The Use and Abuse of Special-Purpose Entities in Public Finance

States increasingly are raising financing indirectly through special-purpose entities (SPEs), variously referred to as authorities, special authorities, or public authorities. Notwithstanding their long history and increasingly widespread use, relatively little is known or has been written about these entities. This article examines state SPEs and their functions, comparing them to SPEs used in corporate finance. States, even more than corporations, use these entities to reduce financial transparency and avoid public scrutiny, seriously threatening the integrity of public finance. The article analyzes how regulation could be designed in order to control that threat while maintaining the legitimate financing benefits provided by these state entities

Willful Blindness: Federal Agencies\u27 Failure to Comply with the Regulatory Flexibility Act\u27s Periodic Review Requirement-And Current Proposals to Invigorate the Act

The Article first explains the basic requirements of the Regulatory Flexibility Act, and in particular focuses on the periodic review requirement contained in Section 610. It traces the history of Presidential efforts through the promulgation of executive orders to delay the implementation of regulations and require agencies to consult with regulated industries. Reviewing agency action from 1997-2005 following Section 610 review, it found agencies are confused as to when review is necessary, and, though Section 610 is meant to decrease the regulatory burden on small business, agencies often increase the regulatory burden on small business. It concludes the key problem regarding Section 610 agency is the very low review rate, and provides several legislative resolutions meant to compel agency review and greater small business participation in regulatory decision-making

Three-D crater analysis of LDEF impact features from stereo imagery

The preliminary results from attempts to derive depth and diameter information from digitized stereo images of impact features on the LDEF are reported. Contrary to our prior assumption, we find that impact craters in the T6 A1 alloy are not paraboloid in cross section, but rather are better described by a 6th-order polynomial curve. We explore the implications of this discovery

The colours of the Sun

We compile a sample of Sun-like stars with accurate effective temperatures, metallicities and colours (from the UV to the near-IR). A crucial improvement is that the effective temperature scale of the stars has recently been established as both accurate and precise through direct measurement of angular diameters obtained with stellar interferometers. We fit the colours as a function of effective temperature and metallicity, and derive colour estimates for the Sun in the Johnson/Cousins, Tycho, Stromgren, 2MASS and SDSS photometric systems. For (B-V)_Sun, we favour the ``red'' colour 0.64 versus the ``blue'' colour 0.62 of other recent papers, but both values are consistent within the errors; we ascribe the difference to the selection of Sun-like stars versus interpolation of wider colour-Teff-metallicity relations.Comment: 5 pages, 2 figures, accepted by MNRA

Exploring Household Saving and Consumption-Smoothing in the Philippines

This paper explores whether or not the saving behavior of Filipino households fits the life-cycle hypothesis. Using pseudo-panels, which are constructed from the public use data files of the Family Income and Expenditures Survey of 1988 to 2000, it shows that consumption rises with the age of the household head and that the consumption profile has been rising for younger cohorts. The regressions indicate that the cohort-independent age effects on consumption simply track those on income across all ages, suggesting that Filipino households do not behave as the life-cycle hypothesis prescribes, possibly because they are liquidity constrained or impatient.consumption smoothing, household savings, household consumption

Exploring Household Saving and Consumption-Smoothing in the Philippines

This paper explores whether or not the saving behavior of Filipino households fits the life-cycle hypothesis. Using pseudo-panels, which are constructed from the public use data files of the Family Income and Expenditures Survey of 1988 to 2000, it shows that consumption rises with the age of the household head and that the consumption profile has been rising for younger cohorts. The regressions indicate that the cohort-independent age effects on consumption simply track those on income across all ages, suggesting that Filipino households do not behave as the life-cycle hypothesis prescribes, possibly because they are liquidity constrained or impatient.consumption smoothing, household savings, household consumption

History on the Line: time as dimension

Boyd Davis’s work concerns representation, principally visual and spatial. This article discusses mapping historical time to a graphical surface, such as in timelines, focusing on the orientation of the time axis. Boyd Davis gained a £92K EPSRC grant to develop these inquiries into digital formats in 2012, and £70K from the Leverhulme Trust ending in 2010. It contrasts the paucity of intellectual debate on mapping time with the controversies over competing geographic projections, a dearth that Boyd Davis’s work is dedicated to correcting. The article proposes a research agenda derived from a synthesis of the literatures of cognitive science and gesture studies, revealing that the metaphorical direction of time differs between verbal and gestural usage, and to a lesser extent between cultures. It features original archive research into the emergence of modern chronographics in the mid-18th century, a shift from typographic, tabular layouts to truly graphical time-maps based on a changing model of time spawned by Descartes and Newton. Research into the timelines of Nicole Oresme (1350s) and Jacques Barbeu-Dubourg and Joseph Priestley (1750s) reveals their difficulties in finding the ‘right’ direction for time. Related work included a co-written paper for ‘Electronic Visualisation and the Arts’, London (2010), selected for the 2013 Springer book of best full papers (21 of c.160); a paper for the 26th ‘Computers and the History of Art’, London (2010); experimental work using virtual environments to represent historic time, a Leverhulme project co-led by Boyd Davis: two co-written articles for Computers & Education (2012); a chapter in Huang (ed.), Handbook of Human Centric Visualization (2013); a guest article for Joseph Priestley House Museum, PA, USA (2011); an invited talk on original research into French 18th-century contributions to chronographics, Centre de Recherches Texte/Image/Langage, Université de Bourgogne (2012); and a paper for ‘EVA2013’, London (2013)

Continued investigation of LDEF's structural frame and thermal blankets by the Meteoroid and Debris Special Investigation Group

This report focuses on the data acquired by detailed examination of LDEF intercostals, 68 of which are now in possession of the Meteoroid and Debris Special Investigation Group (M&D SIG) at JSC. In addition, limited data will be presented for several small sections from the A0178 thermal control blankets that were examined/counted prior to being shipped to Principal Investigators (PI's) for scientific study. The data presented here are limited to measurements of crater and penetration-hole diameters and their frequency of occurrence which permits, yet also constrains, more model-dependent, interpretative efforts. Such efforts will focus on the conversion of crater and penetration-hole sizes to projectile diameters (and masses), on absolute particle fluxes, and on the distribution of particle-encounter velocities. These are all complex issues that presently cannot be pursued without making various assumptions which relate, in part, to crater-scaling relationships, and to assumed trajectories of natural and man-made particle populations in LEO that control the initial impact conditions

Curation, Spacecraft Recovery and Preliminary Examination for the Stardust Mission: A Perspective from the Curatorial Facility

We briefly describe some of the challenges to the Stardust mission, curation and sample preliminary analysis, from the perspective of the Curation Office at the Johnson Space Center. Our goal is to inform persons planning future sample returns, so that they may learn from both our successes and challenges (and avoid some of our mistakes). The Curation office played a role in the mission from its inception, most critically assisting in the design and implementation of the spacecraft contamination control plan, and in planning and documenting the recovery of the spacecraft reentry capsule in Utah. A unique class 100 cleanroom was built to maintain the returned comet and interstellar samples in clean comfort, and to permit dissection and allocation of samples for analysis

Effect of genital herpes on cervicovaginal HIV shedding in women co-infected with HIV AND HSV-2 in Tanzania.

To compare the presence and quantity of cervicovaginal HIV among HIV seropositive women with clinical herpes, subclinical HSV-2 infection and without HSV-2 infection respectively; to evaluate the association between cervicovaginal HIV and HSV shedding; and identify factors associated with quantity of cervicovaginal HIV. Four groups of HIV seropositive adult female barworkers were identified and examined at three-monthly intervals between October 2000 and March 2003 in Mbeya, Tanzania: (1) 57 women at 70 clinic visits with clinical genital herpes; (2) 39 of the same women at 46 clinic visits when asymptomatic; (3) 55 HSV-2 seropositive women at 60 clinic visits who were never observed with herpetic lesions; (4) 18 HSV-2 seronegative women at 45 clinic visits. Associations of genital HIV shedding with HIV plasma viral load (PVL), herpetic lesions, HSV shedding and other factors were examined. Prevalence of detectable genital HIV RNA varied from 73% in HSV-2 seronegative women to 94% in women with herpetic lesions (geometric means 1634 vs 3339 copies/ml, p = 0.03). In paired specimens from HSV-2 positive women, genital HIV viral shedding was similar during symptomatic and asymptomatic visits. On multivariate regression, genital HIV RNA (log10 copies/mL) was closely associated with HIV PVL (β = 0.51 per log10 copies/ml increase, 95%CI:0.41-0.60, p<0.001) and HSV shedding (β = 0.24 per log10 copies/ml increase, 95% CI:0.16-0.32, p<0.001) but not the presence of herpetic lesions (β = -0.10, 95%CI:-0.28-0.08, p = 0.27). HIV PVL and HSV shedding were more important determinants of genital HIV than the presence of herpetic lesions. These data support a role of HSV-2 infection in enhancing HIV transmissibility