Information asymmetries and securitization design

The strong growth in collateralized debt obligation transactions raises the question how these transactions are designed. The originator designs the transaction so as to maximize her benefit subject to requirements imposed by investors and rating agencies. An important issue in these transactions is the information asymmetry between the originator and the investors. First Loss Positions are the most important instrument to mitigate conflicts due to information asymmetry. We analyse the optimal size of the First Loss Position in a model and the actual size in a set of European collateralized debt obligation transactions. We find that the asset pool quality, measured by the weighted average default probability and the diversity score of the pool, plays a predominant role for the transaction design. Characteristics of the originator play a small role. A lower asset pool quality induces the originator to take a higher First Loss Position and, in a synthetic transaction, a smaller Third Loss Position. The First Loss Position bears on average 86 % of the expected default losses, independent of the asset pool quality. This loss share and the asset pool quality strongly affect the rating and the credit spread of the lowest rated tranche.Securitization, collateralized debt obligations, asset pool quality, First Loss Position, synthetic transactions, tranching

Type-I ELM mode structure observed by divertor thermography in ASDEX Upgrade

In the ASDEX Upgrade tokamak, power deposition structures on the outer divertor target surfaces during type-I Edge Localised Modes (ELMs) have been discovered by infra red thermography. These structures are radially and toroidally separated non-axisymmetric spirals. They are most obvious about 80 mm away from the toroidal symmetric strike zone on the target plates. The spiral structure of the power load is caused by a toroidally structured energy release in the outer midplane during the non-linear phase of a type-I ELM cycle as shown by basic field line tracing. The resulting structures correspond to values around z(m) n ≈ 12 and m ≈ 50 (for q95 ≈ 4)

Physical and chemical optimisation of the seedball technology addressing pearl millet under Sahelian conditions

This study deals with the development of the seedball technology in particular for dry sowing under Sahelian conditions and pearl millet as crop. At first, our participatory evaluation in Senegal showed that (i) local materials needed for seedball production are locally available, (ii) the technology conforms to the existing management systems in the Sahel, and (iii) socio-economic conditions do not hinder seedball adoption. Afterwards, seedball was mechanically and chemically optimised. Pearl millet seedlings derived from the seedball variants were grown and compared to the control under greenhouse conditions. Our results showed that the combination of 80 g sand + 50 g loam + 25 ml water is the standard seedball dough, which produces about ten 2 cm diameter-sized seedballs. Either 1 g NPK fertiliser or 3 g wood ash can be added as nutrient additive to enhance early biomass of pearl millet seedlings. Ammonium fertiliser, urea and gum arabic as seedball components hampered seedlings emergence. Seedball + 3 g wood ash and seedball + 1 g NPK-treatments enhanced shoot biomass by 60 % and 75 %, root biomass by 36 % and 94 %, and root length density by 14 % and 28 %, respectively, relative to the control. Shoot nutrient content was not greatly influenced by treatment. However, multiplying biomass yield with nutrient content indicates that nutrient extraction was higher in nutrient-amended seedballs. On-station field tests in Senegal showed over 95 % emergence under real Sahelian conditions. Since early seedlings enhancement is decisive for pearl millet panicle yield under the Sahelian conditions, on-farm trials in the Sahel are recommended

Umweltzone Leipzig: Messtechnische Begleitung der Einführung der Umweltzone Leipzig: Teil 6 / Abschlussbericht: Immissionssituation von 2010 bis 2016 und Wirkung der Umweltzone auf die straßennahe Luftqualität

Mit Einführung der Umweltzone 2011 erfolgte eine beschleunigte Modernisierung der Fahrzeugflotte in Leipzig gegenüber anderen Regionen in Sachsen. Die Belastung durch Verbrennungspartikel aus der modernisierten Fahrzeugflotte reduzierte sich sehr deutlich. Die Reduzierung war im ersten Jahr der Umweltzone am stärksten. Nach sechs Jahren wurde eine Minderung für die Anzahl der Partikel von 30 bis 200 nm um 74 % und für Ruß-Partikel BC um 59 % nachgewiesen. Dies dokumentiert den Erfolg der Partikelfilter in modernen Dieselfahrzeugen beim realen Fahren in der Stadt. Der hochtoxische Feinstaubanteil in der Außenluft und damit das Gesundheitsrisiko der Bevölkerung wurden sehr deutlich gesenkt. Die Umweltzone war damit eine sinnvolle und wirkungsvolle Maßnahme der Stadtverwaltung. Gleichzeitig trat keine Verbesserung für die Stickstoffoxide durch die modernste Fahrzeugflotte Sachsens ein. Die Dieselfahrzeuge gelten als die Hauptverursacher. Der Misserfolg in der Minderung der Stickoxide moderner Diesel-PKW beim realen Fahren in der Stadt trotz verschärfter EURO-Abgasnormen wurde dokumentiert. Über die tatsächlichen Emissionen moderner Diesel-PKW wurden Bürger und Stadtverwaltung von Autoherstellern getäuscht

Structure of a double ubiquitin-like domain in the talin head: a role in integrin activation

Talin is a 270-kDa protein that activates integrins and couples them to cytoskeletal actin. Talin contains an N-terminal FERM domain comprised of F1, F2 and F3 domains, but it is atypical in that F1 contains a large insert and is preceded by an extra domain F0. Although F3 contains the binding site for β-integrin tails, F0 and F1 are also required for activation of β1-integrins. Here, we report the solution structures of F0, F1 and of the F0F1 double domain. Both F0 and F1 have ubiquitin-like folds joined in a novel fixed orientation by an extensive charged interface. The F1 insert forms a loop with helical propensity, and basic residues predicted to reside on one surface of the helix are required for binding to acidic phospholipids and for talin-mediated activation of β1-integrins. This and the fact that basic residues on F2 and F3 are also essential for integrin activation suggest that extensive interactions between the talin FERM domain and acidic membrane phospholipids are required to orientate the FERM domain such that it can activate integrins