A diversificação das receitas bancárias: seu impacto sobre o risco e o retorno dos bancos brasileiros

O objetivo deste estudo é determinar o impacto da diversificação das receitas bancárias sobre o risco e o retorno dos bancos brasileiros. Essa estratégia foi adotada por bancos em diversos países, inclusive no Brasil. Em 2003, as receitas noninterest (não decorrentes de juros) representavam 17,80% da receita operacional dos bancos analisados e, em 2014, essa participação havia aumentado para 27,40%. Embora muitos estudos tenham abordado a questão para bancos americanos, europeus e asiáticos, este tema ainda não foi abordado para uma amostra de bancos brasileiros. Como o setor bancário é uma variável crucial à estabilidade do sistema financeiro, é importante estudar os fatores que afetam o risco e o retorno dos bancos. Analisamos a amostra para o período entre 2003 e 2014, utilizando dados em painel dinâmico através do Método Generalizado dos Momentos para abordar questões de endogeneidade, heterocedasticidade e autocorrelação. Nossos principais resultados mostram que as receitas noninterest possuem um papel importante no desempenho dos bancos estudados; nossa análise das atividades de intermediação financeira mostrou que as operações de crédito produziram melhores resultados do que as atividades de negociação de títulos. Além disso, confirmando as hipóteses propostas, as receitas noninterest apresentaram, de maneira geral, um impacto positivo sobre o retorno e o retorno ajustado ao risco nos bancos estudados. Entretanto, ao contrário do que esperávamos, as receitas noninterest mostraram uma relação positiva com o risco desses bancos (embora estatisticamente não significativa). É importante destacar as variáveis de controle, ou seja, a taxa de juros real, o PIB e o crescimento bancário, as quais foram relevantes para a determinação do desempenho dos bancos.The present study aims to determine the impact of bank revenue diversification on Brazilian banks’ risk and return. This strategy has been adopted by banks in several countries, including Brazil. In 2003, noninterest income accounted for 17.80% of the operating revenue of the banks analyzed, and in 2014, this share increased to 27.40%. While many studies have addressed the subject in American, European and Asian banks, it still has not been approached in a sample of Brazilian banks. Since the banking industry is a key variable for the financial system’s stability, it is important to study the factors that affect banks’ risk and return. We analyzed the sample for the period from 2003 to 2014, using dynamic panel data GMM (Generalized Method of Moments) to address endogeneity, heteroscedasticity and autocorrelation problems. Our main results show that noninterest income has a major role in the performance of the banks studied; our analysis of financial intermediation activities showed that loan operations produced better results than trading. Moreover, confirming the hypotheses proposed, noninterest income showed a generally positive impact on return and risk adjusted return for the banks studied. However, against our expectation, noninterest income showed a positive relationship with the risk of these banks (although not statistically significant). It is worth highlighting the control variables, i.e., real interest rate, GDP and bank growth, which were relevant in determining bank performance

Novel Li3ClO based glasses with superionic properties for lithium batteries

Three types of next generation batteries are currently being envisaged among the international community: metal-air batteries, multivalent cation batteries and all-solid-state batteries. These battery designs require high-performance, safe and cost effective electrolytes that are compatible with optimized electrode materials. Solid electrolytes have not yet been extensively employed in commercial batteries as they suffer from poor ionic conduction at acceptable temperatures and insufficient stability with respect to lithium-metal. Here we show a novel type of glasses, which evolve from an antiperovskite structure and that show the highest ionic conductivity ever reported for the Li-ion (25 mS cm-1 at 25 °C). These glassy electrolytes for lithium batteries are inexpensive, light, recyclable, non-flammable and non-toxic. Moreover, they present a wide electrochemical window (higher than 8 V) and thermal stability within the application range of temperatures

Brain Natriuretic Peptide Levels Predict Morbidity and Mortality in Haemodialysis Patients

Background: Brain natriuretic peptide is a predictor of mortality in multiple cardiovascular diseases but its value in patients with chronic kidney disease is still a matter of debate. Patients and methods: We studied 48 haemodialysis patients with mean age 70.0±13.9 years,62.5% female, 43.8% diabetics, with a mean haemodialysis time of 38.1±29.3 months. To evaluate the role of brain natriuretic peptide as a prognostic factor in this population we performed a two-session evaluation of pre- and postmid-week haemodialysis plasma brain natriuretic peptide concentrations and correlated them with hospitalisation and overall and cardiovascular mortality over a two-year period. Results: There were no significant variations in pre– and post-haemodialysis plasma brain natriuretic peptide concentrations. Pre- and post-haemodialysis brain natriuretic peptide concentrations were significantly greater in patients who died from all causes(p=0.034 and p=0.001, respectively) and from cardiovascular causes (p=0.043 and p=0.001, respectively). Patients who were hospitalised in the two-year study period also presented greater pre- and posthaemodialysis brain natriuretic peptide concentrations(p=0.03 and p=0.036, respectively). Patients with mean brain natriuretic peptide concentrations ≥ 390 pg/mL showed a significantly lower survival at the end of the two-year study period. Conclusion: Brain natriuretic peptide was a good predictor of morbidity and mortality (overall and cardiovascular) in our population

Of adenosine and the blues: the adenosinergic system in the pathophysiology and treatment of major depressive disorder

© 2020 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).Major depressive disorder (MDD) is the foremost cause of global disability, being responsible for enormous personal, societal, and economical costs. Importantly, existing pharmacological treatments for MDD are partially or totally ineffective in a large segment of patients. As such, the search for novel antidepressant drug targets, anchored on a clear understanding of the etiological and pathophysiological mechanisms underpinning MDD, becomes of the utmost importance. The adenosinergic system, a highly conserved neuromodulatory system, appears as a promising novel target, given both its regulatory actions over many MDD-affected systems and processes. With this goal in mind, we herein review the evidence concerning the role of adenosine as a potential player in pathophysiology and treatment of MDD, combining data from both human and animal studies. Altogether, evidence supports the assertions that the adenosinergic system is altered in both MDD patients and animal models, and that drugs targeting this system have considerable potential as putative antidepressants. Furthermore, evidence also suggests that modifications in adenosine signaling may have a key role in the effects of several pharmacological and non-pharmacological antidepressant treatments with demonstrated efficacy, such as electroconvulsive shock, sleep deprivation, and deep brain stimulation. Lastly, it becomes clear from the available literature that there is yet much to study regarding the role of the adenosinergic system in the pathophysiology and treatment of MDD, and we suggest several avenues of research that are likely to prove fruitful.This work was supported by project funding from Fundação para a Ciência e para a Tecnologia (FCT) to SHV (PTDC/BTM-SAL/32147/2017) and AMS (PTDC/MED-FAR/30933/2017). This project has received funding from H2020-WIDESPREAD-05-2017-Twinning (EpiEpinet) under grant agreement No. 952455. MF-F (SFRH/BD/147505/2019), JG-R (PD/BD/150342/2019), and NR (PD/BD/113463/2015) are supported by PhD fellowships from FCT.info:eu-repo/semantics/publishedVersio