which reacts to blood pressure perturbations with reflex changes of target variables such as the heart period (electrocardiogram derived RR interval) or the peripheral vascular resistance (PVR). Evaluation of cardiac chronotropic (RR as a target variable) and vascular resistance (target PVR) BR arms was in previous studies mainly based on the use of the spontaneous variability of the systolic or diastolic blood pressure (SBP, DBP), respectively, as the input signals. The use of other blood pressure measures such as the mean blood pressure (MBP) as an input signal for BR analysis is still under investigation. Making the assumption that the strength of coupling along the BR indicates the more appropriate input signal for baroreflex analysis, we employ partial spectral decomposition to assess in the frequency domain the causal coupling from SBP, MBP or DBP to RR or PVR. Noninvasive beat-to-beat recording of RR, SBP, MBP and DBP and PVR was performed in 39 and 36 volunteers in whom orthostatic and cognitive loads were evoked respectively through head-up tilt and mental arithmetic task. At rest, the MBP was most tightly coupled with RR, in contrast to the analysis of the vascular resistance BR arm where the results showed similar importance of all blood pressure input signals. During orthostasis, the increased importance of SBP as the input signal for BR analysis along the cardiac chronotropic arm was demonstrated. In addition, the gain from MBP to RR was more sensitive to physiological state changes compared to gains with SBP or DBP signal as inputs. We conclude that the coupling strength depends not only on the analysed baroreflex arm but also on the selection of the input blood pressure signal and the physiological state. The MBP signal should be more frequently used for the cardiac baroreflex analysis

System-environment correlations and Non-Markovian dynamics

We determine the total state dynamics of a dephasing open quantum system using the standard environment of harmonic oscillators. Of particular interest are random unitary approaches to the same reduced dynamics and system-environment correlations in the full model. Concentrating on a model with an at times negative dephasing rate, the issue of "non-Markovianity" will also be addressed. Crucially, given the quantum environment, the appearance of non-Markovian dynamics turns out to be accompanied by a loss of system-environment correlations. Depending on the initial purity of the qubit state, these system-environment correlations may be purely classical over the whole relevant time scale, or there may be intervals of genuine system-environment entanglement. In the latter case, we see no obvious relation between the build-up or decay of these quantum correlations and "Non-Markovianity"

Ethnic Identity Among Arab Americans: An Examination of Contextual Influences and Psychological Well-Being

Existing theories and research have indicated that ethnic identity is crucial for ethnic minority young adults because ethnicity is an important component of their personal identity that is likely to influence various aspects of their development. Given the centrality of this construct, the overarching aim of the present study was to examine ethnic identity and psychological well-being among members of an ethnic group that have long been ignored in the psychological literature: Arab Americans. Specifically, the goals of the study were threefold. The first goal was to examine the association between multiple contextual factors (such as students’ perceptions of their parents’ style of parenting, family ethnic socialization, perceived discrimination, and generational status) and ethnic identity. The second goal was to explore the potential role of ethnic identity to promote psychological adjustment and well-being: self-esteem and depressive symptoms are indices of psychological functioning that were examined in the study. The final goal of the study was to examine whether ethnic identity can serve as a protective factor, mitigating the negative effects of discrimination on psychological well-being. Methods: Participants (N= 323) were recruited through advertisements and flyers placed on bulletin boards across the Wayne State University (WSU) campus and through announcements placed on WSU pipeline and on the Arab American Student Association as well as the Egyptian Student Association Facebook pages. All flyers included the online study website (surveymonkey.com) to allow students to access the survey and complete it. Inclusion criteria for participants were: being between the ages of 18 and 25 years, of Arab or Middle Eastern descent, living in the United States, and registered as a full-time or part-time student at Wayne State University. The survey consisted of a package of 7 batteries: Demographic Questionnaire, Familial Ethnic Socialization Measure (FESM), Parental Authority Questionnaire (PAQ), Perceived Ethnic Discrimination Questionnaire (PEDQ), Multigroup Ethnic Identity Measure (MEIM), Rosenberg Self-Esteem Scale (RSES), and Center for Epidemiologic Studies – Depression Scale (CES-D Scale). Results: Pearson correlation analyses revealed that higher family ethnic socialization, authoritative parenting, authoritarian parenting, and lower generational status were all significantly associated with higher ethnic identity (r= .55, r=.51, r= .16, r=-.19, respectively). Further mediation analyses revealed that the relation between generational status and ethnic identity was fully mediated by family ethnic socialization. With respect to the relation between ethnic identity, perceived discrimination, and psychological well-being, results from the correlational analyses revealed that higher ethnic identity was associated with higher self-esteem (r = .45, p \u3c .01) and lower depressive symptoms (r = -.23, p \u3c .01) whereas perceived discrimination was associated with lower self-esteem (r = -.33, p \u3c .01) and higher depressive symptoms (r = .49, p \u3c .01). Finally, with respect to the potential protective role of ethnic identity, hierarchical multiple regression analyses revealed that ethnic identity moderated the relationship between perceived discrimination and psychological well-being. Specifically, perceived ethnic discrimination was negatively associated with self-esteem among participants with high ethnic identity; however, this relationship was even stronger among participants with low ethnic identity. Similarly, perceived ethnic discrimination was positively associated with depressive symptoms among participants with high ethnic identity; however, this relationship was even stronger among participants with low ethnic identity. Discussion: Our findings suggest that ethnic discrimination takes a toll on Arab American young adults, but, for this population, having a salient ethnic identity may have profound mental health benefits as ethnic identity may serve as valuable resource to help them deal with negative discriminatory experiences

Greater functional diversity and redundancy of coral endolithic microbiomes align with lower coral bleaching susceptibility.

The skeleton of reef-building coral harbors diverse microbial communities that could compensate for metabolic deficiencies caused by the loss of algal endosymbionts, i.e., coral bleaching. However, it is unknown to what extent endolith taxonomic diversity and functional potential might contribute to thermal resilience. Here we exposed Goniastrea edwardsi and Porites lutea, two common reef-building corals from the central Red Sea to a 17-day long heat stress. Using hyperspectral imaging, marker gene/metagenomic sequencing, and NanoSIMS, we characterized their endolithic microbiomes together with 15N and 13C assimilation of two skeletal compartments: the endolithic band directly below the coral tissue and the deep skeleton. The bleaching-resistant G. edwardsi was associated with endolithic microbiomes of greater functional diversity and redundancy that exhibited lower N and C assimilation than endoliths in the bleaching-sensitive P. lutea. We propose that the lower endolithic primary productivity in G. edwardsi can be attributed to the dominance of chemolithotrophs. Lower primary production within the skeleton may prevent unbalanced nutrient fluxes to coral tissues under heat stress, thereby preserving nutrient-limiting conditions characteristic of a stable coral-algal symbiosis. Our findings link coral endolithic microbiome structure and function to bleaching susceptibility, providing new avenues for understanding and eventually mitigating reef loss