The assignment of ν2 and ν4 of SO3

Three experiments have been performed to resolve an uncertainty in the assignment of ν2 and ν4 for SO3: (i) the gas phase Raman spectrum has been measured; (ii) the infrared active combination band ν3 + ν4 has been measured; (iii) a band contour calculation has been performed taking account of the ℓ-type resonance in ν4 and a strong Coriolis resonance between ν2 and ν4. These experiments establish beyond any doubt that ν2 lies at about 497.5 cm−1 and ν4 lies at about 530.2 cm−1. The contour calculation also shows that the Coriolis resonance gives rise to a positive intensity perturbation.

Price discovery of credit spreads in tranquil and crisis periods

In this paper we investigate the price discovery process in single-name credit spreads obtained from bond, credit default swap (CDS), equity and equity option prices. We analyse short term price discovery by modelling daily changes in credit spreads in the four markets with a vector autoregressive model (VAR). We also look at price discovery in the long run with a vector error correction model (VECM). We find that in the short term the option market clearly leads the other markets in the sub-prime crisis (2007-2009). During the less severe sovereign debt crisis (2009-2012) and the pre-crisis period, options are still important but CDSs become more prominent. In the long run, deviations from the equilibrium relationship with the option market still lead to adjustments in the credit spreads observed or implied from other markets. However, options no longer dominate price discovery in any of the periods considered. Our findings have implications for traders, credit risk managers and financial regulators.

The institutional antecedents of the assignment of HRM responsibilities to line managers

This article uses large-scale international data to examine how much autonomy organizations have to assign human resource management responsibilities to line managers, as indicated in the prescriptions of the literature. We use data from 11 countries to explore the impact of a variety of internal characteristics of organizations and the kind of economy in which they operate. We find that around half of the organizations assign HRM responsibilities to the line and that organizations appear to have considerable latitude in making choices in this area. Organizations in the Nordic economies are most likely to assign responsibilities for HRM to the line and those in the liberal market economies are the least likely to do so. In any economy, larger organizations, unionized organizations, and those with strategically positioned HRM departments are the least likely to allocate responsibilities for HRM to the line. We discuss the implications of our findings for future research and for practice.

Contributions to the taxonomy of the Normanellidae (Copepoda, Harpacticoida): description of a new genus from the Brazilian continental shelf and re-assignment of Pseudocletodes vararensis Scott & Scott, 1893 (ex Nannopodidae)

A new genus and species of Normanellidae (Copepoda, Harpacticoida), Paranaiara inajae gen. et sp. nov., is described from the continental shelf off the northern coast of Sao Paulo State, Brazil. The new genus differs from the type genus Normanella Brady, 1880 and Sagamiella Lee & Huys, 1999 in its presence of lamelliform caudal rami, a maxillulary endopod represented by 2 setae, an unarmed maxillipedal syncoxa, and reduced setation on P2 enp-2 (without outer spine) and P3 enp-2 (with only 2 inner setae). All these apomorphic character states are shared with the genus Pseudocletodes Scott & Scott, 1893, formerly placed in the family Nannopodidae (ex Huntemanniidae) and here assigned to the Normanellidae. Pseudocletodes can be differentiated from Paranaiara by the loss of the P1 endopod and of the inner seta on P2-P4 enp-1, the presence of only 2 inner setae on P2 enp-2 (instead of 3) and only 1 inner seta on P4 exp-3 (instead of 2), the presence of a second inner seta on P4 enp-2 (instead of 1), the morphology of the fifth pair of legs which are not medially fused and have only 3 endopodal elements (instead of 4) in the male, and the well developed caudal ramus seta V (instead of rudimentary). It is postulated that prehensility of the P1 endopod was secondarily lost in the common ancestor of Paranaiara and Pseudocletodes. An updated family diagnosis of the Normanellidae and a dichotomous identification key to the 22 currently valid species are presented.

Resolution and Absolute Configuration Assignment of a Natural Racemic Chromane from Peperomia obtusifolia (Piperaceae)

The resolution of the natural racemic chromane 3,4-dihydro-5-hydroxy-2,7-dimethyl-8-(3 ``-methyl-2 ``-butenyl)-2-(4`-methyl-1`,3`-pentadienyl)-2H-1-benzopyran-6-carboxylic acid (1) isolated from the leaves of Peperomia obtusifolia has been accomplished using stereoselective HPLC. The absolute coil figuration of the resolved enantiomers was determined by the analysis of optical rotations and CD spectra. The finding of a racemic mixture instead of an enantiomerically pure metabolite raises questions about the final steps in the biosynthesis of this class of natural products, suggesting that the intramolecular chromane ring formation step may not be enzymatically controlled at all in P. obtusifolia. Chirality 21:799-801, 2009. (C) 2008 Wiley-Liss, Inc.

Complete assignment of (1)H and (13)C NMR spectra of alpha-phenylsulfinyl-N-methoxy-N-methylpropionamide and some p-substituted derivatives

The complete assignment of the (1)H and (13)C NMR spectra of the diastereomeric pairs of some alpha-arylsulfinyl-substituted N-methoxy-N-methylpropionamides with the substituents methoxy, methyl, chloro, nitro is reported. Copyright (C) 2008 John Wiley & Sons, Ltd.

Scaling the volatility of credit spreads: evidence from Australian dollar eurobonds

The linear rescaling of the variance of an asset's return is used by many asset pricing models when an annualised risk coefficient is required. However, this approach may not be appropriate for time series, which are not independent and identically distributed (IID). This paper investigates the scaling relationships for daily credit spreads, from January 1995 to May 1998, between AAA-, AA-, and A-rated Australian dollar denominated Eurobonds with maturities of 2, 5, 7, and 10 years. The credit spread return all display similar scaling properties with the estimated standard deviation, based upon a scaling at the square root of time, significantly underestimating the actual level of risk predicted from a normal distribution. These results have implications for risk managers and trading of credit spread instruments.

Congratulations, you're pre-approved! : an analysis of credit limit upselling letters

Consumer Action commissioned Dr Paul Harrison, Deakin Business School, Deakin University and Marta Massi, School of Marketing and Communication, Lumsa University (Rome), to study the psychological aspects of one form of credit marketing – unsolicited credit card limit-increase offers (UCCLIOs). The researchers studied 21 UCCLIO letters – 17 provided by consumers and four provided by banks – and applied theories developed from previous research in the fields of marketing, consumer behavior, behavioural economics and cognitive psychology, to describe likely ways in which UCCLIO’s influenced consumer behavior and decision making. The researchers make some recommendations from a behavioural perspective based on their findings, and Consumer Action proposes how these findings might be applied to consumer policy.

Peak modeling approach to accurate assignment of first-dimension retention times in comprehensive two-dimensional chromatography

Modeling of first-dimension retention of peaks based on modulation phase and period allows reliable prediction of the modulated peak distributions generated in the comprehensive two-dimensional chromatography experiment. By application of the inverse process, it is also possible to use the profile of the modulated peaks (their heights or areas) to predict the shape and parameters of the original input chromatographic band (retention time, standard deviation, area) for the primary column dimension. This allows an accurate derivation of the firstdimension retention time (RSD 0.02%) which is equal to that for the non-modulated experiment, rather than relying upon the retention time of the major modulated peak generated by the modulation process (RSD 0.16%). The latter metric can produce a retention time that differs by at least the modulation period employed in the experiment, which displays a discontinuity in the retention time vs modulation phase plot at the point of the 180° out-ofphase modulation. In contrast, the new procedure proposed here gives a result that is essentially independent of modulation phase and period. This permits an accurate value to be assigned to the first-dimension retention. The proposed metric accounts for the time on the seconddimension, the phase of the distribution, and the holdup time that the sampled solute is retained in the modulating interface. The approach may also be based on the largest three modulated peaks, rather than all modulated peaks. This simplifies the task of assigning the retention time with little loss of precision in band standard deviation or retention time, provided that these peaks are not all overloaded in the first or second dimension.

Sale of credit portfolio and risk : the case of financial institutions in Brazil

Este estudo analisa se as vendas de carteiras de crédito são utilizadas por instituições financeiras para gestão de risco, de acordo com Stanton(1998) e Murray(2001) ou para captação recursos, como apontado em Cebenoyan e Strahan(2001) e Dionne e Harchaoui(2003). Duas hipóteses foram testadas quanto às vendas de carteira de crédito: 1) implicam em melhor rating na carteira remanescente; ou 2) promovem alavancagem financeira - com piora na carteira remanescente -, controlando para a existência de coobrigação e para quem esses ativos foram transferidos. A amostra inclui informações trimestrais de 145 instituições financeiras do primeiro trimestre de 2001 ao segundo trimestre de 2008. Os resultados oferecem evidências empíricas de que as instituições financeiras utilizam estas vendas para melhora do rating da carteira de crédito remanescente, ou seja, elas transferem, em sua maioria, ativos de baixa qualidade, garantindo bons ratings e melhorando a liquidez. Adicionalmente, seguindo a proposta Dionne e Harchaoui(2003) - que além de testar, evidenciam que exigências regulatórias promovem alavancagem em ativos de alto risco - foi observada a relação entre o Índice de Basiléia e rating da carteira de crédito. As conclusões foram semelhantes às encontradas por Dionne e Harchaoui(2003): quanto mais adequada – maior Índice de Basiléia - uma instituição financeira for, maiores as chances de ela possuir uma carteira de crédito com qualidade ruim.