Sovereign debt restructuring : the judge, the vultures and creditor rights

What role did the US courts play in the Argentine debt swap of 2005? What implications does this have for the future of creditor rights in sovereign bond markets? The judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity – between holdouts seeking capital gains and institutional investors wanting a settlement – to promote a swap with a supermajority of creditors. Our analysis of Argentine debt litigation reveals a ‘judge-mediated’ sovereign debt restructuring, which resolves the key issues of Transition and Aggregation - two of the tasks envisaged for the IMF’s still-born Sovereign Debt Restructuring Mechanism. For the future, we discuss how judge-mediated sovereign debt restructuring (together with creditor committees) could complement the alternative promoted by the US Treasury, namely collective action clauses in sovereign bond contracts

NIRS Measurements with Elite Speed Skaters: Comparison Between the Ice Rink and the Laboratory

Wearable, wireless near-infrared (NIR) spectrometers were used to compare changes in on-ice short-track skating race simulations over 1,500 m with a 3-min cycle ergometry test at constant power output (400 W). The subjects were six male elite short-track speed skaters. Both protocols elicited a rapid desaturation (∆TSI%) in the muscle during early stages (initial 20 s); however, asymmetry between right and left legs was seen in ΔTSI% for the skating protocol, but not for cycling. Individual differences between skaters were present in both protocols. Notably, one individual who showed a relatively small TSI% change (-10.7%, group mean = -26.1%) showed a similarly small change during the cycling protocol (-5.8%, group mean = -14.3%). We conclude that NIRS-detected leg asymmetry is due to the specific demands of short-track speed skating. However, heterogeneity between individuals is not specific to the mode of exercise. Whether this is a result of genuine differences in physiology or a reflection of differences in the optical properties of the leg remains to be determined

A refined architecture for terminological systems : terminology = schema + views

Traditionally, the core of a Terminological Knowledge Representation System (TKRS) consists of a TBox, where concepts are introduced, and an ABox, where facts about individuals are stated in terms of concept memberships. This design has a drawback because in most applications the TBox has to meet two functions at a time: On the one hand - similarly to a database schema - frame-like structures with type information are introduced through primitive concepts and primitive roles; on the other hand, views on the objects in the knowledge base are provided through defined concepts. We propose to account for this conceptual separation by partitioning the TBox into two components for primitive and defined concepts, which we call the schema and the view part.We envision the two parts to differ with respect to the language for concepts, the statements allowed, and the semantics. We argue that this separation achieves more conceptual clarity about the role of primitive and defined concepts and the semantics of terminological cycles. Three case studies show the computational benefits to be gained from the refined architecture

Examining the Personal and Institutional Determinants of Research Productivity in Hospitality and Tourism Management

The transition toward a post-capitalist knowledge-oriented economy has resulted in an increasingly competitive academic environment, where the success of faculty is dependent on their research productivity. This study examines the personal and institutional determinants of the quantity and quality of the research productivity of hospitality and tourism management faculty in US institutions. A survey of 98 faculty found that a different set of determinants impact the quantity and quality aspects of research productivity. Also, institutional determinants were found to play a larger role, indicating the need for administrators to strive for a culture that is supportive of and an infrastructure that is conducive to their faculty’s research success. The authors use the field of hospitality and tourism management as a case study to develop a holistic and cohesive framework for knowledge worker productivity that can guide the evaluation, hiring, and development of researchers

A longitudinal study investigating the stability of anthropometry and soccerspecific endurance in pubertal high-level youth soccer players

© 2015, Journal of Sports Science and Medicine. All rights reserved. We investigated the evolution and stability of anthropometric and soccer-specific endurance characteristics of 42 high-level, pubertal soccer players with high, average and low yo-yo intermittent recovery test level 1 (YYIR1) baseline performances over two and four years. The rates of improvement were calculated for each performance group, and intra-class correlations were used to verify short- and long-term stability. The main finding was that after two and four years, the magnitudes of the differences at baseline were reduced, although players with high YYIR1 baseline performance still covered the largest distance (e.g., low from 703 m to 2126 m; high from 1503 m to 2434 m over four years). Furthermore, the YYIR1 showed a high stability over two years (ICC = 0.76) and a moderate stability over four years (ICC = 0.59), due to large intra-individual differences in YYIR1 performances over time. Anthropometric measures showed very high stability (ICCs between 0.94 to 0.97) over a two-year period, in comparison with a moderate stability (ICCs between 0.57 and 0.75) over four years. These results confirm the moderate-to-high stability of high-intensity running performance in young soccer players, and suggest that the longer the follow-up, the lower the ability to predict player’s future potential in running performance. They also show that with growth and maturation, poor performers might only partially catch up their fitter counterparts between 12 and 16 years

Reply to Lewin and O’Driscoll: Comment on: “Monitoring of Post-match Fatigue in Professional Soccer: Welcome to the Real World”

Photograph of construction of Lohman's Crossing bridge, showing man walking toward vehicle which is partly submerged in water