The interplay between financial regulations, resilience, and growth

Interconnectedness has been an important source of market failures, leading to the recent financial crisis. Large financial institutions tend to have similar exposures and thus exert externalities on each other through various mechanisms. Regulators have responded by putting in place more regulations with many layers of regulatory complexity, leading to ambiguity and market manipulation. Mispricing risk in complex models and the arbitrage opportunities through the regulatory loopholes have provided incentives for certain activities to be more concentrated in the regulated entities and for other activities to leave the banking into new shadow banking areas. How can we design an effective regulatory framework that would perfectly rule out bank runs and TBTF and to do so without introducing incentives for financial firms to take excessive risk? It is important for financial regulations to be coordinated across regulatory entities and jurisdictions and for financial regulations to be forward looking, rather than aiming to address problems of the past

Government guarantees and financial stability

Banks are intrinsically fragile because of their role as liquidity providers. This results in under-provision of liquidity. We analyze the effect of government guarantees on the interconnection between banks' liquidity creation and likelihood of runs in a global-game model, where banks' and depositors' behavior are endogenous and affected by the amount and form of guarantee. The main insight of our analysis is that guarantees are welfare improving because they induce banks to improve liquidity provision, although that sometimes increases the likelihood of runs or creates distortions in banks' behavior

The role of mentorship in protege performance

The role of mentorship on protege performance is a matter of importance to academic, business, and governmental organizations. While the benefits of mentorship for proteges, mentors and their organizations are apparent, the extent to which proteges mimic their mentors' career choices and acquire their mentorship skills is unclear. Here, we investigate one aspect of mentor emulation by studying mentorship fecundity---the number of proteges a mentor trains---with data from the Mathematics Genealogy Project, which tracks the mentorship record of thousands of mathematicians over several centuries. We demonstrate that fecundity among academic mathematicians is correlated with other measures of academic success. We also find that the average fecundity of mentors remains stable over 60 years of recorded mentorship. We further uncover three significant correlations in mentorship fecundity. First, mentors with small mentorship fecundity train proteges that go on to have a 37% larger than expected mentorship fecundity. Second, in the first third of their career, mentors with large fecundity train proteges that go on to have a 29% larger than expected fecundity. Finally, in the last third of their career, mentors with large fecundity train proteges that go on to have a 31% smaller than expected fecundity.Comment: 23 pages double-spaced, 4 figure

Traumatismes fermés et pénétrants de l’abdomen: Analyse rétrospective sur 175 cas et revue de la littérature

Les traumatismes abdominaux sont relativement fréquents mais graves dans les pays en développement. Le but de cette étude était de décrire lesaspects épidémiologiques, diagnostiques, thérapeutiques et évolutifs des contusions et plaies pénétrantes de l'abdomen prises en charge dans unpays à faibles ressources. Patients et méthodes : Il s'agissait d'une étude rétrospective et descriptive de 2 ans (2011-2012) ayant colligé 175 casde traumatisés abdominaux au CHU-JRA Tananarive Madagascar. Parmi ces blessés (144 hommes et 31 femmes), il existait 122 vivants (69,7%) et 53 décès (30,3%) avant tout geste thérapeutique hospitalier. Les étiologies étaient dominées par les accidents à responsabilité civile  (52,5%) et de la voie publique (38,5%). Les contusions et plaies pénétrantes représentaient respectivement 41,8% et 58,2%. Parmi les blessés vivants, 112 ont été opérés (91,8%). L'évolution hospitalière était favorable dans 94,3%. Quatre patients avaient des suites opératoires compliquées (3,6%). Sept patients étaient décédés (5,7%). Parmi les décès préhospitaliers, nous avons observé 73,6% de polytraumatisme (n=39) et 26,4% de traumatismes abdominaux isolés (n=14). A l'autopsie, les lésions abdominales étaient hémorragiques dans 94,3% incluant des plaies vasculaires rétropéritonéales, des ruptures hépatospléniques et des traumatismes graves du bassin. En situation précaire, les traumatismes abdominaux ont une mortalité préhospitalière assez importante. A  l'hôpital, l'évolution était généralement favorable au prix d'un acte  opératoire invasif

Quinupristin/dalfopristin in Staphylococcus aureus endophthalmitis: a case report

<p>Abstract</p> <p>Introduction</p> <p>The intravitreal injection of antibiotics remains the mainstay of therapy for postoperative endophthalmitis. Bacterial resistance, however, is still a pitfall in achieving an adequate response to treatment. Quinupristin/dalfopristin might be a feasible therapeutic option in these cases.</p> <p>Case presentation</p> <p>A 55-year-old Hispanic man had endophthalmitis secondary to <it>Staphylococcus aureus </it>in his right eye and was treated with intravitreal 0.4 mg/0.1 ml quinupristin/dalfopristin injection. Inflammation and pain remission were observed at four days after injection. The final best-corrected visual acuity was 20/40.</p> <p>Conclusion</p> <p>Although vancomycin remains the first-line intravitreal antibiotic therapy against infectious endophthalmitis caused by Gram-positive bacteria, quinupristin/dalfopristin exhibits similar efficacy and is theoretically more active against vancomycin-resistant strains, with no apparent retinal toxicity.</p

Epigenomic and transcriptomic signatures of a Klinefelter syndrome (47,XXY) karyotype in the brain

Klinefelter syndrome (KS) is the most common sex-chromosome aneuploidy in humans. Most affected individuals carry one extra X-chromosome (47,XXY karyotype) and the condition presents with a heterogeneous mix of reproductive, physical and psychiatric phenotypes. Although the mechanism(s) by which the supernumerary X-chromosome determines these features of KS are poorly understood, skewed X-chromosome inactivation (XCI), gene-dosage dysregulation, and the parental origin of the extra X-chromosome have all been implicated, suggesting an important role for epigenetic processes. We assessed genomic, methylomic and transcriptomic variation in matched prefrontal cortex and cerebellum samples identifying an individual with a 47,XXY karyotype who was comorbid for schizophrenia and had a notably reduced cerebellum mass compared with other individuals in the study (n = 49). We examined methylomic and transcriptomic differences in this individual relative to female and male samples with 46,XX or 46,XY karyotypes, respectively, and identified numerous locus-specific differences in DNA methylation and gene expression, with many differences being autosomal and tissue-specific. Furthermore, global DNA methylation, assessed via the interrogation of LINE-1 and Alu repetitive elements, was significantly altered in the 47,XXY patient in a tissue-specific manner with extreme hypomethylation detected in the prefrontal cortex and extreme hypermethylation in the cerebellum. This study provides the first detailed molecular characterization of the prefrontal cortex and cerebellum from an individual with a 47,XXY karyotype, identifying widespread tissue-specific epigenomic and transcriptomic alterations in the brain. © 2014 Landes Bioscience

Exploring sex differences in attitudes towards the descriptive and substantive representation of women

This article unpacks the rationales that might be behind individual-level support for the idea that there ought to be more women present in political institutions. We outline two distinct rationales: the substantive position that sees an increase in women’s descriptive representation as important in bringing about a subsequent improvement in women’s substantive representation, or the justice-plus position that sees an increase in the descriptive representation of women as important for reasons of justice or other symbolic benefits. We find that women are more likely than men to support an increase in descriptive representation and that women are more likely to hold both the view that an increase in descriptive representation was desirable and that such an increase would improve the representation of women’s political interests. Men are found to be more likely to support an increase in descriptive representation but not relate descriptive representation to substantive representation in any way: the justice-plus rationale

Five supernova survey galaxies in the southern hemisphere. I. Optical and near-infrared database

The determination of the supernova (SN) rate is based not only on the number of detected events, but also on the properties of the parent galaxy population. This is the first paper of a series aimed at obtaining new, refined, SN rates from a set of five SN surveys, by making use of a joint analysis of near-infrared (NIR) data. We describe the properties of the 3838 galaxies that were monitored for SNe events, including newly determined morphologies and their DENIS and POSS-II/UKST I, 2MASS and DENIS J and Ks and 2MASS H magnitudes. We have compared 2MASS, DENIS and POSS-II/UKST IJK magnitudes in order to find possible systematic photometric shifts in the measurements. The DENIS and POSS-II/UKST I band magnitudes show large discrepancies (mean absolute difference of 0.4 mag), mostly due to different spectral responses of the two instruments, with an important contribution (0.33 mag rms) from the large uncertainties in the photometric calibration of the POSS-II and UKST photographic plates. In the other wavebands, the limiting near infrared magnitude, morphology and inclination of the galaxies are the most influential factors which affect the determination of photometry of the galaxies. Nevertheless, no significant systematic differences have been found between of any pair of NIR magnitude measurements, except for a few percent of galaxies showing large discrepancies. This allows us to combine DENIS and 2MASS data for the J and Ks filters.Comment: 17 pages, 3 figures, 5 tables, published in Astrophysics, Vol. 52, No. 1, 2009 (English translation of Astrofizika

Group Incentives and Rational Voting

Our model describes competition between groups driven by the choices of self-interested voters within groups. Within a Poisson voting environment, parties observe aggregate support from groups and can allocate prizes or punishments to them. In a tournament style analysis, the model characterizes how contingent allocation of prizes based on relative levels of support affects equilibrium voting behavior. In addition to standard notions of pivotality, voters influence the distribution of prizes across groups. Such prize pivotality supports positive voter turnout even in non-competitive electoral settings. The analysis shows that competition for a prize awarded to the most supportive group is only stable when two groups actively support a party. However, competition among groups to avoid punishment is stable in environments with any number of groups. We conclude by examining implications for endogenous group formation and how politicians structure the allocation of rewards and punishments.Comment: 34 pages, 1 figur