5,672 research outputs found

    Designing capital-ratio triggers for Contingent Convertibles

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    Contingent Convertible (CoCo) bonds represent a novel category of debt financial instruments, recently introduced into the financial landscape. Their primary role is to bolster financial stability by maintaining healthy capital levels for the issuing entity. This is achieved by converting the bond principal into equity or writing it down once the minimum capital ratios are violated. CoCos aim to recapitalize the bank before it is on the brink of collapse, to avoid a state bailout at a huge cost to the taxpayer. Under normal circumstances, CoCo bonds operate as ordinary coupon-paying bonds, which only in case of insufficient capital ratios are converted into equity of the issuer. However, the CoCo market has struggled to expand over the years, and the recent tumult involving Credit Suisse and its enforced CoCo write-off has underscored these challenges. The focus of this research work is on the first hand to understand the reasons for this failure, and, on the other hand, to modify its underlying design in order to restore its intended purpose: to act as a liquidity buffer, strengthening the capital structure of the issuing firm. The cornerstone of the proposed work is the design of a self-adaptive model for leverage. This model features an automatic conversion that does not hinge on the judgment of regulatory authorities. Notably, it allows the issuer's debt-to-assets ratio to remain within predetermined boundaries, where the likelihood of default on outstanding liabilities remains minimal. The pricing of the proposed instruments is difficult as the conversion is dynamic. We view CoCos essentially as a portfolio of different financial instruments. This treatment makes it easier to analyze their response to different market events that may or may not trigger their conversion to equity. We provide evidence of the model's effectiveness and discuss it implications of its implementation, in light of the regulatory environment and best market practices.Skilyrt breytanleg (e. Contingent Convertible, skammstafað CoCo) skuldabréf eru nýstárleg gerð af fjármálagerningum sem nýlega komu fram á sjónarsvið fjármálamarkaða. Helsta hlutverk þeirra er að e a fjármálastöðugleika með því að viðhalda hæfilegum eiginfjárgrunni fyrir útgefendur þeirra. Þetta er gert með því að umbreyta höfuðstól skuldabréfs í hlutafé eða með því færa þau niður þegar krafa um eiginfjárhlutföll eru rofin. CoCo hefur það markmið að endurfjármagna bankann áður en hann fellur og þar með koma í veg fyrir björgunaraðgerðir af hálfu ríkisins, sem hefur í för með sér mikinn kostnað fyrir skattgreiðendur. Undir venjulegum kringumstæðum virka CoCo skuldabréf eins og hefðbundin arðgreiðslu- skuldabréf, sem einungis er breytt í hlutafé þegar eiginfjárhlutföll útgefanda þeirra eru ekki nægjanleg. Eigi að síður hefur markaður fyrir CoCo átt erfitt uppdráttar í gegnum tíðina og hefur nýlegur titringur í kringum Credit Suisse og þvingaðar afskriftir þeirra á CoCo skuldabréfum ýtt enn frekar undir erfiðleikana. Helsti tilgangur þessarar rannsóknar er tvíþættur. Annars vegar er ætlunin að skilja hvers vegna CoCo hefur ekki átt meiri velgengni að fagna en raun ber vitni. Hins vegar er henni ætlað að breyta grundvallarhönnun CoCo í þeim tilgangi að endurheimta upprunalegan tilgang þeirra: sem er að vera stuðpúði lausafés sem styrkir fjármagnsskipan útgáfu fyrirtækisins. Hornsteinn verkefnisins er hönnun á líkani með sjálfaðlögunarhæfni með tilliti til skuldsetningarhlutfalls. Líkanið býr yfir sjálfvirkri umbreytingu sem ræðst því ekki af reglum eftirlitsyfirvalda. Það gerir útgefanda því kleift að viðhalda hlutfalli skulda á móti eignum innan fyrirfram skilgreindra marka, þar sem líkur á vanskilum vegna útistandandi skuldbindinga haldast í lágmarki. Verðlagning gerninganna sem lagðir eru til í rannsókninni er þó vandasöm þar sem umbreytingin er dýnamísk. Í meginatriðum verður litið á CoCos sem safn ólíkra fjármálagerninga. Með þessari aðferð er hægt að greina viðbrögð þeirra við mismunandi markaðsatburðum sem geta mögulega hrint af stað umbreytingu yfir í hlutafé. Sýnt verður fram á skilvirkni líkansins ásamt því að álykta um innleiðingu þess með tilliti til regluverks og bestu markaðsvenja.RU Research Fund Icelandic Research Fun

    Ruthenium metallotherapeutics: a targeted approach to combatting multidrug resistant pathogens

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    The discovery of antibiotics revolutionised healthcare practice. However due to overuse, inappropriate use, widespread prophylaxis therapy and the lack of new developments, the threat of antimicrobial resistance is now a major global threat to health. By 2050, it is estimated that mortality due to antimicrobial resistant infections will exceed 10 million people per annum, superseding cancer as the leading cause of global mortality. The use of drug repurposing to identify potential therapies which combat antimicrobial resistance is one potential solution. Metals have been used as antimicrobial agents throughout the history of medicine for a broad range of applications, including the use of Silver as an antimicrobial agent which dates back to antiquity. More recently, Ruthenium metallotherapeutic complexes have been shown to exhibit highly active antimicrobial properties by targeting a range of bacterial species, and in contrast to traditional antibiotics, these compounds are thought to elicit antibacterial activity at multiple sites within the bacterial cell, which may reduce the possibility of resistance evolution. This study aimed to evaluate the antimicrobial activity of a series of Ruthenium metallotherapeutic complexes against multidrug-resistant bacterial pathogens, with a focus on use within wound care applications. Antimicrobial susceptibility assays identified two lead candidates, Hexaammineruthenium (III) chloride and [Chlorido(η6-p-cymene)(N-(4-chlorophenyl)pyridine-2-carbothioamide) ruthenium (II)] chloride which demonstrated activity against Pseudomonas aeruginosa and Staphylococcus aureus respectively with MIC values ranging between 4 μg mL-1 and 16 μg mL-1. Furthermore, Hexaammineruthenium (III) chloride demonstrated antibiofilm activity in both a time and concentration-dependent manner. Synergy studies combining lead complexes with antibiotics demonstrated the potential for use as resistance breakers. Subsequent in vitro infection modelling using scratch assays with skin cell lines, coupled with a 3D full thickness skin wound infection model was used to determine potential applied applications of Hexaammineruthenium (III) chloride for use as topical antimicrobial agent against P. aeruginosa infections. Antimicrobial mechanistic studies demonstrated that Hexaammineruthenium (III) chloride targeted the bacterial cell ultrastructure of P. aeruginosa strain PAO1 as cell perturbations were observed when treated cells were analysed by scanning electron microscopy. Furthermore, exposure of P. aeruginosa PAO1 to Hexaammineruthenium (III) chloride also resulted in a concentration dependent membrane depolarisation, which further supported the antimicrobial mechanistic role. Finally, global changes in gene expression following exposure of P. aeruginosa strain PAO1 to Hexaammineruthenium (III) chloride were explored by RNA sequencing. Genes involved in ribosome function, cofactor biosynthesis and membrane fusion were downregulated, which provided a further insight into the wider mechanisms of antibacterial activity. The research conducted in the present study indicated the potential use of Hexaammineruthenium (III) chloride (and derivatives) as a potential treatment option for chronic wounds infected with P. aeruginosa, which could be applied as either a direct treatment or used within antimicrobial wound care applications

    Genomic investigation of antimicrobial resistant enterococci

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    Enterococcus faecium and Enterococcus faecalis are important causes of healthcare-associated infections in immunocompromised patients. Enterococci thrive in modern healthcare settings, being able to resist killing by a range of antimicrobial agents, persist in the environment, and adapt to changing circumstances. In Scotland, rates of vancomycin resistant E. faecium (VREfm) have risen almost 150% in recent years leaving few treatment options and challenging healthcare delivery. Resistance to the last line agent linezolid has also been detected in E. faecalis. Whole genome sequencing (WGS) allows investigation of the population structure and transmission of microorganisms, and identification of antimicrobial resistance mechanisms. The aim of this thesis was to use WGS to understand the molecular epidemiology of antimicrobial resistant enterococci from human healthcare settings in Scotland. Analysis of some of the earliest identified Scottish linezolid-resistant E. faecalis showed the resistance mechanism, optrA, was present in unrelated lineages and in different genetic elements, suggesting multiple introductions from a larger reservoir. To inform transmission investigations, within-patient diversity of VREfm was explored showing ~30% of patients carried multiple lineages and identifying a within-patient diversity threshold for transmission studies. WGS was then applied to a large nosocomial outbreak of VREfm, highlighting a complex network of related variants across multiple wards. Having examined within-hospital transmission, the role of regional relationships was investigated which showed that VREfm in Scotland is driven by multiple clones transmitted within individual Health Boards with occasional spread between regions. The most common lineage in the national collection (ST203) was estimated to have been present in Scotland since around 2005, highlighting its persistence in the face of increasing infection prevention and control measures. This thesis provides a starting point for genomic surveillance of enterococci in Scotland, and a basis for interventional studies aiming to reduce the burden of enterococcal infections."This work was supported by the Chief Scientist Office (Scotland) [grant number SIRN/10]; the Wellcome Trust [grant numbers 105621/Z/14/Z, 206194]; and the BBSRC [grant number BB/S019669/1]."—Fundin

    Effects of municipal smoke-free ordinances on secondhand smoke exposure in the Republic of Korea

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    ObjectiveTo reduce premature deaths due to secondhand smoke (SHS) exposure among non-smokers, the Republic of Korea (ROK) adopted changes to the National Health Promotion Act, which allowed local governments to enact municipal ordinances to strengthen their authority to designate smoke-free areas and levy penalty fines. In this study, we examined national trends in SHS exposure after the introduction of these municipal ordinances at the city level in 2010.MethodsWe used interrupted time series analysis to assess whether the trends of SHS exposure in the workplace and at home, and the primary cigarette smoking rate changed following the policy adjustment in the national legislation in ROK. Population-standardized data for selected variables were retrieved from a nationally representative survey dataset and used to study the policy action’s effectiveness.ResultsFollowing the change in the legislation, SHS exposure in the workplace reversed course from an increasing (18% per year) trend prior to the introduction of these smoke-free ordinances to a decreasing (−10% per year) trend after adoption and enforcement of these laws (β2 = 0.18, p-value = 0.07; β3 = −0.10, p-value = 0.02). SHS exposure at home (β2 = 0.10, p-value = 0.09; β3 = −0.03, p-value = 0.14) and the primary cigarette smoking rate (β2 = 0.03, p-value = 0.10; β3 = 0.008, p-value = 0.15) showed no significant changes in the sampled period. Although analyses stratified by sex showed that the allowance of municipal ordinances resulted in reduced SHS exposure in the workplace for both males and females, they did not affect the primary cigarette smoking rate as much, especially among females.ConclusionStrengthening the role of local governments by giving them the authority to enact and enforce penalties on SHS exposure violation helped ROK to reduce SHS exposure in the workplace. However, smoking behaviors and related activities seemed to shift to less restrictive areas such as on the streets and in apartment hallways, negating some of the effects due to these ordinances. Future studies should investigate how smoke-free policies beyond public places can further reduce the SHS exposure in ROK

    Protecting the future ‘Us’ : a rhetoric-performative multimodal analysis of the polarising far-right YouTube campaign videos in Finland

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    The far right is active on social media, including YouTube for its outreach, community-building and mainstreaming of radical content. This article compares campaign videos of two distinct Finnish far-right parties. It develops a rhetoric-performative and multimodal analysis of audiovisual material and unveils how the contemporary Finnish far right articulates and performs affectively ‘us’ through counterhegemonic articulation on YouTube with connection to nostalgia, national war myths and misogyny. The analysis widens from the visual to the audio-visual dimension which enables the exploration of the formation of diverse signifiers and affective interpretations. Political actors refer to nationalist ideas in a way that can create and mainstream far-right ideology building on shared myths and even spread violent thoughts. Our analysis highlights the importance of spatial and temporal signifiers in the far-right meaning-making process.© 2023 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. The terms on which this article has been published allow the posting of the Accepted Manuscript in a repository by the author(s) or with their consent.fi=vertaisarvioitu|en=peerReviewed

    Evaluating Architectural Safeguards for Uncertain AI Black-Box Components

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    Although tremendous progress has been made in Artificial Intelligence (AI), it entails new challenges. The growing complexity of learning tasks requires more complex AI components, which increasingly exhibit unreliable behaviour. In this book, we present a model-driven approach to model architectural safeguards for AI components and analyse their effect on the overall system reliability

    Gratitude in Healthcare an interdisciplinary inquiry

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    The expression and reception of gratitude is a significant dimension of interpersonal communication in care-giving relationships. Although there is a growing body of evidence that practising gratitude has health and wellbeing benefits for the giver and receiver, gratitude as a social emotion made in interaction has received comparatively little research attention. To address this gap, this thesis draws on a portfolio of qualitative methods to explore the ways in which gratitude is constituted in care provision in personal, professional, and public discourse. This research is informed by a discursive psychology approach in which gratitude is analysed, not as a morally virtuous character trait, but as a purposeful, performative social action that is mutually co-constructed in interaction.I investigate gratitude through studies that approach it on a meta, meso, macro, and micro level. Key intellectual traditions that underpin research literature on gratitude in healthcare are explored through a metanarrative review. Six underlying metanarratives were identified: social capital; gifts; care ethics; benefits of gratitude; staff wellbeing; and gratitude as an indicator of quality of care. At the meso (institutional) level, a narrative analysis of an archive of letters between patients treated for tuberculosis and hospital almoners positions gratitude as participating in a Maussian gift-exchange ritual in which communal ties are created and consolidated.At the macro (societal) level, a discursive analysis of tweets of gratitude to the National Health Service at the outset of the Covid-19 pandemic shows that attitudes to gratitude were dynamic in response to events, with growing unease about deflecting attention from risk reduction for those working in the health and social care sectors. A follow-up analysis of the clap-for-carers movement implicates gratitude in embodied, symbolic, and imagined performances in debates about care justice. At the micro (interpersonal) level, an analysis of gratitude encounters broadcast in the BBC documentary series, Hospital, uses pragmatics and conversation analysis to argue that gratitude is an emotion made in talk, with the uptake of gratitude opportunities influencing the course of conversational sequencing. The findings challenge the oftenmade distinction between task-oriented and relational conversation in healthcare.Moral economics are paradigmatic in the philosophical conceptualisation of gratitude. My research shows that, although balance-sheet reciprocity characterised the institutional culture of the voluntary hospital, it is hardly ever a feature ofinterpersonal gratitude encounters. Instead, gratitude is accomplished as shared moments of humanity through negotiated encounters infused with affect. Gratitude should never be instrumentalised as compensating for unsafe, inadequatelyrenumerated work. Neither should its potential to enhance healthcare encounters be underestimated. Attention to gratitude can participate in culture change by affirming modes of acting, emoting, relating, expressing, and connecting that intersect with care justice.This thesis speaks to gratitude as a culturally salient indicator of what people express as worthy of appreciation. It calls for these expressions to be more closely attended to, not only as useful feedback that can inform change, but also because gratitude is a resource on which we can draw to enhance and enrich healthcare as a communal, collaborative, cooperative endeavour
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