Trade Credit, International Reserves and Sovereign Debt

We present a unified model of sovereign debt, trade credit and international reserves. Our model shows that access to short-term trade credit and gross international reserves critically affect the outcome of sovereign debt renegotiations. Whereas competitive banks do optimally lend for the accumulation of borrowed reserves that strengthen the bargaining position of borrowers, they also have incentives to restrict the supply of short-term trade credit during renegotiations. We first show that they effectively do so and then derive propositions that : I) establish the size of sovereign debt haircuts as a function of economic fundamentals and preferences ; II) predict that defaults occur during recessions rather than booms, contrary to reputation based models ; III) provide a rationale for holding costly borrowed reserves and, IV) show that the stock of borrowed international reserves tends to increase when global interest rates are low.

Rotation and Spin in Physics

We delineate the role of rotation and spin in physics, discussing in order Newtonian classical physics, special relativity, quantum mechanics, quantum electrodynamics and general relativity. In the latter case, we discuss the generalization of the Kepler formula to post-Newtonian order $(c^{-2}$) including spin effects and two-body effects. Experiments which verify the theoretical results for general relativistic spin-orbit effects are discussed as well as efforts being made to verify the spin-spin effects

Tactile Thresholds are Preserved yet Cortical Sensory Function is Impaired in Chronic Non-Specific Low Back Pain Patients

Introduction: A substantial amount of evidence points to an alteration in brain structure and function patients with chronic non-specific low back pain (CNSLBP) [1-6]. One interpretation of these findings is that the observed brain changes may represent a disruption of the brain’s representations of the body part and the resultant body perception disturbance may underpin this clinical problem. The current study aimed to investigate sensory dysfunction in CNSLBP. Specifically we aimed to distinguish cortically mediated sensory dysfunction from peripheral dysfunction by comparing simple tactile thresholds with more complex cortically mediated sensory tests Methods: We investigated tactile thresholds (TTH), two point discrimination (TPD) and graphaesthesia over the lumbar spine of 19 CLBP patients and 19 age and sex matched healthy controls as a way of investigating whether CLBP patients present with a perceptual disturbance of their lumbar spine. Differences in performance of the sensory tests was explored using the Mann Whitney U Test and one-way between groups multivariate analysis of variance. Results: We found no difference in tactile threshold between the two groups (P=.0.751). There was a statistically significant difference between controls and LBP for TPD: F(1,36)=10.15, p=.003 and letter error rate: F(1, 36)=6.54 p=0.015. The data indicate that LBP patients had a larger lumbar TPD distance and a greater letter recognition error rate. Discussion: Both TPD and graphaesthesia are dependant on the integrity of the primary sensory cortex [7]. These data support existing findings of perceptual abnormality in chronic back pain [8] and the preservation of tactile thresholds is suggestive of cortical rather than peripheral sensory dysfunction. Amelioration of these abnormalities may present a target for therapeutic intervention

Applying the bronchopulmonary dysplasia framework to necrotizing enterocolitis

Necrotizing enterocolitis (NEC) is a devastating disease of the neonatal intestine, causing widespread intestinal necrosis as well systemic illness that frequently results in death. Because the clinical onset of NEC is sudden and difficult to predict, NEC is considered an acute event. However, NEC does not occur in utero, meaning that postnatal exposures are required, and it does not typically occur right after birth, suggesting that longitudinal changes may be occurring before NEC can develop. In this perspective, the author considers whether NEC should be re-considered as a problem of disordered intestinal epithelial development, with required maladaptation over time prior to the onset of the necrotic event. This framework is similar to how bronchopulmonary dysplasia is currently conceptualized. They also advocate that NEC researchers incorporate this possibility into future studies on NEC susceptibility and pathogenesis

Signatures of the Youngest Starbursts: Optically-thick Thermal Bremsstrahlung Radio Sources in Henize 2-10

VLA radio continuum imaging reveals compact (<8 pc) ~1 mJy radio sources in the central 5" starburst region of the blue compact galaxy Henize 2-10. We interpret these radio knots as extremely young, ultra-dense HII regions. We model their luminosities and spectral energy distributions, finding that they are consistent with unusually dense HII regions having electron densities, 1500 cm^-3 < n_e < 5000 cm^-3, and sizes of 3-8 pc. Since these H II regions are not visible in optical images, we propose that the radio data preferentially reveal the youngest, densest, and most highly obscured starforming events. Energy considerations imply that each of the five \HII regions contains ~750 O7V equivalent stars, greater than the number found in 30 Doradus in the LMC. The high densities imply an over-pressure compared to the typical interstellar medium so that such objects must be short-lived (<0.5 Myr expansion timescales). We conclude that the radio continuum maps reveal the very young (<0.5 Myr) precursors of ``super starclusters'' or ``proto globular clusters'' which are prominent at optical and UV wavelengths in He 2-10. If the ultra-dense HII regions are typical of those which we predict will be found in other starbursting systems, then super starclusters spend 15% of their lifetime in heavily-obscured environments, similar to Galactic ultra-compact HII regions. This body of work leads us to propose that massive extragalactic star clusters (i.e. proto globular clusters) with ages <10^6 yr may be most easily identified by finding compact radio sources with optically-thick thermal bremsstrahlung spectral signatures.Comment: AASTeX, 8 figures 2 included with psfig in text; other 6 in jpeg format; Postscript versions of figures may be found at http://zem.ucolick.org/chip/Research/young_clusters.html -- Accepted for publication in the Astrophysical Journa

Balmer and Metal Absorption Feature Gradients in M32

Spectra from MDM Observatory are used to assess Lick/IDS feature strength gradients inside the half-light radius of the compact Local Group elliptical galaxy M32. All but a few (of 24 measured) indices show a statistically significant gradient. Comparing with models, the index gradients indicate a mean age and abundance gradient in the sense that the nucleus is a factor of 2.5 younger and a factor of 0.3 dex more metal-rich than at 1 effective radius. This conclusion is only weakly dependent on which index combinations are used and is robust to high accuracy. Stars near the M32 nucleus have a mean age and heavy element abundance [M/H] of (4.7 Gyr, +0.02), judging from models by Worthey with variable abundance ratios. This result has very small formal random errors, although, of course, there is significant age-metallicity degeneracy along an (age, abundance) line segment from (5.0 Gyr, 0.00) to (4.5 Gyr, +0.05). An abundance pattern of [C/M]=+0.077, [N/M]=-0.13, [Mg/M]=-0.18, [Fe/M]~0.0, and [Na/M]=+0.12 is required to fit the feature data, with a fitting precision of about 0.01 dex. Model uncertainties make the accuracies of these values at least twice the magnitude of the precision. Forcing scaled-solar abundances does not change the age very much, but it increases the rms goodness of model-data fit by a factor of 3 and broadens the allowed range of age to $\pm 1$ Gyr. The overall abundance pattern contrasts with larger elliptical galaxies, in which all measurable lighter elements are enhanced relative to iron and calcium.Comment: 23 pages, 9 figures, Astronomical Journal, in pres

Brevity, Speed, and Deference: An Account from the Williams Chambers

One of the leading books on administrative law advocates judicial review for “sound governance.”Reviewing the book while sitting on the D.C. Circuit, Judge Williams posited that, even if “judges are smarter than agency heads, or have more time on their hands, or have cleverer clerks,” the proper institutional role requires more deference. Divining “sound governance” is not for courts. The Judge concluded by quoting Milton’s poem about the role of the blind: “They also serve who only stand and waite.

Rethinking clinical trials of transcranial direct current stimulation: Participant and assessor blinding is inadequate at intensities of 2mA

Copyright @ 2012 The Authors. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and 85 reproduction in any medium, provided the original author and source are credited. The article was made available through the Brunel University Open Access Publishing Fund.Background: Many double-blind clinical trials of transcranial direct current stimulation (tDCS) use stimulus intensities of 2 mA despite the fact that blinding has not been formally validated under these conditions. The aim of this study was to test the assumption that sham 2 mA tDCS achieves effective blinding. Methods: A randomised double blind crossover trial. 100 tDCS-naïve healthy volunteers were incorrectly advised that they there were taking part in a trial of tDCS on word memory. Participants attended for two separate sessions. In each session, they completed a word memory task, then received active or sham tDCS (order randomised) at 2 mA stimulation intensity for 20 minutes and then repeated the word memory task. They then judged whether they believed they had received active stimulation and rated their confidence in that judgement. The blinded assessor noted when red marks were observed at the electrode sites post-stimulation. Results: tDCS at 2 mA was not effectively blinded. That is, participants correctly judged the stimulation condition greater than would be expected to by chance at both the first session (kappa level of agreement (κ) 0.28, 95% confidence interval (CI) 0.09 to 0.47 p = 0.005) and the second session (κ = 0.77, 95%CI 0.64 to 0.90), p = <0.001) indicating inadequate participant blinding. Redness at the reference electrode site was noticeable following active stimulation more than sham stimulation (session one, κ = 0.512, 95%CI 0.363 to 0.66, p<0.001; session two, κ = 0.677, 95%CI 0.534 to 0.82) indicating inadequate assessor blinding. Conclusions: Our results suggest that blinding in studies using tDCS at intensities of 2 mA is inadequate. Positive results from such studies should be interpreted with caution.GLM is supported by the National Health & Medical Research Council of Australia ID 571090

A multi-layer extension of the stochastic heat equation

Motivated by recent developments on solvable directed polymer models, we define a 'multi-layer' extension of the stochastic heat equation involving non-intersecting Brownian motions.Comment: v4: substantially extended and revised versio

Two Meson Systems with Ginsparg-Wilson Valence Quarks

Unphysical effects associated with finite lattice spacing and partial quenching may lead to the presence of unphysical terms in chiral extrapolation formulae. These unphysical terms must then be removed during data analysis before physical predictions can be made. In this work, we show that through next-to-leading order, there are no unphysical counterterms in the extrapolation formulae, expressed in lattice-physical parameters, for meson scattering lengths in theories with Ginsparg-Wilson valence quarks. Our work applies to most sea quark discretization, provided that chiral perturbation theory is a valid approximation. We demonstrate our results with explicit computations and show that, in favorable circumstances, the extrapolation formulae do not depend on the unknown constant C_Mix appearing at lowest order in the mixed action chiral Lagrangian. We show that the I=1 KK scattering length does not depend on C_Mix in contrast to the I=3/2 K-pi scattering length. In addition, we show that these observables combined with f_K / f_pi and the I=2 pi-pi scattering length share only two linearly independent sets of counterterms, providing a means to test the mixed action theory at one lattice spacing. We therefore make a prediction for the I=1 KK scattering length.Comment: 21 pages, 2 figures, 2 tables. Version to be published in PRD. Improved discussion in Sec. III B. Added reference