Courage to Capital? A Model of the Effects of Rating Agencies on Sovereign Debt Role-over

We propose a model of rating agencies that is an application of global game theory in which heterogeneous investors act strategically. The model allows us to explore the impact of the introduction of a rating agency on financial markets. Our model suggests that the addition of the rating agency affects the probability of default and the magnitude of the response of capital flows to changes in fundamentals in a non–trivial way, and that introducing a rating agency can bring multiple equilibria to a market that otherwise would have the unique equilibrium.Credit rating, Rating agency, Sovereign debt, Global game

Microstructure of superconducting cable components

Using atomic force, optical and electron microscopy methods, the changes in the microstructure and phase composition were investigated for the alloy Nb47%Ti used for the manufacture of superconducting cable employed as current-carrying elements in the magnetic system for International Thermonuclear Experimental Reactor. The test samples were prepared from the superconducting wire at an intermediate step of the drawing process for the area reduction Ø1.3→Ø1.2 mm. The effect of cold drawing and intermediate annealing on the properties of as-worked Nb-Ti alloy was assessed. Local strain zones were found to occur in the rupture area. The shape and chemical composition of Nb-Ti wire was examined for both a defect-free area and the rupture area. A Nb diffusion barrier was found to occur in the copper matrix of Nb-Ti wire

Eocene–early Oligocene climate and vegetation change in southern China: Evidence from the Maoming Basin

Although the Eocene-Oligocene climate transition marks a critical point in the development of the ‘icehouse’ global climate of the present little is known about this important change in the terrestrial realm at low latitudes. Our palynological study of the Shangcun Formation shows it to be early Oligocene in age: palyno-assemblages in the lower part of the formation indicate a cool interval dominated by conifer pollen in the earliest Oligocene followed by a warmer regime in the second half of the early Oligocene. To quantify middle Eocene to late early Oligocene climate conditions at low (~ 20°N) palaeolatitudes in southern Asia several thousand leaf fossil specimens from the Maoming Basin, southern China, were subjected to a multivariate (CLAMP) analysis of leaf form. For terrestrial palaeoclimate comparisons to be valid the palaeoaltitude at which the proxy data are obtained must be known. We find that leaves preserved in the Youganwo (middle Eocene), Huangniuling (late Eocene) and Shangcun (early Oligocene) formations were likely to have been deposited well above sea level at different palaeoelevations. In the Youganwo Formation fine-grained sediments were deposited at an altitude of ~ 1.5 km, after which the basin dropped to ~ 0.5 km by the time the upper Huangniuling sediments were deposited. The basin floor then rose again by 0.5 km reaching an altitude of approximately 1 km in which the Shangcun Formation fine-grained sediments were accumulated. Within the context of these elevation changes the prevailing climates experienced by the Youganwo, Lower Huangniuling, Upper Huangniuling and Shangcun fossil floras were humid subtropical with hot summers and warm winters, but witnessed a progressive increase in rainfall seasonality. By the early Oligocene rainfall seasonality was similar to that of the modern monsoonal climate of Guangdong Province, southern China. All floras show leaf physiognomic spectra most similar to those growing under the influence of the modern Indonesia-Australia Monsoon, but with no evidence of any adaptation to today's South or East Asia Monsoon regimes. The Upper Huangniuling Flora, rich in dipterocarp plant megafossils, grew in the warmest conditions with the highest cold month mean temperature and at the lowest altitude

Discovery of the Phenomenon of Intracellular Development of Cardiac Stem Cell: A New Step in Understanding of Biology and Behavior of Tissue-Specific Stem Cells

In our experiments with an in vitro culture of rat cardiac cells, we identified and described for the first time the phenomenon of intracellular development of CSCs in mature CMs with formation of the “cell-in-cell structures” (CICSs). Recently, we have confirmed the reproducibility of our results and existence of this phenomenon in rats of different age groups, 1-year-old bull, adult mice and humans. Moreover, we demonstrated the 5–10 times increase in the amount of CICSs after exposure of in vitro cultures to hypoxia and acidosis, that is, these conditions stimulate intracellular development of CSCs. Our data strongly suggest that transitory amplifying cells (TACs), which release from CICSs, are present as a very rare cell population in adult and old rats. Therefore, we assume that TACs are important for renewal of myocardium during ontogenesis. TACs should be considered as the major source of cells that can reduce myocardial damage in adult mammals with various pathologies of the cardiovascular system. In conclusion, precise and exhaustive analysis of the phenomenon of intracellular development of CSCs, CICSs and TACs will pave the way for cell technologies of new generation in regenerative medicine

The inflammation markers in serum of tumor-bearing rats after plasmonic photothermal therapy

We report on plasmonic photothermal therapy of rats with inoculated cholangiocarcinoma through the intratumoral injection of PEG-coated gold nanorods followed by CW laser light irradiation. The length and diameter of gold nanorods were 41±8 nm and 10±2 nm, respectively; the particle mass-volume concentration was 400 μg/mL, which corresponds to the optical density of 20 at the wavelength 808 nm. The tumor-bearing rats were randomly divided into three groups: (1) without any treatment (control); (2) with only laser irradiation of tumor; (3) with intratumoral administration of gold nanorods and laser irradiation of tumors. An hour before laser irradiation, the animals were injected intratumorally with gold nanorod solutions in the amount of 30% of the tumor volume. The infrared 808-nm laser with power density of 2.3 W/cm2 was used for plasmonic photothermal therapy (PTT). The withdraw of animals from the experiment was performed 24 h after laser exposure. The content of lipid peroxidation products and molecular markers of inflammation (TNF-α, IGF-1, VEGF-C) was determined by ELISA test in serum of rats. The standard histological techniques with hematoxylin and eosin staining were used for morphological examination of tumor tissues. It was revealed that the significant necrotic changes were noted in tumor tissue after plasmonic photothermal therapy, which were accompanied by formation of inflammatory reaction with release of proinflammatory cytokines and lipid peroxidation products into the bloodstream

Inhibition of reverse transcription in rat liver intracisternal A-particles by thymidine derivatives

AbstractThe thymidine derivatives araAzT, dTTP(3′N3), TTP(3′NH2), and araTTP(3′N3), were studied as inhibitors of the reverse transcription taking place within endogenous retroviral A-type particles, where retroviral RNAs served as templates and primers. dTTP(3′N3) was shown to be the most efficient inhibitor of retroviral particle reverse transcription. Termination of DNA chain elongation is the basic mechanism of the inhibitory action of dTTP(3′N3). The compound has a very low inhibitory effect on mammalian DNA-dependent DNA polymerases α, β and γ

SETTING UP A DIGITAL LEARNING ENVIRONMENT IN A PEDAGOGICAL UNIVERSITY

This article is aimed at discovering the development particularities of the digital Russian university management system in Russia in the context of universal digitalisation, and identifying the opportunities for the development of university digital learning environment elements. The leading research method of the issue is a comparative analysis of the level of digital competences of students of professional education in Russia and the European Union member states. The authors of the article discovered the particularities of modern education transformational processes, revealed the main role of the development of information and communication technologies, determined the place of Russia in the world learning space and analysed the dynamics of the position of Russian higher educational institutions in the world university rating.Este artículo tiene como objetivo descubrir las particularidades de desarrollo del sistema digital de gestión de la universidad rusa en Rusia en el contexto de la digitalización universal, e identificar las oportunidades para el desarrollo de elementos del entorno de aprendizaje digital universitario. El principal método de investigación del tema es un análisis comparativo del nivel de competencias digitales de los estudiantes de educación profesional en Rusia y los estados miembros de la Unión Europea. Los autores del artículo descubrieron las particularidades de los procesos de transformación de la educación moderna, revelaron el papel principal del desarrollo de las tecnologías de información y comunicación, determinaron el lugar de Rusia en el espacio de aprendizaje mundial y analizaron la dinámica de la posición de las instituciones de educación superior rusas en La calificación de la universidad mundial.Este artigo tem como objetivo descobrir as particularidades de desenvolvimento do sistema de gerenciamento de universidades digitais da Rússia na Rússia no contexto da digitalização universal e identificar as oportunidades para o desenvolvimento de elementos do ambiente de aprendizado digital das universidades. O principal método de pesquisa da questão é uma análise comparativa do nível de competências digitais de estudantes de educação profissional na Rússia e nos estados membros da União Europeia. Os autores do artigo descobriram as particularidades dos processos transformacionais da educação moderna, revelaram o papel principal do desenvolvimento das tecnologias da informação e da comunicação, determinaram o lugar da Rússia no espaço de aprendizado mundial e analisaram a dinâmica da posição das instituições de ensino superior russas no país. a classificação mundial da universidade

Hippocampal neurogenesis in the new model of global cerebral ischemia

The study aimed to evaluate the changes of hippocampal neurogenesis in a new model of global transient cerebral ischemia which was performed by the occlusion of the three main vessels (tr. brachiocephalicus, a. subclavia sinistra, and a. carotis communis sinistra) branching from the aortic arch and supplying the brain. Global transitory cerebral ischemia was modeled on male rats (weight = 250–300 g) under chloral hydrate with artificial lung ventilation. Animals after the same surgical operation without vessel occlusion served as sham-operated controls. The number of DCX-positive (doublecortin, the marker of immature neurons) cells in dentate gyrus (DG) and CA1-CA3 fields of hippocampus was counted at the 31st day after ischemia modeling. It was revealed that global cerebral ischemia decreased neurogenesis in dentate gyrus in comparison with the sham-operated group (P<0.05) while neurogenesis in CA1-CA3 fields was increased as compared to the control (P<0.05)