Credit Default Swaps and Insurance: Against the Potts Opinion

Little attention has been given to the possibility that CDS transactions might be construed as insurance contracts in English law. This article challenges the widespread “Potts opinion”, which states that CDSs are not insurance, because they do not require the protection buyer to sustain a loss or to have an insurable interest in the subject matter. CDSs often do provide protection against loss that the buyer is exposed to; loss indemnity is not a necessary characterisation of an insurance contract; insurable interest does not form part of the definition of insurance, but is an additional requirement of valid insurance; and what matters is the substance not the form of the contract. The situation in the US and Australia is also briefly considered.

Evaluation of ductile-brittle transition temperature (DBTT) of aluminide bond coats by micro-tensile test method

A method has been suggested to accurately determine the DBTT of diffusion aluminide bond coats. Micro-tensile testing of free-standing coating samples has been carried out. The DBTT was determined based on the variation of plastic strain-to-fracture with temperature. The positive features of this method over the previously reported techniques are highlighted. (C) 2010 Elsevier B.V. All rights reserved.

Modelling, Design and Analysis of Low Frequency Platform for Attenuating Micro-Vibration in Spacecraft

One of the most important factors that affect the pointing of precision payloads and devices in space platforms is the vibration generated due to static and dynamic unbalanced forces of rotary equipments placed in the neighborhood of payload. Generally, such disturbances are of low amplitude, less than 1 kHz, and are termed as ‘micro-vibrations’. Due to low damping in the space structure, these vibrations have long decay time and they degrade the performance of payload. This paper addresses the design, modeling and analysis of a low frequency space frame platform for passive and active attenuation of micro-vibrations. This flexible platform has been designed to act as a mount for devices like reaction wheels, and consists of four folded continuous beams arranged in three dimensions. Frequency and response analysis have been carried out by varying the number of folds, and thickness of vertical beam. Results show that lower frequencies can be achieved by increasing the number of folds and by decreasing the thickness of the blade. In addition, active vibration control is studied by incorporating piezoelectric actuators and sensors in the dynamic model. It is shown using simulation that a control strategy using optimal control is effective for vibration suppression under a wide variety of loading conditions.

Defect related luminescence in Hg0.2Cd0.8Te nano- and micro-crystals grown by the solvothermal method

The photoluminescence (PL) properties of nano- and micro-crystalline Hg1-xCdxTe (x approximate to 0.8) grown by the solvothermal method have been studied over the temperature range 10-300 K. The emission spectra of the samples excited with 514.5 nm Ar+ laser consist of five prominent bands around 0.56, 0.60, 0.69, 0.78 and 0.92 eV. The entire PL band in this NIR region is attributed to the luminescence from defect centers. The features like temperature independent peak energy and quite sensitive PL intensity, which has a maximum around 50 K is illustrated by the configuration coordinate model. After 50 K, the luminescence shows a thermal quenching behavior that is usually exhibited by amorphous semiconductors, indicating that the defects are related to the compositional disorder. (C) 2010 Elsevier B.V. All rights reserved.

Application of nonlinear filtering to credit risk

Merton's model views equity as a call option on the asset of the firm. Thus the asset is partially observed through the equity. Then using nonlinear filtering an explicit expression for likelihood ratio for underlying parameters in terms of the nonlinear filter is obtained. As the evolution of the filter itself depends on the parameters in question, this does not permit direct maximum likelihood estimation, but does pave the way for the `Expectation-Maximization' method for estimating parameters. (C) 2010 Elsevier B.V. All rights reserved.

Ring Resonators and Micro Fluidics: Novel Design for Drug/Disease Detection

MEMS systems are technologically developed from integrated circuit industry to create miniature sensors and actuators. Originally these semiconductor processes and materials were used to build electrical and mechanical systems, but expanded to include biological, optical fluidic magnetic and other systems 12]. Here a novel approach is suggested where in two different fields are integrated via moems, micro fluidics and ring resonators. It is well known at any preliminary stage of disease onset, many physiological changes occur in the body fluids like saliva, blood, urine etc. The drawback till now was that current calibrations are not sensitive enough to detect the minor physiological changes. This is overcome using optical detector techniques 1]. The basic concepts of ring resonators, with slight variations can be used for optical detection of these minute disease markers. A well known fact of ring resonators is that a change in refractive index will trigger a shift in the resonant wavelength 5]. The trigger for the wavelength shift in the case discussed will be the presence of disease agents. To trap the disease agents specific antibody has to be used (e. g. BSA).

A Non-contact measurement technique to measure micro surface stress and obtain deformation profiles of the order of 1nm in Micro-cantilever based structures by single image Optical Diffraction method

A new method based on analysis of a single diffraction pattern is proposed to measure deflections in micro-cantilever (MC) based sensor probes, achieving typical deflection resolutions of 1nm and surface stress changes of 50 mu N/m. The proposed method employs a double MC structure where the deflection of one of the micro-cantilevers relative to the other due to surface stress changes results in a linear shift of intensity maxima of the Fraunhofer diffraction pattern of the transilluminated MC. Measurement of such shifts in the intensity maxima of a particular order along the length of the structure can be done to an accuracy of 0.01mm leading to the proposed sensitivity of deflection measurement in a typical microcantilever. This method can overcome the fundamental measurement sensitivity limit set by diffraction and pointing stability of laser beam in the widely used Optical Beam Deflection method (OBDM).

Needleless Vaccine Delivery Using Micro-Shock Waves

Shock waves are one of the most efficient mechanisms of energy dissipation observed in nature. In this study, utilizing the instantaneous mechanical impulse generated behind a micro-shock wave during a controlled explosion, a novel nonintrusive needleless vaccine delivery system has been developed. It is well-known that antigens in the epidermis are efficiently presented by resident Langerhans cells, eliciting the requisite immune response, making them a good target for vaccine delivery. Unfortunately, needle-free devices for epidermal delivery have inherent problems from the perspective of the safety and comfort of the patient. The penetration depth of less than 100 mu m in the skin can elicit higher immune response without any pain. Here we show the efficient utilization of our needleless device (that uses micro-shock waves) for vaccination. The production of liquid jet was confirmed by high-speed microscopy, and the penetration in acrylamide gel and mouse skin was observed by confocal microscopy. Salmonella enterica serovar Typhimurium vaccine strain pmrG-HM-D (DV-STM-07) was delivered using our device in the murine salmonellosis model, and the effectiveness of the delivery system for vaccination was compared with other routes of vaccination. Vaccination using our device elicits better protection and an IgG response even at a lower vaccine dose (10-fold less) compared to other routes of vaccination. We anticipate that our novel method can be utilized for effective, cheap, and safe vaccination in the near future.

Micro and macroscopic features of impact failed defect induced carbon-epoxy composites

Laminated composite structures are susceptible to damage under impacts with attendant properly degradation. While studies on damage tolerance behaviour are emphasised and the findings reported, the citations correlating impacts with the fracture features are limited. In the present study, therefore, attempts have been made to depict how the transition of the fracture features take place depending on the type and extent of defect introduced onto the carbon-epoxy system. The test specimens were subjected to differing levels of low energy pendulum impacts with a view to have specimens with varying levels of intial impacts history. Into such specimens, additional defect in the form of slits of varying depths were introduced by a mechanical process. The test coupons were then allowed to fail by impact. The fracture surface was studied under scanning electron microscope. The fractographic features that appear, based on the induced/inserted defects, are presented in this paper. It was noticed that the energy absorbed for final fracture could be associated with the defect introduced into the system. It was also observed that the size of the mechanically inserted defect had a significant influence on the features of the fracture surface.

The studies on micro-structural defects in deformed composite matrix of Al-Si-Mg and SiC

Detailed Fourier line shape analysis has been performed on three different compositions of the composite matrix of Al-Si-Mg and SiC. The alloy composition in wt% is Al-7%Si, 0.35%Mg, 0.14%Fe and traces of copper and titanium (similar to 0.01%) with SiC varying from 0 to 30wt% in three steps i.e., 0, 10 and 30wt%. The line shift analysis has been performed by considering 111, 200, 220, 311 and 222 reflections after estimating their relative shift. Peak asymmetry analysis has been performed considering neighbouring 111 and 200 reflections and Fourier line shape analysis has been performed after considering the multiple orders 111 and 222, 200 and 400 reflections. Combining all these three analyses it has been found that the deformation stacking faults both intrinsic alpha' and extrinsic alpha " are absent in this alloy system whereas the deformation twin beta has been found to be positive and increases with the increase of SiC concentration. So, like other Al-base alloys this ternary alloy also shows high stacking fault energy, and the addition of SiC introduces deformation twin which increases with its concentration in the deformed lattices.

Study of Brittle-to-ductile-transition in Pt-aluminide bond coat using micro-tensile testing method

The Brittle-to-ductile-transition-temperature (BDTT) of free-standing Pt-aluminide (PtAl) coating specimens, i.e. stand-alone coating specimens without any substrate, was determined by micro-tensile testing technique. The effect of Pt content, expressed in terms of the thickness of initial electro-deposited Pt layer, on the BDTT of the coating has been evaluated and an empirical correlation drawn. Increase in the electrodeposited Pt layer thickness from nil to 10 mu m was found to cause an increase in the BDTT of the coating by about 100 degrees C.

A System-C based Micro architectural Exploration Framework for Latency, Power and Performance Trade-offs of On-Chip Interconnection

We describe a System-C based framework we are developing, to explore the impact of various architectural and microarchitectural level parameters of the on-chip interconnection network elements on its power and performance. The framework enables one to choose from a variety of architectural options like topology, routing policy, etc., as well as allows experimentation with various microarchitectural options for the individual links like length, wire width, pitch, pipelining, supply voltage and frequency. The framework also supports a flexible traffic generation and communication model. We provide preliminary results of using this framework to study the power, latency and throughput of a 4x4 multi-core processing array using mesh, torus and folded torus, for two different communication patterns of dense and sparse linear algebra. The traffic consists of both Request-Response messages (mimicing cache accesses)and One-Way messages. We find that the average latency can be reduced by increasing the pipeline depth, as it enables higher link frequencies. We also find that there exists an optimum degree of pipelining which minimizes energy-delay product.