A Term Structure Decomposition of the Australian Yield Curve

We use data on coupon-bearing Australian Government bonds and overnight indexed swap (OIS) rates to estimate risk-free zero-coupon yield and forward curves for Australia from 1992 to 2007. These curves, and analysts’ forecasts of future interest rates, are then used to fit an affine term structure model to Australian interest rates, with the aim of decomposing forward rates into expected future overnight cash rates plus term premia. The expected future short rates derived from the model are on average unbiased, fluctuating around the average of actual observed short rates. Since the adoption of inflation targeting and the entrenchment of low and stable inflation expectations, term premia appear to have declined in levels and displayed smaller fluctuations in response to economic shocks. This suggests that the market has become less uncertain about the path of future interest rates. Towards the end of the sample period, term premia have been negative, suggesting that investors may have been willing to pay a premium for Commonwealth Government securities. Due to the complexity of the model and the difficulty of calibrating it to data, the results should not be interpreted too precisely. Nevertheless, the model does provide a potentially useful decomposition of recent changes in the expected path of interest rates and term premia.expected future short rate; term premia; term structure decomposition; affine term structure model; zero-coupon yield

Hamiltonian model of capture into mean motion resonance

Mean motion resonances are a common feature of both our own Solar System and of extrasolar planetary systems. Bodies can be trapped in resonance when their orbital semi-major axes change, for instance when they migrate through a protoplanetary disc. We use a Hamiltonian model to thoroughly investigate the capture behaviour for first and second order resonances. Using this method, all resonances of the same order can be described by one equation, with applications to specific resonances by appropriate scaling. We focus on the limit where one body is a massless test particle and the other a massive planet. We quantify how the the probability of capture into a resonance depends on the relative migration rate of the planet and particle, and the particle's eccentricity. Resonant capture fails for high migration rates, and has decreasing probability for higher eccentricities, although for certain migration rates, capture probability peaks at a finite eccentricity. We also calculate libration amplitudes and the offset of the libration centres for captured particles, and the change in eccentricity if capture does not occur. Libration amplitudes are higher for larger initial eccentricity. The model allows for a complete description of a particle's behaviour as it successively encounters several resonances. The model is applicable to many scenarios, including (i) Planet migration through gas discs trapping other planets or planetesimals in resonances; (ii) Planet migration through a debris disc; (iii) Dust migration through PR drag. Full details can be found in \cite{2010submitted}. (Abridged)Comment: 4 pages, Proceedings of IAUS276 "The Astrophysics of Planetary Systems: Formation, Structure, and Dynamical Evolution

‘Players’ in Context: Determining Performance in Medieval Accountancy Records

Arguably the largest source of REED material of their kind so far collected, the accounts of Durham’s medieval monastic community provide evidence for plays, music, and performers from around the palatinate, including payments to istriones, joculatores, and ministralli performing for various occasions. With accountancy material, however, it can be difficult deciding if individual entries represent evidence of performers or performances per se, or what the nature of any performance might have been. This essay examines these issues in Durham’s accountancy records, looking particularly at Finchale Priory’s so-called ‘playerchambre’: instances in which evidence of ‘performance’ is uncertain and/or only determinable by wider consideration of context

Efficacy and Safety of BCG Vaccine for Control of Tuberculosis in Domestic Livestock and Wildlife

Bovine tuberculosis (TB) continues to be an intractable problem in many countries, particularly where “test and slaughter” policies cannot be implemented or where wildlife reservoirs of Mycobacterium bovis infection serve as a recurrent source of infection for domestic livestock. Alternative control measures are urgently required and vaccination is a promising option. Although the M. bovis bacille Calmette-Guérin (BCG) vaccine has been used in humans for nearly a century, its use in animals has been limited, principally as protection against TB has been incomplete and vaccination may result in animals reacting in the tuberculin skin test. Valuable insights have been gained over the past 25 years to optimise protection induced by BCG vaccine in animals and in the development of tests to differentiate infected from vaccinated animals (DIVA). This review examines factors affecting the efficacy of BCG vaccine in cattle, recent field trials, use of DIVA tests and the effectiveness of BCG vaccine in other domestic livestock as well as in wildlife. Oral delivery of BCG vaccine to wildlife reservoirs of infection such as European badgers, brushtail possums, wild boar, and deer has been shown to induce protection against TB and could prove to be a practical means to vaccinate these species at scale. Testing of BCG vaccine in a wide range of animal species has indicated that it is safe and vaccination has the potential to be a valuable tool to assist in the control of TB in both domestic livestock and wildlife

Striking a balance between culture and fun: 'Quality' meets hitman genre in 'In Bruges'

This is an Author's Accepted Manuscript of an article published in New Review of Film and Television Studies, 9(2), 132 - 151, 2011, copyright Taylor & Francis, available online at: http://www.tandfonline.com/10.1080/17400309.2011.556934.This paper gives an analysis of In Bruges (2008) that situates the film as a hybrid product offering a mixture of signifiers of cinematic ‘quality’ and ‘lower’ genre ingredients. This paper also considers the extent to which In Bruges offers a combination of tonal registers in which irony and detachment, as markers of distinction, are blended with a more mainstream-oriented appeal to emotional engagement on the part of the viewer, and considers how this might be related to the broader social and industrial contexts in which it appeared