Aligning capital with risk

The interaction of capital and risk is of primary interest in the corporate governance of banks as it links operational profitability and strategic risk management. Senior executives understand that their organization's monitoring system strongly affects the behaviour of managers and employees. Typical instruments used by senior executives to focus on strategy are balanced scorecards with objectives for performance and risk management, including an according payroll process. A top-down capital-at-risk concept gives the executive board the desired control of the operative behaviour of all risk takers. It guarantees uniform compensations for business risks taken in any division or business area. The standard theory of cost-of-capital assumes standardized assets. Return distributions are equally normalized to a one-year risk horizon. It must be noted that risk measurement and management for any individual risk factor has a bottom-up design. The typical risk horizon for trading positions is 10 days, 1 month for treasury positions, 1 year for operational risks and even longer for credit risks. My contribution to the discussion is as follows: in the classical theory, one determines capital requirements and risk measurement using a top-down approach, without specifying market and regulation standards. In my thesis I show how to close the gap between bottom-up risk modelling and top-down capital alignment. I dedicate a separate paper to each risk factor and its application in risk capital management

Swallowing Is Differentially Influenced by Retronasal Compared with Orthonasal Stimulation in Combination with Gustatory Stimuli

Identical stimuli are processed differently when presented ortho- or retronasally. In contrast to orthonasal olfaction, retronasal odorant perception is strongly associated with flavor and food intake, which is usually followed by swallowing. Along with other stimuli, gustatory stimuli are known to influence the swallowing reflex. It was therefore the aim of present study to examine whether retronasal olfaction, in combination with simultaneous gustatory stimuli, influences swallowing in a manner different from that of orthonasal olfaction. Fifty normosmic and normogeusic subjects took part in the study. A sweet taste (glucose, delivered via an intraoral taste dispenser) was presented simultaneously with vanillin, a food-like odor, either ortho- or retronasally at random using a computer-controlled olfactometer. Ultrasound imaging of the mouth floor was recorded on videotape to continuously monitor swallowing activity. After retronasal stimulation, swallowing occurred significantly faster (7.49 vs. 9.42 s; P < 0.001) and also took place more frequently compared with swallowing after orthonasal stimulation (1.38 times vs. 1.14 times; P < 0.001). These results show that a food-like odorant presented retronasally in combination with a congruent taste stimulus can influence swallowing. Whether these results can be assigned to other, unfamiliar, unpleasant nonfood-like odors has yet to be determine

Additive Manufacturing of Structural Cores and Washout Tooling for Autoclave Curing of Hybrid Composite Structures

This paper presents a study combining additive manufactured (AM) elements with carbon fiber-reinforced polymers (CFRP) for the autoclave curing of complex-shaped, lightweight structures. Two approaches were developed: First, structural cores were produced with AM, over-laminated with CFRP, and co-cured in the autoclave. Second, a functional hull is produced with AM, filled with a temperature- and pressure-resistant material, and over-laminated with CFRP. After curing, the filler-material is removed to obtain a hollow lightweight structure. The approaches were applied to hat stiffeners, which were modeled, fabricated, and tested in three-point bending. Results show weight savings by up to 5% compared to a foam core reference. Moreover, the AM element contributes to the mechanical performance of the hat stiffener, which is highlighted by an increase in the specific bending stiffness and the first failure load by up to 18% and 310%. Results indicate that the approaches are appropriate for composite structures with complex geometries

Pulmonary Toxoplasmosis, a Rare but Severe Manifestation of a Common Opportunistic Infection in Late HIV Presenters: Report of Two Cases

Abstract : Pulmonary toxoplasmosis is rare, particularly in the era of highly active antiretroviral therapy (HAART). Here, we describe two severe cases in patients not known to be HIV-infected. In both patients, early diagnosis and therapy led to a favourable outcome. Pulmonary toxoplasmosis should be considered in the differential diagnosis in potentially HIV-infected patients with respiratory symptom

Impact of an Infection Control Program on the Prevalence of Nosocomial Infections at a Tertiary Care Center in Switzerland

Objective. To study the impact of a multimodal infection control program on the rate of nosocomial infections at a 550-bed tertiary care center. Methods. Before and after the implementation of an infection control program, the rate of nosocomial infection was recorded in time-interval prevalence studies. Hand hygiene compliance was studied before and after the intervention. As a surrogate marker of compliance, the amount of alcohol-based hand rub consumed before the intervention was compared with the amount consumed after the intervention. The intervention included additional staff for infection control, repeated instructions for hand hygiene, new guidelines for preoperative antibiotic prophylaxis, and isolation of patients infected or colonized with multidrug-resistant bacteria. Results. The rate of nosocomial infection decreased from approximately 11.7% to 6.8% in 2 years. The rate of hand hygiene compliance increased by 20.0%; it was 59.0% before the intervention and increased to 79.0% afterward. These results correlate with data on the consumption of alcohol-based hand rub, but not with data on the use of antibiotics. Conclusion. Within 2 years, a multimodal infection control program intervention such as this one may reduce the rate of nosocomial infection at a tertiary care center by more than one-third and improve both the quality of care and patient outcomes. It may also generate considerable savings. Therefore, such programs should be promoted not only by hospital epidemiologists but also by hospital administrator

Common frameworks in Switzerland : cantonal autonomy in a confederation

Since the founding of the modern state of Switzerland in 1848, Switzerland is a confederation of 26 relative autonomous cantons. In contrast to other federations, the Swiss cantons are the units that give competences to the federal level and not the other way around. The allocation of competences and responsibilities between the three levels of government (national, cantonal and communal) is a complex system, which forms the backbone of Swiss style federalism. As a result of a comprehensive reform project entitled “national fiscal equalization” (NFE), in effect since 2008, a wide range of mechanism for task allocations have been defined more clearly. With the NFE, the federation and the cantons are obliged to revise the actual allocation of responsibilities every four years

Massive Arteriovenous Malformation with Stroke-Like Presentation

We report of a 75-year-old patient with stroke-like presentation, where cerebral imaging led to the diagnosis of a massive arteriovenous malformation (AVM) of the whole left hemisphere. We suggest considering AVM as a differential diagnosis in patients with symptoms of acute stroke despite age and, in the absence of contraindications, in this setting to obtain MRI or CT angiography of the brain