Funding Liquidity, Debt Tenor Structure, and Creditor's Belief: An Exogenous Dynamic Debt Run Model

We propose a unified structural credit risk model incorporating both insolvency and illiquidity risks, in order to investigate how a firm's default probability depends on the liquidity risk associated with its financing structure. We assume the firm finances its risky assets by mainly issuing short- and long-term debt. Short-term debt can have either a discrete or a more realistic staggered tenor structure. At rollover dates of short-term debt, creditors face a dynamic coordination problem. We show that a unique threshold strategy (i.e., a debt run barrier) exists for short-term creditors to decide when to withdraw their funding, and this strategy is closely related to the solution of a non-standard optimal stopping time problem with control constraints. We decompose the total credit risk into an insolvency component and an illiquidity component based on such an endogenous debt run barrier together with an exogenous insolvency barrier.Comment: 36 pages, 9 figures. The article was previously circulated under the title A Continuous Time Structural Model for Insolvency, Recovery, and Rollover Risks in Mathematics and Financial Economics, 201

Cultural influence on the educational aspiration and attitude of selected Chinese high school students in Stockton, California

It is thus the purpose of this study to explore the educational aspirations of a group of high school students whose ethnic background is Chinese with the intention of filling the gap in sociological research that has overlooked the Chinese community. As there are many opposing theories on the subject of aspiration, this case study of Chinese students seeks to clarify some of the theoretical perspectives and their problems. Moreover, any study of a minority group would inevitably expose some of the problems that the group faces. Once the nature of the problems is identified and understood, hopefully, solutions may be forthcoming. It is for these research, theoretical, and practical reasons that the present study is undertaken

Auxin transport, metabolism, and signalling during nodule initiation: indeterminate and determinate nodules

Most legumes can form a unique type of lateral organ on their roots: root nodules. These structures host symbiotic nitrogen-fixing bacteria called rhizobia. Several different types of nodules can be found in nature, but the two best studied types are called indeterminate and determinate nodules. These two types differ with respect to the presence or absence of a persistent nodule meristem, which consistently correlates with the cortical cell layers giving rise to the nodule primordia. Similar to other plant developmental processes, auxin signalling overlaps with the site of organ initiation and meristem activity. Here, we review how auxin contributes to early nodule development. We focus on changes in auxin transport, signalling, and metabolism during nodule initiation, describing both experimental evidence and computer modelling. We discuss how indeterminate and determinate nodules may differ in their mechanisms for generating localized auxin response maxima and highlight outstanding questions for future research

Optical anisotropy of porous polymer film with inverse slanted nanocolumnar structure revealed via generalized spectroscopic ellipsometry

We use generalized spectroscopic ellipsometry to characterize the biaxial optical properties of porous polymer and slanted nanocolumnar template thin films. The porous polymer with inverse columnar structure was prepared via infiltrating polymer into the voids of the slanted nanocolumnar film and selectively removing the column material (cobalt). The anisotropic Bruggeman effective medium approximation was employed to analyze the ellipsometry data of the porous polymer film and nanocolumnar template. The classification and structure of optical anisotropy are found to be identical for both samples. The interchangeable optical behaviors between two complementary structures are attributed to the equivalency in their anisotropic polarizabilities

Effects of Microplastic Fibers on Soil Aggregation and Enzyme Activities Are Organic Matter Dependent

Microplastic as an anthropogenic pollutant accumulates in terrestrial ecosystems over time, threatening soil quality and health, for example by decreasing aggregate stability. Organic matter addition is an efficient approach to promote aggregate stability, yet little is known about whether microplastic can reduce the beneficial effect of organic matter on aggregate stability. We investigated the impacts of microplastic fibers in the presence or absence of different organic materials by carrying out a soil incubation experiment. This experiment was set up as a fully factorial design containing all combinations of microplastic fibers (no microplastic fiber addition, two different types of polyester fibers, and polyacrylic) and organic matter (no organic matter addition, Medicago lupulina leaves, Plantago lanceolata leaves, wheat straw, and hemp stems). We evaluated the percentage of water-stable aggregates (WSA) and activities of four soil enzymes (β-glucosidase, β-D-celluliosidase, N-acetyl-b-glucosaminidase, phosphatase). Organic matter addition increased WSA and enzyme activities, as expected. In particular, Plantago or wheat straw addition increased WSA and enzyme activities by 224.77 or 281.65% and 298.51 or 55.45%, respectively. Microplastic fibers had no effect on WSA and enzyme activities in the soil without organic matter addition, but decreased WSA and enzyme activities by 26.20 or 37.57% and 23.85 or 26.11%, respectively, in the presence of Plantago or wheat straw. Our study shows that the effects of microplastic fibers on soil aggregation and enzyme activities are organic matter dependent. A possible reason is that Plantago and wheat straw addition stimulated soil aggregation to a greater degree, resulting in more newly formed aggregates containing microplastic, the incorporated microplastic fibers led to less stable aggregates, and decrease in enzyme activities This highlights an important aspect of the context dependency of microplastic effects in soil and on soil health. Our results also suggest risks for soil stability associated with organic matter additions, such as is common in agroecosystems, when microplastics are present

A critical review on production, modification and utilization of biochar

There has been an increased interest in the production of sustainable biochar in the past years, as biochar shows versatile physicochemical properties and, can have a wide applicability in diverse fields. Comprehensive studies have been made to characterize biochar produced from various biomass materials, using different production technologies and under different process conditions. However, research is still lacking in correlating biochar properties needed for certain applications with (i) feedstock, (ii) biochar production processes and conditions and (iii) biochar upgrading and modification strategies. To produce biochar with desired properties, there is a great need to establish and clarify such correlations, which can guide the selection of feedstock, tuning and optimization of the production process and more efficient utilization of biochar. On the other hand, further elucidation of these correlations is also important for biochar-stakeholder and end-users for predicting physiochemical properties of biochar from certain feedstock and production conditions, assessing potential effects of biochar utilization and clearly address needs towards biochar critical properties. This review summarizes a wide range of literature on the impact of feedstocks and production processes and reactions conditions on the biochar properties and the most important biochar properties required for the different potential applications. Based on collected data, recommendations are provided for mapping out biochar production for different biochar applications. Knowledge gaps and perspectives for future research have also been identified regarding the characterization and production of biochar.acceptedVersio

In vitro and in vivo characterization of potent antileishmanial methionine aminopeptidase 1 inhibitors

Leishmania major is the causative agent of cutaneous leishmaniasis (CL). No human vaccine is available for CL, and current drug regimens present several drawbacks, such as emerging resistance, severe toxicity, medium effectiveness, and/or high cost. Thus, the need for better treatment options against CL is a priority. In the present study, we validate the enzyme methionine aminopeptidase 1 of L. major (MetAP1Lm), a metalloprotease that catalyzes the removal of N-terminal methionine from peptides and proteins, as a chemotherapeutic target against CL infection. The in vitro antileishmanial activities of eight novel MetAP1 inhibitors (OJT001 to OJT008) were investigated. Three compounds, OJT006, OJT007, and OJT008, demonstrated potent antiproliferative effects in macrophages infected with L. major amastigotes and promastigotes at submicromolar concentrations, with no cytotoxicity against host cells. Importantly, the leishmanicidal effect in transgenic L. major promastigotes overexpressing MetAP1Lm was diminished by almost 10-fold in comparison to the effect in wild-type promastigotes. Furthermore, the in vivo activities of OJT006, OJT007, and OJT008 were investigated in L. major-infected BALB/c mice. In comparison to the footpad parasite load in the control group, OJT008 decreased the footpad parasite load significantly, by 86%, and exhibited no toxicity in treated mice. We propose MetAP1 inhibitor OJT008 as a potential chemotherapeutic candidate against CL infection caused by L. major infection

Unusual Sequence Effects on Nucleotide Excision Repair of Arylamine Lesions: DNA Bending/Distortion as a Primary Recognition Factor

The environmental arylamine mutagens are implicated in the etiology of various sporadic human cancers. Arylamine-modified dG lesions were studied in two fully paired 11-mer duplexes with a -G*C N- sequence context, in which G* is a C8-substituted dG adduct derived from fluorinated analogs of 4-aminobiphenyl (FABP), 2-aminofluorene (FAF) or 2-acetylaminofluorene (FAAF), and N is either dA or dT. The FABP and FAF lesions exist in a simple mixture of ‘stacked’ (S) and ‘B-type’ (B) conformers, whereas the N-acetylated FAAF also samples a ‘wedge’ (W) conformer. FAAF is repaired three to four times more efficiently than FABP and FAF. A simple A- to -T polarity swap in the G*C A/G*CT transition produced a dramatic increase in syn-conformation and resulted in 2- to 3-fold lower nucleotide excision repair (NER) efficiencies in Escherichia coli. These results indicate that lesion-induced DNA bending/thermodynamic destabilization is an important DNA damage recognition factor, more so than the local S/B-conformational heterogeneity that was observed previously for FAF and FAAF in certain sequence contexts. This work represents a novel 3\u27-next flanking sequence effect as a unique NER factor for bulky arylamine lesions in E. coli