Securitisation law: EU and US disclosure regulations

Providing key guidance on the process of securitisation, this comprehensive title explains in detail exactly what practitioners need to know. Featuring the most up-to-date commentary, Securitisation Law and Practice cuts through this complicated process using practical aids such as flow charts and checklists. The book also contains discussion on the latest case law (including case studies) and critical legal issues. The book also features: (1) Analysis of the recent securities regulations regarding asset-backed securities disclosures in the US and EU, providing an understanding of the differences in regulatory reporting requirements between jurisdictions. (2) Discussion of the various types of asset-backed structures that have been created over the last 30 years. (3) Analysis of the major legal decisions in the US and EU regarding securitisation transactions, including such cases as Enron, Parmalat and the recent sub-prime problem.

Congressional acquiescence to presidentialism in the US ‘War on Terror’

Congressional dominance theory holds that not only can the US Congress control the executive, it does. The terrorist attacks on New York and Washington on 11 September 2001 and the Bush administration's ensuing global 'war on terror' suggest a different result. Bush's response to 9/11 signalled not only new directions in US foreign and domestic policy but a new stage in the aggrandisement of presidential power in the United States and a further step in the marginalisation of the Congress. Informed by a constitutional doctrine unknown to the framers of the US Constitution, the Bush administration pursued a presidentialist or 'ultra-separationist' governing strategy that was disrespectful to the legislature's intended role in the separated system. Using its unilateral powers, in public and in secret, claiming 'inherent' authority from the Constitution, and exploiting the public's fear of a further terrorist attack and of endangering the lives of US troops abroad, the administration skilfully drove its legislation through the Congress. Occasionally, the Congress was able to extract concessions - notably in the immediate aftermath of 9/11, when partisan control of the government was split - but more typically, for most of the period, the Congress acquiesced to administration demands, albeit with the consolation of minor concessions. The administration not only dominated the lawmaking process, it also cowed legislators into legitimating often highly controversial (and sometimes illegal) administration-determined definitions of counter-terrorism and national security policy. Certainly, the Congress undertook a considerable amount of oversight during the period of the 'war on terror'; lawmakers also complained. But the effects on policy were marginal. This finding held true for periods of Democratic as well as Republican majorities.

Old conflicts, new rivals? Airline competition in the European market

Christoph Franz of Lufthansa recently identified Ryanair, easyJet, Air Berlin and Emirates as the company’s main competitors – gone are the days when it could benchmark itself against BA or Air France-KLM! This paper probes behind the headlines to assess the extent to which different airlines are in competition, using evidence from the UK and mainland European markets. The issue of route versus network competition is addressed. Many regulators have put an emphasis on the former whereas the latter, although less obvious, can be more relevant. For example, BA and American will cease to compete between London and Dallas Fort Worth if their alliance obtains anti-trust immunity but 80% of the passengers on this route are connecting at one or both ends and hence arguably belong to different markets (e.g. London-San Francisco, Zurich-Dallas, Edinburgh-New Orleans) which may be highly contested. The remaining 20% of local traffic is actually insufficient to support a single point to point service in its own right. Estimates are made of the seat capacity major airlines are offering to the local market as distinct from feeding other routes. On a sector such as Manchester–Amsterdam, 60% of KLM’s passengers are transferring at Schiphol as against only 1% of bmibaby’s. Thus although KLM operates 5 flights and 630 seats per day against bmibaby’s 2 flights and 298 seats, in the point to point market bmibaby offers more seats than KLM. The growth of the Low Cost Carriers (LCCs) means that competition increasingly needs to be viewed on city pair markets (e.g. London-Rome) rather than airport pair markets (e.g. Heathrow-Fiumicino). As the stronger LCCs drive out weaker rivals and mainline carriers retrench to their major hubs, some markets now have fewer direct options than existed prior to the low cost boom. Timings and frequencies are considered, in particular the extent to which services are a true alternative especially for business travellers. LCCs typically offer lower frequencies and more unsociable timings (e.g. late evening arrivals at remote airports) as they are more focused on providing the cheapest service rather than the most convenient schedule. Interesting findings on ‘monopoly’ services are presented (including alliances) - certain airlines have many more of these than others. Lufthansa has a significant number of sectors to itself whereas at the other extreme British Airways has direct competition on almost every route in its network. Ryanair and flybe have a higher proportion of monopoly routes than easyJet or Air Berlin. In the domestic US market it has become apparent since deregulation that better financial returns can come from dominating a large number of smaller markets rather than being heavily exposed in the major markets - which are hotly fought over. Regional niches that appear too thin for Ryanair to serve (with its all 189 seat 737-800 fleet) are identified. Fare comparisons in contrasting markets provide some insights to marketing and pricing strategies. Data sources used include OAG (schedules and capacity), AEA (traditional European airlines traffic by region), the UK CAA (airport, airline and route traffic plus survey information of passenger types) and ICAO (international route traffic and capacity by carrier). It is concluded that airlines often have different competitors depending on the context but in surprisingly many cases there are actually few or no direct substitutes. The competitive process set in train by deregulation of European air services in the 1990s is leading back to one of natural monopolies and oblique alternatives. It is the names of the main participants that have changed however!

The Professional Legitimacy of the Taiwan-educated versus US-educated Taiwanese English Teachers

Thesis (Ph.D.)--University of Washington, 2015

Does Cost-Effectiveness Analysis Have a Role in US Managed Care Drug Formularies? An Empirical Study of Utilization, Costs, Outcomes, and Elasticity of Demand of a Value-Based Formulary

Thesis (Ph.D.)--University of Washington, 2015

Where and how to find data on safety: what do systematic reviews of complementary therapies tell us?

Background: Successfully identifying relevant data for systematic reviews with a focus on safety may require retrieving information from a wider range of sources than for ‘effectiveness’ systematic reviews. Searching for safety data continues to prove a major challenge. Objectives: To examine search methods used in systematic reviews of safety and to investigate indexing. Methods: Systematic reviews focusing on safety of complementary therapies and related interventions were retrieved from comprehensive searches of major databases. Data was extracted on search strategies, sources used and indexing in major databases. Safety related search terms were compared against index terms available on major databases. Data extraction by one researcher using a pre-prepared template was checked for accuracy by a second researcher. Results: Screening of 2563 records resulted in 88 systematic reviews being identified. Information sources used varied with the type of intervention being addressed. Comparison of search terms with available index terms revealed additional potentially relevant terms that could be used in constructing search strategies. Seventy-nine reviews were indexed on PubMed, 84 on EMBASE, 21 on CINAHL, 15 on AMED, 6 on PsycINFO, 2 on BNI and HMIC. The mean number of generic safety-related indexing terms on PubMed records was 2.6. For EMBASE the mean number was 4.8 with at least 61 unique terms being employed. Most frequently used indexing terms and subheadings were adverse effects, side effects, drug interactions and herb-drug interactions. Use of terms specifically referring to safety varied across databases. Conclusions: Investigation of search methods revealed the range of information sources used, a list of which may prove a valuable resource for those planning to conduct systematic reviews of safety. The findings also indicated that there is potential to improve safety-related search strategies. Finally, an insight is provided into indexing of and most effective terms for finding safety studies on major databases.

The New Instantaneity: How Social Media are Helping us Privilege the (Politically) Correct over the True

The recent sacking of the eminent scientist Tim Hunt from one of the UK’s leading research institutions is only the latest in a series of cases where public individuals have been derided for comments made in jest on social media, with serious consequences for their professional and personal lives. This article discusses the case of Tim Hunt as an example of the extent to which the privileging of the correct over the true which has long pervaded media discourse is taken to the extreme by the instant-response culture of social media. It points to the emergence of a new form of instantaneity enabled by these networked forms of communication that serves to reinforce systemic inaction rather than the change widely associated with these technologies. It draws on philosophy and Critical Theory as useful conceptual frameworks for highlighting the ways in which Twitter & co. increasingly call us to action but crowd out thought, thereby passing over opportunities for real social change.

Can power laws help us understand gene and proteome information?

Proteins are biochemical entities consisting of one or more blocks typically folded in a 3D pattern. Each block (a polypeptide) is a single linear sequence of amino acids that are biochemically bonded together. The amino acid sequence in a protein is defined by the sequence of a gene or several genes encoded in the DNA-based genetic code. This genetic code typically uses twenty amino acids, but in certain organisms the genetic code can also include two other amino acids. After linking the amino acids during protein synthesis, each amino acid becomes a residue in a protein, which is then chemically modified, ultimately changing and defining the protein function. In this study, the authors analyze the amino acid sequence using alignment-free methods, aiming to identify structural patterns in sets of proteins and in the proteome, without any other previous assumptions. The paper starts by analyzing amino acid sequence data by means of histograms using fixed length amino acid words (tuples). After creating the initial relative frequency histograms, they are transformed and processed in order to generate quantitative results for information extraction and graphical visualization. Selected samples from two reference datasets are used, and results reveal that the proposed method is able to generate relevant outputs in accordance with current scientific knowledge in domains like protein sequence/proteome analysis.