Does rating shopping exist in spanish securitization issues?

[EN] Debt issue credit ratings can lead to conflicts of interest as the issuer itself is entrusted with contracting and compensating the rating agency. Into the bargain, the credit rating agency may be involved in designing the issues that the same agency subsequently rates. Credit rating agencies thus could have incentives to rate issues advantageously. Given the economic importance of this issue, in this paper we have proposed to analyze this phenomenon, known as rating shopping in academic literature, for Spanish market securitization issues for the period of time comprehensive from January 1993 to December 2011. In sum 3,665 published ratings are been analysed, for an issued nominal amount of 791,090 million Euros. The results show an association between the credit rating agency contracted and the mean rating awarded. Significant differences are observed in the ratings associated to the contracting manager (or special purpose vehicle SPV- manager firm), to the number of ratings or to the type of collateral. Furthermore, a pattern compatible with rating shopping was observed for some types of collateral: abnormally high market shares associated with certain agencies awarding unusually generous ratings. However, this phenomenon is not seen to be widespread on the rating market associated to Spanish securitization issues.

Uptake and factors that influence the use of 'sit less, move more' occupational intervention strategies in Spanish office employees

Background: Little is known about the types of 'sit less, move more' strategies that appeal to office employees, or what factors influence their use. This study assessed the uptake of strategies in Spanish university office employees engaged in an intervention, and those factors that enabled or limited strategy uptake. Methods: The study used a mixed method design. Semi-structured interviews were conducted with academics and administrators (n = 12; 44 +/- 12 mean SD age; 6 women) at three points across the five-month intervention, and data used to identify factors that influenced the uptake of strategies. Employees who finished the intervention then completed a survey rating (n = 88; 42 +/- 8 mean SD age; 51 women) the extent to which strategies were used [never (1) to usually (4)]; additional survey items (generated from interviewee data) rated the impact of factors that enabled or limited strategy uptake [no influence (1) to very strong influence (4)]. Survey score distributions and averages were calculated and findings triangulated with interview data. Results: Relative to baseline, 67% of the sample increased step counts post intervention (n = 59); 60% decreased occupational sitting (n = 53). 'Active work tasks' and 'increases in walking intensity' were the strategies most frequently used by employees (89% and 94% sometimes or usually utilised these strategies); 'walk-talk meetings' and ` lunchtime walking groups' were the least used (80% and 96% hardly ever or never utilised these strategies). 'Sitting time and step count logging' was the most important enabler of behaviour change (mean survey score of 3.1 +/- 0.8); interviewees highlighted the motivational value of being able to view logged data through visual graphics in a dedicated website, and gain feedback on progress against set goals. 'Screen based work' (mean survey score of 3.2 +/- 0.8) was the most significant barrier limiting the uptake of strategies. Inherent time pressures and cultural norms that dictated sedentary work practices limited the adoption of 'walk-talk meetings' and ` lunch time walking groups'. Conclusions: The findings provide practical insights into which strategies and influences practitioners need to target to maximise the impact of 'sit less, move more' occupational intervention strategies.

Integrated treatment of first episode psychosis with online training (e-learning): study protocol for a randomised controlled trial

Background: The integrated treatment of first episode psychosis has been shown to improve functionality and negative symptoms in previous studies. In this paper, we describe a study of integrated treatment (individual psychoeducation complementary to pharmacotherapy) versus treatment as usual, comparing results at baseline with those at 6-month re-assessment (at the end of the study) for these patients, and online training of professionals to provide this complementary treatment, with the following objectives: 1) to compare the efficacy of individual psychoeducation as add-on treatment versus treatment as usual in improving psychotic and mood symptoms; 2) to compare adherence to medication, functioning, insight, social response, quality of life, and brain-derived neurotrophic factor, between both groups; and 3) to analyse the efficacy of online training of psychotherapists. Methods/design: This is a single-blind randomised clinical trial including patients with first episode psychosis from hospitals across Spain, randomly assigned to either a control group with pharmacotherapy and regular sessions with their psychiatrist (treatment as usual) or an intervention group with integrated care including treatment as usual plus a psychoeducational intervention (14 sessions). Training for professionals involved at each participating centre was provided by the coordinating centre (University Hospital of Alava) through video conferences. Patients are evaluated with an extensive battery of tests assessing clinical and sociodemographic characteristics (Positive and Negative Syndrome Scale, State-Trait Anxiety Inventory, Liebowitz Social Anxiety Scale, Hamilton Rating Scale for Depression, Scale to Assess Unawareness of Mental Disorders, Strauss and Carpenter Prognostic Scale, Global Assessment of Functioning Scale, Morisky Green Adherence Scale, Functioning Assessment Short Test, World Health Organization Quality of Life instrument WHOQOL-BREF (an abbreviated version of the WHOQOL-100), and EuroQoL questionnaire), and brain-derived neurotrophic factor levels are measured in peripheral blood at baseline and at 6 months. The statistical analysis, including bivariate analysis, linear and logistic regression models, will be performed using SPSS. Discussion: This is an innovative study that includes the assessment of an integrated intervention for patients with first episode psychosis provided by professionals who are trained online, potentially making it possible to offer the intervention to more patients.

Effectiveness of a Multi-Component Smoking Cessation Support Programme (McSCSP) for Patients with Severe Mental Disorders: Study Design

Only a few studies have examined the efficacy and safety of smoking cessation programmes in patients with mental disorders. The aim of this paper is to describe in detail the methodology used in the study as well as the Multi-component Smoking Cessation Support Programme in terms of pharmacological treatments and psychological interventions. An open-label 9-month follow-up study was conducted in Spain. A total of 82 clinically stable outpatients with schizophrenia, schizoaffective or bipolar disorder were enrolled. Treatment consisted of a programme specifically developed by the research team for individuals with severe mental disorders. The programme consisted of two phases: (1) weekly individual motivational therapy for 4-12 weeks, and (2) a 12-week active treatment phase. During this phase, at each study visit patients received a one- or two-week supply of medication (transdermal nicotine patches, varenicline or bupropion) with instructions on how to take it, in addition to group psychotherapy for smoking cessation. Evaluations were performed: (1) at the time of enrolment in the study, (2) during the 12-week active treatment phase of the study (weekly for the first 4 weeks and then biweekly), and (3) after the end of this phase (two follow-up assessments at weeks 12 and 24). Evaluations included: (1) smoking history, (2) substance use, (3) psychopathology, (4) adverse events, and (5) laboratory tests. The importance of this study lies in addressing a topical issue often ignored by psychiatrists: the unacceptably high rates of tobacco use in patients with severe mental disorders.

Sportsmanship rating scale in tennis competition with young players

World Conference on Psychology and Sociology 2012

Subclinical Depressive Symptoms and Continued Cannabis Use: Predictors of Negative Outcomes in First Episode Psychosis

Background Although depressive symptoms in first episode psychosis have been associated with cannabis abuse, their influence on the long-term functional course of FEP patients who abuse cannabis is unknown. The aims of the study were to examine the influence of subclinical depressive symptoms on the long-term outcome in first episode-psychosis patients who were cannabis users and to assess the influence of these subclinical depressive symptoms on the ability to quit cannabis use. Methods 64 FEP patients who were cannabis users at baseline were followed-up for 5 years. Two groups were defined: (a) patients with subclinical depressive symptoms at least once during follow-up (DPG), and (b) patients without subclinical depressive symptoms during follow-up (NDPG). Psychotic symptoms were measured using the Positive and Negative Syndrome Scale (PANSS), depressive symptoms using the Hamilton Depression Rating Scale (HDRS)-17, and psychosocial functioning was assessed using the Global Assessment of Functioning (GAF). A linear mixed-effects model was used to analyze the combined influence of cannabis use and subclinical depressive symptomatology on the clinical outcome. Results Subclinical depressive symptoms were associated with continued abuse of cannabis during follow-up (beta=4.45; 95% confidence interval [CI]: 1.78 to 11.17; P=.001) and with worse functioning (beta=-5.50; 95% CI: -9.02 to -0.33; P=.009). Conclusions Subclinical depressive symptoms and continued cannabis abuse during follow-up could be predictors of negative outcomes in FEP patients.

Fish and shell fish fauna of the retting and nonretting zones of the Kadinamkulam kayal, Kerala

Retting of coconut husk is one of the major problems of pollution in the estuaries (kayals) of Kerala. Retting activity has resulted in the mass destruction of the flora and fauna and has converted sizeable sections of the kayal into virtual cesspools of foul smelling stagnant waters. Levels of hydrogen sulphide, phosphate and BOD, increased while dissolved oxygen and fish and shellfish fauna decreased in the ambient waters. In the Kadinamkulam kayal a total of 37 species of fishes belonging to 26 families, 5 species of prawn and 2 species each of crabs and molluscs were recorded from the no retting zone, whereas only 20 species of fish in dead condition were collected from the rating zone. Prawns, crabs and molluscs were absent at the vetting zone. Majority of the fish fauna in the kayal were marine forms.

Studies of inverter ratings of BDFM adjustable speed drive or generator systems

This paper discusses the inverter ratings of Brushless Doubly-Fed Machine (BDFM) adjustable speed drive (ASD) or generator (ASG) systems. Based on the per phase equivalent circuit model, the ratings of the two inverters in a bidirectional converter are evaluated individually. An approach to minimise the total inverter rating is presented, taking into account power factor constraints of the power grid. The effects of speed deviation and control winding excitation on the inverter ratings are discussed. Predictions of inverter ratings are presented with experimental verification. A design example is also provided in which the total inverter rating is minimised for a practical BDFM based ASG system. © 2005 IEEE.

Preservation of Bombay duck (Harpodon nehereus) and Rohu (Labeo rohita) by gamma irradiation

The gamma irradiation procedures for preservation of Bombay duck and rohu were studied in collaboration with Bhabha Atomic Research Centre, Bombay. Irradiation at 0.1 M rad extended the storage life of Bombay duck to 20-22 days at 0-2°C due to partial destruction of spoilage organisms as against rapid deterioration of un-irradiated samples within 5-6 days. In the case of the fresh water fish, rohu, the storage life was enhanced by about 7-10 days by the same dose of irradiation over the control under identical storage condition. In all the cases, empirical relations were worked out between organoleptic rating and total volatile nitrogen.

Evaluation of a summer institute on fish processing technology

The utility of Summer Institute Efficiency Index (SIEI) is demonstrated using data from evaluation of a summer institute in fish processing. The SIEI worked to 76.16 showing high efficiency rating. The acquisition of skills appears to be independent of coverage and utility perception. The three dimensions of evaluation correlate highly with SIEI.

Applying quality control in building energy modelling: Comparative simulation of a high performance building

Quality control is considered from the simulator's perspective through comparative simulation of an ultra energy-efficient building with EE4-DOE2.1E and EnergyPlus. The University of Calgary's Leadership in Energy and Environmental Design Platinum Child Development Centre, with a 66% certified energy cost reduction rating, was the case study building. A Natural Resources Canada incentive program required use of EE4 interface with DOE2.1E simulation engine for energy modelling. As DOE2.1E lacks specific features to simulate advanced systems such as radiant cooling in the CDC, an EnergyPlus model was developed to further evaluate these features. The EE4-DOE2.1E model was used for quality control during development of the base EnergyPlus model and simulation results were compared. Advanced energy systems then added to the EnergyPlus model generated small difference in estimated total annual energy use. The comparative simulation process helped identify the main input errors in the draft EnergyPlus model. The comparative use of less complex simulation programs is recommended for quality control when producing more complex models. © 2009 International Building Performance Simulation Association (IBPSA).

Practical deployment of the brushless doubly-fed machine in a medium scale wind turbine

The Brushless Doubly-Fed Machine (BDFM) is a brushless electrical generator which allows variable speed operation with a power converter rated at only a fraction of the machine rating. This paper details an example implementation of the BDFM in a medium-scale wind turbine. Details of a simplified design procedure based on electrical and magnetic loadings are given along with the results of tests on the manufactured machine. These show that a BDFM of the scale works as expected but that the 4/8 BDFM chosen was slower and thus larger than the turbine's original induction machine. The implementation of the turbine system is discussed, including the vector-based control scheme that ensures the BDFM operates at a demanded speed and the Maximum Power Point Tracking (MPPT) scheme that selects the rotor speed that extracts the most power from the incident wind conditions.

Embodied energy and gas emission of geotechnical infrastructure

Construction of geotechnical structures produces various environmental impacts. These include depletion of limited natural resources, generation of wastes and harmful substances during material productions and construction, ineffective usage of energy during processing of raw materials into construction materials, and emissions of unwanted gasses during transportation of materials and usage of equipments. With increasing interests in sustainability at the global scale, there is a need to develop a methodology that can assess environmental impacts at such scale for geotechnical construction. Using embodied energy and gas emission, quantitative measures of environmental impact are evaluated using a case study of a new high speed railway line construction in the UK. Based on the results, the keys to energy savings are (a) to optimise the usage of materials with high embodied energy intensity value (b) to optimise the transportation network and logistics for processes using primarily low embodied energy intensity materials and (c) to reuse as much materials on-site as possible to minimise the quantity of spoils or distance to disposal sites. The evaluated embodied energy and embodied carbon values are compared to those of other types of structures and of other activities and carbon tax values. Such comparisons can be used to discuss among various interested parties (clients, contractors, consultants, policy makers, etc) to make the construction industry more energy efficient. © Springer Science+Business Media B.V. 2011.

Uncertainty increases pain: evidence for a novel mechanism of pain modulation involving the periaqueductal gray.

Predictions about sensory input exert a dominant effect on what we perceive, and this is particularly true for the experience of pain. However, it remains unclear what component of prediction, from an information-theoretic perspective, controls this effect. We used a vicarious pain observation paradigm to study how the underlying statistics of predictive information modulate experience. Subjects observed judgments that a group of people made to a painful thermal stimulus, before receiving the same stimulus themselves. We show that the mean observed rating exerted a strong assimilative effect on subjective pain. In addition, we show that observed uncertainty had a specific and potent hyperalgesic effect. Using computational functional magnetic resonance imaging, we found that this effect correlated with activity in the periaqueductal gray. Our results provide evidence for a novel form of cognitive hyperalgesia relating to perceptual uncertainty, induced here by vicarious observation, with control mediated by the brainstem pain modulatory system.

Detailed thermal modelling of a tubular linear machine for marine renewable generation

A detailed lumped-parameter thermal model is presented for a tubular linear machine that has been designed for use in a marine environment. The model has been developed for a static machine, the worst-case thermal scenario, and is used to establish a rating for the machine. The model has been validated against a large range of experimental tests and shows good correlation to both steady-state and transient experimental results. The model was constructed from a mostly theoretical basis with very little calibration, suggesting that the techniques used are applicable in a more general sense. © 2013 IEEE.