The misconception of the option value of deposit insurance and the efficacy of non-risk-based capital requirements in the literature on bank capital regulation

This study shows how the misconception of the option value of deposit insurance by Merton (1977) and its later misuse by Keeley and Furlong (1990), among others, have led some literature supporting the adoption of binding non-risk-based capital requirements to derive incorrect conclusions about their efficacy. This study further shows that what Merton defines as the option value of deposit insurance is actually a component of a bank?s limited liability option under a third-party deposit guarantee. As such, it is already included in the value of the bank?s equity capital, and the flawed definition makes the Keeley-Furlong model internally incoherent.Capital requirements, Credit risk, Deposit insurance, Prudential regulation, Portfolio approach

Differential redox state contributes to sex disparities in the response to influenza virus infection in male and female mice

Influenza virus replicates intracellularly exploiting several pathways involved in the regulation of host responses. The outcome and the severity of the infection are thus strongly conditioned by multiple host factors, including age, sex, metabolic, and redox conditions of the target cells. Hormones are also important determinants of host immune responses to influenza and are recently proposed in the prophylaxis and treatment. This study shows that female mice are less susceptible than males to mouse-adapted influenza virus (A/PR8/H1N1). Compared with males, PR8-infected females display higher survival rate (+36%), milder clinical disease, and less weight loss. They also have milder histopathological signs, especially free alveolar area is higher than that in males, even if pro-inflammatory cytokine production shows slight differences between sexes; hormone levels, moreover, do not vary significantly with infection in our model. Importantly, viral loads (both in terms of viral M1 RNA copies and tissue culture infectious dose 50%) are lower in PR8-infected females. An analysis of the mechanisms contributing to sex disparities observed during infection reveals that the female animals have higher total antioxidant power in serum and their lungs are characterized by increase in (i) the content and biosynthesis of glutathione, (ii) the expression and activity of antioxidant enzymes (peroxiredoxin 1, catalase, and glutathione peroxidase), and (iii) the expression of the anti-apoptotic protein Bcl-2. By contrast, infected males are characterized by high expression of NADPH oxidase 4 oxidase and phosphorylation of p38 MAPK, both enzymes promoting viral replication. All these factors are critical for cell homeostasis and susceptibility to infection. Reappraisal of the importance of the host cell redox state and sex-related effects may be useful in the attempt to develop more tailored therapeutic interventions in the fight against influenza

Modeling bank capital regulation in a multiperiod framework

Dottorato di ricerca in metodi computazionali per le decisioni e previsioni economiche e finanziarie. 12. ciclo. A. a. 1999-2000Consiglio Nazionale delle Ricerche - Biblioteca Centrale - P.le Aldo Moro, 7, Rome; Biblioteca Nazionale Centrale - P.za Cavalleggeri, 1, Florence / CNR - Consiglio Nazionale delle RichercheSIGLEITItal

The misconception of the option value of deposit insurance and the efficacy of non-risk-based capital requirements in the literature on bank capital regulation

This study shows how the misconception of the option value of deposit insurance by Merton (1977) and its later misuse by Keeley and Furlong (1990), among others, have led some literature supporting the adoption of binding non-risk-based capital requirements to derive incorrect conclusions about their efficacy. This study further shows that what Merton defines as the option value of deposit insurance is actually a component of a bank's limited liability option under a third-party deposit guarantee. As such, it is already included in the value of the bank's equity capital, and the flawed definition makes the Keeley-Furlong model internally incoherent.Capital requirements Credit risk Deposit insurance Prudential regulation Portfolio approach

The misconception of the option value of deposit insurance and the efficacy of non-risk-based capital requirements in the literature on bank capital regulation

This study shows how the misconception of the option value of deposit insurance by Merton (1977) and its later misuse by Keeley and Furlong (1990), among others, have led some literature supporting the adoption of binding non-risk-based capital requirements to derive incorrect conclusions about their efficacy. This study further shows that what Merton defines as the option value of deposit insurance is actually a component of a bank?s limited liability option under a third-party deposit guarantee. As such, it is already included in the value of the bank?s equity capital, and the flawed definition makes the Keeley-Furlong model internally incoherent.Capital requirements, Credit risk, Deposit insurance, Prudential regulation, Portfolio approach

GESTIONE DELLA FISTOLA ENTEROCUTANEA E DELLA NUTRIZIONE CLINICA IN PAZIENTE CON PROTESI INFETTA DOPO TRATTAMENTO DI LAPAROCELE ADDOMINALE. SUGGERIMENTI, TRUCCHI E REVISIONE DELLA LETTERATURA

Il trattamento della fistola entero-cutanea (FEC) richiede un approccio multidisciplinare, genera costi elevati e mostra tassi critici di morbilità e mortalità. E’ una complicanza tra le più impegnative nella Chirurgia dell'Ernia post-incisionale (laparocele addominale) e nella Chirurgia colorettale. L’età dei pazienti, in media avanzata, e la coesistenza di una o più patologie croniche, determinano un esito infausto, nonostante i trattamenti applicati. Materiali e metodi: Si illustrano gli attuali sistemi di classificazione della FEC, le metodiche attualmente utilizzate nella gestione della complicanza, una revisione bibliografica approfondita sul controllo della fonte settica, sul metodo da seguire nell’applicazione della nutrizione clinica, ossigenoterapia iperbarica e drenaggio a pressione negativa. Abbiamo valutato l’impiego della pancera che, seppure la bibliografia scientifica non ne evidenzi l’utilità, in questo tipo di pazienti è consigliabile. Risultati: Maschio 71 anni, settico, displasia midollare, fistolizzato a 100 cm dal Treitz dopo rimozione di protesi infetta impiantata per laparocele. Scenario complesso per malattia del sistema eritropoietico. Confrontiamo i nostri risultati con la letteratura scientifica internazionale. I pazienti con FEC necessitano il supporto nutrizionale per contrastare ipercatabolismo, flogosi e sepsi, perdita di liquidi, proteine e sali minerali. BMI medio / velocità infusionale media / output medio alla domiciliarizzazione / in domiciliare, e in fase terminale sono stati 21.8/82.8 (ml/h)/83,2 (ml/24 ore); 23.3/59.2/70.1; 22.9/70/100.3 rispettivamente. L’Hb media/Hct medio/PLT medie nelle tre fasi 8.8(g/dL) / 27(%) / 98.5(x10^9/L) (nessuna trasfusione), 7/20.9/84 (2 trasfusioni), 7.3/21.1/46 (10 trasfusioni). Conclusione: Nel trattamento della FEC è indispensabile l’approccio multidisciplinare aggressivo, espianto della fonte settica, ipernutrizione (iniziando con Nutrizione Parenterale Totale-NPT, seguita da Nutrizione Enterale-NE) prima possibile. Nella fase intermedia l’output lasciava ben sperare nella chiusura spontanea. La/le patologie associate hanno un peso determinante nella riuscita. Teduglutide potrebbe essere utile out label. Necessaria la stesura di linee guide condivise ottenendo dati omogenei, schematizzare la metodologia per disegnare studi randomizzati dai risultati accettabili alla comunità scientifica

Heart failure ‘the cancer of the heart’: the prognostic role of the HLM score

AimsThe multi-systemic effects of heart failure (HF) resemble the spread observed during cancer. We propose a new score, named HLM, analogous to the TNM classification used in oncology, to assess the prognosis of HF. HLM refers to H: heart damage, L: lung involvement, and M: systemic multiorgan involvement. The aim was to compare the HLM score to the conventional New York Heart Association (NYHA) classification, American College of Cardiology/American Heart Association (ACC/AHA) stages, and left ventricular ejection fraction (LVEF), to assess the most accurate prognostic tool for HF patients.Methods and resultsWe performed a multicentre, observational, prospective study of consecutive patients admitted for HF. Heart, lung, and other organ function parameters were collected. Each patient was classified according to the HLM score, NYHA classification, ACC/AHA stages, and LVEF assessed by transthoracic echocardiography. The follow-up period was 12 months. The primary endpoint was a composite of all-cause death and rehospitalization due to HF. A total of 1720 patients who completed the 12 month follow-up period have been enrolled in the study. 520 (30.2%) patients experienced the composite endpoint of all-cause death and rehospitalization due to HF. 540 (31.4%) patients were female. The mean age of the study population was 70.5 +/- 12.9. The mean LVEF at admission was 42.5 +/- 13%. Regarding the population distribution across the spectrum of HLM score stages, 373 (21.7%) patients were included in the HLM-1, 507 (29.5%) in the HLM-2, 587 (34.1%) in the HLM-3, and 253 (14.7%) in the HLM-4. HLM was the most accurate score to predict the primary endpoint at 12 months. The area under the receiver operating characteristic curve (AUC) was greater for the HLM score compared with the NYHA classification, ACC/AHA stages, or LVEF, regarding the composite endpoint (HLM = 0.645; NYHA = 0.580; ACC/AHA = 0.589; LVEF = 0.572). The AUC of the HLM score was significantly better compared with the LVEF (P = 0.002), ACC/AHA (P = 0.029), and NYHA (P = 0.009) AUC.ConclusionsThe HLM score has a greater prognostic power compared with the NYHA classification, ACC/AHA stages, and LVEF assessed by transthoracic echocardiography in terms of the composite endpoint of all-cause death and rehospitalization due to HF at 12 months of follow-up

Estimated glomerular filtration rate is a marker of mortality in the European Scleroderma Trials and Research Group (EUSTAR) database

Study aim was to evaluate estimated glomerular filtration rate (eGFR), its association with clinical disease and its predictive ability with mortality in systemic sclerosis (SSc) patients from the European Scleroderma Trials and Research Group (EUSTAR) database

ECG evaluation in 11 949 italian teenagers. results of screening in secondary school

Background: There is lack of evidence regarding the screening role of ECG for sudden cardiac death (SCD) prevention. Objective: To evaluate the prevalence of ECG abnormalities among teenagers according to sport participation and competitive status. Methods: Eleven thousand nine hundred and forty-nine Italian pupils from 179 secondary schools (13-19 years) were consecutively enrolled. ECG abnormalities were divided into minor and major. Medical history, clinical examination and sport activity information were acquired. Further evaluations were suggested in case of major ECG abnormalities. Follow-up was performed at 2 years. Results: N = 1945 (16%) pupils had ECG abnormalities. Major ECG abnormalities were detected in 13% of the cohort, minor in 34%. ECG abnormalities were more common in nonathletes compared with athletes. A diagnosis of cardiac disease was reached in 25 (1.6%) of the pupils with major ECG abnormalities. Conclusion: ECG abnormalities are common among young populations and more prevalent in nonathletes. Among pupils with major ECG abnormalities 1.6% had a cardiac disease diagnosis. Our results are in line with the data supporting ECG screening in the general young populatio