The Determinants of Recovery Rates on Defaulted Corporate Securities: Why do Fallen Angels recover more than Original High Yield Issues?

Regression analysis has shown that recovery rates are determined by a variety of conditions at the time of default. These conditions can be broken into five major categories: (1) a security's seniority within the capital structure of the defaulting firm, (2) the type of default event, (3) firm-specific factors, (4) industry-specific factors, and (5) macroeconomic factors. Expectations of these inputs determine the expected recovery rate if default were to occur, thereby determining credit ratings and security prices. Although it is widely understood how recovery rate estimates influence credit rating assignments (the higher the expected recovery rate, the higher the assigned credit rating), no research, to the best of my knowledge, has investigated the reasons why higher rated securities recover more than lower rated securities in the event of default. Specifically, this paper will empirically investigate why securities originally rated investment grade, fallen angels, recover more than securities originally rated high yield in the event of default.

Effects of Alcohol and Training on Exercise Performance and Muscle Recovery Biochemistry in the Brown Anole (Anolis sagrei)

Contrary to previous research, training may improve exercise performance in a lizard, the brown anole. A brief, two-week training period resulted in increased performance speed and distance before exhaustion in trained lizards. Trained lizards were also able to more effectively use leg glycogen stores, however each of these improvements were not found in lizards treated with alcohol. Liver glycogen concentrations were also lower in alcohol-treated lizards, and patterns of liver glycogen concentrations during recovery indicate some hepatic lactate gluconeogenesis.

Economic recovery from the Argentine great depression : institutions, expectations, and the change of macroeconomic regime

This work explores how Argentina overcame the Great Depression and asks whether active macroeconomic interventions made any contribution to the recovery. In particular, we study Argentine macroeconomic policy as it deviated from gold-standard orthodoxy after the final suspension of convertibility in 1929. As elsewhere, fiscal policy in Argentina was conservative, and had little power to smooth output. Monetary policy became heterodox after 1929. The first and most important stage of institutional change took place with the switch from a metallic monetary regime to a fiduciary regime in 1931; the Caja de Conversión (Conversion Office, a currency board) began rediscounting as a means to sterilize gold outflows and avoid deflationary pressures, thus breaking from orthodox "mIes of the game." However, the actual injections of liquidity were small' and were not enough to fully offset the incipient monetary contractions: the "Keynes" effect was weak or negative. Rather, recovery derived from changes in beliefs and expectations surrounding the shift in the monetary and exchange-rate regime,and the delinking of gold flows and the money base. Agents perceivod a new regime, as shown by the path of consumption, investment, and estimated ex ante real interest rates: the "Mundell" effect was dominant. Notably, this change of regime predated a later, and supposedly more significant, stage of institutional reform, namely the creation of the central bank in 1935. Still, the extent of intervention was weak, and insufficient to fully offset externaI shocks to prices and money. Argentine macropolicy was heterodox in terms of the change of regime, but still conservative in terms of the tentative scope of the measures taken .

The economics of wage-led recovery: analysis and policy recommendations

The financial crisis and Great Recession have been followed by a jobs shortage crisis that most forecasts predict will persist for years given current policies. This paper argues for a wage-led recovery and growth program which is the only way to remedy the deep causes of the crisis and escape the jobs crisis. Such a program is the polar opposite of the current policy orthodoxy, showing how much is at stake. Winning the argument for wage-led recovery will require winning the war of ideas about economics that has its roots going back to Keynes’ challenge of classical macroeconomics in the 1920s and 1930s. That will involve showing how the financial crisis and Great Recession were the ultimate result of three decades of neoliberal policy, which produced wage stagnation by severing the wage productivity growth link and made asset price inflation and debt the engine of demand growth in place of wages; showing how wage-led policy resolves the current problem of global demand shortage without pricing out labor; and developing a detailed set of policy proposals that flow from these understandings. The essence of a wage-led policy approach is to rebuild the link between wages and productivity growth, combined with expansionary macroeconomic policy that fills the current demand shortfall so as to push the economy on to a recovery path. Both sets of measures are necessary. Expansionary macro policy (i.e. fiscal stimulus and easy monetary policy) without rebuilding the wage mechanism will not produce sustainable recovery and may end in fiscal crisis. Rebuilding the wage mechanism without expansionary macro policy is likely to leave the economy stuck in the orbit of stagnation.

Effects of hypercapnic hyperpnea on recovery from isoflurane or sevoflurane anesthesia in horses

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Relationship between follicle size and ultrasound-guided transvaginal oocyte recovery

We evaluated the relationship between follicle size and oocyte recovery (OR) using ultrasound-guided follicle aspiration. Thirty Holstein cows were subjected to OR without gonadotrophic therapy. Oocytes were recovered two to four times from each cow in a total of 67 aspiration sessions, Ovarian follicles with diameters less than or equal to4 mm and >4 mm were aspirated in separated groups. Recovered oocytes from each group were kept separate and submitted to in vitro maturation, fertilization, and culture to the blastocyst stage. A total of 430 follicles were aspirated, of which 154 (35.8%) were from follicles >4 mm and 276 (64.2%) were from follicles less than or equal to4 mm. Seventy-seven oocytes (50%) were recovered from follicles >4 mm and 200 (72.2%) were from follicles less than or equal to4 mm. Nineteen blastocysts were obtained from follicles >4 mm, whereas 45 blastocysts were obtained from follicles less than or equal to4 mm. Recovery rate was greater (P < 0.01) in follicles less than or equal to4 mm, Oocyte quality, cleavage rate and blastocyst development did not differ between different follicle sizes. Routine aspiration of small follicles (less than or equal to4 mm) could increase the number of oocytes available for in vitro development. (C) 2001 Elsevier B.V. B.V. All rights reserved.

Investment recovery period in electric motor of higher efficiency in pumping for irrigation

Neste trabalho, ajustou-se um modelo matemático para quantificar o efeito do rendimento do motor elétrico sobre os custos de um sistema de bombeamento para irrigação na estrutura tarifária de energia elétrica convencional e horo-sazonal verde, bem como calcular o tempo de recuperação do capital investido no equipamento de maior rendimento. em seguida, o mesmo foi aplicado a um sistema de irrigação tipo pivô central em duas opções de rendimento do motor elétrico: 92,6% (linha padrão) e 94,3% (linha alto rendimento), sendo que o custo de aquisição do primeiro correspondeu a 70% do segundo. A potência do motor elétrico era de 100 cv. Os resultados mostraram que o modelo permitiu avaliar se um motor de alto rendimento era viável economicamente em relação ao motor-padrão em cada estrutura tarifária. Nas duas estruturas tarifárias, o motor de alto rendimento não foi viável. Na tarifa horo-sazonal verde, somente seria viável se seu rendimento fosse 4,46% superior ao do motor-padrão. Na tarifa convencional, somente seria viável se o ganho de rendimento superasse 2,71%.

Influência do etil-trinexapac no acúmulo, na distribuição de nitrogênio (15N) e na massa de grãos de arroz de terras altas

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Efeito do déficit de água no aproveitamento do nitrogênio - 15n na cultura do trigo

Três fontes de nitrogênio - 15n foram utilizadas: sulfato de amônio, nitrato de amônio e uréia. Elas foram aplicadas no plantio de dois modos: a lanço e a seguir incorporadas ao solo, ou no sulco de plantio. Determinou-se a eficiência de utilização do nitrogênio - 15n aplicado no plantio e no perfilhamento, sendo respectivamente, em media 14 e 13% do nitrogênio aplicado e utilizados pelo trigo. Obtiveram-se valores de 16 e 12% de eficiência do nitrogênio - 15n aplicado no sulco de plantio ou a lanço e a seguir incorporado ao solo, respectivamente.

Recuperação do nitrogênio da mistura de uréia e sulfato de amônio por plantas do milho

A mistura de uréia com fertilizantes de características ácidas aplicada ao solo pode aumentar a concentração de íons H+ próximos do grânulo e promover a redução da perda de N por volatilização. O experimento foi desenvolvido em vasos com 15 kg de Latossolo Vermelho textura média, sob túnel plástico, em Botucatu (SP), nos quais foram crescidas plantas de milho (duas plantas por vaso) até o pendoamento (66 dias após a emergência - DAE). Como tratamentos foi realizada a adubação (100 mg dm-3 N), no estádio de cinco folhas (30 DAE) utilizando os seguintes fertilizantes ou misturas físicas: (1) uréia (UR), enriquecida com 15N; (2) sulfato de amônio (SA), enriquecido com 15N; (3) sulfnitro (80% de N-UR e 20% de N-SA no mesmo grânulo); (4) mistura de UR (80% N) e SA (20% N e enriquecido com 15N); (5) mistura de UR (50% N) e SA (50% N), enriquecidos com 15N; (6) mistura de UR (50% N) e SA (50% N e enriquecido com 15N), (7) mistura de UR (50% N) e SA (50% N), enriquecido com 15N, diluídos em água (solução contendo 3% de N) e mais um tratamento que não recebeu N. A mistura de UR e SA não promoveu aumento na recuperação do N da uréia na planta de milho. do total de 15N-fertilizante aplicado, aproximadamente, 67% foram recuperados pela planta de milho (29% nas folhas, 25% no caule e 13% nas raízes) e 6% no solo, com uma perda estimada de 27%. O 15N da uréia foi recuperado em menor quantidade no caule em relação ao N do sulfato de amônio.