Rapid quantification of myocardial fibrosis: a new macro-based automated analysis

Background: Fibrosis is associated with various cardiac pathologies and dysfunction. Current quantification methods are time-consuming and laborious. We describe a semi-automated quantification technique for myocardial fibrosis and validated this using traditional methods

Bank performance and executive pay: tournament or teamwork

We investigate the relationship between the dispersion of executive pay and bank performance/valuation by examining two competing theories, the tournament theory (hierarchical wage structure) and the equity fairness theory (compressed wage structure). The key variable of executive pay dispersion is measured using a hand-collected dataset composed of 63 banks from OECD countries and 29 banks from developing countries. The dataset covers the period 2004 to 2012. By combining and modifying a translog profit function and a pay-dispersion model, we are able to address the potential problems of relying on reduced-form estimation. In our subsample of developed and civil law countries, where bank performance is measured by either Tobin’s Q or by the price-to-book ratio, the overall impact of executive pay dispersion is mostly negative, and we find supporting evidence for the equity fairness theory, except for very high levels of dispersion. There is a non-linear effect, as banks perform best when there is either very low or very high executive pay dispersion. For developing country sample banks, greater executive pay dispersion has a negative impact on bank profit. In our subsample of common law countries, however, we find no evidence of a significant impact of executive pay dispersion on bank performance. We conclude that lower executive pay dispersion, a proxy for teamwork, is mostly effective in enhancing bank performance in a significant section of sample banks, i.e., civil law and developing countries

The search for value: cross-border bank M&A in emerging markets

Between 1998 and 2005, we identify 74 cross-border M&A transactions in which international banks acquired ownership stakes in 46 listed banks in emerging market economies (EME). A total of $1,057,515 million of bank assets was acquired for$38,172 million in Latin America, Central and Eastern Europe, and Asia. Using an event study approach, there is scant evidence of win-win situations when joint abnormal return is positive. Whereas abnormal returns to targets are mostly positive and significant, they tend to be offset by negative returns to acquiring banks, which drives joint returns. Econometric results find no evidence that acquisition of majority control leads to higher abnormal returns to target banks; rather, the opposite holds in banking which is inconsistent with evidence from the non-financial sector. Our evidence implies there are considerable perceived risks associated with expanding banking operations into emerging markets, which affects stockmarket valuation of cross-border M&A. Thus, the evidence does not support suggestions of a transfer of wealth from shareholders in emerging markets to their counterparts in industrialised markets

The GPA-dependent, spherostomatocytosis mutant AE1 E758K induces GPA-independent, endogenous cation transport in amphibian oocytes

The previously undescribed heterozygous missense mutation E758K was discovered in the human AE1/SLC4A1/band 3 gene in two unrelated patients with well-compensated hereditary spherostomatocytic anemia (HSt). Oocyte surface expression of AE1 E758K, in contrast to that of wild-type AE1, required coexpressed glycophorin A (GPA). The mutant polypeptide exhibited, in parallel, strong GPA dependence of DIDS-sensitive 36Cl− influx, trans-anion-dependent 36Cl− efflux, and Cl−/HCO3− exchange activities at near wild-type levels. AE1 E758K expression was also associated with GPA-dependent increases of DIDS-sensitive pH-independent SO42− uptake and oxalate uptake with altered pH dependence. In marked contrast, the bumetanide- and ouabain-insensitive 86Rb+ influx associated with AE1 E758K expression was largely GPA-independent in Xenopus oocytes and completely GPA-independent in Ambystoma oocytes. AE1 E758K-associated currents in Xenopus oocytes also exhibited little or no GPA dependence. 86Rb+ influx was higher but inward cation current was lower in oocytes expressing AE1 E758K than previously reported in oocytes expressing the AE1 HSt mutants S731P and H734R. The pharmacological inhibition profile of AE1 E758K-associated 36Cl− influx differed from that of AE1 E758K-associated 86Rb+ influx, as well as from that of wild-type AE1-mediated Cl− transport. Thus AE1 E758K-expressing oocytes displayed GPA-dependent surface polypeptide expression and anion transport, accompanied by substantially GPA-independent, pharmacologically distinct Rb+ flux and by small, GPA-independent currents. The data strongly suggest that most of the increased cation transport associated with the novel HSt mutant AE1 E758K reflects activation of endogenous oocyte cation permeability pathways, rather than cation translocation through the mutant polypeptide

M&A operations and performance in banking

This paper investigates whether M&A operations influence the performance of banks. Using a sample of 714 deals involving EU acquirers and targets located throughout the world over the period 1991-2005, we investigate whether M&A operations are associated with improved performance (using both standard accounting ratios and cost and alternative profit X-efficiency measures). Despite the extensive and ongoing consolidation process in the banking industry, we find that M&A operations are associated with a slight deterioration in return on equity, cash flow return and profit efficiency and with a marked improvement in cost efficiency. Hence, the improvements in cost efficiency appear to be transferred to bank clients. These changes in performance are directly attributable to the M&A operations, and would not have occurred in their absence. Moreover, these changes exhibit a particularly negative trend for cross-border deals to testify the importance of geographical relatedness in order to achieve better post-M&A performance. The environmental and bank-characteristics that make a deal successful or unsuccessful are finally identified

Strategies for the robust banking system and the determinants of the commercial and participation banks performance in ,Turkey evidence from a panel data analysis

The primary purpose of this study is to investigate the internal determinants of commercial and participation banks operated profitability in Turkey over the time from 2010Q1 to 2018Q4 and recommend strategies for the robust banking system regarding The Turkish bank system. Within this context, quarterly data of 20 commercial and three participation banks were analyzed by using the fixed panel regression model. The bank performance is measured by using return on asset (ROA) and return on equity (ROE). As a result, it was found that size has a negative and significant impact on participation banks ROE and commercial banks both ROE and ROA. It was also concluded that credit risk (CR) has an adverse and significant effect on participation banks. However, non-interest income to the total asset (OFFBS) has a positive and significant impact on all bank profitability. The results also showed that the coefficient of capital adequacy for participation bank ROA is positive and significant. At the same time, its effect is negative and significant for commercial bank ROE and participation bank ROE. Finally, liquidity management is positively related to participation bank ROE. Concerning the results of the model, the commercial and participation bank profitability are associated with the bank-specific determinants. Because of this situation, bank managements and policymakers should initially focus on improving bank management, the lending policy and banking activities so the bank performance will continue in a crisis period

Which Credit Unions are Acquired?

Credit unions, Consolidation, Acquisition, Technology, G21,