Two-factor capital structure models for equity and credit

We extend the now classic structural credit modeling approach of Black and Cox to a class of "two-factor" models that unify equity securities such as options written on the stock price, and credit products like bonds and credit default swaps. In our approach, the two sides of the stylized balance sheet of a firm, namely the asset value and debt value, are assumed to follow a two dimensional Markov process. Amongst models of this type we find examples that lead to derivative pricing formulas that are capable of reproducing the main features of well known equity models such as the variance gamma model, and at the same time reproducing the stylized facts about default stemming from structural models of credit risk. Moreover, in contrast to one-factor structural models, these models allow for much more flexible dependence between equity and credit markets. Two main technical obstacles to efficient implementation of these pricing formulas are overcome in our paper. The first obstacle stems from the barrier condition implied by the non-default of the firm, and is overcome by the idea of time-changing Brownian motion in a way that preserves the reflection principle for Brownian motion. The second obstacle is the difficulty of computing spread options: this is overcome by using results in recent papers that make efficient use of the two dimensional Fast Fourier Transform.Comment: 26 pages, 9 figures, 2 table

Legitimacy in conflict: concepts, practices, challenges

The study of legitimacy in situations of conflict and peacebuilding has increased in recent years. However, current work on the topic adopts many assumptions, definitions, and understandings from classical legitimacy theory, which centers on the relationship between the nation-state and its citizens. In this introduction, we provide a detailed critical overview of current theories of legitimacy and legitimation and demonstrate why they have only limited applicability in conflict and post-conflict contexts, focusing on the three main areas that the articles included in this special issue examine: audiences for legitimacy, sources of legitimacy, and legitimation. In particular, we show how conflict and post-conflict contexts are marked by the fragmentation and personalization of power; the proliferation and fragmentation of legitimacy audiences; and ambiguity surrounding legitimation strategies

Primeros registros para Colombia de cuatro taxones de la familia tyrannidae (aves: passeriformes)

En esta comunicación presentamos datos sobre cuatro taxones de la familia Tyrannidae que representan registros nuevos para el territorio colombiano, todos respaldados con especímenes en la colección del Instituto de Ciencias Naturales (ICN). La mayoría de los registros son del campo petrolero de Caño Limón, a unos 55 km al occidente de la ciudad de Arauca, en la parte septentrional del Departamento de Arauca. Las características de este sitio y datos generales de su avifauna fueron presentados por McN ish and amp; Stiles (1992), Yun análisis detallado de la ecología y afinidades biogeográficas de esta avifauna fue realizado por Rojas and amp; Piragua (1992)

Identification of S-nitrosated mitochondrial proteins by S-nitrosothiol difference in gel electrophoresis (SNO-DIGE): implications for the regulation of mitochondrial function by reversible S-nitrosation

The S-nitrosation of mitochondrial proteins as a consequence of NO metabolism is of physiological and pathological significance. We previously developed a MitoSNO (mitochondria-targeted S-nitrosothiol) that selectively S-nitrosates mitochondrial proteins. To identify these S-nitrosated proteins, here we have developed a selective proteomic methodology, SNO-DIGE (S-nitrosothiol difference in gel electrophoresis). Protein thiols in control and MitoSNO-treated samples were blocked, then incubated with copper(II) and ascorbate to selectively reduce S-nitrosothiols. The samples were then treated with thiol-reactive Cy3 (indocarbocyanine) or Cy5 (indodicarbocyanine) fluorescent tags, mixed together and individual protein spots were resolved by 2D (two-dimensional) gel electrophoresis. Fluorescent scanning of these gels revealed S-nitrosated proteins by an increase in Cy5 red fluorescence, allowing for their identification by MS. Parallel analysis by Redox-DIGE enabled us to distinguish S-nitrosated thiol proteins from those which became oxidized due to NO metabolism. We identified 13 S-nitrosated mitochondrial proteins, and a further four that were oxidized, probably due to evanescent S-nitrosation relaxing to a reversible thiol modification. We investigated the consequences of S-nitrosation for three of the enzymes identified using SNO-DIGE (aconitase, mitochondrial aldehyde dehydrogenase and α-ketoglutarate dehydrogenase) and found that their activity was selectively and reversibly inhibited by S-nitrosation. We conclude that the reversible regulation of enzyme activity by S-nitrosation modifies enzymes central to mitochondrial metabolism, whereas identification and functional characterization of these novel targets provides mechanistic insight into the potential physiological and pathological roles played by this modification. More generally, the development of SNO-DIGE facilitates robust investigation of protein S-nitrosation across the proteome

New and noteworthy bird records from the east slope of the andes of colombia

We present significant new information on the distribution and status of 138 speciesof birds from the Andean East Slope of Colombia, based upon fieldwork between1990 and 2000 at 28 sites from central Dpto. Boyacá south to the Ecuador border.The first Colombian specimens of two species (Campylopterus villaviscensio, NapoSabrewing; Myrmotherula spodionota, Foothill Antwren) are reported. Three othertaxa (Ocreatus underwoodii addae, Piculus leucolaemus leucolaemus andMyiophobus p. phoenicomitra), the first two sometimes considered species distinctfrom known Colombian forms, represent first reports from Colombia based uponsightings or photographs; we add several more sightings of two species (Pipreolachlorolepidota, Iridisornis analis) previously known from single sight records. Inall, we report 35 species from the Andean East Slope of Colombia for the first time,southward range extensions on this slope for 47 species, northward extensions for21, upward or downward altitudinal extensions for 19, filling in of major discontinuitiesin distribution for 22; for ten of the latter, known from very few reports, new informationindicates a continuous distribution and far greater abundance than previouslysupposed. Range extensions and previously undiscovered populations of severalrestricted-range, Vulnerable, Near-threatened and Threatened species help toemphasize the importance of implementing conservation measures in the face of the increasing colonization pressures and insecurity. Based on our observations, wepresent several recommendations for setting conservation priorities in this rich butstill relatively poorly known region

The measurement of household consumption expenditures

Household-level data on consumer expenditures underpin a wide range of empirical research in modern economics, spanning micro-and macroeconomics. This research includes work on consumption and saving, on poverty and inequality, and on risk sharing and insurance. We review different ways in which such data can be collected or captured: traditional detailed budget surveys, less onerous survey procedures that might be included in more general surveys, and administrative or process data. We discuss the advantages and difficulties of each approach and suggest directions for future investigation. © 2014 by Annual Reviews. All rights reserved

Thermal behaviour of Anopheles stephensi in response to infection with malaria and fungal entomopathogens

<p>Abstract</p> <p>Background</p> <p>Temperature is a critical determinant of the development of malaria parasites in mosquitoes, and hence the geographic distribution of malaria risk, but little is known about the thermal preferences of <it>Anopheles</it>. A number of other insects modify their thermal behaviour in response to infection. These alterations can be beneficial for the insect or for the infectious agent. Given current interest in developing fungal biopesticides for control of mosquitoes, <it>Anopheles stephensi </it>were examined to test whether mosquitoes showed thermally-mediated behaviour in response to infection with fungal entomopathogens and the rodent malaria, <it>Plasmodium yoelii</it>.</p> <p>Methods</p> <p>Over two experiments, groups of <it>An. stephensi </it>were infected with one of three entomopathogenic fungi, and/or <it>P. yoelii</it>. Infected and uninfected mosquitoes were released on to a thermal gradient (14 – 38°C) for "snapshot" assessments of thermal preference during the first five days post-infection. Mosquito survival was monitored for eight days and, where appropriate, oocyst prevalence and intensity was assessed.</p> <p>Results and conclusion</p> <p>Both infected and uninfected <it>An. stephensi </it>showed a non-random distribution on the gradient, indicating some capacity to behaviourally thermoregulate. However, chosen resting temperatures were not altered by any of the infections. There is thus no evidence that thermally-mediated behaviours play a role in determining malaria prevalence or that they will influence the performance of fungal biopesticides against adult <it>Anopheles</it>.</p

Differential Responses of Calcifying and Non-Calcifying Epibionts of a Brown Macroalga to Present-Day and Future Upwelling pCO2

Seaweeds are key species of the Baltic Sea benthic ecosystems. They are the substratum of numerous fouling epibionts like bryozoans and tubeworms. Several of these epibionts bear calcified structures and could be impacted by the high pCO2 events of the late summer upwellings in the Baltic nearshores. Those events are expected to increase in strength and duration with global change and ocean acidification. If calcifying epibionts are impacted by transient acidification as driven by upwelling events, their increasing prevalence could cause a shift of the fouling communities toward fleshy species. The aim of the present study was to test the sensitivity of selected seaweed macrofoulers to transient elevation of pCO2 in their natural microenvironment, i.e. the boundary layer covering the thallus surface of brown seaweeds. Fragments of the macroalga Fucus serratus bearing an epibiotic community composed of the calcifiers Spirorbis spirorbis (Annelida) and Electra pilosa (Bryozoa) and the non-calcifier Alcyonidium hirsutum (Bryozoa) were maintained for 30 days under three pCO2 conditions: natural 460±59 µatm, present-day upwelling1193±166 µatm and future upwelling 3150±446 µatm. Only the highest pCO2 caused a significant reduction of growth rates and settlement of S. spirorbis individuals. Additionally, S. spirorbis settled juveniles exhibited enhanced calcification of 40% during daylight hours compared to dark hours, possibly reflecting a day-night alternation of an acidification-modulating effect by algal photosynthesis as opposed to an acidification-enhancing effect of algal respiration. E. pilosa colonies showed significantly increased growth rates at intermediate pCO2 (1193 µatm) but no response to higher pCO2. No effect of acidification on A. hirsutum colonies growth rates was observed. The results suggest a remarkable resistance of the algal macro-epibionts to levels of acidification occurring at present day upwellings in the Baltic. Only extreme future upwelling conditions impacted the tubeworm S. spirorbis, but not the bryozoans