The Intellectual Capital Performance of Polish Banks: An Application of VAIC™ Model

In the knowledge based economy intangible resources are the primary value drivers. This is particularly true of companies such as banks. However, intangible resources (also called Intellectual Capital) appear difficult to measure. Today, there are several methods that allow us to measure Intellectual Capital in listed companies. However, not all methods of measurement are adequate for listed banks. This paper uses the Value Added Intellectual Coefficient™ (VAIC™) ratio to measure the Intellectual Capital efficiency of the Polish listed banks using a five years period data set from 2005 to 2009. Three value efficiency indicators, Human Capital Efficiency (HCE), Capital Employed Efficiency (CEE) and Structural Capital Efficiency (SCE) which are the components of the VAIC™ ratio, were used in the analysis. The data set was divided into two groups of banks. The first group was that of 10 listed Polish banks and the second group was comprised of 10 listed comparable banks from Europe (which was the peer group). The results of the rankings of the banks for the average of five years (2005-2009) showed that for VAIC™ the top two performers in the study were Komercni Banka and BRD Groupe Societe Generale S.A. The BCGE - Banque Cantonale de Geneve, Bankas Snoras and BOŚ Bank were the worst performers. The results of ranking based on Human Capital Efficiency (HCE), showed similar results as that of VAIC™. There was observed a significant decrease of the VAIC™ ratio in the years 2008 and 2009 which was caused by the crisis on financial markets. The results extend the understanding of Intellectual Capital’s role in creation of sustainable advantages for banks in developing economies

Adrenocorticotropic hormone in serial cerebrospinal fluid in man - Subject to acute regulation by the hypothalamic-pituitary-adrenocortical system?

Acute regulation of adrenocorticotropic hormone (ACTH) in cerebrospinal fluid (CSF) by the hypothalamic-pituitary-adrenocortical system has not been investigated in man. In a pilot study in healthy male volunteers we measured ACTH every twenty minutes in serial CSF for three hours after an intravenous placebo, hydrocortisone (100 mg) or insulin (2 mg/kg) injection. No acute inhibitory or stimulatory effects of these interventions were discovered. Our results corroborate previous findings in rhesus monkeys. The regulation of CSF ACTH and its potential relevance for behavioral alterations in health and disease (e.g. major depression or anorexia nervosa) in humans need further study. (C) 2016 Elsevier Ireland Ltd. All rights reserved