The implications for bank risk posed by the bail-in amendments to the ranking of unsecured senior debt instruments in insolvency hierarchy

Given the scarce empirical research supporting the branch of literature investigating the shortcomings of the bail-in regime (Hadjiemmanuil, 2015; Walther & White, 2020; Tr\uf6ger, 2020), this paper offers a contribution in this regard investigating the implications for bank risk posed by the amendments to the unsecured senior debt asset class required to enhance the bail-in regime. To this purpose, we use a sample of 46 banks distributed over 17 European countries over the period of Q1 2010\u2013Q4 2019. We thus run a fixed effect panel data regression over the entire period and also over the subperiods before and after the start of the overhaul of the unsecured senior debt asset class. Our main result points out the significant role of unsecured senior debt in explaining bank\u2019s risk after the start of the amendments campaign which allowed this asset class to serve the enhancement of the bail-in regime. We attribute this result to the uncertain gone-concern loss-absorbing capacity of unsecured senior debt and its material cost exacerbated by the bail-in buffer shortfall of many European banks. Our result pique policymakers\u2019 attention to the side-effects of the amendments to the bail-in regime and further guide bank managers\u2019 decisions about regulatory funding strategies

Bail-in credibility: evidence from emerging markets

Purpose Some controversial cases of bail-in in the emerging countries have raised the question about whether for those countries to have in place a regulation for the bail-in is appropriate or not. To assess appropriateness, this paper investigates bail-in credibility among investors, as crucial condition for the credibility's smooth implementation, by measuring the yield spread between bailinable and non-bailinable bonds. Design/methodology/approach The authors compare the yield spread of banks located in emerging countries that have in place a framework for the bail-in to the comparable yield spread measured for banks located in emerging countries without such framework. The comparison permits to detect whether there is a significant difference between the two spreads, which would suggest that bail-in regulation has been deemed credible by market participants where enforced, or not, which in this case would signal a problem of credibility. Findings The authors' results point out a significantly higher yield spread for banks located in emerging countries that have adopted a framework for the bail-in of creditors. Bail-in regulation has, therefore, being deemed credible in the adopting emerging countries, thus ensuring a crucial condition for bail-in regulation's smooth application. The authors also point out bank size and country's gross domestic product (GDP) growth as crucial moderators of bail-in expectations of market participants that can guide the implementation of bail-in rules in emerging countries. Originality/value This paper contributes to the literature on the credibility of bail-in with a new perspective from the emerging countries

Electro-thermal dynamic simulations and results of a deorbiting tethered system

Deorbiting techniques with small or better no propellant consumption are an important and critical field of space studies for the mitigation of orbital debris. Electrodynamic tethers (EDTs) are of particular interest because they make possible to deorbit space debris by exploiting the Lorentz force that is provided by the current flowing in the tether thanks to the interaction of the system with the Earth’s magnetosphere and the ionosphere. This paper focuses on the differences between two software packages built at the University of Padova (FLEX and FLEXSIM) and their results in simulating various deorbiting scenarios. Both FLEXSIM and FLEX simulate the electro-thermal behaviour and the dynamics of an EDT. However, while the first one has the simplifying assumption that the tether is always aligned with the local vertical, the second one considers also the overall system attitude with respect to the radial direction and the tether flexibility. The computational times of these S/W are very different and it is important to understand the scenarios that are more appropriate for their use. Results aim to show the impact of different solar activity (simulations are done at different epochs) and lengths of conductive and non conductive segments of tether, in the range of a few hundreds of meters, on the total re-entry time. As expected, deorbiting is faster for high solar activity and conductive tether length but the performance must be balanced against the dynamics stability. The issue of stability over the deorbiting time is evaluated numerically for specific cases by using FLEX

Deployment profile analysis for tethered deorbiting technologies

Over the past few decades, the man-made space debris has become an increasingly concerning problem for future space missions. Fortunately, some innovative "green" deorbiting technologies have been emerged. Among these strategies, electrodynamic tethers have demonstrated to be a promising option, thanks to their passive and fuel-free characteristics. By leveraging the Earth's ionosphere and the geomagnetic field, an electrodynamic tether generates a Lorentz drag force, that can significantly reduce the altitude of a satellite and ultimately cause it to re-enter the atmosphere. The goal of this research is to investigate a critical part of satellite tethered technology, namely the deployment phase. To accomplish this, we utilized a software tool developed by the University of Padova to simulate the dynamics of the deployment phase and optimize its trajectory, in order to meet the desired boundary conditions. This paper gives a description of the software and shows the results of a sensitivity analysis on the trajectory profile that examines the impact of variations in the release angle of the tether and the speed profile actuated by the motor that controls the deployment speed

Sequential development of large B cell lymphoma in a patient with peripheral T-cell lymphoma.

Lymphomas of different histologic type can occur in the same patient. Two types of lymphomas can be diagnosed in the same lymph node (composite lymphoma) or in different sites. In the latter case, terms as simultaneous and sequential have been proposed to define the detection of two lymphomas at the same time or at different times, respectively

City Car Drag Reduction by means of Flow Control Devices

In the past few decades, the automotive industry saw the development of several environment-friendly technologies, as high efficiency engines, lightweight materials, and low-rolling-resistance tires. Car body styling, together with aerodynamics, play an important role in resolving environmental issues by reducing drag force, which results in high fuel efficiency and lower energy requirements. The main objective of this study is the reduction of the aerodynamic resistance of a city-car prototype by means of flow control devices (air blow and air relief) located into the wheel arches. This work starts from the wind tunnel experimental tests of the baseline version of the XAM 2.0 vehicle, then, dedicated ducts are implemented into the model in order to reduce the turbulence of the front wheel well and the air-flow defection at the end of the sides of the car body. A CFD analysis is carried out in order to assess the effects of the introduced modifications: car shape is varied by CAS, for every modification CFD calculations are performed. A correlation between wind tunnel and CFD results is carried out validating the drag optimization, demonstrating the predictive capabilities of CFD analysis and a record-breaking drag coefficient

Spectrophotometric and ellipsometric measurements on coated flat glass Report of the International Commission on Glass Technical Committee 19 "Physical Methods for Studying Glass Surfaces"

The deposition technology of thin films on flat glass is used for optimizing the behaviour of glazings as regards natural daylighting, solar control and thermal insulation. The characterization of the modified glass surface is of great importance to predict this behaviour. In 1986 the International Commission on Glass (ICG) decided to commit the task of glass surface characterization to its Technical Committee TC 19. Three coated samples were circulated among the members of TC 19 and the coatings were characterized with different techniques. This paper reports the results obtained with optical methods