Essays on Corporate Bond Ownership and the Effect of Corporate Bond Ownership on Credit Spreads

Debt has become increasingly important as a source of capital for firms. Ninety percent of the new capital issuance is in the form of debt and leverage ratios have increased from 10 to 30 percent in the past century. However, we still do not fully understand the corporate debt market, because the data on the debt market are not as widely available as the stock market. The Gramm-Leach-Bliley Act repealed part of the Glass-Steagall Act in 1999 which allowed financial companies to become more active in financial markets as both issuers and investors in securities. One benefit of this regulatory change was the disclosure of more data regarding who issues and/or owns bonds. A comprehensive bond ownership database is eMAXX by Thomson Reuters. Unlike CRSP and COMPUTSTAT, eMAXX is underutilized by academics. The first chapter includes, first, a discussion of the importance of public debt markets. Second, different bond databases are compared and contrasted with eMAXX. Third, I analyze bond characteristics, investors, issuers, managing firms, and fund managers in turn. The last part of the first chapter includes analyses of bondholding during different corporate events such as bankruptcy and rating changes. Then, the second chapter delves into the aspect of strategic default premium and credit spreads. The previous literature examining the effects of strategic defaults on the pricing of debt contracts has focused primarily on the bargaining power of equity holders. However, in the real world the negotiation of a strategic default involves both equity and debt holders. Omitting debt holders from the analysis results in an incomplete picture of strategic default process. In my dissertation my analysis of the strategic default process includes both equity and debt holders. I find that the bargaining power of bondholders plays a significant role in determining the credit spreads of a bond. Moreover, I find the bargaining power of bondholders to be a new proxy for the decision to enter into a strategic default, a proxy that has the same predictive power of current proxies that rely on rating systems developed by credit rating agencies that report liquidity and credit default likelihood

Swimming is never without risk: opening up on learning through activism and research

This article examines my own becoming as Elisabeth and as a researcher. It is about working as a support worker, coaching teams that are trying to realize inclusive education for a child, and my PhD process, which relies on these practices. My intention here is to unfold several aspects, blockages, possibilities, and tensions that can make sense of my messy struggle. The never-ending learning through working with people, listening to their stories, and taking responsibility are important ingredients of my engagement. It is necessary to provide insights and justify my multiple positions to avoid falling into a narcissistic trap. In doing so, I will seek help from Levinas and in concepts of Deleuze and Guattari to (re-)construct my own understanding

Correlation between the Hypoosmotic SwellingT and DNA Fragmentation Assessed by the TUNEL Assay in Asthenozoospermia

Objective: To study the correlation between the hypoosmotic swelling test (HOST) and DNA fragmentation in asthenozoospermia assessed by the terminal deoxynucleotidyl transferase‐mediated deoxyuridine triphosphatebiotin nick end‐labeling (TUNEL) assay. Methods: This cross-sectional study was conducted in 27 semen samples obtained from infertile men with asthenozoospermia. Both HOST and TUNEL assay were performed for each sample. The sperm swelling pattern and positive apoptosis staining of individual spermatozoa were evaluated. HOST and TUNEL scores, and the proportion of positive staining in each grade were calculated in each sample. Results: The results showed a negative correlation between HOST and TUNEL scores (r = -0.428, P = 0.026). Sperm swelling grade A had a higher incidence of positive apoptosis staining when compared with other grades (P < 0.01). There was no statistically significant difference in positive apoptotic staining between other grades; nevertheless, sperm swelling grade D tended to have a lower incidence of positive apoptosis staining. Conclusion: Based on the results of this study, HOST may be used as an optional test to identify DNA-intact spermatozoa whereby sperm with a grade D swelling pattern should be selected preferentially for intracytoplasmic sperm injection (ICSI), whereas sperm with a grade A swelling pattern should be avoided for ICSI

Waste Crime – Waste Risks: Gaps in Meeting the Global Waste Challenge

More than ever, our future depends upon how we manage the future of our waste. As an integrated part of sustainable development, effective waste management can reduce our global footprint. Ignoring or neglecting the challenges of waste, however, can lead to significant health, environmental and economic consequences. A staggering 1.3 billion tonnes of food is produced each year to feed the world’s 7 billion people. Yet, according to the Food and Agriculture Organization (FAO), around US$1 trillion of that food goes to waste. With 200,000 new peoplWaste covers a very wide spectrum of discarded materials ranging from municipal, electrical and electronic, industrial and agricultural, to new types including counterfeit pesticides. It also includes anything in size and scale from decommissioned ships, oil or liquid wastes, hundreds of millions of mobile phones to billions of used car tires. __Recommendations__ - Strengthen awareness, monitoring and information - Strengthen national legislation and enforcement capacities - Strengthen international treaties and compliance measures - Promote prevention measures and synergie

Correlation between the Hypoosmotic SwellingT and DNA Fragmentation Assessed by the TUNEL Assay in Asthenozoospermia

Objective: To study the correlation between the hypoosmotic swelling test (HOST) and DNA fragmentation in asthenozoospermia assessed by the terminal deoxynucleotidyl transferase‐mediated deoxyuridine triphosphate‐biotin nick end‐labeling (TUNEL) assay. Methods: This cross-sectional study was conducted in 27 semen samples obtained from infertile men with asthenozoospermia. Both HOST and TUNEL assay were performed for each sample. The sperm swelling pattern and positive apoptosis staining of individual spermatozoa were evaluated. HOST and TUNEL scores, and the proportion of positive staining in each grade were calculated in each sample. Results: The results showed a negative correlation between HOST and TUNEL scores (r = -0.428, P = 0.026). Sperm swelling grade A had a higher incidence of positive apoptosis staining when compared with other grades (P < 0.01). There was no statistically significant difference in positive apoptotic staining between other grades; nevertheless, sperm swelling grade D tended to have a lower incidence of positive apoptosis staining. Conclusion: Based on the results of this study, HOST may be used as an optional test to identify DNA-intact spermatozoa whereby sperm with a grade D swelling pattern should be selected preferentially for intracytoplasmic sperm injection (ICSI), whereas sperm with a grade A swelling pattern should be avoided for ICSI

Endometrial Thinning after Ovarian Stimulation using Letrozole or Clomiphene Citrate: A Randomized Trial

Objective: To compare endometrial thickness after three consecutive cycles of ovulation induction with clomiphene citrate versus letrozole. Methods: Eighty-four women with normal menstrual interval who attended the university infertility clinic from June 2016 to March 2017 were eligible for the study. After the endometrial thickness of baseline cycle was recorded, all participants were randomized into two groups of clomiphene citrate or letrozole treatment for three consecutive cycles. Endometrial thickness and estradiol level were measured when at least one follicle reached 17 mm in diameter. The differences in endometrial thickness relative to baseline of the two groups were compared. Results: A total of 62 patients completed three cycles of ovarian stimulation. Both drugs resulted in significantly thinner endometrium compared with the baseline cycle thickness. The mean endometrial thickness was significantly decreased in the clomiphene citrate group compared with letrozole group (7.46 ± 1.71 vs 8.88 ± 2.34 mm, p = 0.029). Estradiol level on the day of induced ovulation was significantly higher in the clomiphene citrate group than in the letrozole group (706.0 (207.9, 2209.0) vs 168.7 (30.0, 401.8), p < 0.001). The number of the follicles reaching 17 mm on the day of induced ovulation was higher in the clomiphene citrate group (1.9 ± 0.8 vs 1.4 ± 0.5, p = 0.002). Conclusion: Letrozole had less effect on endometrium thinning after three consecutive cycles of induced ovulation compared with clomiphene citrate

Palaeoclimate inferred from δ18O and palaeobotanical indicators in freshwater tufa of Lake Äntu Sinijärv, Estonia

We investigated a 3.75-m-long lacustrine sediment record from Lake Äntu Sinijärv, northern Estonia, which has a modeled basal age >12,800 cal yr BP. Our multi-proxy approach focused on the stable oxygen isotope composition (δ18O) of freshwater tufa. Our new palaeoclimate information for the Eastern Baltic region, based on high-resolution δ18O data (219 samples), is supported by pollen and plant macrofossil data. Radiocarbon dates were used to develop a core chronology and estimate sedimentation rates. Freshwater tufa precipitation started ca. 10,700 cal yr BP, ca. 2,000 years later than suggested by previous studies on the same lake. Younger Dryas cooling is documented clearly in Lake Äntu Sinijärv sediments by abrupt appearance of diagnostic pollen (Betula nana, Dryas octopetala), highest mineral matter content in sediments (up to 90 %) and low values of δ18O (less than −12 ‰). Globally recognized 9.3- and 8.2-ka cold events are weakly defined by negative shifts in δ18O values, to −11.3 and −11.7 ‰, respectively, and low concentrations of herb pollen and charcoal particles. The Holocene thermal maximum (HTM) is palaeobotanically well documented by the first appearance and establishment of nemoral thermophilous taxa and presence of water lilies requiring warm conditions. Isotope values show an increasing trend during the HTM, from −11.5 to −10.5 ‰. Relatively stable environmental conditions, represented by only a small-scale increase in δ18O (up to 1 ‰) and high pollen concentrations between 5,000 and 3,000 cal yr BP, were followed by a decrease in δ18O, reaching the most negative value (−12.7 ‰) recorded in the freshwater tufa ca. 900 cal yr BP

Obstetric and Perinatal Outcomes of Singleton Pregnancies After in-vitro Fertilization in Siriraj Hospital, A Matched Case-Control Study

Objective: To compare obstetric and perinatal outcomes between singletons born after IVF and natural conception. Methods: A total of 141 singleton pregnancies conceived by IVF were included. Another 141 singleton pregnancies conceived naturally were randomly selected as comparison group, matched by age. Data were retrospectively extracted from medical records, including baseline characteristics and delivery data. Various characteristics, including pregnancy and neonatal outcomes were compared between groups. Results: Women in IVF group were more likely to be nulliparous and had previous miscarriage (88.7% vs. 76.6%, 0=0.003; and 26.2% vs. 14.8%, p=0.018, respectively). Underlying diseases and complications during pregnancy were comparable between the 2 groups. Mean gestational age was lower in IVF group (37.9 ± 2.0 vs. 38.4 ± 1.6, p=0.008), but without clinical significance. Primary cesarean section was significantly more common among women in IVF group (74.4% vs. 54.6%, p<0.001) and the majority were elective cases (61.9% vs. 23.4%, p<0.001). There were no significant differences in terms of rates of preterm labor, birth weight, low birth weight, small for gestational age, neonatal intensive care unit admissions, and perinatal mortality. Conclusion: Singleton pregnancies after IVF were not associated with higher risks of adverse obstetric and perinatal outcomes, compared with naturally conceived group, but IVF pregnancies are associated with a high rate of cesarean sections

Relations between assemblages of carpological remains and modern vegetation in a shallow reservoir in southern Poland

This paper explores relations between assemblages of carpological remains and vegetation in and around a small, shallow reservoir in southern Poland. The study was conducted from 2006 to 2008. Quantity and distribution of species in the reservoir were recorded annually during the growing season. In October 2008, 40 samples of surface sediment (top 2 cm) were collected along transects at 10 m intervals. Samples of 100 cm3 were prepared for analysis of plant macroremains. Assemblages of carpological remains generally reflect local vegetation well. In some cases, however, even analysis of numerous samples failed to fully capture the species composition or reflect plant ratios in the parent phytocenosis. Reasons for this include factors that affect seed production, transport and fossilization, which differ among species. Among the best-represented macroremains were plants of the rush phytocenosis. In analysed samples, macroremains of 68.8 % of extant rushes were identified. Sixty percent of submerged and floating-leaf taxa were found in carpological samples, whereas 26.7 % of the trees and bushes were represented in sediment deposits. Species composition of phytocenoses in the reservoir and in surrounding areas was best reflected by macroremains from the nearby reed bed. Numbers of diaspores of Mentha aquatica, Hippuris vulgaris and Carex reflected well their relative abundance in phytocenoses. Chara sp., Juncus inflexus and Eupatorium cannabinum were overrepresented, whereas Typha latifolia and Sparganium minimum were poorly represented in relation to contemporary plant cover. There were no diaspores of Phragmites australis, which dominates the contemporary reed bed. Besides the shape of a reservoir, the key factor influencing diaspore numbers is distribution of plant cover. In many cases, single diaspores (Potentilla erecta, Myosotis scorpioides, Lythrum salicaria, Scutellaria galericulata), or higher concentrations (Hippuris vulgaris, Mentha aquatica, Eleocharis palustris, Schoenoplectus tabernaemontani, Chara sp.) reflected well the location of parent vegetation. The findings indicate that carpological remains in sediments can be an important source of information about plants in and around lakes. They generally reflect well local vegetation and in some cases may be used to identify taxa that dominated in the past