Sovereign debt restructuring : the judge, the vultures and creditor rights

What role did the US courts play in the Argentine debt swap of 2005? What implications does this have for the future of creditor rights in sovereign bond markets? The judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity – between holdouts seeking capital gains and institutional investors wanting a settlement – to promote a swap with a supermajority of creditors. Our analysis of Argentine debt litigation reveals a ‘judge-mediated’ sovereign debt restructuring, which resolves the key issues of Transition and Aggregation - two of the tasks envisaged for the IMF’s still-born Sovereign Debt Restructuring Mechanism. For the future, we discuss how judge-mediated sovereign debt restructuring (together with creditor committees) could complement the alternative promoted by the US Treasury, namely collective action clauses in sovereign bond contracts

Breakpoints in ventilation, cerebral and muscle oxygenation, and muscle activity during an incremental cycling exercise.

The aim of this study was to locate the breakpoints of cerebral and muscle oxygenation and muscle electrical activity during a ramp exercise in reference to the first and second ventilatory thresholds. Twenty-five cyclists completed a maximal ramp test on an electromagnetically braked cycle-ergometer with a rate of increment of 25 W/min. Expired gazes (breath-by-breath), prefrontal cortex and vastus lateralis (VL) oxygenation [Near-infrared spectroscopy (NIRS)] together with electromyographic (EMG) Root Mean Square (RMS) activity for the VL, rectus femoris (RF), and biceps femoris (BF) muscles were continuously assessed. There was a non-linear increase in both cerebral deoxyhemoglobin (at 56 ± 13% of the exercise) and oxyhemoglobin (56 ± 8% of exercise) concomitantly to the first ventilatory threshold (57 ± 6% of exercise, p > 0.86, Cohen's d < 0.1). Cerebral deoxyhemoglobin further increased (87 ± 10% of exercise) while oxyhemoglobin reached a plateau/decreased (86 ± 8% of exercise) after the second ventilatory threshold (81 ± 6% of exercise, p < 0.05, d > 0.8). We identified one threshold only for muscle parameters with a non-linear decrease in muscle oxyhemoglobin (78 ± 9% of exercise), attenuation in muscle deoxyhemoglobin (80 ± 8% of exercise), and increase in EMG activity of VL (89 ± 5% of exercise), RF (82 ± 14% of exercise), and BF (85 ± 9% of exercise). The thresholds in BF and VL EMG activity occurred after the second ventilatory threshold (p < 0.05, d > 0.6). Our results suggest that the metabolic and ventilatory events characterizing this latter cardiopulmonary threshold may affect both cerebral and muscle oxygenation levels, and in turn, muscle recruitment responses

Examining the Personal and Institutional Determinants of Research Productivity in Hospitality and Tourism Management

The transition toward a post-capitalist knowledge-oriented economy has resulted in an increasingly competitive academic environment, where the success of faculty is dependent on their research productivity. This study examines the personal and institutional determinants of the quantity and quality of the research productivity of hospitality and tourism management faculty in US institutions. A survey of 98 faculty found that a different set of determinants impact the quantity and quality aspects of research productivity. Also, institutional determinants were found to play a larger role, indicating the need for administrators to strive for a culture that is supportive of and an infrastructure that is conducive to their faculty’s research success. The authors use the field of hospitality and tourism management as a case study to develop a holistic and cohesive framework for knowledge worker productivity that can guide the evaluation, hiring, and development of researchers

Raman Spectroscopy Characterization of Aqueous Vanadate Species Interaction with Aluminum Alloy 2024-T3 Surfaces

Raman spectroscopy and electrochemical techniques were used to characterize the interactions of aqueous NaVO_3/NaCl and NH_4VO_3/oxalic acid with AA 2024-T3. The interaction of aqueous NaVO_3 with Cu^0 and Cu_2O was characterized. At potential values similar to the OCP of AA 2024-T3 in dilute NaCl, aqueous NaVO_3 formed a polyvanadate film on Cu_2O and formed little or no vanadate film on Cu^0. Treatment of AA 2024-T3 with basic, aqueous NaVO_3/NaCl resulted in a polyvanadate film on copper-rich intermetallic particles and the formation of monovanadates on the matrix. Treatment of AA 2024-T3 with acidic, aqueous NH_4VO_3/oxalic resulted in the formation of monovanadates on the matrix and provided no evidence of vanadate species on copper-rich particles. AA 2024-T3 samples pretreated with either aqueous vanadate salt solution displayed modest cathodic inhibition soon after treatment but inhibition degraded with aging. The formation of polymerized vanadates species on copper-rich particles supports the cathodic inhibition mechanism. The presence of vanadate species on copper-rich particles pretreated with aqueous NaVO_3/NaCl containing predominantly tetrahedral vanadates versus the lack of evidence for similar species on particles treated with aqueous NH_4VO_3/oxalic acid containing predominantly octahedral vanadates supports the importance of tetrahedrally coordinated vanadate species for corrosion inhibition

NIRS Measurements with Elite Speed Skaters: Comparison Between the Ice Rink and the Laboratory

Wearable, wireless near-infrared (NIR) spectrometers were used to compare changes in on-ice short-track skating race simulations over 1,500 m with a 3-min cycle ergometry test at constant power output (400 W). The subjects were six male elite short-track speed skaters. Both protocols elicited a rapid desaturation (∆TSI%) in the muscle during early stages (initial 20 s); however, asymmetry between right and left legs was seen in ΔTSI% for the skating protocol, but not for cycling. Individual differences between skaters were present in both protocols. Notably, one individual who showed a relatively small TSI% change (-10.7%, group mean = -26.1%) showed a similarly small change during the cycling protocol (-5.8%, group mean = -14.3%). We conclude that NIRS-detected leg asymmetry is due to the specific demands of short-track speed skating. However, heterogeneity between individuals is not specific to the mode of exercise. Whether this is a result of genuine differences in physiology or a reflection of differences in the optical properties of the leg remains to be determined

Dehydration-Induced Loss of Corrosion Protection Properties in Chromate Conversion Coatings on Aluminum Alloy 2024-T3

It is well known that chromate conversion coatings (CCCs) exhibit a prompt loss in corrosion resistance when exposed to moderately elevated temperatures (60-100°C). They also suffer a gradual loss in corrosion resistance due to ambient temperature exposure. To better understand the origins of losses in corrosion resistance, CCCs were formed on 99.99% Al, 1100 Al [Al-1.0(Fe, Si, Cu)], and 2024-T3 (Al-4.4Cu-1.5Mg-0.6Mn), exposed to elevated and ambient temperature exposures for various lengths of time, and characterized using several different methods. The Cr(VI):total Cr ratio in CCCs was estimated by analysis of data derived from X-ray absorption spectroscopy. Corrosion resistance was measured by electrochemical impedance spectroscopy. The evolution of shrinkage cracking was examined by environmental scanning electron microscopy. Cr(VI) leaching experiments were also carried out to characterize the effect of thermal exposure on Cr(VI) release. Thermal analysis and X-ray diffraction were conducted to characterize the temperature-dependent changes in CCCs. Results show that CCCs degrade in several distinct steps over the temperature range of 20 to 500°C. Our findings support the longstanding notion that dehydration is the root cause for losses in corrosion resistance due to aging at ambient and low temperatures (<150°C). Extended X-ray fine structure measurements indicate a shortening in Cr(III)-Cr(III) nearest neighbor distances upon dehydration. This is interpreted as a consolidation in the Cr(OH)_3 backbone of the CCC which leads to shrinkage cracking and immobilization of Cr(VI). This finding is important because it links older observations of the effects of aging and heating on CCCs to newer interpretations of CCC formation based on inorganic polymerization. Overall, these results reveal CCCs to be highly dynamic coatings with corrosion resistance properties that vary considerably in both the short term and long term

Corrosion Inhibition of Aluminum Alloy 2024-T3 by Aqueous Vanadium Species

Nuclear magnetic resonance (NMR) measurements were made on aqueous vanadate solutions to characterize speciation as a function of pH and vanadate concentration. Additionally, potentiodynamic polarization measurements were carried out on Al alloy 2024-T3 in 50 mM NaCl solutions in which pH and vanadate concentration were systematically varied. Results showed that inhibition by vanadates occurred mainly in alkaline solutions where tetrahedrally coordinated vanadates, metavanadate and pyrovanadate, were abundant. Inhibition was not observed in solutions where octahedrally coordinated decavanadates predominated. Anodic inhibition, in the form of increased pitting potential, was observed in both aerated and deaerated solutions. In contrast, cathodic inhibition was observed only in aerated solutions acting primarily through the suppression of oxygen reduction. Energy-dispersive spectroscopy, used to collect chemical maps from aluminum coupons exposed to vanadate solutions, showed the suppression of Al_2CuMg particle dissolution compared to vanadate-free solutions. NMR measurements were also used to track changes in vanadate speciation with time, pH adjustment, and with exposure to metallic aluminum surfaces. NMR showed noninhibiting octahedrally coordinated decavanadates rapidly decompose into inhibiting tetrahedrally coordinated metavanadates and pyrovanadates after alkaline pH adjustment. While decomposition begins immediately upon pH adjustment, equilibrium may not be reached even after significant time periods

Formation of Chromate Conversion Coatings on Aluminum and Its Alloys

In situ X-ray adsorption near-edge structure (XANES) has been used to investigate the formation of chromate conversion coatings on pure Al, commercial Al alloys (AA 1100, AA2024, and AA7075), and a series of binary Al–Cu alloys. The method employed cells designed to determine the growth of the total chromium [Cr(total)] and hexavalent chromate [Cr(VI)] in the chromate conversion coating (CCC) as a function of exposure time to a chromate solution. Three sets of data were obtained, where (i) the Al was exposed to only a limited amount of solution; (ii) the chromate solution was excluded after short periods of repeated exposures to the solution; and (iii) the Al was exposed continuously to the chromate solution. All the results showed a very rapid initial growth within the first seconds, followed by a continued increase in thickness for exposures up to 1 h. Measurements with Al–Cu binary alloys demonstrated that the difference observed in AA2024 and AA1100 may not be due to Cu alloying. The proportion of Cr(VI) in the coatings becomes approximately constant after 180 s of exposure for all the specimens examined, even though the coatings continued to grow

Eosinophils and tissue remodeling: relevance to airway disease

The ability of human tissue to reorganize and restore its existing structure underlies tissue homeostasis in the healthy airways, but in disease can persist without normal resolution, leading to an altered airway structure. Eosinophils play a cardinal role in airway remodeling both in health and disease, driving epithelial homeostasis and extracellular matrix turnover. Physiological consequences associated with eosinophil-driven remodeling include impaired lung function and reduced bronchodilator reversibility in asthma, and obstructed airflow in chronic rhinosinusitis with nasal polyps (CRSwNP). Given the contribution of airway remodeling to the development and persistence of symptoms in airways disease, targeting remodeling is an important therapeutic consideration. Indeed, there is early evidence that eosinophil attenuation may reduce remodeling and disease progression in asthma. This review provides an overview of tissue remodeling in both health and airway disease with a particular focus on eosinophilic asthma and CRSwNP, as well as the role of eosinophils in these processes and the implications for therapeutic interventions. Areas for future research are also noted, to help improve our understanding of the homeostatic and pathological roles of eosinophils in tissue remodeling, which should aid the development of targeted and effective treatments for eosinophilic diseases of the airways