Quantitative asset pricing implications of endogenous solvency constraints

The authors study the asset pricing implications of an economy where solvency constraints are determined to efficiently deter agents from defaulting. The authors present a simple example for which efficient allocations and all equilibrium elements are characterized analytically. The main model produces large equity premia and risk premia for long-term bonds with low risk aversion and a plausibly calibrated income process. The authors characterize the deviations from independence of aggregate and individual income uncertainty that produce equity and term premia.Asset pricing

Using Asset Prices to Measure the Cost of Business Cycles

We propose a method to measure the welfare cost of economic fluctuations that does not require full specification of consumer preferences and instead uses asset prices. The method is based on the marginal cost of consumption fluctuations, the per unit benefit of a marginal reduction in consumption fluctuations expressed as a percentage of consumption. We show that this measure is an upper bound for the benefit of reducing all consumption fluctuations. We also clarify the link between the cost of consumption uncertainty, the equity premium, and the slope of the real term structure. To measure the marginal cost of fluctuations, we fit a variety of pricing kernels that reproduce key asset pricing statistics. We find that consumers would be willing to pay a very high price for a reduction in overall consumption uncertainty. However, for consumption fluctuations corresponding to business cycle frequencies, we estimate the marginal cost to be about 0.55% of lifetime consumption based on the period 1889-1997 and about 0.30% based on 1954-97.

Quantitative Asset Pricing Implications of Endogenous Solvency Constraints

We study the asset pricing implications of an economy where solvency constraints are determined to efficiently deter agents from defaulting. We present a simple example for which efficient allocations and all equilibrium elements are characterized analytically. The main model produces large equity premia and risk premia for long term bonds with low risk aversion and a plausibly calibrated income process. We characterize the deviations from independence of aggregate and individual income uncertainty that produce equity and term premia.

Asset Pricing when Risk Sharing is Limited by Default

We study the asset pricing implications of a multi-agent endowment economy where agents can default on contracts that would leave them otherwise worse off. We specialize and extend the environment studied by Kocherlakota (1995) and Kehoe and Levine (1993) to make it comparable to standard studies of asset pricing. We make contributions along two fronts. First, we extend the characterization of efficient allocations. Second, we present an equilibrium concept with complete markets and with endogenous solvency constraints. These solvency constraints are such as to prevent default at the cost of reduced risk sharing. We show a version of the classical welfare theorems for this equilibrium definition. We characterize the pricing kernel, and compare it to the one for economies without participation constraints: interest rates are lower and risk premia can be bigger depending on the covariance of the idiosyncratic and aggregate shocks. We show that those agents whose endowment is very similar to the aggregate endowment are irrelevant for asset pricing. In a quantitative example, for reasonable parameter values, the relevant marginal rates of substitution fall within the Hansen-Jagannathan bounds.

Charge transfer-assisted self-limited decyanation reaction of TCNQ-type electron acceptors on Cu(100)

TCNQ derivatives adsorbed on a metal surface undergo a self-limited decyanation reaction that only affects two out of the four cyano groups in the molecule. Combined Scanning Tunneling Microscopy/X-ray Photoelectron Spectroscopy experiments and Density Functional Theory calculations relate the self-limiting behavior to the transfer of electrons from the metal to the moleculeWe thank the CCC-UAM and the RES for allocation of computer time. Our work has been supported by the MINECO of Spain (MAT2009-13488, FIS2010-18847, FIS2010-15127, FIS2012-33011, CTQ2010-17006, CTQ2011-24652/BTQ), Comunidad de Madrid (Nanobiomagnet S2009/MAT-1726, Madrisolar-2 S2009/PPQ-1533), CONSOLIDER-INGENIO on Molecular Nanoscience (CSD2007- 00010) and European Union (SMALL PITN-GA-2009-23884

Fragmented adipose tissue graft for bone healing: histological and histometric study in rabbits' calvaria

Objective The adipose tissue represents an important reservoir of stem cells. There are few studies in the literature with which to histologically evaluate whether or not the adipose tissue graft is really a safe option to achieve bone repair. This study histologically analyzed the effect of fragmented autogenous adipose tissue grafts on bone healing in surgically created, critical-size defects (CSD) in a rabbit's calvaria. Study design Forty-two New Zealand rabbits were used in this study. CSD that were 15 mm in diameter were created in the calvarium of each animal. The defects were randomly divided into two groups: in Group C (control), the defect was filled only by a blood clot and, in Group FAT (i.e., fragmented adipose tissue), the defect was filled with fragmented autogenous adipose tissue grafts. The groups were divided into subgroups (n = 7) for euthanasia at 7, 15, and 40 days after the procedure had been conducted. Histologic and histometric analyses were performed. Data were statistically analysed with ANOVA and Tukey's tests (p < 0.05). Results The amount of bone formation did not show statistically significant differences seven days after the operation, which indicates that the groups had similar amounts of mineral deposition in the earlier period of the repair. Conversely, a significant of amount of bone matrix deposition was identified in the FAT group at 15 and 40 days following the operation, both on the border and in the body of the defect. Such an outcome was not found in the control group. Conclusion In this study, an autologous adipose tissue graft may be considered as likely biomaterial for bone regeneration, since it positively affected the amount of bone formation in surgically created CSD in the rabbits' calvaria 40 days after the procedure had been performed. Further investigations with a longer time evaluation are warranted to determine the effectiveness of autologous adipose tissue graft in the bone healing

Building better research partnerships by understanding how Aboriginal health communities perceive and use data: a semi structured interview study

The aim of this study is to describe the perspectives of ACCHS health staff towards data and to identify potential strategies that can maximise the efficient transfer and usage of data collected through collaborative research with the ACCHS, and enhance the capacity to effectively use research data for healthcare improvement and advocacy.The research reported in this paper is a project of the Australian Primary Health Care Research Institute which is supported by a grant from the Australian Government Department of Health and Ageing under the Primary Health Care Research Evaluation and Development Strategy

Sampling QCD field configurations with gauge-equivariant flow models

Machine learning methods based on normalizing flows have been shown to address important challenges, such as critical slowing-down and topological freezing, in the sampling of gauge field configurations in simple lattice field theories. A critical question is whether this success will translate to studies of QCD. This Proceedings presents a status update on advances in this area. In particular, it is illustrated how recently developed algorithmic components may be combined to construct flow-based sampling algorithms for QCD in four dimensions. The prospects and challenges for future use of this approach in at-scale applications are summarized

HEALS (Hearing EAr health Language and Speech services) project

A key outcome for CRE and the SEARCH program has been the collection, for the first time, of information about hearing and speech development. In 2014, the NSW Ministry of Health approved $800,000 to continue providing ENT surgery and speech therapy services to children identified through SEARCH and children attending the ACCHSs who have been identified with speech and language delays and middle ear disease. The deliverables for 2014 included completion of service provision for HEALS project, completion of qualitative studies and the economic modelling for the scale up of HEALS into a state wide model.The research reported in this paper is a project of the Australian Primary Health Care Research Institute which is supported by a grant from the Australian Government Department of Health and Ageing under the Primary Health Care Research Evaluation and Development Strategy