Government‐wide Financial Statements and Credit Risk

Now that state governments issue comprehensive annual financial reports in accordance with Statement No. 34 of the Governmental Accounting Standards Board, it is possible to generate a consistent and comprehensive set of government‐wide financial information. We use the information to develop financial ratios to benchmark government financial performance from information beyond the traditional general fund, and test the hypothesis that such information is incorporated into the assessment of credit risk. We provide an empirical analysis of the incorporation of government‐wide financial information into state government credit ratings, which provides a positive empirical test of the theory of certification and demonstrates how information from the government‐wide financial statements is infused into financial markets.     

Strategic voting and effective representation thresholds: Evidence from three Spanish general elections

The extent of strategic voting in the Spanish general elections of 2000, 2004 and 2008 is estimated using a new measure of strategic incentives suitable for proportional representation systems that avoids some of the problems associated with lagged variables. Strategic behaviour increased from 12 to 33 per cent of the electoral base of the United Left Party, the major victim of strategic defection. This estimate is a conservative one as elite mobilisation is controlled for in the constituencies, which is unusual in the literature on strategic voting that uses regression‐based methods.     

Creating a sustainable U.S. electricity sector: the question of scale

The U.S. electricity market, like electricity markets in most countries, is heavily dependent on fossil-fuel generation from centralized power applications. This paper reviews the factors that led to the sector??s reliance on fossil fuels and presents a future vision of the U.S. electricity sector based on a varied spectrum of sustainable energy resources ranging in scale from large, centralized facilities to small, localized energy systems. This spectrum includes low-emissions energy and energy efficiency, as well as macro-generation, micro-grids, distributed generation, micro-generation and end-user conservation. We discuss the evidence that each element of this spectrum is a viable and proven technology, the balanced integration of which could shape an electricity sector that adheres to sustainability principles. This paper concludes with a discussion of the institutional barriers that need to be addressed to successfully achieve a transition toward a more future sustainable electricity sector based on the variations in scale.     

Persistence and change in Soviet and Russian relations with Afghanistan

This paper examines persistence and change in the Soviet Union's and then Russia's relations with Afghanistan with respect to development and security. First, a detailed analysis of the promise and reality of Soviet development assistance reveals conceptual shortcomings in their attempt to induce economic development in Afghanistan. The Soviet Union's heritage is then revealed in order to understand Russia's current perception of post-Taliban Afghanistan as well as Russia's emerging interests and commitment to Afghanistan's economic development. This paper argues that Russia will most likely replicate standard industrialization development approaches in contributing to Afghanistan's development. Therefore, Russia will probably run into problems similar to those that led to the failure of the Soviet modernization project, which consisted of large-scale development projects that were inappropriate to the country's institutions and the lives of most Afghans. It is questionable whether such reiteration will induce economic development now, in the complex setting of a fragmented and fragile state with a multitude of external players looking out for their own interests.     

Comparative Analysis of the Chemical Profiles of 3,4-Methylenedioxymethamphetamine Based on Comprehensive Two-Dimensional Gas Chromatography-Time-of-Flight Mass Spectrometry (GC × GC-TOFMS)*

Abstract: The chemical profiling of illicit drugs is an important analytical tool to support the work of investigating and law enforcement authorities. In our work, comprehensive two‐dimensional gas chromatography–time‐of‐flight mass spectrometry (GC × GC‐TOFMS) combined with nontargeted, pixel‐based data analysis was adapted for the chemical profiling of 3,4‐methylenedioxymethamphetamine (MDMA). The validity and benefit of this approach was evaluated by analyzing a well‐investigated set of MDMA samples. Samples were prepared according to a harmonized extraction protocol to ensure the comparability of the chemical signatures. The nontargeted approach comprises preprocessing followed by analysis of variances as a fast filter algorithm for selection of a variable subset followed by partial least squares discriminant analysis for reduction to promising marker compounds for discrimination of the samples according to their chemical profile. Forty‐seven potential marker compounds were determined, covering most of the target impurities known from the harmonized one‐dimensional profiling as well as other compounds not previously elucidated.     

Characteristics of morphological manifestations of anaphylactic shock in response to the administration of pharmaceutical preparations encountered in the practice of forensic medical expert-histologist

The authors report the results of a forensic medical investigation of 6 cases of death associated with the administration of pharmaceutical products documented by forensic medical experts of the Russian Centre of Forensic Medical Expertise. The results of the study are compared with the clinical data and summarized using the methods of tanatogenetic analysis. The following main clinical variants of iatrogenic anaphylactic shock (IAS) are distinguished: bronchospastic IAS (n = 1), asphyxic IAS (n = 1), hemodynamic IAS (n = 3), and combined (bronchospastic plus hemodynamic) IAS (n = 1). The signs of all these variants are described allowing for their diagnostics and differentiation diagnostics. These data can be used for the purpose of forensic medical diagnostics and elucidation of the mechanisms of tanatogenesis.     

Biometric ranging of the corpses destroyed at the site of a catastrophe in terms of gender, longitudinal and circumferencial dimensions, and the degree of subcutaneous fat distribution

The quantitative criteria for biometric ranging of destroyed corpses in terms of anatomical localization, gender, longitudinal length, trunk circumference, and the folds of subcutaneous fat are proposed. The wealth of anthropometric materials obtained in the studies of various Caucasoid populations was used to calculate the normative tables for biometric ranging of the decomposed corpses. The proposed technology excludes the subjective assessments for the purpose of such classification at the sites of catastrophes. Moreover, it promotes the accumulation of the variety of valuable information, such as the size of the collar, headwear, and footwear, clothing size and height, and portrait features, that can be used for victim identification.     

Sex estimation from the mastoid process among North Indians

Determination of sex from fragmentary crania is a critical problem in forensic anthropology. Osteometric analysis of mastoid can serve forensic anthropologists better in sex identification by virtue of the noticeable dimorphic characteristics. The present study aims to develop population-specific, sex-differentiating anthropometric standards for the mastoid process of North Indian skulls. Eight parameters of the mastoid region were measured on 138 adult crania (M/F 104:34, 22-65 years) and analyzed using SPSS 16.0. All parameters showed significant sexual dimorphism (p < 0.000). In stepwise analysis, asterion-mastoidale and mastoid breadth have provided an accuracy of 87%. Receiver operating characteristic curves were obtained for each variable to observe their overall performance in sex determination. Posterior end of incisura mastoidea-depression of suprameatal triangle was found to be the best variable with maximum area under curve and highest predictive accuracy (82.6%).     

Unterlassungsanspruch der im Anlagenbewilligungsverfahren "übergangenen Partei"

Gegenüber einer im Bewilligungsverfahren "übergangenen Partei" liegt keine "beh?rdlich genehmigte Anlage" iSd § 364a ABGB vor.     

Genehmigungs- und Aufklärungspflichten bei Zins-Swap-Geschäften von Sozialversicherungsträgern

Der Genehmigungsvorbehalt nach § 446 Abs 3 ASVG ist nicht eine blo?e Organisationsvorschrift der internen Willensbildung, sondern eine Anordnung, die die Handlungsf?higkeit der vertretungsberechtigten Organe des Sozialversicherungstr?gers auch im Au?enverh?ltnis beschr?nkt. Eine nicht durch die erforderliche ministerielle Genehmigung gedeckte Willenserkl?rung des an sich zum Vertragsabschluss zust?ndigen Organs bindet den Sozialversicherungstr?ger daher nicht (hier: Abschluss des "Quanto-Snowball-Swaps"). ?ffentlich-rechtliche K?rperschaften sind verpflichtet, den Partner durch ihre Verhandlungsführer als Erfüllungsgehilfen über die Gültigkeitsvoraussetzungen des beabsichtigten Gesch?fts aufzukl?ren, sofern diese ihrem Organ bekannt oder leichter erkennbar sind als dem Partner. Wird der Partner im guten Glauben gelassen, es bestehe keine Genehmigungsbedürftigkeit, haftet die K?rperschaft auf das Vertrauensinteresse, wenn die Genehmigung in der Folge nicht erteilt wird. Auch für Sch?den aus einer Verletzung vorvertraglicher Aufkl?rungspflichten gilt, dass nur alle ad?quaten und im Rechtswidrigkeitszusammenhang stehenden Folgen vom Normzweck mit erfasst sind. Die Kausalit?t rechtswidrigen Verhaltens reicht allein nicht zur Haftungsbegründung aus. Die übernahme des Risikos aus einem Vertrag, der vom anderen Teil mit Dritten abgeschlossen wurde, ist nur ausnahmsweise vom Schutzzweck des Grundverh?ltnisses erfasst. Umst?nde, die erst nach Vertragsabschluss erkennbar waren und die der Schuldner bei Eingehen der Verpflichtung nicht berücksichtigen konnte, dürfen ihm auch nicht unter dem Gesichtspunkt des Schutzzwecks zum Verh?ngnis werden. Wenn der gesch?digte Vertragsteil mit der bedungenen Leistung Interessen verfolgt, die nicht mehr in der Leistung selbst liegen und daher vom üblichen Entgelt nicht abgedeckt werden, und überdies der Eintritt des Folgeschadens noch von einem Entschluss eines Dritten abh?ngig ist, der h?ufig kaum vorhersehbar ist, muss eine Zurechnung verneint werden. Mit dem Schutzzweck des Genehmigungsvorbehalts nach § 446 Abs 3 ASVG w?re es unvereinbar, dass der Sozialversicherungstr?ger zwar nicht das eigene Spekulationsgesch?ft, aber jenes, das vom anderen Teil mit einem Dritten abgeschlossen wurde, erfüllen müsste. Eine hohe Professionalit?t des Kunden kann nicht ausschlie?en, dass er im Einzelfall bezüglich eines bestimmten Gesch?fts einer Fehlvorstellung unterliegt. Auch ein versierter Gesch?ftspartner darf nicht in die Irre geführt werden. Die Erw?gungen des BGH zu hochkomplex strukturierten und riskanten Finanzprodukten (XI ZR 33/10x, dort: "CMS Spread Ladder Swap"), die auf die Wohlverhaltensregeln des § 31 des deutschen Wertpapierhandelsgesetzes gestützt wurden, k?nnen in Grundzügen auch nach ?sterr Recht Beachtung finden, wenn es sich um ein komplex strukturiertes Produkt handelt, dem ein der H?he nach kaum kalkulierbares, aber schon wegen eines einseitigen Kündigungsrechts asymmetrisch verteiltes Risiko anhaftet (hier: "Quanto-Snowball-Swap").