Systematic and liquidity risk in sub-prime mortgage-backed assets

The mis-evaluation of risk in securitized financial products is central to understanding the global financial crisis. This paper characterizes the evolution of risk factors affecting collateralized debt obligations (CDOs) based on subprime mortgages. A key feature of subprime mortgage-backed indices is that they are distinct in their vintage of issuance. Using a latent factor framework that incorporates this vintage effect, we show the increasing importance of common factors on more senior tranches during the crisis. An innovation of the paper is that we use the unbalanced panel structure of the data to identify the vintage, credit, common and idiosyncratic effects from a state-space specification.

Coexistence of Universal and Topological Anomalous Hall Effects in Metal CrO2 Thin Films in the Dirty Limit

The scaling exponent of 1.6 between anomalous Hall and longitudinal conductivity, characteristic of the universal Hall mechanism in dirty-metal ferromagnets, emerges from a series of CrO2 films as we systematically increase structural disorder. Magnetic disorder in CrO2 increases with temperature and this drives a separate topological Hall mechanism. We find that these terms are controlled discretely by structural and magnetic defect populations, and their coexistence leads to apparent divergence from exponent 1.6, suggesting that the universal term is more prevalent than previously realized.

CVD of CrO(2): Towards a lower temperature deposition process

The deposition of highly oriented a-axis CrO(2) films onto Al(2)O(3)(0001) by atmospheric pressure (AP)CVD at temperatures as low as 330 C is reported. Deposition rates strongly depend on the substrate temperature, whereas for film surface microstructures the dependence is mainly on film thickness. For the experimental conditions used in this work, CrO(2) growth kinetics are dominated by a surface reaction mechanism with an apparent activation energy of (121.0 +/- 4.3) kJ mol(-1). The magnitude and temperature dependence of the saturation magnetization, up to room temperature, is consistent with bulk measurements.

Influence of growth temperature and carrier flux on the structure and transport properties of highly oriented CrO2 on Al2O3 (0001)

In this work we report on the structure and magnetic and electrical transport properties of CrO2 films deposited onto (0001) sapphire by atmospheric pressure (AP)CVD from a CrO3 precursor. Films are grown within a broad range of deposition temperatures, from 320 to 410 degrees C, and oxygen carrier gas flow rates of 50-500 seem, showing that it is viable to grow highly oriented a-axis CrO2 films at temperatures as low as 330 degrees C i.e., 60-70 degrees C lower than is reported in published data for the same chemical system. Depending on the experimental conditions, growth kinetic regimes dominated either by surface reaction or by mass-transport mechanisms are identified. The growth of a Cr2O3 interfacial layer as an intrinsic feature of the deposition process is studied and discussed. Films synthesized at 330 degrees C keep the same high quality magnetic and transport properties as those deposited at higher temperatures.

The spin polarization of CrO2 revisited

Here, we use Andreev reflection spectroscopy to study the spin polarization of high quality CrO2 films. We study the spin polarization as a function of growth temperature, resulting in grain size and electrical resistivity. In these films low temperature growth appears to be a necessary but not sufficient condition to guarantee the observation of high spin polarization, and this is only observed in conjunction with suppressed superconducting gap values and anomalously low interface properties. We suggest that this combination of observations is a manifestation of the long range spin triplet proximity effect. (C) 2007 American Institute of Physics.

Structural and Microanalytical Studies of CrO2 Thin Films on c-Sapphire by High Resolution Electron Microscopy Methods

Chromium dioxide (CrO2) has been extensively used in the magnetic recording industry. However, it is its ferromagnetic half-metallic nature that has more recently attracted much attention, primarily for the development of spintronic devices. CrO2 is the only stoichiometric binary oxide theoretically predicted to be fully spin polarized at the Fermi level. It presents a Curie temperature of ∼ 396 K, i.e. well above room temperature, and a magnetic moment of 2 mB per formula unit. However an antiferromagnetic native insulating layer of Cr2O3 is always present on the CrO2 surface which enhances the CrO2 magnetoresistance and might be used as a barrier in magnetic tunnel junctions.

Vermo-nos, vendo os outros: investigação comparativa de notícias televisivas

Acaba de passar várias horas num avião e, finalmente, deu entrada num hotel num país distante. Se agir como eu, uma das primeiras coisas que fará após pousar a bagagem será ligar a televisão e começar a percorrer os canais. Mais tarde ou mais cedo, começará a passar por um e outro noticiário. E, mesmo que não domine o idioma, ficará convicto de estar a ver as notícias. As notícias televisivas constituem, seguramente, um fenómeno global. De facto, desde o advento da televisão, em meados do século XX, que as notícias constituem um dos seus mais primitivos géneros de conteúdo. E, no entanto, o processo de produção, as tecnologias, os valores jornalísticos e a sofisticação das audiências por todo o mundo têm sofrido constantes avanços e alterações. Consideremos ou não as notícias televisivas como sendo um meio útil de providenciar informação sobre aquilo que se passa a nível local ou mundial, não há dúvida de que a TV constitui ainda a principal fonte de informação para a maioria das pessoas, mesmo com o crescente aumento do número de utilizadores da internet. Inúmeros formatos de noticiários televisivos evoluíram ao longo dos anos: serviços públicos e comerciais; locais e nacionais; gerais e centrados em tópicos específicos (ex: negócios, desporto, etc.); breves boletins informativos e transmissões non-stop de 24 horas diárias. No entanto, não obstante esta variedade, sempre existiram pontos em comum entre todos os formatos, sobretudo se procedermos a uma análise individual de peças noticiosas.

Inhibition of Aspergillus fumigatus and its biofilm by Pseudomonas aeruginosa is dependent on the source, phenotype and growth conditions of the bacterium

Aspergillus fumigatus (Af) and Pseudomonas aeruginosa (Pa) are leading fungal and bacterial pathogens, respectively, in many clinical situations. Relevant to this, their interface and co-existence has been studied. In some experiments in vitro, Pa products have been defined that are inhibitory to Af. In some clinical situations, both can be biofilm producers, and biofilm could alter their physiology and affect their interaction. That may be most relevant to airways in cystic fibrosis (CF), where both are often prominent residents. We have studied clinical Pa isolates from several sources for their effects on Af, including testing involving their biofilms. We show that the described inhibition of Af is related to the source and phenotype of the Pa isolate. Pa cells inhibited the growth and formation of Af biofilm from conidia, with CF isolates more inhibitory than non-CF isolates, and non-mucoid CF isolates most inhibitory. Inhibition did not require live Pa contact, as culture filtrates were also inhibitory, and again non-mucoid>mucoid CF>non-CF. Preformed Af biofilm was more resistant to Pa, and inhibition that occurred could be reproduced with filtrates. Inhibition of Af biofilm appears also dependent on bacterial growth conditions; filtrates from Pa grown as biofilm were more inhibitory than from Pa grown planktonically. The differences in Pa shown from these different sources are consistent with the extensive evolutionary Pa changes that have been described in association with chronic residence in CF airways, and may reflect adaptive changes to life in a polymicrobial environment.