Person-to-Person Lending: The Pursuit of (More) Competitive Credit Markets

Person-to-person lending (P2PL) on the Internet is a relatively new credit market. The success of these markets hinges on their ability to provide both borrowers and lenders the chance to improve on the opportunities available in traditional intermediated credit markets. In essence, P2PL must create a more competitive market. Empirical observations provide evidence that frictions exist in these markets, which generally move markets away from competitive outcomes. Currently, auctions are the most popular mechanism for P2PL. This paper develops and analyzes an equilibrium competing auction model of P2PL. Coordination frictions and the presence of non-creditworthy borrowers create an environment where many potentially productive transactions are not made and interest rate dispersion is observed. Additionally, if the market naturally segments into groups of similar borrowers then increased frictions in a segment may lead some portion of lenders to migrate to a different segment

Ecological Role of Blue Catfish in Chesapeake Bay Communities and Implications for Management

Rapid increase in abundance and expanded distribution of introduced blue catfish Ictalurus furcatus populations in the Chesapeake Bay watershed have raised regional management concerns. This study uses information from multiple surveys to examine expansion of blue catfish populations and document their role in tidal river communities. Originally stocked in the James, York, and Rappahannock River systems for development of commercial and recreational fisheries, blue catfish have now been documented in adjacent rivers and have expanded their within-river distribution to oligo- and mesohaline environments. Range expansions coincided with periods of peak abundance in 1996 and 2003 and with the concurrent decline in abundance of native white catfish I. catus. Blue catfish in these systems use a diverse prey base; various amphipod species typically dominate the diet of smaller individuals ([FL]), and fishes are common prey for larger blue catfish (\u3e300 mm FL). Recent studies based on stable isotope analyses suggest that adult blue catfish in these systems are apex predators that feed extensively on important fishery resources, including anadromous shads and herrings Alosa spp. and juvenile Atlantic menhaden Brevoortia tyrannus. Minimizing effects on Chesapeake Bay communities by controlling high densities of blue catfish populations is a primary goal of management, but conflicting demands of the commercial and recreational sectors must be resolved. Further, low market demand and human consumption concerns associated with purported accumulation of contaminants in blue catfish pose additional complications for regulating these fisheries.https://scholarworks.wm.edu/vimsbooks/1009/thumbnail.jp

Method Development for Determining the Removal of Metals from the Water Column under Transformation/Dissolution Conditions for Chronic Hazard Classification

An extension of the transformation/dissolution protocol (T/DP) was developed and evaluated as a tool to measure the removal of metals from the water column for chronic aquatic hazard classification. The T/DP extension (T/DP‐E) consists of 2 parts: T/DP‐E part 1, to measure metal removal from the water column via binding of metals to a substrate and subsequent settling, and T/DP‐E part 2, to assess the potential for remobilization of metals following resuspension. The T/DP‐E methodology (672‐h [28‐d] removal period, 1‐h resuspension event, and 96‐h resettling period) was tested using Cu, Co, and Sr solutions in the presence of a substrate. The metal removal rates varied from rapid removal for Cu to slower rates of removal for Co and Sr. The resuspension event did not trigger any increase in dissolved Cu, Co, or Sr. Additional 96‐h experiments were conducted using dissolved Ni, Pb, Zn, and Ag and supported the conclusion that the T/DP‐E is sufficiently robust to distinguish removal rates between metals with a wide range of reactivities. The proposed method provides a means to quantify the rate of metal removal from the water column and evaluate remobilization potential in a standardized and reliable way. Environ Toxicol Chem 2019;38:2032–2042. © 2019 SETAC.Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/151361/1/etc4471.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/151361/2/etc4471_am.pd

Polynitroxyl Albumin and Albumin Therapy After Pediatric Asphyxial Cardia Arrest: Effects on Cerebral Blood Flow and Neurologic Outcome

Postresuscitation cerebral blood flow (CBF) disturbances and generation of reactive oxygen species likely contribute to impaired neurologic outcome after pediatric cardiac arrest (CA). Hence, we determined the effects of the antioxidant colloid polynitroxyl albumin (PNA) versus albumin or normal saline (NS) on CBF and neurologic outcome after asphyxial CA in immature rats. We induced asphyxia for 9 minutes in male and female postnatal day 16 to 18 rats randomized to receive PNA, albumin, or NS at resuscitation from CA or sham surgery. Regional CBF was measured serially from 5 to 150 minutes after resuscitation by arterial spin-labeled magnetic resonance imaging. We assessed motor function (beam balance and inclined plane), spatial memory retention (water maze), and hippocampal neuronal survival. Polynitroxyl albumin reduced early hyperemia seen 5 minutes after CA. In contrast, albumin markedly increased and prolonged hyperemia. In the delayed period after resuscitation (90 to 150 minutes), CBF was comparable among groups. Both PNA- and albumin-treated rats performed better in the water maze versus NS after CA. This benefit was observed only in males. Hippocampal neuron survival was similar between injury groups. Treatment of immature rats with PNA or albumin resulted in divergent acute changes in CBF, but both improved spatial memory retention in males after asphyxial CA

Ultraviolet Signposts of Resonant Dynamics in the Starburst-Ringed Sab Galaxy, M94 (NGC 4736)

M94 (NGC 4736) is investigated using images from the Ultraviolet Imaging Telescope (FUV-band), Hubble Space Telescope (NUV-band), Kitt Peak 0.9-m telescope (H-alpha, R, and I bands), and Palomar 5-m telescope (B-band), along with spectra from the International Ultraviolet Explorer and Lick 1-m telescopes. The wide-field UIT image shows FUV emission from (a) an elongated nucleus, (b) a diffuse inner disk, where H-alpha is observed in absorption, (c) a bright inner ring of H II regions at the perimeter of the inner disk (R = 48 arcsec. = 1.1 kpc), and (d) two 500-pc size knots of hot stars exterior to the ring on diametrically opposite sides of the nucleus (R= 130 arcsec. = 2.9 kpc). The HST/FOC image resolves the NUV emission from the nuclear region into a bright core and a faint 20 arcsec. long ``mini-bar'' at a position angle of 30 deg. Optical and IUE spectroscopy of the nucleus and diffuse inner disk indicates an approximately 10^7 or 10^8 yr-old stellar population from low-level starbirth activity blended with some LINER activity. Analysis of the H-alpha, FUV, NUV, B, R, and I-band emission along with other observed tracers of stars and gas in M94 indicates that most of the star formation is being orchestrated via ring-bar dynamics involving the nuclear mini-bar, inner ring, oval disk, and outer ring. The inner starburst ring and bi-symmetric knots at intermediate radius, in particular, argue for bar-mediated resonances as the primary drivers of evolution in M94 at the present epoch. Similar processes may be governing the evolution of the ``core-dominated'' galaxies that have been observed at high redshift. The gravitationally-lensed ``Pretzel Galaxy'' (0024+1654) at a redshift of approximately 1.5 provides an important precedent in this regard.Comment: revised figure 1 (corrected coordinate labels on declination axis); 19 pages of text + 19 figures (jpg files); accepted for publication in A

Dealing with the Inventory Risk. A solution to the market making problem

Market makers continuously set bid and ask quotes for the stocks they have under consideration. Hence they face a complex optimization problem in which their return, based on the bid-ask spread they quote and the frequency at which they indeed provide liquidity, is challenged by the price risk they bear due to their inventory. In this paper, we consider a stochastic control problem similar to the one introduced by Ho and Stoll and formalized mathematically by Avellaneda and Stoikov. The market is modeled using a reference price $S_t$ following a Brownian motion with standard deviation $\sigma$, arrival rates of buy or sell liquidity-consuming orders depend on the distance to the reference price $S_t$ and a market maker maximizes the expected utility of its P&L over a finite time horizon. We show that the Hamilton-Jacobi-Bellman equations associated to the stochastic optimal control problem can be transformed into a system of linear ordinary differential equations and we solve the market making problem under inventory constraints. We also shed light on the asymptotic behavior of the optimal quotes and propose closed-form approximations based on a spectral characterization of the optimal quotes

X-CHIP: an integrated platform for high-throughput protein crystallization and on-the-chip X-ray diffraction data collection

The X-CHIP (X-ray Crystallography High-throughput Integrated Platform) is a novel microchip that has been developed to combine multiple steps of the crystallographic pipeline from crystallization to diffraction data collection on a single device to streamline the entire process

Continuing Education Course #3: Current Practices and Future Trends in Neuropathology Assessment for Developmental Neurotoxicity Testing

The continuing education course on Developmental Neurotoxicity Testing (DNT) was designed to communicate current practices for DNT neuropathology, describe promising innovations in quantitative analysis and noninvasive imaging, and facilitate a discussion among experienced neuropathologists and regulatory scientists regarding suitable DNT practices. Conventional DNT neuropathology endpoints are qualitative histopathology and morphometric endpoints of particularly vulnerable sites (e.g., cerebral, cerebellar, or hippocampal thickness). Novel imaging and stereology measurements hold promise for automated analysis of factors that cannot be effectively examined in routinely processed specimens (e.g., cell numbers, fiber tract integrity). The panel recommended that dedicated DNT neuropathology data sets be acquired on a minimum of 8 sections (for qualitative assessment) or 3 sections (for quantitative linear and stereological analyses) using a small battery of stains to examine neurons and myelin. Where guidelines permit discretion, immersion fixation is acceptable for younger animals (postnatal day 22 or earlier), and peripheral nerves may be embedded in paraffin. Frequent concerns regarding DNT data sets include false-negative outcomes due to processing difficulties (e.g., lack of concordance among sections from different animals) and insensitive analytical endpoints (e.g., qualitative evaluation) as well as false-positive results arising from overinterpretation or misreading by inexperienced pathologists