Agency Conflicts, Financial Distress, and Syndicate Structure: Evidence from Japanese Borrowers

We examine how borrower firm characteristics affect the size structure in the Japanese syndicated loan market for the 1999-2003 period. Consistent with the view by Lee and Mullineaux (2004), we find that syndicates are smaller when borrowers have higher credit risk, while firms with greater information asymmetry are associated with larger syndicates in Japan. These results are primarily driven by nonkeiretsu (non-business group) firms. This suggests that the role of enhanced monitoring and facilitated renegotiation is especially useful for banks participating in Japanese syndicated loan for non-keiretsu firms. On the other hand, information problems seem to be less severe for keiretsu (business group) firms which tend to have easier access to syndicated loan via the intermediation of in-house banks in the relevant syndicate. Finally, we find that keiretsu (non-keiretsu) firms have less (more) fraction of loan by their agent banks as the maturity rises. It appears that main banks of keiretsu firms with informational advantage are likely to retain less of the loan and form a more dispersed syndicate to "signal' that the loan is of high quality with increased maturity. This further confirms the view that information problems are less severe in the keiretsu firms.

Validation of the log e–log σ normal compression law using particle strength data

This note is a study of experimental data on particle strength and normal compression, to establish whether the recently proposed normal compression law by McDowell and de Bono (2013) is supported and confirmed. A number of different sands are examined and found to support the hypothesis. In addition, some new simulations on sand mixtures are used to explain experimental results for quartz-feldspar mixtures. It would appear that the proposed compression law is also supported by the data for the sand mixtures

Ultrathin thermoresponsive self-folding 3D graphene

Graphene and other two-dimensional materials have unique physical and chemical properties of broad relevance. It has been suggested that the transformation of these atomically planar materials to three-dimensional (3D) geometries by bending, wrinkling, or folding could significantly alter their properties and lead to novel structures and devices with compact form factors, but strategies to enable this shape change remain limited. We report a benign thermally responsive method to fold and unfold monolayer graphene into predesigned, ordered 3D structures. The methodology involves the surface functionalization of monolayer graphene using ultrathin noncovalently bonded mussel-inspired polydopamine and thermoresponsive poly(N-isopropylacrylamide) brushes. The functionalized graphene is micropatterned and self-folds into ordered 3D structures with reversible deformation under a full control by temperature. The structures are characterized using spectroscopy and microscopy, and self-folding is rationalized using a multiscale molecular dynamics model. Our work demonstrates the potential to design and fabricate ordered 3D graphene structures with predictable shape and dynamics. We highlight applicability by encapsulating live cells and creating nonlinear resistor and creased transistor devices.United States. Office of Naval Research. Multidisciplinary University Research Initiative (FA9550-16-1-0031)United States. Office of Naval Research. Multidisciplinary University Research Initiative ( FA9550-15-1-0514)National Science Foundation (U.S.) (CMMI-1635443)United States. Office of Naval Research (N00014-16-1-2333

Fatty Liver, Insulin Resistance, and Features of Metabolic Syndrome:Relationships with coronary artery calcium in 10,153 people

OBJECTIVE: Nonalcoholic fatty liver disease (NAFLD) coexists with insulin resistance (IR), but it is uncertain whether NAFLD and IR contribute independently to atherosclerosis. We tested whether fatty liver, IR, and metabolic syndrome (MetS) features (waist, glucose, triglyceride, HDL cholesterol [HDL-C], and blood pressure) were associated with a marker of atherosclerosis (coronary artery calcium [CAC] score >0), independently of cardiovascular risk factors and cardiovascular disease (CVD). RESEARCH DESIGN AND METHODS: Data were analyzed from a South Korean occupational cohort of 10,153 people who all received ultrasound measurements of fatty liver and a cardiac computed tomography CAC score. IR was defined by homeostasis model assessment of IR (HOMA-IR) ≥75th percentile. Odds ratios (ORs) (95% CIs) for the presence of a CAC score >0 were estimated using logistic regression. RESULTS: There were 915 people with a CAC score >0. MetS features were increased (glucose, blood pressure, triglyceride, and waist) or decreased (HDL-C) among people with a CAC score >0 (all comparisons against CAC score ≤0; P < 0.0001). Of subjects with a CAC score >0, 55% had fatty liver and 33.7% were insulin resistant. Fatty liver (OR 1.21 [95% CI 1.01–1.45]; P = 0.04) and HOMA-IR (1.10 [1.02–1.18]; P = 0.02) were associated with CAC score >0, independently of all MetS features, conventional cardiovascular risk factors, and prior evidence of CVD. The presence of IR and fatty liver combined was associated with CAC score >0 (1.53 [1.20–1.95]; P = 0.001). CONCLUSIONS: Fatty liver and HOMA-IR are both associated with a CAC score >0 (independently of each other), features of MetS, conventional cardiovascular risk factors, and existing CVD

Investigation of Compton scattering for gamma beam intensity measurements and perspectives at ELI-NP

Compton γ-ray sources have been in operation for over 30 years with new facilities being under construction or proposed. The gamma beam system under implementation at the Extreme Light Infrastructure - Nuclear Physics facility in Romania will deliver brilliant γ-ray beams with energies up to 19.5 MeV. Several instruments for measuring the parameters of the γ-ray beam are under development at ELI-NP. One of these instruments based on a High Purity Germanium detector is routinely used for beam energy measurements at other facilities. Here we investigate the use of a High Purity Germanium detector to continuously monitor the intensity of the ELI-NP gamma beam by measuring the inelastic scattering of photons. This method relies on both experimental and simulated data and it has been successfully tested during a recent experiment at the High Intensity γ-ray Source facility

Experiences with Sexual Orientation and Gender Identity Conversion Therapy Practices among Sexual Minority Men in Canada, 2019–2020

Background “Conversion therapy” practices (CTP) are organized and sustained efforts to avoid the adoption of non-heterosexual sexual orientations and/or of gender identities not assigned at birth. Few data are available to inform the contemporary prevalence of CTP. The aim of this study is to quantify the prevalence of CTP among Canadian sexual and gender minority men, including details regarding the setting, age of initiation, and duration of CTP exposure. Methods Sexual and gender minority men, including transmen and non-binary individuals, aged ≥ 15, living in Canada were recruited via social media and networking applications and websites, November 2019—February 2020. Participants provided demographic data and detailed information about their experiences with CTP. Results 21% of respondents (N = 9,214) indicated that they or any person with authority (e.g., parent, caregiver) ever tried to change their sexual orientation or gender identity, and 10% had experienced CTP. CTP experience was highest among non-binary (20%) and transgender respondents (19%), those aged 15–19 years (13%), immigrants (15%), and racial/ethnic minorities (11–22%, with variability by identity). Among the n = 910 participants who experienced CTP, most experienced CTP in religious/faith-based settings (67%) or licensed healthcare provider offices (20%). 72% of those who experienced CTP first attended before the age of 20 years, 24% attended for one year or longer, and 31% attended more than five sessions. Interpretation CTP remains prevalent in Canada and is most prevalent among younger cohorts, transgender people, immigrants, and racial/ethnic minorities. Legislation, policy, and education are needed that target both religious and healthcare settings

Advancement of photospheric radius expansion and clocked type-I x-ray burst models with the new 22Mg(α,p)25 Al reaction rate determined at Gamow energy

We report the first (in)elastic scattering measurement of $^{25}\mathrm{Al}+p$ with the capability to select and measure in a broad energy range the proton resonances in $^{26}$Si contributing to the $^{22}$Mg$(\alpha,p)$ reaction at type I x-ray burst energies. We measured spin-parities of four resonances above the $\alpha$ threshold of $^{26}$Si that are found to strongly impact the $^{22}$Mg$(\alpha,p)$ rate. The new rate advances a state-of-the-art model to remarkably reproduce light curves of the GS 1826$-$24 clocked burster with mean deviation $<9$ % and permits us to discover a strong correlation between the He abundance in the accreting envelope of photospheric radius expansion burster and the dominance of $^{22}$Mg$(\alpha,p)$ branch.Comment: accepted by Physical Review Letters on 5 August 2021, published 19 October 202

Encoding of Spatio-Temporal Input Characteristics by a CA1 Pyramidal Neuron Model

The in vivo activity of CA1 pyramidal neurons alternates between regular spiking and bursting, but how these changes affect information processing remains unclear. Using a detailed CA1 pyramidal neuron model, we investigate how timing and spatial arrangement variations in synaptic inputs to the distal and proximal dendritic layers influence the information content of model responses. We find that the temporal delay between activation of the two layers acts as a switch between excitability modes: short delays induce bursting while long delays decrease firing. For long delays, the average firing frequency of the model response discriminates spatially clustered from diffused inputs to the distal dendritic tree. For short delays, the onset latency and inter-spike-interval succession of model responses can accurately classify input signals as temporally close or distant and spatially clustered or diffused across different stimulation protocols. These findings suggest that a CA1 pyramidal neuron may be capable of encoding and transmitting presynaptic spatiotemporal information about the activity of the entorhinal cortex-hippocampal network to higher brain regions via the selective use of either a temporal or a rate code

25th Annual Computational Neuroscience Meeting: CNS-2016

Abstracts of the 25th Annual Computational Neuroscience Meeting: CNS-2016 Seogwipo City, Jeju-do, South Korea. 2–7 July 201