Los Credit Default Swap (CDS) o seguros contra cesación de pagos y su estructuración legal como garantía para los inversionistas

La crisis financiera del 2008 provocó la pérdida de riqueza y el derrumbe de los mercados bursátiles y de la economía real, traducida en desempleo, reducción de la productividad, recesión profunda, e incertidumbre en los mercados financieros. En el marco de la crisis de deuda soberana europea, es cuestionable también el grado de certeza de los CDS (Credit Default Swap) como garantía para los inversionistas, considerando las negociaciones existentes entre emisores y bancos europeos para evitar el default de estos instrumentos y por tanto, evitar la indemnización a los inversionistas en su calidad de acreedores. Remontándonos, la crisis financiera internacional del año 2008 tuvo como uno de sus orígenes a las hipotecas denominadas como “subprime”. Estas hipotecas fueron “empaquetadas” junto a otras de alta calificación, en grupos de hipotecas para ser titularizadas y colocadas en el mercado bursátil, mediante instrumentos denominados CDO (Collateralized Debt Obligations), y a aseguradas en algunos casos, través de los CDS (Credit Default Swap), siendo principalmente estos últimos instrumentos financieros, blanco de las críticas y señalados como uno de los culpables de la crisis financiera internacional. Bajo estas consideraciones, se pretende en esta investigación, analizar específicamente los CDS (Credit Default Swap), para determinar su naturaleza jurídica como verdaderos seguros contra cesación de pagos, o como permutas de incumplimiento crediticio. Comprender su estructuración legal como instrumento de garantía para los inversionistas institucionales o particulares, considerando el acontecimiento de la quita de los bonos griegos, la crisis de deuda soberana europea y el default de la deuda argentina, así como las consideraciones del ISDA (International Swaps and Derivatives Association) en estos puntos; su marco legal, su contribución en la reducción del riesgo, su papel especulativo y su incidencia real en la crisis financiera del año 2008.

Modified rare earth semiconductor oxide as a new nucleotide probe

Recent rapid developments in biological analysis, medical diagnosis, pharmaceutical industry, and environmental control fuel the urgent need for recognition of particular DNA sequences from samples. Currently, DNA detection techniques use radiochemical, enzymatic, fluorescent, or electrochemiluminescent methods; however, these techniques require costly labeled DNA and highly skilled and cumbersome procedure, which prohibit any in-situ monitoring. Here, we report that hybridization of surface-immobilized single-stranded oligonucleotide on praseodymium oxide (evaluated as a biosensor surface for the first time) with complimentary strands in solution provokes a significant shift of electrical impedance curve. This shift is attributed to a change in electrical characteristics through modification of surface charge of the underlying modified praseodymium oxide upon hybridization with the complementary oligonucelotide strand. On the other hand, using a noncomplementary single strand in solution does not create an equivalent change in the impedance value. This result clearly suggests that a new and simple electrochemical technique based on the change in electrical properties of the modified praseodymium oxide semiconductor surface upon recognition and transduction of a biological event without using labeled species is revealed.

Investigation of cadmium alternatives in thin-film coatings - art. no. 62860C

The health risks associated with the inhalation or ingestion of cadmium are well documented([1,2]). During the past 18 years, EU legislation has steadily been introduced to restrict its use, leaving a requirement for the development of replacement materials. This paper looks at possible alternatives to various cadmium II-VI dielectric compounds used in the deposition of optical thin-films for various opto-electronic devices. Application areas of particular interest are for infrared multilayer interference filter fabrication and solar cell industries, where cadmium-based coatings currently find widespread use. The results of single and multilayer designs comprising CdTe, CdS, CdSe and PbTe deposited onto group IV and II-VI materials as interference filters for the mid-IR region are presented. Thin films of SnN, SnO2, SnS and SnSe are fabricated by plasma assisted CVD, reactive RF sputtering and thermal evaporation. Examination of these films using FTIR spectroscopy, SEM, EDX analysis and optical characterisation methods provide details of material dispersion, absorption, composition, refractive index, energy band gap and layer thicknesses. The optimisation of deposition parameters in order to synthesise coatings with similar optical and semiconductor properties as those containing cadmium has been investigated. Results of environmental, durability and stability trials are also presented.

Credit and liquidity components of corporate CDS spreads

This paper investigates the role of credit and liquidity factors in explaining corporate CDS price changes during normal and crisis periods. We find that liquidity risk is more important than firm-specific credit risk regardless of market conditions. Moreover, in the period prior to the recent “Great Recession” credit risk plays no role in explaining CDS price changes. The dominance of liquidity effects casts serious doubts on the relevance of CDS price changes as an indicator of default risk dynamics. Our results show how multiple liquidity factors including firm specific and aggregate liquidity proxies as well as an asymmetric information measure are critical determinants of CDS price variations. In particular, the impact of informed traders on the CDS price increases when markets are characterised by higher uncertainty, which supports concerns of insider trading during the crisis.

The effect of additional Si and SiGe layers on the confinement potential of GeMn diluted ferromagnetic semiconductor

In this work we analyze the spin-polarized charge density distribution in the GeMn diluted ferromagnetic semiconductors (DFS). The calculations are performed within a self-consistent k.p method, in which the exchange correlation effects in the local density approximation, as well as the strain effects due to the lattice mismatch, are taken into account. Our findings show that the extra confinement potential provided by the barriers and the variation of the Mn content in the DFS are responsible for a separation between the different spin charge densities, giving rise to higher mobility spin-polarized currents or high ferromagnetism transition temperatures systems. (c) 2008 Elsevier B.V. All rights reserved.

Experimental evidence of the spin-glass transition in the diluted magnetic semiconductor Zn(1-x)Mn(x)In(2)Se(4)

This work reports on magnetic measurements of the quasi-two-dimensional (quasi-2D) system Zn(1-x)Mn(x)In(2)Se(4), with 0.01 <= x <= 1.00. For x > 0.67, the quasi-2D system seems to develop a spin-glass behaviour. Evidence of a true phase transition phenomenon is provided by the steep increase of the nonlinear susceptibility chi(nl) when approaching T(C) from above. The static scaling of chi(nl) data yields critical exponents delta = 4.0 +/- 0.2, phi = 4.37 +/- 0.17 and TC = 3.4 +/- 0.1 K for the sample with x = 1.00 and similar values for the sample with x = 0.87. These critical exponents are in good agreement with values reported for other spin-glass systems with short-range interactions.

Capacitive electrolyte-insulator-semiconductor structures functionalised with a polyelectrolyte/enzyme multilayer: New strategy for enhanced field-effect biosensing

A novel strategy for enhanced field-effect biosensing using capacitive electrolyte-insulator-semiconductor (EIS) structures functionalised with pH-responsive weak polyelectrolyte/enzyme or dendrimer/enzyme multilayers is presented. The feasibility of the proposed approach is exemplarily demonstrated by realising a penicillin biosensor based on a capacitive p-Si-SiO(2) EIS structure functionalised with a poly(allylamine hydrochloride) (PAH)/penicillinase and a poly(amidoamine) dendrimer/penicillinase multilayer. The developed sensors response to changes in both the local pH value near the gate surface and the charge of macromolecules induced via enzymatic reaction, resulting in a higher sensitivity. For comparison, an EIS penicillin biosensor with adsorptively immobilised penicillinase has been also studied. The highest penicillin sensitivity of 100 mV/dec has been observed for the EIS sensor functionalised with the PAH/penicillinase multilayer. The lower and upper detection limit was around 20 mu M and 10 mM, respectively. In addition, an incorporation of enzymes in a multilayer prepared by layer-by-layer technique provides a larger amount of immobilised enzymes per sensor area, reduces enzyme leaching effects and thus, enhances the biosensor lifetime (the loss of penicillin sensitivity after 2 months was 10-12%). (C) 2010 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim

Influence of different solvents on the structural, optical and morphological properties of CdS nanoparticles

CdS is one of the most important II-VI semiconductors, with applications in solar cells, optoelectronics and electronic devices. CdS nanoparticles were synthesized via microwave-assisted solvothermal technique. Structural and morphological characterization revealed the presence of crystalline structures presenting single phase with different morphologies such as ""nanoflowers"" and nanoplates depending on the solvent used. Optical characterization was made by diffuse reflectance and photoluminescence spectroscopy, revealing the influence of the different solvents on the optical properties due to structural defects generated during synthesis. It is proposed that these defects are related to sulfur vacancies, with higher concentration of defects for the sample synthesized in ethylene glycol in comparison with the one synthesized in ethylene diamine. (C) 2011 Elsevier B.V. All rights reserved.

Detection of microwaves using the organic semiconductor poly(p-phenylenevinylene)

We report a new procedure to convert the polymer precursor poly(xylylidene tetrahydrothiophenium chloride) (PTHT) into poly(p-phenylenevinylene) (PPV) using microwave irradiation. Spin-coated PTHT films were irradiated at room temperature under ambient conditions in a commercial microwave oven, with varying power from 20W to 100W. Complete conversion was reached within only 5 min of irradiation for powers above 50W, yielding PPV films with absorption and photoluminescence spectra that are practically indistinguishable from the spectra of thermally converted PPV films, which require ca. 2 h of a high temperature (similar to 200 degrees C) thermal treatment. In addition to a much faster conversion procedure, the irradiation with microwaves led to a red shift in the absorption spectrum of a PTHT film, which varied linearly with the time of irradiation. These films can then be used as low-cost, easy-to-use detectors of microwaves. (C) 2010 Elsevier B.V. All rights reserved.

Spin-polarization effects in homogeneous and non-homogeneous diluted magnetic semiconductor heterostructures

Spin polarization is a key characteristic in developing spintronic devices. Diluted magnetic heterostructures (DMH), where subsequent layers of conventional and diluted magnetic semiconductors (DMS) are alternate, are one of the possible ways to obtain it. Si being the basis of modern electronics, Si or other group-IV DMH can be used to build spintronic devices directly integrated with conventional ones. In this work we study the physical properties and the spin-polarization effects of p-type DMH based in group-IV semiconductors (Si, Ge, SiGe, and SiC), by performing self-consistent (k) over right arrow . (p) over right arrow calculations in the local spin density approximation. We show that high spin polarization can be maintained in these structures below certain values of the carrier concentrations. Full spin polarization is attained in the low carrier concentration regime for carrier concentrations in the DMS layer up to similar to 2.0 x 10(19) cm(-3) for Si and up to similar to 6.0 x 10(19) cm(-3) for SiC. Partial, but still important spin polarization can be achieved for all studied group-IV DMH, with the exception of Ge for carrier concentrations up to 6.0 x 10(19) cm(-3). The role played by the effective masses and the energy splitting of the spin-orbit split-off hole bands is also discussed throughout the paper.

Separating interface state response from parasitic effects in conductance measurements on organic metal-insulator-semiconductor capacitors

A simple model is developed for the admittance of a metal-insulator-semiconductor (MIS) capacitor which includes the effect of a guard ring surrounding the Ohmic contact to the semiconductor. The model predicts most of the features observed in a MIS capacitor fabricated using regioregular poly(3-hexylthiophene) as the active semiconductor and polysilsesquioxane as the gate insulator. In particular, it shows that when the capacitor is driven into accumulation, the parasitic transistor formed by the guard ring and Ohmic contact can give rise to an additional feature in the admittance-voltage plot that could be mistaken for interface states. When this artifact and underlying losses in the bulk semiconductor are accounted for, the remaining experimental feature, a peak in the loss-voltage plot when the capacitor is in depletion, is identified as an interface (or near interface) state of density of similar to 4 x 10(10) cm(-2) eV(-1). Application of the model shows that exposure of a vacuum-annealed device to laboratory air produces a rapid change in the doping density in the channel region of the parasitic transistor but only slow changes in the bulk semiconductor covered by the gold Ohmic contact. (C) 2008 American Institute of Physics.

Determining the interfacial density of states in metal-insulator-semiconductor devices based on poly(3-hexylthiophene)

Low frequency admittance measurements are used to determine the density of interface states in metal-insulator-semiconductor diodes based on the unintentionally doped, p-type semiconductor poly(3-hexylthiophene). After vacuum annealing at 90 degrees C, interface hole trapping states are shown to be distributed in energy with their density decreasing approximately linearly from similar to 20x10(10) to 5x10(10) cm(-2) eV(-1) over an energy range extending from 0.05 to 0.25 eV above the bulk Fermi level. (c) 2008 American Institute of Physics.

Strutural and optical approach of CdS@ZnS core-shell system

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Determination of the photoinduced birefringence and of the refractive index by Brewster method of epoxy resin doped with CdS

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)