Do CDS spreads reflect default risks? Evidence from UK bank bailouts

CDS spreads are generally considered to reflect the credit risks of their reference entities. However, CDS spreads of the major UK banks remained relatively stable in response to the recent credit crisis. We suggest that this can be explained by changes in loss given default (LGD). To obtain the result we first derive the probabilities of default from stock option prices and then determine the LGD consistent with actual CDS spreads. Our results reveal a significant decrease in the LGD of bailed out banks over the observed period in contrast to banks which were not bailed out and non-financial companies

Exercise-induced asthma

No Abstract

A shared mechanism of muscle wasting in cancer and Huntington's disease.

Skeletal muscle loss and dysfunction in aging and chronic diseases is one of the major causes of mortality in patients, and is relevant for a wide variety of diseases such as neurodegeneration and cancer. Muscle loss is accompanied by changes in gene expression and metabolism that lead to contractile impairment and likely affect whole-body metabolism and function. The changes may be caused by inactivity, inflammation, age-related factors or unbalanced nutrition. Although links with skeletal muscle loss have been found in diseases with disparate aetiologies, for example both in Huntingtons disease (HD) and cancer cachexia, the outcome is a similar impairment and mortality. This short commentary aims to summarize recent achievements in the identification of common mechanisms leading to the skeletal muscle wasting syndrome seen in diseases as different as cancer and HD. The latter is the most common hereditary neurodegenerative disorder and muscle wasting is an important component of its pathology. In addition, possible therapeutic strategies for anti-cachectic treatment will be also discussed in the light of their translation into possible therapeutic approaches for HD

Changes in cardiorespiratory fitness and cardiovascular health in the workplace: a case study

Background: Cardiorespiratory fitness (CRF) is an independent predictor of cardiovascular (CV) and all-cause mortality, contributing a higher proportion of CV risk compared to other traditionally recognised risk factors. However, CRF is not included in usual workplace wellness protocols and, as such, employers are not aware of the importance of this factor.Aim: The aim of this case study was to explore the effect of a 12-week exercise intervention programme on CRF, CV health and medical health claims in a male participant who was employed by a corporate company with existing chronic diseases.Findings: Health outcome measures improved after the 12-week exercise intervention programme. CRF showed the greatest improvement and medical health claims were lowered during the three-month post-intervention period.Implications: CRF should be included as a health outcome measure in worksite wellness programmes and monitored. Keywords: cardiopulmonary fitness, exercise interventions, medical health claims, corporate wellnes

Energy expenditure in office workers with identified health risks

Objective. To measure the daily energy expenditure in employees previously identified as having ≥2 risk factors for chronic disease, and to identify potential risk-reducing interventions for implementation within or outside the workplace. Design. A total of 122 employees with ≥2 risk factors for chronic disease identified in an in-house screening programme were invited to participate in a 6-month health management programme. Physical assessments included anthropometric measurements, blood pressure, blood glucose and cholesterol estimations, and bicycle ergometry. Participants were invited to wear a ‘metabolic armband' (Body Media SenseWear Pro Armband®) for 6 days. Metabolic measures included active and total energy expenditure (AEE, TEE), and daily MET levels (metabolic equivalents expressed as kcal/kg/hour). Differences were explored between genders, and relationships sought between energy expenditure, lifestyle and anthropometric data. Setting. A corporate working environment. All measures and assessments were carried out in the in-house fitness facility. Interventions. The health management programme involved physical assessments and personalised weight and activity management plans. Main outcome measures. TEE per day, duration and quantification of physical activity, METS, AEE, number of steps per day and body position recording. Relationships were explored between the latter and anthropometric measures such as body mass index (BMI) and percentage body fat. Result. Altogether 53 (43%) of the eligible subjects volunteered for the 6-month programme and 49 enrolled for the metabolic armband study. The males were more active than the females, but both had BMI and body fat estimates that categorised them as overweight to obese. METS and AEE were positively correlated with duration of exercise rather than intensity, and negatively correlated with BMI. In a stepwise regression analysis for the total group 77% of the variance in MET levels was accounted for by per cent body fat and steps per day. Multivariate analysis by gender (with per cent body fat as the dependent variable) suggested that males would have to increase the duration of vigorous exercise in order to reduce body fat, while females would benefit from sitting less, sleeping more, and increasing the duration of moderate exercise. Conclusion and clinical relevance. In a self-selected sample involving motivated individuals, the SenseWear® armband provided information that would be useful in directing further research in women, focusing on sleeping pattern and moderately increasing activity levels. South African Journal of Sports Medicine Vol. 20 (2) 2008: pp. 40-4

Perturbative and non-perturbative renormalization results of the Chromomagnetic Operator on the Lattice

The Chromomagnetic operator (CMO) mixes with a large number of operators under renormalization. We identify which operators can mix with the CMO, at the quantum level. Even in dimensional regularization (DR), which has the simplest mixing pattern, the CMO mixes with a total of 9 other operators, forming a basis of dimension-five, Lorentz scalar operators with the same flavor content as the CMO. Among them, there are also gauge noninvariant operators; these are BRST invariant and vanish by the equations of motion, as required by renormalization theory. On the other hand using a lattice regularization further operators with $d \leq 5$ will mix; choosing the lattice action in a manner as to preserve certain discrete symmetries, a minimul set of 3 additional operators (all with $d<5$) will appear. In order to compute all relevant mixing coefficients, we calculate the quark-antiquark (2-pt) and the quark-antiquark-gluon (3-pt) Green's functions of the CMO at nonzero quark masses. These calculations were performed in the continuum (dimensional regularization) and on the lattice using the maximally twisted mass fermion action and the Symanzik improved gluon action. In parallel, non-perturbative measurements of the $K-\pi$ matrix element are being performed in simulations with 4 dynamical ($N_f = 2+1+1$) twisted mass fermions and the Iwasaki improved gluon action.Comment: 7 pages, 1 figure, 3 tables, LATTICE2014 proceeding

K→πK \to \pi matrix elements of the chromomagnetic operator on the lattice

We present the results of the first lattice QCD calculation of the $K \to \pi$ matrix elements of the chromomagnetic operator $O_{CM} = g\, \bar s\, \sigma_{\mu\nu} G_{\mu\nu} d$, which appears in the effective Hamiltonian describing $\Delta S = 1$ transitions in and beyond the Standard Model. Having dimension 5, the chromomagnetic operator is characterized by a rich pattern of mixing with operators of equal and lower dimensionality. The multiplicative renormalization factor as well as the mixing coefficients with the operators of equal dimension have been computed at one loop in perturbation theory. The power divergent coefficients controlling the mixing with operators of lower dimension have been determined non-perturbatively, by imposing suitable subtraction conditions. The numerical simulations have been carried out using the gauge field configurations produced by the European Twisted Mass Collaboration with $N_f = 2+1+1$ dynamical quarks at three values of the lattice spacing. Our result for the B-parameter of the chromomagnetic operator at the physical pion and kaon point is $B_{CMO}^{K \pi} = 0.273 ~ (70)$, while in the SU(3) chiral limit we obtain $B_{CMO} = 0.072 ~ (22)$. Our findings are significantly smaller than the model-dependent estimate $B_{CMO} \sim 1 - 4$, currently used in phenomenological analyses, and improve the uncertainty on this important phenomenological quantity.Comment: 20 pages, 4 figures, 2 table. Refined SU(3) ChPT analysis with no changes in the final result. Version to appear in PR

The chromomagnetic operator on the lattice

We study matrix elements of the "chromomagnetic" operator on the lattice. This operator is contained in the strangeness-changing effective Hamiltonian which describes electroweak effects in the Standard Model and beyond. Having dimension 5, the chromomagnetic operator is characterized by a rich pattern of mixing with other operators of equal and lower dimensionality, including also non gauge invariant quantities; it is thus quite a challenge to extract from lattice simulations a clear signal for the hadronic matrix elements of this operator. We compute all relevant mixing coefficients to one loop in lattice perturbation theory; this necessitates calculating both 2-point (quark-antiquark) and 3-point (gluon-quark-antiquark) Green's functions at nonzero quark masses. We use the twisted mass lattice formulation, with Symanzik improved gluon action. For a comprehensive presentation of our results, along with detailed explanations and a more complete list of references, we refer to our forthcoming publication [1].Comment: 7 pages, 1 figure. Talk presented at the 31st International Symposium on Lattice Field Theory (Lattice 2013), 29 July - 3 August 2013, Mainz, German

Exploring the efficacy of low-level laser therapy and exercise for knee osteoarthritis

Background: Knee Osteoarthritis (KOA) is a prevalent, chronic disorder with excessive functional, social and economic burdens. The goal of treatment is to alleviate the symptoms and slow the progression. Documenting the effects of exercise and LLLT as co-modalities in the management of KOA allows practitioners to implement this management tool as part of KOA rehabilitation, resulting in the earlier discharge from a supervised rehabilitation setting.Objective: The purpose of this study was to determine the effect of low-level laser therapy (LLLT) in the treatment of knee osteoarthritis (KOA). A randomised controlled trial (RCT) was conducted on 111 participants (aged between 40-75 years) diagnosed with KOA. Participants were randomised into an exercise (n=39), LLLT (n=40), or a combined exercise-LLLT (n=32) group.Methods: The Western Ontario and McMaster Universities Osteoarthritis Index (WOMAC) scale was used to assess pain and functionality. Knee range of motion was assessed using a goniometer, and the one-minute timed sit–to-stand test measured physical functionality at four time points: (T1) baseline, (T2) post 12-session intervention, (T3) one-month post intervention and (T4) three-month’s post intervention. Knee circumference was measured using a measuring tape.Results: WOMAC pain and functionality scale and knee circumference scores decreased in all three groups (P&lt;0.05), but the combined exercise-LLLT group demonstrated better outcomes than the LLLT or exercise alone groups respectively. The combined exercise-LLLT group showed better acute and long-term benefits with participants experiencing a 3.5 centimetre decrease in knee circumference, 24 point improvement in the WOMAC pain and functionality scale, and a four repetition increase in physical functionality.Conclusion: The findings suggest that LLLT is a viable tool for managing KOA when used in conjunction with physical exercise. Keywords: photobiomodulation, physical therapy, degenerative joint diseas