The challenge in managing new financial risks: adopting an heuristic or theoretical approach

The financial crisis began with the collapse of Lehman Brothers and the subprime asset backed securities debacle. Credit risk was turned into liquidity risk, resulting in a lack of confidence among financial institutions. In this article, we will propose a way to model liquidity risk and the credit risk in best practices. We will show that liquidity risk is a new type of risk and the current way to deal with it is based solely on observed variables without any theoretical link. We propose an heuristic approach to combine the numerous liquidity risk indicators with a logistic regression for the first time. In regards to credit risk, several articles prove that the best practice is to use an option model to appreciate this risk. We will present our methodology using stochastic diffusion for the interest rate because currently the yield curves aren’t liquid. This approach is more relevant because the basis model in prior publications has a constant interest rate or a forward rate. Both models allow a better understanding of liquidity and credit risks and the further development of research deals with the link between these two financial risks.     

What is the mechanism of oriented crystal growth on rubbed polymer substrates? Topography vs epitaxy

From the oriented growth of p-nitroaniline crystals on various rubbed polymer substrates, the orientation mechanism was found to basically rely upon the formation of intermolecular interactions at the crystal/polymer interface. The observations also show that the surface topography only plays a minor role in the oriented nucleation.     

Jules Horowitz Reactor: a high performance material testing reactor

The physical modelling of materials' behaviour under severe conditions is an indispensable element for developing future fission and fusion systems: screening, design, optimisation, processing, licensing, and lifetime assessment of a new generation of structure materials and fuels, which will withstand high fast neutron flux at high in-service temperatures with the production of elements like helium and hydrogen.JANNUS and other analytical experimental tools are developed for this objective. However, a purely analytical approach is not sufficient: there is a need for flexible experiments integrating higher scales and coupled phenomena and offering high quality measurements; these experiments are performed in material testing reactors (MTR). Moreover, complementary representative experiments are usually performed in prototypes or dedicated facilities such as IFMIF for fusion. Only such a consistent set of tools operating on a wide range of scales, can provide an actual prediction capability. A program such as the development of silicon carbide composites (600–1200 °C) illustrates this multiscale strategy.Facing the long term needs of experimental irradiations and the ageing of present MTRs, it was thought necessary to implement a new generation high performance MTR in Europe for supporting existing and future nuclear reactors. The Jules Horowitz Reactor (JHR) project copes with this context. It is funded by an international consortium and will start operation in 2014. JHR will provide improved performances such as high neutron flux (10¹⁵ n/cm²/s above 0.1 MeV) in representative environments (coolant, pressure, temperature) with online monitoring of experimental parameters (including stress and strain control). Experimental devices designing, such as high dpa and small thermal gradients experiments, is now a key objective requiring a broad collaboration to put together present scientific state of art, end-users requirements and advanced instrumentation. To cite this article: D. Iracane et al., C. R. Physique 9 (2008).     

Synthesis and Characterization of the (5′ → 5″)-Ester of Adenosine 5′-diphosphate with α-D-ribofuranose cyclic 1″,2″-phosphate: A NAD derivative produced during tRNA splicing

The synthesis and spectroscopic properties of the (5′ → 5″)-ester of adenosine 5′-diphosphate with ribofuranose cyclic 1″, 2″-phosphate 3 , a recently discovered metabolite produced during tRNA splicing, are reported.     

On the use of x-ray-excited optical luminescence (XEOL) for the analysis of multisite rare-earth systems

The realization of a XEOL (X-ray-excited optical luminescence) spectrometer is reported. The aim of the present paper is to show that a comparison between UV-excited emission spectra and XEOL spectra can be helpful in the assignment of some weak transitions for multiple site rare-earth compounds. The case of c-Y₂O₃ doped with Eu³⁺ cations is considered in some detail, as in the XEOL spectrum three lines to be assigned to transitions occurring at the centrosymmetrical Eu³⁺ (C_3i) site are strongly enhanced. Additional site-selective UV-excited emission spectra are also reported supporting the present discussion.     

On a site-selective exafs experiment using optical emission

X-ray-excited optical luminescence (XEOL) is known to offer an alternative detection scheme of EXAFS spectra. Although this secondary emission appears restricted to a rather limited number of systems, we show that it can afford, under appropriate circumstances, an interesting property of site selectivity. The case of a ZnO + ZnTPP mixture was chosen as an illustrative example. The relevant formulation of the phenomenon for powdered samples is developed and the requirements for site selectivity are discussed.