Los determinantes de la rentabilidad primaria de los bonos de titulización hipotecaria: la influencia de las estructuras multitramo

[ES] Este artículo analiza los determinantes de la rentabilidad primaria de los bonos de titulización hipotecaria (conocidos en la literatura como mortgage backed securities, o MBS) emitidos en España durante el periodo 1993-2011, periodo en el que el mercado español llegó a convertirse en el más importante de Europa continental. Los resultados obtenidos sobre el análisis de la población completa de MBS emitidos (262 tramos configurados sobre 94 fondos de titulización) indican que la estructuración multitramo de los MBS ha ayudado a reducir el riesgo percibido global de las emisiones de MBS, mediante la generación de mercados más completos y la reducción de los problemas derivados de la existencia de asimetrías informativas implícitas en el proceso de selección de los activos transmitidos por parte de la entidad cedente. Esta reducción del riesgo percibido ha tenido un efecto directo sobre la rentabilidad ofrecida por los bonos de titulización emitidos. Además, no se encuentran evidencias de que la emisión de MBS persiga la transmisión efectiva de riesgos, más bien al contrario. Las Entidades de crédito, por lo general, han retenido los tramos de primeras pérdidas, lo que ha contribuido a mantener en niveles muy bajos (por debajo de la rentabilidad de la deuda soberana) la rentabilidad ofrecida por los MBS. Precisamente, el escaso diferencial ofrecido por los bonos de titulización se debe a que los tramos retenidos no han ofrecido primas de rentabilidad ajustadas al riesgo inherente.

Bubble Behavior and Heat Transfer in Quasi-Steady Pool Boiling in Microgravity

Pool boiling of degassed FC-72 on a plane plate heater has been studied experimentally in microgravity. A quasi-steady heating method is adopted, in which the heating voltage is controlled to increase exponentially with time. Compared with terrestrial experiments, bubble behaviors are very different, and have direct effect on heat transfer. Small, primary bubbles attached on the surface seem to be able to suppress the activation of the cavities in the neighborhoods, resulting in a slow increase of the wall temperature with the heat flux. For the high subcooling, the coalesced bubble has a smooth surface and a small size. It is difficult to cover the whole heater surface, resulting in a special region of gradual transitional boiling in which nucleate boiling and local dry area can co-exist. No turning point corresponding to the transition from nucleate boiling to film boiling can be observed. On the contrary, the surface oscillation of the coalesced bubble at low subcooling may cause more activated nucleate sites, and then the surface temperature may keep constant or even fall down with the increasing heat flux. Furthermore, an abrupt transition to film boiling can also be observed. It is shown that heat transfer coefficient and CHF increase with the subcooling or pressure in microgravity, as observed in normal gravity.

The influence of global warming on freshwater plankton communities in Britain

The likely response of freshwater plankton to the direct and indirect effects of sustained global warming are summarized. The increase in CO2 posited by climatologists will have a direct effect on many biological processes, and an even more important indirect effect on the global climate. Lake plankton populations are relatively well buffered against sudden fluctuations in temperature but can react in unexpected ways to seasonal changes in the wind speed, with effects on seasonal growth and succession of plankton. The direct

Modulation of the effectiveness of 17-alpha-hydroxy-20-beta-dihydroprogesterone or of a gonadotrophic extract on the in vitro intrafollicular maturation of oocytes of the rainbow trout Salmo gairdnerii by various non-maturing steroids [Translation from: Compte Rendu Hebdomadaire des Seances de l'Academie des Sciences, Paris, Series D 281, 811-814, 1975]

The effectiveness of 17 α-hydroxy-20 β-dihydroprogesterone (17 α-20 β Pg) or of a trout hypophyseal gonadotrophic extract on the in vitro intrafollicular maturation of trout oocytes can be modulated by steroids which do not have a direct maturing effect; the effectiveness of the gonadotrophic extract is lowered by oestradiol and oestrone and increased by testosterone. As these steroids have no significant effect on maturation induced by 17 α-20 β Pg, the site of their activity is probably in the follicular envelopes. Corticosteroids, and Cortisol and cortisone in particular increase the effectiveness of the gonadotrophic extract, but increase the effectiveness of 17 α-20 β Pg even more strongly, suggesting that this 'progestagen' has a direct effect on oocyte sensitivity.

Influence of aniline on Daphnia magna Straus [Translation from: Trudy Saratov.Otdeleniya GosNIORKh 13 102-104, 1975]

Experiments were carried out by the method of direct effect of the tested substance on increase of biomass (1,2). Daphnia magna was cultured under laboratory conditions.The author concludes that concentrations of aniline from 5000 to 0.1 mg/1 appear acutely lethal. The disturbance of feeding, reproduction, the disorganization of the nervous system, speak of the toxicity of the substance.

Análise molecular e morfométrica da próstata ventral de ratos injetados com leptina

O objetivo deste estudo foi avaliar o efeito da administração de leptina no lobo ventral da próstata de ratos adultos. Vinte ratos Wistar machos e adultos foram divididos em 2 grupos: L - animais foram injetados com 50 μL diária de leptina (8 μg / 100 g PC, subcutânea) durante quatro dias e C - animais receberam o mesmo volume de solução salina. Perfil lipídico e níveis séricos de testosterona foram avaliados. O lobo ventral da próstata foi processado para análise histomorfométrica. Expressão dos genes da aromatase, receptor de andrógeno, receptores de estrógeno (α e β) e as isoformas dos receptores de leptina longa (Ob-Rb) e curta (Ob-Ra) foram avaliados por PCR em tempo real. Proliferação celular foi avaliada por imuno-histoquímica com PCNA. Os dados foram expressos como média  erro padrão e analisados pelo teste t de Student. Níveis séricos de colesterol aumentaram (C = 39,7 4,2; L = 55,2 4,2, mg / dL, P ≤ 0,02) e de testosterona (C = 1,6 0,43; L = 0,6 0,15, ng / dL, P ≤ 0,03) diminuíram no grupo L. A análise histomorfométrica mostrou uma redução na densidade de células (C = 8868 242; L = 8.211 210, mm2; P ≤ 0,04), na área total (C = 0,24 0,026; L = 0,10 0,009, mm2; P ≤ 0,001) e na área interna dos ácinos (C = 0,16 0,009; L = 0,08 0,006, mm2; P ≤ 0,0002). Por outro lado, houve um aumento na altura do epitélio (C = 17,3 0,3; L = 22,8 0,2 m, P ≤ 0,0001) e no número de ácinos (C = 7,0 0,2; L = 8,7 0,1, mm2; P ≤ 0,0002). As análises histomorfométrica juntamente com os resultados imuno-histoquímicos para PCNA sugerem que a leptina aumenta a proliferação celular. Em relação à expressão gênica, o tratamento de leptina aumentou a expressão de todos os genes, mas ER-α, em mais de 200 vezes em comparação com a expressão no grupo C. Em conclusão, neste trabalho mostramos que a leptina tem um efeito direto sobre a próstata de ratos adultos levando a um aumento na proliferação celular e na expressão gênica da aromatase, receptor de androgênio, nas isoformas dos receptores de leptina e receptores de estrogênios alfa e beta que são importantes para a fisiologia normal do tecido prostático

DLK1 and DLK2 characterization in mouse salivary gland development

103 p.; 102 p.

Atividade in vitro da pterocarpanoquinona LQB-118 sobre o Trypanosoma cruzi

A doença de Chagas é endêmica na América Latina sendo considerada uma doença negligenciada com grande impacto socioeconômico. A infecção é causada pelo protozoário Trypanosoma cruzi que é transmitido pela forma vetorial, entre outros mecanismos. O tratamento consiste basicamente no uso de dois fármacos, o benznidazol e o Nifurtimox que apresentam uma série de efeitos colaterais e atuam muito pouco nas formas amastigotas intracelulares o que faz com que o tratamento atual seja restrito e insatisfatório.Várias atividades farmacológicas foram atribuídas ao lapachol e a pterocarpanos, tais como atividade antitumoral e antiparasitária. Devido a esse potencial foi sintetizado uma molécula híbrida, a pterocarpanoquinona LQB-118, e algumas moléculas derivadas. A LQB-118 mostrou anteriormente atividade antitumoral e anti-Leishmania. O objetivo do presente trabalho foi investigar a atividade in vitro da LQB-118 e suas moléculas derivadas sobre o Trypanosoma cruzi clone Dm28c. Para avaliação inicial do efeito anti-parasitário das moléculas, amastigotas intracelulares, tripomastigotas metacíclicos e epimastigotas foram incubados com 20 M das LQBs 118, 168, 187, 182 e 236. A LQB-118 demonstrou atividade antiparasitária nas três formas evolutivas (90% na forma amastigota, 44% na forma tripomastigota e 70% na forma epimastigota) do parasito, enquanto as moléculas derivadas não mostraram atividade significativa. Sendo assim os estudos foram continuados com a molécula LQB-118. A ação da LQB-118 sobre as amastigotas intracelulares foi dose dependente, com redução do índice de infecção em 81% e 88% nas concentrações de 20 e 30 M respectivamente. Já sobre tripomastigotas, a LQB-118 foi menos ativa reduzindo a mobilidade dessas formas em até 45% a 30 M. Sobre a forma epimastigota a ação foi dose-dependente chegando a inibir 96% o crescimento dos parasitos a 20 M, com alterações da morfologia tais como arrendondamento do corpo celular e perda do flagelo. A dose capaz de inibir 50% foi de 4,2 M para amastigota intracelular e 38,1 M para tripomastigotas. Para macrófagos, a LC50 ficou em 40 M, uma concentração quase dez vezes maior que a IC50 para amastigotas. A capacidade das formas amastigotas intracelulares se diferenciarem em tripomatigotas e lisar os macrófagos foi avaliada após o tratamento com a LQB-118 por 72h. Observou-se um atraso do ciclo intracelular do parasito de modo dose-dependente, onde na concentração de 30 M o surgimento de tripomastigota foi no 9 dia enquanto nos controles foi no 5 dia de cultura. Para delinear o mecanismo de ação, foi avaliado o efeito direto sobre o parasito como a indução da fragmentação de DNA. A análise de indução da fragmentação do DNA feita pela marcação pelo TUNEL mostrou que o tratamento com a LQB-118 induziu seletivamente a fragmentação do núcleo das amastigotas enquanto o núcleo dos macrófagos se mantiveram íntegros. Macrófagos peritoneais pré-tratados com LQB-118 por 24 horas foram capazes de reduzir o número de amastigotas após 72h de cultivo na ausência da molécula, mas sem alteração na produção de óxido nítrico. Esses resultados mostram que a LQB-118 é ativa contra o T. cruzi, principalmente sobre a forma amastigota intracelular, que é a forma presente na fase crônica da infecção. O mecanismo de ação sugere que a LQB-118 é capaz de ser seletivamente tóxica para o parasito e também ativar os mecanismos microbicidas dos macrófagos de modo independente da produção de óxido nítrico.

The potential consequences of climate variability and change on coastal areas and marine resources: report of the Coastal Areas and Marine Resources Sector Team, U.S. National Assessment of the Potential Consequences of Climate Variability and Change, U.S. Global Change Research Program

Coastal and marine ecosystems support diverse and important fisheries throughout the nation’s waters, hold vast storehouses of biological diversity, and provide unparalleled recreational opportunities. Some 53% of the total U.S. population live on the 17% of land in the coastal zone, and these areas become more crowded every year. Demands on coastal and marine resources are rapidly increasing, and as coastal areas become more developed, the vulnerability of human settlements to hurricanes, storm surges, and flooding events also increases. Coastal and marine environments are intrinsically linked to climate in many ways. The ocean is an important distributor of the planet’s heat, and this distribution could be strongly influenced by changes in global climate over the 21st century. Sea-level rise is projected to accelerate during the 21st century, with dramatic impacts in low-lying regions where subsidence and erosion problems already exist. Many other impacts of climate change on the oceans are difficult to project, such as the effects on ocean temperatures and precipitation patterns, although the potential consequences of various changes can be assessed to a degree. In other instances, research is demonstrating that global changes may already be significantly impacting marine ecosystems, such as the impact of increasing nitrogen on coastal waters and the direct effect of increasing carbon dioxide on coral reefs. Coastal erosion is already a widespread problem in much of the country and has significant impacts on undeveloped shorelines as well as on coastal development and infrastructure. Along the Pacific Coast, cycles of beach and cliff erosion have been linked to El Niño events that elevate average sea levels over the short term and alter storm tracks that affect erosion and wave damage along the coastline. These impacts will be exacerbated by long-term sea-level rise. Atlantic and Gulf coastlines are especially vulnerable to long-term sea-level rise as well as any increase in the frequency of storm surges or hurricanes. Most erosion events here are the result of storms and extreme events, and the slope of these areas is so gentle that a small rise in sea level produces a large inland shift of the shoreline. When buildings, roads and seawalls block this natural migration, the beaches and shorelines erode, threatening property and infrastructure as well as coastal ecosystems.

Review on hard coral recruitment (Cnidaria: Scleractinia) in Colombia

Recruitment, defined and measured as the incorporation of new individuals (i.e. coral juveniles) into a population, is a fundamental process for ecologists, evolutionists and conservationists due to its direct effect on population structure and function. Because most coral populations are self-feeding, a breakdown in recruitment would lead to local extinction. Recruitment indirectly affects both renewal and maintenance of existing and future coral communities, coral reef biodiversity (bottom-up effect) and therefore coral reef resilience. This process has been used as an indirect measure of individual reproductive success (fitness) and is the final stage of larval dispersal leading to population connectivity. As a result, recruitment has been proposed as an indicator of coral-reef health in marine protected areas, as well as a central aspect of the decision-making process concerning management and conservation. The creation of management plans to promote impact mitigation,rehabilitation and conservation of the Colombian coral reefs is a necessity that requires firstly, a review and integration of existing literature on scleractinian coral recruitment in Colombia and secondly, larger scale field studies. This motivated us to summarize and analyze all existing information on coral recruitment to determine the state of knowledge, isolate patterns, identify gaps, and suggest future lines of research.

Marine pollution and zooplankton: some recent trends in marine pollution studies

The presence of even very minute quantities of pollutants may become harmful either due to their direct effect on zooplankton or indirectly due to the transfer of the pollutants to other trophic levels through zooplankton. The recent trend in marine pollution studies is therefore to find out the effects of very minute quantities of these pollutants on marine zooplankton and the methods of their accumulation and transfer to the organisms of higher trophic level including man. A review of laboratory and field studies concerning the effects of pollutants such as hydrocarbons, crude oil, heavy metals, pesticides and heated waste water on the survival, breeding, movement, faecal pellet production, growth and development on marine zooplankton is presented.

Factor analysis and structural equation modelling of sustainable behaviour in contaminated land remediation

Contaminated land remediation has traditionally been viewed as sustainable practice because it reduces urban sprawl and mitigates risks to human being and the environment. However, in an emerging green and sustainable remediation (GSR) movement, remediation practitioners have increasingly recognized that remediation operations have their own environmental footprint. The GSR calls for sustainable behaviour in the remediation industry, for which a series of white papers and guidance documents have been published by various government agencies and professional organizations. However, the relationship between the adoption of such sustainable behaviour and its underlying driving forces has not been studied. This study aims to contribute to sustainability science by rendering a better understanding of what drives organizational behaviour in adopting sustainable practices. Factor analysis (FA) and structural equation modelling (SEM) were used to investigate the relationship between sustainable practices and key factors driving these behaviour changes in the remediation field. A conceptual model on sustainability in the environmental remediation industry was developed on the basis of stakeholder and institutional theories. The FA classified sustainability considerations, institutional promoting and impeding forces, and stakeholder's influence. Subsequently the SEM showed that institutional promoting forces had significant positive effects on adopting sustainability measures, and institutional impeding forces had significant negative effects. Stakeholder influences were found to have only marginal direct effect on the adoption of sustainability; however, they exert significant influence on institutional promoting forces, thus rendering high total effect (i.e. direct effect plus indirect effect) on the adoption of sustainability. This study suggests that sustainable remediation represents an advanced sustainable practice, which may only be fully endorsed by both internal and external stakeholders after its regulatory, normative and cognitive components are institutionalized. © 2014 Elsevier Ltd. All rights reserved.

不同小麦品质类型与生态环境关系的研究

小麦（Triticum aestivum L.）是世界上种植面积最大，总产量最高，食物加工种类最丰富的粮食作物，占世界人口35 ％－40 ％的人们以此为主要食物。因此小麦产量的高低和品质的优劣直接影响人们对食物需求的安全和满意程度，也影响着人类的营养平衡以及面粉和食品加工业的发展。随着生活水平的提高，人们对于小麦的品质越来越重视。培育优质专用小麦新品种，制定优质专用小麦品种品质生态区划，从而在不同程度上实现小麦的区域化种植和产业化经营具有重要的意义。 影响小麦品质的因素主要是遗传因素和环境因素，其中环境因素又包括各种自然生态因素和人为因素。研究表明，小麦品质的环境间的差异大于品种间的差异，气候条件是影响小麦品质的最重要的因子，小麦品质的地域间的差异反映出了小麦的品质区域分布规律。为了满足市场对不同品质小麦的需求，对小麦进行区域化研究具有重要的理论和现实意义。本研究结合四川的地理、气候特点，研究不同品质类型与生态环境的关系，为在复杂的生态环境内进行品质区划提供依据。 本研究首先根据四川省小麦种植区域的生态特点，在四川省多个典型生态区：川南丘陵的荣县、川西南高原的西昌、川西平原的双流布点种植，采用的小麦试验材料为不同品质类型：中筋小麦川育12、川育14、川育16由本所提供；弱筋小麦川麦32和强筋小麦川麦36由四川省农科院作物所提供。通过研究品质性状与品种及各个生态因子包括地点、土壤土质差异等的关系，明确不同生态环境中适宜种植的小麦品种类型，强筋小麦、中筋小麦更适合于在荣县、双流地区种植，弱筋小麦更适合于在西昌地区种植，为品种品质区划奠定基础。 其次，选择了本课题组育成的稳定中间品系，对其品质性状SDS沉降值进行了多年测定。分析了品质性状SDS沉降值与多种气候因子的相关性，结果表明SDS沉降值与日均温、日照时数成正相关，与降水量成负相关，为品质育种提供了理论依据。 此外，以中筋小麦新品种小麦川育14为材料，应用三元二次正交旋转回归模型设计试验，研究主要栽培因子播期、密度和施肥量对产量的影响，并建立函数模型。经计算机模拟寻优，筛选出了高产高效栽培组合措施，并确定了置信域。结合四川省不同的地理情况，在平原和丘陵地区分别进行实验，并各自建立了高产高效栽培组合措施，为川育14品种的推广提供了理论指导。 Wheat is one of the most important crops in the world. About 35%-40% people all over the world, take the wheat as their most important food. So the quality, as well as the quantity of the wheat makes a direct effect on people’s demands of food and their satisfaction. It also effects on human’s healthy, and the development of the Food processing industry. With the development of the living standard, people pay more attention to the quality of wheat. So, we set a special ecology zoning for wheat. It is significant to carry out planting the wheat in special zoning in varying degrees. The main factors affecting wheat quality are heredity and environment including many ecological factors and the factors in cultivation. As to the quality，the difference between ecology and cultivation is more important than the difference between special wheat. In so many factors, climate is the most important one. From the difference in quality between different zones，we can conclude the rule of distribution abort quality of wheat. Finding out the intersection of numerous wheat not only can meet the demand of food production，but also has important signification in theory and realism。In our research, according to the complex geography in Sichuan province, we study the relationship between numerous kinds of quality characters in wheat and the ecology. So, we can set a foundation for more research. In this research, firstly, we plant wheat in some typical ecological regions of SICHUAN province: RONGXIAN（south of SC）、XICHANG（south of SC）, SHUANGLIU(west of SC). The materials of the experiments: ChuanYu12, ChuanYu14, ChuanYu16(from our institute), Chuanmai32, Chuanmai36 (from the Chinese academy of agriculture sciences of Sichuan. Through the research on the relationship between the quality of wheat and those ecology factors, we can make a definition that which area is perfect matched with which kind of wheat. And it can satisfy the demand of people. Secondly, select many sorts of wheat from our research group. All of them are selected and bred more than 3 years(2003-2005). And we make every-year determination as well. We’ve gotten SDS value from those 9, and various data on factors of climate. We also got to know the relation ship between those numbers. Thirdly, use Chuanyu14 as material, the mathematical model of the relation between the production of wheat and main agricultural measures such as date, density and fertilizer. The model was established by association of three elements two return, rotate and regression. We set a suitable model and get a suitable method which can make high harvest. Based on various kinds of geographical regions in Sichuan province, we set different models which can be used in plain and hill. So, we can plant Chuan Yu 14 in Sichuan province under the result in research.

结构光视觉传感器误差分析与结构分析

结构光视觉传感器是视觉焊缝跟踪系统获得焊缝信息的重要组成部分,其测量误差与性能对焊缝跟踪系统的总体测量精度及可靠性有着直接影响。本文对应用于焊缝跟踪的结构光视觉传感器进行误差分析,包括传感器硬件系统结构误差、激光散斑噪声误差及镜头畸变误差等,并对不同结构方式下的视觉传感器建立了数学模型,具体分析了结构参数对其误差的影响,提出结构光视觉焊缝跟踪传感器优化设计方法,并依据仿真结果给出结构优化设计参数,最后通过实验验证了该优化设计方法的正确性。

四川盆地构造控藏规律研究

Firstly, established sequence stratigraphy of Sinian System-Middle Triassic Series framework in Sichuan basin,be divided into 21 second-level sequence stratigraphy and 105 third-level sequence stratigraphy.From many aspects,discussed sequence stratigraphy characteristic. On the foundation of structure unconformity and fission track analysis, on the ground of An county-Shuinin county regional seismic section, using the positive evolution equilibrium principle technology, comprehensivly be mapped structure evolution of Sichuan basin. It can be divided into seven stages, that is :Pre-Sinian basement stage, cratonic depression basin(Z1-S)stage, cratonic rifted basin(D-T2)stage, passive continental margin(T3x1-3)stage, foreland basin(T3x4-6)stage, depression basin (Jurassic Period-Miocene Epoch) stage, formed basin (Holocene Epoch) stage. Analysis on structure evolution history,burial history,source rocks thermal evolution history, Maoba changxing formation gas pool forming process can be classified into four stages: ancient lithological oil pool stages in Indosinian-early Yanshanian period（T-J1-2）, ancient structure- lithological gas pool stages in middle Yanshanian period（J3-K1）, structure- lithological gas pool setting stages in last Yanshanian period（K2）, structure- lithological gas pool adjusting and transformation stages in Himalayan period（R-Q）. Maoba feixianguan formation gas pool forming process can be classified into two stages: second structure gas pool stages in last Yanshanian period（K2）,second structure gas pool physical adjusting and transformation stages in Himalayan period（R-Q）,and summarize reservoir formation model. On the base of newest exploration achievement and petroleum geologic comprehensive research , demonstrate how structure controls hydrocarbon accumulation. Structure controlling source rocks behaves structure controlling main source rocks’sedimentary facies, medium-large pools mainly located at center or margin of hydrocarbon generation. Structure controlling palaeo-karst reservoirs ,reef and beach facies reservoirs, fault and fracture reservoirs. Structure controlling palaeo-uplift, and palaeo-uplift controlling hydrocarbon migration, active reservoirs’forming, palaeo-structure traps forming. Structure controls distribution of mudstone and gypsolith, controls preservation. Structure controls hydrocarbon conducting, structure traps forming and hydrocarbon accumulation. Whether or no, Structure controls total process of basin forming-source rocks’generation- hydrocarbon accumulation. It is direct effect results of structure movements that large traps’ conditions, conducting migration conditions, high quality preservation. source rocks’condition and reservoirs’ condition are the indirect effect results. In the last analysis, “source rock controlling theory”, “high quality reservoir mainly controlling theory”, “palaeo-uplift controlling theory” and “current structure deciding theory” are structure controlling hydrocarbon accumulation. There are high variability and complex mechanisms in Sichuan basin , but the regional hydrocarbon accumulation conditions are very well, such as abundant source rocks, matching process of hydrocarbon accumulation and many exploration areas. By means of integrated analysis, put forward hydrocarbon exploration direction and large-middle targets of China Petroleum and Chemical Corporation .Thus, more and more hydrocarbon proved reserve and output in Sichuan basin will be contributed to China energy industry in a long future time.