Lessons from bank privatization in Mexico

The recently completed privatization of Mexican commercial banks may be one of the most successful financial operations in recent years. In 13 months, the Mexican authorities were able to sell 18 banks to private groups of Mexican investors for more than US$13 billion total - more than three times book value, and with a price/earnings ratio of 14.5.The author, Director General of the Development Planning Unit of the Ministry of Finance and a member of the Privatization Committee that supervised the program, sets out the preconditions, objectives, and main achievements of the privatization program. He summarizes the Mexican experience in nine lessons that may be relevant for developing countries considering similar exercises: The conditions suitable for privatization and the strength of the financial system are directly related to the economy's general performance. Macroeconomic stability is essential for bank privatization to succeed. Bank privatization must be complemented by the structural transformation of the economy, to improve efficiency and productivity. Financial reform must aim to strengthen competitive economic conditions and to enhance the efficiency of the financial sector. Bank privatization requires a new legal framework, especially designed for private institutions. Legal reform should lead to structures that encourage solid, efficient financial intermediation. To encourage ample participation and to ensure fairness, the privatization process must be trustworthy - with clear objectives, precise rules, and transparent procedures. The mechanics of privatization should be consistent with the legal framework and should be based on adequate, detailed preparation. The proceeds of privatization should be in cash, which should be used to permanently reduce government outlays. Common sense rules should be followed, such as selling the small banks first, ensuring economic certainty and confidence, centralizing management of the privatization program, and ensuring honesty and transparency in the process. The overall lesson of the Mexican experience is that bank privatization should not be rushed. Mexico waited until 1990, when inflation was less than 20 percent a year and the banks were strong (their numbers had been reduced and risky ventures restricted), while meticulous preparation set the ground rules for transparent and effective procedures.Financial Crisis Management&Restructuring,Environmental Economics&Policies,Financial Intermediation,Municipal Financial Management,Banks&Banking Reform

identifying allosteric networks to fight antibiotics resistance

The rise of multi-drug resistance in bacterial pathogens is one of the grand challenges facing medical science. A major concern is the speed of development of β-lactamase-mediated resistance in Gram-negative species, thus putting at risk the efficacy of the most recently approved antibiotics and inhibitors, including carbapenems and avibactam, respectively. New strategies to overcome resistance are urgently required, which will ultimately be facilitated by a deeper understanding of the mechanisms that regulate the function of β-lactamases such as the Klebsiella Pneumoniae carbapenemases (KPCs). Using enhanced sampling computational methods together with site-directed mutagenesis, we report the identification of two “hydrophobic networks” in the KPC-2 enzyme, the integrity of which has been found to be essential for protein stability and corresponding resistance. Present throughout the structure, these networks are responsible for the structural integrity and allosteric signaling. Disruption of the networks leads to a loss of the KPC-2 mediated resistance phenotype, resulting in restored susceptibility to different classes of β-lactam antibiotics including carbapenems and cephalosporins. The ”hydrophobic networks” were found to be highly conserved among class-A β-lactamases, which implies their suitability for exploitation as a potential target for therapeutic intervention

Rotation of planet-harbouring stars

The rotation rate of a star has important implications for the detectability, characterisation and stability of any planets that may be orbiting it. This chapter gives a brief overview of stellar rotation before describing the methods used to measure the rotation periods of planet host stars, the factors affecting the evolution of a star's rotation rate, stellar age estimates based on rotation, and an overview of the observed trends in the rotation properties of stars with planets.Comment: 16 pages, 4 figures: Invited review to appear in 'Handbook of Exoplanets', Springer Reference Works, edited by Hans J. Deeg and Juan Antonio Belmont

Refined stellar, orbital and planetary parameters of the eccentric HAT-P-2 planetary system

We present refined parameters for the extrasolar planetary system HAT-P-2 (also known as HD 147506), based on new radial velocity and photometric data. HAT-P-2b is a transiting extrasolar planet that exhibits an eccentric orbit. We present a detailed analysis of the planetary and stellar parameters, yielding consistent results for the mass and radius of the star, better constraints on the orbital eccentricity, and refined planetary parameters. The improved parameters for the host star are M_star = 1.36 +/- 0.04 M_sun and R_star = 1.64 +/- 0.08 R_sun, while the planet has a mass of M_p = 9.09 +/- 0.24 M_Jup and radius of R_p = 1.16 +/- 0.08 R_Jup. The refined transit epoch and period for the planet are E = 2,454,387.49375 +/- 0.00074 (BJD) and P = 5.6334729 +/- 0.0000061 (days), and the orbital eccentricity and argument of periastron are e = 0.5171 +/- 0.0033 and omega = 185.22 +/- 0.95 degrees. These orbital elements allow us to predict the timings of secondary eclipses with a reasonable accuracy of ~15 minutes. We also discuss the effects of this significant eccentricity including the characterization of the asymmetry in the transit light curve. Simple formulae are presented for the above, and these, in turn, can be used to constrain the orbital eccentricity using purely photometric data. These will be particularly useful for very high precision, space-borne observations of transiting planets.Comment: Revised version, accepted for publication in MNRAS, 11 pages, 6 figure

Towards a better future for Canadians with bipolar disorder:principles and implementation of a community-based participatory research model

The Collaborative RESearch Team to study psychosocial factors in bipolar disorder (CREST.BD) is a multidisciplinary network dedicated to advancing science and practice around psychosocial issues associated with bipolar disorder (BD), improving the care and wellness of people living with bipolar disorder, and strengthening services and supports for these individuals. CREST.BD specializes in community-based participatory research, in which research is conducted as a partnership between researchers and community members. This article describes the evolution of the CREST.BD network and CREST.BD’s commitment to community-based participatory research in bipolar disorder research. Examples of CREST.BD projects using community-based participatory research to study stigma, quality of life, psychosocial interventions, and creativity in bipolar disorder are highlighted, and opportunities and challenges of engaging in community-based participatory research in bipolar disorder specifically and the mental health field more broadly are discussed. This article demonstrates how CBPR can be used to enhance the relevance of research practices and products through community engagement, and how community-based participatory research can enrich knowledge exchange and mobilization

PHANGS-JWST First Results: Dust embedded star clusters in NGC 7496 selected via 3.3 μ\mum PAH emission

The earliest stages of star formation occur enshrouded in dust and are not observable in the optical. Here we leverage the extraordinary new high-resolution infrared imaging from JWST to begin the study of dust-embedded star clusters in nearby galaxies throughout the local volume. We present a technique for identifying dust-embedded clusters in NGC 7496 (18.7 Mpc), the first galaxy to be observed by the PHANGS-JWST Cycle 1 Treasury Survey. We select sources that have strong 3.3$\mu$m PAH emission based on a $\rm F300M-F335M$ color excess, and identify 67 candidate embedded clusters. Only eight of these are found in the PHANGS-HST optically-selected cluster catalog and all are young (six have SED-fit ages of $\sim1$ Myr). We find that this sample of embedded cluster candidates may significantly increase the census of young clusters in NGC 7496 from the PHANGS-HST catalog -- the number of clusters younger than $\sim$2 Myr could be increased by a factor of two. Candidates are preferentially located in dust lanes, and are coincident with peaks in PHANGS-ALMA CO (2-1) maps. We take a first look at concentration indices, luminosity functions, SEDs spanning from 2700A to 21$\mu$m, and stellar masses (estimated to be between $\sim10^4-10^5 M_{\odot}$). The methods tested here provide a basis for future work to derive accurate constraints on the physical properties of embedded clusters, characterize the completeness of cluster samples, and expand analysis to all 19 galaxies in the PHANGS-JWST sample, which will enable basic unsolved problems in star formation and cluster evolution to be addressed.Comment: 12 pages, 6 figures; accepted for publication in ApJL as part of PHANGS-JWST First Results Special Issu

PHANGS-JWST First Results: A combined HST and JWST analysis of the nuclear star cluster in NGC 628

We combine archival HST and new JWST imaging data, covering the ultraviolet to mid-infrared regime, to morphologically analyze the nuclear star cluster (NSC) of NGC 628, a grand-design spiral galaxy. The cluster is located in a 200 pc x 400 pc cavity, lacking both dust and gas. We find roughly constant values for the effective radius (r_eff ~ 5 pc) and ellipticity ({\epsilon} ~ 0.05), while the S\'ersic index (n) and position angle (PA) drop from n ~ 3 to ~ 2 and PA ~ 130{\deg} to 90{\deg}, respectively. In the mid-infrared, r_eff ~ 12pc, {\epsilon} ~ 0.4, and n ~ 1-1.5, with the same PA ~ 90{\deg}. The NSC has a stellar mass of log10 (M_nsc / M_Sun) = 7.06 +- 0.31, as derived through B-V, confirmed when using multi-wavelength data, and in agreement with the literature value. Fitting the spectral energy distribution, excluding the mid-infrared data, yields a main stellar population's age of (8 +- 3) Gyr with a metallicity of Z = 0.012 +- 0.006. There is no indication of any significant star formation over the last few Gyr. Whether gas and dust were dynamically kept out or evacuated from the central cavity remains unclear. The best-fit suggests an excess of flux in the mid-infrared bands, with further indications that the center of the mid-infrared structure is displaced with respect to the optical center of the NSC. We discuss five potential scenarios, none of them fully explaining both the observed photometry and structure.Comment: 26 pages, 10 figures, 6 tables. Accepted for publication by ApJ

Controlled reduction of photobleaching in DNA origami gold nanoparticle hybrids

The amount of information obtainable from a fluorescence-based measurement is limited by photobleaching: Irreversible photochemical reactions either render the molecules nonfluorescent or shift their absorption and/or emission spectra outside the working range. Photobleaching is evidenced as a decrease of fluorescence intensity with time, or in the case of single molecule measurements, as an abrupt, single-step interruption of the fluorescence emission that determines the end of the experiment. Reducing photobleaching is central for improving fluorescence (functional) imaging, single molecule tracking, and fluorescence-based biosensors and assays. In this single molecule study, we use DNA self-assembly to produce hybrid nanostructures containing individual fluorophores and gold nanoparticles at a controlled separation distance of 8.5 nm. By changing the nanoparticles? size we are able to systematically increase the mean number of photons emitted by the fluorophores before photobleaching.Fil: Pellegrotti, Jesica Vanesa. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones en Bionanociencias "Elizabeth Jares Erijman"; Argentina. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Departamento de Física; ArgentinaFil: Acuña, Guillermo. Technische Universität Braunschweig. Institute for Physical and Theoretical Chemistry. NanoBioSciences Group; AlemaniaFil: Puchkova, Anastasiya. Technische Universität Braunschweig. Institute for Physical and Theoretical Chemistry. NanoBioSciences Group; AlemaniaFil: Holzmeister, Phil. Technische Universität Braunschweig. Institute for Physical and Theoretical Chemistry. NanoBioSciences Group; AlemaniaFil: Gietl, Andreas. Technische Universität Braunschweig. Institute for Physical and Theoretical Chemistry. NanoBioSciences Group; AlemaniaFil: Lalkens, Birka. Technische Universität Braunschweig. Institute for Physical and Theoretical Chemistry. NanoBioSciences Group; AlemaniaFil: Stefani, Fernando Daniel. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones en Bionanociencias "Elizabeth Jares Erijman"; Argentina. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Departamento de Física; ArgentinaFil: Tinnefeld, Philip. Technische Universität Braunschweig. Institute for Physical and Theoretical Chemistry. NanoBioSciences Group; Alemani