On the term structure of default premia in the Swap and Libor markets

Existing theories of the term structure of swap rates provide an analysis of the Treasury-swap spread based on either a liquidity convenience yield in the Treasury market, or default risk in the swap market. While these models do not focus on the relation between corporate yields and swap rates (the LIBOR-Swap spread), they imply that the term structure of corporate yields and swap rates should be identical. As documented previously (e.g. in Sun, Sundares and Wang (1993)) this is counter-factual. Here, we propose a simple model of the (complex) default risk imbedded in the swap term structure that is able to explain the LIBOR-swap spread. Whereas corporate bonds carry default risk, we argue that swaps should bear less default risk. In fact, we assume that swap contracts are free of default risk. Because swaps are indexed on "refreshed"-credit-quality LIBOR rates, the spread between corporate yields and swap rates should capture the market's expectations of the probability of deterioration in credit quality of a corporate bond issuer. We model this feature and use our model to estimate the likelihood of future deterioration in credit quality from the LIBOR-swap spread. The analysis is important because it shows that the term structure of swap rates does not reflect the borrowing cost of a standard LIBOR credit quality issuer. It also has implications for modeling the dynamics of the swap term structure.Credit risk; asset pricing; international finance

Cardiovascular and metabolic responses to catecholamine and sepsis prognosis: a ubiquitous phenomenon?

Many parameters have been associated with sepsis prognosis. In the present issue of Critical Care, Kumar and colleagues demonstrate that a preserved cardiac answer to dobutamine evaluated by radionucleotide measurements was associated with a better prognosis during septic shock. In this context, it is interesting to note that not only is the cardiac response to catecholamine stimulation associated with prognosis, but also the vascular and metabolic responses are associated. The ability of exogenous catecholamine to increase the arterial pressure (dopamine test) or to increase the lactate level is also related to prognosis. According to the ubiquitous character of catecholamine sensitivity, therefore, we should think in terms of cellular ability to respond to catecholamines in defining the concept of physiological reserve

L’argent du Potosi (Pérou) et les émissions monétaires françaises

L’influence de l’arrivée des métaux sud-américains sur le monnayage européen est un des grands problèmes qui ont passionné les historiens de la modernité. Elle a fait l’objet de nombreuses recherches depuis les années 1930 qui ont débouché sur des interprétations parfois complètement opposées. Les premières théories développées par les historiens ont tout d’abord été battues en brèche par les premières recherches scientifiques. Mais des travaux plus récents ont à nouveau bouleversé connaissances et schémas de pensée. Cet article a pour objet de faire le point sur les tendances les plus récentes, qui, rapportées à notre connaissance de l’histoire économique, monétaire et même numismatique, semblent les plus plausibles.Silver from Potosi (Peru) and French Coinage.The influence of South-American metals shipments on European coinage is one of the great question that historians of the modern era have debated since the 1930. Abundant research has leagued interpretation that are upon occasion diametrically opposed. The theories originally proposed by historians were undetermined by scientific research, more recent work has once against completely re-oriented understanding and systems of thought. This article focuses on recent trends that seem the most plausible, given what they have added to our knowledge of economic, monetary and even numismatic history

Spécificité des PME de services supérieurs françaises à l'international : le rôle des technologies de l'information et de la communication

International audienceThis article deals with International SMEs and their strategic management linked with information and communication technologies. We would like to know how International SMEs manage their distance and proximity with clients, when they are themselves in peripherical area. We will take as an example the case of French International SMEs. We will compare the difference in terms of ICT management between local or regional SMEs and European or International SMEs. First of all, we will present the state of Art of International Management Studies, then we will focus on the relations between ICT and Entreprises. Secondly, we will focus on the DISCOTEC study, with the development of the methodology, the sample chosen and the analysis of the ground. Finally we will discuss the results and open new perspectives and we will compare our work with other countries such as the Czech RepublicCet article s'intéresse aux PME Internationales et à la façon dont leur management mobilise les technologies de l'information et de la communication. Il s'agit de voir comment des PME à dimension internationale gèrent la distance et leur éloignement vis-à-vis de leurs clients, alors même qu'elles sont elles-mêmes situées dans des zones d'activités périphériques, dispersées sur un territoire donné en prenant le cas de la France comme exemple. Nous pourrons ainsi voir les différences existantes entre des entreprises à dimension régionale, voire nationale et des entreprises à dimension européenne ou mondiale, et comment elles gèrent leurs technologies de l'information et de la communication sur un territoire donné. Nous présenterons dans un premier temps un état de l'art sur la théorie du management des entreprises internationales et leurs relations à la proximité et/ou distance avec les TIC dans différentes régions françaises, surtout lorsque ces PME sont dans des zones blanches, c'est-à-dire exclues des grands axes et réseaux de communication (privées de fibre optique par exemple). Puis nous nous présenterons la méthodologie de l'enquête, le questionnaire et son traitement par le cabinet ENOV Research, les analyses menées et enfin nous nous concentrons sur les perspectives de recherche et notamment envisager la poursuite de ces travaux avec d'autres pays européens comme la république tchèque

Ensino de Química e preconceito: apontamentos à luz da Teoria Crítica

No panorama da literatura educacional recente, não são poucas as pesquisas que têm como proposta discutir, de várias perspectivas conceituais e enfoques, a questão do preconceito. No que diz respeito ao ensino escolar de Química, é possível localizar, na literatura especializada, trabalhos que discutem contextos sociais complexos articulados a partir da abordagem pedagógica de conceitos químicos e da formação docente. Citamse como exemplo as questões do cotidiano e ensino de Química, as estratégias CTS, as assimetrias escolares e as dificuldades de aprendizagem, a formação docente, para focar os mais densamente abordados. Apesar da relevância e da inequívoca correlação com as formações sociais, o preconceito ainda é tema de frequência relativa baixa em trabalhos na área, muito embora venha ganhando atenção recente. Nesse sentido, merece destaque o livro Os preconceitos e a química, de autoria de Mariza Magalhães, tomado neste trabalho como objeto de investigação. A partir de uma pesquisa de natureza bibliográficodocumental, analisamos criticamente a opção pedagógica da autora para tratar do tema preconceito e ensino de química, nela apontando o que se insinua como limitações conceituais, na medida em que tal abordagem parece se contentar com os aspectos cognitivos do preconceito. Importa-nos tensionar essa escolha, baseados nas noções de preconceito tais quais se fundamentam na Teoria Crítica. Argumentamos com isso que, embora o preconceito se oponha ao processo de conhecer e mesmo o deforme, a aquisição cognitiva não é, por si só, suficiente para aniquilar as formas sociais preconceituosas

Fully suspended nano-beams for quantum fluids

Non-invasive probes are keystones of fundamental research. Their size, and maneuverability (in terms of e.g. speed, dissipated power) define their applicability range for a specific use. As such, solid state physics possesses e.g. Atomic Force Microscopy (AFM), Scanning Tunneling Microscopy (STM), or Scanning SQUID Microscopy. In comparison, quantum fluids (superfluid $^3$He, $^4$He) are still lacking probes able to sense them (in a fully controllable manner) down to their smallest relevant lengthscales, namely the coherence length $\xi_0$. In this work we report on the fabrication and cryogenic characterization of fully suspended (hanging over an open window, with no substrate underneath) Si$_3$N$_4$ nano-beams, of width down to 50 nm and quality factor up to $10^5$. As a benchmark experiment we used them to investigate the Knudsen boundary layer of a rarefied gas: $^4$He at very low pressures. The absence of the rarefaction effect due to the nearby chip surface discussed in Gazizulin et al. [1] is attested, while we report on the effect of the probe size itself

Nano-beam clamping revisited

Within recent years, the field of nano-mechanics has diversified in a variety of applications, ranging from quantum information processing to biological molecules recognition. Among the diversity of devices produced these days, the simplest (but versatile) element remains the doubly-clamped beam: it can store very large tensile stresses (producing high resonance frequencies $f_0$ and quality factors $Q$), is interfaceable with electric setups (by means of conductive layers), and can be produced easily in clean rooms (with scalable designs including multiplexing). Besides, its mechanical properties are the simplest to describe. Resonance frequencies and $Q$s are being modeled, with as specific achievement the ultra-high quality resonances based on ``soft clamping'' and ``phonon shields''. Here, we demonstrate that the fabrication undercut of the clamping regions of basic nano-beams produces a ``natural soft clamping'', given for free. We present the analytic theory that enables to fit experimental data, which can be used for $\{ Q , f_0 \}$ design.Comment: With Supplementary Informatio

Análise de desempenho do protocolo Mobile IP

Diversas propostas estão sendo implementadas para reduzir os problemas do gerenciamento da mobilidade em redes sem fio. O protocolo Mobile IP é o padrão utilizado atualmente na Internet, fornecendo uma solução global para os problemas da mobilidade. Através dele, é possível alterar a localização dos dispositivos sem perder a conexão ou recomeçar as aplicações. Neste trabalho é realizada uma análise de desempenho deste protocolo em redes do padrão IEEE 802.11, verificando seu funcionamento com relação a escalabilidade, performance e overhead.Several proposals are being implemented in order to reduce problems related to management of mobility in wireless networks. Mobile IP protocol is the standard applied currently on the Internet, supplying a global solution to mobility problem. It allows to change device localization without lost the communication or restarting applications. In this work, an analysis of performance of the protocol Mobile IP is carried through networks IEEE 802.11, verifying its functioning concerning scalability, performance and overhead.Red de Universidades con Carreras en Informática (RedUNCI

Análise de desempenho do protocolo Mobile IP

Diversas propostas estão sendo implementadas para reduzir os problemas do gerenciamento da mobilidade em redes sem fio. O protocolo Mobile IP é o padrão utilizado atualmente na Internet, fornecendo uma solução global para os problemas da mobilidade. Através dele, é possível alterar a localização dos dispositivos sem perder a conexão ou recomeçar as aplicações. Neste trabalho é realizada uma análise de desempenho deste protocolo em redes do padrão IEEE 802.11, verificando seu funcionamento com relação a escalabilidade, performance e overhead.Several proposals are being implemented in order to reduce problems related to management of mobility in wireless networks. Mobile IP protocol is the standard applied currently on the Internet, supplying a global solution to mobility problem. It allows to change device localization without lost the communication or restarting applications. In this work, an analysis of performance of the protocol Mobile IP is carried through networks IEEE 802.11, verifying its functioning concerning scalability, performance and overhead.Red de Universidades con Carreras en Informática (RedUNCI

Ethyl 5-[6-(furan-2-yl)-1,2,4-triazolo[3,4-b][1,3,4]thia­diazol-3-yl]-2,6-di­methylnicotinate

In the title compound, C17H15N5O3S, the plane of the triazolo–thia­diazole system forms dihedral angles of 15.68 and 4.46° with the planes of the pyridine and furan rings, respectively. In the mol­ecule, there is an intra­molecular C—H⋯N inter­action. The crystal structure also contains other inter­molecular inter­actions, such as C—H⋯O hydrogen bonds, π–π stacking (centroid–centroid distances = 3.746 and 3.444 Å), non-bonded S⋯N [3.026 (2) Å] and C—H⋯π inter­actions