Estimation of rating classes and default probabilities in credit risk models with dependencies

Let Y = m(X) + ε be a regression model with a dichotomous output Y and a one‐step regression function m . In the literature, estimators for the three parameters of m , that is, the breakpoint θ and the levels a and b , are proposed for independent and identically distributed (i.i.d.) observations. We show that these standard estimators also work in a non‐i.i.d. framework, that is, that they are strongly consistent under mild conditions. For that purpose, we use a linear one‐factor model for the input X and a Bernoulli mixture model for the output Y . The estimators for the split point and the risk levels are applied to a problem arising in credit rating systems. In particular, we divide the range of individuals' creditworthiness into two groups. The first group has a higher probability of default and the second group has a lower one. We also stress connections between the standard estimator for the cutoff θ and concepts prevalent in credit risk modeling, for example, receiver operating characteristic. Copyright © 2014 John Wiley & Sons, Ltd.     

Facile,efficient and eco-friendly synthesis of 5-sulfenyl tetrazole derivatives of indoles and pyrroles

A concise, two-step eco-friendly approach towards the synthesis of 5-sulfenyl tetrazole derivatives of indoles and pyrroles, is reported. The synthesis comprises the oxone-mediated thiocyanation of the starting heterocycles towards intermediate 3-thiocyanato indoles and 2-thiocyanato pyrroles, and their subsequent treatment with sodium azide in 2-propanol/water under zinc bromide promotion.     

Nucleophile‐Dependent Regio‐ and Stereoselective Ring Opening of 1‐Azoniabicyclo[3.1.0]hexane Tosylate

1‐[(1R)‐(1‐Phenylethyl)]‐1‐azoniabicyclo[3.1.0]hexane tosylate was generated as a stable bicyclic aziridinium salt from the corresponding 2‐(3‐hydroxypropyl)aziridine upon reaction with p‐toluenesulfonyl anhydride. This bicyclic aziridinium ion was then treated with various nucleophiles including halides, azide, acetate, and cyanide in CH₃CN to afford either piperidines or pyrrolidines through regio‐ and stereoselective ring opening, mediated by the characteristics of the applied nucleophile. On the basis of DFT calculations, ring‐opening reactions under thermodynamic control yield piperidines, whereas reactions under kinetic control can yield both piperidines and pyrrolidines depending on the activation energies for both pathways.     

Cooperative Chemotaxis of Magnesium Microswimmers for Corrosion Spotting

Numerous artificial micro- and nanomotors, as well as various swimmers have been inspired by living organisms that are able to move in a coordinated manner. Their cooperation has also gained a lot of attention because the resulting clusters are able to adapt to changes in their environment and to perform complex tasks. However, mimicking such a collective behavior remains a challenge. In the present work, magnesium microparticles are used as chemotactic swimmers with pronounced collective features, allowing the gradual formation of macroscopic agglomerates. The formed clusters act like a single swimmer able to follow pH gradients. This dynamic behavior can be used to spot localized corrosion events in a straightforward way. The autonomous docking of the swimmers to the corrosion site leads to the formation of a local protection layer, thus increasing corrosion resistance and triggering partial self-healing.     

Bis(4-benzhydryl-benzoxazol-2-yl)methane – from a Bulky NacNac Alternative to a Trianion in Alkali Metal Complexes

A novel sterically demanding bis(4-benzhydryl-benzoxazol-2-yl)methane ligand 6 (^4−BzhH2BoxCH₂) was gained in a straightforward six-step synthesis. Starting from this ligand monomeric [M(^4-BzhH2BoxCH)] (M=Na ( 7 ), K ( 8₁ )) and dimeric [{M(^4-BzhH2BoxCH)}₂] (M=K ( 8₂ ), Rb ( 9 ), Cs ( 10 )) alkali metal complexes were synthesised by deprotonation. Abstraction of the potassium ion of 8 by reaction with 18-crown-6 resulted in the solvent separated ion pair [{(THF)₂K@(18-crown-6)}{bis(4-benzhydryl-benzoxazol-2-yl)methanide}] ( 11 ), including the energetically favoured monoanionic (E,E)-(^4-BzhH2BoxCH) ligand. Further reaction of ^4−BzhH2BoxCH₂ with three equivalents KH and two equivalents 18-crown-6 yielded polymeric [{(THF)₂K@(18-crown-6)}{K@(18-crown-6)K(^4-BzhBoxCH)}]_n (n→∞) ( 12 ) containing a trianionic ligand. The neutral ligand and herein reported alkali complexes were characterised by single X-ray analyses identifying the latter as a promising precursor for low-valent main group complexes.     

Unexpected dimerization of 1,3‐dimethyl‐5‐methylenebarbituric acid revealed by a combined experimental and computational study

A comparison of experimental and calculated ¹³C‐nuclear magnetic resonance chemical shifts reveals the molecular structure of a dimer that was obtained by an unexpected dimerization of 1,3‐dimethyl‐5‐methylenebarbituric acid. Furthermore, the puckering angle of the cyclobutane unit linking the six‐membered rings is discussed in detail. The influence of substituents on 1,3‐position of the cyclobutane ring on the puckering angle is demonstrated based on 1,1,3,3‐tetramethylcyclobutane. Copyright © 2015 John Wiley & Sons, Ltd.     

Phase Transition of [2,2]‐Paracyclophane – An End to an Apparently Endless Story

In this contribution, the solid‐state low‐temperature phase structure of [2,2]‐paracyclophane is unambiguously characterised by single‐crystal X‐ray analysis. Additionally, a heat capacity measurement was undertaken, which proves the existence of a λ‐type phase transition at 45 K, a transition that is connected with the formation of a secondary C_p/T feature at 60 K. The low‐temperature phase (<45 K) crystallises in the lower symmetry space group P$\bar 4$ n2, whereas the high‐temperature phase (>60 K) crystallises in space group P4₂/mnm. This proves what has been postulated both by experimental and theoretical chemists but has repeatedly been dismissed as speculation many times.     

Nature’s Chemical Signatures in Human Olfaction: A Foodborne Perspective for Future Biotechnology

The biocatalytic production of flavor naturals that determine chemosensory percepts of foods and beverages is an ever challenging target for academic and industrial research. Advances in chemical trace analysis and post‐genomic progress at the chemistry–biology interface revealed odor qualities of nature’s chemosensory entities to be defined by odorant‐induced olfactory receptor activity patterns. Beyond traditional views, this review and meta‐analysis now shows characteristic ratios of only about 3 to 40 genuine key odorants for each food, from a group of about 230 out of circa 10 000 food volatiles. This suggests the foodborn stimulus space has co‐evolved with, and roughly match our circa 400 olfactory receptors as best natural agonists. This perspective gives insight into nature’s chemical signatures of smell, provides the chemical odor codes of more than 220 food samples, and beyond addresses industrial implications for producing recombinants that fully reconstruct the natural odor signatures for use in flavors and fragrances, fully immersive interactive virtual environments, or humanoid bioelectronic noses.     

Chemo‐ and Magnetotaxis of Self‐Propelled Light‐Emitting Chemo‐electronic Swimmers

Miniaturized autonomous chemo‐electronic swimmers, based on the coupling of spontaneous oxidation and reduction reactions at the two poles of light‐emitting diodes (LEDs), are presented as chemotactic and magnetotactic devices. In homogeneous aqueous media, random motion caused by a bubble‐induced propulsion mechanism is observed. However, in an inhomogeneous environment, the self‐propelled devices exhibit positive chemotactic behavior, propelling themselves along a pH or ionic strength gradient (?pH and ?I, respectively) in order to reach a thermodynamically higher active state. In addition, the intrinsic permanent magnetic moment of the LED allows self‐orientation in the terrestrial magnetic field or following other external magnetic perturbations, which enables a directional motion control coupled with light emission. The interplay between chemotaxis and magnetotaxis allows fine‐tuning of the dynamic behavior of these swimmers.