Restructuring risk in credit default swaps: An empirical analysis

This paper estimates the price for restructuring risk in the US corporate bond market during 1999–2005. Comparing quotes from default swap (CDS) contracts with a restructuring event and without, we find that the average premium for restructuring risk represents 6%–8% of the swap rate without restructuring. We show that the restructuring premium depends on firm-specific balance-sheet and macroeconomic variables. And, when default swap rates without a restructuring event increase, the increase in restructuring premia is higher for low-credit-quality firms than for high-credit-quality firms. We propose a reduced-form arbitrage-free model for pricing default swaps that explicitly incorporates the distinction between restructuring and default events. A case study illustrating the model’s implementation is provided.     

Experimental and theoretical characterization of the aromatization, epimerization, and fragmentation reactions of bi-2H-azirin-2-yls prepared from 1,4-diazidobuta-1,3-dienes

1,4‐Diazidobuta‐1,3‐dienes (Z,Z)‐ 10 , 17 , and 21 were photolyzed and thermolyzed to yield the pyridazines 13 , 20 , and 23 , respectively. To explain these aromatic final products, the generation of highly strained bi‐2H‐azirin‐2‐yls 12 , 19 , and 22 and their valence isomerization were postulated. In the case of meso‐ and rac‐ 22 , nearly quantitative formation from diazide 21 , isolation as stable solids, and complete characterization were possible. On the thermolysis of 22 , aromatization to 23 was only a side reaction, whereas equilibration of meso‐ and rac‐ 22 and fragmentation, which led to alkyne 24 and acetonitrile, dominated. Prolonged irradiation of 22 gave mainly the pyrimidine 25 . The change of the configuration at C‐2 of the 2H‐azirine unit was observed not only in the case of bi‐2H‐azirin‐2‐yls 22 but also for simple spirocyclic 2H‐azirines 29 at a relatively low temperature (75 °C). The fragmentation of rac‐ 22 to give alkyne 24 and two molecules of acetonitrile was also studied by high‐level quantum chemical calculations. For a related model system 30 (methyl instead of phenyl groups), two transition states TS‐ 30 – 31 of comparable energy with multiconfigurational electronic states could be localized on the energy hypersurface for this one‐step conversion. The symmetrical transition state complies with the definition of a coarctate mechanism.     

Evaluation of tip-enhanced Raman spectroscopy for characterizing different virus strains

Tip-enhanced Raman spectroscopy (TERS) is a highly sensitive spectroscopic technique which combines the advantages of optical spectroscopy with the requirements needed for the characterization of biological nano-structures. In this study, TERS was used to investigate the applicability of this spectroscopic technique for the detection of different virus strains like avipoxvirus and adeno-associated virus. TERS spectra obtained from different particles of the same virus strain show variations in relative peak intensities and positions of most spectral features observed. These spectral variations were higher for the larger avipoxvirus particles (?≈350 nm) than for the smaller adeno-associated virus particles (?≈26 nm).     

Structure, solution chemistry, antiproliferative actions and protein binding properties of non-conventional platinum(II) compounds with sulfur and phosphorus donors

Twelve Pt(II) complexes with cis-PtP(2)S(2) pharmacophores (where P(2) refers to two monodentate or one bidentate phosphane ligand and S(2) is a dithiolato ligand) were prepared, characterized and evaluated as potential antiproliferative agents. The various compounds were first studied from the structural point of view; afterward, their solubility properties as well as their solution behaviour were analyzed in detail. Antiproliferative properties were specifically evaluated against A2780 human ovarian carcinoma cells, either resistant or sensitive to cisplatin. For comparison purposes similar studies were carried out on four parent cis-dichloro bisphosphane Pt(II)complexes. On the whole, the cis-PtP(2)S(2) compounds displayed significant antiproliferative properties while the cis-PtP(2)Cl(2) (cis-dichloro bisphosphane Pt(II)) compounds revealed quite poor biological performances. To gain further insight into the molecular mechanisms of these bisphosphane Pt(II) compounds, the reactions of selected complexes against the model protein cytochrome c were investigated by ESI-MS and their adduct formation explored. A relevant reactivity with cyt c was obtained only for cis-PtP(2)Cl(2) compounds, whereas cis-PtP(2)S(2) compounds turned out to be nearly unreactive. The obtained results are interpreted and discussed in the frame of the current knowledge of anticancer platinum compounds and their structure-activity-relationships. The observation of appreciable antiproliferative effects for the relatively inert cis-PtP(2)S(2) compounds strongly suggests that these compounds will undergo specific activation within the cellular environment.     

The existence of a 2‐factor in K1, n‐free graphs with large connectivity and large edge‐connectivity

In this article, we study the existence of a 2‐factor in a K_{1, n}‐free graph. Sumner [J London Math Soc 13 (1976), 351–359] proved that for n?4, an (n?1)‐connected K_{1, n}‐free graph of even order has a 1‐factor. On the other hand, for every pair of integers m and n with m?n?4, there exist infinitely many (n?2)‐connected K_{1, n}‐free graphs of even order and minimum degree at least m which have no 1‐factor. This implies that the connectivity condition of Sumner's result is sharp, and we cannot guarantee the existence of a 1‐factor by imposing a large minimum degree. On the other hand, Ota and Tokuda [J Graph Theory 22 (1996), 59–64] proved that for n?3, every K_{1, n}‐free graph of minimum degree at least 2n?2 has a 2‐factor, regardless of its connectivity. They also gave examples showing that their minimum degree condition is sharp. But all of them have bridges. These suggest that the effects of connectivity, edge‐connectivity and minimum degree to the existence of a 2‐factor in a K_{1, n}‐free graph are more complicated than those to the existence of a 1‐factor. In this article, we clarify these effects by giving sharp minimum degree conditions for a K_{1, n}‐free graph with a given connectivity or edge‐connectivity to have a 2‐factor. Copyright © 2010 Wiley Periodicals, Inc. J Graph Theory 68:77‐89, 2011     

Core, shell, and surface-optimized dendrimers for blue light-emitting diodes

We present a novel core-shell-surface multifunctional structure for dendrimers using a blue fluorescent pyrene core with triphenylene dendrons and triphenylamine surface groups. We find efficient excitation energy transfer from the triphenylene shell to the pyrene core, substantially enhancing the quantum yield in solution and the solid state (4-fold) compared to dendrimers without a core emitter, while TPA groups facilitate the hole capturing and injection ability in the device applications. With a luminance of up to 1400 cd/m(2), a saturated blue emission CIE(xy) = (0.15, 0.17) and high operational stability, these dendrimers belong to the best reported fluorescence-based blue-emitting organic molecules.     

LC-MS based quantification of 2'-ribosylated nucleosides Ar(p) and Gr(p) in tRNA

RNA nucleosides are often naturally modified into complex non-canonical structures with key biological functions. Here we report LC-MS quantification of the Ar(p) and Gr(p) 2'-ribosylated nucleosides in tRNA using deuterium labelled standards, and the first detection of Gr(p) in complex fungi.