Retained Interests in Securitisations and Implications for Bank Solvency

Using US bank holding company data for the period 2001 to 2007, this paper examines the relationship between banks' retained interests in securitisations and insolvency risk. We find that the provision of credit enhancements and guarantees significantly increases bank insolvency risk, albeit this varies for different levels of securitisation outstanding. Specifically, retained interests increase insolvency risk for ?large-scale? securitisers while having a risk-reducing effect for ?small-scale? and/or first-time securitisers. In addition, we find that the type of facility provided has implications for bank risk, with those with the most subordinated (first-loss) position having the greater impact on banks' default risk. Finally, we find that engagement in third-party securitisations has no significant effect on bank risk

Hemoglobin A1C Percentage in Nonhuman Primates: A Useful Tool to Monitor Diabetes before and after Porcine Pancreatic Islet Xenotransplantation

Non-human primates (NHPs) are a very valuable experimental model for diabetes research studies including experimental pancreatic islet transplantation. In particular NHPs are the recipients of choice to validate pigs as possible source of pancreatic islets. The aim of this study was to quantify glycated hemoglobin percentage in NHPs and to assess whether changes in values reflect the metabolic trends after diabetes induction and islet transplantation. Sera from 15 NHPs were analyzed. 9 NHPs were rendered diabetic with streptozotocin (STZ), and 3 of them received porcine islet transplants. Hemoglobin A1c (HbA1c) percentage was measured with an assay based on a latex immunoagglutination inhibition methodology. Whereas diabetes and its duration were associated with increasing HbA1c levels, postislet transplantation blood glucose normalization was paralleled by a decrease in the HbA1c percentage. Our data provide evidence that HbA1c is a useful tool to monitor glucose metabolism in NHPs

Lower-order compensation chain threshold-reduction technique for multi-stage voltage multipliers

This paper presents a novel threshold-compensation technique for multi-stage voltage multipliers employed in low power applications such as passive and autonomous wireless sensing nodes (WSNs) powered by energy harvesters. The proposed threshold-reduction technique enables a topological design methodology which, through an optimum control of the trade-off among transistor conductivity and leakage losses, is aimed at maximizing the voltage conversion efficiency (VCE) for a given ac input signal and physical chip area occupation. The conducted simulations positively assert the validity of the proposed design methodology, emphasizing the exploitable design space yielded by the transistor connection scheme in the voltage multiplier chain. An experimental validation and comparison of threshold-compensation techniques was performed, adopting 2N5247 N-channel junction field effect transistors (JFETs) for the realization of the voltage multiplier prototypes. The attained measurements clearly support the effectiveness of the proposed threshold-reduction approach, which can significantly reduce the chip area occupation for a given target output performance and ac input signal

Board Diversity Reforms: Do they Matter for EU Bank Performance?

We examine the impact of governance reforms related to board diversity on the performance of EU banks. Using a difference-in-difference approach, we document that reforms increase bank stock returns and their volatility within the first three years after their enactment. The type of reform matters, with quotas increasing return volatility more compared to affirmative actions. The effectiveness of reforms depends on a country's institutional environment. The impact on volatility is lower in countries more open to diversity, with common law system and with higher economic freedom. Finally, reforms play a bigger role in banks that have ex-ante less heterogeneous boards

Core-shell nano-architectures: the incorporation mechanism of hydrophobic nanoparticles into the aqueous core of a microemulsion

This work presents an in-depth investigation of the molecular interactions in the incorporation mechanism of colloidal hydrophobic-capped nanoparticles into the hydrophilic core of reverse microemulsions. 1H Nuclear Magnetic Resonance (NMR) was employed to obtain molecular level details of the interaction between the nanoparticles capping amphiphiles and the microemulsion surfactants. The model system of choice involved oleic acid (OAC) and oleylamine (OAM) as capping molecules, while igepal-CO520 was the surfactant. The former were studied both in their ‘‘free’’ state and ‘‘ligated’’ one, i.e., bound to nanoparticles. The latter was investigated either in cyclohexane (micellar solution) or in water/cyclohexane microemulsions. The approach was extremely useful to gain a deeper understanding of the equilibria involved in this complex system (oleic acid capped-Bi2S3 in igepal/water/cyclohexane microemulsions). In difference to previously proposed mechanisms, the experimental data showed that the high affinity of the capping ligands for the reverse micelle interior was the driving force for the incorporation of the nanoparticles. A simple ligand-exchange mechanism could be ruled out. The collected information about the nanoparticle incorporation mechanism is extremely useful to develop new synthetic routes with an improved/tuned coating efficiency, in order to tailor the core–shell structure preparation

Magnetic Study of CuFe2O4-SiO2 Aerogel and Xerogel Nano-composites

CuFe2O4 is an example of ferrites whose physico-chemical properties can vary greatly at the nanoscale. Here, sol-gel techniques are used to produce CuFe2O4-SiO2 nanocomposites where copper ferrite nanocrystals are grown within a porous dielectric silica matrix. Nanocomposites in the form of both xerogels and aerogels with variable loadings of copper ferrite (5 wt%, 10 wt% and 15 wt%) were synthesized. Transmission Electron Microscopy and X-Ray Diffraction investigations showed the occurrence of CuFe2O4 nanoparticles with average crystal size ranging from a few nanometers up to around 9 nm, homogeneously distributed within the porous silica matrix, after thermal treatment of the samples at 900°C. Evidence of some impurities of CuO and -Fe2O3 was found in the aerogel samples with 10 wt% and 15 wt% loading. DC magnetometry was used to investigate the magnetic properties of these nanocomposites, as a function of the loading of copper ferrite and of the porosity characteristics. All the nanocomposites show blocking temperature lower than RT and soft magnetic features at low temperature. The observed magnetic parameters are interpreted taking into account the occurrence of size and interaction effects in an ensemble of superparamagnetic nanoparticles distributed in a matrix. These results highlight how aerogel and xerogel matrices give rise to nanocomposites with different magnetic features and how the spatial distribution of the nanophase in the matrices modifies the final magnetic properties with respect to the case of conventional unsupported nanoparticles

Vanadium Oxide Bandstop Tunable Filter for Ka Frequency Bands Based on a Novel Reconfigurable Spiral Shape Defected Ground Plane CPW

This paper proposes and validates a new principle in coplanar waveguide (CPW) bandstop filter tuning by shortcutting defected ground plane (DGS) inductor shaped spirals to modify the resonant frequency. The tunable filter is fabricated on a high-resistivity silicon substrate based on a CMOS compatible technology using a 1 μm x 10 μm long and 300 nm thick vanadium oxide (VO2) switch by exploiting its insulator to metal transition. The filter is designed to work in Ka band with tunable central frequencies ranging from 28.2 GHz to 35 GHz. The measured results show a tuning range of more than 19 %, a low insertion loss in the neighboring frequency bands (below 2 dB at 20 GHz and 40 GHz in on/off-states) while a maximum rejection level close to 18 dB in off-state, limited by the no RF-ideal CMOS compatible substrate. The filter has a footprint of only 0.084 · λ0 x 0.037 · λ0 (where λ0 represents the free space wavelength at the highest resonance frequency) thus making it the most compact configuration using CPW DGS structures for the Ka frequency band. In addition, a more compact filter concept based on the Peano space filling curve is introduced to increase the tuning range while minimizing the DGS area

MoS2/VO2 vdW heterojunction devices: Tunable rectifiers, photodiodes and field effect transistors

In this work we report a new class of ultra-thin film devices based on n-n van der Waals (vdW) heteroj unctions of MoS2 and VO2, which show remarkable tunable characteristics. The favorable band alignment combined with the sharp and clean vdW interface determines a tunable diode-like characteristic with a rectification ratio larger than 103. Moreover, the heterojunction can be turned into a Schottky rectifier with higher on-current by triggering the VO2 insulator to metal transition (IMT), by either applying a sufficiently large voltage or increasing the temperature above 68 °C. The proposed devices are photosensitive with linear photoresponse and temperature tunable photoresponsivity values larger than 1 in the 500/650 nm wavelength range. We finally report the first ever field-effect transistor based on gated MoS2/VO2 heterojunctions, which is a true low power FET exploiting a phase change material where the electrostatic doping effect of the gate on the junction results in a subthreshold slope (SS) of 130 mV/dec at room temperature, ION/IOFF > 103 and IoFF <; 5 pA/μm at Vd = 1.5V

Van der Waals MoS2/VO2 heterostructure junction with tunable rectifier behavior and efficient photoresponse

Junctions between n-type semiconductors of different electron affinity show rectification if the junction is abrupt enough. With the advent of 2D materials, we are able to realize thin van der Waals (vdW) heterostructures based on a large diversity of materials. In parallel, strongly correlated functional oxides have emerged, having the ability to show reversible insulator-to-metal (IMT) phase transition by collapsing their electronic bandgap under a certain external stimulus. Here, we report for the first time the electronic and optoelectronic characterization of ultra-thin n-n heterojunctions fabricated using deterministic assembly of multilayer molybdenum disulphide (MoS2) on a phase transition material, vanadium dioxide (VO2). The vdW MoS2/VO2 heterojunction combines the excellent blocking capability of an n-n junction with a high conductivity in on-state, and it can be turned into a Schottky rectifier at high applied voltage or at temperatures higher than 68 °C, exploiting the metal state of VO2. We report tunable diode-like current rectification with a good diode ideality factor of 1.75 and excellent conductance swing of 120 mV/dec. Finally, we demonstrate unique tunable photosensitivity and excellent junction photoresponse in the 500/650 nm wavelength range