Estimation in the continuous time mover‐stayer model with an application to bond ratings migration

The usual tool for modelling bond ratings migration is a discrete, time‐homogeneous Markov chain. Such model assumes that all bonds are homogeneous with respect to their movement behaviour among rating categories and that the movement behaviour does not change over time. However, among recognized sources of heterogeneity in ratings migration is age of a bond (time elapsed since issuance). It has been observed that young bonds have a lower propensity to change ratings, and thus to default, than more seasoned bonds. The aim of this paper is to introduce a continuous, time‐non‐homogeneous model for bond ratings migration, which also incorporates a simple form of population heterogeneity. The specific form of heterogeneity postulated by the proposed model appears to be suitable for modelling the effect of age of a bond on its propensity to change ratings. This model, called a mover–stayer model, is an extension of a Markov chain. This paper derives the maximum likelihood estimators for the parameters of a continuous time mover–stayer model based on a sample of independent continuously monitored histories of the process, and develops the likelihood ratio statistic for discriminating between the Markov chain and the mover–stayer model. The methods are illustrated using a sample of rating histories of young corporate issuers. For these issuers the default probabilities predicted by the Markov chain and mover–stayer models are different. In particular for 1–4 years old bonds the mover–stayer model estimates substantially lower default probabilities from rating C than a Markov chain. Copyright © 2004 John Wiley & Sons, Ltd.     

An unusual dimer of camptothecin-7-aldehyde

An intermolecular aldol reaction of 20S-camptothecin-7-aldehyde in the presence of strong bases affords an unusual dimeric compound, the structure and stereochemistry of which was assigned on the basis of NMR analysis and MM2 calculations.     

On deformations of Hamiltonian actions

In this paper we generalize to coisotropic actions of compact Lie groups a theorem of Guillemin on deformations of Hamiltonian structures on compact symplectic manifolds. We show how one can reconstruct from the moment polytope the symplectic form on the manifold. Received: 21 March 2006     

Rigidity of codimension two indefinite spheres

We describe all isometric immersions f:S _n ^s S _s ⁿ +2/S _s ⁿ n–s4, whenever the set of totally geodesic points does not disconnect S _s ⁿ , where S _n ^s denotes the complete n-dimensional indefinite Riemannian space form of constant positive curvature 1 and signature s.     

Determination of Taxotere in human plasma by a semi-automated high-performance liquid chromatographic method.

A rapid, selective and reproducible high-performance liquid chromatographic (HPLC) method with ultraviolet detection was developed for the determination of the anti-cancer agent Taxotere in biological fluids. The method involves a solid-phase extraction step (C2 ethyl microcolumns) using a Varian Advanced Automated Sample Processor (AASP) followed by reversed-phase HPLC. The validated quantitation range of the method is 10-2500 ng/ml in plasma with coefficients of variation < or = 11%. The method is also suitable for the determination of Taxotere in urine samples under the same conditions. The method was applied in a phase I tolerance study of Taxotere in cancer patients, allowing the pharmacokinetic profile of Taxotere to be established.     

Gas chromatographic/mass spectrometric determination of vinyl acetate levels in air

The determination of vinyl acetate at parts per 10⁹ by volume (ppbv) levels in air by gas chromatography/mass spectrometry (GC/MS) was achieved by optimizing the GC conditions and choosing specific extraction solvents that are sufficiently pure. The ideal solvent should not give rise to fragment ions at m/z 43, in order to rule out any possible interference during the monitoring of the same vinyl acetate ion. Traces of acetone and butan-2-one in solvents suitable for this GC/MS determination may also mislead the detection of vinyl acetate. A 440 μl volume of a mixture of tetrachloroethylene containing 9% acetonitrile allowed the recovery of more than 90% of the ester with a detection limit of 1.5 ppbv in air together with a good linearity of response.     

Solid-state photodimerization of steroid enones

Androst-4-ene-3,17-dione (1) and 17alpha-methyltestosterone (2) are dimerized in the solid-state by UV radiation. These substances were selected by a search in the CSD among the steroid enones presenting in the crystalline state an intermolecular short contact between a hydrogen alpha to a carbonyl group and the oxygen of an enone system. Dimerization occurs by transfer of the hydrogen to the oxygen and connection between the two involved carbons. Androst-4-ene-3,17-dione (1) affords dimer 3 and trimer 4, both formed by connection of the C-16 of a molecule with the C-3 of a near one. Irradiation of 17alpha-methyltestosterone (2) gives the isomeric trienones 5 and 6. These compounds are reasonably formed by dehydration of unisolated intermediate products 7 and/or 8 obtained by coupling of two molecules through a linkage between the C-2 and the C-3' carbons. The formation mechanisms of the photoproducts are satisfactory explained on the basis of the molecular arrangement of the monomers in the crystal state. Modeling of the dimeric molecules was done using molecular mechanics calculations. A single-crystal X-ray of the dimer of androst-4-ene-3,17-dione confirms the structural interpretation of spectral data. The conformer found in the solid-state agrees well with the results of molecular mechanics calculations.     

Wavy graphene sheets from electrochemical sewing of corannulene

The presence of non-hexagonal rings in the honeycomb carbon arrangement of graphene produces rippled graphene layers with valuable chemical and physical properties. In principle, a bottom-up approach to introducing distortion from planarity of a graphene sheet can be achieved by careful insertion of curved polyaromatic hydrocarbons during the growth of the lattice. Corannulene, the archetype of such non-planar polyaromatic hydrocarbons, can act as an ideal wrinkling motif in 2D carbon nanostructures. Herein we report an electrochemical bottom-up method to obtain egg-box shaped nanographene structures through a polycondensation of corannulene that produces a new conducting layered material. Characterization of this new polymeric material by electrochemistry, spectroscopy, electron microscopy (SEM and TEM), scanning probe microscopy, and laser desorption-ionization time of flight mass spectrometry provides strong evidence that the anodic polymerization of corannulene, combined with electrochemically induced oxidative cyclodehydrogenations (Scholl reactions), leads to polycorannulene with a wavy graphene-like structure.

A bottom-up synthesis of wavy graphene structures obtained through an anodic polymerization process, combined with an electrochemically triggered oxidative cyclodehydrogenation, of the bowl-shaped polyaromatic hydrocarbon corannulene.     

Anisotropic quantum spin fluid and quantum spin glass in La cuprate-based catalyst

Evidence of quantum spin fluid and of quantum spin glass behaviour has been detected by extended EPR analysis in some La-cuprate catalysts of general formula La_2−xEu_xCuO_{4 + δ}. Some features of the EPR spectrum, appearing in a few cases, are also discussed and attributed to a pseudo Jahn-Teller effect due to a particular coordination of up to five oxygen ions around surface copper ions at low temperature.     

Neutron-proton bremsstrahlung atE=76 MeV

We compare the electric and pure magnetic contributions to the differential cross sectiond(npnp)/ds' of neutron-proton bremsstrahlung. We conclude that the pure magnetic contribution cannot explain the discrepancy between the theoretical and experimental results as found by Dupont et al.This work was supported in part by CONACyT under contracts F246-E9207 and 1628-E9209