Capital and liquidity ratios and financial distress. Evidence from the European banking industry

Using a large bank-level dataset, we test the relevance of both structural liquidity and capital ratios, as defined in Basel III, on banks' probability of failure. To include all relevant episodes of bank failure and distress (F&D) occurring in the EU-28 member states over the past decade, we develop a broad indicator that includes information not only on bankruptcies, liquidations, under receivership and dissolved banks, but also accounts for state interventions, mergers in distress and EBA stress test results. Estimates from several versions of the logistic probability model indicate that the likelihood of failure and distress decreases with increased liquidity holdings, while capital ratios are significant only for large banks. Our results provide support for Basel III's initiatives on structural liquidity and for the increased regulatory focus on large and systemically important banks

Magnetic and axial vector form factors as probes of orbital angular momentum in the proton

We have recently examined the static properties of the baryon octet (magnetic moments and axial vector coupling constants) in a generalized quark model in which the angular momentum of a polarized nucleon is partly spin $\langle S_z \rangle$ and partly orbital $\langle L_z \rangle$. The orbital momentum was represented by the rotation of a flux-tube connecting the three constituent quarks. The best fit is obtained with $\langle S_z \rangle = 0.08\pm 0.15$, $\langle L_z \rangle = 0.42\pm 0.14$. We now consider the consequences of this idea for the $q^2$-dependence of the magnetic and axial vector form factors. It is found that the isovector magnetic form factor $G_M^{\mathrm{isovec}}(q^2)$ differs in shape from the axial form factor $F_A(q^2)$ by an amount that depends on the spatial distribution of orbital angular momentum. The model of a rigidly rotating flux-tube leads to a relation between the magnetic, axial vector and matter radii, $\langle r^2 \rangle_{\mathrm{mag}} = f_{\mathrm{spin}} \langle r^2 \rangle_{\mathrm{axial}} + \frac{5}{2} f_{\mathrm{orb}} \langle r^2 \rangle_{\mathrm{matt}}$, where $f_{\mathrm{orb}}/ f_{\mathrm{spin}} = \frac{1}{3}\langle L_z \rangle / G_A$, $f_{\mathrm{spin}} + f_{\mathrm{orb}} = 1$. The shape of $F_A(q^2)$ is found to be close to a dipole with $M_A = 0.92\pm 0.06$ GeV.Comment: 18 pages, 5 ps-figures, uses RevTe

Bank fragility and contagion: Evidence from the bank CDS market

Understanding how contagion works among financial institutions is a top priority for regulators and policy makers who aim to foster financial stability and to prevent financial crises. Using bank credit default swap (CDS) data, we provide a framework for the evaluation of contagion among banks in different countries and regions during a period of prolonged financial distress. We measure contagion in terms of return spillovers, following a Generalized VAR (GVAR) approach. In addition, we propose an innovative framework to distinguish between two types of contagion: systematic (linked to global factors), and idiosyncratic (linked to bank specific factors). We find evidence of both types of contagion, although the spillover dynamics changed over time. Our measure of systematic contagion is always greater than the idiosyncratic component, thus highlighting the importance of common factors in the propagation of risk spillovers. This indicates that international linkages among banking markets are central to the transmission of shocks

Octet Magnetic Moments with Null Instantons and Semibosonized Nambu-Jona-Lasinio Model

It is shown that the difference between the magnetic moment results in the quark model with null instantons and semibosonized Nambu-Jona-Lasinio model lies in the description of the magnetic moment of the $\Lambda$-hyperon.Comment: RevTex, 6 pages, submitted to Progr.Theor.Phy

Baryon Magnetic Moments and Proton Spin: A Model with Collective Quark Rotation

We analyse the baryon magnetic moments in a model that relates them to the parton spins $\Delta u$, $\Delta d$, $\Delta s$, and includes a contribution from orbital angular momentum. The specific assumption is the existence of a 3-quark correlation (such as a flux string) that rotates with angular momentum $\langle L_z \rangle$ around the proton spin axis. A fit to the baryon magnetic moments, constrained by the measured values of the axial vector coupling constants $a^{(3)}=F+D$, $a^{(8)}=3F-D$, yields $\langle S_z \rangle = 0.08 \pm 0.13$, $\langle L_z \rangle = 0.39 \pm 0.09$, where the error is a theoretical estimate. A second fit, under slightly different assumptions, gives $\langle L_z \rangle = 0.37 \pm 0.09$, with no constraint on $\langle S_z \rangle$. The model provides a consistent description of axial vector couplings, magnetic moments and the quark polarization $\langle S_z \rangle$ measured in deep inelastic scattering. The fits suggest that a significant part of the angular momentum of the proton may reside in a collective rotation of the constituent quarks.Comment: 16 pages, 3 ps-figures, uses RevTeX. Abstract, Sec. II, III and IV have been expande

A Cluster Analysis of Cyclists in Europe: Common Patterns, Behaviours, and Attitudes

This study uses cluster analysis on a sample of regular cyclists from six European countries (the U.K., the Netherlands, Sweden, Hungary, Italy, and Spain) to shed light on common cycling patterns, demographic characteristics, and attitudes. Participants completed an online survey on cycling behaviour, attitudes towards cycling, discomfort while cycling in mixed traffic, cycling environment and comparative cycling risk perception. A two-step cluster analysis was performed to identify segments of cyclists based on cycling patterns, and a multinomial logistic regression analysis was used to profile the segments. The two-step cluster analysis yielded three components. Leisure-time cyclists cycled almost exclusively for leisure/training, had a clear preference for car use relative to bicycle, and low riding frequency. Resolute Cyclists were characterised by a high variety of cycling trip purpose, a clear preference for bicycle use relative to the car, and high riding frequency. Convenience Cyclists were characterised by cycling for personal business or leisure/training but not for commuting, no evident preference for bicycle vs car, and medium riding frequency. The value of the present study is to highlight commonalities in patterns, characteristics, and attitudes of cyclists in Europe. Our study showed that cycling patterns and habits are linked to psychosocial variables such as attitudes and the cycling environment, explicitly highlighting the importance of discomfort in mixed traffic and the relationship with cycling culture

Development and validation of The Breaking Bad News Attitudes Scale

Background: Communication of bad news plays a critical role in the physician-patient relationship, and a variety of consensus guidelines have been developed to this purpose, including the SPIKES protocol. However, little is known about physicians’ attitudes towards breaking bad news and to be trained to deliver it. This study aimed to develop and validate a self-report questionnaire to assess physicians’ attitudes towards principles of the SPIKES protocol and training on them. Methods: The Breaking Bad News Attitudes Scale (BBNAS) was administered to 484 pediatricians and 79 medical students, recruited at two scientific conferences and two medical schools in Brazil. The questionnaire structural validity, reliability, and associations with other variables were tested. Results: The BBNAS showed adequate validity and good reliability, with two factors measuring attitudes towards the SPIKES strategy for braking bad news (α = 0.81) and the possibility to be trained on it (α = 0.77), respectively. Conclusion: The novel questionnaire is a psychometrically sound measure that provides information on physicians’ agreement with the SPIKES protocol. The BBNAS can provide useful information for planning training and continuing education programs for clinicians on communication of bad news using the SPIKES as a framework

Promoting mental health and well‐being among adolescent young carers in Europe: A randomized controlled trial protocol

It is estimated that 4–8% of youth in Europe carry out substantial care for a family member or significant other. To prevent adverse psychosocial outcomes in young carers (YCs), primary prevention resilience building interventions have been recommended. We describe the study protocol of an international randomized controlled trial (RCT) of an innovative group intervention designed to promote the mental health and well‐being of adolescent YCs (AYCs) aged 15–17. The RCT will be conducted in six European countries in the context of the Horizon 2020 European funded research and innovation project “Psychosocial support for promoting mental health and well‐being among adolescent young caregivers in Europe” (“ME‐WE”). The ME‐WE intervention is based on Hayes and Ciarrochi’s psychoeducational model for adolescents and will consist of seven 2‐h sessions in a group format, aimed to help AYCs build psychological flexibility and live according to their values. The control group will be a waitlist. Primary and secondary outcomes and control variables will be measured at baseline (T0), post‐intervention (T1) and 3 months follow‐up (T2). The COVID‐19 pandemic has made amendments necessary to the original study protocol methodology, which we describe in detail. This study will contribute to building an evidence‐based manualized program that educators and health and social care professionals can use to support AYCs in their transition to adulthood. From a research perspective, the outcomes of this study will contribute to evidence‐based practices in primary prevention of psychosocial difficulties in AYCs and will gather novel knowledge on the effectiveness of Hayes and Ciarrochi’s model for use with middle adolescents with caring responsibilities. The trial has been preregistered (registration number: NCT04114864)