The effects of bail-ins on bail-out expectations in the European Banking sector

In the aftermath of the Great Recession, sovereign guarantees and the associated bail-out ex-pectations caused a distortion in the cost of funding and risk-taking behaviour of financial in-stitutions. The Bank Recovery and Resolution Directive (BRRD) aims to achieve financial sta-bility through transparency and incentivizing market discipline. The central tool of the BRRD, the bail in, is a burden-sharing mechanism reallocating the cost of the gone concern of financial institutions. Forcing shareholders and creditors to participate in potential losses must increase monitoring, thus reducing the moral hazard of large financial institutions. If the directive is credible, these changes in bail-out expectations must be reflected in the security prices of all affected banks. As changes in regulation are introduced over several years, effects on market prices are difficult to observe. I show that the recurring resolution events between 2011 and 2016 across several Eurozone countries affected bail-out expectations, reaching a critical level in 2013. The write down of junior debt in Cyprus caused highly significant reactions on bank charter values and CDS spreads. From 2014 to 2016, effects were inconsistent and lacked di-rection. This decrease in market reactions points to the achievement of bail-in expectations through commitment and consistent implementation. Bail-in expectations imply the anticipa-tion of a bail-in in case of bank financial distress, which requires strict and diligent monitoring.Na sequência da Grande Recessão, as garantias soberanas e as expectativas de bail out associ-adas causaram uma distorção no custo do financiamento e no comportamento de risco das ins-tituições financeiras. O Banco de Recuperação e Diretiva de Resolução (BRRD) visa alcançar a estabilidade financeira através da transparência e do incentivo à disciplina de mercado. A ferramenta central da BRRD, a fiança, é um mecanismo de repartição de encargos que reafecta o custo. Forçar os acionistas e credores a participar em perdas potenciais deve aumentar o mo-nitoramento moral hazard. Se a diretiva for credível, essas mudanças nas expectativas de resgate devem refletir-se nos preços de segurança. Como as mudanças na regulamentação são introdu-zidas ao longo de vários anos, os efeitos nos preços de mercado são difíceis de observar. Eu venho mostrar que os eventos de resolução recorrente entre 2011 e 2016 em vários países da zona do euro afetaram as expectativas de bail-out, atingindo um nível crítico em 2013. A redu-ção da dívida júnior em Chipre causou reações altamente significativas sobre os valores da carta patente do banco e os spams do CDS. De 2014 a 2016, os efeitos foram inconsistentes e care-ciam de direção. Esta diminuição nas reações do mercado aponta para a realização das expec-tativas de fiança através de compromisso e implementação consistente. As expectativas de fi-ança implicam a antecipação bail-in em caso de instabilidade financeira bancária, o que exige um monitoramento rigoroso e diligente

A NONLINEAR APPROACH TO THE ANALYSIS AND MODELING OF TRAINING AND ADAPTATION IN SWIMMING

The purpose of the study was to demonstrate that the adaptative behavior of an elite female swimmer (Olympic silver medalist in the 400 m freestyle) can be modeled by means of the nonlinear mathematical method of a neural backpropagation network. Therefore, the training process of 107 successive weeks was carefully controlled and documented. For the data analysis a multilayer perceptron network was trained with the performance output data of 28 competitions within that time period and the training input data of the last four weeks prior to the respective competitions. After the iterative training procedure the neural network is able to model the resulting competitive performances on the basis of the training data from the two-week-taper phase and also from the earlier two-week-overload phase preceeding the respective competitions with high precision

Comparative study of three-dimensional localization accuracy in conventional, confocal laser scanning and axial tomographic fluorescence light microscopy

key words: conventional and confocal fluorescence light microscopy, spatial resolution, point spread function, axial tomography, quantitative image analysis ABSTRACT For many biological applications, precise and accurate 3D object localizations and 3D-distance measurements are necessary. Point spread functions of artifical objects of subwavelength dimensions have been measured in order to characterize the image foririing properties as well as to localize extended objects in both conventional and confocal fluorescence light microscopy with and without the axial tomographic technique. With the axial tomographic technique it is possible to tilt the object in such a way, that substructures are located in the same focal plane. The distance of two points measured under this optimal perspective fits best to the real 3D-distance. In this case, optical sectioning is unnecessary, if only distance measurements have to be performed

Microstructured multifunctional polymer chips by UV-photopolymerization injection molding

In this paper we present a very promising procedure for fabrication of double-sided structured foils by UV photopolymerization based injection molding process. By using different acrylates (urethane- and epoxy-based, mono- and multifunctionalized) it is possible to control the mechanical parameters of the produced polymer films, e. g. Young’s modulus, transition temperature, brittleness. For the polymerization TPO-L is used as an UV initiator. Mechanical properties as well as molding quality of the films prepared by UV-induced injection molding were compared to hot-embossed poly(carbonate) films of the same layout. Problems during demolding were discussed and an improvement by non-adhesive coatings of the tool inserts and the lid-glass is illustrated. Furthermore, we demonstrated the flexibility of the process by successfully tuning the wettability of the poly(acrylate) films from hydrophilic (water contact angle of 30°) to hydrophobic (water contact angle of 106°) by adding suitable additives to the acrylate mixture, e. g. sulfopropyl acrylate or C16/C18 alkyl acrylate derivatives. In this respect, the filling of the microfluidic channels with a test solution in dependence of the water contact angle was also investigated.The UV-induced injection molding approach promises high flexibility regarding the properties of the resulting films, possible future applications are the fabrication of multilayer films or films with spatially separated areas with different wettability. Based on this idea we present first results of the utilization of a complex tool which allows for the injection of two different acrylate mixtures

Neue Probleme der weiteren Entwicklung sozialistischer moralischer Beziehungen und Verhaltensweisen bei der Herausbildung der Grossforschung in den 70er Jahren

HUB(11) - 74 HB 0609 / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekSIGLEDEGerman

Vom Prototypen in die massenproduktionstaugliche Fertigung - neue Konzepte zur Erzeugung mikrostrukturierter Oberflächen: Poster präsentiert auf der Fachtagung "VAKUUM & PLASMA", V2019, 8. - 10. Oktober 2019, Dresden

Die Adaptionsfähigkeit von technologisch anspruchsvollen Produktionsprozessen an extrem variierende Chargengrößen, kurze Produktlebens- und Entwicklungszyklen ist ausschlaggebend für einen wirtschaftlichen Erfolg und stellt die Wandlungsfähigkeit entsprechender Wertschöpfungsketten vor große Herausforderungen. Am Beispiel mikrostrukturierter Oberflächen für mikrofluidische Systemkomponenten werden Lösungsansätze und Perspektiven für den Bereich Lab-on-a-Chip Systeme vorgestellt, die auch in andere Industriezweige übertragbar sind