The Market Reaction to Legal Shocks and Their Antidotes: Lessons from the Sovereign Debt Market

In October 2000 a hedge fund holding an unpaid debt claim won an enormous victory against the debtor, the Republic of Peru, through an opportunistic interpretation of the common pari passu clause by a Brussels court. This development was met by charges from policy makers and practitioners that the court\u27s decision (its novel interpretation of the pari passu clause) would lead to a dramatic increase in the risks of holdout litigation faced by sovereign debtors. Over the ensuing years, multiple reform solutions were proposed including the revision of certain contractual terms, the filing of amicus briefs in a key case, and the imposition of an international bankruptcy regime for sovereigns. The question, looking back, that this Article empirically investigates is whether the capital markets actually perceived a significant increase in risk at the time of the October 2000 Brussels court decision. Equally important is whether markets discriminate among competing versions of the pari passu clause based on their relative risks for holdouts. And, to the extent the markets did react to the increase in legal risk, did any of the antidotes that were implemented to reduce the supposed increased holdout risk work? We offer evidence that bond prices did respond to this legal shock, that markets do discriminate based on the relative holdout risk posed by differing forms of the pari passu clause, and provide surprising evidence regarding the efficacy of the government-sponsored antidote, the advent of collective action clauses

The market reaction to legal shocks and their antidotes : lessons from the sovereign debt market

This Article examines the market reaction to a series of legal events concerning the judicial interpretation of the pari passu clause in sovereign debt instruments. More generally, the Article provides insights into the reactions of investors (predominantly financial institutions), issuers (sovereigns), and those who draft bond covenants (lawyers), to unanticipated changes in the judicial interpretation of certain covenant terms

Benchmarking the performance of Density Functional Theory and Point Charge Force Fields in their Description of sI Methane Hydrate against Diffusion Monte Carlo

High quality reference data from diffusion Monte Carlo calculations are presented for bulk sI methane hydrate, a complex crystal exhibiting both hydrogen-bond and dispersion dominated interactions. The performance of some commonly used exchange-correlation functionals and all-atom point charge force fields is evaluated. Our results show that none of the exchange-correlation functionals tested are sufficient to describe both the energetics and the structure of methane hydrate accurately, whilst the point charge force fields perform badly in their description of the cohesive energy but fair well for the dissociation energetics. By comparing to ice Ih, we show that a good prediction of the volume and cohesive energies for the hydrate relies primarily on an accurate description of the hydrogen bonded water framework, but that to correctly predict stability of the hydrate with respect to dissociation to ice Ih and methane gas, accuracy in the water-methane interaction is also required. Our results highlight the difficulty that density functional theory faces in describing both the hydrogen bonded water framework and the dispersion bound methane.Comment: 8 pages, 4 figures, 1 table. Minor typos corrected and clarification added in Method

Character

Character denotes the particular set of qualities, both natural and acquired, that serves to identify a person or community. These qualities are relatively stable and will be manifest as a consistency of act~ on that can be termed integrity. Accordingly, in the context of Christian ethics, character names an established disposition (or set of dispositions) with respect to the particular conception of the . human good exemplified by Christ. Such character ts developed over time and, as such, can be formed either toward or away from virtues, understood as those intellectual and affective habits that enable the pursuit of excellence. Conceptually, then, attention to the notion of character accents the dynamic and intentional process of formation that shapes the predispositions of an individual\u27s moral and intellectual terrain

Charge Transfer-oxy Radical Mechanism for Anti-cancer Agents

The proposal is advanced that anti-cancer drugs generally function by charge transfer resulting in formation of toxic oxy radicals which destroy the neoplasm. Electrochemical studies were performed with some of the main types of agents: iminium ions (adenine iminium from alkylating species, iminium metabolite of 6-mercaptopurine, nitidine, other polynuclear iminiums) and metal complexes (Pt(II)diaquodiammine-guanosine, copper salicylaldoximes). Reduction potentials ranged from -0.4 to -1.2 V. Literature data for quinones are presented and radiation is discussed. Based on the theoretical framework, a rationale is offered for the carcinogen-anti-cancer paradox and the role of antioxidants

Optical Tweezers as an Effective Tool for Spermatozoa Isolation from Mixed Forensic Samples

A single focus optical tweezer is formed when a laser beam is launched through a high numerical aperture immersion objective. This objective focuses the beam down to a diffraction-limited spot, which creates an optical trap where cells suspended in aqueous solutions can be held fixed. Spermatozoa, an often probative cell type in forensic investigations, can be captured inside this optical trap and dragged one by one across millimeter-length distances in order to create a cluster of cells which can be subsequently drawn up into a capillary for collection. Sperm cells are then ejected onto a sterile cover slip, counted, and transferred to a tube for DNA analysis workflow. The objective of this research was to optimize sperm cell collection for maximum DNA yield, and to determine the number of trapped sperm cells necessary to produce a full STR profile. A varying number of sperm cells from both a single-source semen sample and a mock sexual assault sample were isolated utilizing optical tweezers and processed using conventional STR analysis methods. Results demonstrated that approximately 50 trapped spermatozoa were required to obtain a consistently full DNA profile. A complete, single-source DNA profile was also achieved by isolating sperm cells via optical trapping from a mixture of sperm and vaginal epithelial cells. Based on these results, optical tweezers are a viable option for forensic applications such as separation of mixed populations of cells in forensic evidence

Meat Consumption and Risk of Developing Esophageal Cancer: A Meta-analysis

Background: Meat has been linked as a risk factor for several cancers. Red meat and processed meat specifically have been suggested as risk factors for esophageal cancer, but this has not been established. We performed a meta-analysis to summarize available evidence from case-control and cohort studies on this topic.Methods: A systematic search of MEDLINE, PubMed, EMBASE was completed up until November, 2013. Studies were included that reported confirmed histological diagnosis of cancer, odds ratios (OR) or relative risks (RR) and confidence intervals (CI). Pooled ORs and 95% CIs were calculated for the effect of different meats on the development of esophageal cancer using a random effects model. Studies were assessed for heterogeneity and publication bias.Results: 29 studies were included in this analysis, involving 1,208,768 individuals with a total of 8,620 cases and 44,574 controls. High consumption rates were associated with development of cancer for red meat (OR 1.59; 95% CI 1.31-1.93), processed meat (OR 1.75; 95% CI 1.28-2.38), barbecued meat (OR 1.54; 95% CI 1.25–1.91) and overall (OR 1.26; 95% CI 1.11-1.43). Low and medium consumption rates were also significant for red and barbecued meat. High and medium consumption of white meat was significantly protective. High consumption of fish was also found to be protective (OR 0.73; 95% CI 0.55-0.95).Conclusions: Findings of this meta-analysis demonstrated red meat, processed meat and barbecued meat are likely to increase the risk of esophageal cancer in a dose dependent relationship. Fish and white meat were shown to have a protective effect

On the Joint Distribution of Energy Levels of Random Schroedinger Operators

We consider operators with random potentials on graphs, such as the lattice version of the random Schroedinger operator. The main result is a general bound on the probabilities of simultaneous occurrence of eigenvalues in specified distinct intervals, with the corresponding eigenfunctions being separately localized within prescribed regions. The bound generalizes the Wegner estimate on the density of states. The analysis proceeds through a new multiparameter spectral averaging principle

Hawkes process as a model of social interactions: a view on video dynamics

We study by computer simulation the "Hawkes process" that was proposed in a recent paper by Crane and Sornette (Proc. Nat. Acad. Sci. USA 105, 15649 (2008)) as a plausible model for the dynamics of YouTube video viewing numbers. We test the claims made there that robust identification is possible for classes of dynamic response following activity bursts. Our simulated timeseries for the Hawkes process indeed fall into the different categories predicted by Crane and Sornette. However the Hawkes process gives a much narrower spread of decay exponents than the YouTube data, suggesting limits to the universality of the Hawkes-based analysis.Comment: Added errors to parameter estimates and further description. IOP style, 13 pages, 5 figure