Collateral Value and Forbearance Lending

We investigate the foreclosure policy of collateral-based loans in which the endogenous collateral value plays a crucial role. If creditors are able to commit, then the equilibrium arrangement is more likely to feature forebearance lending by specifying a lower level of liquidation (or roll over all of the loans) relative to the expost efficiency criterion for each realization of the interim signal. The key is that collateral value may drop too low when banks call in loans by auctioning off borrowers¿ collateral and this makes clearing up non-performing loans less attractive. We attribute the banks¿ leniency as we have observed in Japan during the 1990s to an equilibrium arrangement where banks can commit due to either relationship banking or an implicit lenderborrower contract, such as the arrangement under Japan¿s main-bank system.Collateral value, forbearance lending, government guarantee.

Cyclosporine A Eye Drop-Induced Elongated Eyelashes: A Case Report

Purpose: The most common ocular adverse event following the use of cyclosporine A (CsA) 0.05% ophthalmic emulsion is ocular burning (17%). Other adverse effects that have been reported include conjunctival hyperemia (1–5%), discharge, epiphora, eye pain, foreign body sensation, pruritus, stinging and blurred vision. Here, we report a specific side effect of CsA, namely eye drop-induced eyelash elongation in a patient with refractory giant papillary conjunctivitis. Design: Observational case report. Methods: Case report and review of the literature. Results: A 32-year-old female with giant papillary conjunctivitis on the left eye, who had undergone papillectomy 3 years previously and was refractory to topical steroid therapy, was treated with CsA 0.05% ophthalmic emulsion (Restasis) 4 times a day, preservative-free artificial tears and gentamicin ophthalmic solution in the left eye. After 5 months of topical CsA treatment, elongated eyelashes of her left eye were observed without other adverse effects. Conclusion: Although hypertrichosis and trichomegaly have been documented in the literature as side effects of systemic CsA, topical CsA 0.05% eye drop-induced elongated eyelashes have not been reported, and we believe ophthalmologists should be mindful and inform patients about this specific side effect

Light-Independent Inactivation of Dengue-2 Virus by Carboxyfullerene C3 Isomer

AbstractCarboxyfullerene (C60) is known as a photosensitizer for virus inactivation. Its regioisomer with C3 symmetry, named the C3 isomer, could also inactivate the dengue-2 virus without light when the dose of C3 isomer was increased to 40 μM, indicating the possible involvement of a light-independent mechanism. Further analysis showed that the C3 isomer blocked viral replication at the attachment and penetration stages, suggesting that a direct interaction between the C3 isomer and the virion is required for inactivation. The C3 isomer with a bipolar structure showed better lipid interaction and dengue-2 virus suppression than D3, another isomer that contains evenly distributed hydrophilic side chains. Moreover, the C3 isomer selectively inactivated enveloped viruses (viz., dengue-2 virus and Japanese encephalitis virus) instead of nonenveloped viruses (viz., enterovirus 71 and coxsackievirus B3). Collectively, these findings support the hypothesis that C3 isomer suppression of enveloped viruses is effected through its hydrophobic interaction with the viral lipid envelope. Our report, which demonstrates the light-dependent and -independent mechanisms of C60 on viral inactivation, will aid in the development of novel anti-viral agents for use against enveloped viruses

Phase Structures and Morphologies Determined by Competitions Among Self-Organization, Crystallization, and Vitrification in a Disordered Poly(Ethylene Oxide)-B-Polystyrene Diblock Copolymer

A poly(ethylene oxide)-b-polystyrene (PEO-b-PS) diblock copolymer having a number-average molecular weight ((M) over bar(n)) of 11000 g/mol in the PEO blocks and an (M) over bar(n) of 5200 g/mol in the PS blocks has been synthesized (with a volume fraction of the PEO blocks of 0.66 in the molten state). Differential scanning calorimetry results show that this copolymer possesses a single endotherm, which is attributed to the melting of the PEG-block crystals. Based on real-time resolved synchrotron small-angle x-ray scattering (SAXS) observations, the diblock copolymer is in a disordered state above the glass transition temperature of the PS-rich phase (T-g(PS)) which has been determined to be 44.0 degrees C during cooling using dilatometer mode in thermomechanical measurements. The order-disorder transition temperature (T-ODT) for this diblock copolymer is thus experimentally inaccessible. Depending upon different isothermal crystallization temperatures quenched from the disordered state (T(q)s), four cases can be investigated in order to understand the phase relationships among self-organization, crystallization of the PEO blocks, and vitrification of the PS-rich phase: the region where the T-q is above the T-g(PS), the regions where the T-q is near but slightly higher or lower than the T-g(PS) ; and the region where the T-q is below the T-g(PS) . Utilizing simultaneous SPXS and wide angle x-ray-diffraction experiments, it can be seen that lamellar crystals of the PEO blocks in the first case grow with little morphological constraint due to initial disordered phase morphology. As the T-q approaches but is still slightly higher than the T-g(PS) , as in the second case, the PEG-block crystals with a greater long period (L) than that of the disordered state start to grow. The initial disordered phase morphology is gradually destroyed, at least to a major extent. When the T-q is near but slightly lower than the T-g(PS), the crystallization takes place largely within the existing phase morphology. Only a gradual shift of the L towards smaller q values can be found with increasing time, which implies that the initial phase morphology is disturbed by the crystallization of the PEO blocks. In the last case, the PEO blocks crystallize under a total constraint provided by the disordered phase morphology due to rapid vitrification of the PS-rich phase. Substantial decrease of crystallinity can be observed in this case. This study also provides experimental evidence that the PS-rich phase size, which is down to 7-8 nm, can still retain bulky glassy properties. [S0163-1829(99)01138-8]

Dislocation-Controlled Perforated Layer Phase in a Peo-B-Ps Diblock Copolymer

Small angle x-ray analyses show that the shear-induced hexagonal perforated layer phase in a poly(ethylene oxide)-b-polystyrene diblock copolymer consists of trigonal (R3(overbar)m) twins and a hexagonal (P6(3)/mmc) structure, with trigonal twins being majority components. Transmission electron microscopy reveals that the hexagonal structure is generated through sequential intrinsic stacking faults on the second layer from a previous edge dislocation line, while the trigonal twins are formed by successive intrinsic stacking faults on neighboring layers due to the plastic deformation under mechanical shear