Towards a new Approach to Regulation and Supervision in the EU: Post-FSAP and Comitology

The aim of this paper is to analyse the progress made in the process of European integration from two points of view: regulation and supervision. We first briefly outline the main steps in the development of the Financial Services Action Plan - FSAP and the process of Comitology, defined by the Committee of Wise Men (Lamfalussy Committee). We then provide an initial evaluation of the new regulatory system, with its merits and flaws: while the definition and completion of the FSAP has been an undoubted success, some aspects still have to be dealt with, several of them with problematical connotations, considered in the Financial Services Agenda 2005-2010 The transposition into national regulations of a complex body of wide-ranging standards is a difficult process in terms of both times and procedures, although the functioning of the Comitology structure has been met with general approval. There is also the problem of a supervisory structure which retains its national basis, but onto which the output generated by the Committees envisaged by the Lamfalussy process is gradually being grafted, possibly leading towards a new framework of controls at a European level.Single Financial Market; FSAP; Lamfalussy Report; Committee of Wise Men; Comitology; Regulation; Supervision; Eu directives; Financial Services Agenda 2005-2010

Insulin resistance predicts rapid virological response in non-diabetic, non-cirrhotic genotype 1 HCV patients treated with peginterferon alpha-2b plus ribavirin: A clarification

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Conditional Correlations in the Returns on Oil Companies Stock Prices and Their Determinants

The identification of the forces that drive stock returns and the dynamics of their associated volatilities is a major concern in empirical economics and finance. This analysis is particularly relevant for determining optimal hedging strategies based on whether shocks to the volatilities of returns of oil companies stock prices, relevant stock market indexes and oil spot and futures prices are high or low, and positively or negatively correlated. This paper investigates the correlations of volatilities in the stock price returns and their determinants for the most important integrated oil companies, namely Bp (BP), Chevron-Texaco (CVX), Eni (ENI), Exxon-Mobil (XOM), Royal Dutch (RD) and Total-Fina Elf (TFE). We measure the actual co-risk in stock returns and their determinants “within” and “between” the different oil companies, using multivariate cointegration techniques in modelling the conditional mean, as well as multivariate GARCH models for the conditional variances. We focus first on the determinants of the market value of each company using the cointegrated VAR/VECM methodology. Then we specifiy the conditional variances of VECM residuals with the Constant Conditional Correlation (CCC) multivariate GARCH model of Bollerslev (1990) and the Dynamic Conditional Correlation (DCC) multivariate GARCH model of Engle (2002). The “within” and “between” DCC indicate low to high/extreme interdependence between the volatilities of companies’ stock returns and the relevant stock market indexes or Brent oil prices.Constant conditional correlations, Dynamic conditional correlations, Multivariate GARCH models, Stock price indexes, Brent oil prices, Spot and futures prices, Multivariate cointegration, VECM

Complexity in dislocation dynamics: model

We propose a numerical model to study the viscoplastic deformation of ice single crystals. We consider long-range elastic interactions among dislocations, the possibility of mutual annihilation, and a multiplication mechanism representing the activation of Frank-Read sources due to dislocation pinning. The overdamped equations of motion for a collection of dislocations are integrated numerically using different externally applied stresses. Using this approach we analyze the avalanche-like rearrangements of dislocations during the dynamic evolution. We observe a power law distribution of avalanche sizes which we compare with acoustic emission experiments in ice single crystals under creep deformation. We emphasize the connections of our model with non-equilibrium phase transitions and critical phenomena

Modelling sustainable human development in a capability perspective

In this paper we model sustainable human development as intended in Sen's capability approach in a system dynamic framework. Our purpose is to verify the variations over time of some achieved functionings, due to structural dynamics and to variations of the institutional setting and instrumental freedoms (IF Vortex). The model is composed of two sections. The 'Left Side' one points out the 'demand' for functionings in an ideal world situation. The real world one, on the 'Right Side' indicates the 'supply' of functionings that the socio-economic system is able to provide individuals with. The general model, specifically tailored for Italy, can be simulated over desired time horizons: for each time period, we carry out a comparison between ideal world and real world functionings. On the basis of their distances, the model simulates some responses of decision makers. These responses, in turn influenced by institutions and instrumental freedoms, ultimately affect the dynamics of real world functionings, i.e. of sustainable human development.Functionings, Capabilities, Institutions, Instrumental Freedoms, Sustainable Human Development

Free-Form Design of Rotor Blades

This work investigates an integrated free-form approach for the design of rotor blades, where airfoil shapes are treated as unknowns. This leads to the simultaneous optimization of the chord, twist and structural design variables, together with the airfoil shapes along the blade. As airfoils are automatically tailored to the evolution of the blade, this process results in a better exploration of the solution space and relieves the user from the burden of up-front choices, leading to better final designs. The proposed approach is demonstrated by sizing a 2 MW wind turbine blade

Operationalising Senian capability approach by modelling human development

Abstract: In this paper we model sustainable human development as intended in Sen’s capability approach in a system dynamic framework. Our purpose is to verify the variations over time of some achieved functionings, due to structural dynamics and to variations of the institutional setting and instrumental freedoms (IF Vortex). The model is composed of two sections. The ‘Left Side’ one points out the ‘demand’ for functionings in an ideal world situation. The real world one, on the ‘Right Side’ indicates the ‘supply’ of functionings that the socio-economic system is able to provide individuals with. The general model, specifically tailored for Italy, can be simulated over desired time horizons: for each time period, we carry out a comparison between ideal world and real world functionings. On the basis of their distances, the model simulates some responses of decision makers. These responses, in turn influenced by institutions and instrumental freedoms, ultimately affect the dynamics of real world functionings, i.e. of sustainable human development.Capabilities; Instrumental Freedoms; Sustainable Human Development

Choice of three different intramedullary nails in the treatment of trochanteric fractures: outcome, analysis and consideration in midterm

paragone di 3 differenti impianti per frattura pertrocanterica femoreThe purpose of this study is to compare the results obtained using three different systems of osteosynthesis, developed for the surgical treatment of fractures of the trochanteric region of the femur, based on the principle intramedullary nailing: the Gamma nail, the Affixus nail and the ZNN nail. This is a retrospective study: 72 trochanteric fractures treated with the Gamma nail, 68 treated with the Affixus nail and 69 treated with the ZNN nail, between the years 2012 and 2014, with the prerequisite of a minimum follow-up of 18 months. The fractures were classified according to the AO system; the most commonly reported subtype was the A2 fracture. Clinical and radiographic examinations were performed, both at hospital admission and post-operatively, at 1, 3, 6, 12 and 18 months. Of the 209 patients, 171 were women and 38 were men. The average age was 83.12 years old. All three systems guaranteed an early mobilization and ambulation in most of the patients. There were no significant differences in the use of the three nails in terms of recovery of previous functional capacity, or in terms of the time required for the fracture to heal. There were no advantages encountered with the use of one intramedullary nail over another and, in particular, when observing the complications and patient outcome, there were no statistically significant differences detected