Solicited and Unsolicited Credit Ratings: A Global Perspective

We conducted a global study of the long-term issuer ratings of nonfinancial firms from Standard and Poor's Ratings Services (S&P) for the period 1998–2003. Specifically, we focused on the solicited versus unsolicited ratings and sample-selection bias in the analysis. Unlike the literature, we adopted an improved method using Wooldridge’s instrumental-variable approach to mitigate the concern of specification errors in Heckman’s model. We found that the probability of seeking a long-term issuer rating is positively related to the size and profitability of the firm, and negatively related to the growth opportunities and debt levels of the firm. The credit rating is positively related to the sovereign rating, size, and profitability of the issuer, and negatively related to the debt ratio of the issuer. Consistent with the literature, we found sample-selection bias in credit ratings. Our findings suggest that the firms with solicited ratings seem to be more profitable, more liquid, and have lower leverage than the issuers with unsolicited ratings. After controlling for sample-selection bias and some key financial ratios, we found that unsolicited firms, on average, seem to have lower long-term issuer ratings.corporate long-term issuer ratings; solicited and unsolicited

Polydispersity Effects in Colloid-Polymer Mixtures

We study phase separation and transient gelation in a mixture consisting of polydisperse colloids and non-adsorbing polymers, where the ratio of the average size of the polymer to that of the colloid is approximately 0.063. Unlike what has been reported previously for mixtures with somewhat lower colloid polydispersity, the addition of polymers does not expand the fluid-solid coexistence region. Instead, we find a region of fluid-solid coexistence which has an approximately constant width but an unexpected re-entrant shape. We detect the presence of a metastable gas-liquid binodal, which gives rise to two-stepped crystallization kinetics that can be rationalized as the effect of fractionation. Finally, we find that the separation into multiple coexisting solid phases at high colloid volume fractions predicted by equilibrium statistical mechanics is kinetically suppressed before the system reaches dynamical arrest.Comment: 11 pages, 5 figure

Cyclin F Is Degraded during G2-M by Mechanisms Fundamentally Different from Other Cyclins

Cyclin F, a cyclin that can form SCF complexes and bind to cyclin B, oscillates in the cell cycle with a pattern similar to cyclin A and cyclin B. Ectopic expression of cyclin F arrests the cell cycle in G2/M. How the level of cyclin F is regulated during the cell cycle is completely obscure. Here we show that, similar to cyclin A, cyclin F is degraded when the spindle assembly checkpoint is activated and accumulates when the DNA damage checkpoint is activated. Cyclin F is a very unstable protein throughout much of the cell cycle. Unlike other cyclins, degradation of cyclin F is independent of ubiquitination and proteasome-mediated pathways. Interestingly, proteolysis of cyclin F is likely to involve metalloproteases. Rapid destruction of cyclin F does not require the N-terminal F-box motif but requires the COOH-terminal PEST sequences. The PEST region alone is sufficient to interfere with the degradation of cyclin F and confer instability when fused to cyclin A. These data show that although cyclin F is degraded at similar time as the mitotic cyclins, the underlying mechanisms are entirely distinct

Scaling of dynamics with the range of interaction in short-range attractive colloids

We numerically study the dependence of the dynamics on the range of interaction $\Delta$ for the short-range square well potential. We find that, for small $\Delta$, dynamics scale exactly in the same way as thermodynamics, both for Newtonian and Brownian microscopic dynamics. For interaction ranges from a few percent down to the Baxter limit, the relative location of the attractive glass line and the liquid-gas line does not depend on $\Delta$. This proves that in this class of potentials, disordered arrested states (gels) can be generated only as a result of a kinetically arrested phase separation.Comment: 4 pages, 4 figure

Double solid twistor spaces: the case of arbitrary signature

In a recent paper (math.DG/0701278) we constructed a series of new Moishezon twistor spaces which is a kind of variant of the famous LeBrun twistor spaces. In this paper we explicitly give projective models of another series of Moishezon twistor spaces on nCP^2 for arbitrary n>2, which can be regarded as a generalization of the twistor spaces of a 'double solid type' on 3CP^2 studied by Kreussler, Kurke, Poon and the author. Similarly to the twistor spaces of 'double solid type' on 3CP^2, projective models of present twistor spaces have a natural structure of double covering of a CP^2-bundle over CP^1. We explicitly give a defining polynomial of the branch divisor of the double covering whose restriction to fibers are degree four. If n>3 these are new twistor spaces, to the best of the author's knowledge. We also compute the dimension of the moduli space of these twistor spaces. Differently from math.DG/0701278, the present investigation is based on analysis of pluri-(half-)anticanonical systems of the twistor spaces.Comment: 30 pages, 3 figures; v2: title changed (the original title was "Explicit construction of new Moishezon twistor spaces, II".

Relation Between First Arrival Time and Permeability in Self-Affine Fractures with Areas in Contact

We demonstrate that the first arrival time in dispersive processes in self-affine fractures are governed by the same length scale characterizing the fractures as that which controls their permeability. In one-dimensional channel flow this length scale is the aperture of the bottle neck, i.e., the region having the smallest aperture. In two dimensions, the concept of a bottle neck is generalized to that of a minimal path normal to the flow. The length scale is then the average aperture along this path. There is a linear relationship between the first arrival time and this length scale, even when there is strong overlap between the fracture surfaces creating areas with zero permeability. We express the first arrival time directly in terms of the permeability.Comment: EPL (2012)

Single-cell RNA expression profiling of SARS-CoV-2-related ACE2 and TMPRSS2 in human trophectoderm and placenta

OBJECTIVES: To examine the characteristics and distribution of possible severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) target cells in the human trophectoderm (TE) and placenta. METHODS: Bioinformatics analysis was performed based on published single-cell transcriptomic datasets of early TE and first- and second-trimester human placentae. We conducted the transcriptomic analysis of 4198 early TE cells, 1260 first-trimester placental cells and 189 extravillous trophoblast cells (EVTs) from 24-week placentae (EVT_24W) using the SMART-Seq2 method. In addition, to confirm the bioinformatic results, we performed immunohistochemical staining of three first-trimester, three second-trimester and three third-trimester placentae from nine women recruited prospectively to this study. We evaluated the expression of the SARS-CoV-2-related molecules angiotensin-converting enzyme 2 (ACE2) and transmembrane protease serine 2 (TMPRSS2). RESULTS: Via bioinformatic analysis, we identified the existence of ACE2 and TMPRSS2 expression in human TE as well as in first- and second-trimester placentae. In the human TE, 54.4% of TE1 cells, 9.0% of cytotrophoblasts (CTBs), 3.2% of EVTs and 29.5% of syncytiotrophoblasts (STBs) were ACE2-positive. In addition, 90.7% of TE1 cells, 31.5% of CTBs, 22.1% of EVTs and 70.8% of STBs were TMPRSS2-positive. In placental cells, 20.4% of CTBs, 44.1% of STBs, 3.4% of EVTs from 8-week placentae (EVT_8W) and 63% of EVT_24W were ACE2-positive, while 1.6% of CTBs, 26.5% of STBs, 1.9% of EVT_8W and 20.1% of EVT_24W were TMPRSS2-positive. Pathway analysis revealed that EVT_24W cells that were positive for both ACE2 and TMPRSS2 (ACE2 + TMPRSS2-positive) were associated with morphogenesis of branching structure, extracellular matrix interaction, oxygen binding and antioxidant activity. The ACE2 + TMPRSS2-positive TE1 cells were correlated with an increased capacity for viral invasion, epithelial-cell proliferation and cell adhesion. Expression of ACE2 and TMPRSS2 was observed on immunohistochemical staining in first-, second- and third-trimester placentae. CONCLUSIONS: ACE2- and TMPRSS2-positive cells are present in the human TE and placenta in all three trimesters of pregnancy, which indicates the possibility that SARS-CoV-2 could spread via the placenta and cause intrauterine fetal infection. © 2020 International Society of Ultrasound in Obstetrics and Gynecolog

Proliferation of anomalous symmetries in colloidal monolayers subjected to quasiperiodic light fields

Quasicrystals provide a fascinating class of materials with intriguing properties. Despite a strong potential for numerous technical applications, the conditions under which quasicrystals form are still poorly understood. Currently, it is not clear why most quasicrystals hold 5- or 10-fold symmetry but no single example with 7 or 9-fold symmetry has ever been observed. Here we report on geometrical constraints which impede the formation of quasicrystals with certain symmetries in a colloidal model system. Experimentally, colloidal quasicrystals are created by subjecting micron-sized particles to two-dimensional quasiperiodic potential landscapes created by n=5 or seven laser beams. Our results clearly demonstrate that quasicrystalline order is much easier established for n = 5 compared to n = 7. With increasing laser intensity we observe that the colloids first adopt quasiperiodic order at local areas which then laterally grow until an extended quasicrystalline layer forms. As nucleation sites where quasiperiodicity originates, we identify highly symmetric motifs in the laser pattern. We find that their density strongly varies with n and surprisingly is smallest exactly for those quasicrystalline symmetries which have never been observed in atomic systems. Since such high symmetry motifs also exist in atomic quasicrystals where they act as preferential adsorption sites, this suggests that it is indeed the deficiency of such motifs which accounts for the absence of materials with e.g. 7-fold symmetry

Genome-Wide Cell-Free DNA Test for Fetal Chromosomal Abnormalities and Variants: Unrestricted Versus Restricted Reporting.

This study aimed to compare the screening performance of genome-wide cfDNA testing for chromosomal abnormalities between two periods where additional findings were reported and not reported. Data were obtained from consecutive pregnant women with a singleton pregnancy at ≥10 weeks who requested cfDNA testing during 2015–2019. The performance of screening of the cfDNA test was determined by calculating the concordance rate, detection rate, and false-positive rate. Data from 3981 women were included. The no-result rates were similar between the two reporting periods (2.04% vs. 2.08%). Concordance rates for trisomy 21 and 18 were 100% and 100%, respectively. There were two cases tested high risk for trisomy 13, with a concordance rate of 0%. In total, 12 cases were high risk for any sex chromosome aneuploidy with an overall concordance of 75%, and 15 cases tested high risk for any rare autosomal trisomy, with a 13.3% concordance rate. The detection rates for trisomy 21 and 18 were 100% and 100%, respectively. For any SCA, the detection rate was 90%. For the two reporting periods, the combined false-positive rates were 0.93% and 0.17%, which were significantly different (p = 0.002). Restricting the reporting of additional findings from genome-wide cfDNA analysis has reduced the false-positive rate but without a reduction in the no-result rate.post-print474 K