Credit Spread Dynamics: Evidence from Latin America

This paper examines the behaviour of credit spreads on key sovereign issuers from the Latin American region, which accounts for more than one third of international bond issues by developing, or emerging, markets. Since the late 1990s, credit spreads on Latin American issues have declined broadly inline with those in other emerging markets. Recent empirical analysis has explained this phenomenon by identifying critical macroeconomic factors, including the reduction in systematic risk in individual markets, although the structural models from the theoretical finance literature also predict the importance of key default and interest rate variables. This contribution adds to the understanding of these issues by investigating the application of structural models to the Latin American setting, one historically characterized by excessive volatility and susceptibility to episodes of default.credit spreads, long-run dynamics, Latin America, sovereign bonds, cointegration

Automorphism group of a Bott-Samelson-Demazure-Hansen variety

Let $G$ be a simple, adjoint, algebraic group over the field of complex numbers, $B$ be a Borel subgroup of $G$ containing a maximal torus $T$ of $G$, $w$ be an element of the Weyl group $W$ and $X(w)$ be the Schubert variety in $G/B$ corresponding to $w$. Let $Z(w,\underline i)$ be the Bott-Samelson-Demazure-Hansen variety (the desingularization of the Schubert variety $X(w)$) corresponding to a reduced expression $\underline i$ of $w$. In this article, we compute the connected component $Aut^0(Z(w, \underline i))$ of the automorphism group of $Z(w,\underline i)$ containing the identity automorphism. We show that $Aut^0(Z(w, \underline i))$ contains a closed subgroup isomorphic to $B$ if and only if $w^{-1}(\alpha_0)<0$, where $\alpha_0$ is the highest root. If $w_0$ denotes the longest element of $W$, then we prove that $Aut^0(Z(w_0, \underline i))$ is a parabolic subgroup of $G$. It is also shown that this parabolic subgroup depends very much on the chosen reduced expression $\underline i$ of $w_0$ and we describe all parabolic subgroups of $G$ that occur as $Aut^0(Z(w_0, \underline i))$. If $G$ is simply laced, then we show that for every $w\in W$ and for every reduced expression $\underline i$ of $w$, $Aut^0(Z(w, \underline i))$ is a quotient of the parabolic subgroup $Aut^0(Z(w_0, \underline j))$ of $G$ for a suitable choice of a reduced expression $\underline j$ of $w_0$. We also prove that the Bott-Samelson-Demazure-Hansen varieties are rigid for simply laced groups and their deformations are unobstructed in general.Comment: 34 pages, to appear in Transformation Group

Morphological filtering on hypergraphs

The focus of this article is to develop computationally efficient mathematical morphology operators on hypergraphs. To this aim we consider lattice structures on hypergraphs on which we build morphological operators. We develop a pair of dual adjunctions between the vertex set and the hyper edge set of a hypergraph H, by defining a vertex-hyperedge correspondence. This allows us to recover the classical notion of a dilation/erosion of a subset of vertices and to extend it to subhypergraphs of H. Afterward, we propose several new openings, closings, granulometries and alternate sequential filters acting (i) on the subsets of the vertex and hyperedge set of H and (ii) on the subhypergraphs of a hypergraph

Divergence of opinion and risk : an empirical analysis of the Ex Ante beliefs of institutional investors

Bibliography: p. [24-25

Foraging Behavior of Swainson\u27s Thrushes (Catharus ustulatus) During Spring Migration through Arkansas

Foraging behavior of Swainson’s Thrushes on spring migration was studied in western Arkansas in the spring of 2013 and 2014. Observations were made in two forested field sites, one of them urban and the other suburban. The former had a significantly higher woody stem area (cm2) than the latter. For each foraging observation, the following three parameters were noted: Foraging Stratum (Ground, Shrub, Sapling, Sub canopy, and Canopy); Foraging Substrate (Ground/Litter, Herb, Foliage, Bark, and Air); and Foraging Maneuver (Glean, Probe, Dive/Glean, Hover, Jump Hover, and Hawking). We tested the hypotheses that these foraging variables differed significantly between the urban and suburban sites, and between the two years. These hypotheses were rejected for all three parameters. The consolidated data from both the sites and years revealed that a significantly higher proportion (67%) of the observations were on the Ground stratum, compared to the Shrub (13.7%) and Sapling strata (13%). Similarly, a significantly higher proportion (66%) of the foraging substrate used was Ground/Litter, followed by Foliage (16.7%) and Bark (15.8%). Gleaning was the most common foraging maneuver used (71.5%), and was significantly higher than Probing (12.3%) and Dive Gleaning (8.4%)

A Shift in Central Metabolism Accompanies Virulence Activation in Pseudomonas aeruginosa.

The availability of energy has significant impact on cell physiology. However, the role of cellular metabolism in bacterial pathogenesis is not understood. We investigated the dynamics of central metabolism during virulence induction by surface sensing and quorum sensing in early-stage biofilms of the multidrug-resistant bacterium Pseudomonas aeruginosa We established a metabolic profile for P. aeruginosa using fluorescence lifetime imaging microscopy (FLIM), which reports the activity of NADH in live cells. We identified a critical growth transition period during which virulence is activated. We performed FLIM measurements and direct measurements of NADH and NAD+ concentrations during this period. Here, planktonic (low-virulence) and surface-attached (virulence-activated) populations diverged into distinct metabolic states, with the surface-attached population exhibiting FLIM lifetimes that were associated with lower levels of enzyme-bound NADH and decreasing total NAD(H) production. We inhibited virulence by perturbing central metabolism using citrate and pyruvate, which further decreased the enzyme-bound NADH fraction and total NAD(H) production and suggested the involvement of the glyoxylate pathway in virulence activation in surface-attached populations. In addition, we induced virulence at an earlier time using the electron transport chain oxidase inhibitor antimycin A. Our results demonstrate the use of FLIM to noninvasively measure NADH dynamics in biofilms and suggest a model in which a metabolic rearrangement accompanies the virulence activation period.IMPORTANCE The rise of antibiotic resistance requires the development of new strategies to combat bacterial infection and pathogenesis. A major direction has been the development of drugs that broadly target virulence. However, few targets have been identified due to the species-specific nature of many virulence regulators. The lack of a virulence regulator that is conserved across species has presented a further challenge to the development of therapeutics. Here, we identify that NADH activity has an important role in the induction of virulence in the pathogen P. aeruginosa This finding, coupled with the ubiquity of NADH in bacterial pathogens, opens up the possibility of targeting enzymes that process NADH as a potential broad antivirulence approach

On The Center Sets and Center Numbers of Some Graph Classes

For a set $S$ of vertices and the vertex $v$ in a connected graph $G$, $\displaystyle\max_{x \in S}d(x,v)$ is called the $S$-eccentricity of $v$ in $G$. The set of vertices with minimum $S$-eccentricity is called the $S$-center of $G$. Any set $A$ of vertices of $G$ such that $A$ is an $S$-center for some set $S$ of vertices of $G$ is called a center set. We identify the center sets of certain classes of graphs namely, Block graphs, $K_{m,n}$, $K_n-e$, wheel graphs, odd cycles and symmetric even graphs and enumerate them for many of these graph classes. We also introduce the concept of center number which is defined as the number of distinct center sets of a graph and determine the center number of some graph classes

Biomimetic flow fields for proton exchange membrane fuel cells: A review of design trends

Bipolar Plate design is one of the most active research fields in Polymer Electrolyte Membrane Fuel Cells (PEMFCs) development. Bipolar Plates are key components for ensuring an appropriate water management within the cell, preventing flooding and enhancing the cell operation at high current densities. This work presents a literature review covering bipolar plate designs based on nature or biological structures such as fractals, leaves or lungs. Biological inspiration comes from the fact that fluid distribution systems found in plants and animals such as leaves, blood vessels, or lungs perform their functions (mostly the same functions that are required for bipolar plates) with a remarkable efficiency, after millions of years of natural evolution. Such biomimetic designs have been explored to date with success, but it is generally acknowledged that biomimetic designs have not yet achieved their full potential. Many biomimetic designs have been derived using computer simulation tools, in particular Computational Fluid Dynamics (CFD) so that the use of CFD is included in the review. A detailed review including performance benchmarking, time line evolution, challenges and proposals, as well as manufacturing issues is discussed.Ministerio de Ciencia, Innovación y Universidades ENE2017-91159-EXPMinisterio de Economía y Competitividad UNSE15-CE296