Do Stock Returns Really Decrease with Default Risk? New International Evidence

This study constructs a novel data set of bankruptcy filings for a large sample of non-U.S. firms in 14 developed markets and sheds new light on the cross-sectional relation between default risk and stock returns. Using the reduced-form approach of Campbell et al. (2008) to estimate default probabilities, we offer conclusive evidence supporting the existence of a significant positive default risk premium in international markets. This finding is robust to different portfolio weighting schemes, data filters, risk-adjusting approaches, and holding period definitions. Decomposing the default risk measure into its systematic and idiosyncratic components, we find that the former drives this positive relation. We also show that the default risk premium is more pronounced in countries where creditor protection is stronger and shareholder bargaining power is lower

Особенности аппаратной реализации алгоритмов вычисления контрольной суммы CRC32

Приведено описание аппаратных реализаций матричного и табличного алгоритмов вычисления контрольной суммы CRC32 на ПЛИС Cyclone фирмы Altera макета SDK-6.1. Показаны особенности аппаратной реализации на примере описания блоков вычисления CRC32 и работоспособность спроектированных устройств на конкретных примерах

Moneyness, Volatility, and the Cross-Section of Option Returns

We study the effect of an asset's volatility on the expected returns of European options written on the asset. A simple stochastic discount factor model suggests that the effect differs depending on whether variations in volatility are due to variations in systematic or idiosyncratic volatility. While variations in idiosyncratic volatility only affect an option's elasticity, variations in systematic volatility also oppositely affect the underlying asset's risk. Since moneyness modulates these effects, systematic volatility positively (negatively) prices options with high (low) asset-to-strike price ratios, while idiosyncratic volatility is unambiguously priced. Single-stock call option data support our predictions

Outcrop analogue study of Permocarboniferous geothermal sandstone reservoir formations (northern Upper Rhine Graben, Germany): impact of mineral content, depositional environment and diagenesis on petrophysical properties

© 2015 Springer-Verlag Berlin Heidelberg The Permocarboniferous siliciclastic formations represent the largest hydrothermal reservoir in the northern Upper Rhine Graben in SW Germany and have so far been investigated in large-scale studies only. The Cenozoic Upper Rhine Graben crosses the Permocarboniferous Saar–Nahe Basin, a Variscan intramontane molasse basin. Due to the subsidence in this graben structure, the top of the up to 2-km-thick Permocarboniferous is located at a depth of 600–2900 m and is overlain by Tertiary and Quaternary sediments. At this depth, the reservoir temperatures exceed 150 °C, which are sufficient for geothermal electricity generation with binary power plants. To further assess the potential of this geothermal reservoir, detailed information on thermophysical and hydraulic properties of the different lithostratigraphical units and their depositional environment is essential. Here, we present an integrated study of outcrop analogues and drill core material. In total, 850 outcrop samples were analyzed, measuring porosity, permeability, thermal conductivity and thermal diffusivity. Furthermore, 62 plugs were taken from drillings that encountered or intersected the Permocarboniferous at depths between 1800 and 2900 m. Petrographic analysis of 155 thin sections of outcrop samples and samples taken from reservoir depth was conducted to quantify the mineral composition, sorting and rounding of grains and the kind of cementation. Its influence on porosity, permeability, the degree of compaction and illitization was quantified. Three parameters influencing the reservoir properties of the Permocarboniferous were detected. The strongest and most destructive influence on reservoir quality is related to late diagenetic processes. An illitic and kaolinitic cementation and impregnation of bitumina document CO2- and CH4-rich acidic pore water conditions, which are interpreted as fluids that migrated along a hydraulic contact from an underlying Carboniferous hydrocarbon source rock. Migrating oil and acidic waters led to the dissolution of haematite cements in the lower Permocarboniferous formations. During the Eocene, subsidence of the Upper Rhine Graben porosities and permeabilities of the sandstones of these formations were strongly reduced to 2.5 % and 3.2 × 10−18 m2. The second important influence on reservoir quality is the distinct depositional environment and its influence on early diagenetic processes. In early stage diagenesis, the best influence on reservoir properties exhibits a haematite cementation. It typically occurs in eolian sandstones of the Kreuznach Formation (Upper Permocarboniferous) and is characterized by grain covering haematite coatings, which are interpreted to inhibit cementation, compaction and illitization of pore space during burial. Eolian sandstones taken from outcrops and reservoir depths exhibit the highest porosities (16.4; 12.3 %) and permeabilities (2.0 × 10−15; 8.4 × 10−16 m2). A third important influence on reservoir quality is the general mineral composition and the quartz content which is the highest in the Kreuznach Formation with 73.8 %. Based on the integrated study of depositional environments and diagenetic processes, reservoir properties of the different Permocarboniferous formations within the northern Upper Rhine Graben and their changes with burial depth can be predicted with satisfactory accuracy. This leads to a better understanding of the reservoir quality and enables an appropriate well design for exploration and exploitation of these geothermal resources

Outcrop analogue study of Permocarboniferous geothermal sandstone reservoir formations (northern Upper Rhine Graben, Germany): impact of mineral content, depositional environment and diagenesis on petrophysical properties

© 2015, Springer-Verlag Berlin Heidelberg.The Permocarboniferous siliciclastic formations represent the largest hydrothermal reservoir in the northern Upper Rhine Graben in SW Germany and have so far been investigated in large-scale studies only. The Cenozoic Upper Rhine Graben crosses the Permocarboniferous Saar–Nahe Basin, a Variscan intramontane molasse basin. Due to the subsidence in this graben structure, the top of the up to 2-km-thick Permocarboniferous is located at a depth of 600–2900 m and is overlain by Tertiary and Quaternary sediments. At this depth, the reservoir temperatures exceed 150 °C, which are sufficient for geothermal electricity generation with binary power plants. To further assess the potential of this geothermal reservoir, detailed information on thermophysical and hydraulic properties of the different lithostratigraphical units and their depositional environment is essential. Here, we present an integrated study of outcrop analogues and drill core material. In total, 850 outcrop samples were analyzed, measuring porosity, permeability, thermal conductivity and thermal diffusivity. Furthermore, 62 plugs were taken from drillings that encountered or intersected the Permocarboniferous at depths between 1800 and 2900 m. Petrographic analysis of 155 thin sections of outcrop samples and samples taken from reservoir depth was conducted to quantify the mineral composition, sorting and rounding of grains and the kind of cementation. Its influence on porosity, permeability, the degree of compaction and illitization was quantified. Three parameters influencing the reservoir properties of the Permocarboniferous were detected. The strongest and most destructive influence on reservoir quality is related to late diagenetic processes. An illitic and kaolinitic cementation and impregnation of bitumina document CO2- and CH4-rich acidic pore water conditions, which are interpreted as fluids that migrated along a hydraulic contact from an underlying Carboniferous hydrocarbon source rock. Migrating oil and acidic waters led to the dissolution of haematite cements in the lower Permocarboniferous formations. During the Eocene, subsidence of the Upper Rhine Graben porosities and permeabilities of the sandstones of these formations were strongly reduced to 2.5 % and 3.2 × 10−18 m2. The second important influence on reservoir quality is the distinct depositional environment and its influence on early diagenetic processes. In early stage diagenesis, the best influence on reservoir properties exhibits a haematite cementation. It typically occurs in eolian sandstones of the Kreuznach Formation (Upper Permocarboniferous) and is characterized by grain covering haematite coatings, which are interpreted to inhibit cementation, compaction and illitization of pore space during burial. Eolian sandstones taken from outcrops and reservoir depths exhibit the highest porosities (16.4; 12.3 %) and permeabilities (2.0 × 10−15; 8.4 × 10−16 m2). A third important influence on reservoir quality is the general mineral composition and the quartz content which is the highest in the Kreuznach Formation with 73.8 %. Based on the integrated study of depositional environments and diagenetic processes, reservoir properties of the different Permocarboniferous formations within the northern Upper Rhine Graben and their changes with burial depth can be predicted with satisfactory accuracy. This leads to a better understanding of the reservoir quality and enables an appropriate well design for exploration and exploitation of these geothermal resources

Myocarditis related to Campylobacter jejuni infection: A case report

BACKGROUND: Myocarditis can develop as a complication of various infections and is most commonly linked to enterovirus infections. Myocarditis is rarely associated with bacterial infections; salmonellosis and shigellosis have been the most frequently reported bacterial cause. We report a case of myocarditis related to Campylobacter jejuni enteritis. CASE PRESENTATION: A 30-year-old previously healthy man presented with a history of prolonged chest pain radiating to the jaw and the left arm. Five days prior to the onset of chest pain, he developed bloody diarrhea, fever and chills. Creatine kinase (CK) and CK-MB were elevated to 289 U/L and 28.7 μg/L. Troponin I was 30.2 μg/L. The electrocardiogram (ECG) showed T wave inversion in the lateral and inferior leads. The chest pain resolved within 24 hours of admission. The patient had a completely normal ECG stress test. The patient was initiated on ciprofloxacin 500 mg po bid when Campylobacter jejuni was isolated from the stool. Diarrhea resolved within 48 hours of initiation of ciprofloxacin. The diagnosis of Campylobacter enteritis and related myocarditis was made based on the clinical and laboratory results and the patient was discharged from the hospital in stable condition. CONCLUSION: Myocarditis can be a rare but severe complication of infectious disease and should be considered as a diagnosis in patients presenting with chest pain and elevated cardiac enzymes in the absence of underlying coronary disease. It can lead to cardiomyopathy and congestive heart failure. There are only a few reported cases of myocarditis associated with Campylobacter infection

NS1 Specific CD8(+) T-Cells with Effector Function and TRBV11 Dominance in a Patient with Parvovirus B19 Associated Inflammatory Cardiomyopathy

Background: Parvovirus B19 (B19V) is the most commonly detected virus in endomyocardial biopsies (EMBs) from patients with inflammatory cardiomyopathy (DCMi). Despite the importance of T-cells in antiviral defense, little is known about the role of B19V specific T-cells in this entity. Methodology and Principal Findings: An exceptionally high B19V viral load in EMBs (115,091 viral copies/mg nucleic acids), peripheral blood mononuclear cells (PBMCs) and serum was measured in a DCMi patient at initial presentation, suggesting B19V viremia. The B19V viral load in EMBs had decreased substantially 6 and 12 months afterwards, and was not traceable in PBMCs and the serum at these times. Using pools of overlapping peptides spanning the whole B19V proteome, strong CD8(+) T-cell responses were elicited to the 10-amico-acid peptides SALKLAIYKA (19.7% of all CD8(+) cells) and QSALKLAIYK (10%) and additional weaker responses to GLCPHCINVG (0.71%) and LLHTDFEQVM (0.06%). Real-time RT-PCR of IFN gamma secretion-assay-enriched T-cells responding to the peptides, SALKLAIYKA and GLCPHCINVG, revealed a disproportionately high T-cell receptor Vbeta (TRBV) 11 expression in this population. Furthermore, dominant expression of type-1 (IFN gamma, IL2, IL27 and Tbet) and of cytotoxic T-cell markers (Perforin and Granzyme B) was found, whereas gene expression indicating type-2 (IL4, GATA3) and regulatory T-cells (FoxP3) was low. Conclusions: Our results indicate that B19V Ag-specific CD8(+) T-cells with effector function are involved in B19V associated DCMi. In particular, a dominant role of TRBV11 and type-1/CTL effector cells in the T-cell mediated antiviral immune response is suggested. The persistence of B19V in the endomyocardium is a likely antigen source for the maintenance of CD8(+) T-cell responses to the identified epitopes

Novel APC mutations in Czech and Slovak FAP families: clinical and genetic aspects

BACKGROUND: Germline mutations in the adenomatous polyposis gene (APC) result in familial adenomatous polyposis (FAP). FAP is an autosomal dominantly inherited disorder predisposing to colorectal cancer. Typical FAP is characterized by hundreds to thousands of colorectal adenomatous polyps and by several extracolonic manifestations. An attenuated form of polyposis (AFAP) is characterized by less than 100 adenomas and later onset of the disease. METHODS: Here, we analyzed the APC gene for germline mutations in 59 Czech and 15 Slovak FAP patients. In addition, 50 apparently APC mutation negative Czech probands and 3 probands of Slovak origin were screened for large deletions encompassing the APC gene. Mutation screening was performed using denaturing gradient gel electrophoresis and/or protein truncation test. DNA fragments showing an aberrant electrophoretic banding pattern were sequenced. Screening for large deletions was performed by multiplex ligation dependent probe amplification. The extent of deletions was analyzed using following microsatellite markers: D5S299, D5S82, D5S134 and D5S346. RESULTS: In the set of Czech and Slovak patients, we identified 46 germline mutations among 74 unrelated probands. Total mutation capture is 62,2% including large deletions. Thirty seven mutations were detected in 49 patients presenting a classical FAP phenotype (75,5%) and 9 mutations in 25 patients with attenuated FAP (36%). We report 20 novel germline APC mutations and 3 large deletions (6%) encompassing the whole-gene deletions and/or exon 14 deletion. In the patients with novel mutations, correlations of the mutation localization are discussed in context of the classical and/or attenuated phenotype of the disease. CONCLUSION: The results of the molecular genetic testing are used both in the establishment of the predictive diagnosis and in the clinical management of patients. In some cases this study has also shown the difficulty to classify clinically between the classical and the attenuated form of FAP according to the established criteria. Interfamilial and/or intrafamilial phenotype variability was also confirmed in some cases which did not fit well with predicted genotype-phenotype correlation. All these findings have to be taken into consideration both in the genetic counselling and in the patient care