Democratization’s Risk Premium: Partisan and Opportunistic Political Business Cycle Effects on Sovereign Ratings in Developing Countries

We use partisan and opportunistic political business cycle (“PBC”) considerations to develop a framework for explaining election-period decisions by credit rating agencies (“agencies”) publishing developing country sovereign risk-ratings (“ratings”). We test six hypotheses derived from the framework with 482 agency ratings for 19 countries holding 39 presidential elections from 1987-2000. We find that ratings are linked to the partisan orientation of incumbents facing election and to expectations of incumbent victory. Consistent with the framework, rating effects are sometimes greater for right-wing compared to left-wing incumbents, perhaps, because partisan PBC considerations with right-wing (left-wing) incumbents reinforce (counteract) opportunistic PBC considerations.economics, elections, developing countries, ratings

Advanced Langmuir Probe (LP)

The dynamic response of the MK-2 version of the Langmuir probe amplifier was studied. The settling time of the step response is increased by: (1) stray node-to-ground capacitance at series connections between high value feedback resistors; and (2) input capacitance due to the input cable, FET switches, and input source follower. The stray node-to-ground capacitances can be reduced to tolerable levels by elevating the string of feedback resistors above the printing board. A new feedback network was considered, with promising results. The design uses resistances having much lower nominal values, thereby minimizing the effect of stray capacitances. Faster settling times can be achieved by using an operational amplifier having a higher gain-bandwidth product

DEMOCRACY’S SPREAD: Elections and Sovereign Debt in Developing Countries

We use partisan and opportunistic political business cycle (“PBC”) considerations to develop and test a framework for explaining election-period changes in credit spreads for developing country sovereign bonds. Pre-election bond spread trends are significantly linked both to the partisan orientation of incumbents facing election and to expectations of incumbent victory. Bond spreads for right-wing (leftwing) incumbents increase (decrease) as the likelihood of left-wing (right-wing) challenger victory increases. For right-wing incumbent partisan and opportunistic PBC effects bondholder risk perceptions are mutually reinforcing. For left-wing incumbents partisan PBC effects dominate bondholder risk perceptions compared to opportunistic PBC effects.http://deepblue.lib.umich.edu/bitstream/2027.42/39961/3/wp575.pd

Glucocorticoid receptor expression in 20 solid tumor types using immunohistochemistry assay.

BackgroundGlucocorticoid receptor (GR) activity plays a role in many aspects of human physiology and may play a crucial role in chemotherapy resistance in a wide variety of solid tumors. A novel immunohistochemistry (IHC) based assay has been previously developed and validated in order to assess GR immunoreactivity in triple-negative breast cancer. The current study investigates the standardized use of this validated assay to assess GR expression in a broad range of solid tumor malignancies.MethodsArchived formalin-fixed paraffin-embedded tumor bank samples (n=236) from 20 different solid tumor types were analyzed immunohistochemically. Nuclear staining was reported based on the H-score method using differential intensity scores (0, 1+, 2+, or 3+) with the percent stained (out of at least 100 carcinoma cells) recorded at each intensity.ResultsGR was expressed in all tumor types that had been evaluated. Renal cell carcinoma, sarcoma, cervical cancer, and melanoma were those with the highest mean H-scores, indicating high levels of GR expression. Colon, endometrial, and gastric cancers had lower GR staining percentages and intensities, resulting in the lowest mean H-scores.ConclusionA validated IHC assay revealed GR immunoreactivity in all solid tumor types studied and allowed for standardized comparison of reactivity among the different malignancies.ImpactBaseline expression levels of GR may be a useful biomarker when pharmaceutically targeting GR in research or clinical setting

Democratization’s Risk Premium: Partisan and Opportunistic Political Business Cycle Effects on Sovereign Ratings in Developing Countries

We use partisan and opportunistic political business cycle (“PBC”) considerations to develop a framework for explaining election-period decisions by credit rating agencies (“agencies”) publishing developing country sovereign risk-ratings (“ratings”). We test six hypotheses derived from the framework with 482 agency ratings for 19 countries holding 39 presidential elections from 1987-2000. We find that ratings are linked to the partisan orientation of incumbents facing election and to expectations of incumbent victory. Consistent with the framework, rating effects are sometimes greater for right-wing compared to left-wing incumbents, perhaps, because partisan PBC considerations with right-wing (left-wing) incumbents reinforce (counteract) opportunistic PBC considerations.http://deepblue.lib.umich.edu/bitstream/2027.42/39931/3/wp546.pd

Ultra-high energy neutrino scattering

Estimates are made of the ultra-high energy neutrino cross sections based on an extrapolation to very small Bjorken x of the logarithmic Froissart dependence in x shown previously to provide an excellent fit to the measured proton structure function F_2^p(x,Q^2) over a broad range of the virtuality Q^2. Expressions are obtained for both the neutral current and the charged current cross sections. Comparison with an extrapolation based on perturbative QCD shows good agreement for energies where both fit data, but our rates are as much as a factor of 10 smaller for neutrino energies above 10^9 GeV, with important implications for experiments searching for extra-galactic neutrinos.Comment: 4 pages, 1 figure, 1 table; Title, abstract and text changed, conclusions unchanged. Version accepted for publication in Physical Review

Draft genome sequence of a meningitic isolate of Cronobacter sakazakii clonal complex 4, strain 8399

The Cronobacter sakazakii clonal lineage defined as clonal complex 4 (CC4), composed of nine sequence types, is associated with severe cases of neonatal meningitis. To date, only closely related C. sakazakii sequence type 4 (ST4) strains have been sequenced. C. sakazakii strain 8399, isolated from a case of neonatal meningitis, was sequenced as the first non-ST4 C. sakazakii strain

Artificial Brains and Hybrid Minds

The paper develops two related thought experiments exploring variations on an ‘animat’ theme. Animats are hybrid devices with both artificial and biological components. Traditionally, ‘components’ have been construed in concrete terms, as physical parts or constituent material structures. Many fascinating issues arise within this context of hybrid physical organization. However, within the context of functional/computational theories of mentality, demarcations based purely on material structure are unduly narrow. It is abstract functional structure which does the key work in characterizing the respective ‘components’ of thinking systems, while the ‘stuff’ of material implementation is of secondary importance. Thus the paper extends the received animat paradigm, and investigates some intriguing consequences of expanding the conception of bio-machine hybrids to include abstract functional and semantic structure. In particular, the thought experiments consider cases of mind-machine merger where there is no physical Brain-Machine Interface: indeed, the material human body and brain have been removed from the picture altogether. The first experiment illustrates some intrinsic theoretical difficulties in attempting to replicate the human mind in an alternative material medium, while the second reveals some deep conceptual problems in attempting to create a form of truly Artificial General Intelligence

Bose Metals and Insulators on Multi-Leg Ladders with Ring Exchange

We establish compelling evidence for the existence of new quasi-one-dimensional descendants of the d-wave Bose liquid (DBL), an exotic two-dimensional quantum phase of uncondensed itinerant bosons characterized by surfaces of gapless excitations in momentum space [O. I. Motrunich and M. P. A. Fisher, Phys. Rev. B {\bf 75}, 235116 (2007)]. In particular, motivated by a strong-coupling analysis of the gauge theory for the DBL, we study a model of hard-core bosons moving on the $N$-leg square ladder with frustrating four-site ring exchange. Here, we focus on four- and three-leg systems where we have identified two novel phases: a compressible gapless Bose metal on the four-leg ladder and an incompressible gapless Mott insulator on the three-leg ladder. The former is conducting along the ladder and has five gapless modes, one more than the number of legs. This represents a significant step forward in establishing the potential stability of the DBL in two dimensions. The latter, on the other hand, is a fundamentally quasi-one-dimensional phase that is insulating along the ladder but has two gapless modes and incommensurate power law transverse density-density correlations. In both cases, we can understand the nature of the phase using slave-particle-inspired variational wave functions consisting of a product of two distinct Slater determinants, the properties of which compare impressively well to a density matrix renormalization group solution of the model Hamiltonian. Stability arguments are made in favor of both quantum phases by accessing the universal low-energy physics with a bosonization analysis of the appropriate quasi-1D gauge theory. We will briefly discuss the potential relevance of these findings to high-temperature superconductors, cold atomic gases, and frustrated quantum magnets.Comment: 33 pages, 16 figures; this is the print version, only very minor changes from v