This paper documents "runs" on asset-backed commercial paper (ABCP) programs in 2007. We find that one-third of programs experienced a run within weeks of the onset of the ABCP crisis and that runs, ...as well as yields and maturities for new issues, were related to program-level and macro-financial risks. These findings are consistent with the asymmetric information framework used to explain banking panics, have implications for commercial paper investors' degree of risk intolerance, and inform empirical predictions of recent papers on dynamic coordination failures.
Securitization without risk transfer Acharya, Viral V.; Schnabl, Philipp; Suarez, Gustavo
Journal of financial economics,
03/2013, Volume:
107, Issue:
3
Journal Article
Peer reviewed
Open access
We analyze asset-backed commercial paper conduits, which experienced a shadow-banking run and played a central role in the early phase of the financial crisis of 2007–2009. We document that ...commercial banks set up conduits to securitize assets worth $1.3 trillion while insuring the newly securitized assets using explicit guarantees. We show that regulatory arbitrage was an important motive behind setting up conduits. In particular, the guarantees were structured so as to reduce regulatory capital requirements, more so by banks with less capital, and while still providing recourse to bank balance sheets for outside investors. Consistent with such recourse, we find that conduits provided little risk transfer during the run, as losses from conduits remained with banks instead of outside investors and banks with more exposure to conduits had lower stock returns.
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•After the acid treatment highly increase the amount carbonyl and carboxylic groups.•The oxidation of MWCNT generates a high negative charge of it in all the pH range.•It could ...achieve a good dispersion of the MWCNT in water-based suspension.•There is morphological damage on the surfaces of MWCNT after the acid treatment.•Some surface defects but no shortening were observed by TEM images.
Carbon nanotubes are widely used for electronic, mechanical, and optical devices due to their unique structural and quantum characteristics. The species generated by oxidation on the surface of these materials permit binding new reaction chains, which improves the dispersibility, processing and compatibility with other materials.
Even though different acid treatments and applications of these CNT have been reported, relatively few research studies have focused on the relationship between the acid treatment and the formation of nanodefects, specific oxidized species or CNT surface defects.
In this work, multiwall carbon nanotube (MWCNT) oxidation at 90°C was characterized in order to determine the acid treatment effect on the surface.
It was found that oxidized species are already present in MWCNT without an acid treatment, but there are not enough to cause water-based dispersion. The species were identified and quantified by infrared spectroscopy and X-ray photoelectron spectroscopy. Also, transmission electron microscopy observations showed not only modifications of the oxidized species, but also morphological damage on the surfaces of MWCNT after being subjected to the acid treatment. This effect was also confirmed by Raman spectroscopy. The acid treatment generates higher oxidized species, decreasing the zeta potential in the whole pH range.
The aim behind principal component pursuit is to recover a low-rank matrix and a sparse matrix from a noisy signal which is the sum of both matrices. This optimization problem is a priori and ...non-convex and is useful in signal processing, data compression, image processing, machine learning, fluid dynamics, and more. Here, a distributed scheme described by a static undirected graph, where each agent only observes part of the noisy or corrupted matrix, is applied to achieve a consensus; then, a robust approach that can also handle missing values is applied using alternating directions to solve the convex relaxation problem, which actually solves the non-convex problem under some weak assumptions. Some examples of image recovery are shown, where the network of agents achieves consensus exponentially fast.
The events following Lehman's failure in 2008 and the current turmoil emanating from Europe highlight the structural vulnerabilities of short-term credit markets and the role of central banks as ...back-stop liquidity providers. The Federal Reserve's response to financial disruptions in the United States importantly included the creation of liquidity facilities. Using a differences-in-differences approach, we evaluate one of the most unusual of these interventions—the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility. We find that this facility helped stabilize asset outflows from money market funds and reduced asset-backed commercial paper yields significantly.
Zirconia based materials are widely used as dental materials because of their good mechanical properties and aesthetic, but there is a need of enhancing its biological response for clinical use. In ...that sense, a bioactive glass is added to zirconia matrix with the aim of improving the material biocompatibility. The effect of the raw powders synthesis method for dense zirconia/bioactive glass biomaterials was investigated. Two paths were developed to obtain zirconia-based composites with 2.5, 5 and 10 wt% addition of a bioactive glass (referred as 64S): the traditional powder mixture method, and a core-shell powder through sol-gel particle nanocoating. Particle size distribution and SEM images were performed for the powders characterization. Sol-gel coating was analyzed with TEM images and FT-IR spectra. The sintering process was studied with an optical dilatometer up to 1450 °C, and the density of the samples was calculated with the Archimedes method, in the range of 1100–1500 °C. The final crystalline phases were studied with Rietveld quantification through XRD analysis and the microstructure with SEM/EDS analysis. Vickers indentation method was used to evaluate the hardness. Biological properties were studied with murine fibroblast cell line L929 and were analyzed by fluorescence microscopy. Results showed that samples obtained by the sol-gel particle coating method enhanced the sintering process, with a sintering temperature in the range 1300–1400 °C; they showed a more homogeneous and pore-free microstructure with a higher retention of the t-ZrO2 phase after cooling, in comparison with the samples obtained by the powder mixture method. The Vickers hardness of composites obtained by the core-shell particles had values above 11 GPa, and composites with 2.5 and 5 wt% 64S, sintered at 1400 °C, presented Vickers values of ∼13 GPa. Furthermore, biocompatibility was promoted with the addition of 64S glass, independently of the raw powders synthesis method.
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Chin deformities are commonly encountered defects in patients seeking rhinoplasty. Careful preoperative evaluation may identify patients who could benefit from concurrent augmentation or reduction ...mentoplasty. Alloplastic chin implants and sliding genioplasty represent the main accepted methods of chin augmentation. Although both procedures may be used for retrognathia or microgenia, the sliding genioplasty may also be used in chin asymmetry, prognathia, and vertical height discrepancies. This article outlines the methods to analyze the chin, and discusses the treatment options available for correction of chin deformities as an adjunct to rhinoplasty.
Se realiza una revisión de la situación de la gestión de los bosques peruanos, en particular de la Amazonía, tomando como referencia la definición de las Naciones Unidas sobre gestión forestal ...sostenible, basada en: (i) la extensión de los recursos forestales; (ii) la diversidad biológica forestal; (iii) la salud y vitalidad de los bosques; (iv) las funciones productivas; (v) las funciones de protección; (vi) las funciones socioeconómicas; y (vii) el marco normativo, institucional y de políticas. A partir de revisión de información disponible sobre estos aspectos, se ha ilustrado la situación actual de la deforestación, que hace disminuir la extensión de bosques y reduce la provisión de servicios ecosistémicos; los riesgos de insostenibilidad en el aprovechamiento de ciertos recursos, como las especies incorporadas en la Convención CITES; la identificación de existencia de situaciones inapropiadas en términos de limitación de acceso al recurso de algunos actores; y la demora en aplicación de ciertos instrumentos que ayudarían a solucionar problemas clave de productores rurales, como los contratos de cesión en uso para sistemas agroforestales. Se realiza una revisión del marco legal y de la estructura de gobernanza desarrollada, que presenta características positivas distintivas, como la presencia paritaria de los pueblos indígenas, el Estado y el sector no público en el Consejo Directivo, y la existencia de importantes espacios de participación, como los Comités de Gestión Forestal y de Fauna Silvestre (CGFFS) que no se han instalado. Se discute brevemente, de cara a orientar intervenciones necesarias para mejorar los resultados de la gestión, si las limitaciones actuales identificadas son consecuencia de un problema de diseño legal y organizacional o más bien es un problema de gestión.
An aqueous colloidal processing method was proposed to prepare m-Li2ZrO3 bodies, with high green density and a homogenous microstructure, employing a pressureless forming technique. For this purpose, ...the preparation conditions of m-Li2ZrO3 aqueous suspensions were optimized considering colloidal processing variables, such as milling time (0–40 min), dispersant concentration (1–10 wt% of the solids content) and maximum solid loading (41–74 wt%). Particle size distributions and steady-state flow curves of the slips were analyzed, together with phase composition and microstructure of the ceramic bodies. The results show that after planetary ball milling for 30 min, the aqueous suspension with 63.1 wt% of m-Li2ZrO3, and a dispersant content equal to 10 wt% of the solid loading, yielded green bodies with bulk densities close to 66% TD by slip casting. Then, after the heat treatment process at 1100 °C for 12 h, bulk densities close to 88% TD were achieved. It was found that density values and microstructure of the green and sintered products bear a direct relationship to the particle size and the consistency of the slips.
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