Default risk premium in credit and equity markets

The default risk premium expresses the difference between the actual default risk of a company and the default risk implied by the securities issued by the company. In this paper, we study the simultaneous relationship between the dynamics of the default risk premium and both the dynamics of the stock price and the CDS (Credit Default Swap) spread of a company. We show that an increase in the default risk premium can be associated, at the same time, to either an increase in the stock price and a decrease in the CDS spread, or to a decrease in the stock price and an increase in the CDS spread. We document that the first type of relationship features securities belonging to a consistent risk-return framework, while the second type of relationship describes securities following a counterintuitive risk-return puzzle. We show this result theoretically end empirically, by adopting a contingent claim model. We estimate the model with a non-linear Kalman filter in conjunction with quasimaximum likelihood, and we shed light on the relationship over time between the default risk premium and both the equity value and the CDS spreads for a sample of non-financial firms

Positive mass theorems for asymptotically AdS spacetimes with arbitrary cosmological constant

We formulate and prove the Lorentzian version of the positive mass theorems with arbitrary negative cosmological constant for asymptotically AdS spacetimes. This work is the continuation of the second author's recent work on the positive mass theorem on asymptotically hyperbolic 3-manifolds.Comment: 17 pages, final version, to appear in International Journal of Mathematic

On The Capacity of Surfaces in Manifolds with Nonnegative Scalar Curvature

Given a surface in an asymptotically flat 3-manifold with nonnegative scalar curvature, we derive an upper bound for the capacity of the surface in terms of the area of the surface and the Willmore functional of the surface. The capacity of a surface is defined to be the energy of the harmonic function which equals 0 on the surface and goes to 1 at infinity. Even in the special case of Euclidean space, this is a new estimate. More generally, equality holds precisely for a spherically symmetric sphere in a spatial Schwarzschild 3-manifold. As applications, we obtain inequalities relating the capacity of the surface to the Hawking mass of the surface and the total mass of the asymptotically flat manifold.Comment: 18 page

A Remark on Boundary Effects in Static Vacuum Initial Data sets

Let (M, g) be an asymptotically flat static vacuum initial data set with non-empty compact boundary. We prove that (M, g) is isometric to a spacelike slice of a Schwarzschild spacetime under the mere assumption that the boundary of (M, g) has zero mean curvature, hence generalizing a classic result of Bunting and Masood-ul-Alam. In the case that the boundary has constant positive mean curvature and satisfies a stability condition, we derive an upper bound of the ADM mass of (M, g) in terms of the area and mean curvature of the boundary. Our discussion is motivated by Bartnik's quasi-local mass definition.Comment: 10 pages, to be published in Classical and Quantum Gravit

Interventional Ultrasound in Dermatology: A Pictorial Overview Focusing on Cutaneous Melanoma Patients

Cutaneous melanoma incidence is increasing worldwide, representing an aggressive tumor when evolving to the metastatic phase. High-resolution ultrasound (US) is playing a growing role in the assessment of newly diagnosed melanoma cases, in the locoregional staging prior to the sentinel lymph-node biopsy procedure, and in the melanoma patient follow-up. Additionally, US may guide a number of percutaneous procedures in the melanoma patients, encompassing diagnostic and therapeutic modalities. These include fine needle cytology, core biopsy, placement of presurgical guidewires, aspiration of lymphoceles and seromas, and electrochemotherapy

Attention modulates psychophysical and electrophysiological response to visual texture segmentation in humans

none5noTo investigate whether processing underlying texture segmentation is limited when texture is not attended, we measured orientation discrimination accuracy and visual evoked potentials (VEPs) while a texture bar was cyclically alternated with a uniform texture, either attended or not. Orientation discrimination was maximum when the bar was explicitly attended, above threshold when implicitly attended, and fell to just chance when unattended, suggesting that orientation discrimination based on grouping of elements along texture boundary requires explicit attention. We analyzed tsVEPs (variations in VEP amplitude obtained by algebraic of uniform-texture from segmented-texture VEPs) elicited by the texture boundary orientation discrimination task. When texture was unattended, tsVEPs still reflected local texture segregation. We found larger amplitudes of early tsVEP components (N75, P100, N150, N200) when texture boundary was parallel to texture elements, indicating a saliency effect, perhaps at V1 level. This effect was modulated by attention, disappearing when the texture was not attended, a result indicating that attention facilitates grouping by collinearity in the direction of the texture boundary.openCasco, C; Grieco, A; Campana, G; CORVINO M., P; Caputo, GIOVANNI BATTISTACasco, C; Grieco, A; Campana, G; CORVINO M., P; Caputo, GIOVANNI BATTIST

CYK Tensors, Maxwell Field and Conserved Quantities for Spin-2 Field

Starting from an important application of Conformal Yano--Killing tensors for the existence of global charges in gravity, some new observations at \scri^+ are given. They allow to define asymptotic charges (at future null infinity) in terms of the Weyl tensor together with their fluxes through \scri^+. It occurs that some of them play a role of obstructions for the existence of angular momentum. Moreover, new relations between solutions of the Maxwell equations and the spin-2 field are given. They are used in the construction of new conserved quantities which are quadratic in terms of the Weyl tensor. The obtained formulae are similar to the functionals obtained from the Bel--Robinson tensor.Comment: 20 pages, LaTe

On the volume functional of compact manifolds with boundary with constant scalar curvature

We study the volume functional on the space of constant scalar curvature metrics with a prescribed boundary metric. We derive a sufficient and necessary condition for a metric to be a critical point, and show that the only domains in space forms, on which the standard metrics are critical points, are geodesic balls. In the zero scalar curvature case, assuming the boundary can be isometrically embedded in the Euclidean space as a compact strictly convex hypersurface, we show that the volume of a critical point is always no less than the Euclidean volume bounded by the isometric embedding of the boundary, and the two volumes are equal if and only if the critical point is isometric to a standard Euclidean ball. We also derive a second variation formula and apply it to show that, on Euclidean balls and ''small'' hyperbolic and spherical balls in dimensions 3 to 5, the standard space form metrics are indeed saddle points for the volume functional