Information acquisition and financial contagion.

This paper incorporates costly voluntary acquisition of information à la Nikitin and Smith (2007) [Nikitin, M., Smith, R.T., 2007. Information acquisition, coordination, and fundamentals in a financial crisis. Journal of Banking and Finance, in press, doi:10.1016/j.jbankfin.2007.04.031], in a framework similar to Allen and Gale (2000) [Allen, F., Gale, D., 2000. Financial contagion. Journal of Political Economy 108, 1–33], without relying on any unexpected shock to model contagion. In this framework, contagion and financial crises are the result of information gathering by depositors, weak fundamentals and an incomplete market structure of banks. It also shows how financial systems entering a recession can affect others with apparently stronger economic conditions (contagion). Finally, this is the first paper to investigate the effectiveness of the Contingent Credit Line procedures, introduced by the IMF at the end of the nineties, as a mechanism to prevent the propagation of crises.Central Bank; Contingent credit line; Financial contagion; Fundamentals; Verification equilibrium;

Don't Distract Me When I'm Media Multitasking: Toward a Theory for Raising Advertising Recall and Recognition

Media multitasking, such as using handheld devices like smartphones and tablets while watching TV, has become prevalent but its effect on the recall and recognition of advertising subject to limited academic research. We contend that the context in which multitasking takes place affects consumer memory for advertising delivered via the primary activity (e.g., watching television). Specifically, we identify the importance of the degree of (a) congruence between the primary and second screen activity and (b) social accountability of second screen activities. We test our typology empirically by examining the determinants of next day recall and recognition for billboard advertisers (perimeter board advertisements) of a televised football (soccer) match. In line with our theory, in most cases media multitasking leads to worse recall and recognition, however, in situations where there is congruence between primary and second screen activities and secondary activities have a higher level of social accountability attached to them, then advertising recall and recognition improves

Boundary-Layer-Ingesting Inlet Flow Control

An experimental study was conducted to provide the first demonstration of an active flow control system for a flush-mounted inlet with significant boundary-layer-ingestion in transonic flow conditions. The effectiveness of the flow control in reducing the circumferential distortion at the engine fan-face location was assessed using a 2.5%-scale model of a boundary-layer-ingesting offset diffusing inlet. The inlet was flush mounted to the tunnel wall and ingested a large boundary layer with a boundary-layer-to-inlet height ratio of 35%. Different jet distribution patterns and jet mass flow rates were used in the inlet to control distortion. A vane configuration was also tested. Finally a hybrid vane/jet configuration was tested leveraging strengths of both types of devices. Measurements were made of the onset boundary layer, the duct surface static pressures, and the mass flow rates through the duct and the flow control actuators. The distortion and pressure recovery were measured at the aerodynamic interface plane. The data show that control jets and vanes reduce circumferential distortion to acceptable levels. The point-design vane configuration produced higher distortion levels at off-design settings. The hybrid vane/jet flow control configuration reduced the off-design distortion levels to acceptable ones and used less than 0.5% of the inlet mass flow to supply the jets

Spatial disparities in SMEs productivity in England

Improving productivity is critical to increasing economic growth and prosperity in the long-run and a key objective for UK national, regional and local policy. However, a long tail of low productivity businesses and significant spatial variations in productivity characterise the UK economy. This report presents an analysis of the determinants of Small and Medium Sized Enterprise (SME) labour productivity, with a particular focus on how place and productivity interact. The analysis draws on data from the UK Government’s Longitudinal Small Business Survey (LSBS) for the years 2015 to 2017. It employs a multilevel regression analysis to understand determinants in enterprise labour productivity in different localities and regions and effectively account for the contextual environment. We applied multilevel analysis to capture the nested structure of our data, modelling a fixed-effects part (at firm level or level one) and a random-effects part at Local Enterprise Partnership (LEP) level (or level two). This allows for the separation of the role of firms’ determinants from LEP (sub-regional) effects. To the best of our knowledge, we are the first to apply multilevel analysis to the productivity of firms located in the UK. Regarding firm-level factors, the results show that microbusinesses and sole traders tend to have lower productivity. In contrast, business capabilities to develop and implement business plans, and obtain external finance, as well as receiving external advice in the previous year, positively contribute to productivity. The sector in which a business operates also matters with health and social work generally associated with lower productivity. Digital capabilities, internal to the SME, as well as some types of network membership contribute to higher productivity. Regarding ownership, after controlling for other factors, the results reveal that family businesses are not more or less productive than non-family ones, but, women-led businesses record significantly lower productivity. At the LEP level, the findings reveal that firms located in LEPs with a more skilled and educated population tend to have higher labour productivity. Improved broadband speeds, in some models, are also associated with higher productivity. Taken together the results give credence, in terms of explaining variations in SME productivity, to industrial organisation theory, the Resource-Based View relating to business capabilities and institutional and network effects. Not surprisingly, our analysis confirms previous findings from the ONS about the regional disparities in the UK, as we find that firms located in London and the South East demonstrate higher labour productivity. However, we find a lack of supporting evidence for agglomeration theories which stress the benefits of urban areas per se in stimulating higher SME productivity, since our analysis shows that firms located in rural areas perform as well as urban firms

Reverse Foam Sclerotherapy of the Great Saphenous Vein with Sapheno-Femoral Ligation Compared to Standard and Invagination Stripping: a Prospective Clinical Series

AbstractObjectivesComparison of Reverse Foam Sclerotherapy of the great saphenous vein (GSV) combed with sapheno-femoral junction (SFJ) ligation to standard (Babcock) stripping and invagination (Pin) stripping in a prospective clinical series.DesignProspective clinical series.Materials and methods90 consecutive limbs of 82 patients with incompetence of the GSV resulting in varicose veins were prospectively randomised into 3 groups of 30, treated by SFJ ligation and either reverse foam sclerotherapy, standard stripping or invagination stripping of the GSV. Outcomes were assessed post-operatively and at 2-weeks follow-up. Peri-operative blood loss (24 hrs), analgesic requirement, bruising and residual varicosities were assessed. Bruising was assessed by both patients and independent assessors using questionnaires.ResultsSFJ ligation plus reverse foam sclerotherapy of the GSV was associated with significantly less blood loss, bruising and post-op discomfort than either of the stripping techniques. (p<0.001, Mann-Whitney)ConclusionStandard stripping of the GSV and invagination stripping are not associated with major discomfort and problems in the early post-operative period. SFJ ligation and GSV reverse foam sclerotherapy yielded greater patient satisfaction with less post-op bruising and discomfort and reduced analgesic requirements

Rapid identification of a Mycobacterium tuberculosis full genetic drug resistance profile through whole genome sequencing directly from sputum

INTRODUCTION: Resistance to second line tuberculosis drugs is common, but slow to diagnose with phenotypic drug sensitivity testing. Rapid molecular tests speed up diagnosis, but can only detect limited mutations. Whole genome sequencing (WGS) of culture isolates can generate a complete genetic drug resistance profile, but is delayed by the initial culture step. We previously successfully achieved WGS directly from sputum using targeted enrichment. CASE REPORT: A 29-year-old Nigerian lady was diagnosed with tuberculosis. Xpert MTB/RIF and Hain line probe assays identified rpoB and inhA mutations consistent with rifampicin and intermediate isoniazid resistance, and a further possible mutation conferring fluoroquinolone resistance. WGS directly from sputum identified a further inhA mutation consistent with high level isoniazid resistance and confirmed absence of fluoroquinolone resistance. Isoniazid was stopped and she has completed 18 months of a fluoroquinolone-based regimen without relapse. DISCUSSION: Compared to rapid molecular tests which can only examine a limited number of mutations, and WGS of culture isolates which requires a culture step, WGS directly from sputum can quickly generate a complete genetic drug resistance profile. In this case WGS altered clinical management of drug-resistant tuberculosis, and demonstrates potential to guide individualised drug treatment where second line drug resistance is common

T2Candida assay: diagnostic performance and impact on antifungal prescribing

Objectives: To assess the performance of T2Candida for the diagnosis of invasive candidiasis (IC) against gold standards of candidaemia or consensus IC definitions, and to evaluate the impact of T2Candida on antifungal drug prescribing. Methods: A retrospective review was undertaken of all T2Candida (T2MR technology, T2 Biosystems) performed from October 2020 to February 2022. T2Candida performance was evaluated against confirmed candidaemia or against proven/probable IC within 48 hours of T2Candida, and its impact on antifungal drug prescriptions. Results: T2Candida was performed in 61 patients, with 6 (9.8%) positive results. Diagnostic performance of T2Candida against candidaemia had a specificity of 85.7% and negative predictive value (NPV) of 96.8%. When comparing T2Candida results with consensus definitions of IC, the specificity and NPV of T2Candida was respectively 90% (54/60) and 98.2% (54/55) for proven IC, and 91.4% (53/58) and 96.4% (53/55) for proven/probable IC. Antifungals were initiated in three of six patients (50%) with a positive T2Candida result. Thirty-three patients were receiving empirical antifungals at the time of T2Candida testing, and a negative result prompted cessation of antifungals in 11 (33%) patients, compared with 6 (25%) antifungal prescriptions stopped following negative beta-D-glucan (BDG) testing in a control population (n = 24). Conclusions: T2Candida shows high specificity and NPV compared with evidence of Candida bloodstream infection or consensus definitions for invasive Candida infection, and may play an adjunctive role as a stewardship tool to limit unnecessary antifungal prescriptions