A terminal molybdenum carbide prepared by methylidyne deprotonation

The carbide anion [CMo{N(R)Ar}_3]– [R = C(CD_3)_2CH_3, Ar = C_6H_3Me_2-3,5], is obtained by deprotonation of the corresponding methylidyne compound, [HCMo{N(R)Ar}_3], and is characterized by X-ray diffraction as its {K(benzo-15-crown-5)_2}+ salt, thereby providing precedent for the carbon atom as a terminal substituent in transition-metal chemistry

Pricing Excess-of-loss Reinsurance Contracts Against Catastrophic Loss

This paper develops a pricing methodology and pricing estimates for the proposed Federal excess-of- loss (XOL) catastrophe reinsurance contracts. The contracts, proposed by the Clinton Administration, would provide per-occurrence excess-of-loss reinsurance coverage to private insurers and reinsurers, where both the coverage layer and the fixed payout of the contract are based on insurance industry losses, not company losses. In financial terms, the Federal government would be selling earthquake and hurricane catastrophe call options to the insurance industry to cover catastrophic losses in a loss layer above that currently available in the private reinsurance market. The contracts would be sold annually at auction, with a reservation price designed to avoid a government subsidy and ensure that the program would be self supporting in expected value. If a loss were to occur that resulted in payouts in excess of the premiums collected under the policies, the Federal government would use its ability to borrow at the risk-free rate to fund the losses. During periods when the accumulated premiums paid into the program exceed the losses paid, the buyers of the contracts implicitly would be lending money to the Treasury, reducing the costs of government debt. The expected interest on these "loans" offsets the expected financing (borrowing) costs of the program as long as the contracts are priced appropriately. By accessing the Federal government's superior ability to diversify risk inter-temporally, the contracts could be sold at a rate lower than would be required in conventional reinsurance markets, which would potentially require a high cost of capital due to the possibility that a major catastrophe could bankrupt some reinsurers. By pricing the contacts at least to break even, the program would provide for eventual private-market "crowding out" through catastrophe derivatives and other innovative catastrophic risk financing mechanisms. We develop prices for the contracts using two samples of catastrophe losses: (1) historical catastrophic loss experience over the period 1949-1994 as reported by Property Claim Services; and (2) simulated catastrophe losses based on an engineering simulation analysis conducted by Risk Management Solutions. We used maximum likelihood estimation techniques to fit frequency and severity probability distributions to the catastrophic loss data, and then used the distributions to estimate expected losses under the contracts. The reservation price would be determined by adding an administrative expense charge and a risk premium to the expected losses for the specified layer of coverage. We estimate the expected loss component of the government's reservation price for proposed XOL contracts covering the entire U.S., California, Florida, and the Southeast. We used a loss layer of $25-50 billion for illustrative purposes.

Radical anionic versus neutral 2,2′-bipyridyl coordination in uranium complexes supported by amide and ketimide ligands

The synthesis and characterization of (bipy)₂U(N[t-Bu]Ar)₂ (1-(bipy)₂, bipy = 2,2′-bipyridyl, Ar = 3,5-C₆H₃Me₂), (bipy)U(N[1Ad]Ar)₃ (2-bipy), (bipy)₂U(NC[t-Bu]Mes)₃ (3-(bipy)2, Mes = 2,4,6-C₆H₂Me₃), and IU(bipy)(NC[t-Bu]Mes)₃ (3-I-bipy) are reported. X-ray crystallography studies indicate that bipy coordinates as a radical anion in 1-(bipy)₂ and 2-bipy, and as a neutral ligand in 3-I-bipy. In 3-(bipy)₂, one of the bipy ligands is best viewed as a radical anion, the other as a neutral ligand. The electronic structure assignments are supported by NMR spectroscopy studies of exchange experiments with 4,4′-dimethyl-2,2′-bipyridyl and also by optical spectroscopy. In all complexes, uranium was assigned a +4 formal oxidation state.National Science Foundation (U.S.) (Grant CHE-9988806

Tetraphosphabenzenes Obtained via a Triphosphacyclobutadiene Intermediate

An acyl triphosphirene ligand transfers an O atom to Nb to liberate the putative triphosphacyclobutadiene intermediate [RCP3{W(CO)5}2], which engages in [2+4]-cycloaddition reactions with an organic diene and a phosphaalkyne (see scheme; P orange, O red, W violet, C white). The latter reaction yields the Dewar isomer of a tetraphosphabenzene, which can be converted to a tetraphosphabenzvalene containing a Z-diphosphene.National Science Foundation (U.S.) (grant CHE-719157

An Empirical Analysis of the Economic Impact of Federal Terrorism Reinsurance

This paper examines the role of the federal government in the market for terrorism reinsurance. We investigate the stock price response of affected industries to a sequence of thirteen events culminating in the enactment of the Terrorism Risk Insurance Act (TRIA) of 2002. In the industries most likely to be affected by TRIA banking, construction, insurance, real estate investment trusts, transportation, and public utilities the stock price effect was primarily negative. The Act was at best value-neutral for property-casualty insurers because it eliminated the option not to offer terrorism insurance. The negative response of the other industries may be attributable to the Act's impeding more efficient private market solutions, failing to address nuclear, chemical, and biological hazards, and reducing market expectations of federal assistance following future terrorist attacks.

Securitized Risk Instruments as Alternative Pension Fund Investments

Recent years have seen the introduction of a new class of derivative securities based on exotic underlyings such as natural catastrophes and weather. This paper analyzes the pros and cons of these new securities as assets for institutional investors. It is argued that the underlyings on which these derivatives trade have very low correlations with other factors that move the investment markets, potentially enabling investors to shift the efficient investment frontier in a favorable direction. However, there in very little data on the effects on the market of a large natural catastrophe, and these securities may be especially susceptible to liquidity problems and credit risk. The paper explores these issues in more detail, as well as providing information on the actual and optimal design of such contracts

The preference for approximation

A curious fact about the communication of numerical information is that speakers often choose to use approximate or rounded expressions, even when more precise information is available (for instance, reporting the time as ‘three thirty’ when one’s watch reads 3:27). It has been proposed that this tendency towards rounding is driven by a desire to reduce hearers’ processing costs, a specific claim being that rounded values produce the same cognitive effect at less cognitive effort than non-round values (Van der Henst, Carles and Sperber, 2002). To date, however, the posited processing advantage for roundness has not been experimentally substantiated. Focusing on the domain of temporal expressions, we report on two experiments that demonstrate that rounded clock times are easier to remember and manipulate than their non-round counterparts, a finding that provides evidence for the influence of processing considerations on numerical expression choice. We further find a role for domain-specific granularity of measurement.</jats:p

The SEED Team journey: A phenomenological study of a multidisciplinary healthcare team's experience using the new creative tool ‘photovoice’ for critical reflection.

Purpose  This paper describes how a newly formed multidisciplinary healthcare team used photovoice as a creative way to improve team bonding and explore individual and team wellbeing Methodology A phenomenological methodology was used to explore connections and team bonds in the Stability Encompassing Endurance Direction (SEED) Team, a newly formed team of healthcare professionals, using photovoice.   Findings The SEED Team’s reflections provide insights into using creative photography as a way to express feelings and the importance of wellbeing. The process encouraged individuals to take time away from their cognitive task state. Research implications  The use of photovoice in a newly formed team highlighted the effectiveness of reflective practice that can strengthen team connections and provide opportunities to take a break. Originality This study explored a simple yet powerful tool from an experiential perspective. The tool has potential for use in future wellbeing activities and initiatives. The process added value to the participants’ existing facilitation skills and fostered awareness of their surroundings while taking creative photographs. Keywords: Photovoice, SEED, reflection, connections, wellbein