Credit securitization and credit derivatives : financial instruments and the credit risk management of middle market commercial loan portfolios

Banks increasingly recognize the need to measure and manage the credit risk of their loans on a portfolio basis. We address the subportfolio "middle market". Due to their specific lending policy for this market segment it is an important task for banks to systematically identify regional and industrial credit concentrations and reduce the detected concentrations through diversification. In recent years, the development of markets for credit securitization and credit derivatives has provided new credit risk management tools. However, in the addressed market segment adverse selection and moral hazard problems are quite severe. A potential successful application of credit securitization and credit derivatives for managing credit risk of middle market commercial loan portfolios depends on the development of incentive-compatible structures which solve or at least mitigate the adverse selection and moral hazard problems. In this paper we identify a number of general requirements and describe two possible solution concepts

AMPHIPHILIC SIDEROPHORE MARINOBACTIN FOR FROTH FLOTATION PROCESS

The consumption of metallic raw materials increased in the last years. The coverage of demand is getting more difficult, because both primary and secondary raw materials become more and more complex. To find a solution, some new ways have to go, like the combination of biotechnology with classic processes of processing methods

AMPHIPHILIC SIDEROPHORE MARINOBACTIN FOR FROTH FLOTATION PROCESS

The consumption of metallic raw materials increased in the last years. The coverage of demand is getting more difficult, because both primary and secondary raw materials become more and more complex. To find a solution, some new ways have to go, like the combination of biotechnology with classic processes of processing methods

Was erkunden Bioschweine in Freiland- und Stallhaltung?

ProPIG ist ein länderübergreifendes CORE Organic II Projekt, das in insgesamt 75 Betrieben in 8 europäischen Ländern die Tiergesundheit, Umweltwirkung und den Zusammenhang zwischen Tiergesundheit und Wohlergehen mit Fütterung und Umweltwirkung in drei verschiedenen Bioschweine-Haltungssystemen (Stallhaltung mit Auslauf, ganzjährige Freilandhaltung und Teilweise Freilandhaltung) untersucht. Der vorliegende Beitrag beschäftigt sich mit dem Erkundungsverhalten von tragenden Sauen, Aufzuchtferkeln und Mastschweinen in diesen Haltungssystemen. Für die Verhaltensbeobachtung wird unterschieden, wo die Schweine sich zum Erhebungszeitpunkt tatsächlich befanden, weshalb bei Betrieben mit teilweiser Freilandhaltung zwischen Indoor und Outdoor gehaltenen Schweinen differenziert wird. Das Erkundungsverhalten der Schweine unterschied sich nicht zwischen Stallhaltung mit Auslauf (Indoor) und Freilandhaltung (Outdoor). Alle Tierkategorien beschäftigten sich zu hohen Anteilen positiv, das heißt sie manipulierten vorrangig Stroh, Raufutter und ähnliches Material, das für ihre Beschäftigung gedacht ist. Aber auch die Einrichtung, Kot oder andere Schweine werden manipuliert, wenn auch zu wesentlich geringeren Anteilen. Steine kauen, eine mit Stangenbeißen in intensiven Systemen gleichzusetzende Stereotypie, trat vorrangig bei tragenden Sauen im Freiland auf

Psychosocial status and mental health in adolescents before and after bariatric surgery: a systematic literature review

Objective: As long-term results of conservative treatment for obesity are discouraging, bariatric surgery is becoming a treatment option for extremely obese adolescents. However, mental and behavioral problems need to be respected when treating this vulnerable target group. Methods: A detailed systematic literature review on pre- and post-operative depressive, anxiety and eating disorder symptoms of adolescent patients was performed in PsychINFO, PubMed and Medline electronic databases. Results: Twelve studies met the inclusion criteria. Although strength of evidence was limited, results suggested that pre-operatively a third of adolescents suffered from moderate to severe depressive disorder symptoms and a quarter from anxiety disorder symptoms, while a substantial number showed eating disorder symptoms. Post-operatively, levels of depressive disorder symptoms significantly improved. Original articles on outcomes of eating and anxiety disorder symptoms after weight loss surgery were not found. Conclusions: Further attention is needed on consistent clinical assessment of mental health disturbances and their consecutive treatment in adolescents. Future research should also focus on psychological and psychosocial predictors of weight loss after bariatric surgery

Nutritional characteristics of the diets in organic pig production

A better knowledge of the rations pigs receive, should help identify weaknesses and hence improve the efficiency of organic pig production. A research project was initiated in 8 EU countries (ProPIG from the ERANET CoreOrganic II) involving 72 farms: 59 with sows (53 farrow-to-finish = FF, 5 with and 1 without weaners), 11 fattening (F) and 2 with weaners and fatteners. Farmers were asked to describe their feeding practices and the nutrient content of feeds used was recorded, either from the manufacturer claim or calculated from ingredients. Four FF farms used a single diet for all pigs. For sows, 46% of the farms fed the same diet. For fatteners, 58% of the farms used a single diet, 38% used two diets and 5% used 3 diets. For weaners, 73% of the farms used a single diet and 27 % used two diets. Nutrient feed contents were 13.3 ± 1.0 MJ ME, 141 ± 19 g crude proteins (CP) and 5.0 ± 1.2 g total P (tP) /kg for pregnant sows, 12.8 ± 0.9 MJ ME, 159 ± 19 g CP and 5.2 g ± 1.2 tP/kg for lactating sows, 12.8 ± 1.0, 175 ± 23 g CP, 5.3 g tP/kg for weaners, 12.7 ± 0.1 MJ ME, 165 ± 23 g CP and 4.7 ± 1.1 g tP/kg for fatteners (means ± sd). Major ingredients were triticale (from18% in weaners to 27% in fatteners, 51% homegrown = HG), barley (from 22% in lactating sows to 28% in weaners, 48% HG), wheat (from 18% in weaners to 27% in fatteners, 23% HG), maize (from 13% in pregnant sows to 16% in fatteners, 52% HG), peas (from 8% in pregnant sows to 12% in fatteners, 38% HG), and fava beans (from 3.9% in fatteners to 10.4% in weaners, 67% HG). Results suggest using specific feeding for different types of pigs may improve feeding efficiency and reduce the environmental impact

Wohlergehen von Bioschweinen und Umweltwirkungen – (k)ein Widerspruch? Haltungssysteme der Bio-Schweine in Europa im Vergleich

Das Haltungssystem hat Einfluss auf Gesundheit, Wohlergehen und Umweltauswirkungen von Bioschweinen; Freilandhaltung ist grundsätzlich vorteilhaft für das Tierwohlergehen und teilweise Freilandhaltung hinsichtlich Umweltwirkung. Durch gutes Management können jedoch grundsätzlich in jedem System gute Ergebnisse erzielt werden. Die Ergebnisse der Studie können als Basis der Weiterentwicklung der Bioschweinehaltungssysteme in Europa dienen. Sofern die Voraussetzungen am Betrieb gegeben sind (z.B. ausreichend Flächen) und gutes Management gewährleistet ist, können Stallhaltungsbetriebe das Tierwohlergehen steigern, indem beispielsweise die Sauen saisonal im Freiland gehalten werden. Andererseits kann die Umweltwirkung mancher Freilandbetriebe voraussichtlich reduziert werden, indem Mastschweine teilweise im Stall gehalten werden. Das Haltungssystem sollte jedenfalls den Möglichkeiten des Betriebes entsprechen

Trough or bowl? Observers need training for assessing resource as well as clinical parameters

While the need for training on-farm assessors in clinical animal assessment has been widely recognised, assessment of husbandry resources is still often regarded as self-explanatory. Within the scope of the international project ProPIG, 7 observers from seven countries were trained by an experienced observer (gold standard) to assess 15 clinical and 11 resource parameters in organic pigs in eight countries. The initial plan was to train and test observers before farm visit 1 and then again after one year before farm visit 2. Both trainings were repeated with all observers due to unsatisfactory agreement, resulting in T1a+b and one year later T2a+b. Agreement with the gold standard was calculated as exact agreement for categorical parameters (e.g. drinker type; mean n=11 pens per test and parameter, range 1 - 34) and Spearman rank correlation for numerical parameters (e.g. number of animals; mean n=9 pens, range 4 - 28). Median (IQR) pairwise agreements [%] were T1a=83 (40), T1b=90 (29), T2a=92 (43), T2b=100 (11) for clinical parameters, and T1a=100 (25), T1b=100 (40), T2a=100 (23), T2b=90 (33) for resource parameters. Mean Spearman r for clinical parameters were T1a=0.52, T1b=0.76, T2a=0.42 and T2b=0.84 with ranges of -0.69, -0.33, -0.79 and 0.34, respectively, to 1.00. Mean Spearman r for resource parameters were T1a=0.59 (range 0 to 1), T1b=0.71 (-1 to 1), T2a=0.40 (0.30 to 0.49) and T2b=0.25 (-1 to 1). Initial training discussions showed that naïve observers differed in their assessment of resource as well as clinical parameters, and real life assessment together with training materials were needed to successfully train on both sets of parameters. We therefore recommend the inclusion of resource parameters in observer trainings for on-farm assessment in order to assure sufficient observer agreement

Quantitative and qualitative estimation of atherosclerotic plaque burden in vivo at 7T MRI using Gadospin F in comparison to en face preparation evaluated in ApoE KO

Background The aim of the study was to quantify atherosclerotic plaque burden by volumetric assessment and T1 relaxivity measurement at 7T MRI using Gadospin F (GDF) in comparison to en face based measurements. Methods and results 9-weeks old ApoE-/- (n = 5 for each group) and wildtype mice (n = 5) were set on high fat diet (HFD). Progression group received MRI at 9, 13, 17 and 21 weeks after HFD initiation. Regression group was reswitched to chow diet (CD) after 13 weeks HFD and monitored with MRI for 12 weeks. MRI was performed before and two hours after iv injection of GDF (100 μmol/kg) at 7T (Clinscan, Bruker) acquiring a 3D inversion recovery gradient echo sequence and T1 Mapping using Saturation Recovery sequences. Subsequently, aortas were prepared for en face analysis using confocal microscopy. Total plaque volume (TPV) and T1 relaxivity were estimated using ImageJ (V. 1.44p, NIH, USA). 2D and 3D en face analysis showed a strong and exponential increase of plaque burden over time, while plaque burden in regression group was less pronounced. Correspondent in vivo MRI measurements revealed a more linear increase of TPV and T1 relaxivity for regression group. A significant correlation was observed between 2D and 3D en face analysis (r = 0.79; p<0.001) as well as between 2D / 3D en face analysis and MRI (r = 0.79; p<0.001; r = 0.85; p<0.001) and delta R1 (r = 0.79; p<0.001; r = 0.69; p<0.01). Conclusion GDF-enhanced in vivo MRI is a powerful non-invasive imaging technique in mice allowing for reliable estimation of atherosclerotic plaque burden, monitoring of disease progression and regression in preclinical studies