This paper studies how investor heterogeneity impacts equilibrium debt maturity. The optimal issuance strategy combines long- and short-term debts. A long-term debt contains default risk but hedges against intermediate downturns. A short-term debt provides repayment commitment but requires being rolled over and becomes risky during downturns. Issuing multiple debt maturities spreads the cost of these risky claims to investors most willing to hold risk at different points in time. The model predicts that debt maturity is more dispersed with lower financing costs and more investment opportunities when debt ownership is spread among many different types of investors.

We examine individuals’ retirement behaviour in response to changes in the State Pension eligibility age (SPe-age) introduced in UK Pension Acts. Our findings show that the annual probability of retirement reduced significantly in response to a one-year increase in SPe-age, by 8.2pp and 6.4pp for men and women, respectively. They also show that younger individuals can adjust their Expected Age of Retirement (EAR) downwards in response to an increase in their SPe-age. Thus, while an increase in the SPe-age induces individuals to postpone actual retirement, it does not necessarily lead to certain groups of individuals to revise their EAR upwards, which could result in suboptimal retirement planning. The latter can be problematic for those with low occupational pension wealth and/or individuals who rely disproportionately on State Pension. Our findings suggest the need for targeted communication campaigns aimed at specific groups of prime aged workers to improve their retirement planning.

This article engages in a theoretical exercise, tackling an intentionally provocative question: is there such a thing as too much access to justice? Conventional wisdom suggests that barriers to access to justice ought to be low. Countless reform efforts put in place throughout the world have sought to expand access to justice and strengthen judicial institutions. What happens when access to these institutions is expanded? Who takes advantage of that access? Who is left behind? Weaving together scholarship on the unintended consequences of legal reforms and empirical examples from access to justice experiments in Canada, China, Colombia, India, Russia, South Africa, and the United States, this article shows how lowering material barriers to access to justice can: (1) increase strain on the legal system, (2) raise but fail to live up to expectations about the possibilities claim-making, (3) reinforce existing inequalities, and (4) offer limited and perhaps inadequate solutions.

With great fanfare, India officially launched its new criminal laws – the Bharatiya Nyaya Sanhita, the Bharatiya Nagarik Suraksha Sanhita and the Bharatiya Sakshya Adhiniyam – on 1 July 2024. These laws were heralded as a significant reform aimed at modernizing the country’s justice system and enhancing protections for victims of violence. The legislation sparked considerable optimism among various stakeholders by promising swift justice and fostering a more responsive police force. However, at six months after their implementation, a critical assessment was warranted. How effective have these laws proven to be in practice? Are the judiciary and police adapting to these changes, or are we merely witnessing another instance of legislative overreach that fails to translate into real-world improvements? This analysis urges us to examine the real impact of these statutes to assess whether they offer a genuine solution to the longstanding challenges within the Indian criminal justice system or if they are simply another bureaucratic illusion. As we examine the initial outcomes and responses from law enforcement and the judiciary, it is essential to evaluate the efficacy of the new provisions in the context of ongoing systemic challenges and societal attitudes toward justice. This evaluation will determine whether these legislative measures have genuinely ushered in a new era of accountability and victim support, or if they have fallen victim to the inertia of existing institutional practices. In this paper we examine the changes and effectiveness brought by these laws as we unchain ourselves from colonial laws.

This study introduces a low-profile, broadband antenna with filtering features and tunable radiation nulls. The antenna consists of an arc-shaped slot, a sawtooth square slot, a Y-shaped filtering branch, two rectangular metal cavities, and curved current loops. High-frequency current balancing technology is used in this research, two rectangular metal cavities are added above the slot to balance the current strength and reduce cross-polarization. By introducing a Y-shaped filtering branch based on the reverse diversion technique, the filtering capability of the antenna can be significantly enhanced. The electric and magnetic field intensity in the specific area is enhanced through arc-shaped slot tuning technology, and the bandwidth is effectively broadened. The radius adjustment of the sector-shaped feeding network controls the position of the high-frequency radiation null, and the curved current loops control the low-frequency radiation null, the two modulate to regulate the roll-off rate of the radiation characteristic. Experimental tests demonstrate an impedance matching bandwidth greater than 55%, a peak gain of 4.5 dBi, and out-of-band suppression of 25 and 21 dB in the low and high-frequency bands, respectively. Moreover, the cross-polarization level obtained in the xoz plane is lower than –35 dB. The designed antenna demonstrates considerable potential for broadband filtering applications.

This work presents a methodological alternative to the traditional study of objects arranged inside funerary bundles, with the aim of preserving the integrity of the bundle and optimizing the material resources and costs derived from the storage and unwrapping processes. The research employs computerized tomographic scans to study the metal artifacts chosen to accompany the individuals arranged inside funerary bundles. It is the first systematic characterization of funerary treatment to focus on the presence of metal objects as part of burial offerings and their relationship with the body of the deceased individuals in the Andean area. Analyzing a total of 85 funerary bundles from the central coast of Peru, the study identified 26 bundles, dating to between AD 1100 and 1532, that contained at least one metal object. The objects were recorded to identify their use, decoration, measurements, location within the bundle, and the presence of any other objects associated with the individual, which made it possible to discern metal objects present in bundles corresponding to female, male, and nonadult individuals. The research concludes that the presence of metal artifacts in a funerary bundle is an indicator of elevated status, although the choice of specific artifacts is determined by elements of an individual’s identity.

Depression, a leading cause of global disability, arises from a multifaceted combination of genetic and environmental components. This study explores the relationship between major depressive disorder (MDD) polygenic scores (PGS), characteristics and symptoms of depression, and community-shared socioeconomic factors derived from postal code data in a cohort of 12,646 individuals from the Australian Genetics of Depression Study (AGDS). Our findings reveal that people living in areas with relatively higher socioeconomic advantages and education/occupation scores are more likely to report experiencing fewer depressive symptoms during their worst depressive period, as well as fewer number of lifetime episodes. Additionally, participants who reported depression onset later in life tend to currently reside in wealthier areas. Interestingly, no significant interaction between genetic and socioeconomic factors was observed, suggesting their independent contribution to depression outcomes. This research underscores the importance of integrating socioeconomic factors into psychiatric evaluation and care, and points to the critical role of public policy in addressing mental health disparities driven by socioeconomic factors. Future research should aim to further elucidate the causal relationships within these associations and explore the potential for integrated genetic and socioeconomic approaches in mental health interventions.

This article focuses on the Italian inventor, telephone pioneer and opera house technician Antonio Meucci (1808–1889), exploring the shifting relationships between Meucci’s experiments and his operatic connections across his transatlantic career. Meucci first developed an acoustic telephone while working at Florence’s Teatro della Pergola, before discovering the transmission of sound via electricity during his tenure as chief machinist at Havana’s Teatro Tacón in the 1840s. These experiments were further refined after his relocation to New York, where he continued to be part of a network of Italian musicians, thinkers, journalists and scientific practitioners while seeking to patent his invention. Feted among the Italian diasporic community in the USA – both for his technological innovations and for his close relationship with Italian revolutionary Giuseppe Garibaldi – at the time of his death Meucci was nonetheless embroiled in a lengthy legal case against Alexander Graham Bell over the primacy of the telephone’s invention, a dispute not fully resolved until the twenty-first century. This article accordingly unfolds in three main parts, focusing in turn on Florence, Havana and New York. Meucci’s experiments – and his complex emigrant environment – collectively highlight the Italian opera house as a global and multidimensional site of technological and sonic innovation, during a period when the telephone gradually moved from conceptual fantasy to material reality. At the same time, Meucci’s career can challenge direct links between Italian sonic environments and Italy itself. Ultimately, I argue, the complex and changing relationships between opera and the telephone invite more nuanced approaches to histories of music and technology, while demonstrating the centrality of the Italian opera house and its sounds – within, across, and beyond the stage – to nineteenth-century auditory cultures more broadly.

This study discusses the Friday mosque of Sava in detail. The monument is significant among Iranian mosques due to its architectural evolution across various construction periods. These periods, which include the early Islamic centuries and the Saljuq, Ilkhanid, and Safavid periods, each have left their mark on the building’s design and decorative elements. The study provides as much descriptive information as possible of the mosque’s main characteristics, offering a comprehensive view of its architectural evolution. Drawing on previous studies, which were carried out mainly in the 1980s by the Iranian Cultural Heritage Organization (ICHO) and author site visits, this paper elucidates building construction and modifications from the earliest Islamic centuries through the Saljuq, Ilkhanid, and Safavid periods.

For researchers studying Chinese politics, the concern is not whether factions are important, but rather how to identify them. In the Chinese context, factional affiliations are often concealed, requiring researchers to devote extensive efforts to parse them. Faction detection methods have transformed over time, from the “rumours-have-it” approach of first-generation scholars, to the “backgrounds-in-common” framing of the second generation, and the “practices-of-patronage” focus of the current generation. This article offers a systematic review of these approaches and finds Junyan Jiang’s patronage-focused, “within-tenure promotion” approach to be the most accessible and justifiable. Building on Jiang’s work, we propose two additional criteria to this identification method, “double promotion” and “promotional grooming.” Finally, we test all the verifiable approaches against the odds of China’s prefectural-level leaders crossing career thresholds between 2000 and 2020. The test results show that the background-based approach has limited validity and Jiang’s patronage-based approach thus requires further refinement. In contrast, our revised identification methods prove to be effective in clarifying the factional factor. This study thus proposes an improved, verified approach to identifying factions in Chinese politics and provides researchers with a reliable tool for identifying the “people factor” in the comparative study of political elites.

Dust-winds across the southern Iran-Iraq borderlands in the past decade have played a crucial role in how the Iranian state invests in both maintaining its major oil sites, despite intensive sanctions, and organising cooperation with local farmers to block the transmission of dust across its sovereign territory. This paper extends the ethnographic exploration of economic sanctions to their environmental interventions, studying the everyday lives of people in Khuzestan province. Environmental historians have examined landscapes altered by military activities and sanctions, but an anthropological approach to the essential entanglement of meteorological upheaval and sanctions characterized by bad air is lacking. Drawing on critical theories of breathing, I trace the explosion of dust into Iranian geopolitics as a conundrum of how the power dynamics of sanctions and sovereignty intermingle with aerosols. Within the frame of state-sponsored projects, engineers, scientists, environmental activists, farmers, and traders cooperate and compete in atmospherically focused coalitions to stabilize soil and dust against their spread. As a voluminous entity that is dispersed across the bodies of breathers, these atmospherically focused coalitions give visibility to the sanctions and the gaps in the state’s sovereignty.

On February 6, 1968, leaders of the Southern Christian Leadership Conference drafted a letter addressed to the president, Congress, and the U.S. Supreme Court. The letter argued that the U.S. constitution facilitated economic and social second-class citizenship because the constitution did not protect economic and social rights but instead protected only civil and political rights. The letter’s authors demanded that the nation repent for its continued subordination of the poor and minorities and atone by recognizing economic and social rights. In this article, the authors recover the draft letter—a proposed economic and social bill of rights—and assert it was and remains a morally compelling call to recognize and protect positive fundamental rights under the constitution. The authors maintain that while the SCLC leaders who drafted the letter were clear that law alone could not end the sinful conditions that created racism and poverty, they were becoming more adamant that a radical redesign of the constitution was a necessary step toward building a beloved community.

Published in 1913, General Psychopathology blends philosophy, rigorous conceptual analysis and detailed clinical examples. Jaspers makes the case that psychopathology requires two different methods (explaining and understanding) to address the predicament of the subjective nature of experience and what it was to be human. Key contributions from General Psychopathology to psychiatry include the conceptual framework for delusions, the issue of somatic prejudice, empathy as the key tool at our disposal in thinking about another person’s subjectivity, and the whole versus the part (gestalt). Jaspers was a proponent of the existential school of philosophy, which is evident throughout the work.

Despite increased interest in dining as part of worship practices, accounts of cult meals often focus primarily on benefaction and consumption, ignoring or downplaying the practices of food preparation in and around sanctuaries. Synthesizing and analyzing kitchen spaces and their assemblages in sanctuaries dedicated to Mithras for the first time, we argue that the labor of food-making was also central to group-making in ancient cult. The display of kitchens and cooks, and the entailments of cooking installations, emphasized meat dishes and worked to create vertically stratified worship communities. At the same time, the diversity of food-production practices in Mithraic sanctuaries also suggests significant variety in how practices might have structured cult groups.

We discuss the logical principle of extensionality for set-valued operators and its relation to mathematical notions of continuity for these operators in the context of systems of finite types as used in proof mining. Concretely, we initially exhibit an issue that arises with treating full extensionality in the context of the prevalent intensional approach to set-valued operators in such systems. Motivated by these issues, we discuss a range of useful fragments of this full extensionality statement where these issues are avoided and discuss their interrelations. Further, we study the continuity principles associated with these fragments of extensionality and show how they can be introduced in the logical systems via a collection of axioms that do not contribute to the growth of extractable bounds from proofs. In particular, we place an emphasis on a variant of extensionality and continuity formulated using the Hausdorff-metric and, in the course of our discussion, we in particular employ a tame treatment of suprema over bounded sets developed by the author in previous work to provide the first proof-theoretically tame treatment of the Hausdorff metric in systems geared for proof mining. To illustrate the applicability of these treatments for the extraction of quantitative information from proofs, we provide an application of proof mining to the Mann iteration of set-valued mappings which are nonexpansive w.r.t. the Hausdorff metric and extract highly uniform and effective quantitative information on the convergence of that method.