Systemic importance of financial institutions: regulations, research, open issues, proposals

In the field of risk management, scholars began to bring together the quantitative methodologies with the banking management issues about 30 years ago, with a special focus on market, credit and operational risks. After the systemic effects of banks defaults during the recent financial crisis, and despite a huge amount of literature in the last years concerning the systemic risk, no standard methodologies have been set up to now. Even the new Basel 3 regulation has adopted a heuristic indicator-based approach, quite far from an effective quantitative tool. In this paper, we refer to the different pieces of the puzzle: definition of systemic risk, a set of coherent and useful measures, the computability of these measures, the data set structure. In this challenging field, we aim to build a comprehensive picture of the state of the art, to illustrate the open issues, and to outline some paths for a more successful future research. This work appropriately integrates other useful surveys and it is directed to both academic researchers and practitioners

Indifference valuation in incomplete binomial models

Abstract The indifference valuation problem in incomplete binomial models is analyzed. The model is more general than the ones studied so far, because the stochastic factor, which generates the market incompleteness, may affect the transition propabilities and/or the values of the traded asset as well as the claim's payoff. Two pricing algorithms are constructed which use, respectively, the minimal martingale and the minimal entropy measures. We study in detail the interplay among the different kinds of market incompleteness, the pricing measures and the price functionals. The dependence of the prices on the choice of the trading horizon is discussed. The family of "almost complete" (reduced) binomial models is also studied. It is shown that the two measures and the associated price functionals coincide, and that the effects of the horizon choice dissipate

Rasio Neutrofil dan Limfosit (NLCR) Sebagai Faktor Risiko Terjadinya Infeksi Bakteri di Ruang Rawat Anak RSUP Sanglah Denpasar

Latar belakang. Rasio neutrofil dan limfosit (NLCR) memiliki potensi sebagai prediktor bakteremia pada pasien dengan infeksi yang didapat di masyarakat. Insidensi bakteremia, atau adanya bakteri hidup dalam darah, mencapai sekitar 1% kasus pada populasi. Angka kematian mencapai 25%-30% dan meningkat hingga 50% pada sepsis berat. Tujuan. Untuk mengetahui hubungan rasio neutrofil dan limfosit (NLCR) dengan kejadian infeksi bakteri. Metode. Sebuah studi kasus-kontrol dilakukan dengan meninjau rekam medis di RSUP Sanglah, Denpasar, pada periode Januari 2016 hingga Maret 2018. Data yang diambil adalah usia, jenis kelamin, kadar WBC, Neutrofil, limfosit, monosit, platelet, dan kultur darah. Kemudian dilakukan analisis hubungan antara rasio neutrofil dan limfosit terhadap infeksi aliran darah. Hasil. Selama periode studi didapatkan 98 pasien dengan hasil kultur positif dan 100 pasien dengan hasil kultur negatif. Dari total subjek yang dianalisis, didapatkan 116 (58,5%) subjek laki-laki dan 82 (40,9%) subjek perempuan. Median usia pada kelompok kasus adalah 12 bulan, sedangkan median usia pada kelompok kontrol adalah 24 bulan. Analisis kurva ROC menunjukkan nilai cut-off optimal untuk NLCR adalah 4,67. Rasio odd untuk hubungan antara NLCR dengan kejadian infeksi bakteri adalah 3,24 (95% IK 1,74 – 5,92) dan adjusted odds ratio sebesar 3,49 (95% IK 1,83-6,64). Kesimpulan. Nilai NLCR ≥4,67 merupakan faktor risiko untuk infeksi aliran darah yang berkembang. Hasil ini dapat digunakan sebagai titik potong untuk antibiotik yang awalnya diberikan untuk mencegah prognosis yang buruk (sepsis, kegagalan organ multipel, dan kematian)

Death of the high street: identification, prevention, reinvention

Location is of paramount importance within the retail sector, yet defining locational obsolescence remains overlooked, despite significant concerns over the viability of parts of the complex sector. This paper reviews the existing literature and, through this, explores retail locational obsolescence, including the multi-spatial nature of the driving forces that range from the global economy, local markets and submarkets, to individual property-specific factors; and, crucially, the need to disentangle locational obsolescence from other important concepts such as depreciation and functional obsolescence that are often mistakenly used. Through this, a conceptual model, definition and diagnostic criteria are presented to guide future studies, policy development and the allocation of resources. Importantly, three stages are presented to enable the operationalization of the model, essential to future academic and industry studies as well as the ongoing development of policy in this economically important, complex and contentious area