A new era in United States cooperation in international insolvency adminstrations?

Cross-border insolvency laws are increasingly being influenced by the UNCITRAL Model Law on Cross-border Insolvency provisions. The United States has recently enacted domestic legislation based on these provisions by way of Ch 15 of the Bankruptcy Abuse Prevention and Consumer Protection Act 2005, which inserted Ch 15 into USC, Title 11. This article briefly explains the provisions of this United States legislation and draws attention to the important case law commenting and explaining same. It further attempts to alert local practitioners to the changes, benefits and detriments they may encounter when acting pursuant to this legislation.

Non-smooth optimization methods for computation of the conditional value-at-risk and portfolio optimization

We examine numerical performance of various methods of calculation of the Conditional Value-at-risk (CVaR), and portfolio optimization with respect to this risk measure. We concentrate on the method proposed by Rockafellar and Uryasev in (Rockafellar, R.T. and Uryasev, S., 2000, Optimization of conditional value-at-risk. Journal of Risk, 2, 21-41), which converts this problem to that of convex optimization. We compare the use of linear programming techniques against a non-smooth optimization method of the discrete gradient, and establish the supremacy of the latter. We show that non-smooth optimization can be used efficiently for large portfolio optimization, and also examine parallel execution of this method on computer clusters.

The ultrasound appearance of the patellar tendon attachment to the tibia in young athletes is conditional on gender and pubertal stage

This cross-sectional study investigated the imaging appearance of the previous termpatellarnext term tendon attachment to the tibia in young male and female tennis players of different ages and pubertal status. Forty-four competitive young players, who had been playing tennis at least for 2 years, were recruited from a tennis school and local tennis clubs. All subjects had bilateral ultrasound imaging of the previous termpatellarnext term tendon attachment to the tibia. Standard anthropometric measurements, pubertal status and injury history were recorded. Ultrasound appearance of the previous termpatellarnext term tendon attachment was categorised into three stages: cartilage attachment, insertional cartilage and mature attachment. Cartilage attachment was more prevalent in boys (32%) and extended further into puberty (until Tanner stage 4) compared to girls (6% and Tanner stage 1). Tendons with Osgood–Schlatter Disease symptoms (n = 3) did not have a cartilage attachment. Imaging appearance commonly seen in young active athletes, consistent with a clinical diagnosis of OSD, was more common in boys and in the pre- and peri-pubertal stages.

Parametric conditional frailty models for recurrent cardiovascular events in the lipid study

Background Analysis of recurrent event data is frequently needed in clinical and epidemiological studies. An important issue in such analysis is how to account for the dependence of the events in an individual and any unobserved heterogeneity of the event propensity across individuals.Methods We applied a number of conditional frailty and nonfrailty models in an analysis involving recurrent myocardial infarction events in the Long-Term Intervention with Pravastatin in Ischaemic Disease study. A multiple variable risk prediction model was developed for both males and females. Results A Weibull model with a gamma frailty term fitted the data better than other frailty models for each gender. Among nonfrailty models the stratified survival model fitted the data best for each gender. The relative risk estimated by the elapsed time model was close to that estimated by the gap time model. We found that a cholesterol-lowering drug, pravastatin (the intervention being tested in the trial) had significant protective effect against the occurrence of myocardial infarction in men (HR¼0.71, 95% CI0.60–0.83). However, the treatment effect was not significant in women due to smaller sample size (HR¼0.75, 95% CI 0.51–1.10). There were no significant interactions between the treatment effect and each recurrent MI event (p¼0.24 for men and p¼0.55 for women). The risk of developing an MI event for a male who had an MI event during follow-up was about 3.4 (95% CI 2.6–4.4) times the risk compared with those who did not have an MI event. The corresponding relative risk for a female was about 7.8 (95% CI 4.4–13.6). Limitations The number of female patients was relatively small compared with their male counterparts, which may result in low statistical power to find real differences in the effect of treatment and other potential risk factors.Conclusions The conditional frailty model suggested that after accounting for all the risk factors in the model, there was still unmeasured heterogeneity of the risk for myocardial infarction, indicating the effect of subject-specific risk factors. These risk prediction models can be used to classify cardiovascular disease patients into different risk categories and may be useful for the most effective targeting of preventive therapies for cardiovascular disease.

A conditional probability approach to risk assessment for child sexual offenders with different classes of victim

Specific scales were developed for discriminating child sexual offenders with different classes of victim. The project demonstrates a method of individualising scores on actuarial risk assessment measured in a way that makes them more meaningful for those involved in decision-making about individual child sexual offenders. At present, the only quantifiable approach to specific decision-making relies on a general prediction of future behaviour, based on group data. The Bayesian approach is one method that can be used to assist decision-makers to use this information in ways that lead to the more appropriate management of risk. Ultimately, the better management of known child sexual offenders will lead to fewer offences and a reduction in the number of children who lives are profoundly affected by sexual victimisation.

Encouraging public cooperation and support for police

This paper explores how to increase public cooperation and support for police. To date, only a few studies have attempted to explore the role that procedural justice plays in shaping the public's willingness to assist police in crime control. The present study explores this much neglected field of research using both crosssectional survey data and panel data. The study finds that views about police legitimacy do influence public cooperation with the police, and that those who view the police as more legitimate are more likely to assist police to control crime. The key antecedent of legitimacy is procedural justice; those who are more likely to believe police use procedural justice in their dealings with the public are more likely to perceive police as legitimate.

Minimal force jump within human and assistive robot cooperation

When an assistant robotic manipulator cooperatively performs a task with a human and the task is required to be highly reliable, then fault tolerance is essential. To achieve the fault tolerance force within the human robot cooperation, it is required to map the effects of the faulty joint of the robot into the manipulator’s healthy joints’ torque space and the human force. The objective is to optimally maintain the cooperative force within the human robot cooperation. This paper aims to analyze the fault tolerant force within the cooperation and two frameworks are proposed. Then they have been validated through a fault scenario. Finally, the minimum force jump which is the optimal fault tolerance has been achieved.

An examination of conditional asset pricing models in the Australian equities market

This article examines the link between macroeconomic variables and equity returns in Australia by testing conditional asset pricing models. We find that conditioning the Fama-French model with a series of macroeconomic variables does not considerably improve its performance. However, we do find that the Fama-French factors, SMB and HML, retain their ability to explain equity returns even after the model is conditioned on macroeconomic variables. Our findings suggest that investors do not adjust their risk premiums according to the changes in the macroeconomic variables we employ.

Evolution of cooperation in reputation system by group-based scheme

Reputation systems are very useful in large online communities in which users may frequently have the opportunity to interact with users with whom they have no prior experience. Recently, how to enhance the cooperative behaviors in the reputation system has become to one of the key open issues. Emerging schemes focused on developing efficient reward and punishment mechanisms or capturing the social or economic properties of participants. However, whether this kind of method can work widely or not has been hard to prove until now. Research in evolutionary game theory shows that group selection (or multilevel selection) can favor the cooperative behavior in the finite population. Furthermore, some recent works give fundamental conditions for the evolution of cooperation by group selection. In the paper, we extend the original group selection theory and propose a group-based scheme to enhance cooperation for online reputation systems. Related concepts are defined to capture the social structure and ties among participants in reputation system, e.g., group, assortativity, etc. Also, we use a Fermi distribution function to reflect the bounded rationality of participants and the existence of stochastic factors in evolutionary process. Extended simulations show that our scheme can enhance cooperation and improve the average performance of participants (e.g. payoff) in reputation system.

Balancing act : competition and cooperation in US Asia-Pacific regionalism

While the United States is an important Asia-Pacific actor, its engagement with the region is complex and often difficult. Not only must US regionalism balance the diverse requirements of an ambitious policy agenda, but also US policy norms and priorities often clash with those of other regional actors. This has important implications for the capacity of the United States to provide regional leadership. Recent years have seen growing policy convergence between the United States and other Asia-Pacific actors, particularly in economic terms, but US regionalism continues to feature competition alongside collaboration.