The implications for bank risk posed by the bail-in amendments to the ranking of unsecured senior debt instruments in insolvency hierarchy

Given the scarce empirical research supporting the branch of literature investigating the shortcomings of the bail-in regime (Hadjiemmanuil, 2015; Walther & White, 2020; Tr\uf6ger, 2020), this paper offers a contribution in this regard investigating the implications for bank risk posed by the amendments to the unsecured senior debt asset class required to enhance the bail-in regime. To this purpose, we use a sample of 46 banks distributed over 17 European countries over the period of Q1 2010\u2013Q4 2019. We thus run a fixed effect panel data regression over the entire period and also over the subperiods before and after the start of the overhaul of the unsecured senior debt asset class. Our main result points out the significant role of unsecured senior debt in explaining bank\u2019s risk after the start of the amendments campaign which allowed this asset class to serve the enhancement of the bail-in regime. We attribute this result to the uncertain gone-concern loss-absorbing capacity of unsecured senior debt and its material cost exacerbated by the bail-in buffer shortfall of many European banks. Our result pique policymakers\u2019 attention to the side-effects of the amendments to the bail-in regime and further guide bank managers\u2019 decisions about regulatory funding strategies

Professional Education in Contemporary Brazilian Society: Public Policies and Pronatec Cup Program Analysis

AbstractThis research is result of contemporary public policies's analisys implemented under the Brazilian society, related to vocational education, conducted of the current educational context in Brazil by surveying projects that provide vocational education, highlighting the initiative at the Program “Pronatec Cup”, which aims to train workers to meet the needs of skilled manpower for the FIFA World Cup Brazil 2014. The methodology used is the critical analysis of theoretical frameworks that address the topic of this research, discussing possibilities of contribution or not of this program to improve the living conditions and stay in the labor market for their participants

Deployment profile analysis for tethered deorbiting technologies

Over the past few decades, the man-made space debris has become an increasingly concerning problem for future space missions. Fortunately, some innovative "green" deorbiting technologies have been emerged. Among these strategies, electrodynamic tethers have demonstrated to be a promising option, thanks to their passive and fuel-free characteristics. By leveraging the Earth's ionosphere and the geomagnetic field, an electrodynamic tether generates a Lorentz drag force, that can significantly reduce the altitude of a satellite and ultimately cause it to re-enter the atmosphere. The goal of this research is to investigate a critical part of satellite tethered technology, namely the deployment phase. To accomplish this, we utilized a software tool developed by the University of Padova to simulate the dynamics of the deployment phase and optimize its trajectory, in order to meet the desired boundary conditions. This paper gives a description of the software and shows the results of a sensitivity analysis on the trajectory profile that examines the impact of variations in the release angle of the tether and the speed profile actuated by the motor that controls the deployment speed

Electro-thermal dynamic simulations and results of a deorbiting tethered system

Deorbiting techniques with small or better no propellant consumption are an important and critical field of space studies for the mitigation of orbital debris. Electrodynamic tethers (EDTs) are of particular interest because they make possible to deorbit space debris by exploiting the Lorentz force that is provided by the current flowing in the tether thanks to the interaction of the system with the Earth’s magnetosphere and the ionosphere. This paper focuses on the differences between two software packages built at the University of Padova (FLEX and FLEXSIM) and their results in simulating various deorbiting scenarios. Both FLEXSIM and FLEX simulate the electro-thermal behaviour and the dynamics of an EDT. However, while the first one has the simplifying assumption that the tether is always aligned with the local vertical, the second one considers also the overall system attitude with respect to the radial direction and the tether flexibility. The computational times of these S/W are very different and it is important to understand the scenarios that are more appropriate for their use. Results aim to show the impact of different solar activity (simulations are done at different epochs) and lengths of conductive and non conductive segments of tether, in the range of a few hundreds of meters, on the total re-entry time. As expected, deorbiting is faster for high solar activity and conductive tether length but the performance must be balanced against the dynamics stability. The issue of stability over the deorbiting time is evaluated numerically for specific cases by using FLEX

Custos de bem-estar da inflação no Brasil: uma comparação das estimativas de equilíbrio parcial e geral

The purpose of this paper is to estimate the welfare costs of inflation for the Brazilian economy using a general equilibrium approach and to compare the results with the ones traditionally obtained, which are based on a partial equilibrium approach. The period studied is 1975I-1996IV. It is found a 2% of GDP welfare cost for an inflation rate of 10%. This result is higher than the one found by Pastore (1997) for the same inflation rate but using a partial equilibrium approach

Potencialidades da escrita poética de uma estudante travesti num curso de especialização em gênero e sexualidade

Este artigo traz, como ponto de reflexão, a poesia escrita por uma aluna travesti de um curso de especialização em relações de gênero e sexualidades, visando argumentar que esse curso, numa universidade pública federal, pode se constituir como ‘espaço seguro’ de constituição de si. É esse jogo de força que é o foco das nossas análises a partir da poesia, tomando a perspectiva foucaultiana como inspiração para problematizar a escrita de si e os jogos discursivos que ela aciona na produção de si e dos outros

Highly specialized Breast Centers did not experience delay of care during COVID-19 pandemic in Italy: the Senonetwork experience

The study aims to evaluate the performance of selected, high-volume, highly specialized, Italian Breast Centers at the time of COVID-19 pandemic (year 2020), compared to pre-pandemic time (year 2019), highlighting differences in terms of clinical presentation of breast cancer (BC) and therapeutic strategies

De-Novo Transcriptome Sequencing of a Normalized cDNA Pool from Influenza Infected Ferrets

The ferret is commonly used as a model for studies of infectious diseases. The genomic sequence of this animal model is not yet characterized, and only a limited number of fully annotated cDNAs are currently available in GenBank. The majority of genes involved in innate or adaptive immune response are still lacking, restricting molecular genetic analysis of host response in the ferret model. To enable de novo identification of transcriptionally active ferret genes in response to infection, we performed de-novo transcriptome sequencing of animals infected with H1N1 A/California/07/2009. We also included splenocytes induced with bacterial lipopolysaccharide to allow for identification of transcripts specifically induced by Gram-negative bacteria. We pooled and normalized the cDNA library in order to delimit the risk of sequencing only highly expressed genes. While normalization of the cDNA library removes the possibility of assessing expression changes between individual animals, it has been shown to increase identification of low abundant transcripts. In this study, we identified more than 19000 partial ferret transcripts, including more than 1000 gene orthologs known to be involved in the innate and the adaptive immune response

Aggiornamenti in tema di tutela della salute occupazionale dei lavoratori della sanità

The board of the Thematic Section on Preventive Medicine for Health Care Workers of the Italian Society of Occupational Medicine and Industrial Hygiene (SIMLII) programmed a national conference on occupational risks of health care workers to be held in late 2009. Main topics will be: a) biohazards; b) biomechanical risk; c) psychosocial factors. Three different working groups were established to tackle critical aspects and suggest practical recommendations to occupational health professionals. Preliminary issues are presented while final results will be presented at the conference on September 2009. © PI-ME, 2008