Regulación, Supervisión y Conservadurismo Contable: La Interacción de los Tres Pilares de Basilea II con la Calidad de los Resultados Reportados en la Banca Mundial

Accounting conservatism is a quality of earnings positively associated with the strength of banking regu- lation and supervision and also high market discipline, but there still remains the unresolved question of the way these three pillars of Basel II interact with each other. We analyse how regulatory and supervisory regimes in the banking industry clearly interact with market discipline measures, such as listing status, own- ership, market concentration and disclosure requirements between ten years before Basel II fails, drawing upon data from 14,651 bank year observations from 54 different countries. According to our findings, there is a clear correlation between the strength of the enforcement of regulation and supervision and accounting conservatism success in countries where market discipline fails. That is to say, the supervisory power reinforces the effect of listing status, ownership and concentration on con- servatism whereas the capital regulatory system mitigates the effect of market discipline on conservatism. We also evidence that in a powerful regulatory system, more disclosure requirements are associated in less conservatism policies in financial entities. Strong increases in regulation, its enforcement and supervisory power introduced in the Basel III mechanism is subject to the debate posed in this paper. The quality of accounting earnings can be improved to prevent bank failures through the application of strong Pillars I and II, i.e., regulation and supervision. Having said that, market discipline still remains a key factor in achieving financial stability.El conservadurismo contable es una cualidad de las ganancias asociada positivamente con la solidez de la regulación y supervisión bancaria y también con la alta disciplina del mercado, pero aún queda la cuestión sin resolver de la forma en que estos tres pilares de Basilea II interactúan entre sí. Analizamos cómo los regímenes regulatorios y de supervisión en la industria bancaria interactúan claramente con las medidas de disciplina del mercado, como si cotizan o no, la distinta estructura de propiedad, la concentración del mercado y los requisitos de divulgación en una muestra de 14.651 observaciones de 54 países diferentes durante los diez años anteriores al fallo de Basilea II. Según nuestros hallazgos, existe una clara correlación entre la fortaleza de la regulación y la supervisión bancaria y el nivel del conservadurismo contable en países donde la disciplina de mercado es débil. Es decir, el poder de supervisión refuerza el efecto del estatus de cotización, la propiedad y la concentración sobre el conservadurismo, mientras que el sistema de regulación de capital mitiga el efecto de la disciplina de mercado sobre el conservadurismo. También evidenciamos que, en un sistema regulatorio poderoso, más requisitos de divulgación están asociados con políticas menos conservadoras en las entidades financieras. Los resultados obtenidos contribuyen al debate sobre si los fuertes incrementos en la regulación bancaria, y el mayor poder de supervisión introducidos en el mecanismo de Basilea III están justificados ante fallos en la disciplina de mercado introducida por Basilea II. La calidad del resultado contable se puede mejorar para prevenir quiebras bancarias mediante la aplicación de fuertes Pilares I y II, es decir, regulación y supervisión. Dicho esto, la disciplina del mercado sigue siendo un factor clave para lograr la estabilidad financiera, pero sigue sin ser el más relevante

Growth, yield and physiology of Verticillium-inoculated pepper plants treated with ATAD and composted sewage sludge

A greenhouse experiment was conducted to investigate the impact of sanitized sewage sludges, ATAD (aerobic thermophilic autothermic digestion) and composted, on Verticillium-induced wilt in pepper plants (Capsicum annuum L. cv. Piquillo). Two doses of ATAD (15 and 30% v/v) and three of composted sludge (15, 30 and 45% v/v) were applied to a peat-based potting mix. Unamended substrate was included as control. Half of the plants were inoculated with V. dahliae, whereas the other half remained non-inoculated. Result showed that ATAD and composted sludge increased growth and yield of non-inoculated plants. V. dahliae reduced net photosynthesis (P n), mainly as a consequence of stomatal closure, 5 weeks after pathogen inoculation. The actual photosystem II efficiency was also reduced and consequently the electron transport rate (ETR). No photoinhibitory damage was observed at this time in diseased plants. At the end of the experiment, diseased plants showed lower plant biomass and fruit yield. ATAD sludge had little effect on the disease. Compost slightly alleviated Verticillium-induced wilt when applied at lower doses (15% v/v), which resulted in increased P n and ETR, and higher plant biomass and fruit yield. By contrast, higher doses of compost (45% v/v) enhanced the effect of the pathogen, which was related to the high substrate salinity in this treatment

Improvement of nutritional quality of greenhouse-grown lettuce by arbuscular mycorrhizal fungi is conditioned by the source of phosphorus nutrition

The improvement of the nutritional quality of lettuce by its association with arbuscular mycorrhizal fungi (AMF) has been recently reported in a previous study. The aim of this research was to evaluate if the fertilization with three P sources differing in water solubility affects the effectiveness of AMF for improving lettuce growth and nutritional quality. The application of either water-soluble P sources (Hewitt's solution and single superphosphate) or the water-insoluble (WI) fraction of a “rhizosphere-controlled fertilizer” did not exert negative effects on the establishment of the mycorrhizal symbiosis. AMF improved lettuce growth and nutritional quality. Nevertheless, the effect was dependent on the source of P and cultivar. Batavia Rubia Munguía (green cultivar) benefited more than Maravilla de Verano (red cultivar) in terms of mineral nutrients, total soluble sugars, and ascorbate contents. The association of lettuce with AMF resulted in greater quantities of anthocyanins in plants fertilized with WI, carotenoids when plants received either Hewitt's solution or WI, and phenolics regardless of the P fertilizer applied

Fermented Goat’s Milk Consumption Improves Duodenal Expression of Iron Homeostasis Genes during Anemia Recovery

Despite the crucial roles of duodenal cytochrome b (Dcytb), divalent metal transporter 1 (DMT1), ferritin light chain (Ftl1), ferroportin 1 (FPN1), transferrin receptor 1 (TfR1), and hepcidin antimicrobial peptide (Hamp) in Fe metabolism, no studies have investigated the modulations of these genes during Fe repletion with fermented milks. Analysis included Fe status markers and gene and protein expression in enterocytes of control and anemic animals fed fermented milks. Fermented goat’s milk up-regulated enterocyte Dcytb, DMT1, FPN1, and Ftl1 and down-regulated TfR1 and Hamp gene expression in control and anemic animals. Anemia decreased Dcytb, DMT1, and Ftl1 in animals fed fermented cow’s milk and up-regulated TfR1 and Hamp expression. Fe overload down-regulated Dcytb and TfR1 in animals fed fermented cow’s milk and up-regulated DMT1 and FPN1 gene expression. Fermented goat’s milk increased expression of duodenal Dcytb, DMT1, and FPN1 and decreased Hamp and TfR1, improving Fe metabolism during anemia recovery

Characterization of the adaptive response of grapevine (cv. Tempranillo) to UV-B radiation under water deficit conditions

This work aims to characterize the physiological response of grapevine (Vitis vinifera L.) cv. Tempranillo to UV-B radiation under water deficit conditions. Grapevine fruit-bearing cuttings were exposed to three levels of supplemental biologically effective UV-B radiation (0, 5.98 and 9.66 kJ m−2 day−1) and two water regimes (well watered and water deficit), in a factorial design, from fruit-set to maturity under glasshouse-controlled conditions. UV-B induced a transient decrease in net photosynthesis (Anet), actual and maximum potential efficiency of photosystem II, particularly on well watered plants. Methanol extractable UV-B absorbing compounds (MEUVAC) concentration and superoxide dismutase activity increased with UV-B. Water deficit effected decrease in Anet and stomatal conductance, and did not change non-photochemical quenching and the de-epoxidation state of xanthophylls, dark respiration and photorespiration being alternative ways to dissipate the excess of energy. Little interactive effects between UV-B and drought were detected on photosynthesis performance, where the impact of UV-B was overshadowed by the effects of water deficit. Grape berry ripening was strongly delayed when UV-B and water deficit were applied in combination. In summary, deficit irrigation did not modify the adaptive response of grapevine to UV-B, through the accumulation of MEUVAC. However, combined treatments caused additive effects on berry ripening

SALMANTICOR study. Rationale and design of a population-based study to identify structural heart disease abnormalities: a spatial and machine learning analysis

[EN]Introduction: This study aims to obtain data on the prevalence and incidence of structural heart disease in a population setting and, to analyse and present those data on the application of spatial and machine learning methods that, although known to geography and statistics, need to become used for healthcare research and for political commitment to obtain resources and support effective public health programme implementation. Methods and analysis: We will perform a cross-sectional survey of randomly selected residents of Salamanca (Spain). 2400 individuals stratified by age and sex and by place of residence (rural and urban) will be studied. The variables to analyse will be obtained from the clinical history, different surveys including social status, Mediterranean diet, functional capacity, ECG, echocardiogram, VASERA and biochemical as well as genetic analysis. Ethics and dissemination: The study has been approved by the ethical committee of the healthcare community. All study participants will sign an informed consent for participation in the study. The results of this study will allow the understanding of the relationship between the different influencing factors and their relative importance weights in the development of structural heart disease

Carbon balance, partitioning and photosynthetic acclimation in fruit-bearing grapevine (Vitis vinifera L. cv. Tempranillo) grown under simulated climate change (elevated CO2, elevated temperature and moderate drought) scenarios in temperature gradient

Although plant performance under elevated CO2 has been extensively studied in the past little is known about photosynthetic performance changing simultaneously CO2, water availability and temperature conditions. Moreover, despite of its relevancy in crop responsiveness to elevated CO2 conditions, plant level C balance is a topic that, comparatively, has received little attention. In order to test responsiveness of grapevine photosynthetic apparatus to predicted climate change conditions, grapevine (Vitis vinifera L. cv. Tempranillo) fruit-bearing cuttings were exposed to different CO2 (elevated, 700 ppm vs. ambient, ca. 400 ppm), temperature (ambient vs. elevated, ambient +4 °C) and irrigation levels (partial vs. full irrigation). Carbon balance was followed monitoring net photosynthesis (AN, C gain), respiration (RD) and photorespiration (RL) (C losses). Modification of environment 13C isotopic composition (δ13C) under elevated CO2 (from −10.30 to −24.93‰) enabled the further characterization of C partitioning into roots, cuttings, shoots, petioles, leaves, rachides and berries. Irrespective of irrigation level and temperature, exposure to elevated CO2 induced photosynthetic acclimation of plants. C/N imbalance reflected the inability of plants grown at 700 ppm CO2 to develop strong C sinks. Partitioning of labeled C to storage organs (main stem and roots) did not avoid accumulation of labeled photoassimilates in leaves, affecting negatively Rubisco carboxylation activity. The study also revealed that, after 20 days of treatment, no oxidative damage to chlorophylls or carotenoids was observed, suggesting a protective role of CO2 either at current or elevated temperatures against the adverse effect of water stress

Comparison of seven prognostic tools to identify low-risk pulmonary embolism in patients aged <50 years

publishersversionPeer reviewe

Clustering COVID-19 ARDS patients through the first days of ICU admission. An analysis of the CIBERESUCICOVID Cohort

Background Acute respiratory distress syndrome (ARDS) can be classified into sub-phenotypes according to different inflammatory/clinical status. Prognostic enrichment was achieved by grouping patients into hypoinflammatory or hyperinflammatory sub-phenotypes, even though the time of analysis may change the classification according to treatment response or disease evolution. We aimed to evaluate when patients can be clustered in more than 1 group, and how they may change the clustering of patients using data of baseline or day 3, and the prognosis of patients according to their evolution by changing or not the cluster.Methods Multicenter, observational prospective, and retrospective study of patients admitted due to ARDS related to COVID-19 infection in Spain. Patients were grouped according to a clustering mixed-type data algorithm (k-prototypes) using continuous and categorical readily available variables at baseline and day 3.Results Of 6205 patients, 3743 (60%) were included in the study. According to silhouette analysis, patients were grouped in two clusters. At baseline, 1402 (37%) patients were included in cluster 1 and 2341(63%) in cluster 2. On day 3, 1557(42%) patients were included in cluster 1 and 2086 (57%) in cluster 2. The patients included in cluster 2 were older and more frequently hypertensive and had a higher prevalence of shock, organ dysfunction, inflammatory biomarkers, and worst respiratory indexes at both time points. The 90-day mortality was higher in cluster 2 at both clustering processes (43.8% [n = 1025] versus 27.3% [n = 383] at baseline, and 49% [n = 1023] versus 20.6% [n = 321] on day 3). Four hundred and fifty-eight (33%) patients clustered in the first group were clustered in the second group on day 3. In contrast, 638 (27%) patients clustered in the second group were clustered in the first group on day 3.Conclusions During the first days, patients can be clustered into two groups and the process of clustering patients may change as they continue to evolve. This means that despite a vast majority of patients remaining in the same cluster, a minority reaching 33% of patients analyzed may be re-categorized into different clusters based on their progress. Such changes can significantly impact their prognosis

Mortality and pulmonary complications in patients undergoing surgery with perioperative SARS-CoV-2 infection: an international cohort study

Background: The impact of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) on postoperative recovery needs to be understood to inform clinical decision making during and after the COVID-19 pandemic. This study reports 30-day mortality and pulmonary complication rates in patients with perioperative SARS-CoV-2 infection. Methods: This international, multicentre, cohort study at 235 hospitals in 24 countries included all patients undergoing surgery who had SARS-CoV-2 infection confirmed within 7 days before or 30 days after surgery. The primary outcome measure was 30-day postoperative mortality and was assessed in all enrolled patients. The main secondary outcome measure was pulmonary complications, defined as pneumonia, acute respiratory distress syndrome, or unexpected postoperative ventilation. Findings: This analysis includes 1128 patients who had surgery between Jan 1 and March 31, 2020, of whom 835 (74·0%) had emergency surgery and 280 (24·8%) had elective surgery. SARS-CoV-2 infection was confirmed preoperatively in 294 (26·1%) patients. 30-day mortality was 23·8% (268 of 1128). Pulmonary complications occurred in 577 (51·2%) of 1128 patients; 30-day mortality in these patients was 38·0% (219 of 577), accounting for 81·7% (219 of 268) of all deaths. In adjusted analyses, 30-day mortality was associated with male sex (odds ratio 1·75 [95% CI 1·28–2·40], p\textless0·0001), age 70 years or older versus younger than 70 years (2·30 [1·65–3·22], p\textless0·0001), American Society of Anesthesiologists grades 3–5 versus grades 1–2 (2·35 [1·57–3·53], p\textless0·0001), malignant versus benign or obstetric diagnosis (1·55 [1·01–2·39], p=0·046), emergency versus elective surgery (1·67 [1·06–2·63], p=0·026), and major versus minor surgery (1·52 [1·01–2·31], p=0·047). Interpretation: Postoperative pulmonary complications occur in half of patients with perioperative SARS-CoV-2 infection and are associated with high mortality. Thresholds for surgery during the COVID-19 pandemic should be higher than during normal practice, particularly in men aged 70 years and older. Consideration should be given for postponing non-urgent procedures and promoting non-operative treatment to delay or avoid the need for surgery. Funding: National Institute for Health Research (NIHR), Association of Coloproctology of Great Britain and Ireland, Bowel and Cancer Research, Bowel Disease Research Foundation, Association of Upper Gastrointestinal Surgeons, British Association of Surgical Oncology, British Gynaecological Cancer Society, European Society of Coloproctology, NIHR Academy, Sarcoma UK, Vascular Society for Great Britain and Ireland, and Yorkshire Cancer Research