Public policy and financial stability: the impact of PCA and TARP on U.S. bank non-performing loans

This study explores the implications of Prompt Corrective Action (PCA) and the Troubled Asset Relief Program (TARP) on the behavior of non-performing loans (NPLs) and real estate non-performing loans (RELs) in the U.S. over 1984-2015 using a Markov switching framework. We find that NPLs and RELs exhibit pronounced episodic behavior switching between non-stationary and stationary regimes. PCA and TARP have a significant impact on banking sector stability by influencing the probability of switching from non-stationary regimes to stationary regimes and by reducing the level of NPLs and RELs. These results are robust to various model specifications and have important implications for bank regulation as well as for the formulation of macro stress-testing

Tuning the Thermoelectric Performance of CaMnO3-Based Ceramics by Controlled Exsolution and Microstructuring

The thermoelectric properties of CaMnO3-δ/CaMn2O4 composites were tuned via microstructuring and compositional adjustment. Single-phase rock-salt-structured CaO-MnO materials with Ca:Mn ratios larger than unity were produced in reducing atmosphere and subsequently densified by spark plasma sintering in vacuum. Annealing in air at 1340 °C between 1 and 24 h activated redox-driven exsolution and resulted in a variation in microstructure and CaMnO3-δ materials with 10 and 15 vol % CaMn2O4, respectively. The nature of the CaMnO3-δ/CaMn2O4 grain boundary was analyzed by transmission electron microscopy on short- and long-term annealed samples, and a sharp interface with no secondary phase formation was indicated in both cases. This was further complemented by density functional theory (DFT) calculations, which confirmed that the CaMnO3-δ indeed is a line compound. DFT calculations predict segregation of oxygen vacancies from the bulk of CaMnO3-δ to the interface between CaMnO3-δ and CaMn2O4, resulting in an enhanced electronic conductivity of the CaMnO3-δ phase. Samples with 15 vol % CaMn2O4 annealed for 24 h reached the highest electrical conductivity of 73 S·cm-1 at 900 °C. The lowest thermal conductivity was obtained for composites with 10 vol % CaMn2O4 annealed for 8 h, reaching 0.56 W·m-1K-1 at 700 °C. However, the highest thermoelectric figure-of-merit, zT, was obtained for samples with 15 vol % CaMn2O4 reaching 0.11 at temperatures between 800 and 900 °C, due to the enhanced power factor above 700 °C. This work represents an approach to boost the thermoelectric performance of CaMnO3-δ based composites

Boundary conditions of workplace coaching outcomes

Purpose In order to address the need for greater understanding about the occupational and practice determinants of effective workplace coaching, this study examines the associations of two coaching practice factors (coaching format and external versus internal coaching provision), and coachees’ job complexity with perceived outcomes from coaching. Design/methodology/approach A survey of 161 individuals who had received workplace coaching was conducted. Participants provided data on two outcome criteria (self-reported work well-being and personal effectiveness at work). Findings Analysis indicated that external coaches and blended format coaching were most strongly associated with work well-being outcomes. Our examination of interaction effects showed that coaching provided by external coaches was more strongly associated with outcomes for individuals working in the most complex job roles. Originality/value The original contribution of our findings are in terms of the implications for coaches, managers and HR practitioners by showing how coaching can be implemented differentially and most effectively based on desired outcome criteria and features of coachees’ job situations

Systemic chemotherapy with or without cetuximab in patients with resectable colorectal liver metastasis (New EPOC): long-term results of a multicentre, randomised, controlled, phase 3 trial.

BACKGROUND: The interim analysis of the multicentre New EPOC trial in patients with resectable colorectal liver metastasis showed a significant reduction in progression-free survival in patients allocated to cetuximab plus chemotherapy compared with those given chemotherapy alone. The focus of the present analysis was to assess the effect on overall survival. METHODS: New EPOC was a multicentre, open-label, randomised, controlled, phase 3 trial. Adult patients (aged ≥18 years) with KRAS wild-type (codons 12, 13, and 61) resectable or suboptimally resectable colorectal liver metastases and a WHO performance status of 0-2 were randomly assigned (1:1) to receive chemotherapy with or without cetuximab before and after liver resection. Randomisation was done centrally with minimisation factors of surgical centre, poor prognosis cancer, and previous adjuvant treatment with oxaliplatin. Chemotherapy consisted of oxaliplatin 85 mg/m2 administered intravenously over 2 h, l-folinic acid (175 mg flat dose administered intravenously over 2 h) or d,l-folinic acid (350 mg flat dose administered intravenously over 2 h), and fluorouracil bolus 400 mg/m2 administered intravenously over 5 min, followed by a 46 h infusion of fluorouracil 2400 mg/m2 repeated every 2 weeks (regimen one), or oxaliplatin 130 mg/m2 administered intravenously over 2 h and oral capecitabine 1000 mg/m2 twice daily on days 1-14 repeated every 3 weeks (regimen two). Patients who had received adjuvant oxaliplatin could receive irinotecan 180 mg/m2 intravenously over 30 min with fluorouracil instead of oxaliplatin (regimen three). Cetuximab was given intravenously, 500 mg/m2 every 2 weeks with regimen one and three or a loading dose of 400 mg/m2 followed by a weekly infusion of 250 mg/m2 with regimen two. The primary endpoint of progression-free survival was published previously. Secondary endpoints were overall survival, preoperative response, pathological resection status, and safety. Trial recruitment was halted prematurely on the advice of the Trial Steering Committee on Nov 1, 2012. All analyses (except safety) were done on the intention-to-treat population. Safety analyses included all randomly assigned patients. This trial is registered with ISRCTN, number 22944367. FINDINGS: Between Feb 26, 2007, and Oct 12, 2012, 257 eligible patients were randomly assigned to chemotherapy with cetuximab (n=129) or without cetuximab (n=128). This analysis was carried out 5 years after the last patient was recruited, as defined in the protocol, at a median follow-up of 66·7 months (IQR 58·0-77·5). Median progression-free survival was 22·2 months (95% CI 18·3-26·8) in the chemotherapy alone group and 15·5 months (13·8-19·0) in the chemotherapy plus cetuximab group (hazard ratio [HR] 1·17, 95% CI 0·87-1·56; p=0·304). Median overall survival was 81·0 months (59·6 to not reached) in the chemotherapy alone group and 55·4 months (43·5-71·5) in the chemotherapy plus cetuximab group (HR 1·45, 1·02-2·05; p=0·036). There was no significant difference in the secondary outcomes of preoperative response or pathological resection status between groups. Five deaths might have been treatment-related (one in the chemotherapy alone group and four in the chemotherapy plus cetuximab group). The most common grade 3-4 adverse events reported were: neutrophil count decreased (26 [19%] of 134 in the chemotherapy alone group vs 21 [15%] of 137 in the chemotherapy plus cetuximab group), diarrhoea (13 [10%] vs 14 [10%]), skin rash (one [1%] vs 22 [16%]), thromboembolic events (ten [7%] vs 11 [8%]), lethargy (ten [7%] vs nine [7%]), oral mucositis (three [2%] vs 14 [10%]), vomiting (seven [5%] vs seven [5%]), peripheral neuropathy (eight [6%] vs five [4%]), and pain (six [4%] vs six [4%]). INTERPRETATION: Although the addition of cetuximab to chemotherapy improves the overall survival in some studies in patients with advanced, inoperable metastatic disease, its use in the perioperative setting in patients with operable disease confers a significant disadvantage in terms of overall survival. Cetuximab should not be used in this setting. FUNDING: Cancer Research UK