Stressing rating criteria allowing for default clustering: the CPDO case

After a brief review of the literature on rating arbitrage for corporate and structured nance, we introduce the standard criteria adopted by rating agencies to assess riskiness of Constant Proportion Debt Obligations (CPDO). Then, we propose a new rating model in order to incorporate a more realistic loss distribution showing a multi-modal shape, which, in turn, is linked to default possibilities for clusters (possibly sectors) of names of the economy. In this framework, we show that the riskiness of CPDOs is substantially increased leading to a decrease of their rating, and in particular, we found that the expected payout of the gap-risk option, embedded in CPDOs, is greatly enhanced.CPDO Rating, Rating Arbitrage, Structured Finance, Loss Distribution, Loss Dynamics, Cluster Default Dynamics, Gap Risk

Stressing rating criteria allowing for default clustering: the CPDO case

After a brief review of the literature on rating arbitrage for corporate and structured nance, we introduce the standard criteria adopted by rating agencies to assess riskiness of Constant Proportion Debt Obligations (CPDO). Then, we propose a new rating model in order to incorporate a more realistic loss distribution showing a multi-modal shape, which, in turn, is linked to default possibilities for clusters (possibly sectors) of names of the economy. In this framework, we show that the riskiness of CPDOs is substantially increased leading to a decrease of their rating, and in particular, we found that the expected payout of the gap-risk option, embedded in CPDOs, is greatly enhanced

Old Stars in Young Clusters: Lithium-depleted Low-Mass Stars of the Orion Nebula Cluster*

We measured lithium in a sample of low-mass stars (~0.1-0.3 M☉) of the Orion Nebula cluster. We find evidence for significant Li depletion in four high-probability members, corresponding to nuclear ages between ~15 and 30 Myr. In two cases, there is excellent agreement between the mass and age based on models of Li burning and those derived from the H-R diagram, reinforcing our early findings. For the two other stars, the nuclear age is significantly larger than the isochronal one. Several Li-depleted stars display accretion activity, veiling, and emission lines. We discuss empirical evidence in favor of the old nuclear age and the implications on the star formation history of the Orion cluster

Autoantibody profile in rheumatoid arthritis during long-term infliximab treatment

The aim of the present study was to investigate the effect of long-term infliximab treatment on various autoantibodies in patients with rheumatoid arthritis. Serum samples from 30 consecutive patients, who were prospectively followed during infliximab and methotrexate therapy for refractory rheumatoid arthritis, were tested at baseline and after 30, 54 and 78 weeks. At these points, median values of the Disease Activity Score were 6.38 (interquartile range 5.30–6.75), 3.69 (2.67–4.62), 2.9 (2.39–4.65) and 3.71 (2.62–5.06), respectively. Various autoantibodies were assessed by standard indirect immunofluorescence and/or ELISA. Initially, 50% of patients were positive for antinuclear antibodies, and this figure increased to 80% after 78 weeks (P = 0.029). A less marked, similar increase was found for IgG and IgM anticardiolipin antibody titre, whereas the frequency of anti-double-stranded DNA antibodies (by ELISA) exhibited a transient rise (up to 16.7%) at 54 weeks and dropped to 0% at 78 weeks. Antibodies to proteinase-3 and myeloperoxidase were not detected. The proportion of patients who were positive for rheumatoid factor (RF) was similar at baseline and at 78 weeks (87% and 80%, respectively). However, the median RF titre exhibited a progressive reduction from 128 IU/ml (interquartile range 47–290 IU/ml) to 53 IU/ml (18–106 IU/ml). Anti-cyclic citrullinated peptide (CCP) antibodies were found in 83% of patients before therapy; anti-CCP antibody titre significantly decreased at 30 weeks but returned to baseline thereafter. In conclusion, the presence of anti-double-stranded DNA antibodies is a transient phenomenon, despite a stable increase in antinuclear and anticardiolipin antibodies. Also, the evolution of RF titres and that of anti-CCP antibody titres differed during long-term infliximab therapy

SINCRONIZAÇÃO LOGÍSTICA NO SETOR SUCROENERGÉTICO:

O objetivo desse artigo foi identificar como foi tratado na literatura os conceitos de sincronização de processos logísticos-produtivos em cadeias sucroenergéticas. O setor sucroenergético é extremamente importante para economia e dele derivam diversas outras cadeias produtivas, e gera alguns dos principais produtos ligados a alimentação e fonte energética. O conceito de sincronização logística está atrelado ao balanceamento entre o fornecimento de um produto e a demanda do cliente, em que a quantidade de fornecimento deve estar adequada à demanda de clientes. Esse estudo trata-se de uma revisão sistemática da literatura e para seu desenvolvimento fez-se uso da metodologia preferred reporting items for systematic reviews and meta-analyses, foi realizado levantamento de período completo usando a seguinte estratégia de busca “sincronização de sistemas de produção logística do agronegócio sucroenergético” e “synchronization of systems of logistic production of the agribusiness". Os resultados destacaram que o conceito de sincronização logística no setor sucroenergético é utilizado com enfoque produtivo e aplicado principalmente a problemas nas fases dentro da fazenda e usina sob a ótica da produção. Não se identificaram estudos que consideraram a sincronização de processos logísticos-produtivos enquanto um fluxo orientado de coordenação e com atividades encadeadas ao longo da cadeia, as aplicações dos modelos estão associados fragmentos de processos produtivos e/ou logísticos