Credit rating changes’ impact on banks: evidence from the US banking industry

This study examines the impact of credit rating upgrades and downgrades on six comprehensive banks’ asset classes, profitability, leverage and size using data from the Federal Deposit Insurance Corporation’s call reports and Bloomberg over the period 1989-2008. In summary, the results suggest that a downgrade has a lasting and relatively more severe impact on banks than an upgrade; however, downgraded banks do not seem to effectively reduce their appetite for risk over a longer horizon. It seems that the role of credit rating agencies as an integral part of banks’ prudential supervision through market discipline is, in a longer horizon, overstated.Credit rating changes; banks; market discipline

Credit rating changes’ impact on banks: evidence from the US banking industry

This study examines the impact of credit rating upgrades and downgrades on six comprehensive banks’ asset classes, profitability, leverage and size using data from the Federal Deposit Insurance Corporation’s call reports and Bloomberg over the period 1989-2008. In summary, the results suggest that a downgrade has a lasting and relatively more severe impact on banks than an upgrade; however, downgraded banks do not seem to effectively reduce their appetite for risk over a longer horizon. It seems that the role of credit rating agencies as an integral part of banks’ prudential supervision through market discipline is, in a longer horizon, overstated

Credit rating changes’ impact on banks: evidence from the US banking industry

This study examines the impact of credit rating upgrades and downgrades on six comprehensive banks’ asset classes, profitability, leverage and size using data from the Federal Deposit Insurance Corporation’s call reports and Bloomberg over the period 1989-2008. In summary, the results suggest that a downgrade has a lasting and relatively more severe impact on banks than an upgrade; however, downgraded banks do not seem to effectively reduce their appetite for risk over a longer horizon. It seems that the role of credit rating agencies as an integral part of banks’ prudential supervision through market discipline is, in a longer horizon, overstated

Financial and monetary policy responses to oil price shocks: evidence from oil-importing and oil-exporting countries

In this study, we investigate the financial and monetary policy responses to oil price shocks using a Structural VAR framework. We distinguish between net oil-importing and net oil-exporting countries. Since the 80s, a significant number of empirical studies have been published investigating the effect of oil prices on macroeconomic and financial variables. Most of these studies though, do not make a distinction between oil-importing and oil-exporting economies. Overall, our results indicate that the level of inflation in both net oil-exporting and net oil-importing countries is significantly affected by oil price innovations. Furthermore, we find that the response of interest rates to an oil price shock depends heavily on the monetary policy regime of each country. Finally, stock markets operating in net oil-importing countries exhibit a negative response to increased oil prices. The reverse is true for the stock market of the net oil-exporting countries. We find evidence that the magnitude of stock market responses to oil price shocks is higher for the newly established and/or less liquid stock market

Evaluation of individually ventilated caging system for laboratory animals - One year's experience

Η επιλογή του κατάλληλου συστήματος στέγασης αποτελεί ένα από τα βασικά διλήμματα μιας καινούριας ή υπό ανακαίνιση μονάδας εκτροφής και χρησιμοποίησης μικρών ζώων εργαστηρίου. Η υγεία και ευζωία των στεγαζόμενων ζώων, ο διαθέσιμος χώρος και η καλύτερη δυνατή αξιοποίηση του, η κάλυψη των ερευνητικών αναγκών, αλλά και η προστασία της υγείας και της ασφάλειας των εμπλεκομένων αποτελούν βασικά κριτήρια, που θα πρέπει να χρησιμοποιούνται για την τελική επιλογή. Δεδομένου ότι η αγορά ενός συστήματος στέγασης αποτελεί ιδιαίτερα σημαντική επένδυση, αυτή θα πρέπει να γίνεται αφού προηγουμένως έχει πραγματοποιηθεί η σχετική μελέτη κόστους/οφέλους και έχει γίνει πρόβλεψη για την κάλυψη των ερευνητικών απαιτήσεων για μία τουλάχιστον δεκαετία. Η Μονάδα Ζωικών Προτύπων του Κέντρου Πειραματικής Χειρουργικής του Ιδρύματος Ιατροβιολογικών Ερευνώντης Ακαδημίας Αθηνών, μετά από συστηματική έρευνα αγοράς, επέλεξε ως αποκλειστικό σύστημα στέγασης των μικρών τρωκτικών το σύστημα των ατομικά αεριζόμενων κλωβών. Μετά από εμπειρία ενός και πλέον χρόνου, πραγματοποιήθηκε η αξιολόγηση του συστήματος προκειμένου να διαπιστωθεί εάν αυτό ανταποκρίθηκε στις αρχικές προσδοκίες. Ως κριτήρια αξιολόγησης χρησιμοποιήθηκαν η δυνατότητα αξιοποίησης των διαθέσιμων χώρων της εγκατάστασης, η δυνατότητα υποστήριξης διαφορετικών ερευνητικών πρωτοκόλλων με το μικρότερο δυνατό κίνδυνο διασταυρούμενης μόλυνσης μεταξύ των στεγαζόμενων ζώων, η ευκολία στο χειρισμό και στην εν γένει διαχείριση του συστήματος και η διασφάλιση της επαγγελματικής υγείας και της ασφάλειας των εργαζομένων με το σύστημα αυτό. Το σύστημα των ατομικά αεριζόμενων κλωβών παρέχει σημαντικές δυνατότητες αξιοποίησης του διαθέσιμου χώρουπου υπάρχει στην εγκατάσταση, διασφαλίζει τόσο την υγεία όσο και την ευζωία των στεγαζόμενων ζώων και είναι ευέλικτο στην υποστήριξη ποικίλων ερευνητικών πρωτοκόλλων, ακόμα και με ζώα διαφορετικού επιπέδου υγείας. Είναι σχετικά εύχρηστο για το προσωπικό που το διαχειρίζεται, παρόλο που απαιτείται περισσότερος χρόνος για την αλλαγή των κλωβών, αλλά και για την εν γένει συντήρηση και τον καθαρισμό του. Τέλος, διασφαλίζει, στο μεγαλύτερο δυνατό βαθμό, την επαγγελματική υγεία και ασφάλεια των χρηστών.During the last decades, the use of individually ventilated caging system has become more and more attractive for housing laboratory rodents. Since the Animal Facility of the Centre for Experimental Surgery of the Foundation of Biomedical Research of the Academy of Athens was totally equipped with individually ventilated caging units, it was decided, after one year and a half of working experience, to perform an evaluation of the system, based on specific criteria. Individually ventilated caging system can contribute to the increased number of laboratory rodents housed within the animal facility by making better use of the available space, which is not always dedicated to animals. The system is flexible for the simultaneous support of research protocols with different microbiological status with the minimum risk for cross contamination between animals. Special attention has to be given to its maintenance and monitoring. Individually ventilated caging units are ergonomically suitable and they reduce the exposure of personnel to airborne allergens

Occupational status and life satisfaction in the UK: The miserable middle?

We use British panel data to explore the link between occupational status and life satisfaction. We find puzzling evidence for men of a U-shaped relationship in cross-section data: employees in medium-status occupations report lower life satisfaction scores than those of employees in either low- or high-status occupations. This puzzle disappears in panel data: the satisfaction of any man rises as he moves up the status ladder. The culprit seems to be immobility: the miserable middle is caused by men who have always been in medium-status occupations. There is overall little evidence of a link between occupational status and life satisfaction for women, although this relationship for higher-educated women does look more like that for men

Charting the course for a Blue Economy in Peru: A Research Agenda

Ocean- and coastal-based economic activities are increasingly recognised as key drivers for supporting global economies. This move towards the “blue economy” is becoming globally widespread, with the recognition that if ocean-based activities are to be sustainable, they will need to move beyond solely extractive and exploitative endeavours, aligning more closely with marine conservation and effective marine spatial planning. In this paper we define the “blue economy” as a “platform for strategic, integrated and participatory coastal and ocean development and protection that incorporates a low carbon economy, the ecosystem approach and human well-being through advancing regional industries, services and activities”. In Peru, while the seas contribute greatly to the national economy, the full potential of the blue economy has yet to be realised. This paper presents the findings of an early career scientist workshop in Lima, Peru, in March 2016. The workshop “Advancing Green Growth in Peru” brought together researchers to identify challenges and opportunities for green growth across three Peruvian economic sectors—tourism, transport and the blue economy with this paper exploring in detail the priorities generated from the “blue economy” stream. These priorities include themes such as marine spatial planning, detailed evaluations of existing maritime industries (e.g. guano collection and fisheries), development of an effective MPA network, support for sustainable coastal tourism, and better inclusion of social science disciplines in understanding societal and political support for a Peruvian blue economy. In addition, the paper discusses the research requirements associated with these priorities. While not a comprehensive list, these priorities provide a starting point for future dialogue on a co-ordinated scientific platform supporting the blue growth agenda in Peru, and in other regions working towards a successful “blue economy”

Circuit-based interrogation of sleep control.

Sleep is a fundamental biological process observed widely in the animal kingdom, but the neural circuits generating sleep remain poorly understood. Understanding the brain mechanisms controlling sleep requires the identification of key neurons in the control circuits and mapping of their synaptic connections. Technical innovations over the past decade have greatly facilitated dissection of the sleep circuits. This has set the stage for understanding how a variety of environmental and physiological factors influence sleep. The ability to initiate and terminate sleep on command will also help us to elucidate its functions within and beyond the brain