Credit securitization and credit derivatives : financial instruments and the credit risk management of middle market commercial loan portfolios

Banks increasingly recognize the need to measure and manage the credit risk of their loans on a portfolio basis. We address the subportfolio "middle market". Due to their specific lending policy for this market segment it is an important task for banks to systematically identify regional and industrial credit concentrations and reduce the detected concentrations through diversification. In recent years, the development of markets for credit securitization and credit derivatives has provided new credit risk management tools. However, in the addressed market segment adverse selection and moral hazard problems are quite severe. A potential successful application of credit securitization and credit derivatives for managing credit risk of middle market commercial loan portfolios depends on the development of incentive-compatible structures which solve or at least mitigate the adverse selection and moral hazard problems. In this paper we identify a number of general requirements and describe two possible solution concepts

An epidemiological appraisal of Berlin

Background Since the late 1950’s, a steadily increasing immigrant population in Germany is resulting in a subpopulation of aging immigrants. The German health care system needs to adjust its services—linguistically, culturally, and medically–for this subpopulation of patients. Immigrants make up over 20% of the population in Germany, yet the majority receive inadequate medical care. As many of the labor immigrants of the 1960s and 1970s are in need of hospice and palliative care (HPC), little is known about this specialized care for immigrants. This epidemiological study presents utilization of HPC facilities in Berlin with a focus on different immigrant groups. Methods A validated questionnaire was used to collect data from patients at 34 HPC institutions in Berlin over 20 months. All newly admitted patients were recruited. Anonymized data were coded and analyzed by using SPSS and compared with the population statistics of Berlin. Results 4118 questionnaires were completed and included in the analysis. At 11.4% the proportion of immigrants accessing HPC was significantly (p<0,001) below their proportion in the general Berlin population. This difference was especially seen in the age groups of 51–60 (21.46% immigrants in Berlin population, 17.7% immigrants in HPC population) and 61–70 years (16,9% vs. 13,1%). The largest ethnic groups are Turks, Russians, and Poles, with a different weighting than in the general population: Turkish immigrants were 24% of all Berlin immigrants, but only 13.6% of the study immigrant population (OR: 0.23, 95%CI: 0.18–0.29, p<0.001). Russian and Polish immigrants account for 5.6% and 9.2% in the population, but 11.5% and 24.8% in the study population respectively (Russian: OR 0.88, 95%CI: 0.66–1.16; Polish: OR 1.17, 95%CI: 0.97–1.42). Palliative care wards (PC) were used most often (16.7% immigrants of all PC patients); outpatient hospice services were used least often by immigrants (11.4%). Median age at first admission to HPC was younger in immigrants than non-immigrants: 61–70 vs. 71–80, p = 0.03. Conclusions Immigrants are underrepresented in Berlin´s HPC and immigrants on average make use of care at a younger age than non- immigrants. In this regard, Turkish immigrants in particular have the poorest utilization of HPC. These results should prompt research on Turkish immigrants, regarding access barriers, since they represent the largest immigrant group. This may be due to a lack of cultural sensitivity of the care-providers and a lack of knowledge about HPC among immigrants. In the comparison of the kinds of institutions, immigrants are less likely to access outpatient hospice services compared to PC. Apparently, PC appear to be a smaller hurdle for utilization. These results show a non-existent, but oft- cited “healthy immigrant effect” of the first generation of work immigrants, now entering old age. These findings correspond with studies suggesting increased health concerns in immigrants. Focused research is needed to promote efforts in providing adequate and fair access to HPC for all people in Berlin

Thermal evolution and sintering of chondritic planetesimals III. Modelling the heat conductivity of porous chondrite material

The construction of models for the internal constitution and the temporal evolution of large planetesimals, the parent bodies of chondrites, requires information on the heat conductivity of the complex mixture of minerals and iron metal found in chondrites. It is attempted to evaluate the heat conductivity of a multi-component mineral mixture and granular medium from the heat conductivities of its mixture components. Random mixtures of solids with chondritic composition and packings of spheres are numerically generated. The heat conduction equation is solved in high spatial resolution for a test cube filled with such matter. From the heat flux through the cube the heat conductivity of the mixture is derived. The model results for porous material are consistent with data for compacted sandstone, but are at odds with measurements for H and L chondrites. The discrepancy is traced back to shock modification of the currently available meteoritic material by impacts on the parent body over the last 4.5 Ga. This causes numerous micro-cracks that act as additional barriers for heat transfer. The void structure in meteorites is different from that which probably existed in the pristine material of the parent bodies. The results obtained for the heat conductivity of the pristine material are used for calculating models for the evolution of the H chondrite parent body which are fitted to the cooling data of a number of H chondrites. The fit to the data good.Comment: 19 pages, 8 figures, accepted by Astronomy & Astrophysic

Relevance of basic laboratory and clinical research activities as part of the vascular surgery fellowship: An assessment by program directors and postfellowship surgeons

AbstractIntroduction: Decreased federal monies for graduate medical education, increased clinical training demands, and a decreased pool of general surgery trainees applying to vascular surgery fellowships have brought into question the relevance of the fellowship research experience. This study sought to describe the recent laboratory experience of the fellows, the value of this experience to program directors (PDs) and the trainees, and what factors related to this experience contributed to the trainee entering an academic career versus a private practice career. Methods: A survey regarding the relevance of research experience during fellowship training was mailed in 2001 to all Accreditation Council for Graduate Medical Education-approved vascular surgery fellowship PDs and vascular surgery fellows (VSFs) from 1988 to 2000 applying for the American Board of Surgery Certificate of Added Qualification in General Vascular Surgery. Results: Survey responses were received from 89% of the PDs (74/83) and 69% of the VSFs (259/378). Among the PDs, 70% had completed an approved fellowship, and current bench research was performed by 46%. The PDs afforded protected research time to 69% of the VSFs (with a mean duration of 12 months). This research was in the basic science laboratory 34% of the time. Only 42% of the PDs considered basic laboratory research to be an important part of the fellowship, whereas 99% believed that clinical research was important. Among the PDs, 42% believed that more practice-oriented fellowships with no basic research were needed, whereas 35% believed that basic research should remain an integral component of the fellowship. VSF basic science productivity was significantly greater from those programs that offered protected research time as compared with those that did not (mean basic science paper published, 1.7 ± 0.1 versus 0.3 ± 0.6 per VSF; P < .001). At the time of the survey, 99 VSFs had entered academic careers and 136 were in private practice. Basic science research had been undertaken by 56% of the VSFs during medical school and by 53% during general surgery residency. Research during the fellowship was performed by 65% of the VSFs. This experience was considered helpful in choosing an academic or private practice career by 44% of the VSFs. A greater proportion of academic surgeons had research experience as VSFs when compared with VSFs who became private practitioners (71% versus 57%; P < .05). VSFs who entered academic careers had a more productive publication record in fellowship than did those who chose private practice (mean paper, 2.4 versus 1.5; P < .05). Overall, 78% of the VSFs believed that their research experience was maturing beyond the technical skills learned. Conclusion: This report provides a benchmark of the vascular surgery fellowship research experience. Most VSFs considered the research experience as it now exists to be worthwhile, and less than half of the PDs believed that it should remain as it is. Research experience in fellowship seemed more influential than that in medical school or general surgical residency in promoting an academic career. (J Vasc Surg 2002;36:1083-91.

Complete PSA Remission without Adjuvant Therapy after Secondary Lymph Node Surgery in Selected Patients with Biochemical Relapse after Radical Prostatectomy and Pelvic Lymph Node Dissection

Introduction. To evaluate whether secondary resection of lymph node (LN) metastases (LNMs) can result in PSA remission, we analysed the PSA outcome after resection of LNM detected on PET/CT in patients with biochemical failure. Materials and Methods. 11 patients with PSA relapse (mean 3.02 ng/mL, range 0.5–9.55 ng/mL) after radical prostatectomy without adjuvant therapy were included. Suspicious LN (1–3) detected on choline PET/CT and nearby LN were openly dissected (09/04–02/11). The PSA development was examined. Histological and PET/CT findings were compared. Results. 9 of 10 patients with histologically confirmed LNM showed a PSA response. 4 of 9 patients with single LNM had a complete permanent PSA remission (mean followup 31.8, range 1–48 months). Of metastasis-suspicious LNs (14) 12 could be histologically confirmed. The additionally removed 25 LNs were all correctly negative. Conclusions. The complete PSA remissions after secondary resection of single LNM argue for a feasible therapeutic benefit without adjuvant therapy. For this purpose the choline PET/CT is in spite of its limitations currently the most reliable routinely available diagnostic tool

Vom Leitziel zur Kennzahl: Teilhabe messbar machen

Viele Akteure in Kommunen haben den Anspruch, politischen Teilhabezielen auch praktische Geltung zu verschaffen. Um die Teilhabewirkungen ihrer Einrichtungen und Leistungen zu messen, können Kommunen zum einen vorhandene Datenbestände und Instrumente teilhabeorientiert weiterentwickeln. Vielversprechend ist aber auch der Einsatz neuer spezifischer Instrumente zur Teilhabemessung. Im Bereich der Hilfen für Menschen mit Behinderungen gibt es bereits gut übertragbare Ansätze. Kennzahlen und Wirkungsindikatoren sollten jedoch nicht von außen vorgegeben, sondern von den lokalen Akteuren im Rahmen beteiligungsorientierter Verfahren gemeinsam entwickelt werden

Vom Leitziel zur Kennzahl: Teilhabe messbar machen

Eine Politik des sozialen Ausgleichs im Bund, im Land und in der Kommune braucht ein positives Gegenbild zu Armut und sozialer Ausgrenzung. Teilhabe ist eine solche Leitidee, an der sich auch viele kommunale Dienste und Einrichtungen orientieren. Die konkrete Messung erreichter Teilhabe auf lokaler Ebene bleibt jedoch noch weitgehend die Ausnahme. Diese Expertise gibt deswegen einen Überblick über die theoretischen Grundlagen und Herausforderungen der Teilhabemessung, stellt die gesetzlichen Rahmenbedingungen in fünf sozialpolitischen Themenfeldern vor und erörtert verschiedene Instrumente sowie konkrete Umsetzungsbeispiele. Damit gibt sie lokalen Akteur_innen Anregungen, wie sozialpolitische Ansprüche in Messverfahren für Teilhabewirkungen zur Geltung kommen können.Equalizing social policy, at the federal, state and municipal levels alike, needs to oppose a positive point of reference to poverty and social exclusion. For many local social services and facilities, participation serves as such a guiding concept. So far however, practical approaches to measuring achievements in participation may only be found by way of rare exception. This expert report aims to provide an overview on theoretical foundations and practical challenges to measuring participation outcomes, taking into account the legislative framework in five fields of social policy and discussing different instruments and instances of their implementation. Its purpose is to encourage local stakeholders in effectively asserting welfare state entitlements by way of establishing a concrete metric for participation out-comes

THE POWER OF A PROCEDURALIST: PRESCRIBING GUIDELINE–BASED MEDICAL THERAPY PRIOR TO HOSPITAL DISCHARGE INCREASES COMPLIANCE AT SIX MONTHS IN PATIENTS WITH SEVERE PERIPHERAL ARTERY DISEASE

Corberó, XavierPrimer pla de la Font de la Corporació Metropolitana de Barcelona, situada al Torrent de l'Olla. Obra de Xavier Corberó (1985) dins de l'homenatge a Joan Maragall

Neue soziale Dienstleistungen nach SGB II

"Das besondere Profil der Dienstleistung, die im Rahmen von 'Hartz IV' Gestalt annimmt, blieb bislang unklar - nach wie vor bilden Leistungsprozesse für die Arbeitsmarktforschung weitgehend eine 'black box'. In einer Konzeptstudie im Auftrag des IAB beobachtete ein Team des Soziologischen Forschungsinstituts (SOFI) an der Georg-August-Universität Göttingen in 20 Fällen bei drei Grundsicherungsträgern über sechs Monate hinweg Interaktionen zwischen Fachkräften und erwerbsfähigen Hilfebedürftigen. Der IAB-Forschungsbericht fasst die wesentlichen Ergebnisse eines ausführlichen Abschlussberichts zusammen. Die Konzeptstudie ging von der Annahme aus, dass im neuen Leistungssystem der Grundsicherung auch eine neuartige Dienstleistung entsteht, die hier als Fallbearbeitung bezeichnet wird. Wie viel Beratung, Vermittlung und Fallmanagement sie enthält, wurde nicht normativ vorausgesetzt, sondern sollte empirisch geklärt werden. Im beobachteten Gesprächsmaterial wurden wiederkehrende Interaktionsmuster identifiziert, die als 'Standardsequenzen' beschrieben und vier Gesprächsfunktionen zugeordnet wurden: Das Gespräch, die Dienstleistungsbeziehung, die Inhalte der Fallbearbeitung und das Verwaltungsverfahren zu organisieren. Der Aktivierungsauftrag der Grundsicherungsträger passte unterschiedlich gut auf die beobachteten Fälle: Der Bericht unterscheidet vermittlungsorientierte Arbeitsuchende, solche mit Vermittlungshemmnissen und resignierte Arbeitslose. Der Bericht macht sieben zentrale Probleme der Dienstleistungsqualität in der Grundsicherung für Arbeitsuchende aus: die zeitliche Verfügbarkeit der Fachkräfte, den Konflikt zwischen standardisierten Abläufen und Einzelfallgrundsatz, den Aktivierungsauftrag als hierarchische Beziehung, die Aushandlung der zu bearbeitenden Themen, die Arbeitsteilung zwischen Ansprechpartnern, Sachbearbeitung und fallbeteiligten Dritten, die Rechtsunsicherheit in der Fallbearbeitung und die Unsicherheit über die Berücksichtigung der Bedarfsgemeinschaft. Der Bericht empfiehlt, Aushandlungsprozessen zwischen Fachkräften und Arbeitsuchenden mehr Spielraum zu geben. Er schließt mit der Empfehlung, die verlaufsorientierte Beobachtung von Leistungsprozessen stärker für die Arbeitsmarktforschung und für die Qualitätssicherung zu nutzen." (Autorenreferat, IAB-Doku)Grundsicherung nach SGB II, Arbeitslosengeld II-Empfänger, Case Management, Arbeitsvermittler