Do multinational banks create or destroy shareholder value? A cross-country analysis

We question whether the international diversification of multinational banks creates or destroys shareholder value. Based on a sample of 384 listed banks from 56 countries we provide new and robust evidence that bank cross-border activities create shareholder value, as shown by an economically and statistically significant premium for international diversification. Our results are confirmed controlling for bank fixed effects, time-varying bank characteristics, reverse causality, functional diversification, and instrumenting for the choice to expand abroad. The increase in shareholder value is slightly larger for banks in the middle range of international diversification and in the case of expansion towards less developed countries.info:eu-repo/semantics/acceptedVersio

Estudio del esfuerzo de rodadura en tractores articulados (4WD) y de tracción delantera asistida (FWA)

p.221-229En el autotransporte del tractor se producen tros tipos de pérdidas de transmisión, pérdidas por rodadura y pérdida por patinaje. Las pérdidas por transmisión conciernen al diseño de la misma, las pérdidas por patinaje y rodadura son las que más preocupan al productor (FWA y 4WD) comunes a nuestro mercado agrícola, sobre estas condiciones de suelo diferentes, suelo arado, cama de siembra y siembra directa. Los parámetros evaluados fueron: esfuerzos de rodadura fueron contrastados con las fórmulas de predicción de Wismer y Luth y de MCallister. Las conclusiones obtenidas fueron 1) La potencia pérdida en rodadura se incrementó en suelos de baja capacidad portante; 2) Para predecir esfuerzo de rodadura en tractores (FWA y 4WD) cuando transitan sobre suelos arados se puede utilizar la ecuación de predicción de Wismer y Luth; 3) El porcentaje de potencia del motor pérdida por rodadura fue mayor para el tractor FWA cuando transitó sobre suelos de baja capacidad portante, 4) La menor relación potencia pérdida en rodadura 7 potencia motor fue mejor para el 4 WD en suelo cama de siembra y suelo arado, no así en siembra directa y 5) Se encontró, sobre los suelos blandos, una relación directa entre profundidad de huella y el peso del tractor que lo transitó

POS0724 GENDER DIFFERENCES IN THROMBOTIC PRIMARY ANTIPHOSPHOLIPID SYNDROME IN A LARGE COHORT OF PATIENTS FROM FOUR EUROPEAN CENTERS

Background:Autoimmune diseases occur more frequently in females and their course and severity can be affected by gender. Antiphospholipid syndrome (APS) is a systemic autoimmune disorder in which antiphospholipid antibodies (aPL) exert a pathogenic role resulting in vascular thrombosis and/or pregnancy morbidities. Data about gender differences in thrombotic APS (t-APS) are still scarce1,2.Objectives:To evaluate the differences in frequency, disease expression and severity between females and males affected by primary t-APS.Methods:Retrospective study enrolling subjects with a formal diagnosis of primary APS (Miyakis 2006) with vascular thrombosis at onset. Women who presented with obstetric events as first aPL-related manifestation were excluded. All the patients were followed from 1967 to 2019 in four European centers: three French centers and one Italian center.Results:The study included 433 patients (68% females, 32% males). Median age at t-APS onset [31 (24-46) vs 41 (29-53) years, p<0.001] and at diagnosis [34 (27-50) vs 46 (34-57) years, p<0.001] was significantly lower in females.The most common presenting manifestations were venous thrombosis (60%) followed by arterial events (37%) and catastrophic APS (3%). Venous events were more frequent in women as compared to men (64% vs 51% p:0.012 OR:1.7 [1.1-2.5]). Sites of venous thrombosis included: limbs (35%), pulmonary (17%), cerebral (3%), portal and inferior cava (2%) and retinal (1%) veins, without gender differences. The arterial events were more frequent among men (43% vs 34% p:0.053). Strokes (27%) and myocardial infarctions (4%) were the most frequent manifestations, followed by thrombosis of limbs (2%), retina (2%) and abdominal organs (1%). Noteworthy, only men presented with visceral ischemia.During the follow-up, new thrombosis occurred in 41% of patients (179/433). 33% out of them had at least two episodes and these occurred especially among males (22% vs 10% p:0.001 OR:2.5 [1.3-4.8]). New events were mostly of the same type, but ⅓ of patients presented a switch from venous to arterial side and viceversa, with no gender differences.Complete aPL profile was available in 357 subjects: 33% had single aPL positivity, 24% double positivity and 43% triple positivity, with no differences between women and men. About 80% of the patients had a concomitant risk factor (RF) for thrombosis. Established cardiovascular RFs were more represented among men as shown in table 1. In women, estrogenic exposure was the main RFs, present in almost 40% of them.Table 1.MALESn= 137FEMALESn= 296POR [IC 95%]Traditional cardiovascular RFs, n (%)Smoke66 (48)81 (27)<0.0012.5 [1.6-3.8]Arterial hypertension59 (43)75 (25)<0.0012.2 [1.5-3.4]Dyslipidemia52 (38)72 (24)0.0041.9 [1.2-2.9]Diabetes16 (12)15 (5)0.0142.5 [1.8-5.1]Obesity13 (10)38 (13)nsOther thrombophilic factors, n (%)Estrogenic stimuli*0116 (39)-Trauma / surgery / immobilization21 (15)32 (11)nsCongenital thrombophilia9/94 (10)33/204 (16)nsData were compared using contingency tables, p value was calculated with Chi-Squared or Fisher exact test. *= hormonal therapy, pregnancy, post-partumConclusion:This gender-oriented analysis of patients with primary t-APS showed that women had the first vascular event at a younger age and mostly on the venous side, while men presented mainly with arterial events, later in life and suffered from more recurrent events. No differences were observed in the distribution of the aPL profile. The different frequency of arterial and venous events in the two groups could be attributed mainly to the presence of additional RFs rather than to biological gender-specific issues. However, it should be underlined that some RFs, such as the use of estrogens or classic cardiovascular RFs, are exclusive or more represented in one gender rather than the other, making it difficult to assess the link of causality between gender and manifestations of t-APS.References:[1]JF de Carvalho. Rheumatol Int. 2011.[2]LJ Jara. Lupus. 2005.Disclosure of Interests:None declare

Security of data science and data science for security

In this chapter, we present a brief overview of important topics regarding the connection of data science and security. In the first part, we focus on the security of data science and discuss a selection of security aspects that data scientists should consider to make their services and products more secure. In the second part about security for data science, we switch sides and present some applications where data science plays a critical role in pushing the state-of-the-art in securing information systems. This includes a detailed look at the potential and challenges of applying machine learning to the problem of detecting obfuscated JavaScripts

Credit constraints and exports of SMEs in emerging and developing countries

We study the relationship between credit constraints and exports using a large and heterogeneous sample of small- and medium-sized firms from 65 emerging and developing countries between 2003 and 2014. We measure credit constraints by means of each firm’s self-assessment of whether it is credit-rationed, and we follow an instrumental variable approach that uses firm-level instruments to address the potential endogeneity of credit constraints with respect to export performance. We find robust evidence of a negative, statistically and economically significant effect of financial constraints on both the probability that a firm exports (the extensive margin) and the share of exports over total sales (the intensive margin). The impact on both margins of exports is stronger for small and young firms, and for those operating in countries where the financial system, the quality of institutions, and the overall level of economic freedom are less developed

The exchange rate, employment and hours: What firm-level data say

Using a representative panel of manufacturing firms, we estimate the response of job and hours worked t