Covenant Violations, Loan Contracting, and Default Risk of Bank Borrowers

Are borrowers rewarded for repaying their loans? This paper investigates the consequences of covenant violations on subsequent loans to the same borrower using a hand-collected sample of US syndicated loans during the 1996 to 2010 period. We find that covenant violations have substantial negative effects for borrowers in subsequent loans. Our results show that the loan spread increases by 22 basis points in the loan following the violation. We also find that the new contract includes more financial covenants which are also more restrictive. Switching banks after a violation does not reduce these effects and even leads to a further increase in loan spreads. We also provide empirical evidence that borrowers who have violated covenants in the previous contract are significantly more likely to violate covenants again in the next loan. Moreover, they violate earlier compared to borrowers who have not violated covenants before. Most importantly, these borrowers also exhibit a substantially higher likelihood to default, particularly in the first 100 days after a violation. Our results suggest that there is an important role for covenants in monitoring borrowers and that covenant violations provide an early warning signal for a severe deterioration of borrower credit quality

Identifikation und funktionelle Analyse von Genen, die den Lebenszyklus von Aurelia aurita kontrollieren

Identifikation und funktionelle Analyse von Genen, die den Lebenszyklus von Aurelia aurita kontrolliere

DETERMINANTS OF ACCELERATION PERFORMANCE IN ELITE FEMALE SPRINTERS

The purpose of this study was to explore the determinants of performance in the early acceleration phase (first four meters) in nine elite female sprinters. Acceleration performance was quantified using a modified version of the normalized average horizontal block power. Ground reaction forces were collected using an instrumented starting block and three force plates. In addition, full body kinematics were captured using an optoelectronic motion capture system. The results indicate that a starting technique facilitating a horizontal push-off direction and force application with short contact times is beneficial for starting performance. This might be achieved through a greater forward lean of the body. Previously proposed beneficial effects of an active touchdown of the foot could not be confirmed in the present study

Tribological behavior of self-lubricating carbon nanoparticle reinforced metal matrix composites

The present study focuses on investigating the dominant friction and wear mechanisms in case of dry sliding of carbon nanoparticle reinforced nickel matrix composites under elastic and elasto-plastic contact conditions. For this purpose, multi-wall carbon nanotubes (CNT), onion-like carbon (OLC) and nanodiamonds (nD) were chosen to represent a large variety of carbon nanoparticles as they can be systematically distinguished regarding their carbon hybridization state (sp 2 vs. sp3) as well as their morphology and size (“0D” vs. “1D”). Contact simulations based on the Greenwood-Williamson model are conducted in order to calculate the required contact loads. Friction and wear analysis is supported by complementary characterization techniques, including scanning electron microscopy, transmission electron microscopy, energy dispersive spectroscopy, Raman spectroscopy, light microscopy as well as laser scanning microscopy. It is found, that only CNT provide efficient lubrication as reinforcement phase in composites, presenting different lubrication mechanisms for the tested contact conditions. The high aspect ratio of CNT is found to be essential for the lubrication mechanisms, allowing the particles to be dragged into the direct tribological contact. The lubrication effect increases with increasing volume content of CNT, reaching a maximum steady state frictional reduction of 50% compared to the unreinforced nickel reference

Iron-based pre-catalyst supported on polyformamidine for C-C bond formation

Dieser Beitrag ist mit Zustimmung des Rechteinhabers aufgrund einer (DFG geförderten) Allianz- bzw. Nationallizenz frei zugänglich.This publication is with permission of the rights owner freely accessible due to an Alliance licence and a national licence (funded by the DFG, German Research Foundation) respectively.In the present study the incorporation of iron into an organic polymer, composed of formamidine subunits [R–N[double bond, length as m-dash]C(H)–NH–R], has been examined. The catalytic ability of the recyclable material was investigated in the iron-catalyzed formation of C–C bonds. After optimization of the reaction conditions, excellent yields and chemoselectivities were feasible.DFG, EXC 314, Unifying Concepts in Catalysi

Feasibility of azacitidine added to standard chemotherapy in older patients with acute myeloid leukemia - a randomised SAL pilot study

INTRODUCTION: Older patients with acute myeloid leukemia (AML) experience short survival despite intensive chemotherapy. Azacitidine has promising activity in patients with low proliferating AML. The aim of this dose-finding part of this trial was to evaluate feasibility and safety of azacitidine combined with a cytarabine- and daunorubicin-based chemotherapy in older patients with AML. TRIAL DESIGN: Prospective, randomised, open, phase II trial with parallel group design and fixed sample size. PATIENTS AND METHODS: Patients aged 61 years or older, with untreated acute myeloid leukemia with a leukocyte count of <20,000/µl at the time of study entry and adequate organ function were eligible. Patients were randomised to receive azacitidine either 37.5 (dose level 1) or 75 mg/sqm (dose level 2) for five days before each cycle of induction (7+3 cytarabine plus daunorubicine) and consolidation (intermediate-dose cytarabine) therapy. Dose-limiting toxicity was the primary endpoint. RESULTS: Six patients each were randomised into each dose level and evaluable for analysis. No dose-limiting toxicity occurred in either dose level. Nine serious adverse events occurred in five patients (three in the 37.5 mg, two in the 75 mg arm) with two fatal outcomes. Two patients at the 37.5 mg/sqm dose level and four patients at the 75 mg/sqm level achieved a complete remission after induction therapy. Median overall survival was 266 days and median event-free survival 215 days after a median follow up of 616 days. CONCLUSIONS: The combination of azacitidine 75 mg/sqm with standard induction therapy is feasible in older patients with AML and was selected as an investigational arm in the randomised controlled part of this phase-II study, which is currently halted due to an increased cardiac toxicity observed in the experimental arm

Bestimmung der Evaporationsrate von Bodenoberflächen mittels Thermographie

Die aktuellen Evaporationsraten von Bodenoberflächen lassen sich durch aufeinander folgende Wägungen bestimmen. Diese Methode hat zwei Nachteile (i) sie ist nur an kontrollierten Bodenmonolithen auf der Labor- und Lysimeterskala möglich und (ii) sie liefert nur ein über die gesamte Bodenoberfläche integriertes Signal, es gibt somit keine Information über eine räumlich variable Evaporationsrate. In diesem Beitrag stellen wir ein Verfahren vor, das die Evaporationsrate mittels Thermographie räumlich und zeitlich hochaufgelöst ermittelt. Ein erster Versuch zeigt, dass dieses Verfahren prinzipiell anwendbar ist. Allerdings spielen die Substrateigenschaften eine große Rolle, sodass eine jeweilige Kalibrierung notwendig ist

Comparison of Unipolar and Bipolar Voltage Mapping for Localization of Left Atrial Arrhythmogenic Substrate in Patients With Atrial Fibrillation

Background: Presence of left atrial low voltage substrate in bipolar voltage mapping is associated with increased arrhythmia recurrences following pulmonary vein isolation for atrial fibrillation (AF). Besides local myocardial fibrosis, bipolar voltage amplitudes may be influenced by inter-electrode spacing and bipole-to-wavefront-angle. It is unclear to what extent these impact low voltage areas (LVA) in the clinical setting. Alternatively, unipolar electrogram voltage is not affected by these factors but requires advanced filtering. Objectives: To assess the relationship between bipolar and unipolar voltage mapping in sinus rhythm (SR) and AF and identify if the electrogram recording mode affects the quantification and localization of LVA. Methods: Patients (n = 28, 66±7 years, 46% male, 82% persistent AF, 32% redo-procedures) underwent high-density (>1,200 sites, 20 ± 10 sites/cm2, using a 20-pole 2-6-2 mm-spaced Lasso) voltage mapping in SR and AF. Bipolar LVA were defined using four different thresholds described in literature: <0.5 and <1 mV in SR, <0.35 and <0.5 mV in AF. The optimal unipolar voltage threshold resulting in the highest agreement in both unipolar and bipolar mapping modes was determined. The impact of the inter-electrode distance (2 vs. 6 mm) on the correlation was assessed. Regional analysis was performed using an 11-segment left atrial model. Results: Patients had relevant bipolar LVA (23 ± 23 cm$^{2}$ at <0.5 mV in SR and 42 ± 26 cm2 at <0.5 mV in AF). 90 ± 5% (in SR) and 85 ± 5% (AF) of mapped sites were concordantly classified as high or low voltage in both mapping modes. Discordant mapping sites located to the border zone of LVA. Bipolar voltage mapping using 2 vs. 6 mm inter-electrode distances increased the portion of matched mapping points by 4%. The unipolar thresholds (y) which resulted in a high spatial concordance can be calculated from the bipolar threshold (x) using following linear equations: y = 1.06x + 0.26mV (r = 0.994) for SR and y = 1.22x + 0.12mV (r = 0.998) for AF. Conclusion: Bipolar and unipolar voltage maps are highly correlated, in SR and AF. While bipole orientation and inter-electrode spacing are theoretical confounders, their impact is unlikely to be of clinical importance for localization of LVA, when mapping is performed at high density with a 20-polar Lasso catheter