In this paper, I ask whether securitization really contributes to better risksharing. To do this, I first propose an outcome-based formalization of the concept of market discipline. Then, I compare securitization, which consist of the transfer of risk from existing loans, with other mechanisms that differ in the timing of risk-transfer. I find that, for securitization to be an efficient risk-sh...

Corresponding Author Email: [email protected] THE aim of th is s tudy was to dete rm ine phenotypic dif ferences w hen BCG in vades m acrophage s . Bacilli prepared from the sam e BCG prim ary seed, but produced in dif ferent culture m edia , w ere analysed w ith respect to th e ability to s tim ulate m acrophages and the susceptibility to tr eatm ent w ith cytokine s and n itr ic ox ide (N...

Full integration of energy conversion devices for compact power supply circuits is still encountering strong technological locks, especially to integrate passive inductive and capacitive components. The increasing working frequency of those devices, which already reaches 1 Megahertz, would enable the size reduction of passive components and then their integration. Nevertheless, losses, which hi...

Groups don't become teams because that is what someone calls them. Nor do teamwork values by themselves ensure team performance. So what is a team? How can managers know when the team option makes sense and what they can do to ensure team success? In this article, drawn from their recent book The Wisdom of Teams, McKinsey partners Jon Katzenbach and Douglas Smith answer these questions and outl...