Basel II, External Ratings and Adverse Selection

This paper will describe and analyse the development of Basel II Capital Accord and will focus on the use of external ratings in the Standardized Approach in Basel II. Furthermore it will examine the problem of adverse selection which appears in Basel II as a result from the proposal for the use of external ratings in determining the risk weights in the standardized approach. The paper will also attempt to find possible solutions to the adverse selection problem by discussing two similar models, and derive implications from them.Basel II, external ratings, adverse selection, rating agencies, standardized approach

Meeting the design challenges of nano-CMOS electronics: an introduction to an upcoming EPSRC pilot project

The years of ‘happy scaling’ are over and the fundamental challenges that the semiconductor industry faces, at both technology and device level, will impinge deeply upon the design of future integrated circuits and systems. This paper provides an introduction to these challenges and gives an overview of the Grid infrastructure that will be developed as part of a recently funded EPSRC pilot project to address them, and we hope, which will revolutionise the electronics design industry

Family Influences on Mexican American Adolescents’ Romantic Relationships: Moderation by Gender and Culture

This study examined prospective associations between the family context and adolescents’ romantic relationships as moderated by adolescents’ gender and culture among Mexican American families (N = 189). Adolescents at Time 1 (early adolescence) were on average 12.29 years of age (SD = .50) and 54% female. Mothers and fathers reported on family structure and dynamics during early adolescence, and youth reported on their romantic relationship involvement and quality during middle and late adolescence. Results from path analyses indicated that family structure and dynamics (supportive parenting, consistent discipline, parent-adolescent, and interparental conflict) were associated with adolescents’ romantic involvement and quality, with differences by adolescents’ gender and culture. Findings highlight Mexican American family contexts that contribute uniquely to adolescents’ romantic relationships

Reluctant gangsters revisited: the evolution of gangs from postcodes to profits

The aim of the current study was to understand how gangs have changed in the past 10 years since Pitts’ (2008) study in the London Borough of Waltham Forest. The study undertook interviews with 21 practitioners working on gang-related issues and 10 young people affected by gangs or formerly embedded in them. Two focus groups involving 37 participants from key agencies then explored the preliminary findings and contributed to a conceptualization of a new operating model of gangs. The study found that local gangs had evolved into more organized and profit-oriented entities than a decade earlier. The new operating model rejected visible signs of gang membership as ‘bad for business’ because they attracted unwanted attention from law enforcement agencies. Faced with a saturated drugs market in London, gangs moved out to capture drugs markets in smaller UK towns in ‘county lines’ activities. This more business-oriented ethos has changed the meaning of both territory and violence. While gang members in the original study described an emotional connection with their postcode, territory is increasingly regarded as a marketplace to be protected. Similarly, violence has moved from an expressive means of reinforcing gang identity to being increasingly used as an instrumental means of protecting business interests. The current study offers a rare opportunity to gain a picture of gangs at two time periods and contributes to work on the contested nature of UK gangs and renewed interest in gang evolution. These findings have important implications for local authorities and criminal justice agencies who need to address the profit motive of gang activity directly

Challenges and Opportunities for Next-Generation Manufacturing in Space

With commercial space travel now a reality, the idea that people might spend time on other planets in the future seems to have greater potential. To make this possible, however, there needs to be flexible means for manufacturing in space to enable tooling or resources to be created when needed to handle unexpected situations. Next-generation manufacturing paradigms offer significant potential for the kind of flexibility that might be needed; however, they can result in increases in computation time compared to traditional control methods that could make many of the computing resources already available on earth attractive for use. Furthermore, resilience is a significant focus of next-generation manufacturing strategies, and one way to enable resilience for space manufacturing would be to have backup controllers available on earth. These types of considerations raise questions about remote control and monitoring, as well as privacy of the data involved in such practices, that must be considered. This work provides a perspective on several topics tied to remote control and monitoring for manufacturing in space

Spatial Analysis of Arabidopsis thaliana Gene Expression in Response to Turnip mosaic virus Infection

Virus-infected leaf tissues comprise a heterogeneous mixture of cells at different stages of infection. The spatial and temporal relationships between sites of virus accumulation and the accompanying host responses, such as altered host gene expression, are not well defined. To address this issue, we utilized Turnip mosaic virus (TuMV) tagged with the green fluorescent protein to guide the dissection of infection foci into four distinct zones. The abundance of Arabidopsis thaliana mRNA transcripts in each of the four zones then was assayed using the Arabidopsis ATH1 GeneChip oligonucleotide microarray (Affymetrix). mRNA transcripts with significantly altered expression profiles were determined across gradients of virus accumulation spanning groups of cells in and around foci at different stages of infection. The extent to which TuMV-responsive genes were up- or downregulated primarily correlated with the amount of virus accumulation regardless of gene function. The spatial analysis also allowed new suites of coordinately regulated genes to be identified that are associated with chloroplast functions (decreased), sulfate assimilation (decreased), cell wall extensibility (decreased), and protein synthesis and turnover (induced). The functions of these downregulated genes are consistent with viral symptoms, such as chlorosis and stunted growth, providing new insight into mechanisms of pathogenesis

HDAC1 interacts with the p50 NF-κB subunit via its nuclear localization sequence to constrain inflammatory gene expression

The NF-κB p50 subunit is an important regulator of inflammation, with recent experimental evidence to support it also having a tumor suppressor role. Classically, p50 functions in heterodimeric form with the RelA (p65) NF-κB subunit to activate inflammatory genes. However, p50 also forms homodimers which actively repress NF-κB-dependent inflammatory gene expression and exert an important brake on the inflammatory process. This repressive activity of p50:p50 is thought to be in part mediated by an interaction with the epigenetic repressor protein Histone Deacetylase 1 (HDAC1). However, neither the interaction of p50 with HDAC1 nor the requirement of HDAC1 for the repressive activities of p50 has been well defined. Here we employed in silico prediction with in vitro assays to map sites of interaction of HDAC1 on the p50 protein. Directed mutagenesis of one such region resulted in almost complete loss of HDAC1 binding to p50. Transfected mutant p50 protein lacking the putative HDAC1 docking motif resulted in enhanced cytokine and chemokine expression when compared with cells expressing a transfected wild type p50. In addition, expression of this mutant p50 was associated with enhanced chemoattraction of neutrophils and acetylation of known inflammatory genes demonstrating the likely importance of the p50:HDAC1 interaction for controlling inflammation. These new insights provide an advance on current knowledge of the mechanisms by which NF-κB-dependent gene transcription are regulated and highlight the potential for manipulation of p50:HDAC1 interactions to bring about experimental modulation of chronic inflammation and pathologies associated with dysregulated neutrophil accumulation and activation

Basel II, External Ratings and Adverse Selection

This paper will describe and analyse the development of Basel II Capital Accord and will focus on the use of external ratings in the Standardized Approach in Basel II. Furthermore it will examine the problem of adverse selection which appears in Basel II as a result from the proposal for the use of external ratings in determining the risk weights in the standardized approach. The paper will also attempt to find possible solutions to the adverse selection problem by discussing two similar models, and derive implications from them

Illusory perceptions of space and time preserve cross-saccadic perceptual continuity

When voluntary saccadic eye movements are made to a silently ticking clock, observers sometimes think that the second hand takes longer than normal to move to its next position. For a short period, the clock appears to have stopped (chronostasis). Here we show that the illusion occurs because the brain extends the percept of the saccadic target backwards in time to just before the onset of the saccade. This occurs every time we move the eyes but it is only perceived when an external time reference alerts us to the phenomenon. The illusion does not seem to depend on the shift of spatial attention that accompanies the saccade. However, if the target is moved unpredictably during the saccade, breaking perception of the target's spatial continuity, then the illusion disappears. We suggest that temporal extension of the target's percept is one of the mechanisms that 'fill in' the perceptual 'gap' during saccadic suppression. The effect is critically linked to perceptual mechanisms that identify a target's spatial stability

Basel II, External Ratings and Adverse Selection

This paper will describe and analyse the development of Basel II Capital Accord and will focus on the use of external ratings in the Standardized Approach in Basel II. Furthermore it will examine the problem of adverse selection which appears in Basel II as a result from the proposal for the use of external ratings in determining the risk weights in the standardized approach. The paper will also attempt to find possible solutions to the adverse selection problem by discussing two similar models, and derive implications from them