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This paper analyzes liquidity in an order driven market. We only investigate the best limits in the limit order book, but also take into account the book behind these inside prices. When subsequent prices are close to the best ones and depth at them is substantial, larger orders can be executed without an extensive price impact and without deterring liquidity. We develop and estimate several econometric models, based on depth and prices in the book, as well as on the slopes of the limit order book. The dynamics of different dimensions of liquidity are analyzed: prices, depth at and beyond the best prices, as well as resiliency, i.e. how fast the different liquidity measures recover after a liquidity shock. Our results show a somewhat less favorable image of liquidity than often found in the literature. After a liquidity shock (in the spread or depth or in the book beyond the best limits), several dimension of liquidity deteriorate at the same time. Not only does the inside spread increase, and depth at the best prices decrease, also the difference between subsequent bid and ask prices may become larger and depth provided at them decreases. The impacts are both econometrically and economically significant. Also, our findings point to an interaction between different measures of liquidity, between liquidity at the best prices and beyond in the book, and between ask and bid side of the market.
We report evidence that the presence of hidden liquidity is associated with greater liquidity in the order books, greater trading volume, and smaller price impact. Limit and market order submission behavior changes when hidden liquidity is present consistent with at least some traders being able to detect hidden liquidity. We estimate a model of liquidity provision that allows us to measure variations in the marginal and total payoffs from liquidity provision in states with and without hidden liquidity. Our estimates of the expected surplus to providers of visible and hidden liquidity are positive and typically of the order of one-half to one basis points per trade. The positive liquidity provider surpluses combined with the increased trading volume when hidden liquidity is present are both consistent with liquidity externalities.
The impact of European integration on the German system of pharmaceutical product authorization
(2008)
The European Union has evolved since 1965 into an influential political player in the regulation of pharmaceutical safety standards. The objective of establishing a single European market for pharmaceuticals makes it necessary for member-states to adopt uniform safety standards and marketing authorization procedures. This article investigates the impact of the European integration process on the German marketing authorization system for pharmaceuticals. The analysis shows that the main focal points and objectives of European regulation of pharmaceutical safety have shifted since 1965. The initial phase saw the introduction of uniform European safety standards as a result of which Germany was obliged to undertake “catch-up” modernization. From the mid-1970s, these standards were extended and specified in greater detail. Since the mid-1990s, a process of reorientation has been under way. The formation of the European Agency for the Evaluation of Medicinal Products (EMEA) and the growing importance of the European authorization procedure, combined with intensified global competition on pharmaceutical markets, are exerting indirect pressure for EU member-states to adjust their medicines policies. Consequently, over the past few years Germany has been engaged in a competition-oriented reorganization of its pharmaceutical product authorization system the outcome of which will be to give higher priority to economic interests.
The House of Falling Women
(2008)
House of Falling Women is the story of a young woman with quixotic ideas about improving the lot of women who finds out that the crusader's cloak is an uncomfortable one. Martha Elive, armed with a university education and a substantial legacy from a Dutchwoman she meets while studying abroad on a scholarship, decides to create an institute for the empowerment of women, only to find that the contradictions to be resolved are more firmly anchored in her psyche than elsewhere. In addition to her unexorcised ghosts and the legacies of a chequered love life, she has to contend with recalcitrant public opinion and moral inertia, the opposition of old-guard reactionaries, and the incomprehension of her small-town parents. House of Falling Women is a poignant, often hilarious story of the search by a group of women for a new place in society in a world where women are dissatisfied with the old values and bewildered by the new.
Histone deacetylase (HDAC) inhibitors represent a promising class of antineoplastic agents which affect tumour growth, differentiation and invasion. The effects of the HDAC inhibitor valproic acid (VPA) were tested in vitro and in vivo on pre-clinical renal cell carcinoma (RCC) models. Caki-1, KTC-26 or A498 cells were treated with various concentrations of VPA during in vitro cell proliferation 3-(4,5-dimethylthiazol-2-yl)-2,5-diphenyltetrazolium bromide assays and to evaluate cell cycle manipulation. In vivo tumour growth was conducted in subcutaneous xenograft mouse models. The anti-tumoural potential of VPA combined with low-dosed interferon-α (IFN-α) was also investigated. VPA significantly and dose-dependently up-regulated histones H3 and H4 acetylation and caused growth arrest in RCC cells. VPA altered cell cycle regulating proteins, in particular CDK2, cyclin B, cyclin D3, p21 and Rb. In vivo, VPA significantly inhibited the growth of Caki-1 in subcutaneous xenografts, accompanied by a strong accumulation of p21 and bax in tissue specimens of VPA-treated animals. VPA–IFN-α combination markedly enhanced the effects of VPA monotherapy on RCC proliferation in vitro, but did not further enhance the anti-tumoural potential of VPA in vivo. VPA was found to have profound effects on RCC cell growth, lending support to the initiation of clinical testing of VPA for treating advanced RCC.
We determine the hard-loop resummed propagator in an anisotropic QCD plasma in general covariant gauges and define a potential between heavy quarks from the Fourier transform of its static limit. We find that there is stronger attraction on distance scales on the order of the inverse Debye mass for quark pairs aligned along the direction of anisotropy than for transverse alignment.
Rising atmospheric CO2 is regarded as the main driver of global warming (Crowley, 2000). While temperature changes directly affect plants and animals (Root et al., 2003; Parmesan, 2006), the effects of CO2 on herbivores are mediated through changes in nutrient quality. Elevated concentrations of atmospheric CO2 are likely to increase photosynthetic activity and thus provide more C-based compounds which may alter plant chemical profiles and plant–herbivore–natural enemy interactions. There are several scenarios how insects will react when confronted with a different food quality. A nutrient poor diet, induced by nitrogen dilution, may result in compensatory feeding with either no adverse effects on insect performance or with negative effects on insect growth due to low digestibility of plant structural compounds (e.g. lignin) or toxic effects of secondary metabolites (e.g. tannins). Here we present data from on-tree feeding trials with larvae of the generalist herbivore Lymantria dispar and one of its natural enemies, the hymenopteran endoparasitoid Glyptapanteles liparidis, studied in 2005. The experiments were conducted at the Swiss free-air CO2 enrichment (FACE) site near Basel, in an approximately 80-100-yr-old, mixed-species forest. The data link changes in foliar chemistry of three tree species (Quercus petraea, Fagus sylvatica, Carpinus betulus) exposed to 540 ppm CO2 with herbivore and parasitoid performance.
A new global crop water model was developed to compute blue (irrigation) water requirements and crop evapotranspiration from green (precipitation) water at a spatial resolution of 5 arc minutes by 5 arc minutes for 26 different crop classes. The model is based on soil water balances performed for each crop and each grid cell. For the first time a new global data set was applied consisting of monthly growing areas of irrigated crops and related cropping calendars. Crop water use was computed for irrigated land and the period 1998 – 2002. In this documentation report the data sets used as model input and methods used in the model calculations are described, followed by a presentation of the first results for blue and green water use at the global scale, for countries and specific crops. Additionally the simulated seasonal distribution of water use on irrigated land is presented. The computed model results are compared to census based statistical information on irrigation water use and to results of another crop water model developed at FAO.
In the eastern United States, the genus Cotinis Burmeister previously contained only C. nitida (L.), the common economic pest known as the "Green June Beetle". A new species from the Florida Keys, Cotinis aliena, is here described and illustrated. A checklist is provided for the genus, which includes 27 valid New World species, and 44 synonyms.
The future of securitization
(2008)
Securitization is a financial innovation that experiences a boom-bust cycle, as many other innovations before. This paper analyzes possible reasons for the breakdown of primary and secondary securitization markets, and argues that misaligned incentives along the value chain are the primary cause of the problems. The illiquidity of asset and interbank markets, in this view, is a market failure derived from ill-designed mechanisms of coordinating financial intermediaries and investors. Thus, illiquidity is closely related to the design of the financial chains. Our policy conclusions emphasize crisis prevention rather than crisis management, and the objective is to restore a “comprehensive incentive alignment”. The toe-hold for strengthening regulation is surprisingly small. First, we emphasize the importance of equity piece retention for the long-term quality of the underlying asset pool. As a consequence, equity piece allocation needs to be publicly known, alleviating market pricing. Second, on a micro level, accountability of managers can be improved by compensation packages aiming at long term incentives, and penalizing policies with destabilizing effects on financial markets. Third, on a macro level, increased transparency relating to effective risk transfer, risk-related management compensation, and credible measurement of rating performance stabilizes the valuation of financial assets and, hence, improves the solvency of financial intermediaries. Fourth, financial intermediaries, whose risk is opaque, may be subjected to higher capital requirements.
The function of APOBEC3G in the innate immune response against the HIV infection of primary cells
(2008)
In the past few years the regulation of HIV-1 replication by cellular cofactors has been a major topic of ongoing research. These factors potentially represent new targets for antiviral therapy as resistance will be minimized. However this requires a better understanding of the interaction of HIV-1 with these cellular factors and the immune system. The virus infects the cells of the immune system, beginning with macrophages and dendritic cells as primary target cells during transmission. The cellular cofactor, APOBEC3G was found to be an antiviral factor in macrophages, dendritic cells and primary T cells. APOBEC3G is a cytidindeaminase which causes G->A hypermutations in the HIV-Genome. Another protein which has a strong inhibitory effect on the HIV infection is Interferon alpha (IFN-alpha), however the exact reason for this has not yet been elucidated. The bacterial protein, Lipopolysaccharide (LPS) also induces a strong antiviral state in macrophages. In micro-array analysis it was shown that APOBEC3G was upregulated after the stimulation with both IFN-alpha and LPS in macrophages. The goal of this work was to investigate the role of APOBEC3G in the innate immune response to APOBEC3G. For this, the expression of APOBEC3G was examined in HIV-1 target cells after stimulation with IFN-alpha or LPS and the effect of the protein on the viral infection was examined. In the first experiments it could be shown through real time quantitative PCR that APOBEC3G was overexpressed after the stimulation with IFN-alpha or LPS. This result could be shown in monocytes derived macrophages from different blood donors. It was also shown that the overexpression of APOBEC3G correlated directly with the concentration of IFN-alpha. Through mutational analysis it could be then shown that the overexpressed APOBEC3G protein was also functional in the cells. In order to show that this was the result of APOBEC3G, the protein was the regulated through lentiviral vectors. After transduction of cell lines with lentiviral vectors containing APOBEC3G, the infection was inhibited by up to 70%. The infection was restored after the addition of shRNAs against APOBEC3G. For the further experiments, CD34+ stem cells were used. The cells were transduced the day after thawing with lentiviral vectors containing an eGFP marker gene and either APOBEC3G or shRNAs against APOBEC3G. The CD34+ cells were then cultivated and differentiated to macrophages. The cells transduced with Lentiviral vectors containing APOBEC3G had a very high expression of APOBEC3G in the cells, however the cells transduced with shRNA against APOBEC3G did not show a reduction in the protein expression. The infectivity of the transduced CD34+ and CD34 derived macrophages was then examined. It was expected that the cells transduced with APOBEC3G would show a reduced HIV-1 infection, and the cells transduced with shRNA against APOBEC3G would show an increase in infection. After the transduction and differentiation the CD34+ cells from the 3 donors were stimulated and infected with wild type HIV-1 and Vif defective HIV-1 virus. Vif is a viral protein that can bind to APOBEC3G leading it to the proteasome for degradation. The cells from the first donor transduced with APOBEC3G, were very difficult to infect. In general the shRNA against APOBEC3G had little effect on the course of infection; presumably, the shRNA against APOBEC3G was not active in most of these cells. Only the cells from the first donor showed an increase in HIV infection after the transduction with the shRNAs against APOBEC3G, this was most notably the case in the cells stimulated with IFN-alpha, which usually show very little infection. This work showed that APOBEC3G plays an important role in the innate immune response to HIV-1. The effect of APOBEC3G is both cell type as well as donor dependent. Recently, an interesting study also showed that there is a correlation between the expression of APOBEC3G in HIV infected individuals and their progression to AIDS. A better understanding of the role that APOBEC3G plays in the innate immune response would help in the search of new therapeutic possibilities. This could be done by inhibiting the Vif-APOBEC3G interaction in order to increase the amount of active APOBEC3G in the cells or increasing the APOBEC3G concentration in the cells in some manner.
The Fire Within
(2008)
In Africa, there is unrest, and possibly tragedy, when new trends clash with traditional values. With a curmudgeonly stepmother who harasses her even as she spoils her own biological daughter, Mungeu', the protagonist, blazes a path for herself in the face of many odds. But things go terribly wrong when she falls pregnant. The dilemma of whether or not to keep the pregnancy, given society's expectations, flings this young woman into direct confrontation with a life that is beyond her years. She is bent on succeeding: she will keep her baby, and with her training at a girls' craft center, start a business and bring up her illegitimate child. But Mungeu' can only make plans as she realises before long that the authority to dispose of them does not rest with her alone; there are other powerful forces out there.
We report progress in our exploration of the finite-temperature phase structure of two-flavour lattice
QCD with twisted-mass Wilson fermions and a tree-level Symanzik-improved gauge action
for a temporal lattice size Nt = 8. Extending our investigations to a wider region of parameter
space we gain a global view of the rich phase structure. We identify the finite temperature transition/
crossover for a non-vanishing twisted-mass parameter in the neighbourhood of the zerotemperature
critical line at sufficiently high b . Our findings are consistent with Creutz’s conjecture
of a conical shape of the finite temperature transition surface. Comparing with NLO lattice
cPT we achieve an improved understanding of this shape.
The term cephalic sensory organ (CSO) is used for specialised structures in the head region of adult Opisthobranchia. These sensory organs show a high diversity in form and function, and the gross morphology of these organs differs considerably among taxa. They can be identified as cephalic shields, oral veils, Hancocks organs, lip organs, rhinophores or oral tentacles. Because of this extremely high diversity, the homology and the evolution of these organs have not been clarified yet. My intention was to use neuroanatomical data sets in order to find putative homologous CSOs. In this study, I will show data about immunohistochemical neurotransmitter content and cellular innervation patterns and their applicability as morphological characters for the homologisation of structures. I support earlier investigations that neurotransmitter content is often related to function. In contrast, axonal tracing patterns can be used to homologise nerves. Overall the aim of this study was to reconstruct the evolution of the CSOs of the Opisthobranchia, by projecting our neuroanatomical data sets onto a molecular phylogeny.
On 27 and 28 September 2007, a commission formed on the initiative of the authors held its first meeting in Aarhus, Denmark to deliberate on its goal of drafting a "European Model Company Law Act" (EMCLA). This project, outlined in the following pages, aims neither to force a mandatory harmonization of national company law nor to create a further, European corporate form. The goal is rather to draft model rules for a corporation that national legislatures would be free to adopt in whole or in part. Thus, the project is thought as an alternative and supplement to the existing EU instruments for the convergence of company law. The present EU instruments, their prerequisites and limits will be discussed in more detail in Part II, below. Part III will examine the US experience with such "model acts" in the area of company law. Part IV will then conclude by discussing several topics concerning the content of an EMCLA, introducing the members of the EMCLA Working Group, and explaining the Group's preliminary working plan.
The enigmatic R. David Lida
(2008)
The emperor's new colonies
(2008)
The Colonial Picture Archive in Frankfurt offers a unique pictorial record of German colonial history. For many years the collection was virtually forgotten. However, following painstaking description and digitalisation, the photo documents are now available on the Internet to researchers in Germany and abroad.
Motivated by the recent discussion of the declining importance of deposits as banks´ major source of funding we investigate which factors determine funding costs at local banks. Using a panel data set of more than 800 German local savings and cooperative banks for the period from 1998 to 2004 we show that funding costs are not only driven by the relative share of comparatively cheap deposits of bank´s liabilities but among other factors especially by the size of the bank. In our empirical analysis we find strong and robust evidence that, ceteris paribus, smaller banks exhibit lower funding costs than larger banks suggesting that small banks are able to attract deposits more cheaply than their larger counterparts. We argue that this is the case because smaller banks interact more personally with customers, operate in customers´ geographic proximity and have longer and stronger relationships than larger banks and, hence, are able to charge higher prices for their services. Our finding of a strong influence of bank size on funding costs is also in an in- ternational context of great interest as mergers among small local banks - the key driver of bank growth - are a recent phenomenon not only in European banking that is expected to continue in the future. At the same time, net interest income remains by far the most important source of revenue for most local banks, accounting for approximately 70% of total operating revenues in the case of German local banks. The influence of size on funding costs is of strong economic relevance: our results suggest that an increase in size by 50%, for example, from EUR 500 million in total assets to EUR 750 million (exemplary for M&A transactions among local banks) increases funding costs, ceteris paribus, by approximately 18 basis points which relates to approx. 7% of banks´ average net interest margin.
We study the effect of randomness in the adversarial queueing model. All proofs of instability for deterministic queueing strategies exploit a finespun strategy of insertions by an adversary. If the local queueing decisions in the network are subject to randomness, it is far from obvious, that an adversary can still trick the network into instability. We show that uniform queueing is unstable even against an oblivious adversary. Consequently, randomizing the queueing decisions made to operate a network is not in itself a suitable fix for poor network performances due to packet pileups.
In this paper, we examine the impact of mergers among German savings banks on the extent to which these savings banks engage in small business lending. The ongoing consolidation in the banking industry has sparked concerns about the continuous availability of credit to small businesses which has been further fueled by empirical studies that partly confirm a reduction in small business lending in the aftermath of mergers. However, using a proprietary data set of German savings banks we find strong evidence that in Germany merging savings banks do not significantly change the extent to which they lend to small businesses compared to prior to the merger or compared to the contemporaneous lending by non-merging banks. We investigate the merger related effects on small business lending in Germany from a bank-level perspective. Furthermore, we estimate small business lending and its continuous adjustment process simultaneously using recent General Method of Moments (GMM) techniques for panel data as proposed by Arellano and Bond (1991).
Poster presentation A central problem in neuroscience is to bridge local synaptic plasticity and the global behavior of a system. It has been shown that Hebbian learning of connections in a feedforward network performs PCA on its inputs [1]. In recurrent Hopfield network with binary units, the Hebbian-learnt patterns form the attractors of the network [2]. Starting from a random recurrent network, Hebbian learning reduces system complexity from chaotic to fixed point [3]. In this paper, we investigate the effect of Hebbian plasticity on the attractors of a continuous dynamical system. In a Hopfield network with binary units, it can be shown that Hebbian learning of an attractor stabilizes it with deepened energy landscape and larger basin of attraction. We are interested in how these properties carry over to continuous dynamical systems. Consider system of the form Math(1) where xi is a real variable, and fi a nondecreasing nonlinear function with range [-1,1]. T is the synaptic matrix, which is assumed to have been learned from orthogonal binary ({1,-1}) patterns ξμ, by the Hebbian rule: Math. Similar to the continuous Hopfield network [4], ξμ are no longer attractors, unless the gains gi are big. Assume that the system settles down to an attractor X*, and undergoes Hebbian plasticity: T´ = T + εX*X*T, where ε > 0 is the learning rate. We study how the attractor dynamics change following this plasticity. We show that, in system (1) under certain general conditions, Hebbian plasticity makes the attractor move towards its corner of the hypercube. Linear stability analysis around the attractor shows that the maximum eigenvalue becomes more negative with learning, indicating a deeper landscape. This in a way improves the system´s ability to retrieve the corresponding stored binary pattern, although the attractor itself is no longer stabilized the way it does in binary Hopfield networks.
Generally, information provision and certifcation have been identified as the major economic functions of rating agencies. This paper analyzes whether the “watchlist” (rating review) instrument has extended the agencies' role towards a monitoring position, as proposed by Boot, Milbourn, and Schmeits (2006). Using a data set of Moody's rating history between 1982 and 2004, we find that the overall information content of rating action has indeed increased since the introduction of the watchlist procedure. Our findings suggest that rating reviews help to establish implicit monitoring contracts between agencies and borrowers and as such enable a finer partition of rating information, thereby contributing to a higher information quality.
Generally, information provision and certification have been identified as the major economic functions of rating agencies. This paper analyzes whether the “watchlist" (rating review) instrument has extended the agencies' role towards a monitoring position, as proposed by Boot, Milbourn, and Schmeits (2006). Using a data set of Moody's rating history between 1982 and 2004, we find that the overall information content of rating action has indeed increased since the introduction of the watchlist procedure. Our findings suggest that rating reviews help to establish implicit monitoring contracts between agencies and borrowers and as such enable a finer partition of rating information, thereby contributing to a higher information quality.
Based on a unique dataset of legislative changes in industrial countries, we identify events that strengthen the competition control of mergers and acquisitions, analyze their impact on banks and non-financial firms and explain the different reactions observed with specific regulatory characteristics of the banking sector. Covering nineteen countries for the period 1987 to 2004, we find that more competition-oriented merger control increases the stock prices of banks and decreases the stock prices of non-financial firms. Bank targets become more profitable and larger, while those of non-financial firms remain mostly unaffected. A major determinant of the positive bank returns is the degree of opaqueness that characterizes the institutional setup for supervisory bank merger reviews. The legal design of the supervisory control of bank mergers may therefore have important implications for real activity.
The case for privatization, whether defined in a broad or narrow sense, has been forcefully made by its advocates against the backdrop of the much advertised poor performances of state-owned enterprises (SOEs) and theoretical arguments relating to the efficiency of private firms over public enterprises. Consequently, privatization and commercialization have been key components of the structural adjustment programmes foisted by the Bretton Woods institutions on Third World countries. Yet, the empirical findings on privatization, especially outside Africa where they exist, do not portray the strategy to be a panacea that works in all circumstances in all branches of economic activity. In spite of this, since the late 1980s, privatization has been stepped up in almost all African countries. And after about two decades of vigorous implementation of privatization programmes in Africa, there is a compelling need for a comprehensive and systematic analysis of various privatization issues, particularly the economic and social impact. This book thus establishes a clear case for a comprehensive and systematic analysis of the impact of privatization in Africa. Specifically, the book provides a state-of-the art review of privatization issues and research questions as a prelude to an in-depth study of the economic and social impact of privatization. In the light of the rich insights brought to bear on the issues, this book should stimulate the interest of researchers, donors and policy makers to undertake or support the follow-up in-depth research envisaged.
Vertov defined the basic qualities of his Cine-Eye by means of a simple negation: it sees what remains inaccessible to the human eye. This means that in his films we see media-based and media-produced images that have nothing to do with the imitation of human perception. According to Vertov, such filmic, telescopic, or microscopic perception develops, educates, and expands the viewer’s analytical abilities. Thus, we have on the one hand a media-induced perception and on the other a new assemblage or montage of the fragments of this mediated perception. This new montage is based on a specific interaction and follows poetic rather than prosaic rules. It is freed from such constraints as time, space, causality, or speed. In other words it is based on properly media-specific qualities and, following the terminology of the Russian Futurists who influenced Vertov in his youth, it constitutes zaum or transrationality.
Previous evidence suggests that less liquid stocks entail higher average returns. Using NYSE data, we present evidence that both the sensitivity of returns to liquidity and liquidity premia have significantly declined over the past four decades to levels that we cannot statistically distinguish from zero. Furthermore, the profitability of trading strategies based on buying illiquid stocks and selling illiquid stocks has declined over the past four decades, rendering such strategies virtually unprofitable. Our results are robust to several conventional liquidity measures related to volume. When using liquidity measure that is not related to volume, we find just weak evidence of a liquidity premium even in the early periods of our sample. The gradual introduction and proliferation of index funds and exchange traded funds is a possible explanation for these results.
The Day God Blinked
(2008)
The Day God Blinked x-rays the politico-economic and socio-moral life of a rich and resourceful country called Ewawa from 1982 to 2007. The country had been ruled by a dynamic and insightful miser known as the Old Man. But because he had been in power for too long, his citizens longed for change. It happened when nobody expected it. The old man died suddenly in his sleep and was replaced by his handpicked successor. Unfortunately, the successor whom everybody had expected would do better plunged the country into terrible economic and moral crises. Lucia, the protagonist, narrates her predicament. To her, Ewawa is rotten in all totality. There is nowhere to turn for salvation. The custodians of the economic, social, moral and spiritual values of the land are not up to the task. The country is without hope. Is all doomed?
Ribosome biogenesis in eukaryotes requires the participation of a large number of ribosome assembly factors. The highly conserved eukaryotic nucleolar protein Nep1 has an essential but unknown function in 18S rRNA processing and ribosome biogenesis. In Saccharomyces cerevisiae the malfunction of a temperature-sensitive Nep1 protein (nep1-1ts) was suppressed by the addition of S-adenosylmethionine (SAM). This suggests the participation of Nep1 in a methyltransferase reaction during ribosome biogenesis. In addition, yeast Nep1 binds to a 6-nt RNA-binding motif also found in 18S rRNA and facilitates the incorporation of ribosomal protein Rps19 during the formation of pre-ribosomes. Here, we present the X-ray structure of the Nep1 homolog from the archaebacterium Methanocaldococcus jannaschii in its free form (2.2 Å resolution) and bound to the S-adenosylmethionine analog S-adenosylhomocysteine (SAH, 2.15 Å resolution) and the antibiotic and general methyltransferase inhibitor sinefungin (2.25 Å resolution). The structure reveals a fold which is very similar to the conserved core fold of the SPOUT-class methyltransferases but contains a novel extension of this common core fold. SAH and sinefungin bind to Nep1 at a preformed binding site that is topologically equivalent to the cofactor-binding site in other SPOUT-class methyltransferases. Therefore, our structures together with previous genetic data suggest that Nep1 is a genuine rRNA methyltransferase.
Hong Kong’s Linked Exchange Rate System (LERS) has been in operation for twenty-five years during which time many other fixed exchange rate systems have succumbed to shocks and/or speculative attacks. This fact alone suggests that the LERS is a robust system which enjoys a large measure of credibility in financial markets. This paper intends to investigate whether this is indeed the case, and whether it has been the case throughout its 25-year history. In particular we will use the tools of modern finance to extract information from financial asset prices about market expectations that are related to the credibility of the LERS. The main focus is on how market participants ‘judged’ the various changes made to the LERS, such as the ‘seven technical measures’ introduced in September 1998 and the ‘three refinements’ made in May 2005. These changes have been characterizes as making the system less discretionary over time, and we hypothesize that they have also made it more credible as revealed in the prices of exchange rate related asset prices. We also investigate the relationship between interest rates and exchange rates in the current system in light of modern models of target-zone exchange rate systems. We will examine whether the intramarginal intervention in November 2007 changed the dynamic properties of the exchange rate as suggested by such models.
In a charter issued on 5 May 1513, the mayor and city council of the city of Freiburg/Breisgau reported that several citizens wanted to be allowed to establish a bruderschaft der sengerye, a confraternity of singing. “God, the almighty, would be praised thereby, the souls would be consoled, and all men listening to the concerts would be kept from blasphemy, gaming and other secular vices” (“gott der allmechtig [würde] dardurch gelopt, die selen getröst und die menschen zu zyten, so sy dem gesang zuhorten, von gotslesterung, ouch vom spyl vnd anderer weltlicher uppigkeyt gezogen”). Considering not least the “positive effects on the pour souls” (“guettaeten, so den armen selen dardurch nachgeschechen mocht”), the request was allowed. But the petitioners had to establish their bruderschaft in exactly the form that is described in detail in the regulations (ordnung) added to the request and cited “word for word” (“von wort zu wort”) in 17 articles in the foundation charter of the confraternity.
The Chanukah omission
(2008)
This book richly documents the battles fought by the Anglophone community in Cameroon to safeguard the General Certificate of Education (GCE), a symbol of their cherished colonial heritage from Britain, from attempts by agents of the Ministry of National Education to subvert it. These battles opposed a mobilised and determined Anglophone civil society against numerous machinations by successive Francophone-dominated governments to destroy their much prided educational system in the name of 'national integration'. When Southern Cameroonians re-united with La R?publique du Cameroun in 1961, they claimed that they were bringing into the union 'a fine education system' from which their Francophone compatriots could borrow. Instead, they found themselves battling for decades to save their way of life. Central to their concerns and survival as a community is an urgent need for cultural recognition and representation, of which an educational system free of corruption and trivialisation through politicisation is a key component.
A list of all liverworts and mosses reported from the Maltese Islands with references has been compiled from the literature, which includes 23 species of liverworts and hornworts as well as 96 taxa of mosses. The list is completed by the results of a bryological fieldtrip in March 2008. During this trip, 14 species of liverworts and 40 species of mosses were collected, of which Cephaloziella baumgartneri, Didymodon luridus, Fissidens gracilifolius, Fossombronia echinata, Funaria pulchella, Riccia cavernosa and Weissia fallax are new to Malta. This raises the number of species known from the Maltese Islands to 23 horn- and liverworts and 100 mosses.
Cellular metabolism can be envisaged by fluorescence lifetime imaging of fluorophores sensitive to specific intracellular factors such as [H+], [Ca2+], [O2], membrane potential, temperature, polarity of the probe environment, and alterations in the conformation and interactions of macromolecules. Lifetime measurements of the probes allow the quantitative determination of the intracellular factors. Fluorescence microscopy taking advantage of time-correlated single photon counting is a novel method that outperforms all other techniques with its single photon sensitivity and picoseconds time resolution. In this work, a time- and space-correlated single photon counting system was established to investigate the behavior of 2-(4-(dimethylamino)styryl)-1-methylpyridinium iodide (DASPMI) in living cells. DASPMI is known to selectively stain mitochondria in living cells. The uptake and fluorescence intensity of DASPMI in mitochondria is a dynamic measure of membrane potential. Hence, an endeavour was made to elucidate the mechanism of DASPMI fluorescence by obtaining spectrally-resolved fluorescence decays in different solvents. A bi-exponential decay model was sufficient to globally describe the wavelength dependent fluorescence in ethanol and chloroform. While in glycerol, a three-exponential decay model was necessary for global analysis. In the polar low-viscous solvent water, a mono-exponential decay model fitted the decay data. The sensitivity of DASPMI fluorescence to solvent viscosity was analysed using various proportions of glycerol/ethanol mixtures. The lifetimes were found to increase with increasing solvent viscosity. The negative amplitudes of the short lifetime component found in chloroform and glycerol at the longer wavelengths validated the formation of new excited state species from the initially excited state. Time-resolved emission spectra in chloroform and glycerol showed a biphasic increase of spectral width and emission maxima. The spectral width had an initial fast increase within 150 ps and a near constant thereafter. A two-state model based on solvation of the initially excited state and further formation of TICT state has been proposed to explain the excited state kinetics and has been substantiated by the de-composition of time-resolved spectra. The knowledge of DASPMI photophysics in a variety of solvents now provides the means of deducing complex physiological parameters of mitochondria from its behavior in living cells. Spatially-resolved fluorescence decays from single mitochondria or only very few organelles of XTH2 cells signified distinctive three-exponential decay kinetics of viscous environment. Based on DASPMI photophysics in a variety of solvents, these lifetimes have been attributed to the fluorescence from locally excited state (LE), intramolecular charge transfer state (ICT) and twisted intramolecular charge transfer (TICT) state. A considerable variation in lifetime among mitochondria of different morphology and within single cell was evident corresponding to the high physiological variations within single cells. Considerable shortening of the short lifetime component (τ1) under high membrane potential condition, such as in the presence of ATP and/or substrate, was similar to quenching and dramatic decrease of lifetime in polar solvents. Under these conditions τ2 and τ3 increased with decreasing contribution. Upon treatment with ionophore nigericin, hyperpolarization of mitochondria resulted in remarkable shortening of τ1 from 159 ps to 38 ps. Inhibiting respiration by cyanide resulted in notable increase of mean lifetime and decrease of mitochondrial fluorescence. Increase of DASPMI fluorescence on conditions elevating mitochondrial membrane potential has been attributed to uptake according Nernst distributions, to de-localisation of π electrons, quenching processes of the methyl pyridinium moiety and restricted torsional dynamics at the mitochondrial inner membrane. Accordingly, determination of anisotropy in DASPMI stained mitochondria in living XTH2 cells, revealed dependence of anisotropy on membrane potential. Such changes in anisotropy attributed to restriction of the torsional dynamics about the flexible single bonds neighboring the olefinic double bond revealed the previously known sub-mitochondrial zones with higher membrane potential along its length. Membrane-potential-dependent changes in anisotropy have further been demonstrated in senescent chick embryo fibroblasts. In conclusion, spectroscopic observations of excited-state kinetics of DASPMI in solvents and its behavior in living cells had revealed for the first time its localisation, mechanism of voltage sensitive fluorescence and its membrane-potential-dependent anisotropy in living cells. The simultaneous dependence of DASPMI photophysics on mitochondrial inner membrane viscosity and transmembrane potential has been highlighted.
The bee fauna of the Greater Puerto Rico area was studied. A review of the previous relevant studies is presented. An annotated catalog and information about the origin and distributional patterns are also provided. Thirty-nine species of bees occur in Puerto Rico and adjacent islands. This fauna is composed of four elements: exclusive Puerto Rican endemics (26.5%); Antillean endemics occurring on multiple islands (76.5%); continental species that have also colonized the Antilles (23.5%); and species introduced through human activity (12.8%). The bee fauna was both low in its diversity and showed the highest level of disharmony in relation to other faunas of the Greater Antilles. A lectotype is here designated for Agapostemon krugii Wolcott, 1936.
The Barn
(2008)
As a veteran playwright and actor, Kwo Victor Elame Musinga is more than just a pioneer in popular theatre. His simple but profound messages demonstrate a depth of understanding and insight into human nature and the nature of society. The texts he crafts are universal and timeless in their content and appeal, even as the themes and situations that inspire them are localized in specific places, experiences and histories. The Barn is a collection of three topical plays. Njema captures the predicament of love in a context where innocence and trust are preyed upon by deceit, dishonesty, promiscuity, waywardness, callous indifference to human life, the reckless abandon of parental authority and wisdom by youth in a hurry to celebrate sexuality, irresponsible manhood with or without the connivance of girls/women, and HIV/AIDS and its terror. Invitation to God addresses elitism and fair-weather friendship even among believers. In Moka, the theme of friendship is explored through the simple act of dishonesty and greed, especially to those with whom one should be nothing but virtuous, open, generous and kind. In these plays Kwo Victor Elame Musinga explores the virtues of being human, while addressing the dark side of humanity.
Naturalness is one of the most important criteria in nature conservation. This paper examines the fundamental concepts underlying the definition and assessment of naturalness. Its role in nature conservation and forest management under conditions of global change is also discussed. The degree of naturalness may be defined in ordinal classes. The “static” concept of the potential natural vegetation (pnV), developed in the 1950ies, is mostly used as the reference state. In other cases, its reversed concept, the hemeroby (degree of articifiality) is assessed, based on the intensity and frequency of human impacts. Since the 1970ies, more attention has been given to natural dynamics than in earlier approaches, e.g. in forest succession models. At the end of the 1980ies, the previous importance was increasingly stressed of natural browsing by large herbivores and the role of predators. These large herbivors are extinct today in most cultural European landscapes. It is assumed, that they open up the canopy, and create park-like forest structures which contain a diversity of habitats for other types of organism (birds, insects). Changed and permanently changing environments and altering patterns of competition between species continue to modify natural processes today. Some of the more conspicuous effects are the extinction of native species and immigration of species to new regions. Long-lived ecosystems like forests are however not able to adapt quickly to such changes and may be unable to find a new balance with the environment. Today, such changes occur very rapidly, and are reducing the original naturalness of ecosystems. Because of this, the criterion “naturalness” must be downweighted. Conversely, more importance should be attached to other criteria: particularly originality (= original naturalness) and restorability. Forestry is contributing to this accelerated change of biocoenoses by increasing disturbances and introducing exotic tree species. Naturalisation of some exotic tree species modifies the natural processes and creates a “new allochthonous naturalness”. Because of this, forest planning should try to preserve or restore stands with attributes of the “original forest”. Exotic species should not be planted, or only in a very restricted way.
We perform a detailed study of the adjoint static potential in the pseudoparticle approach, which is a model for SU(2) Yang-Mills theory. We find agreement with the Casimir scaling hypothesis and there is clear evidence for string breaking. At the same time the potential in the fundamental representation is linear for large separations. Our results are in qualitative agreement with results from lattice computations.
' The United Nations-organised plebiscite on 11 February 1961 was one of the most significant events in the history of the southern and northern parts of the British-administered trust territory in Cameroon. John Percival was sent by the then Colonial Office as part of the team to oversee the process. This book captures the story of the plebiscite in all its dimensions and intricacies and celebrates the author's admiration for things African through a series of reminiscences of what life was like in the 1960s, both for the Africans themselves and for John Percival as a very young man. The complex story is also a series of reflections about the effect of the modern world on Africa. It is a thorough, insightful, rich and enlightening first-hand source on a political landmark that has never been told before in this way. In a vivid style with a great sense of humour, Percival's witty, cogent, eyewitness and active-participant account deconstructs the rumours and misrepresentations about the February 1961 Plebiscite which was a prelude to reunification and to the present day politics of 'belonging' in Cameroon. ''One of the major merits of this book is to provide us with a deeper insight into the role of those actors who have never been the subject of plebiscite studies, namely the Plebiscite Supervisory Officers.'' - Piet Konings, African Studies Centre, Leiden, The Netherlands John Percival-Anthropologist, Writer, Television Broadcaster of many innovative BBC series on the environment, history and anthropology. As a young graduate he was recruited and sent to serve in the Southern Cameroons as a Plesbiscite Supervisory Officer in 1961. He died in 2005 after a recent return visit to Cameroon with Nigel Wenban-Smith who writes an epilogue. This posthumous memoir has been edited by his wife, Lalage Neal.'
The correspondence between the terminology used for querying and the one used in content objects to be retrieved, is a crucial prerequisite for effective retrieval technology. However, as terminology is evolving over time, a growing gap opens up between older documents in (long-term) archives and the active language used for querying such archives. Thus, technologies for detecting and systematically handling terminology evolution are required to ensure "semantic" accessibility of (Web) archive content on the long run. As a starting point for dealing with terminology evolution this paper formalizes the problem and discusses issues, first ideas and relevant technologies.