Credit default swaps and their market function

Credit derivative instruments allow default risk to be segregated from debt of all kinds. They have granted investors the ability to hedge their portfolios and provided numerous institutions with a new source of income. However, the market for credit default swaps is neither transparent nor regulated, perhaps undermining the stability of the financial system it has helped innovate.Credit derivatives ; Swaps (Finance)

Reforming the over-the-counter derivatives market: what’s to be gained?

While derivative financial instruments have made the hedging and exchange of risk more efficient, the recent crisis showed that they also pose a substantial threat to financial stability in times of systemic turmoil. Underlying much of this threat is the lack of transparent reporting in the over-the-counter market for these instruments. This Commentary discusses the advantages of one solution to the transparency proble: moving the settlement or trading of derivatives to exchanges or clearinghouses.Derivative securities ; Financial market regulatory reform ; Over-the-counter markets

IMPACTS OF ALTERNATIVE TILLAGE, FERTILIZATION, AND HERBICIDE APPLICATION METHODS ON CORN PRODUCTION COSTS AND RETURNS

The impacts on actual corn production costs and returns were analyzed. Tillage, fertilization, and herbicide alternatives are reported. Both stubble and ridge till planting had lower costs per bushel and higher returns per acre than conventional tillage. Banding of fertilizer and, to a lesser extent, manure management had lower costs per bushel and higher returns per acre than broadcast application of fertilizer. Manure applications increased both diesel fuel use and time required per acre. Since corn yields by herbicide application method varied in the same order as the cash rent cost (a proxy for land quality), the differences between application method may be due to both factors. These observations were from one year and a few farms so should be interpreted with caution; more data is being collected in 1990.Crop Production/Industries,

Precision tests of the J/psi from full lattice QCD: mass, leptonic width and radiative decay rate to eta_c

We show results from calculations in full lattice QCD of the mass, leptonic width and radiative decay rate to eta_c of the J/psi meson. These provide few % tests of QCD. Another (1.5%) test comes from comparison of time-moments of the vector charmonium correlator with results derived from the experimental values of R(e+e- to hadrons) in the charm region

Two Book Reviews

This issue of the Education Policy Analysis Archives comprises two book reviews: An essay review of R. G. Brown Schools of Thought by Craig Howley and Aimee Howley, and a review of Ernest R. House, Professional Evaluation by Kent P. Scribner

Heavy-light current-current correlators

The current-current correlator method has been used successfully to obtain very accurate results for quark masses and the coupling alpha_s. The calculations were done using Highly Improved Staggered Quarks (HISQ) and heavy-heavy meson correlators. We now extend this work to the significantly more challenging heavy-light case, reporting the first results here. The aim is to determine nonperturbative Z factors for NRQCD heavy-light currents, but first we test the method in the HISQ case where Z=1.Comment: 7 pages. Presented at the XXVIII International Symposium on Lattice Field Theory (Lattice 2010), June 14-19 2010, Villasimius, Ital

Nonbreeding Duck Use at Central Flyway National Wildlife Refuges

Within the U.S. portion of the Central Flyway, the U.S. Fish and Wildlife Service manages waterfowl on numerous individual units (i.e., Refuges) within the National Wildlife Refuge System. Presently, the extent of waterfowl use that Refuges receive and the contribution of Refuges to waterfowl populations (i.e., the proportion of the Central Flyway population registered at each Refuge) remain unassessed. Such an evaluation would help determine to what extent Refuges support waterfowl relative to stated targets, aid in identifying species requiring management attention, inform management targets, and improve fiscal efficiencies. Using historic monitoring data (1954–2008), we performed this assessment for 23 Refuges in Texas, New Mexico, Oklahoma, Kansas, and Nebraska during migration and wintering months (October–March). We examined six dabbling ducks and two diving ducks, plus all dabbling ducks and all diving ducks across two periods (longterm [all data] and short-term [last 10 October–March periods]). Individual Refuge use was represented by the sum of monthly duck count averages for October–March. We used two indices of Refuge contribution: peak contribution and January contribution. Peak contribution was the highest monthly count average for each October–March period divided by the indexed population total for the Central Flyway in the corresponding year; January contribution used the January count average divided by the corresponding population index. Generally, Refuges in Kansas, Nebraska, and New Mexico recorded most use and contribution for mallards Anas platyrhynchos. Refuges along the Texas Gulf Coast recorded most use and contribution for other dabbling ducks, with Laguna Atascosa and Aransas (including Matagorda Island) recording most use for diving ducks. The long-term total January contribution of the assessed Refuges to ducks wintering in the Central Flyway was greatest for green-winged teal Anas crecca with 35%; 12–15% for American wigeon Mareca americana, gadwall Mareca strepera, and northern pintail Anas acuta; and 7–8% for mallard and mottled duck Anas fulvigula. Results indicated that the reliance on the National Wildlife Refuge System decreased for these ducks, with evidence suggesting that, for several species, the assessed Refuges may be operating at carrying capacity. Future analyses could be more detailed and informative were Refuges to implement a single consistent surveymethodology that incorporated estimations of detection bias in the survey process, while concomitantly recording habitat metrics on and neighboring each Refuge

Causality in Time-Neutral Cosmologies

Gell-Mann and Hartle (GMH) have recently considered time-neutral cosmological models in which the initial and final conditions are independently specified, and several authors have investigated experimental tests of such models. We point out here that GMH time-neutral models can allow superluminal signalling, in the sense that it can be possible for observers in those cosmologies, by detecting and exploiting regularities in the final state, to construct devices which send and receive signals between space-like separated points. In suitable cosmologies, any single superluminal message can be transmitted with probability arbitrarily close to one by the use of redundant signals. However, the outcome probabilities of quantum measurements generally depend on precisely which past {\it and future} measurements take place. As the transmission of any signal relies on quantum measurements, its transmission probability is similarly context-dependent. As a result, the standard superluminal signalling paradoxes do not apply. Despite their unusual features, the models are internally consistent. These results illustrate an interesting conceptual point. The standard view of Minkowski causality is not an absolutely indispensable part of the mathematical formalism of relativistic quantum theory. It is contingent on the empirical observation that naturally occurring ensembles can be naturally pre-selected but not post-selected.Comment: 5 pages, RevTeX. Published version -- minor typos correcte

Wetland Bird Abundance and Safety Implications for Military Aircraft Operations

Wetlands with associated avifauna can pose a substantial hazard to aviation safety, potentially increasing bird–aircraft collision (strike) risk when located near air operations areas.We modeled year-round use by wetland avifauna of Drummond Flats Wildlife Management Area (Drummond Flats), a wetland complex located within 10 km of Vance Air Force Base (AFB), Enid, Oklahoma, USA. Our objectives were to 1) quantify seasonal avifauna abundances at Drummond Flats; 2) test a priori models reflecting use by bird species recognized as hazardous to aviation safety relative to environmental factors including flooded wetland habitat and vegetation cover; 3) use these models to predict maximal expected abundances of wetland avifauna during flood conditions; and 4) compare our findings with reported bird strikes at Vance AFB. Drought conditions influenced avian use during our study. Of the species expected to respond predictably to flooded wetland habitat, only ducks (Anatinae) occurred in numbers conducive to modeling. Using zeroinflated Poisson models, we found that duck abundance was positively associated with permanent wetland habitat type and, excluding winter, available habitat area (i.e., standing water); whereas, \u3e50% vegetation cover was negatively correlated with abundance. No model predicted \u3e97.2 ducks/ha for any habitat type, except during winter. Our models also identified potential peaks in abundance not evident from raw count data, emphasizing the benefits of this approach. Identifying factors driving abundances also enables targeted management of hazardous species. Further, we found double-sampling to be a practical method for assessing detection bias during avian surveys at wetlands. Restricting to obligate wetland species associated with Drummond Flats, we found 1 strike/184,212 flight-hours, which was an order of magnitude lower than the average for U.S. civil aircraft (1990–2014). Thus, under drought conditions, bird use of Drummond Flats likely did not elevate strike risk for Vance AFB aircraft operations. Published 2017. This article is a U.S. Government work and is in the public domain in the US