What is the value of recourse to asset backed securities? A clinical study of credit card banks

The present paper uses data from revolving credit card securitizations to show that, conditional on being in a position where implicit recourse has become necessary and actually providing that recourse, recourse to securitized debt may benefit short- and long-term stock returns, and long-term operating performance of sponsors. The paper suggests that this result may come about because those sponsors providing the recourse do not seem to be extreme default or insolvency risks. However, sponsors providing recourse do experience an abnormal delay in their normal issuance cycle around the event. Hence, it appears that the asset-backed securities market is like the commercial paper market, where a firm's ability to issue is directly correlated with credit quality. Therefore, although in violation of regulatory guidelines and FASB140, recourse may have beneficial effects for sponsors by revealing that the shocks that made recourse necessary are transitory. ; Also issued as Payment Cards Center Discussion Paper No. 03-04Asset-backed financing ; Credit cards

Dementia assessment and management in primary care settings: a survey of current provider practices in the United States.

BACKGROUND:Primary care providers (PCPs) are typically the first to screen and evaluate patients for neurocognitive disorders (NCDs), including mild cognitive impairment and dementia. However, data on PCP attitudes and evaluation and management practices are sparse. Our objective was to quantify perspectives and behaviors of PCPs and neurologists with respect to NCD evaluation and management. METHODS:A cross-sectional survey with 150 PCPs and 50 neurologists in the United States who evaluated more than 10 patients over age 55 per month. The 51-item survey assessed clinical practice characteristics, and confidence, perceived barriers, and typical practices when diagnosing and managing patients with NCDs. RESULTS:PCPs and neurologists reported similar confidence and approaches to general medical care and laboratory testing. Though over half of PCPs performed cognitive screening or referred patients for cognitive testing in over 50% of their patients, only 20% reported high confidence in interpreting results of cognitive tests. PCPs were more likely to order CT scans than MRIs, and only 14% of PCPs reported high confidence interpreting brain imaging findings, compared to 70% of specialists. Only 21% of PCPs were highly confident that they correctly recognized when a patient had an NCD, and only 13% were highly confident in making a specific NCD diagnosis (compared to 72 and 44% for neurologists, both p < 0.001). A quarter of all providers identified lack of familiarity with diagnostic criteria for NCD syndromes as a barrier to clinical practice. CONCLUSIONS:This study demonstrates how PCPs approach diagnosis and management of patients with NCDs, and identified areas for improvement in regards to cognitive testing and neuroimaging. This study also identified all providers' lack of familiarity with published diagnostic criteria for NCD syndromes. These findings may inform the development of new policies and interventions to help providers improve the efficacy of their decision processes and deliver better quality care to patients with NCDs

Peaks in the Cosmic Microwave Background: flat versus open models

We present properties of the peaks (maxima) of the CMB anisotropies expected in flat and open CDM models. We obtain analytical expressions of several topological descriptors: mean number of maxima and the probability distribution of the gaussian curvature and the eccentricity of the peaks. These quantities are calculated as functions of the radiation power spectrum, assuming a gaussian distribution of temperature anisotropies. We present results for angular resolutions ranging from 5' to 20' (antenna FWHM), scales that are relevant for the MAP and COBRAS/SAMBA space missions and the ground-based interferometer experiments. Our analysis also includes the effects of noise. We find that the number of peaks can discriminate between standard CDM models, and that the gaussian curvature distribution provides a useful test for these various models, whereas the eccentricity distribution can not distinguish between them.Comment: 13 pages latex file using aasms4.sty + 3 tables + 2 postscript figures, to appear in ApJ (March 1997

Why pinning by surface irregularities can explain the peak effect in transport properties and neutron diffraction results in NbSe2 and Bi-2212 crystals?

The existence of a peak effect in transport properties (a maximum of the critical current as function of magnetic field) is a well-known but still intriguing feature of type II superconductors such as NbSe2 and Bi-2212. Using a model of pinning by surface irregularities in anisotropic superconductors, we have developed a calculation of the critical current which allows estimating quantitatively the critical current in both the high critical current phase and in the low critical current phase. The only adjustable parameter of this model is the angle of the vortices at the surface. The agreement between the measurements and the model is really very impressive. In this framework, the anomalous dynamical properties close to the peak effect is due to co-existence of two different vortex states with different critical currents. Recent neutron diffraction data in NbSe2 crystals in presence of transport current support this point of view

Hydrologically driven ecosystem processes determine the distribution and persistence of ecosystem-specialist predators under climate change

Climate change has the capacity to alter physical and biological ecosystem processes, jeopardizing the survival of associated species. This is a particular concern in cool, wet northern peatlands that could experience warmer, drier conditions. Here we show that climate, ecosystem processes and food chains combine to influence the population performance of species in British blanket bogs. Our peatland process model accurately predicts water-table depth, which predicts abundance of craneflies (keystone invertebrates), which in turn predicts observed abundances and population persistence of three ecosystem-specialist bird species that feed on craneflies during the breeding season. Climate change projections suggest that falling water tables could cause 56–81% declines in cranefly abundance and, hence, 15–51% reductions in the abundances of these birds by 2051–2080. We conclude that physical (precipitation, temperature and topography), biophysical (evapotranspiration and desiccation of invertebrates) and ecological (food chains) processes combine to determine the distributions and survival of ecosystem-specialist predators

Stargardt macular dystrophy and therapeutic approaches

Stargardt macular dystrophy (Stargardt disease; STGD1; OMIM 248200) is the most prevalent inherited macular dystrophy. STGD1 is an autosomal recessive disorder caused by multiple pathogenic sequence variants in the large ABCA4 gene (OMIM 601691). Major advances in understanding both the clinical and molecular features, as well as the underlying pathophysiology, have culminated in many completed, ongoing and planned human clinical trials of novel therapies.The aims of this concise review are to describe (1) the detailed phenotypic and genotypic characteristics of the disease, multimodal imaging findings, natural history of the disease, and pathogenesis, (2) the multiple avenues of research and therapeutic intervention, including pharmacological, cellular therapies and diverse types of genetic therapies that have either been investigated or are under investigation and (3) the exciting novel therapeutic approaches on the translational horizon that aim to treat STGD1 by replacing the entire 6.8 kb ABCA4 open reading frame

The ratio of means method as an alternative to mean differences for analyzing continuous outcome variables in meta-analysis: A simulation study

<p>Abstract</p> <p>Background</p> <p>Meta-analysis of continuous outcomes traditionally uses mean difference (MD) or standardized mean difference (SMD; mean difference in pooled standard deviation (SD) units). We recently used an alternative ratio of mean values (RoM) method, calculating RoM for each study and estimating its variance by the delta method. SMD and RoM allow pooling of outcomes expressed in different units and comparisons of effect sizes across interventions, but RoM interpretation does not require knowledge of the pooled SD, a quantity generally unknown to clinicians.</p> <p>Objectives and methods</p> <p>To evaluate performance characteristics of MD, SMD and RoM using simulated data sets and representative parameters.</p> <p>Results</p> <p>MD was relatively bias-free. SMD exhibited bias (~5%) towards no effect in scenarios with few patients per trial (n = 10). RoM was bias-free except for some scenarios with broad distributions (SD 70% of mean value) and medium-to-large effect sizes (0.5–0.8 pooled SD units), for which bias ranged from -4 to 2% (negative sign denotes bias towards no effect). Coverage was as expected for all effect measures in all scenarios with minimal bias. RoM scenarios with bias towards no effect exceeding 1.5% demonstrated lower coverage of the 95% confidence interval than MD (89–92% vs. 92–94%). Statistical power was similar. Compared to MD, simulated heterogeneity estimates for SMD and RoM were lower in scenarios with bias because of decreased weighting of extreme values. Otherwise, heterogeneity was similar among methods.</p> <p>Conclusion</p> <p>Simulation suggests that RoM exhibits comparable performance characteristics to MD and SMD. Favourable statistical properties and potentially simplified clinical interpretation justify the ratio of means method as an option for pooling continuous outcomes.</p