Ariel - Volume 4 Number 1

Editors David A. Jacoby Eugenia Miller Tom Williams Associate Editors Paul Bialas Terry Burt Michael Leo Gail Tenikat Editor Emeritus and Business Manager Richard J. Bonnano Movie Editor Robert Breckenridg

A Pure Test for the Elasticity of Yield Spreads

The correlation between interest rates and corporate bond yield spreads is a well-known feature of structural bond pricing models. Duffee (1998) argues that this correlation is weak once the effects of call options are removed from the data; a conclusion that contradicts the negative correlation expected by Longstaff and Schwartz (1995). However, Elton et al. (2001) point out that Duffee's analysis ignores the effects of the tax differential between U.S. Treasury and corporate bonds. Canadian bonds have no such tax differential, yet, after controlling for callability, we find that the correlation between interest rates and corporate bond spreads remains negligible. We also find a significant negative relationship for callable bonds with this relationship increasing with the moneyness of the call provision. These results are robust under alternate empirical specifications.Bond Yield Spread, Default Risk, Callable Bonds, Corporate Bonds

Magnetic shielding and vacuum test for passive hydrogen masers

Vibration tests on high permeability magnetic shields used in the SAO-NRL Advanced Development Model (ADM) hydrogen maser were made. Magnetic shielding factors were measured before and after vibration. Preliminary results indicate considerable (25%) degradation. Test results on the NRL designed vacuum pumping station for the ADM hydrogen maser are also discussed. This system employs sintered zirconium carbon getter pumps to pump hydrogen plus small ion pumps to pump the inert gases. In situ activation tests and pumping characteristics indicate that the system can meet design specifications

The effects on developing countries of the Kyoto Protocol and carbon dioxide emissions trading

The trading of rights to emit carbon dioxide has not officially been sanctioned by the United Nations Framework Convention on Climate Change, but it is of interest to investigate the consequences, both for industrial (Annex B) and developing countries, of allowing such trades. The authors examine the trading of caps assigned to Annex B countries under the Kyoto Protocol and compare the outcome with a world in which Annex B countries meet with their Kyoto targets without trading. Under the trading scenario the former Soviet Union is the main seller of carbon dioxide permits and Japan, the European Union, and the United States are the main buyers. Permit trading is estimated to reduce the aggregate cost of meeting the Kyoto targets by about 50 percent, compared with no trading. Developing countries, though they do not trade, are nonetheless affected by trading. For example, the price of oil and the demand for other developing country exports are higher with trading than without. The authors also consider what might happen if developing countries were to voluntarily accept caps equal to Business as Usual Emissions and were allowed to sell emission reductions below these caps to Annex B countries. The gains from emissions trading could be big enough to give buyers and sellers incentive to support the system. Indeed, a global market for rights to emit carbon dioxide could reduce the cost of meeting the Kyoto targets by almost 90 percent, if the market were to operate competitively. The division of trading gains, however, may make a competitive outcome unlikely: Under perfect competition, the vast majority of trading gains go to buyers of permits rather than to sellers. Even markets in which the supply of permits is restricted can, however, substantially reduce the cost to Annex B countries of meeting their Kyoto targets, while yielding profits to developing countries that elect to sell permits.Economic Theory&Research,Environmental Economics&Policies,Markets and Market Access,Montreal Protocol,Climate Change,Environmental Economics&Policies,Carbon Policy and Trading,Energy and Environment,Economic Theory&Research,Montreal Protocol

A New Population of Planetary Nebulae Discovered in the Large Magellanic Cloud (III): The Luminosity Function

Our previous identification and spectroscopic confirmation of 431 faint, new planetary nebulae in the central 25 deg^2 region of the LMC permits us to now examine the shape of the LMC Planetary Nebula Luminosity Function (PNLF) through an unprecedented 10 magnitude range. The majority of our newly discovered and previously known PNe were observed using the 2dF, multi-object fibre spectroscopy system on the 3.9-m Anglo-Australian Telescope and the FLAMES multi-object spectrograph on the 8-m VLT. We present reliable [OIII]5007 and H-beta flux estimates based on calibrations to well established PN fluxes from previous surveys and spectroscopic standard stars. The bright cutoff (M*) of the PNLF is found by fitting a truncated exponential curve to the bright end of the PNLF over a 3.4 magnitude range. This cutoff is used to estimate a new distance modulus of 18.46 to the LMC, in close agreement with previous PNLF studies and the best estimates by other indicators. The bright end cutoff is robust to small samples of bright PNe since significantly increased PN samples do not change this fiducial. We then fit a truncated exponential curve directly to the bright end of the function over a 6 magnitude range and test the curve's ability to indicate the position of M*. Because of the significant increase in the number of LMC PN, the shape of the PNLF is now examined in greater detail than has previously been possible. Through cumulative functions, the new LMC PNLF is compared to those from the SMC and a new deep local Galactic sample revealing the effects of incompleteness. The new [OIII]5007 LMC PNLF is then compared to our new H-beta LMC PNLF using calibrated and measured fluxes for the same objects, revealing the effects of metallicity on the [OIII]5007 line.Comment: 28 pages, 24 figures. Accepted MNRA

Searching for Birth Parents: Motive and Experiences of a Selected Sample of Adult Adoptees

This study documented the experiences adoptees encounter while searching for their birth parents, and how they were effected by searching. The study also assessed the adoptees support for reviewing laws governing adoption records. Twenty-six adult adoptees were interviewed, their responses recorded and analyzed. Adoptees reported learning of their adoption at an early age. Overall adoptees did not have negative feelings about being adopted and reported positive relationships with their adoptive parents. Adoptees reported a variety of reasons for searching for their birth parents and experienced a number of difficulties while searching. Some of the difficulties were: long distances, legal boundaries, and lack of knowledge about how to search. Despite the many difficulties, adoptees saw searching as a positive experience. Adoptees recommend that other adoptees who are considering a search have a strong personal support system throughout the search. Although the adoptees in this study indicated the laws on adoption records need to be changed, a review of literature does not support a change. The available research indicated that a very small portion of the adopted population searches for their birth parents. However, the accuracy of the research may be questioned because it is difficult to accurately determine the number of adoptees who choose to search for their birth parents

A Study of Expansion and Contraction in a Pavement Consisting of Prestressed Concrete Panels Interconnected in Place

This thesis investigation is a study of the temperature expansion and contraction characteristics of a composite pavement constructed as a continuous pavement. The composite pavement consists of precast, prestressed concrete panels interconnected with grout keys and special panel connectors. A thin layer of asphaltic concrete is placed on the panels to provide a smooth riding surface and protection for the panels. This pavement was developed at South Dakota State University by Emil R. Hargett as a means of providing a more economical pavement for the high traffic volumes and heavy wheel loads that are now carried by our modern highways. The continuous composite pavement, described in this thesis, consists of prestressed concrete panels 6 ft. x 24 ft. and laid in a longitudinal pattern as shown in Figure 1. These panels are interconnected with grout keys and tongue and fork connectors as shown in Figure 2. Favorable results were obtained by Kruse (1) from a laboratory investigation of the structural performance of this type of pavement under repetitive wheel loads. The success of this new type of pavement depends in part on the performance of the grouted joints and connectors under varying temperature conditions. Temperature changes within the pavement will cause corresponding volume changes of major concern in a continuous pavement. Therefore, the use of this type of payment poses a problem of the distribution of the expansion and contraction caused by changes in temperature. A study of the forces caused by the temperature expansion and contraction of this type of pavement is the primary objective of this investigation

Detection of Mercury (II) in Water with Polymer Nanoparticles that Incorporate a Rhodamine B-based Probe in a Lateral Flow Assay Design

Ionic mercury (Hg2+) pollution is a common problem in low resource areas where unregulated coal burning and small-scale artisanal gold mining are prevalent. These activities pollute surrounding water sources with Hg2+, which can be converted into the more dangerous methyl mercury by bacteria. Methyl mercury then bioaccumulates in the food chain, and people that obtain water or fish from these sources can be exposed to dangerous amounts of mercury. The EPA and WHO limits for mercury in water are 2 and 6 ppb respectively. Many current detection methods that are sensitive enough to detect mercury at these levels are difficult to utilize in areas where mercury pollution is a problem. This is because the instruments involved are expensive and require complex sample preparation and skilled operators. The goal of this research is to design a lateral flow assay (LFA) that will provide a simpler test for mercury that requires little to no sample preparation and produces a visible signal. In this work, three rhodamine B based probes for Hg2+ detection were synthesized and characterized with NMR, IR, UV-Vis, and fluorescence spectroscopy. The best probe (rhodamine B thiohydrazide) was made using a two-step synthesis with 83% and 19% yields respectively. In the presence of Hg2+ the probe absorbed light at 560 nm and had a limit of detection of 90 ± 10 ppb Hg2+ in acetonitrile solution. This probe was then encapsulated in polystyrene nanoparticles, which were analyzed with dynamic light scattering (DLS) and found to have a hydrodynamic diameter of 90 ± 10 nm. The particles were then incorporated into lateral flow test strips and produced a visible signal in the presence of 200 ppb Hg2+