Are Covered Bonds Different from Asset Securitization Bonds?

This is the first study comparing the financial characteristics and pricing processes of asset securitization (AS) and covered bonds (CB) . Using a sample of 6,191 AS bonds and 1 1,471 CB issued by Western European banks between January 1, 2000 and October 31, 2012, we find that AS and CB are not priced in integrated bond markets. Our results show that credit spreads are higher for ABS than for public CB in both pre - and crisis periods. Considering bonds backed by mortgages, w e only find evidence of CB credit spread s being lower than those of AS bonds during the pre - crisis period. Both AS and CB credit spreads are driven by collateral type , credit rating is the most important pricing factor for AS bonds, and we document that not only specific effects related to issuance , but also macro factors and exogenous events are relevant drivers for CB credit spreads. Further more, while the first CB purchase programme led to lower mortgage CB credit spreads, the second programme did not have the ECB ’s desired effects . Finally, we find that the ECB’s second programme reduces ABS spreads significantly for tranches issued by non - German banks.info:eu-repo/semantics/publishedVersio

A local landscape in transition between production and consumption: can new management arrangements preserve the local landscape character?

Around towns in the Alentejo region, the landscape is dominated by a characteristic agricultural small scale mosaic. These areas are central in the region landscape character, – even if the large scale latifundia landscape of the extensive silvo-pastoral systems is most commonly associated with the region. In the last two decades, these parcels became extremely attractive for new comers, who settle in the rural context as residents, week-end visitors, being often also lifestyle farmers. The paper presents a case-study landscape, in Montemor-o-Novo, a small town 100 km from Lisbon, highly subject to the pressure for consumption uses, by urban users. The study shows that the new owners, even if they have settled in the area due to the tranquility and social bindings of the rural, end up doing farming, with new or reshaped production objectives, markets and models, but at the same time maintaining the traditional farm systems. Thus, the landscape character is maintained, so far. Nevertheless, the role of these neo-rurals and lifestyle farmers is still an unseen role, both by the agriculture and the planning sectors. And thus the question is, whether the combination of actors and land management drivers will continue maintaining the landscape in the futur

Transvesical endoscopic peritoneoscopy: intra-abdominal scarless surgery for urologic applications

For many abdominal procedures, advantages such as minimal scarring, reduced pain, and faster recovery have made laparoscopy the favored approach over traditional open surgery. The most recent minimally invasive approach is natural orifice transluminal endoscopic surgery (NOTES), which limits morbidity because this surgery does not require incision. This article reviews the history, development, and current and future applications of NOTES in the field of urology

Transvesical route for NOTES urological applications: advances & controversies

Natural Orifice Transluminal Endoscopic Surgery (NOTES) has emerged recently in the experimental surgical field, innovating for the passage of luminal barrier, the absence of scars and reduction of post-operative pain. Among the various ports of access (transvaginal, transgastric, transvesical and transcolonic), this paper is an update on advances & controversies of transvesical port for NOTES Urological applications

Reflecting on collaborative research into the sustainability of Mediterranean agriculture: A case study using a systematization of experiences approach

This article describes how a research institute went about reviewing the relationship between its members and external research partners in engaging in collaborative research. A systematization of experiences (SE) process was implemented to enable such review and draw implications for the institute’s strategy regarding research into the sustainability of Mediterranean agriculture. The SE exercise included four workshops attended by selected researchers, one questionnaire survey targeting the institute’s research community, and three focus group discussions with external research partners. The rate of participation by researchers decreased during the process; however, those that followed through to the end of the SE exercise found it to be useful in clarifying both individual and institutional perspectives. Further, SE was seen as a vehicle for increasing the level of understanding between researchers and their willingness to engage in collaborative actions. However, the rapid pace of today’s academic world and the dominant mode of evaluating scientific performance were identified as hindering the conditions needed to allow the necessary space and time for reflection and collaborative efforts. Therefore, the results highlight the current tension between the production of scientific knowledge according to existing patterns and the development of socially meaningful research

TRANSESOPHAGEAL RIGHT UPPER PULMONARY LOBECTOMY - IN VIVO PORCINE EXPERIMENTAL STUDY

TRANSESOPHAGEAL RIGHT UPPER PULMONARY LOBECTOMY - IN VIVO PORCINE EXPERIMENTAL STUDY João Moreira-Pinto, MD1,2,3; Aníbal Ferreira, MD1,2,4; Alice Miranda, DVM1,2; Carla Rolanda, MD, PhD1,2,4; Jorge Correia-Pinto, MD, PhD1,2,5 1Surgical Sciences Research Domain, Life and Health Sciences Research Institute (ICVS), School of Health Sciences, University of Minho, Braga, Portugal; 2ICVS/3B’s - PT Government Associate Laboratory, Braga/Guimarães, Portugal; 3Pediatric Surgery division, Centro Hospitalar do Porto, Porto, Portugal; 4Department of Gastroenterology, Hospital de Braga, Braga, Portugal; 5Pediatric Surgery division, Hospital de Braga, Braga, Portugal. Background and Study Aims Video-assisted thoracoscopic surgery (VATS) has been widespread as the better approach to carry out pulmonary lobectomy. Natural Orifice Transluminal Endoscopic Surgery (NOTES) is being assessed as an alternative to the transthoracic endoscopic surgery. We designed this study to test the feasibility of peroral transesophageal right upper pulmonary lobectomy with the assistance of a single transthoracic trocar. Material and Methods In ten anesthetized pigs (35-45 Kg), we performed right upper pulmonary lobectomy using a forward viewing single-channel gastroscope (introduced perorally) and an operative thoracoscope with a 5 mm working channel (introduced through a single-transthoracic 10 mm port) (Karl Storz). After introducing the gastroscope throughout an oroesophageal overtube into the esophagus, a 1 cm transverse esophagotomy was carried out in the upper third using an ESD-knife under thoracoscope control. Anatomic dissection of the right upper hilum was performed using flexible (gastroscope) and rigid (thoracoscope) instruments. After individual dissection, right upper pulmonary arteries, veins and correspondent bronchus were independently stapled using a 45-mm long, linear endostapler (EndoPath®, Ethicon Endo-Surgery) introduced through the oroesophageal overtube. After completing the lobe resection using an endoscopic snare with cautery, the specimen was extracted retrogradely through the mouth. The esophagotomy was stitched and tied using Endo Stitch™ (Covidien) and a long knot-pusher, which were handled through the oroesophageal overtube. Results Esophagotomy was performed safely in all animals. Dissection of the right upper lobe hilum elements (arteries, veins and bronchus) was also carried out in all animals without significant problems. Oroesophageal handling of the endostapplers for independent ligation of the hilum elements under transthoracic imaging was surprisingly feasible, reasonably easy to perform and reliable in 7 cases. In two cases ligation of the vessels was en bloc. In one case, severe hemorrhage occurred from incomplete vein ligation, although we could control it using electrocoagulation. Esophagotomy closure was feasible but its reliability was not tested in survival studies. All but one animal were kept alive until the end of the acute experiment when they were sacrificed. Conclusions Transesophageal right upper pulmonary lobectomy using single transthoracic trocar assistance is feasible and it may represent a step towards scarless pulmonary lobectomy. Additional survival studies are necessary to test the reliability of this procedure. Apresentador: João Moreira-Pinto, Médico Interno de Cirurgia Pediátrica, CHP

Emergy analysis of a silvo-pastoral system, a case study in southern Portugal

The Mediterranean silvo-pastoral system known as Montado, in Portugal, is a complex land use system composed of an open tree stratum in various densities and an herbaceous layer, used for livestock grazing. Livestock also profit from the acorns, and the grazing contributes to avoid shrub encroachment. In the last 20 years, subsidies from the European Union have greatly promoted cattle rearing in this system and the introduction of heavy breeds, at the expense of sheep, goats or the native cattle breeds. The balance of the traditional system is thus threatened, and a precise assessment of the balance between the different components of the system, therefore is highly needed. The goal of this study was to gain a better understanding of a Montado farm system with cattle rearing as the major economic activity by applying the emergy evaluation method to calculate indices of yield, investment, environmental loading and sustainability. By integrating different ecosystem components, the emergy evaluation method allows a comprehensive evaluation of this complex and multifunctional system at the scale of an individual farm. This method provides a set of indices that can help us understand the system and design management strategies that maximize emergy flow in the farm. In this paper, we apply the emergy evaluation method to a Montado farm with cattle rearing, as a way to gain a better understanding of this system at the farm scale. The value for the transformity of veal (2.66E+06 sej J−1) is slightly higher, when compared to other systems producing protein. That means that the investment of nature and man in this product was higher and it requires a premium price on the market. The renewability for Holm Oaks Farm (49 %), lower than for other similar systems, supports the assumption that this is a farm in which, comparing with others, the number of purchased inputs in relation to renewable inputs provided by nature, is higher. The Emergy Investment Ratio is 0.91 for cattle rearing compared to a value of 0.49 for cork and 0.43 for firewood harvesting, making it clear that cattle rearing is a more labor demanding activity comparing with extractive activities as cork and firewood harvesting

The effects of grazing management in montado fragmentation and heterogeneity

The Portuguese silvo-pastoral system montado is broadly classified as a High Nature Value (HNV) system since it corresponds to farmland hosting high biodiversity levels, and such biodiversity depends on specific land use practices. However, in recent decades a decline both in the totalmontado area and in the tree cover density within the montado has been observed, driven mainly by management changes. This decline may result in biodiversity loss. Grazing is a central aspect determining the long-term sustainability of the montado system and it has implications also on themontado structural diversity, particularly on connectivity and heterogeneity, which is crucial for the maintenance of montado HNV. The aim of this paper is to demonstrate how variations in montadostructural diversity are correlated with grazing management and its implications on the value of the system for conservation. The empirical data derives from a case study composed of 41 montadofarms in two municipalities of the Alentejo region. Data on grazing management, biophysical and spatial factors were collected and several metrics were calculated to assess montado fragmentation and heterogeneity. A multivariate analysis was performed using generalized additive models. Results show that different grazing patterns, depending on stocking density and grazing animal type, are correlated with variations in montado fragmentation and heterogeneity. Particularly, cattle’s grazing is shown to have adverse effects on the montado fragmentation, while sheep grazing is shown to have stronger impacts on the heterogeneity within the montado patches

Management of Montados and Dehesas for High Nature Value: an interdisciplinary pathway

Mediterranean oak woodlands, Montados in Portugal and Dehesas in Spain have long been acknowledged as potential land use systems of high nature and social value providing relevant ecosystem services and biodiversity conservation. Nevertheless, these systems are now under severe threat, both due to abandonment in certain areas and overuse in others, extremes that may be limited by appropriate management practices and strategies. The High Nature Value concept can be a pathway for the understanding and assessment of management practices best adapted to the balance of the Montado and Dehesa, and also to the assessment of the thresholds of change, so that the long term sustainability of the Montado systems is preserved. This special issue aims to contribute for the understanding of how the Montado and Dehesa classification as High Nature Value may be a path for sustainable management. This classification can be achieved by different ways and implies different components of the Montado, and thus the first four papers of this special issue address different approaches and methodologies for the identification of HNV Dehesas and Montados, the following seven papers deal mostly with the effect of management practices on biodiversity and other Dehesas and Montados values and finally the last two papers address the causes for Montado decline and suggest mitigation measures for that decline

Insomnia: prevalence and associated factors

Nowadays sleep disorders are very common and affect most of the population, the most common may be insomnia. Insomnia is defined as the difficulty of initiating or maintaining sleep it, may also be reflected in an early wake up and by the presence of a non-restful sleep and it is associated with impairment in social and occupational functioning of the individual. Knowing the prevalence and the associated factors of insomnia. This is a cross-sectional epidemiological study. The population is constituted by 205 individuals of both sexes, aged over 18, who were in public places of a city in the north of the country. We applied a questionnaire to all the people who went through these places between 9 am to 7 pm. Insomnia was evaluated using the DSM-IV (Diagnosis and Statistical Manual of Mental Disorders). We use the Chi-square to study the relation between the independent variables with variable insomnia, adopting a confidence interval of 95%. The prevalence of insomnia was 46.8%. Who suffers more from insomnia are: women in menopause (64.1%), elder people (66.7%) and those with four or fewer years of education (73.9%). There was no significant statistical relationship between the prevalence of insomnia and sex or residence. The causes of insomnia are: concern (48.6%), noise (31.8%) and disease (8.4%). The drugs most consumed by insomniacs are benzodiazepines (79.2%). In this study insomnia affects about half of participants. The presence of insomnia seems to be related with the age increasing, low education and menopausal status in female