Does uncertainty matter for loan charge-offs?

International audienceUsing a stylized real options model, we show that discretion over the timing of charging off a non-performing loan could be economically justified when collateral values are uncertain and there is a chance of loan recovery. The implied hypothesis of an “uncertainty dependence” aspect in loan charge-offs is empirically tested and validated using a panel of European banks. A welfare-maximizing regulator might want to let banks pursue such discretionary loan charge-off behavior, with the problem of distinguishing it from alternative capital management and income smoothing objectives, while transparency-seeking accounting standards setters would presumably not

NGTS-4b: A sub-Neptune transiting in the desert

We report the discovery of NGTS-4b, a sub-Neptune-sized planet transiting a 13th magnitude K-dwarf in a 1.34 d orbit. NGTS-4b has a mass M = 20.6 ± 3.0 M⊕ and radius R = 3.18 ± 0.26 R⊕, which places it well within the so-called ‘Neptunian Desert’. The mean density of the planet (3.45 ± 0.95 g cm−3) is consistent with a composition of 100  per cent H2O or a rocky core with a volatile envelope. NGTS-4b is likely to suffer significant mass loss due to relatively strong EUV/X-ray irradiation. Its survival in the Neptunian desert may be due to an unusually high-core mass, or it may have avoided the most intense X-ray irradiation by migrating after the initial activity of its host star had subsided. With a transit depth of 0.13 ± 0.02 per cent, NGTS-4b represents the shallowest transiting system ever discovered from the ground, and is the smallest planet discovered in a wide-field ground-based photometric survey

Comprehensive Thermodynamic Study of the Calcium Sulfate–Water Vapor System. Part 1: Experimental Measurements and Phase Equilibria

International audienceThe calcium sulfate–water vapor system is of great scientific and technological importance due to its applications in several fields such as the construction materials industry, geology, and planetary sciences. While much effort has been concentrated during the past decades on characterizing the crystallographic structure of the different calcium sulfate polymorphs, some questions concerning their thermodynamic aspects as phase equilibria and their capability to increase their overall water content continuously beyond structural water content seem to have been left aside. Nevertheless, the comprehension of these aspects is of the utmost importance if we want to understand this chemical system fully. The present two-part work investigates these phenomena experimentally and by a thermodynamic modeling approach. In this first part, we develop a rigorous experimental protocol by thermogravimetric analysis under controlled temperature and water vapor partial pressure. We use this protocol to obtain thermodynamic equilibrium values for the overall water content of calcium sulfate hydrates. To ensure that the equilibrium was reached, we verified that these values could be obtained by distinct thermodynamic paths. With the equilibrium data, we were able to propose an updated equilibrium curve between soluble anhydrite AIII-CaSO4 and CaSO4·0.5H2O and estimate the thermodynamic parameters ΔrH° = (35.5 ± 1.0) kJ·mol–1 and ΔrS° = (80.0 ± 2.8) J·mol–1·K–1. After that, we were able to quantify the extent of water adsorption as a function of (T, PH2O), and we observed that it could represent a significant part of the overall water content of calcium sulfates

Comprehensive Thermodynamic Study of the Calcium Sulfate–Water Vapor System. Part 2: Physical Modeling of Adsorption Phenomena

International audienceWe employ a rigorous thermodynamic modeling approach to investigate the water adsorption phenomena on two calcium sulfate compounds, AIII-CaSO4 and CaSO4·0.5H2O. In part 1 of this work ( Ind. Eng. Chem. Res., 2019, DOI: 10.1021/acs.iecr.9b00856), we prepared these two products by the dehydration of synthetic CaSO4·2H2O and obtained quantitative adsorption data as a function of the temperature and water vapor partial pressure. In this part, we develop macroscopic solution models (ideal and nonideal) to model monolayer adsorption on AIII-CaSO4. This allowed the calculation of the energies of adsorption for this phenomenon, evidencing a physisorption mechanism. For the CaSO4·0.5H2O, we interpreted the water adsorption using a multilayer adsorption model (BET model). For both materials, we showed that nitrogen adsorption data was not sufficient to represent their entire surface areas and porosity profiles compared to their water vapor sorption capacity

Mentoring the Mentors: Implementation and Evaluation of Four Fogarty-Sponsored Mentoring Training Workshops in Low-and Middle-Income Countries.

A growing body of evidence highlights the importance of competent mentoring in academic research. We describe the development, implementation, and evaluation of four regional 2-day intensive workshops to train mid- and senior-level investigators conducting public health, clinical, and basic science research across multiple academic institutions in low- and middle-income countries (LMICs) on tools and techniques of effective mentoring. Sponsored by the Fogarty International Center, workshops included didactic presentations, interactive discussions, and small-group problem-based learning and were conducted in Lima, Peru; Mombasa, Kenya; Bangalore, India; and Johannesburg, South Africa, from 2013 to 2016. Mid- or senior-level faculty from multiple academic institutions within each region applied and were selected. Thirty faculty from 12 South America-based institutions, 29 faculty from eight East Africa-based institutions, 37 faculty from 14 South Asia-based institutions, and 36 faculty from 13 Africa-based institutions participated, with diverse representation across disciplines, gender, and academic rank. Discussions and evaluations revealed important comparisons and contrasts in the practice of mentoring, and specific barriers and facilitators to mentoring within each cultural and regional context. Specific regional issues related to hierarchy, the post-colonial legacy, and diversity arose as challenges to mentoring in different parts of the world. Common barriers included a lack of a culture of mentoring, time constraints, lack of formal training, and a lack of recognition for mentoring. These workshops provided valuable training, were among the first of their kind, were well-attended, rated highly, and provided concepts and a structure for the development and strengthening of formal mentoring programs across LMIC institutions

Impact de l’expression de l’isoforme p35 de la chaîne invariante humaine chez des souris déficientes en CD74 endogène

La chaîne invariante (Ii ; CD74) est une protéine membranaire de type II qui joue un rôle majeur dans la présentation antigénique. Dans le réticulum endoplasmique (RE), Ii favorise l’assemblage du CMH II et prévient la liaison indésirable de polypeptides. Grâce à son motif di-leucine, la chaîne invariante cible le CMH II dans les endosomes. Une fois dans ces compartiments acides, Ii est dégradé, permettant la liaison de peptides de forte affinité qui seront ensuite présentés aux cellules T CD4+. Chez les souris déficientes en Ii murin (mIi), le CMH II présente une conformation non compacte typique des molécules vides ou liées faiblement à un peptide. Le transport du CMH II est aberrant ce qui conduit à une réduction de son expression en surface ainsi qu’à un défaut de présentation antigénique. De plus, Ii diversifie le répertoire de peptides et assure la sélection thymique des cellules T CD4+. Enfin, il a un rôle dans la maturation des cellules B et les souris déficientes en Ii présentent des nombres réduits de cellules B matures folliculaires (FO). L’isoforme mineure humaine p35 (Iip35) n’existe pas chez la souris et possède une extension cytoplasmique de 16 acides aminés contenant un motif R-x-R de rétention dans le RE. La sortie du RE est conditionnelle à la liaison du CMH II qui permet de masquer le motif de rétention. Iip35 agit comme dominant et impose la rétention aux autres isoformes d’Ii. Cependant, le rôle physiologique du motif R-x-R et, plus globalement, celui d’Iip35, demeurent nébuleux. Pour mieux cerner la fonction d’Iip35, nous avons généré des souris transgéniques (Tg) exprimant l’isoforme humaine Iip35 et avons analysé la conformation et le trafic du CMH II, la sélection thymique et la maturation des cellules B ainsi que la présentation antigénique. Nos résultats ont démontré qu’Iip35 favorise l’assemblage du CMH II dans le RE. Il induit également une conformation compacte du CMH II et augmente l’expression du CMH II en surface. De plus, Iip35 cible le CMH II dans les endosomes où un peptide de forte affinité se lie dans la niche peptidique. Par ailleurs, Iip35 diversifie le répertoire de peptides et rétablit totalement la sélection des cellules T CD4+ ainsi que le niveau d’expression du TCR de ces dernières. Iip35 restaure également la présentation antigénique de l’ovalbumine dont la présentation requiert l’expression d’Ii. Par contre, Iip35 rétablit la présentation des superantigènes mais à un niveau moindre que celui des souris sauvages. Ensuite, Iip35 permet le rétablissement de la sélection des cellules iNKT démontrant qu’il assiste la présentation des lipides par les molécules CD1d. Enfin, les résultats ont démontré qu’Iip35 restaure le développement des cellules B matures folliculaires (FO) mais pas celui des cellules B de la zone marginale. Ceci suggère qu’Iip35 est capable d’induire le développement des cellules FO sans stimulation préalable par le MIF (macrophage migration inhibitory factor). Ainsi, l’ensemble de ces résultats démontre qu’Iip35 est fonctionnel et assure la majorité des fonctions d’Ii. Cependant, Iip35 ne remplace pas mIi endogène concernant la maturation des cellules B MZ suggérant qu’il pourrait avoir un rôle de régulateur.The invariant chain (Ii; CD74) is a type II membrane protein which plays a key role in antigen presentation as well as acting as a receptor for the cytokine MIF (macrophage migration inhibitory factor). In the endoplasmic reticulum (ER), Ii assists the folding of MHC II and prevents the loading of nascent polypeptides in the peptide-binding groove. Di-leucine-like motifs contained in the Ii cytoplasmic tail target the MHC II-Ii complexes in the endocytic pathway. Once in low pH-endosomes, Ii is degraded allowing the binding of a high affinity peptide which is then presented on cell surface to CD4+ T cells. In Ii deficient mice, MHC II displays a “floppy” conformation typical of empty molecules or is loosely bound with peptides. The transport is aberrant leading to decreased surface expression of MHC II and defective antigenic presentation. Also, the lack of Ii restricts the peptide repertoire and impairs thymic selection of CD4+ T cells. Moreover, Ii regulates B cells maturation and Ii deficient mice display reduced numbers of mature follicular B cells (FO). The human minor p35 isoform (Iip35) does not exist in mice and displays a 16 amino acids N-terminal cytoplasmic extension containing a di-arginine (R-x-R) motif causing ER retention and acting as dominant in heterotrimeric complexes with Iip33. Upon binding to MHC II, the retention motif is masked, which allows the complexes to egress from the ER. The physiological role of the R-x-R motif is poorly understood. To shed light on Iip35 function, we generated transgenic mice expressing Iip35 and analyzed the conformation and traffic of MHC II, the thymic selection and the development of B cells as well as the antigenic presentation. Our results showed that Iip35 generates an MHC II in the right conformation and increases MHC II surface expression. Also, Iip35 targets MHC II into endosomes where high affinity peptides bind to the groove. We also showed that Iip35 diversifies the peptide repertoire and fully restores thymic selection of CD4+ T cells as well as the TCR levels on these cells. Then, Iip35 ensures presentation of the Ii-dependent antigen ovalbumin but does not totally rescue the presentation of superantigens. Interestingly, thymic selection of the iNKT cells is fully restored showing that Iip35 assists with lipids presentation by CD1d. Finally, Iip35 allows B cells to develope into FO B cells but does not support marginal zone (MZ) B cells maturation. This result suggests that MIF stimulation is not a prerequisite for FO B cells development. Altogether, these results showed that Iip35 is functional and has most of the CD74 functions. However, it cannot replace the endogenous Ii regarding the MZ B cells maturation suggesting that Iip35 could have regulatory functions by modulating the development of some cells

Can Social Inclusion Policies Reduce Health Inequalities in Sub-Saharan Africa?—A Rapid Policy Appraisal

The global resurgence of interest in the social determinants of health provides an opportunity for determined action on unacceptable and unjust health inequalities that exist within and between countries. This paper reviews three categories of social inclusion policies: cash-transfers; free social services; and specific institutional arrangements for programme integration in six selected countries—Botswana, Mozambique, South Africa, Ethiopia, Nigeria, and Zimbabwe. The policies were appraised as part of the Social Exclusion Knowledge Network (SEKN) set up under the auspices of the World Health Organization's Commission on Social Determinants of Health. The paper highlights the development landscape in sub-Saharan Africa and presents available indicators of the scale of inequity in the six countries. A summary of the policies appraised is presented, including whether or what the impact of these policies has been on health inequalities. Cross-cutting benefits include poverty alleviation, notably among vulnerable children and youths, improved economic opportunities for disadvantaged households, reduction in access barriers to social services, and improved nutrition intake. The impact of these benefits, and hence the policies, on health status can only be inferred. Among the policies reviewed, weaknesses or constraints were in design and implementation. The policy design weaknesses include targeting criteria, their enforcement and latent costs, inadequate parti-cipation of the community and failure to take the cultural context into account. A major weakness of most policies was the lack of a monitoring and evaluation system, with clear indicators that incorporate system responsiveness. The policy implementation weaknesses include uneven regional implementation with rural areas worst affected; inadequate or poor administrative and implementation capacity; insufficient resources; problems of fraud and corruption; and lack of involvement of civil servants, exacerbating implementation capacity problems. The key messages to sub-Saharan African governments include: health inequalities must be measured; social policies must be carefully designed and effectively implemented addressing the constraints identified; monitoring and evaluation systems need improvement; and participation of the community needs to be encouraged through conducive and enabling environments. There is a need for a strong movement by civil society to address health inequalities and to hold governments accountable for improved health and reduced health inequalities

Strengthening Mentoring in Low- and Middle-Income Countries to Advance Global Health Research: An Overview.

Mentoring is a proven path to scientific progress, but it is not a common practice in low- and middle-income countries (LMICs). Existing mentoring approaches and guidelines are geared toward high-income country settings, without considering in detail the differences in resources, culture, and structure of research systems of LMICs. To address this gap, we conducted five Mentoring-the-Mentor workshops in Africa, South America, and Asia, which aimed at strengthening the capacity for evidence-based, LMIC-specific institutional mentoring programs globally. The outcomes of the workshops and two follow-up working meetings are presented in this special edition of the American Journal of Tropical Medicine and Hygiene. Seven articles offer recommendations on how to tailor mentoring to the context and culture of LMICs, and provide guidance on how to implement mentoring programs. This introductory article provides both a prelude and executive summary to the seven articles, describing the motivation, cultural context and relevant background, and presenting key findings, conclusions, and recommendations

E.U. paediatric MOG consortium consensus: Part 3 - Biomarkers of paediatric myelin oligodendrocyte glycoprotein antibody-associated disorders.

A first episode of acquired demyelinating disorder (ADS) in children is a diagnostic challenge as different diseases can express similar clinical features. Recently, antibodies against myelin oligodendrocyte glycoprotein (MOG) have emerged as a new ADS biomarker, which clearly allow the identification of monophasic and relapsing ADS forms different from MS predominantly in children. Due to the novelty of this antibody there are still challenges and controversies about its pathogenicity and best technique to detect it. In this manuscript we will discuss the recommendations and caveats on MOG antibody assays, role in the pathogenesis, and additionally discuss the usefulness of other potential new biomarkers in MOG-antibody associated disorders (MOGAD)

Growth of brown trout in the wild predicted by embryo stress reaction in the laboratory

Laboratory studies on embryos of salmonids, such as the brown trout (Salmo trutta), have been extensively used to study environmental stress and how responses vary within and between natural populations. These studies are based on the implicit assumption that early life-history traits are relevant for stress tolerance in the wild. Here we test this assumption by combining two datasets from studies on the same 60 full-sib families. These families had been experimentally produced from wild breeders to determine, in separate samples, (i) stress tolerances of singly kept embryos in the laboratory and (ii) growth of juveniles during 6 months in the wild. We found that growth in the wild was well predicted by larval size of their full sibs in the laboratory, especially if these siblings had been experimentally exposed to a pathogen. Exposure to the pathogen had not caused elevated mortality among the embryos but induced early hatching. The strength of this stress-induced change of life history was a significant predictor of juvenile growth in the wild: the stronger the response in the laboratory, the slower the growth in the wild. We conclude that embryo performance in controlled environments can be useful predictors of juvenile performance in the wild