Hedge Funds and their Role in Financial Crisis

Od trenutka kada su počeli djelovati na tržištu, hedge fondovi zaokupljaju ulagačku zajednicu. Dok ih neki smatraju financijskom institucijom koja svojim karakteristikama može pridonijeti efikasnosti tržišta kapitala, drugi ih smatraju sistemski rizičnima i opasnima zbog svoje relativno slabije transparentnosti i vještog izbjegavanja pojedinih regulatornih odredbi. Karakteriziraju ih i slobodniji izbor strategija ulaganja, kao i korištenje složenih instrumenata poput financijske poluge. Kroz svoju su povijest imali ulogu u nekoliko financijskih kriza, pa tako i u nedavnoj, što ih je učinilo kontroverznima. Uvriježeno je mišljenje kako su hedge fondovi svojim djelovanjem pridonijeli produbljivanju svjetske financijske krize iz 2007., što je potaknulo polemike o potrebi za izravnijom regulacijom tih financijskih institucija. Međutim, postoje i oprečne teze prema kojima su hedge fondovi bili tek „medij“ prenošenja financijske zaraze te da su u krizi bili među najteže pogođenim financijskim institucijama. Jedno od tržišta na kojima ova industrija nema toliku prisutnost jest i tržište postsocijalističkih zemalja središnje i istočne Europe. Među njima je i Hrvatska koja treba poraditi na nekoliko segmenata svojeg financijskog sustava kako bi se prilike za industriju hedge fondova, ali i za cjelokupnu industriju investicijskih fondova povećale.From the very moment they appeared on financial markets, hedge funds drew interest from investment community. Some consider them an institution whose characteristics can make financial markets more efficient, while others consider them risky and dangerous due to their relatively weaker transparency and avoidance of regulation. Their additional features include relatively broader and flexible usage of investment strategies paired with complex instruments such as financial leverage. Their roles in a few financial crises, including the recent one, made them controversial. Generally accepted premise is that hedge funds contributed to deepening of financial crisis in 2007., which instigated discussion about urgency of more direct regulation of these financial institutions. On the other side, it can be argued that hedge funds were merely acting as an intermediaries of financial contagion which were also struck heavily during the crisis. One of the markets with opportunities for bigger presence is one of former socialist countries in central and eastern Europe. Amongst them is Croatia which needs to improve few aspects of its financial system in order to create opportunities for hedge funds industry, and generally investment funds industry

Clinical and Molecular Features of Pleural Mesothelioma

Mezoteliom predstavlja agresivni tumor nastao neoplastičnom transformacijom mezotelnih stanica seroznih ovojnica. Iako može nastati na bilo kojoj anatomskoj lokalizaciji koja sadrži mezotel, najčešće se javlja na pleuri. U Hrvatskoj je u 2018. zabilježeno ukupno 97 slučajeva s prosječnom stopom incidencije od 2,4/100 000 osoba. Najveći broj slučajeva mezotelioma uzrokovan je profesionalnim i okolišnim izlaganjem spojevima azbesta, a otkrivaju se s latencijskim razdobljem i od nekoliko desetaka godina, vrlo često u uznapredovalom kliničkom stadiju kada su terapijske mogućnosti znatno ograničene. Stopa ukupnog preživljenja izrazito je nepovoljna. Nastanak mezotelioma temelji se na razvoju kroničnoga upalnog procesa potenciranog utjecajem mutagenih radikala iona kisika i proteinske molekule HMGB1 (engl. High Mobility Group Protein B1) što unutar mezotelnih stanica dovodi do aktivacije signalizacijskog puta NF-kB (engl. Nuclear Factor Kappa-Light-Chain-Enhancer of Activated B-Cells). Nastali mikrookoliš dovodi do neoplastične transformacije mezotelnih stanica, osobito onih s već ranije akumuliranim genskim oštećenjima. U predmetnom članku sažeta je epidemiologija, etiopatogeneza i klinički tijek mezotelioma, a dodatno se osim standardnih dijagnostičkih modaliteta diskutiraju uloge različitih slikovnih metoda prikaza i primjene serumskih i molekularnih biomarkera u kliničkoj obradi bolesnika. Također su pregledno opisane i sažete trenutno dostupne mogućnosti liječenja koje obuhvaćaju kirurško, kemoimunoterapijsko, radioterapijsko i multimodalno liječenje.Mesothelioma is an aggressive tumor caused by neoplastic transformation of mesothelial cells of the serous membranes. Although it can occur at any anatomical localization that contains a mesothelium, it most often occurs in the pleura. In 2018, a total of 97 cases were recorded in Croatia with an average incidence rate of 2.4/100.000 persons. Most cases of mesothelioma are caused by occupational and environmental exposure to asbestos compounds, and are diagnosed with a latency period of several decades, very often in an advanced clinical stage when therapeutic options are significantly limited, and the overall survival rate is extremely unfavorable. The pathophysiology of mesothelioma is based on the development of a chronic inflammatory process potentiated by the influence of mutagenic oxygen ion radicals and the protein molecule HMGB1 (High Mobility Group Protein B1), which leads to activation of the NF-κB (Enhancer of Activated B-Cells) signaling pathway within mesothelial cells. The resulting microenvironment leads to neoplastic transformation of mesothelial cells, especially those with previously accumulated genetic damage. The present article summarizes the epidemiology, etiopathogenesis and clinical course of mesothelioma, and additionally discusses the roles of different imaging techniques as well as application of serum and molecular biomarkers on top of standard diagnostic modalities. Finally, the article presents currently available treatment options that include a surgical approach, chemoimmunotherapy, radiotherapy, and multimodality treatment

Hedge Funds and their Role in Financial Crisis

Od trenutka kada su počeli djelovati na tržištu, hedge fondovi zaokupljaju ulagačku zajednicu. Dok ih neki smatraju financijskom institucijom koja svojim karakteristikama može pridonijeti efikasnosti tržišta kapitala, drugi ih smatraju sistemski rizičnima i opasnima zbog svoje relativno slabije transparentnosti i vještog izbjegavanja pojedinih regulatornih odredbi. Karakteriziraju ih i slobodniji izbor strategija ulaganja, kao i korištenje složenih instrumenata poput financijske poluge. Kroz svoju su povijest imali ulogu u nekoliko financijskih kriza, pa tako i u nedavnoj, što ih je učinilo kontroverznima. Uvriježeno je mišljenje kako su hedge fondovi svojim djelovanjem pridonijeli produbljivanju svjetske financijske krize iz 2007., što je potaknulo polemike o potrebi za izravnijom regulacijom tih financijskih institucija. Međutim, postoje i oprečne teze prema kojima su hedge fondovi bili tek „medij“ prenošenja financijske zaraze te da su u krizi bili među najteže pogođenim financijskim institucijama. Jedno od tržišta na kojima ova industrija nema toliku prisutnost jest i tržište postsocijalističkih zemalja središnje i istočne Europe. Među njima je i Hrvatska koja treba poraditi na nekoliko segmenata svojeg financijskog sustava kako bi se prilike za industriju hedge fondova, ali i za cjelokupnu industriju investicijskih fondova povećale.From the very moment they appeared on financial markets, hedge funds drew interest from investment community. Some consider them an institution whose characteristics can make financial markets more efficient, while others consider them risky and dangerous due to their relatively weaker transparency and avoidance of regulation. Their additional features include relatively broader and flexible usage of investment strategies paired with complex instruments such as financial leverage. Their roles in a few financial crises, including the recent one, made them controversial. Generally accepted premise is that hedge funds contributed to deepening of financial crisis in 2007., which instigated discussion about urgency of more direct regulation of these financial institutions. On the other side, it can be argued that hedge funds were merely acting as an intermediaries of financial contagion which were also struck heavily during the crisis. One of the markets with opportunities for bigger presence is one of former socialist countries in central and eastern Europe. Amongst them is Croatia which needs to improve few aspects of its financial system in order to create opportunities for hedge funds industry, and generally investment funds industry

Srčano-plućne interakcije s posljedičnim plućnim abnormalnostima u bolesnika s kroničnim srčanim zatajenjem

Chronic heart failure places heavy burden on patients, their families and on health care resources, accounting for high numbers of hospital admissions. Despite huge improvements in the treatment of many heart disorders, the clinical syndrome of chronic heart failure as a fi nal pathway of heart pathology is an exception, in that its prevalence is rising, and only small prolongations in survival are occurring. It is associated with high morbidity and poor prognosis, and a survival rate worse than that for some malignant tumors. Th e reasons for the increasing overall prevalence of chronic heart failure in developed countries lie in prolonged survival owing to modern pharmacological or invasive treatment, better secondary prevention, and aging of the population. Chronic pulmonary disease is common in patients with chronic heart failure. Th rough sharing some risk factors and overlapping pathophysiological processes, they present diagnostic and therapeutic challenge. Th e aim of this article is to review various mechanisms responsible for the symptoms of chronic heart failure with consecutive pulmonary interaction and abnormalities in lung function.Kronično srčano zatajenje značajno opterećuje bolesnika i njegovu obitelj kao i zdravstveni sustav u cjelini budući da je odgovorno za velik broj hospitalizacija. Unatoč golemim naporima u liječenju većine srčanih poremećaja iznimka ostaje klinički sindrom kroničnog srčanog zatajenja učestalost kojega raste s neznatnim uspjehom produženja ukupnog preživljenja bolesnika. Kronično srčano zatajenje je povezano s visokom stopom pobola te nepovoljnom prognozom, čak lošijom uspoređujući sa stopom preživljenja za neke vrste zloćudnih tumora. Razlog porasta učestalosti kroničnog srčanog zatajenja u razvijenim zemljama je produljenje ljudskog vijeka zahvaljujući mjerama suvremenog farmakološkog i intenzivnog liječenja, boljoj sekundarnoj profi laksi i starenju populacije. Kronična plućna bolest je česta pojava u bolesnika s kroničnim srčanim zatajenjem. Oba stanja predstavljaju dijagnostički i terapijski izazov budući da dijele pojedine zajedničke čimbenike rizika i patofi ziološke mehanizme nastanka. Cilj ovoga rada je ispitati različite mehanizme odgovorne za simptome kroničnog srčanog zatajenja s posljedičnim plućnim interakcijama i abnormalnostima plućne funkcije

Psycho-Oncology – The Connection between Oncology and Psychosocial Elements in the Diagnosis, Treatment and Follow-up of Cancer Patients

Psihoonkologija predstavlja multidisciplinarno područje medicine koje se osim na onkološke aspekte, osobito fokusira na psihološku i socijalnu dimenziju zloćudnih bolesti. Riječ je o relativno novom dijelu medicinske znanosti čiji je osnovni cilj poboljšanje kvalitete života i pružanje podrške oboljelima od raka i njihovim obiteljima. Rak je složena bolest koja utječe ne samo na fizičko zdravlje već i na emocionalno i psihičko blagostanje. Psihoonkologija prepoznaje potrebe onkoloških bolesnika koji mogu iskusiti niz psiholoških, emocionalnih i socijalnih izazova, kao što su tjeskoba, depresija, strah i neizvjesnost. Navedena stanja značajno utječu na kvalitetu života i sposobnost onkoloških bolesnika da se suoče sa zloćudnom bolešću. Psihoonkolozi pomažu oboljelima od raka i njihovim bližnjima u prevladavanju navedenih izazova te pružaju potporu onkološkim bolesnicima tijekom procesa specifičnoga onkološkog liječenja koje uključuje razne nuspojave i komplikacije kirurških zahvata, kemoterapije, imunoterapije, ciljane terapije i radioterapije. Koristeći različite terapijske pristupe, temeljna je zadaća psihoonkologa stvaranje holističkog pristupa u liječenju raka koji u prvi plan stavlja cjelovitost osobe kao takve, a ne samo njezino fizičko zdravlje čime pomaže bolesnicima i njihovim bližnjima u razvoju strategija suočavanja sa zloćudnom bolešću.Psycho-oncology is a multidisciplinary field of medicine that, in addition to oncological aspects, focuses particularly on the psychological and social dimensions of malignant diseases. It is a relatively new medical field that aims to provide support for cancer patients and their families, and to improve their quality of life. Cancer is a complex illness that affects not only the physical health of the patient but also their emotional and psychological well-being. Psycho-oncology recognizes that cancer patients may experience a range of psychological, emotional, and social challenges, such as anxiety, depression, fear, and uncertainty. These elements can have a significant impact on the patient’s quality of life and ability to cope with the cancer. Psycho-oncologists work with cancer patients and their families to help them manage these challenges as well as to help patients manage the side-effects of specific cancer treatments, such as surgery, chemotherapy, immunotherapy, targeted therapy, and radiation therapy. They also use a variety of therapeutic approaches to help patients develop coping strategies and improve their emotional and psychological well-being. By addressing the psychological and social aspects of cancer, psycho-oncologists are helping to create a more holistic approach to cancer care that supports the whole person, not just their physical health

Plućni tumorleti s okolnim fibroznim tkivom – suspektni karcinom: prikaz slučaja i pregled literature

Pulmonary tumorlets are small, often multiple nodular proliferations of pulmonary neuroendocrine cells. They are common incidental findings in chronic inflammatory pulmonary diseases. They can also be found in normal lung parenchyma and as one part of the continuum known as diffuse idiopathic pulmonary neuroendocrine cell hyperplasia. In many cases, they are incidental histologic findings of no importance or clinical consequences, or they can be associated with a very slow progression of either obstructive or mixed obstructive/restrictive impairment with good prognosis. Only rarely, they metastasize to an adjacent lymph node or produce ectopic neuroendocrine products. When found during diagnostic examination, they represent a doubt to be a malignant tumor until proven otherwise, which is often impossible without biopsy or surgical removal of the adjacent lung lobe. Hereby, we present a patient with a persistent nodular lung structure after being treated for nonspecific symptoms, cough with non purulent sputum and pain among the scapulae, for a period of one month. He had otherwise normal clinical and laboratory findings, except for a mild mixed obstructive/restrictive pattern of impairment that was shown by lung spirometry. After 8 months, he underwent lobectomy of the medial lobe of the lung with partial lymphadenectomy, since the diagnostic methods applied could not define the nature of lung nodular infiltration. Histologic examination showed a few tumorlets surrounded by the fibrous tissue with a very dense lymphocyte infiltration. We present a review of the literature and emphasize the necessity to include tumorlets with adjacent fibrosis as part of the differential diagnosis of a solitary nodular lung structure.Plućni tumorleti su malene, često višestruke nodularne proliferacije plućnih neuroendokrinih stanica te su čest slučajni nalaz kod kroničnih upalnih plućnih bolesti. Također se mogu naći u normalnom plućnom parenhimu te kao jedan dio kontinuuma poznatog kao difuzna idiopatska hiperplazija plućnih neuroendokrinih stanica. U mnogim slučajevima oni su slučajni histološki nalaz bez značenja ili kliničkih posljedica, a mogu biti i povezani s vrlo sporom progresijom opstruktivnog ili miješanog opstruktivno-restriktivnog oštećenja s dobrom prognozom. Samo rijetko metastaziraju u obližnje limfne čvorove ili stvaraju ektopične neuroendokrine produkte. Nađeni tijekom dijagnostičkog pregleda, predstavljaju sumnju na maligni tumor sve dok se ne dokaže suprotno, što je često nemoguće bez biopsije ili kirurškog odstranjenja pripadajućeg plućnog režnja. Prikazuje se bolesnik s ustrajnim čvorom unutar plućnog parenhima nakon što je tijekom mjesec dana bio liječen zbog nespecifičnih simptoma – kašlja bez gnojnog iskašljaja i boli između lopatica. Ostali su klinički i laboratorijski nalazi bili uredni osim blagog miješanog opstruktivno-restriktivnog oštećenja. Nakon 8 mjeseci odstranjen je srednji režanj pluća zajedno s dijelom limfnih čvorova, jer primijenjene dijagnostičke metode nisu mogle odrediti prirodu čvoraste infiltracije pluća. Histološki pregled je pokazao nekoliko tumorleta okruženih fibroznim tkivom uz vrlo gustu infiltraciju limfocitima. U ovom članku donosimo pregled literature te prikaz slučaja koji naglašava neophodnost uključivanja tumorleta s okolnim fibroznim tkivom u diferencijalnu dijagnozu solitarne nodularne strukture u plućima

Rizični čimbenici povezani s nastankom crnih obojenja na zubima

The aim of the study was to show whether there is any influence of food, drink or drug intake on the formation of tooth discoloration. A total of 500 patients aged 15-25 years were examined to take part in the study. Of these, 60 patients were selected and divided into two groups of 30 patients each. Group 1 included patients with blackpigmentation on vestibular/oral tooth surfaces. Group 2 included patients without discoloration (control). Data were recorded in a questionnaire. Atomic absorption spectrometry was used to determine elements in discoloration samples. The Caries Risk Test (CRT) buffer was used to assess buffer capacity of saliva, while CRT bacteria were used to determine the presence of Streptococcus mutans and Lactobacillusspp. Statistically significant betweengroup differences were found for the intake of collard greens and beets (p<0.05), but not for other vegetables. As for drink consumption, patients with pigmentation reported less wine intake (p<0.05) than those without pigmentation. There was no diff erence according to drug intake between patients with and without pigmentation. Patients with pigmentation were older, smoked and had lower saliva pH with lower presence of Streptococcus mutansthan those without pigmentation (p<0.05). In tooth discoloration samples, there were traces of calcium, magnesium, iron, copper and zinc. The appearance of tooth discoloration is influenced by many factors, among which diet and saliva seem to be very important. Our study showed that patients with black pigmentation used to take more beets, while patients without pigmentation were taking more collard greens and red wine.Svrha ovoga istraživanja bila je dokazati postoji li utjecaj konzumacije hrane, pića ili lijekova na nastanak i pojavnost crnihobojenja na zubima. Ukupno 500 pacijenata u dobi od 15-25 godina pregledano je i uključeno u ovu studiju. Od ukupnog broja, 60 pacijenata je odabrano i podijeljeno u dvije skupine od 30 pacijenata. Skupina 1. je uključivala pacijente s crnim obojenjima na vestibularnim/oralnim plohama zuba. Skupina 2. je uključivala pacijente bez crnih obojenja (kontrola). Podaci su prikupljeni korištenjem posebno pripremljenog upitnika. Atomska apsorpcijska spektroskopija je primijenjena za odre-đivanje elemenata koji uzrokuju i nalaze se u sastavu crnih obojenja zubi. Test rizika karijesa (CRT) korišten je za određivanje puferskog kapaciteta sline, dok je CRT test bakterija korišten za određivanje prisutnosti bakterija Streptococcus mutansi Lactobacillusspp. u slini. Statistički značajna razlika između skupina utvrđena je za kelj i ciklu (p<0,05), no ne i za ostalo povrće. Što se tiče konzumacije pića, pacijenti s crnim obojenjima na zubima su pili manje vina (p<0,05) u odnosu na pacijente bez obojenja. Nije zabilježena razlika u konzumaciji lijekova između pacijenata s crnim obojenjima i bez njih. Pacijenti s obojenjima su bili stariji, pušili su i imali su niži pH sline te nižu razinu bakterije Streptococcus mutansnego oni bez obojenja (p<0,05). U diskoloriranim uzorcima pronađeni su tragovi kalcija, magnezija, željeza, bakra i cinka. Na nastanak obojenja zuba utječe niz čimbenika, među kojima se prehrana i slina smatraju jednim od važnijih. Ovo istraživanje je pokazalo da pacijenti s crnim obojenjima na zubima konzumiraju više cikle, dok pacijenti bez obojenja konzumiraju više kelja i crnog vina

Necrotising Sarcoid Granulomatosis of the Spinal Cord: Case Report

We report a patient who presented with leg weakness and cervical lymphadenopathy. Thoracical magnetic resonance imaging showed an inhomogenously increased signal in the thickened portion of the cord. Multilevel laminectomy and spinal cord biopsy revealed granulomatous infiltrations with necrosis. Review of the histopathological finding established the diagnosis of necrotising sarcoid granulomatosis (NSG) of the spinal medulla, cytological FNA diagnosis of the neck lymph node was granulomatous inflammation with necrosis, but histopathological analysis of the same neck lymph node disclosed granulomatous inflammation without necrosis. On further radiographic chest evaluation mediastinal lymphadenopathy was found. Immunophenotyping of lymphocytes in bronchoalveolar lavage fluid (BALF) was indicative of sarcoidosis. After the administration of corticosteroid therapy the patient’s clinical condition improved, and laryngeal and mediastinal lymph nodes subsided with minor changes remaining in the spinal medulla, which, based upon MR assessment, were considered to be irreversible. To our knowledge, this is the first described case with finding of granulomatous inflammation with and without vasculitis in various organs, consistent with the Churg’s study who believes NSG to be a histological variant of sarcoidosis

Cytoprotective Effects of β-Melanocortin in the Rat Gastrointestinal Tract

Recently discovered anti-inflammatory and immunomodulatory properties of melanocortin peptides led to the conclusion that they might serve as new anti-inflammatory therapeutics. The purpose of this work was to examine the effectiveness of β-melanocortin (β-MSH) in two experimental models: ethanol-induced gastric lesions and TNBS (2, 4, 6-trinitrobenzenesulfonic acid)-induced colitis in male Wistar rats. Three progressive doses of β-MSH were used: 0.125, 0.250 and 0.500 mg/kg. Our results suggest that β-MSH acts as a protective substance in the gastric lesions model, which can be seen as a statistically significant reduction of hemorrhagic lesions at all three doses, compared to the control group. The most efficient dose was 0.250 mg/kg. Statistically significant reduction in mucosal surface affected by necrosis and the reduction of overall degree of inflammation in the colitis model indicates an anti-inflammatory effect of β-MSH at a dose of 0.250 mg/kg. The results justify further research on β-MSH peptide and its derivates in the inflammatory gastrointestinal diseases, and point out the possibility of using β-MSH in studies of digestive system pharmacology