What drives corporate default risk premia? Evidence from the CDS market

This paper studies the evolution of the default risk premia for European firms during the years surrounding the recent credit crisis. We employ the information embedded in Credit Default Swaps (CDS) and Moody’s KMV EDF default probabilities to analyze the common factors driving this risk premia. The risk premium is characterized in several directions: Firstly, we perform a panel data analysis to capture the relationship between CDS spreads and actual default probabilities. Secondly, we employ the intensity framework of Jarrow et al. (2005) in order to measure the theoretical effect of risk premium on expected bond returns. Thirdly, we carry out a dynamic panel data to identify the macroeconomic sources of risk premium. Finally, a vector autoregressive model analyzes which proportion of the co-movement is attributable to financial or macro variables. Our estimations report coefficients for risk premium substantially higher than previously referred for US firms and a time varying behavior. A dominant factor explains around 60% of the common movements in risk premia. Additionally, empirical evidence suggests a public-to-private risk transfer between the sovereign CDS spreads and corporate risk premia.

Cape Verde hotspot from the upper crust to the top of the lower mantle

We investigate the crust, upper mantle and mantle transition zone of the Cape Verde hotspot by using seismic P and S receiver functions from several tens of local seismograph stations. We find a strong discontinuity at a depth of similar to 10 km underlain by a similar to 15-km thick layer with a high (similar to 1.9) Vp/Vs velocity ratio. We interpret this discontinuity and the underlying layer as the fossil Moho, inherited from the pre-hotspot era, and the plume-related magmatic underplate. Our uppermost-mantle models are very different from those previously obtained for this region: our S velocity is much lower and there are no indications of low densities. Contrary to previously published arguments for the standard transition zone thickness our data indicate that this thickness under the Cape Verde islands is up to similar to 30 km less than in the ambient mantle. This reduction is a combined effect of a depression of the 410-km discontinuity and an uplift of the 660-km discontinuity. The uplift is in contrast to laboratory data and some seismic data on a negligible dependence of depth of the 660-km discontinuity on temperature in hotspots. A large negative pressure-temperature slope which is suggested by our data implies that the 660-km discontinuity may resist passage of the plume. Our data reveal beneath the islands a reduction of S velocity of a few percent between 470-km and 510-km depths. The low velocity layer in the upper transition zone under the Cape Verde archipelago is very similar to that previously found under the Azores and a few other hotspots. In the literature there are reports on a regional 520-km discontinuity, the impedance of which is too large to be explained by the known phase transitions. Our observations suggest that the 520-km discontinuity may present the base of the low-velocity layer in the transition zone. (C) 2011 Elsevier B.V. All rights reserved.

Performance of coastal sea-defense infrastructure at El Jadida (Morocco) against tsunami threat: lessons learned from the Japanese 11 March 2011 tsunami

This paper seeks to investigate the effectiveness of sea-defense structures in preventing/reducing the tsunami overtopping as well as evaluating the resulting tsunami impact at El Jadida, Morocco. Different tsunami wave conditions are generated by considering various earthquake scenarios of magnitudes ranging from M-w = 8.0 to M-w = 8.6. These scenarios represent the main active earthquake faults in the SW Iberia margin and are consistent with two past events that generated tsunamis along the Atlantic coast of Morocco. The behavior of incident tsunami waves when interacting with coastal infrastructures is analyzed on the basis of numerical simulations of near-shore tsunami waves' propagation. Tsunami impact at the affected site is assessed through computing inundation and current velocity using a high-resolution digital terrain model that incorporates bathymetric, topographic and coastal structures data. Results, in terms of near-shore tsunami propagation snapshots, waves' interaction with coastal barriers, and spatial distributions of flow depths and speeds, are presented and discussed in light of what was observed during the 2011 Tohoku-oki tsunami. Predicted results show different levels of impact that different tsunami wave conditions could generate in the region. Existing coastal barriers around the El Jadida harbour succeeded in reflecting relatively small waves generated by some scenarios, but failed in preventing the overtopping caused by waves from others. Considering the scenario highly impacting the El Jadida coast, significant inundations are computed at the sandy beach and unprotected areas. The modeled dramatic tsunami impact in the region shows the need for additional tsunami standards not only for sea-defense structures but also for the coastal dwellings and houses to provide potential in-place evacuation.

Effect of deworming on hemoglobin concentration in children from 2 to 15 years from the Bengo Province, Angola

The most common causes of anemia are micronutrient deficiencies, but other factors may influence namely inflammation, parasitic infections and inherited disorders. One strategy to combat micronutrient deficiencies is supplementation, yet, in zones with high prevalence of Schistosomiasis or Soil Transmitted Helminthes (STH), supplementation could be not sufficient. The aim of this study was to evaluate the effects of deworming, on hemoglobin concentration, in children from 2 to 15 years, from Bengo.

Transitional justice in the judiciary: lessons from the portuguese democratisation

The nature of the Portuguese transition to democracy and the following state crises (1974-1975) created a ‘window of opportunity’ in which the ‘reaction to the past’ was much stronger than in the other Southern or even of Central and Eastern European transitions. In Portugal, initiatives of symbolic rupture with the past began soon after the April 25, 1974, coup d’état and transitional justice policies assumed mainly three formulas. First, the institutional reforms directed primarily to abusive state institutions such as the political police (PIDE-DGS) and political courts (Plenary courts) in order to dismantle the repressive apparatus and prevent further human rights abuses and impunity. Secondly, the criminal prosecutions addressed to perpetrators considered as being the most responsible for repression and abuses. Finally, lustration or political purges (saneamentos, the term used in Portugal to designate political purges) which were, in fact, the most common form of political justice in Portuguese transition to democracy. This paper deals with the peculiarities of transitional justice in Portugal devoting a particular attention to the judicial, a key sector to understand the way the Portuguese dealt with their authoritarian past.

Intrusion of Lamprophyre dyke and related deformation effects in the host rock salt: A case study from the Loulé Diapir, Portugal

A rock salt-lamprophyre dyke contact zone (sub-vertical, NE-SW strike) was investigated for its petrographic, mechanic and physical properties by means of anisotropy of magnetic susceptibility CAMS) and rock magnetic properties, coupled with quantitative microstructural analysis and thermal mathematical modelling. The quantitative microstructural analysis of halite texture and solid inclusions revealed good spatial correlation with AMS and halite fabrics. The fabrics of both lamprophyre and rock salt record the magmatic intrusion, "plastic" flow and regional deformation (characterized by a NW-SE trending steep foliation). AMS and microstructural analysis revealed two deformation fabrics in the rock salt: (1) the deformation fabrics in rock salt on the NW side of the dyke are associated with high temperature and high fluid activity attributed to the dyke emplacement; (2) On the opposite side of the dyke, the emplacement-related fabric is reworked by localized tectonic deformation. The paleomagnetic results suggest significant rotation of the whole dyke, probably during the diapir ascent and/or the regional Tertiary to Quaternary deformation. (C) 2014 Elsevier B.V. All rights reserved.

Mechanical behavior and localized failure modes in a porous basalt from the Azores

Basaltic rocks are the main component of the oceanic upper crust, thus of potential interest for water and geothermal resources, storage of CO2 and volcanic edifice stability. In this work, we investigated experimentally the mechanical behavior and the failure modes of a porous basalt, with an initial connected porosity of 18%. Results were acquired under triaxial compression experiments at confining pressure in the range of 25-200 MPa on water saturated samples. In addition, a purely hydrostatic test was also performed to reach the pore collapse critical pressure P*. During hydrostatic loading, our results show that the permeability is highly pressure dependent, which suggests that the permeability is mainly controlled by pre-existing cracks. When the sample is deformed at pressure higher than the pore collapse pressure P*, some very small dilatancy develops due to microcracking, and an increase in permeability is observed. Under triaxial loading, two modes of deformation can be highlighted. At low confining pressure (Pc < 50 MPa), the samples are brittle and shear localization occurs. For confining pressure > 50 MPa, the stress-strain curves are characterized by strain hardening and volumetric compaction. Stress drops are also observed, suggesting that compaction may be localized. The presence of compaction bands is confirmed by our microstructure analysis. In addition, the mechanical data allows us to plot the full yield surface for this porous basalt, which follows an elliptic cap as previously observed in high porosity sandstones and limestones.

From the Bay of Biscay to the High Atlas: completing the anisotropic characterization of the upper mantle beneath the westernmost Mediterranean region

The knowledge of the anisotropic properties beneath the Iberian Peninsula and Northern Morocco has been dramatically improved since late 2007 with the analysis of the data provided by the dense TopoIberia broadband seismic network, the increasing number of permanent stations operating in Morocco, Portugal and Spain, and the contribution of smaller scale/higher resolution experiments. Results from the two first TopoIberia deployments have evidenced a spectacular rotation of the fast polarization direction (FPD) along the Gibraltar Arc, interpreted as an evidence of mantle flow deflected around the high velocity slab beneath the Alboran Sea, and a rather uniform N100 degrees E FPD beneath the central Iberian Variscan Massif, consistent with global mantle flow models taking into account contributions of surface plate motion, density variations and net lithosphere rotation. The results from the last Iberarray deployment presented here, covering the northern part of the Iberian Peninsula, also show a rather uniform FPD orientation close to N100 degrees E, thus confirming the previous interpretation globally relating the anisotropic parameters to the LPO of mantle minerals generated by mantle flow at asthenospheric depths. However, the degree of anisotropy varies significantly, from delay time values of around 0.5 s beneath NW Iberia to values reaching 2.0 sin its NE comer. The anisotropic parameters retrieved from single events providing high quality data also show significant differences for stations located in the Variscan units of NW Iberia, suggesting that the region includes multiple anisotropic layers or complex anisotropy systems. These results allow to complete the map of the anisotropic properties of the westernmost Mediterranean region, which can now be considered as one of best constrained regions worldwide, with more than 300 sites investigated over an area extending from the Bay of Biscay to the Sahara platform. (C) 2015 Elsevier B.V. All rights reserved.

Bacterial enzymes and multi-enzymatic systems for cleaning-up dyes from the environment

Synthetic dyes are xenobiotic compounds that are being increasingly used in several industries, with special emphasis in the paper, textile and leather industries. Over 100,000 commercial dyes exist today and more than 7 × 105 tons of dyestuff is produced annually, of which 1–1.5 × 105 tons is released into the wastewaters (Rai et al in Crit Rev Environ Sci Tecnhol 35:219–238, 2005). Among these, azo dyes, characterized by the presence of one or more azo groups (–N=N–), and anthraquinonic dyes represent the largest and most versatile groups.