Distance to default as a measure of default risk

Companies are facing increasing uncertain times, key investment decisions and challenging financial needs. Now more than ever it is important to understand both the financial decisions of the business corporations as well as how they connect. In this paper I would like to show the basics to understand complex pricing of assets such as derivatives. Since central, commercial and investment banks use lots of models to price securities and forecast financial markets I wanted to research on the basic theorems and ideas needed to do so. The subject that I chose to study is the combination of the representative companies included in the EURO STOXX 50 index, but excluding the financial institutions due to high leverage ratios that may lead to wrong interpretations. In order to estimate the credit (default) risk on every company's assets, I used two different approaches and then I compared and chose the one that was more precise with the results obtained. Moody's KMV approach to measure distance to default is the most commonly used, but in the paper I show that it is not always the best option for estimating this measure. In order to provide evidence about the functionality of the distance to default, I compare the estimations gathered from the empirical research with credit default swaps (CDS) that are linked to the sample companies of the project. Two different sets of linear regressions were done. The first set of regressions is the cross-sectional one, while the second set is done with a sequence of time-series data points. By the comparison of these regressions, it's expected to conclude whether the traditional and most widespread method is the best possible way to perform such estimations or if there are better ways to proceed and therefore, that may give us even better results

Structure and vacancy distribution in copper telluride nanoparticles influence plasmonic activity in the near-infrared

Copper chalcogenides find applications in different domains including photonics, photothermal therapy and photovoltaics. CuTe nanocrystals have been proposed as an alternative to noble metal particles for plasmonics. Although it is known that deviations from stoichiometry are a prerequisite for plasmonic activity in the near-infrared, an accurate description of the material and its (optical) properties is hindered by an insufficient understanding of the atomic structure and the influence of defects, especially for materials in their nanocrystalline form. We demonstrate that the structure of Cu1.5±xTe nanocrystals can be determined using electron diffraction tomography. Real-space high-resolution electron tomography directly reveals the three-dimensional distribution of vacancies in the structure. Through first-principles density functional theory, we furthermore demonstrate that the influence of these vacancies on the optical properties of the nanocrystals is determined. Since our methodology is applicable to a variety of crystalline nanostructured materials, it is expected to provide unique insights concerning structure–property correlations

Police legitimacy among immigrants in Europe: institutional frames and group position

Research on the antecedents of police legitimacy has begun to stress the relevance of a wide range of factors – beyond performance – in shaping public judgements of police (e.g. Jackson et al 2012; Antrobus et al 2015; Mehozay and Factor 2016; Weitzer and Tuch 2006). The ways in which people experience not just policing and but also their wider social, cultural and economic environment – and the location of both police and policed within structures of power, authority and affect – have important effects on lay judgements of police which, in turn, constitute the empirical legitimacy of this foundational state institution

Validity and reproducibility of an interviewer-administered food frequency questionnaire for healthy French-Canadian men and women

OBJECTIVE: To evaluate the validity (study 1) and the reproducibility (study 2) of an interviewer-administered food frequency questionnaire (FFQ). METHOD: The FFQ was designed at Laval University and contains 91 items and 33 subquestions. Study 1: The FFQ was compared against a 3-day food record (2 week-days and 1 weekend-day), at week 0, 6 and 12 of a nutritional intervention. Study 2: In order to evaluate the reproducibility of the FFQ, 2 registered dietitians administered the FFQ 4-weeks apart among subjects who were not part of the nutritional intervention. RESULTS: Study 1: Mean values for intake of most nutrients assessed by the FFQ and by the 3-day food record were not statistically different. Energy-adjusted correlation coefficients for major macronutrients ranged from 0.36 for proteins to 0.60 for carbohydrates (p ≤ 0.01). Agreement analysis revealed that on average, 35% of the subjects were classified in the same quartile when nutrients were assessed by either the 3-day food record or the FFQ. Study 2: Significant associations were observed between dietary measurements derived from the two FFQs administered 4 weeks apart. Correlation coefficients for the reproducibility of macronutrients ranged from 0.66 for carbohydrates to 0.83 for lipids after energy adjustment. On average, 46% of the subjects were classified in the same quartile when nutrient intakes were assessed by either FFQ. CONCLUSION: These data indicated that the FFQ developed has a good validity and is reproducible

Progressive leukoencephalopathy impairs neurobehavioral development in sialin-deficient mice

Slc17a5−/− mice represent an animal model for the infantile form of sialic acid storage disease (SASD). We analyzed genetic and histological time-course expression of myelin and oligodendrocyte (OL) lineage markers in different parts of the CNS, and related this to postnatal neurobehavioral development in these mice. Sialin-deficient mice display a distinct spatiotemporal pattern of sialic acid storage, CNS hypomyelination and leukoencephalopathy. Whereas few genes are differentially expressed in the perinatal stage (p0), microarray analysis revealed increased differential gene expression in later postnatal stages (p10–p18). This included progressive upregulation of neuroinflammatory genes, as well as continuous down-regulation of genes that encode myelin constituents and typical OL lineage markers. Age-related histopathological analysis indicates that initial myelination occurs normally in hindbrain regions, but progression to more frontal areas is affected in Slc17a5−/− mice. This course of progressive leukoencephalopathy and CNS hypomyelination delays neurobehavioral development in sialin-deficient mice. Slc17a5−/− mice successfully achieve early neurobehavioral milestones, but exhibit progressive delay of later-stage sensory and motor milestones. The present findings may contribute to further understanding of the processes of CNS myelination as well as help to develop therapeutic strategies for SASD and other myelination disorders