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.     

Search for collective transverse flow using particle transverse momentum spectra in relativistic heavy-ion collisions

The particle transverse momentum spectra recently measured in relativistic heavy-ion collisions at CERN and BNL are analysed within an expanding fireball model. All the particle spectra at a given beam energy can be reproduced simultaneously with a single set of intensive parameters for the initial state of the fireball. As typical freeze-out parameters in this beam energy region we find a freeze-out temperatureT _f?110 MeV for most hadrons, and an average transverse expansion velocity at freeze-out of 〈v/c〉?0.4–0.45. The striking enhancement at transverse momentap _T<200 MeV/c in the CERN pion data cannot be fully explained by the existence of transverse flow.     

Study on hypochlorite degradation of aromatic polyamide reverse osmosis membrane

A serious limitation of most commercial polyamide reverse osmosis (RO) membranes is their sensitivity to chlorine attack. By studying the hypochlorite degradation of aromatic polyamide RO membrane, this work was to get some understandings in the prevention of membrane depreciation and develop membranes with improved chlorine resistance. Membrane performances, including water flux and salt rejection, were evaluated before and after hypochlorite exposure under different pH and concentration conditions. The results showed that chlorination destroyed hydrogen bonds in polyamide chains, causing a notable decline of membrane flux especially in acid environment; however, membrane performance was slightly improved after the treatment of alkaline hypochlorite solution for a certain time, which was probably due to the effect of amine groups in barrier layer. Based on the attenuated total reflectance Fourier transform infrared spectroscopy (ATR-FTIR) characterizations and performance measurements, the results indicated that N-chlorination reaction of aromatic polyamide was also reversible, in other words, the N-chlorinated intermediate could be regenerated to initial amide with the alkaline treatment before ring-chlorination reaction. This conclusion provided several relative suggestions for membrane cleaning procedures. Finally, a method adopting surface coating was proposed to develop membranes with good chlorine resistance, and the preliminary results showed its potential for applications.     

关于Euler数一个猜想的证明

研究Euler数的猜想:对于任何素数p≡1 mod4,E(p-1)／20 mod p．根据Euler数本身的性质和Fourier级数对于Gauss和的应用,证明了这个猜想是成立的．     

A Mild and Efficient Synthesis of Chiral N-Boc-α-aminoaldehydes

N-Boc-α-aminoaldehydes, represented by Boc-L-leucinal and its congener Boc-L- phenylalaninal, have received considerable attention in the past four decades1. This interest mainly stems from their wide application as important synthons in the preparation …     

(–)‐α‐Isosparteine copper(II) diazide

In the title complex, [Cu(N₃)₂(C₁₅H₂₆N₂)], the Cu atom is surrounded by the two N atoms of the chelating (?)‐α‐isosparteine ligand and another two N atoms from the two azide anions, forming a distorted CuN₄ tetrahedron. The two azide anions are terminally bound to the Cu^II atom, and the dihedral angle between the N_sparteine—Cu—N_sparteine and N_azide—Cu—N_azide planes is 50.0 (2)°.     

Optimal poroelastic layer sequencing for sound transmission loss maximization by topology optimization method

Optimal layer sequencing of a multilayered acoustical foam is solved to maximize its sound transmission loss. A foam consisting of air and poroelastic layers can be optimized when a limited amount of a poroelastic material is allowed. By formulating the sound transmission loss maximization problem as a one-dimensional topology optimization problem, optimal layer sequencing and thickness were systematically found for several single and ranges of frequencies. For optimization, the transmission losses of air and poroelastic layers were calculated by the transfer matrix derived from Biot's theory. By interpolating five intrinsic parameters among several poroelastic material parameters, distinct air-poroelastic layer distributions were obtained; no filtering or postprocessing was necessary. The optimized foam layouts by the proposed method were shown to differ depending on the frequency bands of interest.     

Measurement of the tau lepton mass and an upper limit on the mass difference between tau+ and tau-

The mass of the tau lepton has been measured in the decay mode tau-->3pinutau using a pseudomass technique. The result obtained from 414 fb-1 of data collected with the Belle detector is Mtau=[1776.61+/-0.13(stat)+/-0.35(sys)] MeV/c2. The upper limit on the relative mass difference between positive and negative tau leptons is |Mtau+-Mtau-|/Mtau<2.8 x 10-4 at 90% confidence level.     

Strongly enhanced mode selection in a thin dielectric-coated layered microcavity laser

Strong mode selection through an enhanced interferential coupling effect was observed in a thin dielectric-coated layered cylindrical microcavity laser. The strong coupling effect was induced owing to an enhanced reflectivity of around 50% at the dielectric-coated inner boundary of a fused silica capillary filled with a dye-doped liquid. At an optimized coating thickness of about 0.4 microm, the lasing peaks appeared only at the wavelengths corresponding to the constructive interference condition, whereas those from a bare capillary were weakly modulated.