Divergence in credit ratings

During the recent credit crisis credit rating agencies (CRAs) became increas- ingly lax in their rating of structured products, yet increasingly stringent in their rating of corporate bonds. We examine a model in which a CRA operates in both the market for structured products and for corporate debt, and shares a common reputation across the two markets. We find that, as a CRA s reputation becomes good enough, it can be optimal for it to infl ate its ratings with probability one in the structured products market, but in flate its ratings with a probability zero in the corporate bond market

Saddle-point entropy states of equilibrated self-gravitating systems

In this Letter, we investigate the stability of the statistical equilibrium of spherically symmetric collisionless self-gravitating systems. By calculating the second variation of the entropy, we find that perturbations of the relevant physical quantities should be classified as long- and short-range perturbations, which correspond to the long- and short-range relaxation mechanisms, respectively. We show that the statistical equilibrium states of self-gravitating systems are neither maximum nor minimum, but complex saddle-point entropy states, and hence differ greatly from the case of ideal gas. Violent relaxation should be divided into two phases. The first phase is the entropy-production phase, while the second phase is the entropy-decreasing phase. We speculate that the second-phase violent relaxation may just be the long-wave Landau damping, which would work together with short-range relaxations to keep the system equilibrated around the saddle-point entropy states.Comment: 5 pages, 1 figure, MNRAS Letter, in the pres

RESEARCH SPILLOVERS AND RETURNS TO WHEAT RESEARCH INVESTMENT

This study evaluates the rates of return to US wheat research investment, focusing on research spillovers. Results show that research spillovers exist among various classes of wheat. Due to the spillover effects, social rates of return to research investment are substantially higher than the corresponding private rates of return.Research and Development/Tech Change/Emerging Technologies,

Identification of the growth arrest and DNA damage protein GADD34 in the normal human heart and demonstration of alterations in expression following myocardial ischaemia

Growth arrest and DNA damage protein 34 (GADD34) is a multifunctional protein upregulated in response to cellular stress and is believed to mediate DNA repair and restore protein synthesis. In the present study we have examined GADD34 immunoreactivity in human myocardial tissue at defined survival times following cardiac arrest and determined alterations in expression following ischaemia. In the normal human heart, GADD34 immunoreactivity was generally intense and present within most cells. GADD34 immunoreactivity was downregulated in tissue displaying ischaemic damage and remained intense in adjacent non-infarcted tissue. Unlike brain, GADD34 was not found to be upregulated in the peri-infarct zone. Cells displaying apoptotic changes were located in regions displaying reduced GADD34 immunoreactivity. In the brain, it is thought that GADD34 supports re-initiation of protein synthesis following ischaemia. Similarly, GADD34 may perform important functions in cardiac tissue in response to ischaemia

A statistical-mechanical explanation of dark matter halo properties

Cosmological N-body simulations have revealed many empirical relationships of dark matter halos, yet the physical origin of these halo properties still remains unclear. On the other hand, the attempts to establish the statistical mechanics for self-gravitating systems have encountered many formal difficulties, and little progress has been made for about fifty years. The aim of this work is to strengthen the validity of the statistical-mechanical approach we have proposed previously to explain the dark matter halo properties. By introducing an effective pressure instead of the radial pressure to construct the specific entropy, we use the entropy principle and proceed in a similar way as previously to obtain an entropy stationary equation. An equation of state for equilibrated dark halos is derived from this entropy stationary equation, by which the dark halo density profiles with finite mass can be obtained. We also derive the anisotropy parameter and pseudo-phase-space density profile. All these predictions agree well with numerical simulations in the outer regions of dark halos. Our work provides further support to the idea that statistical mechanics for self-gravitating systems is a viable tool for investigation.Comment: 5 pages, 4 figures, Accepted by A&

The Application of Human-Centric Lighting in Response to Working from Home Post-COVID-19

COVID-19 has caused a considerable proportion of the public to work from home, either part- or full-time, in unregulated domestic conditions, which have not been designed for commercial activities. This study determined what existing lighting conditions were present in a selection of work-from-home (WFH) environments (Objective One) through quantitative lux level and equivalent melanopic lux (EML) readings by evaluating them against regulatory standards, where further study is required to validate the results with a larger dataset. This study also investigated the social demand for human-centric lighting (HCL) installations within WFH environments (Objective Two) through qualitative questionnaires by considering key parameters: sustainability, practicality, and cost. The results of Objective One showed that compliance with general safety lighting requirements was achieved by 80% of the installations. The mean lux level recorded was 452.4 lux and 0.729 uniformity, which fell below commercial requirements defined for commonly performed WFH activities; 34.3% of recorded EML dropped below the regulatory requirements under daylight conditions. When isolated to artificial lighting, only 7.5% of the required EML was achieved. The results of Objective Two showed that generally participants did not feel that their WFH installations were unsuitably lit, however, 46.2% of participants identified noticeable headaches or eye strain when working from home. A total of 80% of participants highlighted that HCL task lighting would be preferable. It was also found that participants were willing to invest in circadian lighting for health, where 63.2% of them would not accept a reduction in efficiency of over 10% compared to non HCL. Wellbeing was found to be participants’ key preference for their lighting systems, followed by efficiency, home impact, and cost

Methionine Adenosyltransferase 1a (MAT1A) Enhances Cell Survival During Chemotherapy Treatment and is Associated with Drug Resistance in Bladder Cancer PDX Mice.

Bladder cancer is among the top ten most common cancers, with about ~380,000 new cases and ~150,000 deaths per year worldwide. Tumor relapse following chemotherapy treatment has long been a significant challenge towards completely curing cancer. We have utilized a patient-derived bladder cancer xenograft (PDX) platform to characterize molecular mechanisms that contribute to relapse following drug treatment in advanced bladder cancer. Transcriptomic profiling of bladder cancer xenograft tumors by RNA-sequencing analysis, before and after relapse, following a 21-day cisplatin/gemcitabine drug treatment regimen identified methionine adenosyltransferase 1a (MAT1A) as one of the significantly upregulated genes following drug treatment. Survey of patient tumor sections confirmed elevated levels of MAT1A in individuals who received chemotherapy. Overexpression of MAT1A in 5637 bladder cancer cells increased tolerance to gemcitabine and stalled cell proliferation rates, suggesting MAT1A upregulation as a potential mechanism by which bladder cancer cells persist in a quiescent state to evade chemotherapy

A near Fourier-transform limited optical parametric oscillator/amplifier system as a pulsed source for high resolution spectroscopy

© Copyright 2005 IEEE. Personal use of this material is permitted. However, permission to reprint/republish this material for advertising or promotional purposes or for creating new collective works for resale or redistribution to servers or lists, or to reuse any copyrighted component of this work in other works must be obtained from the IEEE. This material is presented to ensure timely dissemination of scholarly and technical work. Copyright and all rights therein are retained by authors or by other copyright holders. All persons copying this information are expected to adhere to the terms and constraints invoked by each author's copyright. In most cases, these works may not be reposted without the explicit permission of the copyright holder.We use optical heterodyne and nonlinear-optical spectroscopic techniques to measure the near Fourier-transform limited output from a narrowband tunable injection-seeded, pulsed optical parametric oscillator/amplifier system that has a controllable frequency chirp of <10 MHzK.G.H. Baldwin, M. Kono, Y. He, R. T. White, B. J. Or

First-principles calculations and experimental studies of: XYZ 2 thermoelectric compounds: Detailed analysis of van der Waals interactions

First-principles calculations can accelerate the search for novel high-performance thermoelectric materials. However, the prediction of the thermoelectric properties is strongly dependent on the approximations used for the calculations. Here, thermoelectric properties were calculated with different computational approximations (i.e., PBE-GGA, HSE06, spin-orbit coupling and DFT-D3) for three layered XYZ2 compounds (TmAgTe2, YAgTe2, and YCuTe2). In addition to the computations, the structural, electrical and thermal properties of these compounds were measured experimentally and compared to the computations. An enhanced prediction of the crystal structure and heat capacity was achieved with the inclusion of van der Waals interactions due to more accurate modeling of the interatomic forces. In particular, a large shift of the acoustic phonons and low-frequency optical phonons to lower frequencies was observed from the dispersion-optimized structure. From the phonon dispersion curves of these compounds, the ultralow thermal conductivity in the investigated XYZ2 compounds could be described by a recent developed minimum thermal conductivity model. For the prediction of the electrical conductivity, a temperature-dependent relaxation time was used, and it was limited by acoustic phonons. While HSE06 has only a small influence on the electrical properties due to a computed band gap energy of &gt;0.25 eV, the inclusion of both van der Waals interactions and spin-orbit coupling leads to a more accurate band structure, resulting in better prediction of electrical properties. Furthermore, the experimental thermoelectric properties of YAgTe2, TmAg0.95Zn0.05Te2 and TmAg0.95Mg0.05Te2 were measured, showing an increase in zT of TmAg0.95Zn0.05Te2 by more than 35% (zT = 0.47 ± 0.12) compared to TmAgTe2