What are the driving factors behind the rise of spreads and CDSs of Euro-area sovereign bonds? A FAVAR model for Greece and Ireland

This paper examines the underlying dynamics of selected euro-area sovereign bonds by employing a factor-augmenting vector autoregressive (FAVAR) model for the first time in the literature. This methodology allows for identifying the underlying transmission mechanisms of several factors; in particular, market liquidity and credit risk. Departing from the classical structural vector autoregressive (VAR) models, it allows us to relax limitations regarding the choice of variables that could drive spreads and credit default swaps (CDSs) of euro-area sovereign debts. The results show that liquidity, credit risk, and flight to quality drive both spreads and CDSs of five years’ maturity over swaps for Greece and Ireland in recent years. Greece, in particular, is facing an elastic demand for its sovereign bonds that further stretches liquidity. Moreover, in current illiquid market conditions spreads will continue to follow a steep upward trend, with certain adverse financial stability implications. In addition, we observe a negative feedback effect from counterparty credit risk

CONSTRUCTION AND DEVELOPMENT LOAN REQUEST. A CASE STUDY

With malls and shopping centers a dominant venue of merchandising, the case deals with a company seeking to finance the construction and development of a strip shopping center in Romania. With this kind of financing a demanding type of commercial real estate credit, the case aims to highlight the structure and pricing of construction and development lending, the requisite financial information and the critical role of other aspects of the project. The credit decision process calls for evaluating the merits of the loan request and assessing the bank’s risk exposure.debt service coverage ratio, London Interbank Offered Rate or LIBOR, private equity investment firm, real estate investment and property development, retail park, underwriting standards.

Future constraints on halo thermodynamics from combined Sunyaev-Zel'dovich measurements

The improving sensitivity of measurements of the kinetic Sunyaev-Zel'dovich (SZ) effect opens a new window into the thermodynamic properties of the baryons in halos. We propose a methodology to constrain these thermodynamic properties by combining the kinetic SZ, which is an unbiased probe of the free electron density, and the thermal SZ, which probes their thermal pressure. We forecast that our method constrains the average thermodynamic processes that govern the energetics of galaxy evolution like energetic feedback across all redshift ranges where viable halos sample are available. Current Stage-3 cosmic microwave background (CMB) experiments like AdvACT and SPT-3G can measure the kSZ and tSZ to greater than 100$\sigma$ if combined with a DESI-like spectroscopic survey. Such measurements translate into percent-level constraints on the baryonic density and pressure profiles and on the feedback and non-thermal pressure support parameters for a given ICM model. This in turn will provide critical thermodynamic tests for sub-grid models of feedback in cosmological simulations of galaxy formation. The high fidelity measurements promised by the next generation CMB experiment, CMB-S4, allow one to further sub-divide these constraints beyond redshift into other classifications, like stellar mass or galaxy type.Comment: 11 pages, 3 figures, Accepted to JCA

Heat energy from a shallow geothermal system in Glasgow, UK: performance evaluation design

This study reports on the actual energy and economic performances of a water source heat pump recently installed and operated at a Glasgow Subway station in the UK using subsurface water ingress to provide heating and domestic hot water. This follows from a previous publication that detailed the empirical measurements and design of a heating system designed on the basis of a 15-month monitoring period of the water flow and temperature. The perennial water flow at a relatively high temperature enabled the system to operate more efficiently than a typical heat pump system with boreholes or trenches. The performance of the water source heat pump has been monitored for a 4-month period, and the coefficient of performance as well as the energy saving is reported in the present study. The findings of this study not only indicate the energy, carbon dioxide and financial benefits of the heating system, but also highlight key issues during the operation in such a demanding underground environment. Further renewable heat potentials for the rest of the subway network and opportunities to commercialise the excess heat energy output are explored. </jats:p

Helicobacter pylori In Uninvestigated Dyspepsia In Primary Cares In Abakaliki, Nigeria

There is paucity of information on the prevalence of Helicobacter pylori infection in Nigeria. Enzyme-linked immunosorbent assay (ELISA) was used to determine the prevalence of immunoglobulin G (IgG) antibodies to H. pylori in 262 consecutive patients (aged 5.5-56 years) presenting with dyspepsia in primary health cares in Abakaliki, Nigeria. Sixty-nine (26.3%) of the patients had IgG antibodies to H. pylori. Significantly higher prevalence of H. pylori was recorded in older patients than in those ≤ 20 years [29% vs11% (95%CI: 0.072-0.288%)]. Infection was comparable between males and females [28% vs 25%, (95% CI: - 0.078 – 0.138)] but inversely related to the socio-economic status of patients [30.5% vs 14%. (95% CI: 0.054-0.28) and 30.3% vs 8.3% (95% CI: 0.053-0.391) between lower and middle and between lower and upper class respectively]. The high endemicity of H. pylori infection in this study needs confirmation in different settings and/or in the general population

Waste Water Transformed into Heat Energy

This study investigates the feasibility of utilising ground water ingress into the Glasgow Subway system. At present this unused excess water is being discharged into the city’s drainage system as waste. This valuable resource could be channelled through a Water Source Heat Pump (WSHP) to produce heat energy for domestic or public use (heating and domestic hot water). A study has been carried out in order to calculate the heat contained in the water. Water flow and water temperature have been recorded over a ten month period (since May 2014) at fifteen different points within the network of underground tunnels. Water sampling has also been undertaken at all of these points, with chemical analysis results for six of them already obtained. The measurements will continue for at least seven more months to have readings for an 18 months period. A feasibility study to review the number of support factors (i.e. Renewable Heat Incentive) that could profit the subway system has been undertaken as well. Options have been discussed and a selection of a site inside the tunnels for a pilot system has been decided and is due to be installed in June 2015. The findings of this study are expected to develop an appropriate renewable solution through a cost effective heat pump system design. This waste water will be collected and used as renewable energy. During this process energy will be produced from a waste product using a sustainable and environmental friendly method. A similar approach ought to be transferable to many other subway systems around the world, some of which experience ground water ingress

The performance of an ASHP system using waste air to recover heat energy in a subway system

In this short communication, we demonstrate that the performance of a typical air source heat pump (ASHP), exploiting a relatively stable air temperature within a subway environment, is high, even during the peak heating months. After a nine-month operational run, the coefficient of performance is demonstrated to be 3.5. The design and installation difficulties are stated together with the lessons learnt following this trial. The actual energy and carbon savings are discussed

Recovery and valorisation of energy from wastewater using a water source heat pump at the Glasgow Subway: potential for similar underground environments

An installation of a Water Source Heat Hump (WSHP) at Glasgow&rsquo;s Underground Station, has been using the subsurface wastewater ingress to heat the office at St. George&rsquo;s Cross station. The performance of the Glasgow Subway&rsquo;s new heating system was observed for a few months. The energy output readings are being presented. An average coefficient of performance (CoP) of 2.5 and a 60% energy input reduction for the heating system based on the old heating system&rsquo;s energy demand indicates the actual system&rsquo;s performance. The purpose of this research is to detect the likelihood of implementing the same setup in similar underground environments where the excess wastewater may support a viable and eco-friendly heating system. Fifteen cities across Europe have been identified and presented, with the adequate water quantities, where similar heating systems may be applied. The output of this study indicates not only the financial benefit but also the energy and carbon reduction of this trial. It highlights main subjects which were encountered in such a challenging subway system. Future steps to commercialize the excess heat energy output are explored together with opportunities to promote the same setup in similar cases

Genes, Economics, and Happiness

We explore the influence of genetic variation on subjective well-being by employing a twin design and genetic association study. In a nationally-representative twin sample, we first show that about 33% of the variation in life satisfaction is explained by genetic variation. Although previous studies have shown that baseline happiness is significantly heritable, little research has considered molecular genetic associations with subjective well-being. We study the relationship between a functional polymorphism on the serotonin transporter gene (5-HTTLPR) and life satisfaction. We initially find that individuals with the longer, transcriptionally more efficient variant of this genotype report greater life satisfaction (n=2,545, p=0.012). However, our replication attempts on independent samples produce mixed results indicating that more work needs to be done to better understand the relationship between this genotype and subjective well-being. This work has implications for how economists think about the determinants of utility, and the extent to which exogenous shocks might affect individual well-being.life satisfaction, twin study, genetic association, serotonin transporter gene, 5-HTTLPR, rs2020933

Large Scale Structure in CHILES

We demonstrate that the Discrete Persistent Source Extractor (DisPerSE) can be used with spectroscopic redshifts to define the cosmic web and its distance to galaxies in small area deepfields. Here we analyze the use of DisPerSE to identify structure in observational data. We apply DisPerSE to the distribution of galaxies in the COSMOS field and find the best parameters to identify filaments. We compile a catalog of 11500 spectroscopic redshifts from the Galaxy and Mass Assembly (GAMA) G10 data release. We analyze two-dimensional slices, extract filaments and calculate the distance for each galaxy to its nearest filament. We find that redder and more massive galaxies are closer to filaments. To study the growth of galaxies across cosmic time, and environment, we are carrying out an HI survey covering redshifts z = 0 - 0.45, the COSMOS HI Large Extragalactic Survey (CHILES). In addition we present the predicted HI mass fraction as a function of distance to filaments for the spectroscopically known galaxies in CHILES. Lastly, we discuss the cold gas morphology of a few individual galaxies and their positions with respect to the cosmic web. The identification of the cosmic web, and the ability of CHILES to study the resolved neutral hydrogen morphologies and kinematics of galaxies, will allow future studies of the properties of neutral hydrogen in different cosmic web environments across the redshift range z = 0.1 - 0.45.Comment: Accepted for publication in the Astronomical Journal; 11 pages ; 8 figure