Risk sharing with Multilateral Financial Institutions in infrastructure and energy project financing : effect on capital relief for commercial banks

(Matsukawa and Habeck, 2007) analyse the main instruments for risk mitigation in infrastructure financing with Multilateral Financial Institutions (MFIs). Their review coincided with the global financial crisis of 2007-08, and is highly relevant in current times considering the sovereign debt crisis, the lack of available capital and the increases in bank regulation in Western economies. The current macroeconomic environment has seen a slowdown in the level of finance for infrastructure projects, as they pose a higher credit risk given their requirements for long term investments. The rationale for this work is to look for innovative solutions that are focused on the credit risk mitigation of infrastructure and energy projects whilst optimizing the economic capital allocation for commercial banks. This objective is achieved through risk-sharing with MFIs and looking for capital relief in project finance transactions. This research finds out the answer to the main question: "What is the impact of risk-sharing with MFIs on project finance transactions to increase their efficiency and viability?", and is developed from the perspective of a commercial bank assessing the economic capital used and analysing the relevant variables for it: Probability of Default, Loss Given Default and Recovery Rates, (Altman, 2010). An overview of project finance for the infrastructure and energy sectors in terms of the volume of transactions worldwide is outlined, along with a summary of risk-sharing financing with MFIs. A review of the current regulatory framework beneath risk-sharing in structured finance with MFIs is also analysed. From here, the impact of risk-sharing and the diversification effect in infrastructure and energy projects is assessed, from the perspective of economic capital allocation for a commercial bank. CreditMetrics (J. P. Morgan, 1997) is applied over an existing well diversified portfolio of project finance infrastructure and energy investments, working with the main risk capital measures: economic capital, RAROC, and EVA. The conclusions of this research show that economic capital allocation on a portfolio of project finance along with risk-sharing with MFIs have a huge impact on capital relief whilst increasing performance profitability for commercial banks. There is an outstanding diversification effect due to the portfolio, which is combined with risk mitigation and an improvement in recovery rates through Partial Credit Guarantees issued by MFIs. A stress test scenario analysis is applied to the current assumptions and credit risk model, considering a downgrade in the rating for the commercial bank (lender) and an increase of default in emerging countries, presenting a direct impact on economic capital, through an increase in expected loss and a decrease in performance profitability. Getting capital relief through risk-sharing makes it more viable for commercial banks to finance infrastructure and energy projects, with the beneficial effect of a direct impact of these investments on GDP growth and employment. The main contribution of this work is to promote a strategic economic capital allocation in infrastructure and energy financing through innovative risk-sharing with MFIs and economic pricing to create economic value added for banks, and to allow the financing of more infrastructure and energy projects. This work suggests several topics for further research in relation to issues analysed. (Matsukawa and Habeck, 2007) analizan los principales instrumentos de mitigación de riesgos en las Instituciones Financieras Multilaterales (IFMs) para la financiación de infraestructuras. Su presentación coincidió con el inicio de la crisis financiera en Agosto de 2007, y sus consecuencias persisten en la actualidad, destacando la deuda soberana en economías desarrolladas y los problemas capitalización de los bancos. Este entorno macroeconómico ha ralentizado la financiación de proyectos de infraestructuras. El actual trabajo de investigación tiene su motivación en la búsqueda de soluciones para la financiación de proyectos de infraestructuras y de energía, mitigando los riesgos inherentes, con el objeto de reducir el consumo de capital económico en los bancos financiadores. Este objetivo se alcanza compartiendo el riesgo de la financiación con IFMs, a través de estructuras de risk-sharing. La investigación responde la pregunta: "Cuál es el impacto de risk-sharing con IFMs, en la financiación de proyectos para aumentar su eficiencia y viabilidad?". El trabajo se desarrolla desde el enfoque de un banco comercial, estimando el consumo de capital económico en la financiación de proyectos y analizando las principales variables del riesgo de crédito, Probability of Default, Loss Given Default and Recovery Rates, (Altman, 2010). La investigación presenta las cifras globales de Project Finance en los sectores de infraestructuras y de energía, y analiza el marco regulatorio internacional en relación al consumo de capital económico en la financiación de proyectos en los que participan IFMs. A continuación, el trabajo modeliza una cartera real, bien diversificada, de Project Finance de infraestructuras y de energía, aplicando la metodología CreditMet- rics (J. P. Morgan, 1997). Su objeto es estimar el consumo de capital económico y la rentabilidad de la cartera de proyectos a través del RAROC y EVA. La modelización permite estimar el efecto diversificación y la liberación de capital económico consecuencia del risk-sharing. Los resultados muestran el enorme impacto del efecto diversificación de la cartera, así como de las garantías parciales de las IFMs que mitigan riesgos, mejoran el recovery rate de los proyectos y reducen el consumo de capital económico para el banco comercial, mientras aumentan la rentabilidad, RAROC, y crean valor económico, EVA. En escenarios económicos de inestabilidad, empeoramiento del rating de los bancos, aumentos de default en los proyectos y de correlación en las carteras, hay un impacto directo en el capital económico y en la pérdida de rentabilidad. La liberación de capital económico, como se plantea en la presente investigación, permitirá financiar más proyectos de infraestructuras y de energía, lo que repercutirá en un mayor crecimiento económico y creación de empleo. La principal contribución de este trabajo es promover la gestión activa del capital económico en la financiación de infraestructuras y de proyectos energéticos, a través de estructuras innovadoras de risk-sharing con IFMs y de creación de valor económico en los bancos comerciales, lo que mejoraría su eficiencia y capitalización. La aportación metodológica del trabajo se convierte por su originalidad en una contribución, que sugiere y facilita nuevas líneas de investigación académica en las principales variables del riesgo de crédito que afectan al capital económico en la financiación de proyectos.

Comportamiento de patrones de tomate frente a la patogenicidad de Fusarium oxysporum f. sp. radicis-lycopersici

La fusariosis del cuello y de las raíces del tomate ("mancha chocolate"), causada por el hongo F. o. f. sp. radicis-lycopersici, es una micosis cada vez más extendida en los cultivos de tomate de las provincias de Almería y Granada. Su gravedad es alta, llegando a alcanzar al 78% de las plantas en algún invernadero con cultivo sobre fibra de coco. Ante esta situación, se estimó necesario evaluar la resistencia de patrones utilizados para injertar variedades de tomate. Así, 16 patrones fueron valorados frente a una cepa muy patógena del hongo. Los patrones fueron:CLXTPG01, AR9704, AR97015, AR97009, Morgan, Spirit, Herman, Armstrong, Arnold, Big Power, Emperador, 61-071, Montezuma, Beaufort, Multifort, Maxifort, Tovi Star y Alegro. Dos ensayos sobre plantas en estado de 6-8 hojas verdaderas bien formadas, mostraron que todos los patrones expresaron una resistencia completa, exceptuando los denominados CLXTPG01 y AR97015. Entendemos que esta información es necesaria debidio a la escasa disponibilidad.

Contribución al estudio de las negaciones, autocontradicción, t-normas y t-conormas en los conjuntos borrosos de tipo 2

Los conjuntos borrosos de tipo 2 (T2FSs) fueron introducidos por L.A. Zadeh en 1975 [65], como una extensión de los conjuntos borrosos de tipo 1 (FSs). Mientras que en estos últimos el grado de pertenencia de un elemento al conjunto viene determinado por un valor en el intervalo [0, 1], en el caso de los T2FSs el grado de pertenencia de un elemento es un conjunto borroso en [0,1], es decir, un T2FS queda determinado por una función de pertenencia μ : X → M, donde M = [0, 1][0,1] = Map([0, 1], [0, 1]), es el conjunto de las funciones de [0,1] en [0,1] (ver [39], [42], [43], [61]). Desde que los T2FSs fueron introducidos, se han generalizado a dicho conjunto (ver [39], [42], [43], [61], por ejemplo), a partir del “Principio de Extensión” de Zadeh [65] (ver Teorema 1.1), muchas de las definiciones, operaciones, propiedades y resultados obtenidos en los FSs. Sin embargo, como sucede en cualquier área de investigación, quedan muchas lagunas y problemas abiertos que suponen un reto para cualquiera que quiera hacer un estudio profundo en este campo. A este reto se ha dedicado el presente trabajo, logrando avances importantes en este sentido de “rellenar huecos” existentes en la teoría de los conjuntos borrosos de tipo 2, especialmente en las propiedades de autocontradicción y N-autocontradicción, y en las operaciones de negación, t-norma y t-conorma sobre los T2FSs. Cabe destacar que en [61] se justifica que las operaciones sobre los T2FSs (Map(X,M)) se pueden definir de forma natural a partir de las operaciones sobre M, verificando las mismas propiedades. Por tanto, por ser más fácil, en el presente trabajo se toma como objeto de estudio a M, y algunos de sus subconjuntos, en vez de Map(X,M). En cuanto a la operación de negación, en el marco de los conjuntos borrosos de tipo 2 (T2FSs), usualmente se emplea para representar la negación en M, una operación asociada a la negación estándar en [0,1]. Sin embargo, dicha operación no verifica los axiomas que, intuitivamente, debe verificar cualquier operación para ser considerada negación en el conjunto M. En este trabajo se presentan los axiomas de negación y negación fuerte en los T2FSs. También se define una operación asociada a cualquier negación suprayectiva en [0,1], incluyendo la negación estándar, y se estudia, junto con otras propiedades, si es negación y negación fuerte en L (conjunto de las funciones de M normales y convexas). Además, se comprueba en qué condiciones se cumplen las leyes de De Morgan para un extenso conjunto de pares de operaciones binarias en M. Por otra parte, las propiedades de N-autocontradicción y autocontradicción, han sido suficientemente estudiadas en los conjuntos borrosos de tipo 1 (FSs) y en los conjuntos borrosos intuicionistas de Atanassov (AIFSs). En el presente trabajo se inicia el estudio de las mencionadas propiedades, dentro del marco de los T2FSs cuyos grados de pertenencia están en L. En este sentido, aquí se extienden los conceptos de N-autocontradicción y autocontradicción al conjunto L, y se determinan algunos criterios para verificar tales propiedades. En cuanto a otras operaciones, Walker et al. ([61], [63]) definieron dos familias de operaciones binarias sobre M, y determinaron que, bajo ciertas condiciones, estas operaciones son t-normas (normas triangulares) o t-conormas sobre L. En este trabajo se introducen operaciones binarias sobre M, unas más generales y otras diferentes a las dadas por Walker et al., y se estudian varias propiedades de las mismas, con el objeto de deducir nuevas t-normas y t-conormas sobre L. ABSTRACT Type-2 fuzzy sets (T2FSs) were introduced by L.A. Zadeh in 1975 [65] as an extension of type-1 fuzzy sets (FSs). Whereas for FSs the degree of membership of an element of a set is determined by a value in the interval [0, 1] , the degree of membership of an element for T2FSs is a fuzzy set in [0,1], that is, a T2FS is determined by a membership function μ : X → M, where M = [0, 1][0,1] is the set of functions from [0,1] to [0,1] (see [39], [42], [43], [61]). Later, many definitions, operations, properties and results known on FSs, have been generalized to T2FSs (e.g. see [39], [42], [43], [61]) by employing Zadeh’s Extension Principle [65] (see Theorem 1.1). However, as in any area of research, there are still many open problems which represent a challenge for anyone who wants to make a deep study in this field. Then, we have been dedicated to such challenge, making significant progress in this direction to “fill gaps” (close open problems) in the theory of T2FSs, especially on the properties of self-contradiction and N-self-contradiction, and on the operations of negations, t-norms (triangular norms) and t-conorms on T2FSs. Walker and Walker justify in [61] that the operations on Map(X,M) can be defined naturally from the operations onMand have the same properties. Therefore, we will work onM(study subject), and some subsets of M, as all the results are easily and directly extensible to Map(X,M). About the operation of negation, usually has been employed in the framework of T2FSs, a operation associated to standard negation on [0,1], but such operation does not satisfy the negation axioms on M. In this work, we introduce the axioms that a function inMshould satisfy to qualify as a type-2 negation and strong type-2 negation. Also, we define a operation on M associated to any suprajective negation on [0,1], and analyse, among others properties, if such operation is negation or strong negation on L (all normal and convex functions of M). Besides, we study the De Morgan’s laws, with respect to some binary operations on M. On the other hand, The properties of self-contradiction and N-self-contradiction have been extensively studied on FSs and on the Atanassov’s intuitionistic fuzzy sets (AIFSs). Thereon, in this research we begin the study of the mentioned properties on the framework of T2FSs. In this sense, we give the definitions about self-contradiction and N-self-contradiction on L, and establish the criteria to verify these properties on L. Respect to the t-norms and t-conorms, Walker et al. ([61], [63]) defined two families of binary operations on M and found that, under some conditions, these operations are t-norms or t-conorms on L. In this work we introduce more general binary operations on M than those given by Walker et al. and study which are the minimum conditions necessary for these operations satisfy each of the axioms of the t-norm and t-conorm.

Carolyn Atkins

Carolyn Atkins is from St. Louis, where she attended Washington University. While there she received a Master’s Degree in Counseling and Guidance in 1968. She also received a Bachelor’s of Science Degree in Mathematics in 1951 from Morgan State College, Baltimore, Maryland. Carolyn Atkins was the first black and first woman to serve on the Missouri Board of Probation and Parole.

Bola na rede: uma análise das estratégias comunicacionais de empresas esportivas no ambiente digital conectado

O uso das mídias sociais digitais como meio de divulgação de produtos, serviços e conteúdos organizacionais tem crescido nas últimas décadas e ganhou especial atenção nos planejamentos de comunicação organizacional e nos estudos acadêmicos sobre o tema. Nesse sentido, o segmento de empresas esportivas atua com destaque, despertando o interesse e a empatia do consumidor. Por meio de análise bibliográfica e estudo empírico, esta pesquisa teve como objetivo investigar as ações de comunicação mercadológica do segmento esportivo no ambiente digital conectado, através de um estudo de caso múltiplo das empresas Nike e Adidas. Para a obtenção dos dados, foram realizadas entrevistas em profundidade com profissionais do mercado e aplicado um protocolo de investigação de redes sociais digitais nos perfis das duas empresas. Após a coleta dos dados, estes foram analisados à luz das teorias estudadas nos capítulos iniciais (que abordaram temas como comunicação organizacional, comunicação digital, esporte e comunicação esportiva), e foi possível concluir, entre outros pontos, que, no universo do segmento esportivo, a comunicação digital conectada não prioriza o diálogo com seus públicos de interesse, sendo essencialmente baseada na divulgação unilateral de conteúdos, nem tampouco explora a potencialidade de cada uma das plataformas digitais disponíveis, replicando conteúdos em diferentes ambientes. Ficou evidente, também, o uso dos elementos constituintes do universo esportivo como argumentos estratégicos de comunicação das empresas, decorrente de sua capacidade de estreitar os laços relacionais com os públicos de interesse, por meio de seus apelos simbólicos de fácil identificação social

AS RELAÇÕES ENTRE GESTÃO DA DIVERSIDADE E CULTURA ORGANIZACIONAL EM UMA EMPRESA DO SETOR PORTUÁRIO DO RIO DE JANEIRO

A cultura de uma organização é importante para que seus colaboradores possuam mesmos objetivos e valores. Porém, em busca de manter uma estratégia competitiva e agir de forma responsável na comunidade em que se encontra, a empresa precisa inovar e adaptar-se. A gestão da diversidade apresenta-se como uma válida forma de enfrentar estes novos desafios e exigências. Contudo, há muitos obstáculos para que uma gestão da diversidade seja bem-sucedida. Este estudo propõe-se em entender como a diversidade pode afetar a cultura de uma organização. Além disso, como a cultura pode afetar a estratégia de gestão da diversidade. Foi utilizado para este objetivo um estudo de caso em profundidade com seis entrevistas. As entrevistas foram apoiadas em um roteiro semi estruturado. A análise dos dados obtidos foi feita pela análise de conteúdo. De acordo com a pesquisa realizada, sugere que a cultura organizacional e a gestão da diversidade estão diretamente conectadas e que podem influenciar positivamente uma a outra, porém precisam manter um equilíbrio em suas ações para que não causem prejuízos à organização.

Ontogeny of T cell tolerance to peripherally expressed antigens

Transgenic expression of the influenza virus hemagglutinin (HA) in the pancreatic islet β cells of InsHA mice leads to peripheral tolerance of HA-specific T cells. To examine the onset of tolerance, InsHA mice were immunized with influenza virus A/PR/8 at different ages, and the presence of nontolerant T cells was determined by the induction of autoimmune diabetes. The data revealed a neonatal period wherein T cells were not tolerant and influenza virus infection led to HA-specific β cell destruction and autoimmune diabetes. The ability to induce autoimmunity gradually waned, such that adult mice were profoundly tolerant to viral HA and were protected from diabetes. Because cross-presentation of islet antigens by professional antigen-presenting cells had been reported to induce peripheral tolerance, the temporal relationship between tolerance induction and activation of HA-specific T cells in the lymph nodes draining the pancreas was examined. In tolerant adult mice, but not in 1-week-old neonates, activation and proliferation of HA-specific CD8+ T cells occurred in the pancreatic lymph nodes. Thus, lack of tolerance in the perinatal period correlated with lack of activation of antigen-specific CD8+ T cells. This work provides evidence for the developmental regulation of peripheral tolerance induction.

Polymorphisms in the methylenetetrahydrofolate reductase gene are associated with susceptibility to acute leukemia in adults

Reduction of 5,10-methylenetetrahydrofolate (methyleneTHF), a donor for methylating dUMP to dTMP in DNA synthesis, to 5-methyltetrahydrofolate (methylTHF), the primary methyl donor for methionine synthesis, is catalyzed by 5,10-methylenetetrahydrofolate reductase (MTHFR). A common 677 C → T polymorphism in the MTHFR gene results in thermolability and reduced MTHFR activity that decreases the pool of methylTHF and increases the pool of methyleneTHF. Recently, another polymorphism in MTHFR (1298 A → C) has been identified that also results in diminished enzyme activity. We tested whether carriers of these variant alleles are protected from adult acute leukemia. We analyzed DNA from a case–control study in the United Kingdom of 308 adult acute leukemia patients and 491 age- and sex-matched controls. MTHFR variant alleles were determined by a PCR-restriction fragment length polymorphism assay. The MTHFR 677TT genotype was lower among 71 acute lymphocytic leukemia (ALL) cases compared with 114 controls, conferring a 4.3-fold decrease in risk of ALL [odds ratio (OR = 0.23; 95% CI = 0.06–0.81]. We observed a 3-fold reduction in risk of ALL in individuals with the MTHFR 1298AC polymorphism (OR = 0.33; 95% CI = 0.15–0.73) and a 14-fold decreased risk of ALL in those with the MTHFR 1298CC variant allele (OR = 0.07; 95% CI = 0.00–1.77). In acute myeloid leukemia, no significant difference in MTHFR 677 and 1298 genotype frequencies was observed between 237 cases and 377 controls. Individuals with the MTHFR 677TT, 1298AC, and 1298CC genotypes have a decreased risk of adult ALL, but not acute myeloid leukemia, which suggests that folate inadequacy may play a key role in the development of ALL.

Histopathological Defects in Intestine in Severe Spinal Muscular Atrophy Mice Are Improved by Systemic Antisense Oligonucleotide Treatment

Funding: This study is supported by the National Institute for Health Research Biomedical Research Centre at Great Ormond Street Hospital for Children NHS Foundation Trust and University College London (FM and HZ), the Medical Research Council grant (grant reference MR/L013142/1, FM), SMA-Europe grant (FM and HZ) and Great Ormond Street Hospital Children’s Charity grants (FM and JM). JEM is supported by Great Ormond Street Hospital Children’s Charity. PS is supported by Bill Marshall Fellowship and The CP Charitable Trust at Great Ormond Street Hospital and UCL. SHP is supported by SMA Trust and Euan MacDonald Centre for Motor Neurone Disease Research.

A neuroendocrine role for chemerin in hypothalamic remodelling and photoperiodic control of energy balance

We thank Donna Wallace and the animal house staff for their help with the animal studies. We thank Pat Bain for help in preparing the figures. This work was supported by the Biotechnology and Biological Science Research Council (BBSRC) grant number BB/K001043/1 (G.H., A.W.R., P.N.S., P.J.Mc. and P.J.M.) and the Scottish Government (A.W.R., L.M.T., C.D.M. and P.J.M.).

Glutamic acid 286 in subunit I of cytochrome bo3 is involved in proton translocation

Glutamic acid 286 (E286; Escherichia coli cytochrome bo3 numbering) in subunit I of the respiratory heme-copper oxidases is highly conserved and has been suggested to be involved in proton translocation. We report a technique of enzyme reconstitution that yields essentially unidirectionally oriented cytochrome bo3 vesicles in which proton translocation can be measured. Such experiments are not feasible in the E286Q mutant due to strong inhibition of respiration, but this is not the case for the mutants E286D and E286C. The reconstituted E286D mutant enzyme readily translocates protons whereas E286C does not. Loss of proton translocation in the D135N mutant, but not in D135E or D407N, also is verified using proteoliposomes. Stopped-flow experiments show that the peroxy intermediate accumulates in the reaction of the E286Q and E286C mutant enzymes with O2. We conclude that an acidic function of the 286 locus is essential for the mechanism of proton translocation.

Peptide analogue studies of the hypothalamic neuropeptide Y receptor mediating pituitary adrenocorticotrophic hormone release

Hypothalamic neuropeptide Y (NPY) is thought to be important in the regulation of feeding and also in the release of Adrenocorticotrophic hormone (ACTH). Intracerebroventricular administration of NPY to male rats significantly increased plasma ACTH 10 min after injection and stimulated 2-h food intake. A series of analogues of NPY that have a greatly reduced affinity for the Y1 [human pancreatic polypeptide (human PP), NPY(3–36)], the Y2 ([Pro34]NPY, human PP), the Y3 (peptide YY), and the Y6 (human PP) receptor, all markedly stimulated ACTH release. Rat PP, which binds with high affinity to the Y4 receptor, was unable to stimulate ACTH release. A novel analogue fragment [Pro34]NPY(13–36) was synthesized as a ligand with low Y1 and Y2 receptor affinity. Interestingly, neither [Pro34]NPY(13–36) nor the selective Y5 receptor agonist [d-Trp32]NPY stimulated food intake, whereas both significantly increased plasma ACTH. Thus the hypothalamic NPY receptor mediating increases in plasma ACTH has a fragment activation profile unlike the Y1–Y4 or Y6 receptors and appears distinct from the NPY receptor controlling food intake.