A model for the Yield curve

The starting point is an interrogation about the non-broken character of the term structure of interest rates. Some arguments for that smooth character are presented here, all of which are based upon the assumption that market participants - arbitrageurs and speculators - always try to explore any misalignments discovered in the interest market. This led to the basic concept behind the model that the current short-term rate determines most of the value of the rate level for the subsequent period. A linear model describing that simple relationship is assumed and that constitutes the building block from where one can develop the mathematical equations necessary to work with different sets of market data. A number of different yield curves were modelled by adjustment to real market data using this basic model, all of them showing a very high quality of the fits when measured by the non-linear ratio R2. Nevertheless this fact still needs to be confirmed as the examples were drawn from non-independent markets and from a very short time window. The model can be improved by simple addition of a liquidity premium depend only upon the maturity of the rates. However, that improvement sophisticates tremendously the mathematical tractability of any real situation without any assurance that this added cost compensates for the increased quality of the fit. The model is designed around only 3 parameters that can all be interpreted in economic terms. Two of them, in particular, bring a significant improvement over the traditional views frequently extracted from the shape of the yield curve. Provided future tests confirm the high quality of the basic and the improved (with a liquidity premium) models, both are supportive of the expectation hypothesis (EH) and the liquidity premium hypothesis (LPH).

Realizing the supersymmetric inverse seesaw model in the framework of R-parity violation

If, on one hand, the inverse seesaw is the paradigm of TeV scale seesaw mechanism, on the other it is a challenge to find scenarios capable of realizing it. In this work we propose a scenario, based on the framework of R-parity violation, that realizes minimally the supersymmetric inverse seesaw mechanism. In it the energy scale parameters involved in the mechanism are recognized as the vacuum expectation values of the scalars that compose the singlet superfields $\hat N^C$ and $\hat S$. We develop also the scalar sector of the model and show that the Higgs mass receives a new tree-level contribution that, when combined with the standard contribution plus loop correction, is capable of attaining $125$GeV without resort to heavy stops.Comment: Minor modification of the text. Final version to be published in PL

E-voting in Brazil - the risks to democracy

Literature has shown that countries with strong democratic traditions, such as the United States and Canada, are not yet using electronic voting systems intensively, due to the concern for and emphasis on security. It has revealed that there is no such thing as an error-free computer system, let alone an electronic voting system, and that existing technology does not offer the conditions necessary for a reliable, accurate and secure electronic voting system. In this context, then, what are the risks of e-voting to democracy? In what ways, if at all, can more fragile, less mature democracies be buttressed with e-voting systems? As a key component of e-democracy, it seems that e-voting technologies are to become more secure and increasingly reliable in the near future and will indeed be adopted in many countries. In what ways, if at all, will the introduction of such systems increase voter confidence in the political system, promote citizen engagement in political life, and nurture the evolution of democracy? If both e-voting and edemocracy are emerging based on popular demand - that is, as a demand-driven alternative to current processes, then there is no doubt that they are likely to enhance and improve the efficiency of traditional democracy. However, if e-voting technology is being introduced based on a supply-driven fashion - the technology exists therefore it should and must be implemented - then the implications for democracy should be considered. Brazil's introduction of e-voting offers a cautionary tale of supply-driven technological implication. The purpose of this paper is to demonstrate how the introduction of e-voting in Brazil is highly risky to democracy due to the lack of emphasis on security and the lack of a sociallyinformed and socially driven approach to technological innovation. The Brazilian example illustrates the democratic implications of a market-driven approach. The lack of a technology strategy designed to promote and extend democratic principles is not surprising given the closed door, market-based negotiations that led to the adoption of e-voting in Brazil. The promise, and indeed, the imperative of a democratic, voter-centered approach as an alternative for the development of an electronic voting system, is explored in the paper

On duality of the noncommutative extension of the Maxwell-Chern-Simons model

We study issues of duality in 3D field theory models over a canonical noncommutative spacetime and obtain the noncommutative extension of the Self-Dual model induced by the Seiberg-Witten map. We apply the dual projection technique to uncover some properties of the noncommutative Maxwell-Chern-Simons theory up to first-order in the noncommutative parameter. A duality between this theory and a model similar to the ordinary self-dual model is estabilished. The correspondence of the basic fields is obtained and the equivalence of algebras and equations of motion are directly verified. We also comment on previous results in this subject.Comment: Revtex, 9 pages, accepted for publication PL

Soil microbial communities in restored and unrestored coastal dune ecosystems in California

Most restoration projects involving invasive plant eradication tend to focus on plant removal with little consideration given to how these invasives change soil microbial communities. However, soil microorganisms can determine invasibility of habitats and, in turn, be altered by invasives once established, potentially inhibiting native plant establishment. We studied soil microbial communities in coastal dunes with varying invasion intensity and different restoration approaches (herbicide, mechanical excavation) at Point Reyes National Seashore. Overall, we found evidence of a strong link between bacterial and fungal soil communities and the presence of invasives and restoration approach. Heavily invaded sites were characterized by a lower abundance of putatively identified nitrifiers, fermentative bacteria, fungal parasites, and fungal dung saprotrophs and a higher abundance of cellulolytic bacteria and a class of arbuscular mycorrhizal fungi (Archaeosporomycetes). Changes in soil microbiota did not fully dissipate following removal of invasives using herbicide, with exception of reductions in cellulolytic bacteria and Archaeosporomycetes abundance. Mechanical restoration effectively removed both invasives and soil legacy effects by inverting or “flipping” rhizome-contaminated surface soils with soils from below and may have inadvertently induced other adverse effects on soils that impeded reestablishment of native dune plants. Land managers should consider additional measures to counteract lingering legacy effects and/or focus restoration efforts in areas where legacy effects are less pronounced