Financial markets and the adjustment to higher oil prices

A great deal has been written on the actual and potential effects of the oil price increase on world financial markets, but relatively little emphasis has been placed on the role played by financial markets in the adjustment of the energy markets themselves. This paper explores the linkages betwee

Accommodation in the international capital markets and the recycling of oil funds

Prepared in association with the Sloan School of Management and the Dept. of Economic

The international finance aspects of OPEC : an informational note

National Science Foundation Grant no. SIA75-0073

Simonsenia aveniformis sp nov (Bacillariophyceae), molecular phylogeny and systematics of the genus, and a new type of canal raphe system

The genus Simonsenia is reviewed and S. aveniformis described as new for science by light and electron microscopy. The new species originated from estuarine environments in southern Iberia (Atlantic coast) and was isolated into culture. In LM, Simonsenia resembles Nitzschia, with bridges (fibulae) beneath the raphe, which is marginal. It is only electron microscope (EM) examination that reveals the true structure of the raphe system, which consists of a raphe canal raised on a keel (wing), supported by rib like braces (fenestral bars) and tube-like portulae; between the portulae the keel is perforated by open windows (fenestrae). Based on the presence of portulae and a fenestrated keel, Simonsenia has been proposed to be intermediate between Bacillariaceae and Surirellaceae. However, an rbcL phylogeny revealed that Simonsenia belongs firmly in the Bacillariaceae, with which it shares a similar chloroplast arrangement, rather than in the Surirellaceae. Lack of homology between the surirelloid and simonsenioid keels is reflected in subtle differences in the morphology and ontogeny of the portulae and fenestrae. The diversity of Simonsenia has probably been underestimated, particularly in the marine environment.Polish National Science Centre in Cracow within the Maestro program [N 2012/04/A/ST10/00544]; Sciences and Technologies Foundation-FCT (Portugal) [SFRH/BD/62405/2009]info:eu-repo/semantics/publishedVersio

Фрагменти до біографії І. Мазепи

Мета цієї статті увести до наукового обігу три документи, які стосуються життя й діяльності І. Мазепи. Перший з них нами було виявлено у польських архівосховищах. Автором цього листа, адресованого, очевидно, королеві Яну III Собеському, був учасник посольства Речі Посполитої до Москви, яке очолював вармінський біскуп і коронний канцлер Августин Міхал Радзейовський. Лист важливий тим, що проливає світло на малознаний період біографії Івана Мазепи, коли той був генеральним осавулом на лівобічній Гетьманщині. Другий і третій документи мають меншу цінність. Один з них - це типова рукописна газета - “новина”, у якій повідомляється про польсько-російські переговори у Варшаві у 1695 р. у зв’язку з азово-дніпровськими походами, у котрих визначну роль відіграли українські війська на чолі з гетьманом Іваном Мазепою. Автором наступного документа був Лаврентій Крщонович, визначний церковний діяч, ігумен деяких православних монастирів Гетьманщини, зокрема Свято-Троїцького Іллінського у Чернігові

A Hedged Monte Carlo Approach to Real Option Pricing

In this work we are concerned with valuing optionalities associated to invest or to delay investment in a project when the available information provided to the manager comes from simulated data of cash flows under historical (or subjective) measure in a possibly incomplete market. Our approach is suitable also to incorporating subjective views from management or market experts and to stochastic investment costs. It is based on the Hedged Monte Carlo strategy proposed by Potters et al (2001) where options are priced simultaneously with the determination of the corresponding hedging. The approach is particularly well-suited to the evaluation of commodity related projects whereby the availability of pricing formulae is very rare, the scenario simulations are usually available only in the historical measure, and the cash flows can be highly nonlinear functions of the prices.Comment: 25 pages, 14 figure

Factors Determining Mortality of Adult Chaparral Shrubs in an Extreme Drought Year in California

We measured dieback and mortality in a chaparral shrub community at a chaparral/desert ecotone following four years of below-average rainfall. Ecotones are important systems in which to examine plant and community responses to extreme and prolonged drought conditions and the potential impact of global change on plant distributions and community composition. Following a particularly severe drought year, dieback and mortality were documented for seven co-dominant shrub species. We examined whether mortality was related to species ecology, leaf traits, or water relations. Dieback and mortality were greatest in two non-sprouting species. These species also had high xylem cavitation resistance and low specific leaf area compared to several sprouting species. Among two sprouting congeners, mortality was greater in the more shallowly rooted species, even though this species was more cavitation resistant. Across all species, those that were more resistant to cavitation had greater mortality. Evidently, high resistance to xylem cavitation does not prevent adult plant mortality at chaparral/desert ecotones. A series of extreme drought years could preferentially reduce or eliminate non-sprouting species from mixed chaparral populations, causing a shift in community structure and contributing to desertification

A new arenavirus in a cluster of fatal transplant-associated diseases

Three patients who received visceral-organ transplants from a single donor on the same day died of a febrile illness 4 to 6 weeks after transplantation. Culture, polymerase-chain-reaction (PCR) and serologic assays, and oligonucleotide microarray analysis for a wide range of infectious agents were not informative. We evaluated RNA obtained from the liver and kidney transplant recipients. Unbiased high-throughput sequencing was used to identify microbial sequences not found by means of other methods. The specificity of sequences for a new candidate pathogen was confirmed by means of culture and by means of PCR, immunohistochemical, and serologic analyses. High-throughput sequencing yielded 103,632 sequences, of which 14 represented an Old World arenavirus. Additional sequence analysis showed that this new arenavirus was related to lymphocytic choriomeningitis viruses. Specific PCR assays based on a unique sequence confirmed the presence of the virus in the kidneys, liver, blood, and cerebrospinal fluid of the recipients. Immunohistochemical analysis revealed arenavirus antigen in the liver and kidney transplants in the recipients. IgM and IgG antiviral antibodies were detected in the serum of the donor. Seroconversion was evident in serum specimens obtained from one recipient at two time points

On the mechanism of ubiquinone mediated photocurrent generation by a reaction center based photocathode

Upon photoexcitation, the reaction center (RC) pigment-proteins that facilitate natural photosynthesis achieve a metastable separation of electrical charge among the embedded cofactors. Because of the high quantum efficiency of this process, there is a growing interest in their incorporation into biohybrid materials for solar energy conversion, bioelectronics and biosensing. Multiple bioelectrochemical studies have shown that reaction centers from various photosynthetic organisms can be interfaced with diverse electrode materials for the generation of photocurrents, but many mechanistic aspects of native protein functionality in a non-native environment is unknown. In vivo, RC's catalyse ubiquinone-10 reduction, protonation and exchange with other lipid phase ubiquinone-10s via protein-controlled spatial orientation and protein rearrangement. In contrast, the mechanism of ubiquinone-0 reduction, used to facilitate fast RC turnover in an aqueous photoelectrochemical cell (PEC), may not proceed via the same pathway as the native cofactor. In this report we show truncation of the native isoprene tail results in larger RC turnover rates in a PEC despite the removal of the tail's purported role of ubiquinone headgroup orientation and binding. Through the use of reaction centers with single or double mutations, we also show the extent to which two-electron/two-proton ubiquinone chemistry that operates in vivo also underpins the ubiquinone-0 reduction by surface-adsorbed RCs in a PEC. This reveals that only the ubiquinone headgroup is critical to the fast turnover of the RC in a PEC and provides insight into design principles for the development of new biophotovoltaic cells and biosensors