The Rise and Fall of the ABS Market

The nancial crisis has raised some concern about the quality of information available on some traded assets on the securities markets to market participants and regulators. Asset-backed securitization in general got partial blame for the paucity of liquidity on bank balance sheets and the consequent credit crunch. After the Asset-Backed Security (ABS) market fell to near inactivity in 2009, the US federal government's Term Asset-Backed Securities Loan Facility (TALF) provided backing and a boost to the issuance of asset-backed securitization. In this market condition, given the nature of ABS, it is di¢ cult for them not to be relatively illiquid, and this has resulted in unacceptable levels of market risk for most investors. Their liquidity before the crisis was driven by a market in continuous expansion, fed by Special Purpose Vehicle (SPV), Conduits, and other low capitalized term-transformation vehicles. Nowadays, the industry is concerned with the ongoing ABS reforms and how these will be implemented. This article reviews the ABS market in the last decade and the possible consequences of the recent regulatory proposals. It proposes a retention policy and the institution of a new nancial body to supervise the quality of the security in an ABS pool, its liquidity, and the model risk implied by the issuer's valuation model.

The rise and fall of piecework–timework wage differentials: market volatility, labor heterogeneity, and output pricing

Based on detailed payroll data of blue collar male and female labor in Britain’s engineering and metal working industrial sectors between the mid-1920s and mid-1960s, we provide empirical evidence in respect of several central themes in the piecework-timework wage literature. The period covers part of the heyday of pieceworking as well as the start of its post-war decline. We show the importance of relative piece rate flexibility during the Great Depression as well as during the build up to WWII and during the war itself. We account for the very significant decline in the differentials after the war. Labor market topics include piecework pay in respect of compensating differentials, labor heterogeneity, and the transaction costs of pricing piecework output.

The cave-like sense organ in the antennae of Triatominae bugs

In the second segment of the antennae of haematophagous reduviids an unusual cave-like organ is found the function os which was investigated in Triatoma infestans. the morphology of the organ makes it difficult to ascribe it to a mechno- or chemoreceptive function, but shows some characteristics shared with thermoreceptors of other animals. The electrical activity of sense cells was recorded in the presence of stimuli that evoke behavioural responses in this species, i.e. warm, CO2, lactic and butyric acids at different concentrations. The three compounds tested failed to evoke a response at all concentrations assayed. Only thermal stimulation evinced a clear modification in the electrical activity of the sense cells.Both the morphological and electrophysiological findings support a thermoreceptive finding, habitat selection and circadian synchronization.

Lutzomyia maruaga (Diptera: Psychodidae), a new bat-cave sand fly from Amazonas, Brazil

A new species of parthenogenetic, autogenic and apparently extremely endemic phlebotomine is described from a sandstone cave located in primary terra firme forest to the North of the city of Manaus. Specimens were collected in the aphotic zone of the Refúgio do Maruaga cave by light trap and reared from bat guano. The adult morphology suggests a closer relationship to some Old World Phlebotominae than to species of Lutzomyia França encountered in the surrounding rainforest, but it shares characteristics with the recently proposed Neotropical genera Edentomyia Galati, Deanemyia Galati and Oligodontomyia Galati.

Microbiological activities in moonmilk monitored using isothermal microcalorimetry (cave of Vers Chez le Brandt, Neuchatel, Switzerland)

Studies of the influence of microbial communities on calcium carbonate deposits mostly rely on classical or molecular microbiology, isotopic analyses, and microscopy. Using these techniques, it is difficult to infer microbial activities in such deposits. In this context, we used isothermal microcalorimetry, a sensitive and nondestructive tool, to measure microbial activities associated with moonmilk ex-situ. Upon the addition of diluted LB medium and other carbon sources to fresh moonmilk samples, we estimated the number of colony forming units per gram of moonmilk to be 4.8 3 105 6 0.2 3 105. This number was close to the classical plate counts, but one cannot assume that all active cells producing metabolic heat were culturable. Using a similar approach, we estimated the overall growth rate and generation time of the microbial community associated with the moonmilk upon addition of various carbon sources. The range of apparent growth rates of the chemoheterotrophic microbial community observed was between 0.025 and 0.067 h21 and generation times were between 10 and 27 hours. The highest growth rates were observed for citrate and diluted LB medium, while the highest carbon-source consumption rates were observed for low molecular weight organic acids (oxalate and acetate) and glycerol. Considering the rapid degradation of organic acids, glucose, and other carbon sources observed in the moonmilk, it is obvious that upon addition of nutrients during snow melting or rainfall these communities can have high overall activities comparable to those observed in some soils. Such communities can influence the physico-chemical conditions and participate directly or indirectly to the formation of moonmilk.

Description of a new phlebotomine species, Martinsmyia reginae sp. nov. (Diptera: Psychodidae: Phlebotominae) from a cave in the state of Tocantins Brazil

As inhabitants of forested areas, caves and anthropic environments, the phlebotomines deserve special attention because some species are able to transmit trypanosomatids, bacteria and viruses to vertebrates. Phlebotomines are also a nuisance because they cause painful bites, which may ultimately produce allergic manifestations. The lack of information about the presence and behaviours of sand flies in caves has aroused the curiosity of researchers for a long time. In the present paper, we describe a new species of sand fly that was captured in a cave located in the municipal district of Arraias in the southeastern region of the state of Tocantins. The morphological features of this new species permit it to be included in the alphabetica group of the Martinsmyia genus.

Description of the cave organ in three species of the genus Belminus (Hemiptera: Reduviidae: Triatominae) by optical and scanning electron microscopy

The cave organ is a sensory receptor in the antenna pedicel of some Reduviidae. This paper describes this organ for the first time in three species of the genus Belminus, Belminus corredori, Belminus ferroae and Belminus herreri, by optical and scanning electron microscopy. The structures presented a general pattern similar to one reported for other species of Triatominae.

Lutzomyia diamantinensis sp. nov., a new phlebotomine species (Diptera: Psychodidae) from a quartzite cave in Diamantina, state of Minas Gerais, Brazil

A new species of Brazilian phlebotomine sandfly found in Brazil, municipality of Diamantina, state of Minas Gerais, is described based on males and females collected in a quartzite cave. The body of spermathecae is continuous to the individual duct, lanky and tapering at the end, with conical shaped, not striated and presenting the head with dense setae. The male presents gonostyle with four spines and a small subterminal seta and gonocoxite with one group of persistent setae. The paramere is simple with a group of small setae on the dorsal apex. The morphological features of this new species permit its inclusion in the migonei group.

Smart News, Issue 7, Fall, 2001

Newsletter for Economic Development

IDED Tools and Trends, Fall 2002

Newsletter for Economic Development