The interaction between equity and credit risks

Equity and debt are two distinct classes of securities in terms of investing risks and potential return, but their value depends on the same underlying assets of the firm and therefore the risk-return tradeoff of each security should be systematically related. Following a review of the principal theoretical approaches to the measurement of equity and credit risks, this thesis utilizes a sample of matched firm-level equity and corporate bond data to examine three aspects of risk interaction. First, it investigates the importance of idiosyncratic and systematic equity risks in determining the credit spread on corporate bonds. Second, the thesis investigates how equity and credit risks themselves impact upon the correlation between equity and bond returns. Finally, the thesis examines whether the credit sensitive information contained within financial accounting data is fully reflected in equity prices. The empirical approach adopted in this thesis is to relate the credit spread and the conditional correlation between equity and bond returns with both equity and credit risk indicators and financial accounting variables. This methodological approach enables an extension of the existing literature on several dimensions, leading to a number of empirical results which have important theoretical and practical implications for the integrated management of equity and credit risks. Consistent with existing empirical studies, equity and credit risks are found to exert a positive impact upon the credit spread. Surprisingly, equity volatility is found to significantly outperform the distance to default in terms of explanatory power. Further, the impact of equity volatility increases monotonically as the distance to default narrows. The conditional correlation between equity and bond returns is found on average to be positive and to vary over time, peaking during the 2007 financial crisis. Finally, an increase in credit risk has a positive impact upon the correlation while an increase in equity risk is found to strengthen the correlation only if the firm’s credit risk is high.EThOS - Electronic Theses Online ServiceGBUnited Kingdo

Social integration and system integration: Reconsidering the classical distinction

Accepted versio

Analysis of sex and gender-specific research reveals a common increase in publications and marked differences between disciplines

Oertelt-Prigione S, Parol R, Krohn S, Preißner R, Regitz-Zagrosek V. Analysis of sex and gender-specific research reveals a common increase in publications and marked differences between disciplines. BMC Medicine. 2010;8(1): 70.© 2010 Oertelt-Prigione et al; licensee BioMed Central Ltd. This is an Open Access article distributed under the terms of the CreativeCommons Attribution License (http://creativecommons.org/licenses/by/2.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

Governance von Arbeit im deutschen Erwerbssystem: Alte, neue oder keine Normalitäten?

Seit dem Ende der Industriegesellschaft lastet auf Unternehmen, Arbeitsmärkten, Sozialversicherungssystemen, Arbeits- und Beschäftigungsbedingungen in Deutschland ein anhaltend starker Veränderungsdruck; sie werden in hohem Tempo reformiert, modernisiert und 'umgebaut'. Die Organisation von Arbeit wird verstärkt an die Erfordernisse der Märkte angepasst, neue Segmente prekärer Beschäftigung entstehen, aber gleichzeitig wachsen in vielen Bereichen auch die Handlungsspielräume und die Ansprüche der ArbeitnehmerInnen. Der Beitrag analysiert den Wandel insbesondere unter dem Gesichtspunkt von institutionellen Reformprozessen und den darauf bezogenen Reaktionen gesellschaftlicher Akteure. In Anlehnung an institutionentheoretische Konzepte werden für das deutsche Erwerbssystem vor allem unzureichende institutionelle Anpassungen an gesellschaftlichen Wandel (Drift) und Anlagerungen 'neuer' an bestehende Institutionen (Layering) diagnostiziert; gemeinsam fügen sich diese Muster in eine Dynamik der Dezentralisierung von Regulierungs- und Entscheidungskompetenzen. Die reflexiven Reaktionen kollektiver und individueller Akteure wirken sich in Prozessen der Einkapselung traditioneller Beschäftigungsmuster, der Re-Organisation von Machtkonstellationen oder der Kompensation zusätzlicher Belastungen aus. Die sozialen Konsequenzen folgen einer Logik der bipolaren Heterogenisierung, d.h. neben dem fortbestehenden, aber schrumpfenden Kern der Erwerbsbevölkerung, dessen Lebenszusammenhänge weiterhin durch Normalarbeitsverhältnis, Normalfamilie und Normalbiographie bestimmt sind, entwickelt sich eine wachsende Divergenz von einerseits privilegierten, andererseits prekarisierten Lebensverhältnissen. Die Verteilung auf diese verschiedenen Segmente scheint dabei vor allem vom Bildungsstatus und der Familienform abzuhängen.Since the end of the industrial era, a pressure to change weighs heavily on companies, labour markets, social systems, working and employment conditions. The German system of labour organization and regulation experiences a lasting sequence of rapid reforms and modernisations. Labour organization becomes increasingly adopted to the requirements of labour markets, and new segments of precarious employment emerge. At the same time, the scope of action and the claims of many employees are expanding. These processes are examined under the aspect of institutional change and resulting reactions of different actors. Firstly, the dynamics of the german labour system are characterized by either insufficient adjustment to societal changes or by appending some new elements to traditional institutions. Both of these processes blend in to the decentralisation of competences and liability for decision making and regulation. Secondly, reflexive reactions of collective and individual actors result in encapsulation of segments of traditional employment, in an ongoing reconfiguration of power relations or in a compensation of additional risks and burdens. The social consequences of these changes in the labour system, thirdly, generate a tendency towards a bipolar heterogeneity: Beyond the persisting, but shrinking, segment of groups with employment patterns characterized by 'traditional normality', the labour system brings about an increasing divergence of privileged on the one hand and precarious living conditions on the other hand. The allocation of individuals to these segments by the mechanisms of the labour system seems to depend mainly on the educational status and the family constellation

Low serum creatinine is associated with type 2 diabetes in morbidly obese women and men: a cross-sectional study

<p>Abstract</p> <p>Background</p> <p>Low skeletal muscle mass is associated with insulin resistance and metabolic syndrome. Serum creatinine may serve as a surrogate marker of muscle mass, and a possible relationship between low serum creatinine and type 2 diabetes has recently been demonstrated. We aimed to validate this finding in a population of Caucasian morbidly obese subjects.</p> <p>Methods</p> <p>Cross-sectional study of 1,017 consecutive morbidly obese patients with an estimated glomerular filtration rate >60 ml/min/1.73 m². Logistic regression (univariate and multiple) was used to assess the association between serum creatinine and prevalent type 2 diabetes, including statistically testing for the possibility of non-linearity in the relationship by implementation of Generalized Additive Models (GAM) and piecewise linear regression. Possible confounding variables such as age, family history of diabetes, waist-to-hip ratio, hypertension, current smoking, serum magnesium, albuminuria and insulin resistance (log HOMA-IR) were adjusted for in three separate multiple logistic regression models.</p> <p>Results</p> <p>The unadjusted GAM analysis suggested a piecewise linear relationship between serum creatinine and diabetes. Each 1 μmol/l increase in serum creatinine was associated with 6% (95% CI; 3%-8%) and 7% (95% CI; 2%-13%) lower odds of diabetes below serum creatinine levels of 69 and 72 μmol/l in women and men, respectively. Above these breakpoints the serum creatinine concentrations did not reduce the odds further. Adjustments for non-modifiable and modifiable risk factors left the piecewise effect for both women and men largely unchanged. In the fully adjusted model, which includes serum magnesium, albuminuria and log HOMA-IR, the piecewise effect for men was statistically non-significant, but it remained present for women. Patients with creatinine levels below median had approximately 50% (women) and 75% (men) increased odds of diabetes.</p> <p>Conclusions</p> <p>Low serum creatinine is a predictor of type 2 diabetes in Caucasian morbidly obese patients, independent of age, gender, family history of diabetes, anthropometric measures, hypertension, and current smoking. Longitudinal studies of both obese and non-obese populations are needed to investigate whether serum creatinine may be causally linked with type 2 diabetes, and if so, precisely how they are linked.</p

Alcohol consumption and carotid artery structure in Korean adults aged 50 years and older

<p>Abstract</p> <p>Background</p> <p>Epidemiologic studies of the association between alcohol consumption and carotid artery structure have reported conflicting results. We investigated the association between alcohol consumption and carotid atherosclerosis by evaluating the effects of alcohol intake on carotid artery enlargement.</p> <p>Methods</p> <p>The study population consisted of 4302 community-dwelling Koreans (1577 men and 2725 women) aged 50 years and over. All the subjects had participated in the baseline survey of the Dong-gu Study conducted between 2007 and 2008. Daily alcohol consumption was determined by the number and frequency of alcoholic beverages consumed. We measured common carotid artery intima-media thickness (CCA-IMT), common carotid and bulb IMT (CB-IMT), carotid plaques, and the diameter of the common carotid artery (CCA-diameter) using high-resolution B-mode ultrasonography. We used analysis of covariance and multiple logistic regressions to determine the relationship between alcohol consumption and carotid artery parameters.</p> <p>Results</p> <p>CCA-IMT and CB-IMT were negatively correlated with alcohol consumption after controlling for cardiovascular risk factors in men (<it>p </it>for linear trend = 0.009 and = 0.038, respectively). The multivariate-adjusted odds ratio (OR) for carotid plaques was significantly higher in men who consumed >40.0 g/d (OR = 1.81, 95% CI = 1.13-2.91), although a significant positive correlation was observed between alcohol consumption and carotid plaques (<it>p </it>for linear trend = 0.027). Neither carotid IMT nor carotid plaques were correlated with alcohol intake in women. Alcohol intake was positively correlated with CCA-diameter adjusted for carotid IMT and plaques in the multivariate-adjusted model in both sexes (<it>p </it>for linear trend <0.001 for men and 0.020 for women).</p> <p>Conclusion</p> <p>The results of our study indicate that alcohol consumption is inversely related to carotid IMT and positively related to carotid plaques in men, but not women. However, alcohol intake is positively associated with CCA-diameter in both men and women. Additional large population-based prospective studies are needed to confirm the effects of alcohol consumption on carotid artery structure.</p

An evaluation of 9-1-1 calls to assess the effectiveness of dispatch-assisted cardiopulmonary resuscitation (CPR) instructions: design and methodology

<p>Abstract</p> <p>Background</p> <p>Cardiac arrest is the leading cause of mortality in Canada, and the overall survival rate for out-of-hospital cardiac arrest rarely exceeds 5%. Bystander cardiopulmonary resuscitation (CPR) has been shown to increase survival for cardiac arrest victims. However, bystander CPR rates remain low in Canada, rarely exceeding 15%, despite various attempts to improve them. Dispatch-assisted CPR instructions have the potential to improve rates of bystander CPR and many Canadian urban communities now offer instructions to callers reporting a victim in cardiac arrest. Dispatch-assisted CPR instructions are recommended by the International Guidelines on Emergency Cardiovascular Care, but their ability to improve cardiac arrest survival remains unclear.</p> <p>Methods/Design</p> <p>The overall goal of this study is to better understand the factors leading to successful dispatch-assisted CPR instructions and to ultimately save the lives of more cardiac arrest patients. The study will utilize a before-after, prospective cohort design to specifically: 1) Determine the ability of 9-1-1 dispatchers to correctly diagnose cardiac arrest; 2) Quantify the frequency and impact of perceived agonal breathing on cardiac arrest diagnosis; 3) Measure the frequency with which dispatch-assisted CPR instructions can be successfully completed; and 4) Measure the impact of dispatch-assisted CPR instructions on bystander CPR and survival rates.</p> <p>The study will be conducted in 19 urban communities in Ontario, Canada. All 9-1-1 calls occurring in the study communities reporting out-of-hospital cardiac arrest in victims 16 years of age or older for which resuscitation was attempted will be eligible. Information will be obtained from 9-1-1 call recordings, paramedic patient care reports, base hospital records, fire medical records and hospital medical records. Victim, caller and system characteristics will be measured in the study communities before the introduction of dispatch-assisted CPR instructions (before group), during the introduction (run-in phase), and following the introduction (after group).</p> <p>Discussion</p> <p>The study will obtain information essential to the development of clinical trials that will test a variety of educational approaches and delivery methods for telephone cardiopulmonary resuscitation instructions. This will be the first study in the world to clearly quantify the impact of dispatch-assisted CPR instructions on survival to hospital discharge for out-of-hospital cardiac arrest victims.</p> <p>Trial Registration</p> <p>ClinicalTrials.gov NCT00664443</p

Liposomes in Biology and Medicine

Drug delivery systems (DDS) have become important tools for the specific delivery of a large number of drug molecules. Since their discovery in the 1960s liposomes were recognized as models to study biological membranes and as versatile DDS of both hydrophilic and lipophilic molecules. Liposomes--nanosized unilamellar phospholipid bilayer vesicles--undoubtedly represent the most extensively studied and advanced drug delivery vehicles. After a long period of research and development efforts, liposome-formulated drugs have now entered the clinics to treat cancer and systemic or local fungal infections, mainly because they are biologically inert and biocompatible and practically do not cause unwanted toxic or antigenic reactions. A novel, up-coming and promising therapy approach for the treatment of solid tumors is the depletion of macrophages, particularly tumor associated macrophages with bisphosphonate-containing liposomes. In the advent of the use of genetic material as therapeutic molecules the development of delivery systems to target such novel drug molecules to cells or to target organs becomes increasingly important. Liposomes, in particular lipid-DNA complexes termed lipoplexes, compete successfully with viral gene transfection systems in this field of application. Future DDS will mostly be based on protein, peptide and DNA therapeutics and their next generation analogs and derivatives. Due to their versatility and vast body of known properties liposome-based formulations will continue to occupy a leading role among the large selection of emerging DDS

Molecular targets for anticancer redox chemotherapy and cisplatin-induced ototoxicity: the role of curcumin on pSTAT3 and Nrf-2 signalling

In oncology, an emerging paradigm emphasises molecularly targeted approaches for cancer prevention and therapy and the use of adjuvant chemotherapeutics to overcome cisplatin limitations. Owing to their safe use, some polyphenols, such as curcumin, modulate important pathways or molecular targets in cancers. This paper focuses on curcumin as an adjuvant molecule to cisplatin by analysing its potential implications on the molecular targets, signal transducer and activator of transcription 3 (STAT3) and NF-E2 p45-related factor 2 (Nrf-2), in tumour progression and cisplatin resistance in vitro and the adverse effect ototoxicity in vivo

Curcuminoid Binding to Embryonal Carcinoma Cells: Reductive Metabolism, Induction of Apoptosis, Senescence, and Inhibition of Cell Proliferation

Curcumin preparations typically contain a mixture of polyphenols, collectively referred to as curcuminoids. In addition to the primary component curcumin, they also contain smaller amounts of the co-extracted derivatives demethoxycurcumin and bisdemethoxycurcumin. Curcuminoids can be differentially solubilized in serum, which allows for the systematic analysis of concentration-dependent cellular binding, biological effects, and metabolism. Technical grade curcumin was solubilized in fetal calf serum by two alternative methods yielding saturated preparations containing either predominantly curcumin (60%) or bisdemethoxycurcumin (55%). Continual exposure of NT2/D1 cells for 4–6 days to either preparation in cell culture media reduced cell division (1–5 µM), induced senescence (6–7 µM) or comprehensive cell death (8–10 µM) in a concentration-dependent manner. Some of these effects could also be elicited in cells transiently exposed to higher concentrations of curcuminoids (47 µM) for 0.5–4 h. Curcuminoids induced apoptosis by generalized activation of caspases but without nucleosomal fragmentation. The equilibrium binding of serum-solubilized curcuminoids to NT2/D1 cells incubated with increasing amounts of curcuminoid-saturated serum occurred with apparent overall dissociation constants in the 6–10 µM range. However, the presence of excess free serum decreased cellular binding in a hyperbolic manner. Cellular binding was overwhelmingly associated with membrane fractions and bound curcuminoids were metabolized in NT2/D1 cells via a previously unidentified reduction pathway. Both the binding affinities for curcuminoids and their reductive metabolic pathways varied in other cell lines. These results suggest that curcuminoids interact with cellular binding sites, thereby activating signal transduction pathways that initiate a variety of biological responses. The dose-dependent effects of these responses further imply that distinct cellular pathways are sequentially activated and that this activation is dependent on the affinity of curcuminoids for the respective binding sites. Defined serum-solubilized curcuminoids used in cell culture media are thus suitable for further investigating the differential activation of signal transduction pathways