The Role of the IMF in Future Sovereign Debt Restructurings: Report of the Annenberg House Expert Group

A meeting of international finance and insolvency experts was held on November 2, 2013 at the Annenberg House in Santa Monica, California. The meeting was co-hosted by the USC Law School and the Annenberg Retreat at Sunnylands. The goal was to solicit the views of experts on the implications of the IMF’s April 26, 2013 paper captioned “Sovereign Debt Restructuring -- Recent Developments and Implications for the Fund’s Legal and Policy Framework”. The April 26 paper may signal a shift in IMF policies in the area of sovereign debt workouts. Although the Expert Group discussed a number of the ideas contained in the April 26 paper, attention focused on paragraph 32 of that paper. That paragraph states in relevant part: “There may be a case for exploring additional ways to limit the risk that Fund resources will simply be used to bail out private creditors. For example, a presumption could be established that some form of a creditor bail-in measure would be implemented as a condition for Fund lending in cases where, although no clear-cut determination has been made that the debt is unsustainable, the member has lost market access and prospects for regaining market access are uncertain.” This Report summarizes the consensus views of the Expert Group on the practical implications of the suggestions contained in paragraph 32 of the April 26 paper

Nitrification inhibitors II. Studies with furano compounds

The effects of furano compounds, furfural (furfuraldehyde) and furfuryl alcohol (5, 10, 20 and 30% of N applied) on nitrification of ammonium sulfate and urea N were studied in a sandy clay loam in laboratory. Both furfural and furfuryl alcohol significantly retarded the nitrification rates of both the fertilizers by inhibiting the conversion of NH4 + to NO2 - without affecting the oxidation of NO2 - to NO3 --N. 10, 20 and 30% concentrations of the compounds were effective up to 75 days with ammonium sulfate but more or less up to 45 days with urea

Automated Determination of Stellar Parameters from Simulated Dispersed Images for DIVA

We have assessed how well stellar parameters (T_eff, logg and [Fe/H]) can be retrieved from low-resolution dispersed images to be obtained by the DIVA satellite. Although DIVA is primarily an all-sky astrometric mission, it will also obtain spectrophotometric information for about 13 million stars (operational limiting magnitude V ~ 13.5 mag). Constructional studies foresee a grating system yielding a dispersion of ~200nm/mm on the focal plane (first spectral order). For astrometric reasons there will be no cross dispersion which results in the overlapping of the first to third diffraction orders. The one-dimensional, position related intensity function is called a DISPI (DISPersed Intensity). We simulated DISPIS from synthetic spectra (...) for a limited range of metallicites i.e. our results are for [Fe/H] in the range -0.3 to 1 dex. We show that there is no need to deconvolve these low resolution signals in order to obtain basic stellar parameters. Using neural network methods and by including simulated data of DIVA's UV telescope, we can determine T_eff to an average accuracy of about 2% for DISPIS from stars with 2000 K < T_eff < 20000 K and visual magnitudes of V=13 mag (end of mission data). logg can be determined for all temperatures with an accuracy better than 0.25 dex for magnitudes brighter than V=12 mag. For low temperature stars with 2000 K < T_eff < 5000 K and for metallicities in the range -0.3 to +1 dex a determination of [Fe/H] is possible (to better than 0.2 dex) for these magnitudes. Additionally we examined the effects of extinction E(B-V) on DISPIS and found that it can be determined to better than 0.07 mag for magnitudes brighter than V=14 mag if the UV information is included.Comment: 12 pages, 8 figures, Accepted for publication in A&

Characterisation of an enhanced preclinical model of experimental MPO-ANCA autoimmune vasculitis

Experimental autoimmune vasculitis (EAV) is a model of antineutrophil cytoplasm antibody (ANCA)-associated vasculitis (AAV) induced by immunisation of susceptible rat strains with myeloperoxidase (MPO). Animals develop circulating MPO-ANCA, pulmonary haemorrhage and glomerulonephritis, although renal injury is mild and recovers spontaneously without treatment. In this study we aimed to augment the severity of glomerulonephritis. Following induction of EAV on day 0, a sub-nephritogenic dose of nephrotoxic serum (NTS) containing heterologous antibodies to glomerular basement membrane was administered on day 14. This resulted in a significant increase in disease severity at day 28 compared to MPO immunisation alone - with more urinary abnormalities, infiltrating glomerular leucocytes, and crescent formation that progressed to glomerular and tubulointerstitial scarring by day 56, recapitulating important features of human disease. Importantly, the glomerulonephritis remained pauci-immune, and was strictly dependent on the presence of autoimmunity to MPO, as there was no evidence of renal disease following administration of sub-nephritogenic NTS alone or after immunisation with a control protein in place of MPO. Detailed phenotyping of glomerular leucocytes identified an early infiltrate of non-classical monocytes following NTS administration that, in the presence of autoimmunity to MPO, may initiate the subsequent influx of classical monocytes which augment glomerular injury. We also showed that this model can be used to test novel therapeutics by using a small molecule kinase inhibitor (fostamatinib) that rapidly attenuated both glomerular and pulmonary injury over a four-day treatment period. We believe that this enhanced model of MPO-AAV will prove useful for the study of glomerular leucocyte behaviour and novel therapeutics in AAV in the future. This article is protected by copyright. All rights reserved

Automated Classification of Sloan Digital Sky Survey (SDSS) Stellar Spectra using Artificial Neural Networks

Automated techniques have been developed to automate the process of classification of objects or their analysis. The large datasets provided by upcoming spectroscopic surveys with dedicated telescopes urges scientists to use these automated techniques for analysis of such large datasets which are now available to the community. Sloan Digital Sky Survey (SDSS) is one of such surveys releasing massive datasets. We use Probabilistic Neural Network (PNN) for automatic classification of about 5000 SDSS spectra into 158 spectral type of a reference library ranging from O type to M type stars.Comment: 27 pages, 11 figures To appear in Astrophys. Space Sci., 200

Spontaneous coronary artery dissection: Current state of the science: A scientific statement from the American Heart Association

© 2018 American Heart Association, Inc. Spontaneous coronary artery dissection (SCAD) has emerged as an important cause of acute coronary syndrome, myocardial infarction, and sudden death, particularly among young women and individuals with few conventional atherosclerotic risk factors. Patient-initiated research has spurred increased awareness of SCAD, and improved diagnostic capabilities and findings from large case series have led to changes in approaches to initial and long-term management and increasing evidence that SCAD not only is more common than previously believed but also must be evaluated and treated differently from atherosclerotic myocardial infarction. High rates of recurrent SCAD; its association with female sex, pregnancy, and physical and emotional stress triggers; and concurrent systemic arteriopathies, particularly fibromuscular dysplasia, highlight the differences in clinical characteristics of SCAD compared with atherosclerotic disease. Recent insights into the causes of, clinical course of, treatment options for, outcomes of, and associated conditions of SCAD and the many persistent knowledge gaps are presented

Low-frequency cortical activity is a neuromodulatory target that tracks recovery after stroke.

Recent work has highlighted the importance of transient low-frequency oscillatory (LFO; &lt;4 Hz) activity in the healthy primary motor cortex during skilled upper-limb tasks. These brief bouts of oscillatory activity may establish the timing or sequencing of motor actions. Here, we show that LFOs track motor recovery post-stroke and can be a physiological target for neuromodulation. In rodents, we found that reach-related LFOs, as measured in both the local field potential and the related spiking activity, were diminished after stroke and that spontaneous recovery was closely correlated with their restoration in the perilesional cortex. Sensorimotor LFOs were also diminished in a human subject with chronic disability after stroke in contrast to two non-stroke subjects who demonstrated robust LFOs. Therapeutic delivery of electrical stimulation time-locked to the expected onset of LFOs was found to significantly improve skilled reaching in stroke animals. Together, our results suggest that restoration or modulation of cortical oscillatory dynamics is important for the recovery of upper-limb function and that they may serve as a novel target for clinical neuromodulation

Green synthesis of three-dimensional hybrid N-doped ORR electro-catalysts derived from apricot sap

Rapid depletion of fossil fuel and increased energy demand has initiated a need for an alternative energy source to cater for the growing energy demand. Fuel cells are an enabling technology for the conversion of sustainable energy carriers (e.g., renewable hydrogen or bio-gas) into electrical power and heat. However, the hazardous raw materials and complicated experimental procedures used to produce electro-catalysts for the oxygen reduction reaction (ORR) in fuel cells has been a concern for the effective implementation of these catalysts. Therefore, environmentally friendly and low-cost oxygen reduction electro-catalysts synthesised from natural products are considered as an attractive alternative to currently used synthetic materials involving hazardous chemicals and waste. Herein, we describe a unique integrated oxygen reduction three-dimensional composite catalyst containing both nitrogen-doped carbon fibers (N-CF) and carbon microspheres (N-CMS) synthesised from apricot sap from an apricot tree. The synthesis was carried out via three-step process, including apricot sap resin preparation, hydrothermal treatment, and pyrolysis with a nitrogen precursor. The nitrogen-doped electro-catalysts synthesised were characterised by SEM, TEM, XRD, Raman, and BET techniques followed by electro-chemical testing for ORR catalysis activity. The obtained catalyst material shows high catalytic activity for ORR in the basic medium by facilitating the reaction via a four-electron transfer mechanism.Ramesh Karunagaran, Campbell Coghlan, Cameron Shearer, Diana Tran, Karan Gulati, Tran Thanh Tung, Christian Doonan, and Dusan Losi

THE ROLE OF INTERDEPENDENCE IN THE MICRO-FOUNDATIONS OF ORGANIZATION DESIGN: TASK, GOAL, AND KNOWLEDGE INTERDEPENDENCE

Interdependence is a core concept in organization design, yet one that has remained consistently understudied. Current notions of interdependence remain rooted in seminal works, produced at a time when managers’ near-perfect understanding of the task at hand drove the organization design process. In this context, task interdependence was rightly assumed to be exogenously determined by characteristics of the work and the technology. We no longer live in that world, yet our view of interdependence has remained exceedingly task-centric and our treatment of interdependence overly deterministic. As organizations face increasingly unpredictable workstreams and workers co-design the organization alongside managers, our field requires a more comprehensive toolbox that incorporates aspects of agent-based interdependence. In this paper, we synthesize research in organization design, organizational behavior, and other related literatures to examine three types of interdependence that characterize organizations’ workflows: task, goal, and knowledge interdependence. We offer clear definitions for each construct, analyze how each arises endogenously in the design process, explore their interrelations, and pose questions to guide future research