Energy project financing in the GCC region: an empirical investigation

This paper analyzes the capital structure of energy infrastructure projects in the Gulf Cooperation Council region, where energy projects form the bulk of the deal-making backload. The econometric estimation of 108 energy project finance for the period 2005–2014 valued at 258 bn USD sheds the light on the success factors for such projects in the region, confirming the relevant relationships among project size, owner concentration and debt duration. The analysis illustrates the roles that debt, equity, interest rate, and the economic crisis play in the financial structuring of infrastructure projects in rapidly growing emerging markets. First, it confirms that longer debt duration is correlated with higher debt ratio. Second, it shows that larger project size is correlated with lower debt ownership concentration. Third, the financial crisis had a different effect on debt ratio and debt duration. Fourth, project size and interest rate are negatively correlated, although regional specific patterns would emerge when comparing the effects of the 2008 financial crisis on interest rates. These findings have several multi-level implications for regulators, debt issuers and investors. For regulators, findings amplify the way in which to improve debt issuance in GCC countries. For issuers, findings suggest that they should be more concerned about the bonds' security and seniority as the firm-specific characteristics, such as size and debt and equity concentration of finance project, affect the capital structure. For investors, the study offers an analytical framework to investigate bonds' structure before investing

Testing the Hypothesis of Fire Use for Ecosystem Management by Neanderthal and Upper Palaeolithic Modern Human Populations

BACKGROUND: It has been proposed that a greater control and more extensive use of fire was one of the behavioral innovations that emerged in Africa among early Modern Humans, favouring their spread throughout the world and determining their eventual evolutionary success. We would expect, if extensive fire use for ecosystem management were a component of the modern human technical and cognitive package, as suggested for Australia, to find major disturbances in the natural biomass burning variability associated with the colonisation of Europe by Modern Humans. METHODOLOGY/PRINCIPAL FINDINGS: Analyses of microcharcoal preserved in two deep-sea cores located off Iberia and France were used to reconstruct changes in biomass burning between 70 and 10 kyr cal BP. Results indicate that fire regime follows the Dansgaard-Oeschger climatic variability and its impacts on fuel load. No major disturbance in natural fire regime variability is observed at the time of the arrival of Modern Humans in Europe or during the remainder of the Upper Palaeolithic (40-10 kyr cal BP). CONCLUSIONS/SIGNIFICANCE: Results indicate that either Neanderthals and Modern humans did not influence fire regime or that, if they did, their respective influence was comparable at a regional scale, and not as pronounced as that observed in the biomass burning history of Southeast Asia

Two-dimensional topological quantum walks in the momentum space of structured light

Quantum walks are powerful tools for quantum applications and for designing topological systems. Although they are simulated in a variety of platforms, genuine two-dimensional realizations are still challenging. Here we present an innovative approach to the photonic simulation of a quantum walk in two dimensions, where walker positions are encoded in the transverse wavevector components of a single light beam. The desired dynamics is obtained by means of a sequence of liquid-crystal devices, which apply polarization-dependent transverse "kicks" to the photons in the beam. We engineer our quantum walk so that it realizes a periodically-driven Chern insulator, and we probe its topological features by detecting the anomalous displacement of the photonic wavepacket under the effect of a constant force. Our compact, versatile platform offers exciting prospects for the photonic simulation of two-dimensional quantum dynamics and topological systems.Comment: Published version of the manuscrip

Topological features of vector vortex beams perturbed with uniformly polarized light

Optical singularities manifesting at the center of vector vortex beams are unstable, since their topological charge is higher than the lowest value permitted by Maxwell’s equations. Inspired by conceptually similar phenomena occurring in the polarization pattern characterizing the skylight, we show how perturbations that break the symmetry of radially symmetric vector beams lead to the formation of a pair of fundamental and stable singularities, i.e. points of circular polarization. We prepare a superposition of a radial (or azimuthal) vector beam and a uniformly linearly polarized Gaussian beam; by varying the amplitudes of the two elds, we control the formation of pairs of these singular points and their spatial separation. We complete this study by applying the same analysis to vector vortex beams with higher topological charges, and by investigating the features that arise when increasing the intensity of the Gaussian term. Our results can nd application in the context of singularimetry, where weak elds are measured by considering them as perturbations of unstable optical beams

Interaction between Alzheimer's Aβ(25–35) peptide and phospholipid bilayers: The role of cholesterol

AbstractThere is mounting evidence that the lipid matrix of neuronal cell membranes plays an important role in the accumulation of β-amyloid peptides into senile plaques, one of the hallmarks of Alzheimer's disease (AD). With the aim to clarify the molecular basis of the interaction between amyloid peptides and cellular membranes, we investigated the interaction between a cytotoxic fragment of Aβ(1–42), i.e., Aβ(25–35), and phospholipid bilayer membranes. These systems were studied by Electron Paramagnetic Resonance (EPR) spectroscopy, using phospholipids spin-labeled on the acyl chain. The effect of inclusion of charged phospholipids or/and cholesterol in the bilayer composition was considered in relation to the peptide/membrane interaction. The results show that Aβ(25–35) inserts in bilayers formed by the zwitterionic phospholipid dilauroyl phosphatidylcholine (DLPC), positioning between the outer part of the hydrophobic core and the external hydrophilic layer. This process is not significantly influenced by the inclusion of the anionic phospholipid phosphatidylglycerol (DLPG) in the bilayer, indicating the peptide insertion to be driven by hydrophobic rather than electrostatic interactions. Cholesterol plays a fundamental role in regulating the peptide/membrane association, inducing a membrane transition from a fluid-disordered to a fluid-ordered phase. At low cholesterol content, in the fluid-disordered phase, the insertion of the peptide in the membrane causes a displacement of cholesterol towards the more external part of the membrane. The crowding of cholesterol enhances its rigidifying effect on this region of the bilayer. Finally, the cholesterol-rich fluid-ordered membrane looses the ability to include Aβ(25–35)

Improvement of neutron sensitivity for lithium formate ESR dosimeters: A Monte Carlo analysis

This work presents the computational analysis of the sensitivity improvements that could be achieved in lithium formate monohydrate (LFM) electron paramagnetic resonance (EPR) dosemeters exposed to neutron beams. Monte Carlo (MC) simulations were performed on LFM pellets exposed to neutron beams with different energy spectra at various depths inside a water phantom. Various computations were carried out by considering different enrichments of 6Li inside the LFM matrix as well as addition of different amounts of gadolinium oxide inside the pellet blend. The energy released per unit mass was calculated with the aim of redicting the increase in dose achievable by the addition of sensitizers inside the pellets. As expected, a larger amount of 6Li induces an increase of energy released because of the charged secondary particles (i.e. 3H ions and α particles) produced after neutron capture. For small depths in water phantom and low-energy neutron spectra the dose increase due to 6Li enrichment is high (more than three orders of magnitude with respect to the case of with 7Li). In case of epithermal neutron beams the energy released in 6Li-enriched LFM compound is smaller but larger than in the case of fast neutron beams. On the other hand, the computational analysis evidenced that gadolinium is less effective than 6Li in improving neutron sensitivity of the LFM pellets. Discussion based on the features of MC transport code is provided. This result suggests that 6Li enrichment of LFM dosemeters would be more effective for neutron sensitivity improvement and these EPR dosemeters could be tested for dosimetric applications in Neutron Capture Therapy

Neanderthal Extinction by Competitive Exclusion

International audienceBackground: Despite a long history of investigation, considerable debate revolves around whether Neanderthals became extinct because of climate change or competition with anatomically modern humans (AMH). Methodology/Principal Findings: We apply a new methodology integrating archaeological and chronological data with high-resolution paleoclimatic simulations to define eco-cultural niches associated with Neanderthal and AMH adaptive systems during alternating cold and mild phases of Marine Isotope Stage 3. Our results indicate that Neanderthals and AMH exploited similar niches, and may have continued to do so in the absence of contact. Conclusions/Significance: The southerly contraction of Neanderthal range in southwestern Europe during Greenland Interstadial 8 was not due to climate change or a change in adaptation, but rather concurrent AMH geographic expansion appears to have produced competition that led to Neanderthal extinction