Credit demand and supply in Italy during the financial crisis

The paper analyzes developments in bank lending in Italy during the financial crisis, assessing the relative contribution of demand and supply factors to lending deceleration. We find that the slowdown in lending was mainly due to a reduction in demand. For households, this can be attributed to the weakness of the real estate market and to the fall in consumption; for firms, a diminution in financing needs, due in turn to the sharp contraction of investment. Credit market indicators and empirical studies suggest that lending growth may also have been curbed by tensions in credit supply. These tensions mainly reflected the increase in borrower risk, as well as the impact of the crisis – especially in its first phase – on banks’ capital, liquidity, and ability to access external funding. Econometric analyses corroborate these indications, suggesting that the overall impact of banks’ conditions on the lending slowdown was modest. Over the next few months, supply tensions could persist, but the risk of a limitation of credit will be moderated by the economic recovery and the consequent reduction in borrower default risk. There will also be support from public interventions, which have provided financial support to firms, improving their creditworthiness, and strengthened banks’ capital and liquidity position.credit demand and supply, financial crisis, Italian economy.

Key Factors in Delisting Process in Italy: Empirical Evidence

We investigated the characteristics and motives ofItalian voluntary delisting observing a period of eleven years,2001 to 2011. The final sample is made up of 53 industrialcompanies, compared with a control sample of 106 companiesstill listed in the period. Main goal is to assess if any signals canpredict a delisting operation for listed companies in Italy and ifItalian market shows differences with previous investigation inContinental Europe and US.Practical implications of results achieved can help to highlighton Public to Private phenomenon in Italy, still not enoughobserved considering the high number of delisted companies inthe last decade relating to a relative small number of listedcompanie

Direct measurement of B(D_s^+ → φX^+)

The absolute inclusive branching fraction of D_s^+→φX^+ has been measured from data collected by the BES detector at a center-of-mass energy of 4.03 GeV, corresponding to an integrated luminosity of 22.3 pb^(-1). At this energy, direct pair production e^+e^-→D_s^+D_s^- has been observed. We have selected D_s candidate events by reconstructing five hadronic decay modes D_s^+→φπ^+, K^(0*)K^+, K^0K^+, f0^(π+) and K^0K^-π^+π^+ and have searched for inclusive φ’s in the recoiling D_s^-. We observed three recoiling φ’s in the 166.4 ± 31.8 D_s candidate events, which leads to the absolute branching fraction B(D_s^+→φX^+)=(17.8(-7.2 -6.3)^(+15.1+0.6)) % and B(D_s-6.3+→φπ-6.3+)=(3.6_(-1.6 -1.3)(^_3.1+0.4) %. [S0556-2821(97)02423-5

Measurement of the mass of the τ lepton

The mass of the τ lepton has been measured at the Beijing Electron-Positron Collider using the Beijing Spectrometer. A search near threshold for e^+e^-→τ^+τ^- was performed. Candidate events were identified by requiring that one τ decay via τ→eνν¯, and the other via τ→μνν¯. The mass value, obtained from a fit to the energy dependence of the τ^+τ^- cross section, is m_τ=1776.9_(-0.5)^(+0.4)±0.2 MeV

Management Impacts on Ammonia Volatilization from Swine Manure

Ammonia released from swine manure into the air is becoming an increasingly controversial topic in Iowa. This experiment was conducted to evaluate the potential of several management strategies to reduce ammonia volatilization from swine manure over time. In six benchtop trials using twenty-four 1-L manure storage vessels, treatments were applied to the vessels, and manure and air samples were analyzed for concentrations of ammonia and other forms of nitrogen. Segregated storage of urine and feces, keeping manure cool and still, addition of yucca extract, and acidification reduced ammonia volatilization

An assessment of financial sector rescue programmes

We analyse the wide array of rescue programmes adopted in several countries, following Lehman Brothers’ default in September 2008, in order to support banks and other financial institutions. We first provide an overview of the programmes, comparing their characteristics, magnitudes and participation rates across countries. We then consider the effects of the programmes on banks’ risk and valuation, looking at the behaviour of CDS premia and stock prices. We then proceed to analyse the issuance of government guaranteed bonds by banks, examining their impact on banks’ funding and highlighting undesired effects and distortions. Finally, we briefly review the recent evolution of bank lending to the private sector. We draw policy implications, in particular as regards the way of mitigating the distortions implied by such programmes and the need for an exit strategy.bank asset guarantees, capital injection, banks, financial sector, financial crisis, bank consolidation, bank mergers and acquisitions, event studies, government guaranteed bonds, credit crunch, exit strategy

Novel strategies for the characterization of cancellous bone morphology: Virtual isolation and analysis

Objectives: The advent of micro-computed tomography (μCT) made cancellous bone more accessible than ever before. Nevertheless, the characterization of cancellous bone is made difficult by its inherent complexity and the difficulties in defining homology across datasets. Here we propose novel virtual methodological approaches to overcome those issues and complement existing methods. Materials and methods: We present a protocol for the isolation of the whole cancellous region within a μCT scanned bone. This method overcomes the subsampling issues and allows studying cancellous bone as a single unit. We test the protocol on a set of primate bones. In addition, we describe a set of morphological indices calculated on the topological skeleton of the cancellous bone: node density, node connectivity, trabecular angle, trabecular tortuosity, and fractal dimension. The usage of the indices is shown on a small comparative sample of primate femoral heads. Results: The isolation protocol proves reliable in isolating cancellous structures from several different bones, regardless of their shape. The indices seem to detect some functional differences, although further testing on comparative samples is needed to clarify their potential for the study of cancellous architecture. Conclusions: The approaches presented overcome some of the difficulties of trabecular bone studies. The methods presented here represent an alternative or supporting method to the existing tools available to address the biomechanics of cancellous bone