Seasonal dependence in the solar neutrino flux

Mikheyev-Smirnov-Wolfenstein (MSW) solutions of the solar neutrino problem predict a seasonal dependence of the zenith angle distribution of the event rates, due to the nonzero latitude at the Super-Kamiokande site. We calculate this seasonal dependence and compare it with the expectations in the no-oscillation case as well as just-so scenario, in the light of the latest Super-Kamiokande 708-day data. The seasonal dependence can be sizable in the large mixing angle MSW solution and would be correlated with the day-night effect. This may be used to discriminate between MSW and just-so scenarios and should be taken into account in refined fits of the data.

Valoración de credit default swaps: una aplicación del modelo de Hull-White al mercado español

En este trabajo se presenta una aplicación empírica del modelo de Hull-White (2000) al mercado de renta fija español. Este modelo proporciona la expresión por el cálculo de los pagos hechos por el comprador de un credit default swap (CDS), bajo la hipótesis de que no existe riesgo de contrapartida. Se supone, además, que la curva cupón cero, la tasa de recuperación constante y el momento del suceso de crédito son independientes. Se utilizan bonos del Banco Santander Central Hispano para mesurar la probabilidad neutra al riesgo de quiebra y, bajo hipótesis de no arbitraje, se calculan las primas de un CDS, por un bono subyacente con la misma calificación crediticia que la entidad de referencia. Se observa que las primas se ajustan bien a los spreads crediticios del mercado, que se acostumbran a utilizar como alternativa a las mismas.

Man-bites-dog business cycles

The newsworthiness of an event is partly determined by how unusual it isand this paper investigates the business cycle implications of this fact. In particular, weanalyze the consequences of information structures in which some types of signals are morelikely to be observed after unusual events. Such signals may increase both uncertainty anddisagreement among agents and when embedded in a simple business cycle model, can helpus understand why we observe (i) occasional large changes in macro economic aggregatevariables without a correspondingly large change in underlying fundamentals (ii) persistentperiods of high macroeconomic volatility and (iii) a positive correlation between absolutechanges in macro variables and the cross-sectional dispersion of expectations as measuredby survey data. These results are consequences of optimal updating by agents when theavailability of some signals is positively correlated with tail-events. The model is estimatedby likelihood based methods using individual survey responses and a quarterly time seriesof total factor productivity along with standard aggregate time series. The estimated modelsuggests that there have been episodes in recent US history when the impact on outputof innovations to productivity of a given magnitude was more than eight times as largecompared to other times.

Causality and Contagion in EMU Sovereign Debt Markets

This paper contributes to the literature by applying the Granger causality approach and endogenous breakpoint test to offer an operational definition of contagion to examine European Economic and Monetary Union (EMU) countries public debt behaviour. A database of yields on 10-year government bonds issued by 11 EMU countries covering fourteen years of monetary union is used. The main results suggest that the 41 new causality patterns, which appeared for the first time in the crisis period, and the intensification of causality recorded in 70% of the cases, provide clear evidence of contagion in the aftermath of the current euro debt crisis.

Quantum black holes: Nonperturbative corrections and no-veil scenario

A common belief is that further quantum corrections near the singularity of a large black hole should not substantially modify the semiclassical picture of black hole evaporation; in particular, the outgoing spectrum of radiation should be very close to the thermal spectrum predicted by Hawking. In this paper we explore a possible counterexample: in the context of dilaton gravity, we find that nonperturbative quantum corrections which are important in strong-coupling regions may completely alter the semiclassical picture, to the extent that the presumptive spacelike boundary becomes timelike, changing in this way the causal structure of the semiclassical geometry. As a result, only a small fraction of the total energy is radiated outside the fake event horizon; most of the energy comes in fact at later retarded times and there is no problem of information loss. This may constitute a general characteristic of quantum black holes, that is, quantum gravity might be such as to prevent the formation of global event horizons.

Causality and Contagion in EMU Sovereign Debt Markets

This paper contributes to the literature by applying the Granger causality approach and endogenous breakpoint test to offer an operational definition of contagion to examine European Economic and Monetary Union (EMU) countries public debt behaviour. A database of yields on 10-year government bonds issued by 11 EMU countries covering fourteen years of monetary union is used. The main results suggest that the 41 new causality patterns, which appeared for the first time in the crisis period, and the intensification of causality recorded in 70% of the cases, provide clear evidence of contagion in the aftermath of the current euro debt crisis.

Causality and Contagion in EMU Sovereign Debt Markets

This paper contributes to the literature by applying the Granger causality approach and endogenous breakpoint test to offer an operational definition of contagion to examine European Economic and Monetary Union (EMU) countries public debt behaviour. A database of yields on 10-year government bonds issued by 11 EMU countries covering fourteen years of monetary union is used. The main results suggest that the 41 new causality patterns, which appeared for the first time in the crisis period, and the intensification of causality recorded in 70% of the cases, provide clear evidence of contagion in the aftermath of the current euro debt crisis.

Identidad territorial y promoción turística: la organización de eventos como estrategia de creación, consolidación y difusión de la imagen de marca del territorio

Gertakizun baten antolaketa paradigmatikoa da in situ bizi izandako lurraldeirudien eraikuntza-prozesuan. Parte-hartzaileen imaginario kolektiboan finkatzeko helburuaz antolatutako gertakizunak direla eta, fabrikatutako lurralde-irudiek – turistikoak zein bestelakoak– sustapen turistikorako alternatiba bitxia planteatzen dute, gertakizunaren kudeaketa-estrategian bertan dagoena. Izan ere, gertakizunak, berez, lurraldearen sustapenerako estrategia garrantzitsua adierazten du; are gehiago, irudien katalizatzaile ere bihur daiteke, eta bere osotasunean hiri-marka bat finkatzeko gai diren imaginarioak sor ditzake. Artikulu honetan, identitate-posizionamenduari eta lurralde-sustapenari dagokienean, gertakizun baten antolaketak eskeintzen dituen aukerak ezagutarazten dira.

Ninety-day oral toxicity studies on two genetically modified maize MON810 varieties in Wistar Han RCC rats (EU 7th Framework Programme project GRACE)

The GMO Risk Assessment and Communication of Evidence (GRACE; www.grace-fp7.eu) project is funded by the European Commission within the 7th Framework Programme. A key objective of GRACE is to conduct 90-day animal feeding trials, animal studies with an extended time frame as well as analytical, in vitro and in silico studies on genetically modified (GM) maize in order to comparatively evaluate their use in GM plant risk assessment. In the present study, the results of two 90-day feeding trials with two different GM maize MON810 varieties, their near-isogenic non-GM varieties and four additional conventional maize varieties are presented. The feeding trials were performed by taking into account the guidance for such studies published by the EFSA Scientific Committee in 2011 and the OECD Test Guideline 408. The results obtained show that the MON810 maize at a level of up to 33 % in the diet did not induce adverse effects in male and female Wistar Han RCC rats after subchronic exposure, independently of the two different genetic backgrounds of the event