Why Did U.S. Banks Invest in Highly-Rated Securitization Tranches?

We estimate holdings of highly-rated tranches of mortgage securitizations of American deposit-taking banks ahead of the credit crisis and evaluate hypotheses that have been advanced to explain these holdings. We find that holdings of highly-rated tranches were economically trivial for the typical bank, but banks with greater holdings performed more poorly during the crisis. Though univariate comparisons show that banks with large trading books had greater holdings, the holdings of highly-rated tranches are not higher for banks with large trading books in regressions that control for bank size. The ratio of highly-rated tranches holdings to assets increases with bank assets, but not for banks with more than $50 billion of assets. This evidence is inconsistent with explanations for holdings of highly-rated tranches that emphasize the incentives of banks deemed “too-big-to-fail”. Further, the evidence does not provide support for “bad incentives” theories of holdings of highly-rated tranches. We find, however, that banks active in securitization held more highly-rated tranches. Such a result can be consistent with regulatory arbitrage as well as with securitizing banks holding highly-rated tranches to convince investors of the quality of these securities. Our evidence supports the latter hypothesis.

Conformal invariance and its breaking in a stochastic model of a fluctuating interface

Using Monte-Carlo simulations on large lattices, we study the effects of changing the parameter $u$ (the ratio of the adsorption and desorption rates) of the raise and peel model. This is a nonlocal stochastic model of a fluctuating interface. We show that for $0<u<1$ the system is massive, for $u=1$ it is massless and conformal invariant. For $u>1$ the conformal invariance is broken. The system is in a scale invariant but not conformal invariant phase. As far as we know it is the first example of a system which shows such a behavior. Moreover in the broken phase, the critical exponents vary continuously with the parameter $u$. This stays true also for the critical exponent $\tau$ which characterizes the probability distribution function of avalanches (the critical exponent $D$ staying unchanged).Comment: 22 pages and 20 figure

Increased oxidative stress associated with the severity of the liver disease in various forms of hepatitis B virus infection

BACKGROUND: Oxidative stress can be defined as an increase in oxidants and/or a decrease in antioxidant capacity. There is limited information about the oxidative status in subjects with hepatitis B virus infection. We aimed to evaluate the oxidative status in patients with various clinical forms of chronic hepatitis B infection. METHODS: Seventy-six patients with hepatitis B virus infection, in whom 33 with chronic hepatitis, 31 inactive carriers and 12 with cirrhosis, and 16 healthy subjects were enrolled. Total antioxidant response and total peroxide level measurement, and calculation of oxidative stress index were performed in all participants. RESULTS: Total antioxidant response was significantly lower in cirrhotics than inactive HbsAg carriers and controls (p = 0.008 and p = 0.008, respectively). Total peroxide level and oxidative stress index was significantly higher in cirrhotic (p < 0.001, both) and chronic hepatitis B subjects (p < 0.001, both) than inactive HbsAg carriers and controls. Total antioxidant response was comparable in chronic hepatitis B subjects, inactive HbsAg carriers and controls (both, p > 0.05/6). Total peroxide level and oxidative stress index were also comparable in inactive HBsAg carriers and controls (both, p > 0.05/6). Serum alanine amino transferase level was positively correlated with total peroxide level and oxidative stress index only in chronic hepatitis B subjects (p = 0.002, r = 0.519 and p = 0.008, r = 0.453, respectively). CONCLUSION: Oxidative stress occurs secondarily to increased total lipid peroxidation and inadequate total antioxidant response and is related to severity of the disease and replication status of virus in hepatitis B infection

Migrant mothers’ creative interventions into racialized citizenship

Racialized migrant mothers are often cast as marginal to theoretical and political debates of citizenship, yet by taking seriously the contributions to cultural and caring citizenship they make, we challenge the racialized boundaries of citizenship. Drawing on theories of enacting citizenship, that is, challenging hegemonic narratives of who can legitimately claim to contribute to citizenship, we explore migrant women’s mothering through participatory theatre methods. Through analysis of participatory action research (PAR) with migrant mothers in London, we emphasize the significance of embodied and affective meanings for challenging racialized citizenship. The theatre methods allow participants to develop collective subjugated knowledges challenging racialized, gendered and classed stratifications of rights, burdens and privileges of caring citizenship. This draws attention to the important role of creativity of the self as an aspect of both cultural and care work for understanding racialized migrant mothers’ citizenship

Universality Classes in Isotropic, Abelian and non-Abelian, Sandpile Models

Universality in isotropic, abelian and non-abelian, sandpile models is examined using extensive numerical simulations. To characterize the critical behavior we employ an extended set of critical exponents, geometric features of the avalanches, as well as scaling functions describing the time evolution of average quantities such as the area and size during the avalanche. Comparing between the abelian Bak-Tang-Wiesenfeld model [P. Bak, C. Tang and K. Wiensenfeld, Phys. Rev. Lett. 59, 381 (1987)], and the non-abelian models introduced by Manna [S. S. Manna, J. Phys. A. 24, L363 (1991)] and Zhang [Y. C. Zhang, Phys. Rev. Lett. 63, 470 (1989)] we find strong indications that each one of these models belongs to a distinct universality class.Comment: 18 pages of text, RevTeX, additional 8 figures in 12 PS file

Oral chondroitin sulfate and prebiotics for the treatment of canine Inflammatory Bowel Disease: a randomized, controlled clinical trial

BACKGROUND Canine inflammatory bowel disease (IBD) is a chronic enteropathy of unknown etiology, although microbiome dysbiosis, genetic susceptibility, and dietary and/or environmental factors are hypothesized to be involved in its pathogenesis. Since some of the current therapies are associated with severe side effects, novel therapeutic modalities are needed. A new oral supplement for long-term management of canine IBD containing chondroitin sulfate (CS) and prebiotics (resistant starch, β-glucans and mannaoligosaccharides) was developed to target intestinal inflammation and oxidative stress, and restore normobiosis, without exhibiting any side effects. This double-blinded, randomized, placebo-controlled trial in dogs with IBD aims to evaluate the effects of 180 days administration of this supplement together with a hydrolyzed diet on clinical signs, intestinal histology, gut microbiota, and serum biomarkers of inflammation and oxidative stress. RESULTS Twenty-seven client-owned biopsy-confirmed IBD dogs were included in the study, switched to the same hydrolyzed diet and classified into one of two groups: supplement and placebo. Initially, there were no significant differences between groups (p > 0.05) for any of the studied parameters. Final data analysis (supplement: n = 9; placebo: n = 10) showed a significant decrease in canine IBD activity index (CIBDAI) score in both groups after treatment (p < 0.001). After treatment, a significant decrease (1.53-fold; p < 0.01) in histologic score was seen only in the supplement group. When groups were compared, the supplement group showed significantly higher serum cholesterol (p < 0.05) and paraoxonase-1 (PON1) levels after 60 days of treatment (p < 0.01), and the placebo group showed significantly reduced serum total antioxidant capacity (TAC) levels after 120 days (p < 0.05). No significant differences were found between groups at any time point for CIBDAI, WSAVA histologic score and fecal microbiota evaluated by PCR-restriction fragment length polymorphism (PCR-RFLP). No side effects were reported in any group. CONCLUSIONS The combined administration of the supplement with hydrolyzed diet over 180 days was safe and induced improvements in selected serum biomarkers, possibly suggesting a reduction in disease activity. This study was likely underpowered, therefore larger studies are warranted in order to demonstrate a supplemental effect to dietary treatment of this supplement on intestinal histology and CIBDAI

Oxidative stress in hepatitis C infected end-stage renal disease subjects

BACKGROUND: Both uremia and hepatitis C infection is associated with increased oxidative stress. In the present study, we aimed to find out whether hepatitis C infection has any impact on oxidative stress in hemodialysis subjects. METHODS: Sixteen hepatitis C (+) hemodialysis subjects, 24 hepatitis C negative hemodialysis subjects and 24 healthy subjects were included. Total antioxidant capacity, total peroxide level and oxidative stress index were determined in all subjects. RESULTS: Total antioxidant capacity was significantly higher in controls than hemodialysis subjects with or without hepatitis C infection (all p < 0.05/3), while total peroxide level and oxidative stress index were significantly lower (all p < 0.05/3). Hepatitis C (-) hemodialysis subjects had higher total antioxidant capacity compared to hepatitis C (+) hemodialysis subjects (all p < 0.05/3). Total peroxide level and oxidative stress index was comparable between hemodialysis subjects with or without hepatitis C infection (p > 0.05/3). CONCLUSION: Oxidative stress is increased in both hepatitis C (+) and hepatitis C (-) hemodialysis subjects. However, hepatitis C infection seems to not cause any additional increase in oxidative stress in hemodialysis subjects and it may be partly due to protective effect of dialysis treatment on hepatitis C infection

Measurement of tibial nerve excursion during ankle joint dorsiflexion in a weight-bearing position with ultrasound imaging

The ability of peripheral nerves to stretch and slide is thought to be of paramount importance to maintain ideal neural function. Excursion in peripheral nerves such as the tibial can be measured by analysis of ultrasound images. The aim of this study was to assess the degree of longitudinal tibial nerve excursion as the ankle moved from plantar flexion to dorsiflexion in a standardised weight-bearing position. The reliability of ultrasound imaging to measure tibial nerve excursion was also quantified

Applying valence framing to enhance the effect of information on transport-related carbon dioxide emissions

The provision of information about transport-related carbon dioxide (CO2) emissions to the traveler can be seen as an instrument to increase the likelihood of more sustainable choices being made by individuals. However, as transport-related CO2 emissions are largely seen as a 'social' cost rather than a 'private' cost to the individual, the behavioral engagement with and response to information on environmental effects of travel choices may be limited. It is argued that framing, studied in a range of contexts, can be used to enhance the evaluation of choice attributes and promote more sustainable choices. An experiment is reported that examines the effect of valence framing of amounts of CO2 emissions on the perceived differences between alternative amounts. Through the use of positive and negative terms, the information is framed to focus attention either on the potential of a travel mode to provide environmental benefit (positive frame) or on its potential to reduce environmental loss (negative frame). Survey participants' estimates of CO2 amounts were compared for positive and negative framing of the same information using an ordered logit model. The findings imply that negative framing is more effective than positive framing in highlighting differences between CO2 amounts of alternative travel modes and therefore is likely to influence travel-related choices. © 2012 Elsevier Ltd