Are contingent convertibles going-concern capital?

Contingent convertibles (CoCos) are intended to either convert to new equity or be written down prior to failure while a bank is a going concern. Yet, in the first actual test case, CoCos never converted before its bank failed. We develop a model that predicts that CoCos lead to less (more) extreme stock returns and have yields greater than (similar to) standard subordinated debt yields if investors do (do not) expect them to convert or be written down prior to failure. These predictions are tested using data on CoCos issued by European banks during 2011 to 2017. We find evidence that equity conversion CoCos reduce stock return variance and several other measures of downside risk, consistent with the perception that they are going-concern capital. However, we also provide event study evidence that recent regulatory actions reduced the CoCo – subordinated debt yield spread, which indicates a diminished investor belief that CoCos are going-concern capital

Crack Detectability in Vertical Axis Cooling Pumps During Operation

The problem which is faced in this paper is the analysis of the effects of a transverse propagating crack on the vibrational behaviour of a vertical axis cooling pump. The crack is assumed to develop in a section between the impeller and a seal, which prevents the hot water to flow upwards along the rotor shaft. The pressurized seal is fed with an injection of cold water. Crack initiation may be due to a thermal striping phenomenon. Afterwards, crack growth could be driven by a combination of thermal and mechanical loads, causing alternate cyclic stress in the shaft. Cracking instances of this type have been reported worldwide in several machines of similar design. In this paper, the fact is emphasized that the crack behavior is likely to be influenced by the thermal field and by the water pressure in the cracked area. A dynamical lineshaft model, integrated by an original representation of the crack, has been developed to investigate the possible vibratory symptoms related to a crack propagation. The vibrations are generally measured in correspondence of a rigid coupling which connects the motor shaft to the pump shaft, in position which is rather far away from crack. 1x rev., 2x rev and 3x rev. vibration components, which are generally displayed by the machine condition monitoring system and are the most significative symptoms of the presence of a transverse crack in a rotating shaft, are calculated

Glutathione infusion before primary percutaneous coronary intervention: A randomised controlled pilot study

Objective: In the setting of reperfused ST-elevation myocardial infarction (STEMI), increased production of reactive oxygen species (ROS) contributes to reperfusion injury. Among ROS, hydrogen peroxide (H2O2) showed toxic effects on human cardiomyocytes and may induce microcirculatory impairment. Glutathione (GSH) is a water-soluble tripeptide with a potent oxidant scavenging activity. We hypothesised that the infusion of GSH before acute reoxygenation might counteract the deleterious effects of increased H2O2 generation on myocardium. Methods: Fifty consecutive patients with STEMI, scheduled to undergo primary angioplasty, were randomly assigned, before intervention, to receive an infusion of GSH (2500 mg/25 mL over 10 min), followed by drug administration at the same doses at 24, 48 and 72 hours elapsing time or placebo. Peripheral blood samples were obtained before and at the end of the procedure, as well as after 5 days. H2O2 production, 8-iso-prostaglandin F2α (PGF2α) formation, H2O2 breakdown activity (HBA) and nitric oxide (NO) bioavailability were determined. Serum cardiactroponin T (cTpT) was measured at admission and up to 5 days. Results: Following acute reperfusion, a significant reduction of H2O2 production (p=0.0015) and 8-iso-PGF2α levels (p=0.0003), as well as a significant increase in HBA (p<0.0001)and NO bioavailability (p=0.035), was found in the GSH group as compared with placebo. In treated patients, attenuated production of H2O2 persisted up to 5 days from the index procedure (p=0.009) and these changes was linked to those of the cTpT levels (r=0.41, p=0.023). Conclusion: The prophylactic and prolonged infusion of GSH seems to determine a rapid onset and persistent blunting of H2O2 generation improving myocardial cell survival. Nevertheless, a larger trial, adequately powered for evaluation of clinical endpoints, is ongoing to confirm the current finding

Noble metal nanoparticles networks stabilized by rod-like organometallic bifunctional thiols

Rod-like organometallic dithiol containing square-planar Pt(II) centers, i. e., trans,trans-[(H3COCS)Pt(PBu3)(2)(C equivalent to C-C6H4-C6H4-C equivalent to C)(PBu3)(2)Pt(SCOCH3)] was used as bifunctional stabilizing agent for the synthesis of Pd-, Au-, and AgNPs (MNPs). All the MNPs showed diameters of about 4 nm, which can be controlled by carefully modulating the synthesis parameters. Covalent MNPs stabilization occurred through a single S bridge between Pt(II) and the noble metal nanocluster surfaces, leading to a network of regularly spaced NPs with the formation of dyads, as supported by SR-XPS data and by TEM imaging analysis. The chemical nature of NPs systems was also confirmed by EDS and NMR. Comparison between SR-XPS data of MNPs and self-assembled monolayers and multilayers of pristine rod-like dithiols deposited onto polycrystalline gold surfaces revealed an electronic interaction between Pt(II) centers and biphenyl moieties of adjacent ligands, stabilizing the organic structure of the network. The possibility to obtain networks of regularly spaced MNPs opens outstanding perspectives in optoelectronics

Conhecendo o IAF do cafeeiro arábica através do índice de vegetação por diferença normalizada

O objetivo deste trabalho foi relacionar a série temporal do Índice de Área Foliar (IAF) estimado pelo método proposto por Barbosa et al. (2012) ao índice de vegetação por diferença normalizada (NDVI) adequando um modelo de determinação do IAF através de dados de NDVI coletados em um cafezal na região de Lavras, sul de Minas Gerais. Para isso foi realizado o estudo em cafezal no campus da Universidade Federal de Lavras (UFLA) no período de fevereiro de 2014 a fevereiro de 2015 onde trinta plantas de Coffea arabica L, cv Catuaí IAC 144 foram avaliadas mensalmente com medições de altura do ramo ortotrópico e comprimento de plagiotrópicos em 5 posições na copa para estimativa do IAF, enquanto as avaliações de NDVI foram realizadas semanalmente em três posições distintas da planta. Dados mensais de precipitação (mm- Prec) e temperatura média do ar (°C- Tm) também foram coletados. Os valores de cada variável foram submetidos à análise de correlação (r). A série temporal demonstra que o IAF varia em função da temperatura e precipitação. O modelo de regressão exponencial foi o mais adequado para determinar os valores de IAF em função do NDVI. As correlações do IAF com o NDVI variam em função da posição da medida de NDVI da planta. A série temporal do IAF é uma variável útil nas práticas de manejo, enquanto NDVI pode ser utilizado para determinar o IAF em plantas de café

Anesthesia in Treacher Collins Syndrome for bone anchored hearing aid (BAHA) surgery.

Treacher Collins syndrome (TCS) is a rare genetic disor- der characterized by distinctive abnormalities of the head and face, affecting about one child in every 50000. Ab- normalities such micrognathia, cleft palate and cervical spine alterations are common and may represent an addi- tional risk in airway management for general anesthesia. As a matter of fact, difficult OTI prevalence in paediatric surgery rises from 1-2% to 50% when considering the subpopulation of paediatric patients with cervical spine diseases, as TCS ones. This article describes a case report of our anesthesiological management in bone-anchored hearing aid (BAHA) implant surgery in a 7-year-old fe- male Treacher Collins Syndrome patient born without the long process of the incus, the stapes and with hypoplasia of the oval window bilaterally. A careful preoperative evaluation and anesthesiological plan based on the use of videolaryngoscopy, routine practice in our centre, granted a successful outcome and no complications

Targeting the hedgehog transcription factors GLI1 and GLI2 restores sensitivity to vemurafenib-resistant human melanoma cells

BRAF inhibitor (BRAFi) therapy for melanoma patients harboring the V600E mutation is initially highly effective, but almost all patients relapse within a few months. Understanding the molecular mechanisms underpinning BRAFi-based therapy is therefore an important issue. Here we identified a previously unsuspected mechanism of BRAFi resistance driven by elevated Hedgehog (Hh) pathway activation that is observed in a cohort of melanoma patients after vemurafenib treatment. Specifically, we demonstrate that melanoma cell lines, with acquired in vitro-induced vemurafenib resistance, show increased levels of glioma-associated oncogene homolog 1 and 2 (GLI1/GLI2) compared with naive cells. We also observed these findings in clinical melanoma specimens. Moreover, the increased expression of the transcription factors GLI1/GLI2 was independent of canonical Hh signaling and was instead correlated with the noncanonical Hh pathway, involving TGF beta/SMAD (transforming growth factor-beta/Sma- and Mad-related family) signaling. Knockdown of GLI1 and GLI2 restored sensitivity to vemurafenib-resistant cells, an effect associated with both growth arrest and senescence. Treatment of vemurafenib-resistant cells with the GLI1/GLI2 inhibitor Gant61 led to decreased invasion of the melanoma cells in a three-dimensional skin reconstruct model and was associated with a decrease in metalloproteinase (MMP2/MMP9) expression and microphthalmia transcription factor upregulation. Gant61 monotherapy did not alter the drug sensitivity of naive cells, but could reverse the resistance of melanoma cells chronically treated with vemurafenib. We further noted that alternating dosing schedules of Gant61 and vemurafenib prevented the onset of BRAFi resistance, suggesting that this could be a potential therapeutic strategy for the prevention of therapeutic escape. Our results suggest that targeting the Hh pathway in BRAFi-resistant melanoma may represent a viable therapeutic strategy to restore vemurafenib sensitivity, reducing or even inhibiting the acquired chemoresistance in melanoma patients.Fapesp-grant number 2012/04194-1, 2013/05172-4, 2014/24400-0 and 2015/10821-7, CNPq-grant number 150447/2013-2 and 471512/2013-3 and PRODOC-grant no 3193-32/2010. Work in the lab of KS Smalley was supported by the National Institutes of Health grants R01 CA161107, R21 CA198550, and Skin SPORE grant P50 CA168536info:eu-repo/semantics/publishedVersio