The Beta coefficient of an unlisted bank

The problem that we set ourselves in this work is related to the determination of capital return invested in an unlisted bank, particularly, in a credit cooperative bank. The model that we use is the Capital Asset Pricing Model (CAPM) equation, with its various difficulties in applying it to a category of unlisted activities. The biggest obstacle in using CAPM is given by the Beta determination representing the systematic risk of the units under examination. Therefore, to determine this risk coefficient, we assumed a first step in which we consider a similar sector sample, consists of a portfolio of listed banks, from which we obtain a Business Risk Index (BRI), that we use to go back to unlisted bank Beta under consideration. In a second case, it is thought of a target market constituted by the whole unlisted banks sample of the same sector under analysis, then relating the returns of individual observed banks with average returns provided by this market, we obtain the Regression Beta. A third step, provides the Business Risk Index determination of the sector, in this case obtained from the unlisted banks market, and then to reach to our banks Beta under observation. Comparing the results obtained from this analysis allows us to suggest a quite satisfying line for determining the Beta of an unlisted bank and consequently for its expected return estimation

How do cardiologists select patients for dual antiplatelet therapy continuation beyond 1 year after a myocardial infarction? Insights from the EYESHOT Post-MI Study

Background: Current guidelines suggest to consider dual antiplatelet therapy (DAPT) continuation for longer than 12 months in selected patients with myocardial infarction (MI). Hypothesis: We sought to assess the criteria used by cardiologists in daily practice to select patients with a history of MI eligible for DAPT continuation beyond 1 year. Methods: We analyzed data from the EYESHOT Post-MI, a prospective, observational, nationwide study aimed to evaluate the management of patients presenting to cardiologists 1 to 3 years from the last MI event. Results: Out of the 1633 post-MI patients enrolled in the study between March and December 2017, 557 (34.1%) were on DAPT at the time of enrolment, and 450 (27.6%) were prescribed DAPT after cardiologist assessment. At multivariate analyses, a percutaneous coronary intervention (PCI) with multiple stents and the presence of peripheral artery disease (PAD) resulted as independent predictors of DAPT continuation, while atrial fibrillation was the only independent predictor of DAPT interruption for patients both at the second and the third year from MI at enrolment and the time of discharge/end of the visit. Conclusions: Risk scores recommended by current guidelines for guiding decisions on DAPT duration are underused and misused in clinical practice. A PCI with multiple stents and a history of PAD resulted as the clinical variables more frequently associated with DAPT continuation beyond 1 year from the index MI

Risks and yields in not listed banks: the matter of the repricing gap

The concern relates to the repricing gap has to be analyzed in function of interest rates risk ,that is reliant on variation of market rates , with resulting repercussions on the interest margin . This work aims at analyzing the management of the repricing gap, in order to define as well as possible the future interest margin, MI, of a bank by acting on its possible variations . The rates risk mainly affects three factors: such as different maturities, the imbalance of the structures between assets and liabilities, and the different incidence on the lending and deposit rates variation e . Interest rates risk can be observed according to the price risk or to the re-investment risk, the repricing gap serves to control the last one. In this work we have therefore studied the different methodologies to evaluate gap, in presence of maturities or of intervals related to assets and liabilities, that are sensitive to market fluctuations, with the ability to change maturities in order to ensure a better assessment of the interest margin. Finally it’s suggested a weighting of the marginal gaps, which takes into account the remaining time to maturity and the value of the same according to the market cos

The capital return of an unlisted bank

The problem to determine the capital cost, in general, is relatively simple, but not trivial. In the particular case of study, related to the capital of an unlisted bank, it is a bit less. In the use of the Capital Asset Pricing Model equation there is a series of obstacles that make its application not so immediate, so the non-triviality of the model. The goal of this work is to use the CAPM equation to give a value to the capital cost invested in an unlisted bank, particularly in a credit cooperative bank. The biggest obstacle is given by the Beta determination that we intend to use, if we refer to unlisted companies, it becomes difficult to determine this coefficient. With the present work we have followed a first step that connects each listed bank returns with the average market returns, market is composed by the listed banks portfolio, so we have obtained a Business Risk Index (BRI) related to these banks. We have started from this index to relevered it on the basis of each unlisted BCC financial structure. In this way we obtain Beta coefficient of this sample. Alternatively, it has been built a basket of unlisted bank returns of the same sector under analysis, thenrelating the returns of individual observed banks with the average returns provided by the banks observed market portfolio, we obtain the regression Beta. At the end we determine a final alternative to assess the Beta values by building a Business Risk Index (BRI) sector obtained from the BCC market. The analysis of the various alternatives used to determine the Beta values, leads to some interesting observations and considerations in the evaluation of the capital return invested in an unlisted bank

C677T variant form at the MTHFR gene and CL/P: A risk factor for mothers?

Maternal folic acid supplementation in early pregnancy has been suggested to play a role in the prevention of nonsyndromic orofacial cleft, i.e., cleft lip with or without cleft palate (CL/P). Moreover, some authors demonstrated association of the C-->T mutation (C677T), converting an alanine to a valine residue in 5,10-methylenetetrahydrofolate reductase (MTHFR) gene, with other congenital anomalies such as neural tube defects (NTDs). Because of MTHFR's involvement in the metabolism of folate, we investigated 64 CL/P patients and their parents for C677T MTHFR mutation. No linkage disequilibrium was found using the transmission disequilibrium test (TDT). However, a significantly higher mutation frequency was detected in mothers of CL/P patients compared to controls. The odds ratios calculated for mothers having CT or TT genotype, compared to the normal CC genotype, were 2.75 (95% confidence interval 1.30-5.57) and 2.51 (1.00-6.14), respectively. These results support the involvement of the folate pathway in the etiology of CL/P, and indicate an effect of the maternal genotype, rather than influence of the embryo's genotype

Pharmacogenetics in the clinical analysis laboratory: clinical practice, research, and drug development pipeline

Introduction: Over the last decade, the spread of next-generation sequencing technology along with the rising cost in health management in national health systems has led to widespread use/abuse of pharmacogenetic tests (PGx) in the practice of many clinical disciplines. However, given their clinical significance, it is important to standardize these tests for having an interaction with the clinical analysis laboratory (CAL), in which a PGx service can meet these requirements. Areas covered: A diagnostic test must meet the criteria of reproducibility and validity for its utility in the clinical routine. This present review mainly describes the utility of introducing PGx tests in the CAL routine to produce correct results useful for setting up personalized drug treatments. Expert opinion: With a PGx service, CALs can provide the right tool to help clinicians to make better choices about different categories of drugs and their dosage and to manage the economic impact both in hospital-based settings and in National Health Services, throughout electronic health records. Advances in PGx also allow a new approach for pharmaceutical companies in order to improve drug development and clinical trials. As a result, CALs can achieve a powerful source of epidemiological, clinical, and research findings from PGx tests

Prophylactic Use of a Probiotic in the Prevention of Colic, Regurgitation, and Functional Constipation: A Randomized Clinical Trial.

IMPORTANCE: Infantile colic, gastroesophageal reflux, and constipation are the most common functional gastrointestinal disorders that lead to referral to a pediatrician during the first 6 months of life and are often responsible for hospitalization, feeding changes, use of drugs, parental anxiety, and loss of parental working days with relevant social consequences. OBJECTIVE: To investigate whether oral supplementation with Lactobacillus reuteri DSM 17938 during the first 3 months of life can reduce the onset of colic, gastroesophageal reflux, and constipation in term newborns and thereby reduce the socioeconomic impact of these conditions. DESIGN: A prospective, multicenter, double-masked, placebo-controlled randomized clinical trial was performed on term newborns (age <1 week) born at 9 different neonatal units in Italy between September 1, 2010, and October 30, 2012. SETTING: Parents were asked to record in a structured diary the number of episodes of regurgitation, duration of inconsolable crying (minutes per day), number of evacuations per day, number of visits to pediatricians, feeding changes, hospitalizations, visits to a pediatric emergency department for a perceived health emergency, pharmacologic interventions, and loss of parental working days. PARTICIPANTS: In total, 589 infants were randomly allocated to receive L reuteri DSM 17938 or placebo daily for 90 days. INTERVENTIONS: Prophylactic use of probiotic. MAIN OUTCOMES AND MEASURES: Reduction of daily crying time, regurgitation, and constipation during the first 3 months of life. Cost-benefit analysis of the probiotic supplementation. RESULTS: At 3 months of age, the mean duration of crying time (38 vs 71 minutes; P < .01), the mean number of regurgitations per day (2.9 vs 4.6; P < .01), and the mean number of evacuations per day (4.2 vs 3.6; P < .01) for the L reuteri DSM 17938 and placebo groups, respectively, were significantly different. The use of L reuteri DSM 17938 resulted in an estimated mean savings per patient of €88 (US $118.71) for the family and an additional €104 (US$140.30) for the community. CONCLUSIONS AND RELEVANCE: Prophylactic use of L reuteri DSM 17938 during the first 3 months of life reduced the onset of functional gastrointestinal disorders and reduced private and public costs for the management of this condition