An Empirical Investigation in Credit Spread Indices

We study the dynamics of the spread between U.S. corporate and Treasury bonds. We focus on Aaa and Baa corporate yield indices and estimate nonparametrically the dynamics of the spreads assuming that they follow a univariate diffusion process. Using techniques developed for interest rate processes we try to infer from the data what acceptable process can be used to model aggregate credit spreads for option pricing or risk management purposes. We find that there is significant evidence of mean reversion especially for higher rated spreads and that the volatility of Aaa spreads exhibit a U-shape while the volatility of Baa spreads is monotonically increasing in the level of spreads. Based on these observations and on the evidence of jumps in the series, we propose a new model for credit spread indices (an Ornstein-Uhlenbeck with jumps) and estimate it by maximum likelihood.Credit spread; risk management; jump diffusion; volatility; nonparametric

Surface freshwater storage variations in the Orinoco floodplains using multi-satellite observations

Variations in surface water extent and storage are poorly characterized from regional to global scales. In this study, a multi-satellite approach is proposed to estimate the water stored in the floodplains of the Orinoco Basin at a monthly time-scale using remotely-sensed observations of surface water from the Global Inundation Extent Multi-Satellite (GIEMS) and stages from Envisat radar altimetry. Surface water storage variations over 2003-2007 exhibit large interannual variability and a strong seasonal signal, peaking during summer, and associated with the flood pulse. The volume of surface water storage in the Orinoco Basin was highly correlated with the river discharge at Ciudad Bolivar (R = 0.95), the closest station to the mouth where discharge was estimated, although discharge lagged one month behind storage. The correlation remained high (R = 0.73) after removing seasonal effects. Mean annual variations in surface water volume represented similar to 170 km(3), contributing to similar to 45% of the Gravity Recovery and Climate Experiment (GRACE)-derived total water storage variations and representing similar to 13% of the total volume of water that flowed out of the Orinoco Basin to the Atlantic Ocean

Low Energy Electron Point Projection Microscopy of Suspended Graphene, the Ultimate "Microscope Slide"

Point Projection Microscopy (PPM) is used to image suspended graphene using low-energy electrons (100-200eV). Because of the low energies used, the graphene is neither damaged or contaminated by the electron beam. The transparency of graphene is measured to be 74%, equivalent to electron transmission through a sheet as thick as twice the covalent radius of sp^2-bonded carbon. Also observed is rippling in the structure of the suspended graphene, with a wavelength of approximately 26 nm. The interference of the electron beam due to the diffraction off the edge of a graphene knife edge is observed and used to calculate a virtual source size of 4.7 +/- 0.6 Angstroms for the electron emitter. It is demonstrated that graphene can be used as both anode and substrate in PPM in order to avoid distortions due to strong field gradients around nano-scale objects. Graphene can be used to image objects suspended on the sheet using PPM, and in the future, electron holography

Electronic temperatures, densities and plasma X-ray emission of a 14.5 GHz Electron-Cyclotron Resonance Ion Source

We have performed a systematic study of the Bremsstrahlung emission from the electrons in the plasma of a commercial 14.5 GHz Electron-Cyclotron Resonance Ion Source. The electronic spectral temperature and the product of ionic and electronic densities of the plasma are measured by analyzing the Bremsstrahlung spectra recorded for several rare gases (Ar, Kr, Xe) as a function of the injected power. Within our uncertainty, we find an average temperature of ? 48 keV above 100W, with a weak dependency on the injected power and gas composition. Charge state distributions of extracted ion beams have been determined as well, providing a way to disentangle the ionic density from the electronic density. Moreover X-ray emission from highly charged argon ions in the plasma has been observed with a high-resolution mosaic crystal spectrometer, demonstrating the feasibility for high-precision measurements of transition energies of highly charged ions, in particular of the magnetic dipole (M1) transition of He-like of argon ions

How does flow in a pipe become turbulent?

The transition to turbulence in pipe flow does not follow the scenario familiar from Rayleigh-Benard or Taylor-Couette flow since the laminar profile is stable against infinitesimal perturbations for all Reynolds numbers. Moreover, even when the flow speed is high enough and the perturbation sufficiently strong such that turbulent flow is established, it can return to the laminar state without any indication of the imminent decay. In this parameter range, the lifetimes of perturbations show a sensitive dependence on initial conditions and an exponential distribution. The turbulence seems to be supported by three-dimensional travelling waves which appear transiently in the flow field. The boundary between laminar and turbulent dynamics is formed by the stable manifold of an invariant chaotic state. We will also discuss the relation between observations in short, periodically continued domains, and the dynamics in fully extended puffs.Comment: for the proceedings of statphys 2

Status of the SOLEIL femtosecond X-ray source

http://accelconf.web.cern.ch/AccelConf/FEL2012/papers/wepd04.pdfInternational audienceAn electron bunch slicing setup is presently under construction on the SOLEIL storage ring for delivering 100 fs (rms) long photon pulses to two undulator-based beamlines providing soft (TEMPO) and hard X-rays (CRISTAL). Thanks to the non-zero dispersion function present in all straight sections of the storage ring, the sliced bunches can be easily separated from the core bunches. The modulator is a wiggler composed of 20 periods of 164.4 mm. It produces a magnetic field of 1.8 T at a minimum gap of 14.5 mm. To modulate the kinetic energy of the electrons in the wiggler, a Ti:Sa laser will be used, which produces 50 fs pulses at 800 nm with a repetition rate of 2.5 kHz. The laser beam is splitted into two branches in order to provide 2 mJ to the modulator and 0.5 mJ as pump pulse for the CRISTAL and TEMPO end stations. Focusing optics and beam path, from the laser hutch to the inside of the storage ring tunnel are presently under finalization. In this paper, we will report on the specificities of the SOLEIL setup, the status of its installation and the expected performances

Lactadherin blocks thrombosis and hemostasis in vivo : correlation with platelet phosphatidylserine exposure

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/73556/1/j.1538-7836.2008.03010.x.pd

Comparative genomics study reveals Red Sea Bacillus with characteristics associated with potential microbial cell factories (MCFs)

© 2019, The Author(s). Recent advancements in the use of microbial cells for scalable production of industrial enzymes encourage exploring new environments for efficient microbial cell factories (MCFs). Here, through a comparison study, ten newly sequenced Bacillus species, isolated from the Rabigh Harbor Lagoon on the Red Sea shoreline, were evaluated for their potential use as MCFs. Phylogenetic analysis of 40 representative genomes with phylogenetic relevance, including the ten Red Sea species, showed that the Red Sea species come from several colonization events and are not the result of a single colonization followed by speciation. Moreover, clustering reactions in reconstruct metabolic networks of these Bacillus species revealed that three metabolic clades do not fit the phylogenetic tree, a sign of convergent evolution of the metabolism of these species in response to special environmental adaptation. We further showed Red Sea strains Bacillus paralicheniformis (Bac48) and B. halosaccharovorans (Bac94) had twice as much secreted proteins than the model strain B. subtilis 168. Also, Bac94 was enriched with genes associated with the Tat and Sec protein secretion system and Bac48 has a hybrid PKS/NRPS cluster that is part of a horizontally transferred genomic region. These properties collectively hint towards the potential use of Red Sea Bacillus as efficient protein secreting microbial hosts, and that this characteristic of these strains may be a consequence of the unique ecological features of the isolation environment