The buyers’ perspective on security design: Hedge funds and convertible bond call provisions

We provide evidence that security design reflects the interplay of capital supplier and security issuer preferences. While call provisions have historically been the default option in convertible security design, only a minority of post-2005 issues are callable. Because hedge funds dominate the market for new convertibles today and because convertible arbitrage is less risky without callability, the recent diminution in the frequency of call provisions in new convertible bond issues illustrates the importance of the preferences of the suppliers of capital in security design

Identification of a quorum sensing-dependent communication pathway mediating bacteria-gut-brain cross talk

Despite recently established contributions of the intestinal microbiome to human health and disease, our understanding of bacteria-host communication pathways with regard to the gut-brain axis remains limited. Here we provide evidence that intestinal neurons are able to “sense” bacteria independently of the host immune system. Using supernatants from cultures of the opportunistic pathogen Staphylococcus aureus (S. aureus) we demonstrate the release of mediators with neuromodulatory properties at high population density. These mediators induced a biphasic response in extrinsic sensory afferent nerves, increased membrane permeability in cultured sensory neurons, and altered intestinal motility and secretion. Genetic manipulation of S. aureus revealed two key quorum sensing-regulated classes of pore forming toxins that mediate excitation and inhibition of extrinsic sensory nerves, respectively. As such, bacterial mediators have the potential to directly modulate gut-brain communication to influence intestinal symptoms and reflex function in vivo, contributing to homeostatic, behavioral, and sensory consequences of infection

The Spectrum of Pluto, 0.40 - 0.93 μ\mum I. Secular and longitudinal distribution of ices and complex organics

Context. During the last 30 years the surface of Pluto has been characterized, and its variability has been monitored, through continuous near-infrared spectroscopic observations. But in the visible range only few data are available. Aims. The aim of this work is to define the Pluto's relative reflectance in the visible range to characterize the different components of its surface, and to provide ground based observations in support of the New Horizons mission. Methods. We observed Pluto on six nights between May and July 2014, with the imager/spectrograph ACAM at the William Herschel Telescope (La Palma, Spain). The six spectra obtained cover a whole rotation of Pluto (Prot = 6.4 days). For all the spectra we computed the spectral slope and the depth of the absorption bands of methane ice between 0.62 and 0.90 $\mu$m. To search for shifts of the center of the methane bands, associated with dilution of CH4 in N2, we compared the bands with reflectances of pure methane ice. Results. All the new spectra show the methane ice absorption bands between 0.62 and 0.90 $\mu$m. The computation of the depth of the band at 0.62 $\mu$m in the new spectra of Pluto, and in the spectra of Makemake and Eris from the literature, allowed us to estimate the Lambert coefficient at this wavelength, at a temperature of 30 K and 40 K, never measured before. All the detected bands are blue shifted, with minimum shifts in correspondence with the regions where the abundance of methane is higher. This could be indicative of a dilution of CH4:N2 more saturated in CH4. The longitudinal and secular variations of the parameters measured in the spectra are in accordance with results previously reported in the literature and with the distribution of the dark and bright material that show the Pluto's albedo maps from New Horizons.Comment: This manuscript may change and improve during the reviewing process. The data reduction and calibration is reliable and has been checked independently using different reduction approaches. The data will be made publicily available when the paper is accepted. If you need them before, please, contact the autho