Credit Rating Agencies:Informatie-asymmetrie en civiele aansprakelijkheid

Credit rating agencies (CRA’s) zoals Standard & Poor’s en Moody’s bestaan al vanaf het begin van de twintigste eeuw. Hun hoofddoel is het meer efficiënt maken van de financiële markten door het produceren van ratings of rapportcijfers waarin het kredietwaardigheidsgehalte van ondernemingen met betrekking tot leningen en kredieten wordt uitgedrukt. De intermediaire positie van CRA’s stelt hoge eisen aan de efficiëntie van het ratingproces en het vermijden van belangenconflicten. In de praktijk bestaat twijfel over het realiteitsgehalte van deze doelen en daarmee over het nut van ratings, terwijl ze paradoxaal genoeg toch in brede kring zijn geaccepteerd. Aansprakelijkheidsstelling van CRA’s is een van de mogelijke oplossingen

Are Healthcare Choices Predictable? The Impact of Discrete Choice Experiment Designs and Models

© 2019 ISPOR–The Professional Society for Health Economics and Outcomes Research Background: Lack of evidence about the external validity of discrete choice experiments (DCEs) is one of the barriers that inhibit greater use of DCEs in healthcare decision making. Objectives: To determine whether the number of alternatives in a DCE choice task should reflect the actual decision context, and how complex the choice model needs to be to be able to predict real-world healthcare choices. Methods: Six DCEs were used, which varied in (1) medical condition (involving choices for influenza vaccination or colorectal cancer screening) and (2) the number of alternatives per choice task. For each medical condition, 1200 respondents were randomized to one of the DCE formats. The data were analyzed in a systematic way using random-utility-maximization choice processes. Results: Irrespective of the number of alternatives per choice task, the choice for influenza vaccination and colorectal cancer screening was correctly predicted by DCE at an aggregate level, if scale and preference heterogeneity were taken into account. At an individual level, 3 alternatives per choice task and the use of a heteroskedastic error component model plus observed preference heterogeneity seemed to be most promising (correctly predicting >93% of choices). Conclusions: Our study shows that DCEs are able to predict choices—mimicking real-world decisions—if at least scale and preference heterogeneity are taken into account. Patient characteristics (eg, numeracy, decision-making style, and general attitude for and experience with the health intervention) seem to play a crucial role. Further research is needed to determine whether this result remains in other contexts

Sparse and Constrained Stochastic Predictive Control for Networked Systems

This article presents a novel class of control policies for networked control of Lyapunov-stable linear systems with bounded inputs. The control channel is assumed to have i.i.d. Bernoulli packet dropouts and the system is assumed to be affected by additive stochastic noise. Our proposed class of policies is affine in the past dropouts and saturated values of the past disturbances. We further consider a regularization term in a quadratic performance index to promote sparsity in control. We demonstrate how to augment the underlying optimization problem with a constant negative drift constraint to ensure mean-square boundedness of the closed-loop states, yielding a convex quadratic program to be solved periodically online. The states of the closed-loop plant under the receding horizon implementation of the proposed class of policies are mean square bounded for any positive bound on the control and any non-zero probability of successful transmission

Blocking Sodium-Taurocholate Cotransporting Polypeptide Stimulates Biliary Cholesterol and Phospholipid Secretion in Mice

Active secretion of bile salts into the canalicular lumen drives bile formation and promotes biliary cholesterol and phospholipid output. Disrupting hepatic bile salt uptake, by inhibition of sodium-taurocholate cotransporting polypetide (NTCP; Slc10a1) with Myrcludex B, is expected to limit bile salt flux through the liver and thereby to decrease biliary lipid excretion. Here, we show that Myrcludex B–mediated NTCP inhibition actually causes an increase in biliary cholesterol and phospholipid excretion whereas biliary bile salt output and bile salt composition remains unchanged. Increased lysosomal discharge into bile was excluded as a potential contributor to increased biliary lipid secretion. Induction of cholesterol secretion was not a consequence of increased ATP-binding cassette subfamily G member 5/8 activity given that NTCP inhibition still promoted cholesterol excretion in Abcg8−/− mice. Stimulatory effects of NTCP inhibition were maintained in Sr-b1−/− mice, eliminating the possibility that the increase in biliary lipids was derived from enhanced uptake of high-density lipoprotein–derived lipids. NTCP inhibition shifts bile salt uptake, which is generally more periportally restricted, toward pericentral hepatocytes, as was visualized using a fluorescently labeled conjugated bile salt. As a consequence, exposure of the canalicular membrane to bile salts was increased, allowing for more cholesterol and phospholipid molecules to be excreted per bile salt. Conclusion: NTCP inhibition increases biliary lipid secretion, which is independent of alterations in bile salt output, biliary bile salt hydrophobicity, or increased activity of dedicated cholesterol and phospholipid transporters. Instead, NTCP inhibition shifts hepatic bile salt uptake from mainly periportal hepatocytes toward pericentral hepatocytes, thereby increasing exposure of the canalicular membrane to bile salts linking to increased biliary cholesterol secretion. This process provides an additional level of control to biliary cholesterol and phospholipid secretion

Measurement of the charm structure function F_{2,c)^{γ} of the photon at LEP

The production of charm quarks is studied in deep-inelastic electron–photon scattering using data recorded by the OPAL detector at LEP at nominal e⁺e⁻ centre-of-mass energies from 183 to 209 GeV. The charm quarks have been identified by full reconstruction of charged D* mesons using their decays into D⁰π with the D⁰ observed in two decay modes with charged particle final states, Kπ and Kπππ. The cross-section σ^{D*} for production of charged D* in the reaction e⁺e⁻→e⁺e⁻D*Χ is measured in a restricted kinematical region using two bins in Bjorken x, 0.00140.1 the perturbative QCD calculation at next-to-leading order agrees perfectly with the measured cross-section. For x<0.1 the measured cross-section is 43.8±14.3±6.3±2.8 pb with a next-to-leading order prediction of 17.0⁺²·⁹_₂.₃ pb

Measurement of the hadronic photon structure function F_{2}^{γ} at LEP2

The hadronic structure function of the photon F_{2}^{γ} (x, Q²) is measured as a function of Bjorken x and of the photon virtuality Q² using deep-inelastic scattering data taken by the OPAL detector at LEP at e⁺e⁻ centre-of-mass energies from 183 to 209 GeV. Previous OPAL measurements of the x dependence of F_{2}^{γ} are extended to an average Q² of 〈Q²〉=780 GeV² using data in the kinematic range 0.15<x<0.98. The Q² evolution of F_{2}^{γ} is studied for 12.1<〈Q²〉<780 GeV² using three ranges of x. As predicted by QCD, the data show positive scaling violations in F_{2}^{γ} with F_{2}^{γ} (Q²)/α = (0.08±0.02⁺⁰·⁰⁵_₀.₀₃) + (0.13±0.01⁺⁰·⁰¹_₀.₀₁) lnQ², where Q² is in GeV², for the central x region 0.10–0.60. Several parameterisations of F_{2}^{γ} are in qualitative agreement with the measurements whereas the quark-parton model prediction fails to describe the data

Tests of model of color reconnection and a search for glueballs using gluon jets with a rapidity gap

Gluon jets with a mean energy of 22 GeV and purity of 95% are selected from hadronic Z0 decay events produced in e+e- annihilations. A subsample of these jets is identified which exhibits a large gap in the rapidity distribution of particles within the jet. After imposing the requirement of a rapidity gap, the gluon jet purity is 86%. These jets are observed to demonstrate a high degree of sensitivity to the presence of color reconnection, i.e. higher order QCD processes affecting the underlying color structure. We use our data to test three QCD models which include a simulation of color reconnection: one in the Ariadne Monte Carlo, one in the Herwig Monte Carlo, and the other by Rathsman in the Pythia Monte Carlo. We find the Rathsman and Ariadne color reconnection models can describe our gluon jet measurements only if very large values are used for the cutoff parameters which serve to terminate the parton showers, and that the description of inclusive Z0 data is significantly degraded in this case. We conclude that color reconnection as implemented by these two models is disfavored. The signal from the Herwig color reconnection model is less clear and we do not obtain a definite conclusion concerning this model. In a separate study, we follow recent theoretical suggestions and search for glueball-like objects in the leading part of the gluon jets. No clear evidence is observed for these objects.Comment: 42 pages, 18 figure

Scaling violations of quark and gluon jet fragmentation functions in e+e- annihilations at sqrt(s) = 91.2 and 183-209 GeV

Flavour inclusive, udsc and b fragmentation functions in unbiased jets, and flavour inclusive, udsc, b and gluon fragmentation functions in biased jets are measured in e+e- annihilations from data collected at centre-of-mass energies of 91.2, and 183-209 GeV with the OPAL detector at LEP. The unbiased jets are defined by hemispheres of inclusive hadronic events, while the biased jet measurements are based on three-jet events selected with jet algorithms. Several methods are employed to extract the fragmentation functions over a wide range of scales. Possible biases are studied in the results are obtained. The fragmentation functions are compared to results from lower energy e+e- experiments and with earlier LEP measurements and are found to be consistent. Scaling violations are observed and are found to be stronger for the fragmentation functions of gluon jets than for those of quarks. The measured fragmentation functions are compared to three recent theoretical next-to-leading order calculations and to the predictions of three Monte Carlo event generators. While the Monte Carlo models are in good agreement with the data, the theoretical predictions fail to describe the full set of results, in particular the b and gluon jet measurements.Comment: 46 pages, 17 figures, Submitted to Eur. Phys J.

W Boson Polarisation at LEP2

Elements of the spin density matrix for W bosons in e+e- -> W+W- -> qqln events are measured from data recorded by the OPAL detector at LEP. This information is used calculate polarised differential cross-sections and to search for CP-violating effects. Results are presented for W bosons produced in e+e- collisions with centre-of-mass energies between 183 GeV and 209 GeV. The average fraction of W bosons that are longitudinally polarised is found to be (23.9 +- 2.1 +- 1.1)% compared to a Standard Model prediction of (23.9 +- 0.1)%. All results are consistent with CP conservation.Comment: 20 pages, 3 figures, Submitted to Phys. Letts.