What Makes Asset Securitization Inefficient ?

Despite the damage caused by the recent Enron scandal , the asset securitization market has been vibrant and has become a popular financing alternative . A number of academics emphasize its merits and suggest that it is a more favorable way of financing, and Congress’s proposal to make sales of asset in securitization immune from characterization as secured transactions under the Bankruptcy Reform Act of 2001 (the “Reform Act”) almost materialized when the Enron scandal hit the scene. Conversely, there have been accusations that securitization is not a legitimate way of financing because, for example, it fosters fraudulent transactions. Why are there such divergent views? This divergence may derive from the all-encompassing definition of “securitization.” Securitization transactions, while possessing certain common characteristics, cover a wide variety of asset classes and structures , and confusion arises when addressing the subject without attention to nuances. This paper attempts to show that securitization is not necessarily “efficient” when the originator becomes financially distressed and the securitized asset was a type of asset the unsecured creditors do not expect to be subject to securitization

Advantage of a precurved fenestrated endograft for aortic arch disease: Simplified arch aneurysm treatment in Japan 2010 and 2011

ObjectiveWe evaluated the results of our previous study investigating a precurved fenestrated endograft treatment for thoracic aortic aneurysms and aortic dissection extended to the aortic arch.MethodsFrom February 2010 to December 2011 at 35 Japanese centers, 383 patients (mean age, 75.7 ± 9.4 years) who required stent-graft landing in the aortic arch were treated with a precurved fenestrated endograft. The device has 19 3-dimensional curved stent skeleton types similar to aortic arch configurations and 8 graft fenestration types and is 24 to 44 mm in diameter and 16 to 20 cm long. The endografts were fabricated according to preoperative 3-dimensional computed tomographic images.ResultsTechnical and initial successes were achieved in 380 and 364 cases, respectively. Device proximal end was at zones 0 to 2 in 363, 15, and 2 patients, respectively. Lesions' proximal end ranged from zone 0 to 3 in 16, 125, 195, and 44 patients, respectively. The mean operative and fluoroscopic times were 161 ± 76 and 26 ± 13 min, respectively. The complications included stroke (7 patients), permanent paralysis (3), and perioperative death (6). No branch occlusion or proximal migration of the device occurred during follow-up.ConclusionsA precurved fenestrated endograft for endovascular repair in aortic arch disease rendered catheter manipulation simple and minimized operative complication risks. Although most patients had inadequate proximal landing zone and severely angled complex configuration, low mortality and morbidity and satisfactory clinical success were early outcomes, suggesting that this simplified treatment may be effective for aortic arch disease

A Unified Model of Short and Long Gamma-Ray Bursts, X-Ray Rich Gamma-Ray Bursts, and X-Ray Flashes

We propose a possible unified model of short and long gamma-ray bursts (GRBs), X-ray rich GRBs, and X-ray flashes. The jet of a GRB is assumed to consist of multiple sub-jets or sub-shells (i.e., an inhomogeneous jet model). The multiplicity of the sub-jets along a line of sight n_s is an important parameter. If n_s is large (>> 1) the event looks like a long GRB, while if n_s=1, the event looks like a short GRB. Finally, when n_s=0, the event looks like an X-ray flash or an X-ray rich GRB. Furthermore, our model may also explain the bimodal distributions of T_{90} duration of BATSE-GRBs.Comment: 6 pages, 1 figure, submitted to Adv.Sp.Res (proc. of the 35th COSPAR scientific assembly, Paris, 18-25 July 2004

A Possible Origin of Bimodal Distribution of Gamma-Ray Bursts

We study the distribution of the durations of gamma-ray bursts (GRBs) in the unified model of short and long GRBs recently proposed by Yamazaki, Ioka, and Nakamura. Monte Carlo simulations show clear bimodal distributions, with lognormal-like shapes for both short and long GRBs, in a power-law as well as a Gaussian angular distribution of the subjets. We find that the bimodality comes from the existence of the discrete emission regions (subjets or patchy shells) in the GRB jet. To explain other temporal properties of short and long GRBs, the subjet parameters should depend on the angle in the whole jet.Comment: 5 pages, 8 figures, expanded discussion on the distribution of "on time" durations, references added, accepted for publication in Ap