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.     

Studies of photooxidative degradation of poly(vinyl chloride)/poly(ethylene oxide) blends

The photooxidative degradation of blends (in a full range of compositions) of amorphous poly(vinyl chloride) (PVC) with semicrystalline poly(ethylene oxide) (PEO) in the form of thin films is investigated using absorption spectroscopy (UV–visible and Fourier transform infrared) and atomic force microscopy (AFM). The amount of insoluble gel formed as a result of photocrosslinking is estimated gravimetrically. It is found that the PVC/PEO blendsí susceptibility to photooxidative degradation differs from that pure of the components and depends on the blend composition and morphology. Photoreactions such as degradation and oxidation are accelerated whereas dehydrochlorination is retarded in blends. The photocrosslinking efficiency in PVC/PEO blends is higher than in PVC; moreover, PEO is also involved in this process. AFM images showing the lamellar structure of semicrystalline PEO in the blend lead to the conclusion that the presence of PVC does not disturb the crystallization process of PEO. The changes induced by UV irradiation allow the observation of more of the distinct PEO crystallites. This is probably caused by recrystallization of short, more mobile chains in degraded PEO or by partial removal of the less stable amorphous phase from the film surface. These results confirm previous information on the miscibility of PVC with PEO. The mechanism of the interactions between the components and the blend photodegradation are discussed. © 2004 Wiley Periodicals, Inc. J Polym Sci Part B: Polym Phys 42: 585–602, 2004     

Determination of phenol and catechol concentrations with oxygen probes coated with immobilized enzymes or immobilized cells

The enzyme phenol 2-hydroxylase was immobilized on Sepharose and used in conjunction with an O₂ electrode for quantitating phenol. Similarly, catechol 1,2-oxygenase was used for quantitating catechol. A third probe was prepared by immobilization ofTrichosporon cutaneum cells rather than purified phenol 2-hydroxylase for phenol quantitation. The whole cell system gave results comparable to the immobilized enzyme system.     

Ortho effect in the mass spectrometric behaviour of N(pyrimidin-4-yl)aminobenzoic acids and their methyl esters

Ortho-. meta- and para-isomers of N-(pyrimidin-4-yl)aminobenzoic acid and their methyl esters were investigated by electron impact mass Spectrometry. Their fragmentation was found to be strongly dependent on the position of the substituent in the aminobenzoic moiety. Two different kinds of ortho effect were studied and confirmed with the aid of deuterium-labelled derivatives.     

Feature based fuzzy matching of 2D gel electrophoresis images

Automatic alignment (matching) of two-dimensional gel electrophoresis images is of primary interest in the evolving field of proteomics. In the present study, feature-based matching techniques, in their classical and robust versions, are described, and an automatic method of fuzzy alignment (FA) is introduced. This method allows automatic matching of two gel images with different numbers of features with unknown correspondence. Performance of FA is tested on simulated and real data sets.     

The effect of UV-irradiation on composting of polyethylene modified by cellulose

LDPE and its blend with cellulose, obtained by extrusion, were UV-irradiated with different doses or biodegraded in soil up to 1 year. Simultaneously, the same samples were 1 year biodegraded after 20 h UV pre-irradiation in the same conditions. The course of photo- and biodegradation was monitored by estimation of average molecular weights and polydispersity, gel amount, changes of PE crystallinity and mechanical properties. Moreover, the biodegradation degree was calculated on the basis of carbon dioxide evolved and surface morphological changes were observed by SEM. It was found that biodegradation of PE + cellulose is hampered by intermolecular crosslinking of both components. Although, the rate of decomposition of PE + cellulose blends is low it is enough for disintegration of such materials in the natural environment.     

Komplexbildende Eigenschaften des 3,5-Dimethylpyrazols

Zusammenfassung 3,5-Dimethylpyrazol bildet in Anwesenheit von Rhodanid mit Kupfer(II) einen gefärbten Komplex, der in Chloroform leicht löslich ist. Diese Reaktion wurde zur photometrischen Bestimmung von 10 bis 100g Cu/5 ml verwendet.

---

Summary A colored complex, that is readily soluble in chloroform, is formed by copper(II) with 3,5-dimethylpyrazole in the presence of thiocyanate. This reaction was employed for the photometric determination of 10 to 100g Cu/5 ml.

---

Résumé Le diméthyl-3,5 pyrazol forme avec le cuivre-II en présence de thiocyanate, un complexe coloré, facilement soluble dans le chloroforme. On a utilisé cette réaction pour le dosage photométrique de 10 à 100g Cu/5 ml.

     

Oxidative reactivity of Cu-TESHHK- and its alanine analogues

Redox properties of Cu(II) complexes of the terminally blocked hexapeptide -TESHHK- and a series of its alanine substituted analogs: -TASHHK-, -TEAHHK-, -TESAHK-, -TESHAK-, were investigated in their reactions with hydrogen peroxide in solution and by cyclic voltammetry in a broad range of pH. The formation of reactive oxygen species was followed with the use of spectrophotometric indicators, NDMA and NBT. The results indicate that the ability of these complexes to generate hydroxyl-like radicals correlates with the formation of active Cu(III) complexes resulting from the oxidation of Cu(II) by H2O2, which interact with further H2O2 molecules specifically.     

Graphical and visualizing method of identification of selected groups of aliphatic compounds in thin-layer chromatography

A new method of group identification was established for selected aliphatic compounds giving homologous series, based upon constant ΔR_M and directional coefficient “a” values (the “a” values being tangents of the angle between the course of the R_M = f(n_c) function and the “x” axis).The results presented concern identification of higher fatty acids and their ethyl esters, amides of higher fatty acids, higher aliphatic amines, ethylalkyl ketones, and dicarboxylic acids.Simultaneously, another method of identifying groups of aliphatic compounds was established, taking advantage of differentiated visualizing effects.