The Illiquidity of Corporate Bonds

This paper examines the illiquidity of corporate bonds and its asset-pricing implications. Using transactions data from 2003 to 2009, we show that the illiquidity in corporate bonds is substantial, significantly greater than what can be explained by bid–ask spreads. We establish a strong link between bond illiquidity and bond prices. In aggregate, changes in market-level illiquidity explain a substantial part of the time variation in yield spreads of high-rated (AAA through A) bonds, overshadowing the credit risk component. In the cross-section, the bond-level illiquidity measure explains individual bond yield spreads with large economic significance.Charles A. Dice Center for Research in Financial EconomicsJ.P. Morgan & Co

Erratum for Edwards et al., “Draft genome sequence of uncultured upland soil cluster Gammaproteobacteria gives molecular insights into high-affinity methanotrophy”

Erratum for Edwards et al., “Draft Genome Sequence of Uncultured Upland Soil Cluster Gammaproteobacteria Gives Molecular Insights into High-Affinity Methanotrophy”

Draft genome sequence of uncultured upland soil cluster gammaproteobacteria gives molecular insights into high-affinity methanotrophy

Aerated soils form the second largest sink for atmospheric CH₄. A nearcomplete genome of uncultured upland soil cluster Gammaproteobacteria that oxidize CH₄ at 2.5 ppmv was obtained from incubated Antarctic mineral cryosols. This first genome of high-affinity methanotrophs can help resolve the mysteries about their phylogenetic affiliation and metabolic potential

Software for Spatial Statistics

We give an overview of the papers published in this special issue on spatial statistics, of the Journal of Statistical Software. 21 papers address issues covering visualization (micromaps, links to Google Maps or Google Earth), point pattern analysis, geostatistics, analysis of areal aggregated or lattice data, spatio-temporal statistics, Bayesian spatial statistics, and Laplace approximations. We also point to earlier publications in this journal on the same topic

Changing practice in dementia care in the community: developing and testing evidence-based interventions, from timely diagnosis to end of life (EVIDEM)

Background Dementia has an enormous impact on the lives of individuals and families, and on health and social services, and this will increase as the population ages. The needs of people with dementia and their carers for information and support are inadequately addressed at all key points in the illness trajectory. Methods The Unit is working specifically on an evaluation of the impact of the Mental Capacity Act 2005, and will develop practice guidance to enhance concordance with the Act. Phase One of the study has involved baseline interviews with practitioners across a wide range of services to establish knowledge and expectations of the Act, and to consider change processes when new policy and legislation are implemented. Findings Phase 1, involving baseline interviews with 115 practitioners, identified variable knowledge and understanding about the principles of the Act. Phase 2 is exploring everyday decision-making by people with memory problems and their carers

The IceCube Neutrino Observatory: Instrumentation and Online Systems

The IceCube Neutrino Observatory is a cubic-kilometer-scale high-energy neutrino detector built into the ice at the South Pole. Construction of IceCube, the largest neutrino detector built to date, was completed in 2011 and enabled the discovery of high-energy astrophysical neutrinos. We describe here the design, production, and calibration of the IceCube digital optical module (DOM), the cable systems, computing hardware, and our methodology for drilling and deployment. We also describe the online triggering and data filtering systems that select candidate neutrino and cosmic ray events for analysis. Due to a rigorous pre-deployment protocol, 98.4% of the DOMs in the deep ice are operating and collecting data. IceCube routinely achieves a detector uptime of 99% by emphasizing software stability and monitoring. Detector operations have been stable since construction was completed, and the detector is expected to operate at least until the end of the next decade.Comment: 83 pages, 50 figures; updated with minor changes from journal review and proofin

On the selection of AGN neutrino source candidates for a source stacking analysis with neutrino telescopes

The sensitivity of a search for sources of TeV neutrinos can be improved by grouping potential sources together into generic classes in a procedure that is known as source stacking. In this paper, we define catalogs of Active Galactic Nuclei (AGN) and use them to perform a source stacking analysis. The grouping of AGN into classes is done in two steps: first, AGN classes are defined, then, sources to be stacked are selected assuming that a potential neutrino flux is linearly correlated with the photon luminosity in a certain energy band (radio, IR, optical, keV, GeV, TeV). Lacking any secure detailed knowledge on neutrino production in AGN, this correlation is motivated by hadronic AGN models, as briefly reviewed in this paper. The source stacking search for neutrinos from generic AGN classes is illustrated using the data collected by the AMANDA-II high energy neutrino detector during the year 2000. No significant excess for any of the suggested groups was found.Comment: 43 pages, 12 figures, accepted by Astroparticle Physic

Gap analysis: a geographic approach for assessing national biological diversity

The global concern with reduction in biodiversity has generated responses in the United States, such as the Endangered Species Act (ESA). Although the ESA has had some effect, the species-by-species approach presents a problem because it does not consider the broad ecological principles of biodiversity including the need for balance between different species and their combined influence on a given habitat. There is an implicit assumption that national parks, wildlife sanctuaries, and other protected areas provide for conservation needs. However, these areas have not necessarily been delineated on the basis of animal habitat zones or ecologically significant units. Gap Analysis is an evaluation method providing a systematic approach for assessing the protection afforded biodiversity in a given area. It uses geographic information systems to identify gaps in biodiversity protection that may be filled by the establishment of new preserves or changes in land-use practices. Gap Analysis has three primary layers: (1) distribution of vegetation types delineated from satellite imagery, (2) land ownership, and (3) distribution of vegetation types delineated from satellite imagery, habitat preference models. Vegetation classification procedures using satellite image or aerial photograph analysis are linked to wildlife/ habitat databases. Gap analysis includes seral as well as climax vegetation, and classes must be compatible with those used in neighboring states. The examples of these procedures for the Utah Gap Analysis are given with some reference to Gap Analysis in other states. The overall approach provides a logical base for evaluating and protecting national biological diversity