Counter-credit-risk yield spreads: a puzzle in China's corporate bond market

In this paper, using China's risk-free and corporate zero yields together with aggregate credit risk measures and various control variables from 2006 to 2013, we document a puzzle of counter-credit-risk corporate yield spreads. We interpret this puzzle as a symptom of the immaturity of China's credit bond market, which reveals a distorted pricing mechanism latent in the fundamental of this market. We also find interesting results about relationships between corporate yield spreads and interest rates and risk premia and the stock index, and these results are somewhat attributed to this puzzle.

Yield optimization of a heterologously expressed novel mouse macrophage protein

The large scale whole-genome sequencing projects have resulted in large numbers of un-characterized and un-annotated protein sequences. This presents an opportunity and a challenge to characterise these novel protein sequences. Structural biology has become a widely accepted methodology to help assign functions to such proteins, complementing other cellular and biochemical studies. However, most of these studies require the target protein to be produced in large quantities and in a highly pure and soluble state. The present study is an attempt to maximise production of a recombinant mouse macrophage protein (rMMP) over-expressed heterologously in Escherichia coli. Highest production of biomass and total protein (6.6 mg mL-1) was observed at 37 °C. Maximum cell disruption (89%) was observed during freeze-thawing and subsequent ultrasonication.