CDO term structure modelling with Levy processes and the relation to market models

This paper considers the modelling of collateralized debt obligations (CDOs). We propose a top-down model via forward rates generalizing Filipovi\'c, Overbeck and Schmidt (2009) to the case where the forward rates are driven by a finite dimensional L\'evy process. The contribution of this work is twofold: we provide conditions for absence of arbitrage in this generalized framework. Furthermore, we study the relation to market models by embedding them in the forward rate framework in spirit of Brace, Gatarek and Musiela (1997).Comment: 16 page

Gould Belt Members in X-ray RAVE: Cross-Matching RAVE Stars with 3XMM Point Sources

In this paper the results of matching the RAdial Velocity Experiment (RAVE), a spectroscopic Southern hemisphere survey (9 $< I_{DENIS} <$ 12), and XMM-Newton Serendipitous Source Catalogue (3XMM) are presented. The latest data releases of RAVE and XMM were matched and a X-ray RAVE catalogue of 1071 stars was obtained. Then the catalogue was checked for possible Gould Belt (GB) members. We obtained a subsample of 10 stars that meet the GB membership criteria. This subsample and GB member candidates were tested photometrically and kinematically. Among the members there are two BY Dra type variables, an NGC2451 open cluster member, a high proper motion star. The rest are regular main sequence stars. The members have very low velocity dispersions which lead us to think that the members belong in a single structure. We also found out that a kinematical GB membership test might be possible to derive given a large enough GB member sample as they fit in a narrow interval in space velocity diagrams.Comment: Accepted by Astrophysics and Space Scienc

Injectable In Situ Forming Microparticles: A Novel Drug Delivery System

Pharmaceutical formulation research has recently been focusing on delivery systems which provide long therapeutic effects and reduced side effects, and involving simplified production stages and facilitated application process. In situ forming microparticle (ISM) systems, one of the latest approach in this field, offer a new encapsulation technique and meet the objectives stated above. Factors such as the carrier used to form the multiparticles, amount and type of drug and the vehicle type can be taken as the main performance criteria for these systems. Ongoing studies have shown that this new multiparticulate drug delivery system is suitable for achieving new implant delivery system with low risk of dose-dumping, capable of being modulated to exhibit varying release patterns, reproducible, easily applicable and welltolerated compared with classically surgical implants.Keywords: Injectable, In situ forming, Microparticle system, Controlled drug delivery

Alpha-induced reactions for the astrophysical p-process: the case of 151Eu

The cross sections of 151Eu(alpha,gamma)155Tb and 151Eu(alpha,n)154Tb reactions have been measured with the activation method. Some aspects of the measurement are presented here to illustrate the requirements of experimental techniques needed to obtain nuclear data for the astrophysical p-process nucleosynthesis. Preliminary cross section results are also presented and compared with the predictions of statistical model calculations.Comment: Accepted for publication in Journal of Physics Conference Series, proceeding of the Nuclear Physics in Astrophysics IV. conferenc

Morphology, histology and phylogeny of Henneguya sinova sp. nov. (Myxobolidae: Myxozoa) infecting gills of Parablennius tentacularis in the Black Sea, Turkey

Myxosporeans of the genus Henneguya have a global distribution and infect organs and tissues of both marine and freshwater fishes. Here we describe the morphological, histological and molecular characteristics of Henneguya sinova sp. nov. parasitizing the gill arches of tenta-cled blenny Parablennius tentacularis (Perciformes: Blenniidae) collected from the coast of Sinop on the Black Sea in Turkey. Several oval whitish plasmodia of different sizes in the gill arches of fish were found. The mature spores were rounded oval in frontal view, with a mean (range) total length 57.5 (51.5-68.0) µm; the spore body was 11.7 (11.3-12.0) µm in length by 7.6 (7.3-8.3) µm in width and 6.7 (6.6-6.8) µm in thickness. The caudal appendages, measuring 46.0 (40.0-55.0) µm in length, were very thin at the tapered end. The prevalence of infection by H. sinova sp. nov. was 35.5%. Phylogenetic analysis of nuclear small subunit ribosomal DNA (SSU rDNA) clearly suggested H. sinova as a new species which is clustered within the marine Henneguya lin­eage. Pairwise nucleotide similarities and DNA distance values of SSU rDNA between H. sinova sp. nov. and other related Henneguya species also supported this suggestion

Alpha-induced cross sections of 106Cd for the astrophysical p-process

The 106Cd(alpha,gamma)110Sn reaction cross section has been measured in the energy range of the Gamow window for the astrophysical p-process scenario. The cross sections for 106Cd(alpha,n)109Sn and for 106Cd(alpha,p)109In below the (alpha,n) threshold have also been determined. The results are compared with predictions of the statistical model code NON-SMOKER using different input parameters. The comparison shows that a discrepancy for 106Cd(alpha,gamma)110Sn when using the standard optical potentials can be removed with a different alpha+106Cd potential. Some astrophysical implications are discussed.Comment: 10 pages, 9 figures, accepted for publication in Phys. Rev

Measurements of Gd 152 (p,γ) Tb 153 and Gd 152 (p,n) Tb 152 reaction cross sections for the astrophysical γ process

The total cross sections for the Gd152(p,γ)Tb153 and Gd152(p,n)152Tb reactions have been measured by the activation method at effective center-of-mass energies 3.47≤Ec.m.eff≤7.94 MeV and 4.96≤Ec.m.eff≤7.94 MeV, respectively. The targets were prepared by evaporation of 30.6% isotopically enriched Gd152 oxide on aluminum backing foils, and bombarded with proton beams provided by a cyclotron accelerator. The cross sections were deduced from the observed γ-ray activity, which was detected off-line by an HPGe detector in a low background environment. The results are presented and compared with predictions of statistical model calculations. This comparison supports a modified optical proton+Gd152 potential suggested earlier.Peer reviewedFinal Accepted Versio

Estimation of some stand parameters using digital aerial photographs for conservation and service oriented forests

Forest inventory, which is the first step of forest management planning, is the most difficult stage that requires much time and a lot of efforts. To reduce fieldworks that are considered time consuming and expensive methods of ground measurements, remote sensing data are widely used. Aerial photographs have been an integral part of forest inventory data in Turkey since 1963. Panchromatic and RGBI (Red, Green, Blue, Infrared) aerial photographs acquired by digital aerial cameras proved to be very important in forest inventory. They have maintained their importance for forest management planning process. The aim of this study is to construct a fast and practical inventory model that requires least fieldwork for forest management planning process. Pixel values and vegetation indices (NDVI, DVI, IPVI, RVI and PCA), obtained from remote sensing data, and stand parameters (stand volume, volume increment and number of trees) have been compared statistically. Black pine Pinus nigra J. F. Arnold plantations located in the south-east region of Turkey, Çelikhan Forest Planning Unit, was chosen as a research area. 0.5 meter spacing and 8 bit radiometric resolution Ultracam-X Digital Aerial Photos were used as remote sensing data. According to statistical analysis, IPVI and Green Band values provided the highest evaluation coefficient compared to the models developed for the estimation of stand parameters. Adjusted R square of stand volume, volume increment and the number of tree in the models were found to yield 0.74, 0.73 and 0.50 respectively. It was concluded that stand characteristics estimated by statistical models can be used for forest areas managed for conservation and service purposes

Seed-derived microbial colonization of Wild Emmer and domesticated bread wheat (Triticum dicoccoides and T. aestivum) seedlings shows pronounced differences in overall diversity and composition

The composition of the plant microbiota may be altered by ecological and evolutionary changes in the host population. Seed-associated microbiota, expected to be largely vertically transferred, have the potential to coadapt with their host over generations. Strong directional selection and changes in the genetic composition of plants during domestication and cultivation may have impacted the assembly and transmission of seed-associated microbiota. Nonetheless, the effect of plant speciation and domestication on the composition of these microbes is poorly understood. Here, we have investigated the composition of bacteria and fungi associated with the wild emmer wheat (Triticum dicoccoides) and domesticated bread wheat (Triticum aestivum). We show that vertically transmitted bacteria, but not fungi, of domesticated bread wheat species T. aestivum are less diverse and more inconsistent among individual plants compared to those of the wild emmer wheat species T. dicoccoides. We propagated wheat seeds under sterile conditions to characterize the colonization of seedlings by seed-associated microbes. Hereby, we show markedly different community compositions and diversities of leaf and root colonizers of the domesticated bread wheat compared to the wild emmer wheat. By propagating the wild emmer wheat and domesticated bread wheat in two different soils, we furthermore reveal a small effect of plant genotype on microbiota assembly. Our results suggest that domestication and prolonged breeding have impacted the vertically transferred bacteria, but only to a lesser extent have affected the soil-derived microbiota of bread wheat.IMPORTANCE Genetic and physiological changes associated with plant domestication have been studied for many crop species. Still little is known about the impact of domestication on the plant-associated microbiota. In this study, we analyze the seed-associated and soil-derived bacterial and fungal microbiota of domesticated bread wheat and wild emmer wheat. We show a significant difference in the seed-associated, but not soil-derived, bacterial communities of the wheat species. Interestingly, we find less pronounced effects on the fungal communities. Overall, this study provides novel insight into the diversity of vertically transmitted microbiota of wheat and thereby contributes to our understanding of wheat as a “}metaorganism.{” Insight into the wheat microbiota is of fundamental importance for the development of improved crops