The Valuation of Mortgage Backed Securities with Stochastic Probabilities of Default and Prepayment

The aim of this paper is to provide a new approach to project the Mortgage Backed Securities (MBS) cash flows in emerging markets where collateral information is limited, wrong or scarce. Under this framework, we use the Cox Process to model stochastic probabilities of prepayment and default. The model deals with general intensity dynamics and is applied to the starting MBS Mexican market.Mortgage valuation, MBS prepayment, MBS default, MBS curtailment, Cox Process.

Sea anemone model has a single Toll-like receptor that can function in pathogen detection, NF-κB signal transduction, and development

In organisms from insects to vertebrates, Toll-like receptors (TLRs) are primary pathogen detectors that activate downstream pathways, specifically those that direct expression of innate immune effector genes. TLRs also have roles in development in many species. The sea anemone Nematostella vectensis is a useful cnidarian model to study the origins of TLR signaling because its genome encodes a single TLR and homologs of many downstream signaling components, including the NF-κB pathway. We have characterized the single N. vectensis TLR (Nv-TLR) and demonstrated that it can activate canonical NF-κB signaling in human cells. Furthermore, we show that the intracellular Toll/IL-1 receptor (TIR) domain of Nv-TLR can interact with the human TLR adapter proteins MAL and MYD88. We demonstrate that the coral pathogen Vibrio coralliilyticus causes a rapidly lethal disease in N. vectensis and that heat-inactivated V. coralliilyticus and bacterial flagellin can activate a reconstituted Nv-TLR–to–NF-κB pathway in human cells. By immunostaining of anemones, we show that Nv-TLR is expressed in a subset of cnidocytes and that many of these Nv-TLR–expressing cells also express Nv-NF-κB. Additionally, the nematosome, which is a Nematostella-specific multicellular structure, expresses Nv-TLR and many innate immune pathway homologs and can engulf V. coralliilyticus. Morpholino knockdown indicates that Nv-TLR also has an essential role during early embryonic development. Our characterization of this primitive TLR and identification of a bacterial pathogen for N. vectensis reveal ancient TLR functions and provide a model for studying the molecular basis of cnidarian disease and immunity.IOS-1354935 - National Science Foundation (NSF); GRFP - National Science Foundation (NSF); GRFP - National Science Foundation (NSF); 1262934 - National Science Foundation (NSF); 2014-BSP - Arnold and Mabel Beckman Foundatio

G332.5-5.6, a new Galactic supernova remnant

We present radio observations of the source G332.5-5.6, a candidate supernova remnant (SNR). Observations have been performed with the Australia Telescope Compact Array (ATCA) at two frequencies, at 1.4 and 2.4 GHz. Our results confirm that G332.5-5.6 is an SNR, with a spectral index equal to -0.7 +/- 0.2 for the whole source and an average fractional polarization of ~35% at 2.4 GHz. The central component is coincident with extended X-ray emission and the distance to the SNR is estimated to be ~3.4 kpc. Based on its radio and X-ray morphology, this SNR should be classified as a composite, and we suggest that it belongs to a trident-shaped subclass like G291.0-0.1.Comment: Accepted for publication in Monthly Notices of the Royal Astronomical Societ

A molecular shell with star formation toward the supernova remnant G349.7+0.2

A field of ~38'x38' around the supernova remnant (SNR) G349.7+0.2 has been surveyed in the CO J=1-0 transition with the 12 Meter Telescope of the NRAO, using the On-The-Fly technique. The resolution of the observations is 54". We have found that this remnant is interacting with a small CO cloud which, in turn, is part of a much larger molecular complex, which we call the ``Large CO Shell''. The Large CO Shell has a diameter of about 100 pc, an H_2 mass of 930,000 solar masses, and a density of 35 cm-3. We investigate the origin of this structure and suggest that an old supernova explosion ocurred about 4 million years ago, as a suitable hypothesis. Analyzing the interaction between G349.7+0.2 and the Large CO Shell, it is possible to determine that the shock front currently driven into the molecular gas is a non-dissociative shock (C-type), in agreement with the presence of OH 1720 MHz masers. The positional and kinematical coincidence among one of the CO clouds that constitute the Large CO Shell, an IRAS point-like source and an ultracompact H II region, indicate the presence of a recently formed star. We suggest that the formation of this star was triggered during the expansion of the Large CO Shell, and suggest the possibility that the same expansion also created the progenitor star of G349.7+0.2. The Large CO Shell would then be one of the few observational examples of supernova-induced star formation.Comment: accepted in Astronomical Journal, corrected typo in the abstract (in first line, 38' instead of 38"

Imaging transverse electron focusing in semiconducting heterostructures with spin-orbit coupling

Transverse electron focusing in two-dimensional electron gases (2DEGs) with strong spin-orbit coupling is revisited. The transverse focusing is related to the transmission between two contacts at the edge of a 2DEG when a perpendicular magnetic field is applied. Scanning probe microscopy imaging techniques can be used to study the electron flow in these systems. Using numerical techniques we simulate the images that could be obtained in such experiments. We show that hybrid edge states can be imaged and that the outgoing flux can be polarized if the microscope tip probe is placed in specific positions.Comment: Contribution to the Book/Proceedings of the PITP Les Houches School on "Quantum Magnetism" held on June, 2006. Final forma

Cyclotron motion and magnetic focusing in semiconductor quantum wells with spin-orbit coupling

We investigate the ballistic motion of electrons in III-V semiconductor quantum wells with Rashba spin-orbit coupling in a perpendicular magnetic field. Taking into account the full quantum dynamics of the problem, we explore the modifications of classical cyclotron orbits due to spin-orbit interaction. As a result, for electron energies comparable with the cyclotron energy the dynamics are particularly rich and not adequately described by semiclassical approximations. Our study is complementary to previous semiclassical approaches concentrating on the regime of weaker fields.Comment: 14 pages, 8 figures included, version to appear in Phys. Rev.