The Number of Bank Relationships, Borrowing Costs and Bank Competition

This paper provides new evidence on the effect of bank competition on the cost of lending, in an environment of reduced information asymmetries between firms and banks. We construct a simple model linking the number of bank relationships, the cost of lending and bank competition. Banks are exposed to more competition if the firm has many ongoing bank relationships that improve her threat point when negotiating borrowing costs. Moreover, increased competition in the banking sector might mitigate (substitute) or amplify (complement) this effect. Using a unique data set from Portugal, we find that when a firm borrows from one additional bank, the interest rate on bank loans for this firm becomes 9 to 20 basis points lower on average. In addition, we find that when local bank competition is more intense firms can benefit more from simultaneously engaging in several banking relationships, hence providing evidence of complementarity between competition and the number of bank relationships. However, we do not observe these effects for the smallest and youngest firms.

Investigation of Various Cross-Linking Methods for the Immobilization of Cytosine Arabinoside on Bacterial Magnetosomes

Bacterial magnetosomes (BMs) have emerged as potential drug delivery vehicles, possessing an iron oxide or iron sulfide core surrounded by a natural lipid membrane shell. In this study, we immobilized cytosine arabinoside (Ara-C) effectively on BMs by using various methods such as direct absorption (ABMs), and others include different cross-linkers such as genipin (GP) and glutaraldehyde (G). A well-dispersed Ara-C coupled bacterial magnetosomes resulted in significantly higher negative charge than that of naked BMs (−11.5±0.3 mV) confirming the drug loading. Out of all methods, direct absorption process led to the highest encapsulation efficiency and drug loading of 88.2±4.3% and 46.9±1.2%, respectively. These designs have shown the long-term drug release behavior without an initial burst release. Our results indicate that BMs-based nanoconjugates will potentially find widespread applications in pharmaceutical field

Prognostic changes after sudden deafness in patients with inner ear malformations characterized by LSCC: a retrospective study

IntroductionThis study aimed to investigate the clinical features and prognosis of sudden sensorineural hearing loss in patients with lateral semicircular canal (LSCC) malformation.MethodsThis study enrolled patients with LSCC malformation and sudden sensorineural hearing loss (SSNHL) who were admitted to Shandong ENT Hospital between 2020 and 2022. We collected and analyzed data on examinations of audiology, vestibular function, and imaging records of patients and summarized the clinical characteristics and prognosis of these patients.ResultsFourteen patients were enrolled. Patients with LSCC malformation was noted in 0.42% of all SSNHL cases during the same period. One patients had bilateral SSNHL and the rest had unilateral SSNHL. Of them, eight and six patients had unilateral and bilateral LSCC malformations, respectively. Flat hearing loss was noted in 12 ears (80.0%) and severe or profound hearing loss was noted in 10 ears (66.7%). After treatment, the total efficacy rate of SSNHL with LSCC malformation was 40.0%. Vestibular function was abnormal in all patients, but only five patients (35.7%) had dizziness. There were statistically significant differences in the vestibular functions between patients with LSCC malformation and matched patients without the malformation hospitalized during the same period (p < 0.05).ConclusionPatients with SSNHL and LSCC malformation had flat-type and severe hearing loss and worse disease prognosis compared to those with SSNHL without LSCC malformation. Vestibular function is more likely to be abnormal; however, there was no significant difference in vestibular symptoms between patients with and without LSCC malformation. LSCC is a risk factor for the prognosis of SSNHL

Investigation of the costly-arbitrage model of price formation around the ex-dividend day in Norway

We estimate the costly-arbitrage model of Boyd and Jagannathan [Boyd, John, and Jagannathan, Ravi, 1994, Ex-Dividend Price Behavior of Common Stocks, Review of Financial Studies 7, 711-741.] using Norwegian stock market data. Taxable distributions take place at two separate dates, one that entails the distribution of an imputation-tax credit and another the distribution of the cash dividend. We find that the costly-arbitrage model is consistent with observed stock returns around the ex-dividend day, but the model cannot explain the return patterns around the distribution of the tax credit. We conclude that uncertainty about the cash flows prevents arbitrage.Ex-dividend day Withholding tax Imputation-tax credit Costly-arbitrage model Legal risk Estimation risk

Investigation of the Costly-Arbitrage Model of Price Formation Around the Ex-Dividend Day

We estimate the costly-arbitrage model of Boyd and Jagannathan (1994) using Norwegian stock market data. Taxable distributions take place at two separate dates, one that entails the distribution of an imputation-tax credit and another the distribution of the cash dividend. We find that the costly-arbitrage model is consistent with observed stock returns around the ex-dividend day, but the model cannot explain the return patterns around the distribution of the tax credit. We relate the difference in price formation to uncertainty.costly-arbitrage model; estimation risk; Ex-dividend day; imputation-tax credit; legal risk; withholding tax