Two Essays on the Stability of the Auto Lending Market

This project is composed of two essays examining the credit markets for the finance of automobiles. In particular, both chapters focus on subprime loans for the purchase of used cars, often financed by independent finance companies. In the first chapter, I review Hyman P. Minsky’s writing on credit and securitization to create a theoretical framework that explains how auto finance has evolved. This chapter’s analysis primarily compares the current period of subprime auto finance with short boom and bust cycle experienced by the auto finance sector in the 1990s. The second chapter reviews various evidence of discrimination in subprime auto lending, and explains how this could create instability in returns to the securitized assets these loans back. Lastly, this chapter sets out three proposals of effective regulation: the strengthening of the CFPB, expansion of relationship banking initiatives, and “skin in the game” regulations for auto ABS issuers

Dynamic tight binding for large-scale electronic-structure calculations of semiconductors at finite temperatures

Calculating the electronic structure of materials at finite temperatures is important for rationalizing their physical properties and assessing their technological capabilities. However, finite-temperature calculations typically require large system sizes or long simulation times. This is challenging for non-empirical theoretical methods because the involved bottleneck of performing many first-principles calculations can pose a steep computational barrier for larger systems. While machine-learning molecular dynamics enables large-scale/long-time simulations of the structural properties, the difficulty of computing in particular the electronic structure of large and disordered materials still remains. In this work, we suggest an adaptation of the tight-binding formalism which allows for computationally efficient calculations of temperature-dependent properties of semiconductors. Our dynamic tight-binding approach utilizes hybrid-orbital basis functions and a modeling of the distance dependence of matrix elements via numerical integration of atomic orbitals. We show that these design choices lead to a dynamic tight-binding model with a minimal amount of parameters which are straightforwardly optimized using density functional theory. Combining dynamic tight-binding with machine learning molecular dynamics and hybrid density functional theory, we find that it accurately describes finite-temperature electronic properties in comparison to experiment for the prototypical semiconductor gallium-arsenide

Overlapping functions of the cell adhesion molecules Nr-CAM and L1 in cerebellar granule cell development

The structurally related cell adhesion molecules L1 and Nr-CAM have overlapping expression patterns in cerebellar granule cells. Here we analyzed their involvement in granule cell development using mutant mice. Nr-CAM–deficient cerebellar granule cells failed to extend neurites in vitro on contactin, a known ligand for Nr-CAM expressed in the cerebellum, confirming that these mice are functionally null for Nr-CAM. In vivo, Nr-CAM–null cerebella did not exhibit obvious histological defects, although a mild size reduction of several lobes was observed, most notably lobes IV and V in the vermis. Mice deficient for both L1 and Nr-CAM exhibited severe cerebellar folial defects and a reduction in the thickness of the inner granule cell layer. Additionally, anti-L1 antibodies specifically disrupted survival and maintenance of Nr-CAM–deficient granule cells in cerebellar cultures treated with antibodies. The combined results indicate that Nr-CAM and L1 play a role in cerebellar granule cell development, and suggest that closely related molecules in the L1 family have overlapping functions

Nitration of Hsp90 induces cell death

Oxidative stress is a widely recognized cause of cell death associated with neurodegeneration, inflammation, and aging. Tyrosine nitration in these conditions has been reported extensively, but whether tyrosine nitration is a marker or plays a role in the cell-death processes was unknown. Here, we show that nitration of a single tyrosine residue on a small proportion of 90-kDa heat-shock protein (Hsp90), is sufficient to induce motor neuron death by the P2X7 receptor-dependent activation of the Fas pathway. Nitrotyrosine at position 33 or 56 stimulates a toxic gain of function that turns Hsp90 into a toxic protein. Using an antibody that recognizes the nitrated Hsp90, we found immunoreactivity in motor neurons of patients with amyotrophic lateral sclerosis, in an animal model of amyotrophic lateral sclerosis, and after experimental spinal cord injury. Our findings reveal that cell death can be triggered by nitration of a single protein and highlight nitrated Hsp90 as a potential target for the development of effective therapies for a large number of pathologies

NG2 and phosphacan are present in the astroglial scar after human traumatic spinal cord injury

BACKGROUND: A major class of axon growth-repulsive molecules associated with CNS scar tissue is the family of chondroitin sulphate proteoglycans (CSPGs). Experimental spinal cord injury (SCI) has demonstrated rapid re-expression of CSPGs at and around the lesion site. The pharmacological digestion of CSPGs in such lesion models results in substantially enhanced axonal regeneration and a significant functional recovery. The potential therapeutic relevance of interfering with CSPG expression or function following experimental injuries seems clear, however, the spatio-temporal pattern of expression of individual members of the CSPG family following human spinal cord injury is only poorly defined. In the present correlative investigation, the expression pattern of CSPG family members NG2, neurocan, versican and phosphacan was studied in the human spinal cord. METHODS: An immunohistochemical investigation in post mortem samples of control and lesioned human spinal cords was performed. All patients with traumatic SCI had been clinically diagnosed as having "complete" injuries and presented lesions of the maceration type. RESULTS: In sections from control spinal cord, NG2 immunoreactivity was restricted to stellate-shaped cells corresponding to oligodendrocyte precursor cells. The distribution patterns of phosphacan, neurocan and versican in control human spinal cord parenchyma were similar, with a fine reticular pattern being observed in white matter (but also located in gray matter for phosphacan). Neurocan staining was also associated with blood vessel walls. Furthermore, phosphacan, neurocan and versican were present in the myelin sheaths of ventral and dorsal nerve roots axons. After human SCI, NG2 and phosphacan were both detected in the evolving astroglial scar. Neurocan and versican were detected exclusively in the lesion epicentre, being associated with infiltrating Schwann cells in the myelin sheaths of invading peripheral nerve fibres from lesioned dorsal roots. CONCLUSION: NG2 and phosphacan were both present in the evolving astroglial scar and, therefore, might play an important role in the blockade of successful CNS regeneration. Neurocan and versican, however, were located at the lesion epicentre, associated with Schwann cell myelin on regenerating peripheral nerve fibres, a distribution that was unlikely to contribute to failed CNS axon regeneration. The present data points to the importance of such correlative investigations for demonstrating the clinical relevance of experimental data