bluuebunny/crossref_metadata_2025 huggingface dataset:
Star-fundamental algebras: polynomial identities and asymptotics
Authors: Giambruno Antonio , La Mattina Daniela , Polcino Milies Cesar
Published: May 2020

We introduce the notion of star-fundamental algebra over a field of characteristic zero. We prove that in the framework of the theory of polynomial identities, these algebras are the building blocks of a finite dimensional algebra with involution

∗
*

.

To any star-algebra

A
A

is attached a numerical sequence

c
n
∗

(
A
)

c_n^*(A)

,

n
≥
1

n\ge 1

, called the sequence of

∗
*

-codimensions of

A
A

. Its asymptotic is an invariant giving a measure of the

∗
*

-polynomial identities satisfied by

A
A

. It is well known that for a PI-algebra such a sequence is exponentially bounded and
<mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" alttext="exp Superscript asterisk Baseline left-parenthesis upper A right-parenthesis equals limit Underscript n right-arrow normal infinity Endscripts RootIndex n StartRoot c Subscript n Superscript asterisk Baseline left-parenthesis upper A right-parenthesis EndRoot">

exp
∗

⁡
(
A
)
=

lim

n
→
∞

c
n
∗

(
A
)

n

\exp ^*(A)=\lim _{n\to \infty }\sqrt [n]{c_n^*(A)}

can be explicitly computed. Here we prove that if

A
A

is a star-fundamental algebra,
<mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" alttext="upper C 1 n Superscript t Baseline exp Superscript asterisk Baseline left-parenthesis upper A right-parenthesis Superscript n Baseline less-than-or-equal-to c Subscript n Superscript asterisk Baseline left-parenthesis upper A right-parenthesis less-than-or-equal-to upper C 2 n Superscript t Baseline exp Superscript asterisk Baseline left-parenthesis upper A right-parenthesis Superscript n Baseline comma">

C
1

n
t

exp
∗

⁡
(
A

)
n

≤

c
n
∗

(
A
)
≤

C
2

n
t

exp
∗

⁡
(
A

)
n

,

\begin{equation*} C_1n^t\exp ^*(A)^n\le c_n^*(A)\le C_2n^t \exp ^*(A)^n, \end{equation*}

where

C
1

>
0
,

C
2

,
t

C_1>0,C_2, t

are constants and

t
t

is explicitly computed as a linear function of the dimension of the skew semisimple part of

A
A

and the nilpotency index of the Jacobson radical of

A
A

. We also prove that any finite dimensional star-algebra has the same

∗
*

-identities as a finite direct sum of star-fundamental algebras. As a consequence, by the main result in [J. Algebra 383 (2013), pp. 144–167] we get that if

A
A

is any finitely generated star-algebra satisfying a polynomial identity, then the above still holds and, so,
<mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" alttext="limit Underscript n right-arrow normal infinity Endscripts log Subscript n Baseline StartFraction c Subscript n Superscript asterisk Baseline left-parenthesis upper A right-parenthesis Over exp Superscript asterisk Baseline left-parenthesis upper A right-parenthesis Superscript n Baseline EndFraction">

lim

n
→
∞

log
n

⁡

c
n
∗

(
A
)

exp
∗

⁡
(
A

)
n

\lim _{n\to \infty }\log _n \frac {c_n^*(A)}{\exp ^*(A)^n}

exists and is an integer or half an integer.
The shape of avian eggs: Assessment of a novel metric for quantifying eggshell conicality
Authors: Hays Ian R , Ljubičić Iva , Hauber Mark E
Published: May 2020

Studying the avian egg, its shape, and other aspects of its morphology, has recently undergone a renaissance. Yet most studies rely solely on 2, albeit multicomponent, metrics for the quantification of egg shape: elongation and asymmetry. The difficulty of quantifying an additional trait, the curvature, of an eggshell has yielded many attempts, including several with complex equations or spatial modeling techniques based on digitized images. Yet most of these approaches have lacked an independent single-variable metric, hampering comparative studies especially. We propose a metric for one common quality of egg shape, conicality, which is notably variable across different species’ calcareous shells, including shorebirds and non-avian theropods. This metric utilizes multiple measurements of the slope along an egg’s profile to produce a distribution of angular measurements, which can be analyzed with a kurtosis value. We tested this metric with sets of computer-generated and 3-dimensional-printed egg forms, where elongation, the percentage of conicality, and the relative curvature of the shell profile were systematically manipulated. For applicability to natural eggs and their diversity across taxa, the kurtosis value was used to quantify the gradient of conicality across a focal avian family, Alcidae, where the extreme ranges of kurtosis values successfully identified eggs qualitatively described as most conical in previous studies. Given the significance of egg morphology and profile curvature to eggshells’ structural integrity, surface area-to-volume ratio, mobility/stability, nesting behavior, embryonic development, and individual recognition, our proposed measure of conicality could prove a useful variable to the study of avian and non-avian egg-producing species.
COUP-TFI/Nr2f1 Orchestrates Intrinsic Neuronal Activity during Development of the Somatosensory Cortex
Authors: Del Pino Isabel , Tocco Chiara , Magrinelli Elia , Marcantoni Andrea , Ferraguto Celeste , Tomagra Giulia , Bertacchi Michele , Alfano Christian , Leinekugel Xavier , Frick Andreas , Studer Michèle
Published: May 2020

The formation of functional cortical maps in the cerebral cortex results from a timely regulated interaction between intrinsic genetic mechanisms and electrical activity. To understand how transcriptional regulation influences network activity and neuronal excitability within the neocortex, we used mice deficient for Nr2f1 (also known as COUP-TFI), a key determinant of primary somatosensory (S1) area specification during development. We found that the cortical loss of Nr2f1 impacts on spontaneous network activity and synchronization of S1 cortex at perinatal stages. In addition, we observed alterations in the intrinsic excitability and morphological features of layer V pyramidal neurons. Accordingly, we identified distinct voltage-gated ion channels regulated by Nr2f1 that might directly influence intrinsic bioelectrical properties during critical time windows of S1 cortex specification. Altogether, our data suggest a tight link between Nr2f1 and neuronal excitability in the developmental sequence that ultimately sculpts the emergence of cortical network activity within the immature neocortex.
A Call for Caution in Use of Pertussis Vaccine Effectiveness Studies to Estimate Waning Immunity: A Canadian Immunization Research Network Study
Authors: Crowcroft Natasha S , Schwartz Kevin L , Savage Rachel D , Chen Cynthia , Johnson Caitlin , Li Ye , Marchand-Austin Alex , Bolotin Shelly , Deeks Shelley L , Jamieson Frances B , Drews Steven J , Russell Margaret L , Svenson Lawrence W , Simmonds Kimberley , Righolt Christiaan H , Bell Christopher , Mahmud Salaheddin M , Kwong Jeffrey C
Published: May 2020

Background

Vaccine effectiveness (VE) studies provide essential evidence on waning vaccine-derived immunity, a major threat to pertussis control. We evaluated how study design affects estimates by comparing 2 case-control studies conducted in Ontario, Canada.

Methods

We compared results from a test-negative design (TND) with a frequency-matched design (FMD) case-control study using pertussis cases from 2005–2015. In the first study, we identified test-negative controls from the public health laboratory that diagnosed cases and, in the second, randomly selected controls from patients attending the same physicians that reported cases, frequency matched on age and year. We compared characteristics of cases and controls using standardized differences.

Results

In both designs, VE estimates for the early years postimmunization were consistent with clinical trials (TND, 84%; FMD, 89% at 1–3 years postvaccination) but diverged as time since last vaccination increased (TND, 41%; FMD, 74% by 8 years postvaccination). Overall, we observed lower VE and faster waning in the TND than the FMD. In the TND but not FMD, controls differed from cases in important confounders, being younger, having more comorbidities, and higher healthcare use. Differences between the controls of each design were greater than differences between cases. TND controls were more likely to be unvaccinated or incompletely vaccinated than FMD controls (P < .001).

Conclusions

The FMD adjusted better for healthcare-seeking behavior than the TND. Duration of protection from pertussis vaccines is unclear because estimates vary by study design. Caution should be exercised by experts, researchers, and decision makers when evaluating evidence on optimal timing of boosters.
Gastric ischemic preconditioning may reduce the incidence and severity of anastomotic leakage after οesophagectomy: a systematic review and meta-analysis
Authors: Michalinos Adamantios , Antoniou Stavros A , Ntourakis Dimitrios , Schizas Dimitrios , Ekmektzoglou Konstantinos , Angouridis Aris , Johnson Elizabeth O
Published: May 2020

Anastomotic leakage after esophagectomy is a severe and life-threatening complication. Gastric ischemic preconditioning is a strategy for the improvement of anastomotic healing. Aim of this systematic review and meta-analysis is to investigate the impact of gastric ischemic preconditioning on postoperative morbidity. A systematic literature search was performed to identify studies comparing patients undergoing gastric ischemic preconditioning before esophagectomy with nonpreconditioned patients. Meta-analysis was conducted for the overall incidence of anastomotic leakage, severe anastomotic leakage, anastomotic stricture, postoperative morbidity, and mortality. Mantel–Haenszel odds ratios (ORs) and 95% confidence intervals (CIs) were calculated. Subgroup analyses were performed concerning preconditioning technique, the interval between preconditioning and surgery and the extent of preconditioning. Fifteen cohort studies were identified. Gastric preconditioning was associated with reduced overall incidence of anastomotic leakage (OR 0.73; 95% CI, 0.53–1.0; P = 0.050) and severe anastomotic leakage (OR 0.27; 95% CI, 0.14–0.50; P < 0.010), but not with anastomotic stricture (OR 1.18; 95% CI 0.38 to 3.66; P = 0.780), major postoperative morbidity (OR 1.03; 95% CI 0.45 to 2.36; P = 0.940) or mortality (OR 0.69; 95% CI 0.39 to 1,23; P = 0.210). Subgroup analyses did not identify any differences between embolization and ligation while increasing the interval between preconditioning and esophagectomy as well as the extent of preconditioning might be beneficial. Gastric ischemic preconditioning may be associated with a reduced incidence of overall and severe anastomotic leakage. Randomized studies are necessary to further evaluate its impact on leakage, refine the technique and define patient populations that will benefit the most.
Intimate partner violence in Greece: a study of 664 consecutive forensic clinical examinations
Authors: Katsos Konstantinos , Sakelliadis Emmanouil I , Zorba Eleni , Tsitsika Artemis , Papadodima Stavroula , Spiliopoulou Chara
Published: May 2020

Background

Intimate partner violence (IPV) is a well-known phenomenon, which affects mostly women. While IPV victims may attend emergency departments (EDs) seeking medical care, not all of them will make an allegation against their abusers.

Objective

The aim of this study was to examine the prevalence and the characteristics of the victims, who had made an allegation about the violent incident and had been examined by a forensic pathologist for judicial purposes, and had attended EDs seeking medical care, before the forensic examination.

Methods

We reviewed the archives of clinical examinations that were conducted at the Department of Forensic Medicine and Toxicology of National and Kapodistrian University of Athens during a 5-year period (2012–16).

Results

Six hundred sixty-four clinical examinations were conducted at our Department for IPV allegations. According to our findings, women were more likely to seek medical care than men. Victims who have attended EDs were more likely to have sustained injuries located at least on the head or on the lower limbs.

Conclusion

The majority of IPV victims in the broader region of Attica (Greece) were women, usually married, and aged between 30 and 49 years old. Despite the fact that the majority of IPV incidents are not reported to police, every person who is engaged in the process of dealing with IPV victims has to be educated and adequately informed about this phenomenon, its implications and the possible ways to deal with it. Furthermore, victims need to be educated and informed adequately in waiting rooms of EDs.
Viroid pathogenesis: a critical appraisal of the role of RNA silencing in triggering the initial molecular lesion
Authors: Flores Ricardo , Navarro Beatriz , Delgado Sonia , Serra Pedro , Di Serio Francesco
Published: May 2020

The initial molecular lesions through which viroids, satellite RNAs and viruses trigger signal cascades resulting in plant diseases are hotly debated. Since viroids are circular non-protein-coding RNAs of ∼250–430 nucleotides, they appear very convenient to address this issue. Viroids are targeted by their host RNA silencing defense, generating viroid-derived small RNAs (vd-sRNAs) that are presumed to direct Argonaute (AGO) proteins to inactivate messenger RNAs, thus initiating disease. Here, we review the existing evidence. Viroid-induced symptoms reveal a distinction. Those attributed to vd-sRNAs from potato spindle tuber viroid and members of the family Pospiviroidae (replicating in the nucleus) are late, non-specific and systemic. In contrast, those attributed to vd-sRNAs from peach latent mosaic viroid (PLMVd) and other members of the family Avsunviroidae (replicating in plastids) are early, specific and local. Remarkably, leaf sectors expressing different PLMVd-induced chloroses accumulate viroid variants with specific pathogenic determinants. Some vd-sRNAs containing such determinant guide AGO1-mediated cleavage of mRNAs that code for proteins regulating chloroplast biogenesis/development. Therefore, the initial lesions and the expected phenotypes are connected by short signal cascades, hence supporting a cause-effect relationship. Intriguingly, one virus satellite RNA initiates disease through a similar mechanism, whereas in the Pospiviroidae and in plant viruses the situation remains uncertain.
Considering Genomic Scans for Selection as Coalescent Model Choice
Authors: Harris Rebecca B , Jensen Jeffrey D
Published: May 2020

First inspired by the seminal work of Lewontin and Krakauer (1973. Distribution of gene frequency as a test of the theory of the selective neutrality of polymorphisms. Genetics 74(1):175–195.) and Maynard Smith and Haigh (1974. The hitch-hiking effect of a favourable gene. Genet Res. 23(1):23–35.), genomic scans for positive selection remain a widely utilized tool in modern population genomic analysis. Yet, the relative frequency and genomic impact of selective sweeps have remained a contentious point in the field for decades, largely owing to an inability to accurately identify their presence and quantify their effects—with current methodologies generally being characterized by low true-positive rates and/or high false-positive rates under many realistic demographic models. Most of these approaches are based on Wright–Fisher assumptions and the Kingman coalescent and generally rely on detecting outlier regions which do not conform to these neutral expectations. However, previous theoretical results have demonstrated that selective sweeps are well characterized by an alternative class of model known as the multiple-merger coalescent. Taken together, this suggests the possibility of not simply identifying regions which reject the Kingman, but rather explicitly testing the relative fit of a genomic window to the multiple-merger coalescent. We describe the advantages of such an approach, which owe to the branching structure differentiating selective and neutral models, and demonstrate improved power under certain demographic scenarios relative to a commonly used approach. However, regions of the demographic parameter space continue to exist in which neither this approach nor existing methodologies have sufficient power to detect selective sweeps.
Polycentric governance and the provision of free healthcare services at public hospitals in the Philippines
Authors: Omori Sawa , Alagon Marah
Published: May 2020

What explains the variation among public hospitals in implementing the free healthcare policy of the Philippines? We draw on Ostrom’s theory of polycentric governance, which assumes that policy actors’ autonomous interactions at various levels produce better policy implementation when managing the provision of public goods. To explain the various degrees of implementation, we analyse the effects of face-to-face horizontal and vertical interactions between public hospitals and other policy actors by employing sequential explanatory mixed methods. Using originally collected survey data of public hospitals in two regions of the Philippines, we quantitatively demonstrate that the vertical interactions between hospitals and implementing agencies at local levels as well as monitoring and prompt disbursement of the costs by the implementation agency matter when seeking to enhance the delivery of free health care at public hospitals in the Philippines. We further qualitatively explore why horizontal and vertical interactions are made possible by comparing three public hospitals.
Mediterranean Diet conceptual model and future trends of its use in Portugal
Authors: Real Helena , Dias Rui Rosa , Graça Pedro
Published: May 2020

The aim of this study was to present a new model for the Mediterranean Diet definition and to identify the major trends for the use of the Mediterranean Diet concept by 2028, in Portugal. A Delphi panel was implemented with 28 experts with solid knowledge and understanding of the Mediterranean Diet concept. The first round evaluated the degree of expert self-knowledge, which also contributed to the final questionnaire building. It was answered in 2 successive rounds with 21 statements, divided into 2 dimensions: Mediterranean Diet concept and use. A Mediterranean Diet model definition was produced with 73.8% of agreement. Culture, education, environment, health, food industry/distribution and tourism were identified as the future trends of Mediterranean Diet use areas. The model presented can be used as a pedagogical tool. For the first time, it was possible to explore the future trends of Mediterranean Diet use, which can help with the initiatives to safeguard the Mediterranean Diet concept.
Long Limbless Locomotors Over Land: The Mechanics and Biology of Elongate, Limbless Vertebrate Locomotion
Authors: Astley Henry C
Published: May 2020

Synopsis

Elongate, limbless body plans are widespread in nature and frequently converged upon (with over two dozen independent convergences in Squamates alone, and many outside of Squamata). Despite their lack of legs, these animals move effectively through a wide range of microhabitats, and have a particular advantage in cluttered or confined environments. This has elicited interest from multiple disciplines in many aspects of their movements, from how and when limbless morphologies evolve to the biomechanics and control of limbless locomotion within and across taxa to its replication in elongate robots. Increasingly powerful tools and technology enable more detailed examinations of limbless locomotor biomechanics, and improved phylogenies have shed increasing light on the origins and evolution of limblessness, as well as the high frequency of convergence. Advances in actuators and control are increasing the capability of “snakebots” to solve real-world problems (e.g., search and rescue), while biological data have proven to be a potent inspiration for improvements in snakebot control. This collection of research brings together prominent researchers on the topic from around the world, including biologists, physicists, and roboticists to offer new perspective on locomotor modes, musculoskeletal mechanisms, locomotor control, and the evolution and diversity of limbless locomotion.
On closed finite gap curves in spaceforms II
Authors: Klein Sebastian , Kilian Martin
Published: May 2020

We prove that the set of closed finite gap curves in hyperbolic 3-space $\mathbb{H}^{3}$ is $W^{2,2}$-dense in the Sobolev space of all closed $W^{2,2}$-curves in $\mathbb{H}^{3}$. We also show that the set of closed finite gap curves in any two-dimensional space form $\mathbb{E}^{2}$ is $W^{2,2}$-dense in the Sobolev space of all closed $W^{2,2}$-curves in $\mathbb{E}^{2}$.
Epidemiology of mobile colistin resistance genes mcr-1 to mcr-9
Authors: Ling Zhuoren , Yin Wenjuan , Shen Zhangqi , Wang Yang , Shen Jianzhong , Walsh Timothy R
Published: May 2020

The identification of the first mobile colistin resistance (MCR) gene, mcr-1, in 2015 triggered a rash of mcr screening reports. Subsequently, nine MCR-family genes and their variants have been described. However, a comprehensive overview concerning the epidemiology of the whole MCR family, which is essential for facilitating rational interventions against mcr dissemination, is lacking. Here, based on the National Database of Antibiotic Resistant Organisms and published studies, we have summarized the latest epidemiological characteristics of the mcr genes.
Close to Home
Authors: Seelinger Kim Thuy
Published: May 2020

For decades, the ad hoc tribunals and the International Criminal Court have taken the presumptive spotlight in prosecuting international crimes cases, including those involving conflict-related sexual violence. However, recent progress in prosecuting conflict-related sexual violence in national courts has started to both fulfil and complicate the notion of ‘complementarity’ between these two arenas of international criminal justice. This article presents the historical antecedents and current diversity of national courts addressing conflict-related sexual violence. It first casts back to the 1940s, to the little-known efforts of the United War Crimes Commission that guided national authorities in their prosecution of wartime atrocities including rape and forced prostitution. It then focuses on three kinds of national courts addressing conflict-related sexual violence today: military tribunals, hybrid tribunals and ‘purely domestic’ specialized chambers, highlighting key case studies and different ways these courts have engaged international actors. In conclusion, the article confirms the growing importance and diversity of national courts in the prosecution of conflict-related sexual violence, identifying ways the international community can better support survivors’ access to this more local justice.
Product Safety and Harm-Mitigation Incentives When Mitigation Lowers Consumption Benefits
Authors: Baumann Florian , Friehe Tim
Published: May 2020

To reduce the expected harm its product causes to consumers, a firm can invest in a product’s safety before sale or mitigate harm after sale in the event product risks materialize. After-sale harm mitigation interferes with consumers’ product use and reduces consumption benefits. We describe a firm’s incentives for safety investments and harm mitigation as a function of the level of the firm’s liability. Whereas post-sale mitigation incentives are scaled up by liability, pre-sale product safety is a U-shaped function of liability, making the two harm reduction instruments substitutes at low levels of liability and complements at high levels. To induce efficient harm mitigation, liability must be less than full. Further reducing the level of liability improves product safety at the cost of the firm’s profits. (JEL K13, D42).
From plague to coronavirus: vessel trajectory data from ship automatic identification systems for epidemic modeling
Authors: Hoffmann Pham Katherine E , Luengo-Oroz Miguel
Published: May 2020

In addition to moving people and goods, ships can spread disease. Vessel trajectory data from ship Automatic Identification Systems (AIS) is available online and can be extracted and analyzed, as we illustrate in the case of the current coronavirus epidemic. This data should be included in epidemiological models of disease transmission to complement air traffic data and inform operational responses.
Combined physiological, transcriptome, and genetic analysis reveals a molecular network of nitrogen remobilization in maize
Authors: Gong Xiaoping , Liu Xiaoyang , Pan Qingchun , Mi Guohua , Chen Fanjun , Yuan Lixing
Published: May 2020

In plants, nitrogen remobilization from source to sink organs is an important process regulated by complex transcriptional regulatory networks. However, the relationship between nitrogen remobilization and leaf senescence and the molecular regulatory network that controls them are unknown in maize. Here, using 15N labeling and a transcriptome approach, a dynamic analysis of the nitrogen remobilization process was conducted in two elite maize inbred lines (PH4CV and PH6WC) with contrasting leaf senescence. PH4CV showed higher nitrogen remobilization efficiency (NRE) than PH6WC, mainly in the middle and lower leaves from 15 d to 35 d after silking. The co-expression network analysis revealed that ethylene and cytokinin metabolism-related genes triggered the onset of nitrogen remobilization, while abscisic acid and jasmonic acid biosynthesis-related genes controlled the progression of nitrogen remobilization. By integrating genetic analysis, functional annotation, and gene expression, two candidate genes underlying a major quantitative trait locus of NRE were identified, namely an early senescence acting gene (ZmASR6) and an ATP-dependent Clp protease gene (GRMZM2G172230). Hormone-coupled transcription factors and downstream target genes reveal a gene regulatory network for the nitrogen remobilization process after silking in maize. These results uncovered a sophisticated regulatory mechanism for nitrogen remobilization, and further provided characterization of valuable genes for genetic improvement of nitrogen use efficiency in maize.
UNCITRAL Model Law on International Commercial Arbitration
Authors: Roth Marianne
Published: May 2020

This chapter provides an overview of the Model Law on International Commercial Arbitration (Model Law) of the United Nations Commission on International Trade Law (UNCITRAL). The UNCITRAL Model Law is considered one of the most important texts in international commercial arbitration and serves as a basis for harmonizing national legislation in this field. The chapter examines the drafting process for the UNCITRAL Model Law as well as the underlying objectives and principles of the Model Law, its structure (nine chapters and thirty-six articles), and its adoption by various states. It concludes with a commentary on the UNCITRAL Model Law, which covers topics ranging from basic definitions and general provisions to the arbitration agreement, the composition of the arbitral tribunal, the jurisdiction of the arbitral tribunal, the conduct of arbitral proceedings, the making of the arbitral award and recourse against the award, and the recognition and enforcement of foreign awards.
Project Participants and Structures
Authors: Davies Aled , Pendleton Andrew
Published: May 2020

Project financing is characterized by financial and legal advisers assisting their clients to allocate rights and obligations between the project participants, spreading risks and responsibilities to those best suited to bear them, to create a bankable project. In so doing, complex structures evolve. Thus, an understanding of the objectives and goals of the key project participants is absolutely critical to the successful negotiation of a project financing. This chapter provides an accessible and general overview of project financing. The first part examines the key project participants by addressing the following simple questions: (i) who are they, (ii) what are their roles, and (iii) to a lesser extent, what are their key motivations? The second part gives an overview of typical structures employed for a project, in terms of both the ownership structure employed by the sponsors of a project and also the underlying structure of the project as a whole.
Sources of Funding
Authors: Ransome Clive , Pridgeon Benjamin
Published: May 2020

From the very beginning of the development process relating to any specific project, the project’s sponsors will continually assess and analyse the best available sources of capital for the project. The sponsors will seek to obtain funding at the lowest achievable cost; they will seek to minimize as far as practicable the sponsors’ equity contribution and will look to achieve the longest-possible debt tenors. This chapter discusses a variety of sources potentially available to sponsors pursuing a project finance funding plan. These sources include equity, equity bridge loans, subordinated shareholder debt, mezzanine debt, bank debt, Islamic project finance, capital markets, public sector lenders in project financings, export credit finance, multilateral agencies and development finance institutions, and leveraged and finance lease arrangements. The chapter concludes with an overview of the reasons for entering into, and a description of the role of, term sheets, letters of intent, commitment letters, and mandate letters.
Principal Loan Finance Documentation
Authors: May Vicky , Holmes Patrick
Published: May 2020

Project financing will generate volumes of documentation. The financing arrangements between the project company (i.e. the borrower) and the lenders will be recorded in a suite of bespoke documents tailored to the needs of the particular transaction and its various stakeholders. Needless to say, the complexities of the projects themselves, coupled with the differing interests and objectives of the participants, make the exercise of documenting the contractual arrangements anything but straightforward, with the result that it is difficult and time-consuming to ensure that there are no ‘holes’ in the contractual arrangements arising from things being overlooked (or, more likely, not fully developed). This chapter analyses the core finance documents typically encountered in project financing and a selection of the key documentation issues that most often arise in practice. It covers credit agreements, account agreements, mezzanine facility agreements, equity bridge facility agreements, and intercreditor agreements.
Official Funding Sources: Export Credit Agencies
Authors: Borisoff Alexander , Pendleton Andrew , Blundell Lewis
Published: May 2020

This chapter focuses on export credit agencies (ECAs). ECAs are government-backed suppliers of financing and other credit support. As enablers of government policy and ‘soft diplomacy’, they possess a variety of tools that are not available to commercial financial institutions alone. Among the most important of these tools is the ability to offer financial terms that are more competitive than those available in the market. ECAs are able to provide financial liquidity in challenging times, making them attractive market participants in all types of credit environments. ECAs are an essential source of capital for the financing of cross-border trade, including for the financing of major infrastructure projects worldwide. In the coming years ECAs will likely continue to play a pivotal role in the financing of global energy, natural resources and infrastructure projects.
Official Funding Sources: Multilateral and Development Finance Agencies
Authors: Dewar John , Ofori-Quaah Felicia Hanson
Published: May 2020

This chapter discusses multilateral development and finance agencies. The primary goal of these agencies is to support economic and social development goals in economically challenged countries or regions. While these institutions have always played a major role in facilitating cross-border investment, upheavals in the global markets arising from the global financial crisis and the resulting constriction of available capital to project developers from traditional commercial funding sources, served to enhance the importance of multilateral and development institutions in global commerce and international development. The fundamental difference between export credit agencies and multilaterals is that the former exist to promote or facilitate exports from the relevant nation, whilst the latter is focused on development.
Project Finance in Civil Law Jurisdictions
Authors: Cazali Jean-Renaud , de Cintré Kilian
Published: May 2020

Until recently, project financing of public infrastructure projects in France, as in other civil law jurisdictions, was limited to concessions. This evolved in the early 2000s with the emergence of partnership agreements between public authorities and sponsors. Nowadays, project financing of public infrastructure projects is structured around two distinct contractual frameworks: concessions and public-private partnerships. The two main differences between public-private partnerships and concessions lie in (i) the way the project is designed and (ii) the remuneration of the private company. This chapter discusses public projects and tender offers, creating and perfecting security interests, daily assignment and pledges over business concerns, direct agreements and step-in rights, issues arising from secured lending, and the influence of the civil code in African countries.
Defaults and Workouts: Restructuring Project Financings
Authors: Angel Nick , Szczetnikowicz Suzanne
Published: May 2020

This chapter discusses restructuring, which is defined as a transaction which results in some form of an adjustment to a project company’s capital structure, or the terms of its debt, which is intended to avoid a default and the subsequent failure of the business. In the context of project financing or a company operating a group of project assets, decisions taken relating to any restructuring can be driven by the strategic nature of the assets or the need to secure energy supply or the ongoing monetization of natural assets. Topics covered include restructuring protagonists (e.g. directors, financial creditors, sponsors, etc.); process (e.g. restructuring ‘trigger’, project finance covenants, impact of covenant ‘loosening’, etc.); and restructuring options (e.g. creditors’ rights under project finance documents, defaults during development/construction, defaults during operation, etc.).
Financial Services Litigation
Authors: Russen QC HHJ Jonathan , Kingham Robin
Published: May 2020

The material covered in this book is both broad and highly focused. It is broad in that it covers matters of civil, criminal, administrative, and public law. It is highly focused in that it is intended to act as a practical handbook for litigators; detailed explanations are given of practice, procedure, evidence, and remedies at the expense of general commentary on the non-contentious aspects of financial regulation. The book begins with an overview of the UK financial regulators whilst paying particular attention to the relationships between them and the ways in which those interactions can pose problems for litigators and the firms they represent. It summarizes the authorisation process and its procedures, and considers the authorisation of EEA firms following Brexit with a focus on procedure and the steps necessary for EEA firms to retain their authorisation following the UK’s withdrawal from the EU. The book then deals with the increasingly important topic of investigations and information gathering. The heart of the book covers the various forums in which firms can be challenged for failing to adhere to regulatory standards. Criminal liability is covered in detail across two chapters, as is civil liability, which is followed by a review of individual action by investors and consumers. The book continues with redress, complaints, the Financial Ombudsman Service, and relevant procedure are analysed, with a final chapter providing an overview of the independent methods of challenging regulators, including judicial review and the Financial Services Complaints Commissioner.
Investigations and Information Gathering
Authors: Russen Jonathan , Kingham Robin
Published: May 2020

This chapter discusses the extensive powers of investigation of the FCA and the PRA. The regulators’ powers to gather information and to investigate the affairs of regulated—and, in some cases, non-regulated—firms are found in Part 11 of the FSMA. They include a power to require the authorised person or appointed representative to produce documents, or to produce a report upon the business by a ‘skilled person’, as well as a power to appoint an investigator to investigate the affairs of such a person. In addition, the FCA has further powers to gather information and appoint investigators under Schedule 5 of the Consumer Rights Act 2015 (CRA). Aside from the statutory provisions in Part 11 of the FSMA, the most important text for firms and practitioners is the FCA’s Enforcement Guide (EG). EG provides both a helpful summary of the relevant law in this area, but also guidance on the FCA’s approach to investigations and to the factors which will influence FCA decision making. The PRA also has its own investigations guidance set out in its Policy Statement. The two regulators have also agreed to a Memorandum of Understanding that covers, among other things, coordination in the context of investigation and enforcement action.
Criminal Prosecutions by Regulators—The Offences
Authors: Russen Jonathan , Kingham Robin
Published: May 2020

This chapter explores the main substantive financial services offences, their individual components and their distinguishing features. Specifically, it considers the criminal offences of insider dealing, making misleading statements or impressions (either in relation to benchmark arrangements or more generally), fraud, and money laundering. The commission of any one of these offences in England and Wales will risk prosecution by the appropriate regulator, the Secretary of State, or the Director of Public Prosecutions. However, there are a number of statutory defences that relate to each offence. The most commonly encountered specific defence is that of ‘due diligence’. The due diligence defence is formulated slightly differently between statutes, but generally it is a defence for the defendant to prove that he ‘took all reasonable precautions and exercised all due diligence to avoid commission of the offence by himself or by a person under his control’.
The Prospectus Regulation and Other EU Legislation
Authors: Driessen Marieke
Published: May 2020

This chapter provides an overview of how the scope and application of the Prospectus Regulation is affected by other EU laws. It reveals that the content and format of prospectuses is not only subject to the Prospectus Regulation, but also other EU laws and policy leave their imprint on prospectuses, as well as EU regulations on market abuse, benchmarks, credit rating agencies, and securitisation. Also the Take-over Bid Directive and European Central Bank (ECB) monetary policy for the Eurosystem drive disclosure in prospectuses. With the prospect of a hard Brexit hanging over the international capital markets in much of 2019, this chapter also briefly discusses approaches in the EU27 and the United Kingdom (UK) to prospectus regulation post-Brexit. Whereas currently an approved prospectus benefits from passporting rights to all other EU jurisdictions, in case of a hard Brexit, the EU capital markets will become fractured, with securities offerings and listings in both the remaining EU jurisdictions (EU27) and in the UK requiring their own prospectus approvals, unless a Brexit deal is reached whereby the Prospectus Regulation would continue to apply to the United Kingdom.
The Summary and Risk Factors
Authors: Have Robert ten
Published: May 2020

This chapter addresses the prospectus summary and risk factors. Based on the aim of the new Prospectus Regulation to further harmonize prospectuses across Member States, the new format for the summary is highly prescriptive and standardized, with a strong focus on accessibility. The summary format includes the entitlement of the sub-sections in the form of questions. A separate Commission delegated regulation contains regulatory technical standards to specify the content and format of presentation of the key financial information to be included in the summary. From an issuer's perspective, when drawing up the prospectus, there may be a tension between on the one hand the (new) requirement that the summary shall be ‘accurate, fair and not misleading’, and on the other that the summary needs to be ‘concise’ and is bound to a maximum length. In addition, the new Prospectus Regulation applies an overall cap of 15 for the number of risk factors that may be included in the summary. In view of the maximum length requirement and the capped number of risk factors, issuers and their advisers will need to make choices as to what to include or not include in the summary, which may bring concerns about ensuing liability.
The New Advertisement RegimeWhat a Difference a Word Makes?
Authors: Kastelein Gerard , Reutelingsperger Tom
Published: May 2020

This chapter focuses on advertisements. The advertisement regime under the new EU prospectus rules will not have a huge impact on the EU capital markets. As a result of the Prospectus Regulation there will be one set of rules which apply equally throughout the EU, although as of yet supervision will remain decentralized with the risk of diverging interpretations. The chapter predicts a market practice to develop as to which type of communications will be (deemed) in-scope for the definition of advertisements and which type of communications will be (deemed) out of scope, which market practice will, where applicable, be supported and/or developed by the European Securities and Markets Authority (ESMA). This is based on the assumption that the change in the definition of the word ‘announcement’ to ‘communication’ in the Prospectus Regulation does not significantly alter the scope of the advertisements regime, which is also the view of the European Commission.
Italy
Authors: Giudici Paolo
Published: May 2020

This chapter focuses on Italian law. Italian securities law refers to ‘prospectus’ as the document that has to be published when there is an offer to the public of transferable securities and units issued by collective investment undertakings of the closed-end type, an offer of any other type of financial product or, finally, a request for admission to trading on a regulated market. The prospectus is the document that is drafted in accordance with the EU Prospectus Regulation. The scope of Italian prospectus regulation is moreover wider than the scope of the EU Prospectus Regulation. Prospectus liability in Italy is today governed by specific rules that incorporate many of the issues that were debated by scholars and courts before the enactment of those specific statutory rules. Currently, the main issue seems to be whether those statutory rules express principles to be applied to all forms of material misstatements or omissions to the market, or are just a part of the general framework concerning liability to the market.
The Netherlands
Authors: Franx Jan Paul
Published: May 2020

This chapter discusses Dutch law. The history of the present statutory rules on prospectus liability in the Netherlands dates back to 1928, the year in which Dutch corporate law was codified. Like the annual report which companies had to publish on a yearly basis, the Dutch legislator considered the prospectus as a corporate document and therefore was of the opinion that a statutory rule on prospectus liability should be issued together with the Companies Act. Codification of prospectus liability was effectuated by formulating it as a special category of tort in the Dutch Civil Code (DCC). The act of 1928 provided that managing and supervisory directors of the issuer would be jointly and severally liable with the issuer itself for misleading statements in the prospectus. This had to do with the view of the legislator — that the decision of investors to invest in a company was to a large extent based on the reputation of management. As a result of this joint and several liability of directors, the first Dutch legislation on prospectus liability can be considered as being particularly investor friendly.
Jet efficiencies and black hole spins in jetted quasars
Authors: Soares Gustavo , Nemmen Rodrigo
Published: May 2020

The mechanisms responsible for the production of relativistic jets from supermassive black holes (SMBHs) accreting at near-Eddington rates are not well understood. Simple theoretical expectations indicate that SMBHs in quasars accrete via thin discs which should produce at most very weak jets. This is contradicted by observations of powerful jets in flat-spectrum radio quasars (FSRQs). We use gamma-ray luminosities observed with the Fermi Large Area Telescope as a proxy of the jet power for a population of 154 FSRQs. Assuming typical quasar accretion rates and using black hole (BH) mass measurements from a variety of methods, we find a mean jet production efficiency of about 10 per cent for FSRQs, with values as high as 222 per cent. We find that this is consistent with FSRQs hosting moderately thin, magnetically arrested accretion discs around rapidly spinning BHs. Modelling our observations using general relativistic magnetohydrodynamic (GRMHD) simulations of jets from thin discs, we find an average lower limit of a* = 0.59 for the SMBH spins of FSRQs, with tendency for the spins to decrease as the BH mass increases. Our results are consistent with the merger-driven evolution of SMBHs. 3 per cent of the sample cannot be explained by current GRMHD models of jet production from Kerr BHs due to the high efficiencies. Along the way, we find a correlation between BH masses and Lγ which may be an useful mass estimator in blazar gamma-ray studies.
Simulating disc formation in tidal disruption events
Authors: Bonnerot Clément , Lu Wenbin
Published: May 2020

A star coming too close to a supermassive black hole gets disrupted by the tidal force of the compact object in a tidal disruption event, or TDE. Following this encounter, the debris evolves into an elongated stream, half of which coming back to pericentre. Relativistic apsidal precession then leads to a self-crossing shock that initiates the formation of an accretion disc. We perform the first simulation of this process considering a parabolic encounter with a supermassive black hole, which has so far eluded investigations for computational reasons. This numerical issue is alleviated by using as initial conditions the outflow launched by the self-crossing shock according the local simulation of Lu & Bonnerot (2020). We find that the gas leaving the intersection point experiences numerous secondary shocks that result in the rapid formation of a thick and marginally bound disc. The mass distribution features two overdensities identified as spiral shocks that drive slow gas inflow along the mid-plane. Inward motion primarily takes place along the funnels of the newly formed torus, from which a fraction of the matter can get accreted. Further out, the gas moves outward forming an extended envelope completely surrounding the accretion flow. Secondary shocks heat the debris at a rate of a few times $10^{44} \, \rm erg\, s^{-1}$ with a large fraction likely participating to the bolometric luminosity. These results pave the way towards a complete understanding of the early radiation from TDEs that progressively becomes accessible from observations.