Sovereign debt restructuring : the judge, the vultures and creditor rights

What role did the US courts play in the Argentine debt swap of 2005? What implications does this have for the future of creditor rights in sovereign bond markets? The judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity – between holdouts seeking capital gains and institutional investors wanting a settlement – to promote a swap with a supermajority of creditors. Our analysis of Argentine debt litigation reveals a ‘judge-mediated’ sovereign debt restructuring, which resolves the key issues of Transition and Aggregation - two of the tasks envisaged for the IMF’s still-born Sovereign Debt Restructuring Mechanism. For the future, we discuss how judge-mediated sovereign debt restructuring (together with creditor committees) could complement the alternative promoted by the US Treasury, namely collective action clauses in sovereign bond contracts

Low-cycle fatigue of Type 347 stainless steel and Hastelloy alloy X in hydrogen gas and in air at elevated temperatures

An investigation was conducted to assess the low-cycle fatigue resistance of two alloys, Type 347 stainless steel and Hastelloy Alloy X, that were under consideration for use in nuclear-powered rocket vehicles. Constant-amplitude, strain-controlled fatigue tests were conducted under compressive strain cycling at a constant strain rate of 0.001/sec and at total axial strain ranges of 1.5, 3.0, and 5.0 %, in both laboratory-air and low-pressure hydrogen-gas environments at temperatures from 538 to 871 C. Specimens were obtained from three heats of Type 347 stainless steel bar and two heats of Hastelloy Alloy X. The tensile properties of each heat were determined at 21, 538, 649, and 760 C. The continuous cycling fatigue resistance was determined for each heat at temperatures of 538, 760, and 871 C. The Type 347 stainless steel exhibited equal or superior fatigue resistance to the Hastelloy Alloy X at all conditions of this study

Eosinophils and tissue remodeling: relevance to airway disease

The ability of human tissue to reorganize and restore its existing structure underlies tissue homeostasis in the healthy airways, but in disease can persist without normal resolution, leading to an altered airway structure. Eosinophils play a cardinal role in airway remodeling both in health and disease, driving epithelial homeostasis and extracellular matrix turnover. Physiological consequences associated with eosinophil-driven remodeling include impaired lung function and reduced bronchodilator reversibility in asthma, and obstructed airflow in chronic rhinosinusitis with nasal polyps (CRSwNP). Given the contribution of airway remodeling to the development and persistence of symptoms in airways disease, targeting remodeling is an important therapeutic consideration. Indeed, there is early evidence that eosinophil attenuation may reduce remodeling and disease progression in asthma. This review provides an overview of tissue remodeling in both health and airway disease with a particular focus on eosinophilic asthma and CRSwNP, as well as the role of eosinophils in these processes and the implications for therapeutic interventions. Areas for future research are also noted, to help improve our understanding of the homeostatic and pathological roles of eosinophils in tissue remodeling, which should aid the development of targeted and effective treatments for eosinophilic diseases of the airways

Temperature Evolution of Sodium Nitrite Structure in a Restricted Geometry

The NaNO$_{2}$ nanocomposite ferroelectric material in porous glass was studied by neutron diffraction. For the first time the details of the crystal structure including positions and anisotropic thermal parameters were determined for the solid material, embedded in a porous matrix, in ferro- and paraelectric phases. It is demonstrated that in the ferroelectric phase the structure is consistent with bulk data but above transition temperature the giant growth of amplitudes of thermal vibrations is observed, resulting in the formation of a "premelted state". Such a conclusion is in a good agreement with the results of dielectric measurements published earlier.Comment: 4 pages, 4 figure

Movement characteristics, physiological and perceptual responses of elite standard youth football players to different high intensity running drills

This is an Accepted Manuscript of an article published by Taylor & Francis in Science and Medicine in Football on 06/04/2018, available online: https://doi.org/10.1080/24733938.2018.1461235Purpose: To examine responses to high intensity running drills in youth football players. Methods: Seventeen players completed the YoYo Intermittent Recovery test level one (YYIR1) and a 15 m maximal sprint to quantify target running speeds. Players performed three conditions on separate occasions comprising: 12 x 15 s high intensity runs at 100% of the final YYIRT1 speed, 12 x ~4 s repeated sprints with ~26 s recovery, and combination running using both modalities. Heart rate was monitored continuously with PlayerLoadTM and movement characteristics using microtechnology. Ratings of perceived exertion and blood lactate responses were measured 2 min after the final repetition. The ratio of Flight:contraction time was calculated from a countermovement jump before and at 2 min and 14 hours after each condition. Data analysis used magnitude based inferences and effect sizes statistics. Results: Peak speed (1.1%; ES 0.23 ± 0.44) and mean speed over the initial 4s (6.3%; ES 0.45 ± 0.46) were possibly faster during combination compared to high intensity running with unclear differences when compared to repeated sprinting. This was despite most likely (21.6%; ES 7.65 ± 1.02) differences in prescribed speeds between conditions. There were likely reductions in F:C at 14 hours ratio after high intensity (-5.6%; ES –0.44 ± 0.32) and combination running (-6.8%; ES -0.53 ± 0.47). Changes in the repeated sprinting condition were unclear. Conclusions: Actual movement characteristics of high intensity running drills may not reflect those used to prescribe them whilst reductions in F:C ratio are still evident 14 hours after their completion

Monitoring of post-match fatigue in professional soccer: Welcome to the real world

Participation in soccer match-play leads to acute and transient subjective, biochemical, metabolic and physical disturbances in players over subsequent hours and days. Inadequate time for rest and regeneration between matches can expose players to the risk of training and competing whilst not entirely recovered. In professional soccer, contemporary competitive schedules can require teams to compete in-excess of 60 matches over the course of the season while periods of fixture congestion occur prompting much attention from researchers and practitioners to the monitoring of fatigue and readiness to play. A comprehensive body of research has investigated post-match acute and residual fatigue responses. Yet the relevance of the research for professional soccer contexts is debatable notably in relation to the study populations and designs employed. Monitoring can indeed be invasive, expensive, time-inefficient and difficult to perform routinely and simultaneously in a large squad of regularly competing players. Uncertainty also exists regarding the meaningfulness and interpretation of changes in fatigue response values and their functional relevance, and practical applicability in the field. The real-world need and cost-benefit of monitoring must be carefully weighed up. In relation to professional soccer contexts, this opinion paper intends to: 1) debate the need for PMF monitoring, 2) critique the real-world relevance of the current research literature, 3) discuss the practical burden relating to measurement tools and protocols and the collection, interpretation and application of data in the field, and, 4) propose future research perspectives

Est locus uni cuique suus: City and Status in Horace’s Satires 1.8 and 1.9

This is the published version