Is there Any Dependence Between Consumer Credit Line Utilization and Default Probability on a Term Loan? Evidence from Bank-Level Data

Whereas recent studies on revolving lines of credit suggest a positive relationship between exposure at default and default probability on the line, this paper considers the relationship between two financial instruments through the simultaneous analysis of credit line utilization and default probability on a personal loan. We model both financial instruments endogenously in a simultaneous equation system and find strong evidence of a positive relationship between the two instruments. Individuals in the default state use their credit line 59% more than those in the non-default state, and full utilization of the credit line increases the default probability on the loan by 46% when compared with non-utilization. Our results suggest that banks should manage both financial instruments simultaneously.Consumer finance, consumer risk management, credit line, term loan, default probability, ability to pay, endogeneity, simultaneous equations

Flood event impact on pesticide transfer in a small agricultural catchment (Moutousse at Aurade, south west France)

In this paper, pesticide transfer dynamic is studied during two flood events in a small experimental catchment close to Toulouse (south west France). Thirteen pesticide molecules (herbicides, fungicides) have been analysed by multi-residue technique on filtered and unfiltered waters. The results show very high pesticide concentrations in the different fractions compared to low flow periods and to the data collected by the French institutional networks in charge of the pesticide river water pollution survey. Several molecules present concentration higher than 0.1 mgL-1 and even higher than 1 mgL-1 in the unfiltered waters. In the suspended matters the concentrations vary respectively between 0.1 and 30 mg g-1 according to the molecules and can represent 40 to 90% of the total concentration for low soluble molecules. All the molecule concentrations and fluxes increase during the flood flows and have positive relationships with the stream discharge, but hysteresis between rising and falling periods can be observed for some molecules. Pesticide concentrations in unfiltered waters and partitioning between dissolved and particulate fractions (Kd¼[diss]/[part]) are controlled by dissolved organic carbon and total suspended matter. A good negative relationship can be established between logKd and logKow for 6 molecules

Does Asymmetric Information Affect the Premium in Mergers and Acquisitions?

Our objective is to test the influence of information asymmetry between potential buyers on the premium paid for an acquisition. We analyze mergers and acquisitions as English auctions with asymmetric information. The theory of dynamic auctions with private values predicts that more informed bidders should pay a lower price for an acquisition. We test that prediction with a sample of 1,026 acquisitions in the United States between 1990 and 2007. We hypothesize that blockholders of the target’s shares are better informed than other bidders because they possess privileged information on the target. Information asymmetry between participants is shown to influence the premium paid. Blockholders pay a much lower conditional premium than do other buyers (around 70% lower). Tests also show that the characteristics of the target, specifically the runup, sales growth and size, affect the premium. The size of the target relative to the buyer, the choice of a public takeover bid and the hostility of the bid are also influential.Asymmetric information, merger and acquisition, blockholder, premium, English auction, test for over-identifying restriction (Sargan test), test for endogeneity (Durbin-Wu-Hausman test)

Unusual appearance of a pendulated gastric tumor : always think of GIST

Objective. To investigate the clinicopathological characteristics of gastrointestinal stromal tumor (GIST) with significant cystic changes and to assess the molecular genetic characteristics. Methods. In a 68-year-old man, a large abdominal tumoral mass was discovered incidentally. Computed tomography (CT) and magnetic resonance imaging (MRI) confirmed the presence of a large cystic lesion with multiple contrast-enhancing septae and papillary projections. No clear connection with any of the surrounding organs was identified. Malignancy could not be excluded, and surgery was indicated. During surgery, the large mass was found to be attached by a narrow stalk to the large curvature of the stomach. Results. The histological features and immunohistiochemical profile of the tumor cells (positivity for CD117 and CD34) were consistent with a gastrointestinal stromal tumor with a high risk of progressive disease according to the Fletcher classification. Diagnosis was confirmed by mutational analysis; this demonstrated mutation in exon 14 of PDGFRA. During the followup of 97 months, the patient had a cancer-free survival. Conclusions. This case demonstrates that gastrointestinal stromal tumors (GISTs) with extensive cystic degeneration should be considered in the differential diagnosis of a cystic abdominal mass

Evaluating the impact of group cancer genetic counseling sessions in the BRCA Community Study

The Ashkenazi Jewish population has up to a 2.5% (1 in 40) carrier frequency for any of the three founder mutations in the BRCA1 and BRCA2 genes. The current standard of care suggests genetic testing for founder mutations in only those individuals with a personal or family history of BRCA-related cancers in addition to Ashkenazi Jewish ancestry; however, recent studies suggest that up to 51% of Ashkenazi Jewish BRCA mutation carriers have little or no family history of relevant cancers (Gabai-Kapara et al., 2014). Since there are currently no well-defined educational programs to address this problem, the purpose of this study was to design, implement, and evaluate the utilization of group genetic counseling and pre-counseling education among “low-risk” Ashkenazi Jewish individuals being offered genetic testing for BRCA founder mutations. Most participants showed a gain in knowledge after group genetic counseling, no negativity towards group genetic counseling, and a better understanding of BRCA mutations in the Ashkenazi Jewish population. The results of this study show that pre-counseling education can be effectively utilized in a group setting and that group genetic counseling can be utilized successfully for population screening

Abnormal proactive and reactive cognitive control during conflict processing in major depression

According to the Dual Mechanisms of Control framework, cognitive control consists of two complementary components: proactive control refers to anticipatory maintenance of goal-relevant information, whereas reactive control acts as a correction mechanism that is activated when a conflict occurs. Possibly, the well-known diminished inhibitory control in response to negative stimuli in Major Depressive Disorder (MDD) patients stems from a breakdown in proactive control, and/or anomalies in reactive cognitive control. In our study, MDD patients specifically showed increased response latencies when actively inhibiting a dominant response to a sad compared with a happy face. This condition was associated with a longer duration of a dominant ERP topography (800-900 ms poststimulus onset) and a stronger activity in the bilateral dorsal anterior cingulate cortex, reflecting abnormal reactive control when inhibiting attention to a negative stimulus. Moreover, MDD patients showed abnormalities in proactive cognitive control when preparing for the upcoming imperative stimulus (abnormal modulation of the contingent negative variation component), accompanied by more activity in brain regions belonging to the default mode network. All together, deficits to inhibit attention to negative information in MDD might originate from an abnormal use of both proactive resources and reactive control processes. This document is copyrighted by the American Psychological Association or one of its allied publishers. This article is intended solely for the personal use of the individual user and is not to be disseminated broadly

Economic and Energy Performance of Heating and Ventilation. Systems in Deep Retrofitted Norwegian Detached Houses

The aim of this study was to evaluate the life-cycle costs (LCC) and energy performance of different heating and ventilation systems (HVAC) in deep-energy renovation of Norwegian detached houses. Eight different HVAC combinations based on heat pumps are compared using two case buildings, with different performance levels for the building envelope. The case buildings are small wooden dwellings without a hydronic heating system, which is representative of existing Norwegian detached houses. The insulation level had only a limited effect on the relative performance of the various HVAC combinations. Many solutions with medium and higher investments have a payback time close to the technical lifetime. Uncertainty regarding investment costs is important and affects the relative performance between HVAC combinations. Electricity prices also have a decisive influence on the relative performance. Solutions with lower investment costs often lead to low total costs but higher energy use. However, solutions with medium investment cost lead to a significant reduction in energy use and only a minor increase in total costs. Improving the cost-effectiveness of these technologies (reduced investment costs, grants, increased electricity price) would unlock large energy-saving potential. The lack of hydronic distribution systems in existing Norwegian buildings is a barrier to implementing air-to-water and ground-source heat pumps. For the investigated cases, the current government subsidies in Norway do not seem large enough to make investments in deep-energy renovation profitablepublishedVersio

Antiplatelet therapy in atherothrombotic diseases : similarities and differences across guidelines

Antiplatelet therapy, mainly consisting of aspirin and P2Y12 receptor antagonists, is the cornerstone of the pharmacological treatment and prevention of atherothrombotic diseases. Its use, especially in secondary cardiovascular prevention, has significantly improved patient clinical outcomes in the last decades. Primary safety endpoint (i.e., bleeding complications) remain a major drawback of antiplatelet drugs. National and international societies have published and regularly updated guidelines for antiplatelet therapy aiming to provide clinicians with practical recommendations for a better handling of these drugs in various clinical settings. Many recommendations find common ground between international guidelines, but certain strategies vary across the countries, particularly with regard to the choice of molecules, dosage, and treatment duration. In this review, we detail and discuss the main antiplatelet therapy indications in the light of the different published guidelines and the significant number of recently published clinical trials and meta-analyses and highlight the areas that deserve further investigation in order to improve antiplatelet therapy in patients with atherothrombotic diseases

SF-1 a key player in the development and differentiation of steroidogenic tissues

Since its discovery in the early 1990s, the orphan nuclear receptor SF-1 has been attributed a central role in the development and differentiation of steroidogenic tissues. SF-1 controls the expression of all the steroidogenic enzymes and cholesterol transporters required for steroidogenesis as well as the expression of steroidogenesis-stimulating hormones and their cognate receptors. SF-1 is also an essential regulator of genes involved in the sex determination cascade. The study of SF-1 null mice and of human mutants has been of great value to demonstrate the essential role of this factor in vivo, although the complete adrenal and gonadal agenesis in knock-out animals has impeded studies of its function as a transcriptional regulator. In particular, the role of SF-1 in the hormonal responsiveness of steroidogenic genes promoters is still a subject of debate. This extensive review takes into account recent data obtained from SF-1 haploinsufficient mice, pituitary-specific knock-outs and from transgenic mice experiments carried out with SF-1 target gene promoters. It also summarizes the pros and cons regarding the presumed role of SF-1 in cAMP signalling