Risks in the European banking sector : interdependence, role of trading and hedging derivates and regulation

La crise financière qui a débuté en 2007 a fait apparaître plusieurs problématiques dont l'ampleur du risque systémique et sa régulation, et le rôle des produits dérivés dans le secteur bancaire. Cette thèse apporte des réponses à ces questions sur la base de l'analyse du secteur bancaire européen. En particulier, nous montrons que la dépendance des risques individuels mesurée par les fonctions de copule a crû de façon significative en début de la crise, ce qui a provoqué une augmentation spectaculaire de la VaR (Value-at-Risk) du secteur bancaire européen. Nous avons également établi qu'à partir de 2003 la structure de dépendance des risques était symétrique, caractérisée par des probabilités identiques de la hausse et de la baisse simultanées des risques relatifs des banques. Les banques, dont le rôle dans le risque total du système bancaire est important, seront soumises à des surcharges en capital selon la nouvelle régulation. En appliquant la méthode de la théorie des jeux, nous montrons que l'effet secondaire de cette régulation serait une hausse du prix des crédits et un rétrécissement de l'offre des crédits. Outre la régulation du risque systémique, les produits dérivés sont aussi remis en cause. Nous cherchons les preuves empiriques de ces arguments. Au contraire des études précédentes qui ne trouvent pas ou peu d'impact des produits dérivés sur l'efficience bancaire, nous démontrons l'impact positif des produits dérivés sur l'efficience qu'ils aient pour but la couverture ou la spéculation. Nous ne confirmons pas une augmentation de la volatilité des rendements bancaires provenant de l'ampleur des activités sur les marchés dérivés mesurée par les montants notionnels. Néanmoins, nous trouvons un impact positif du risque de contrepartie dans les contrats dérivés sur la volatilité bancaire.The financial crisis started in 2007 has raised a number of issues including systemic risk and its regulation, and the role of derivatives in the banking sector. The thesis discusses these questions in the light of the European banking sector. ln particular, we show that the interdependence of the individual risks measured by copula functions increased significantly at the onset of the crisis that resulted in a spectacular upsurge in VaR (Value-at-Risk) of the European banking sector. We have also established that starting from 2003 the risk dependence pattern has been symmetric, that is characterized by equal probabilities of simultaneous increases and decreases of banking risk returns. ln accordance with regulation of global systemically important banks adopted in 20 Il, banks which play a significant role in the stability of the financial system should face capital surcharges. By applying game theoretical approach, we find that the side effect of such measures would be an increase in market interest rates and a decrease in loan supply. Besides regulation of systemic risk, derivatives are a matter of concern. The thesis aims at finding empirical evidence for these arguments. Contrary to the majority of previous studies that do not document the relevance of derivatives for banking efficiency, we find a positive impact of both hedging and trading derivatives on efficiency. The scale of operations with derivatives measured by notion al amounts does not increase the volatility of return in the banking sector. However, the credit risk of derivatives, especially in the case of trading contracts, proxied by positive fair values contributes to higher volatility

Favipiravir – a Modern Antiviral Drug: Synthesis and Modifications

[Figure not available: see fulltext.] The routes of synthesis are considered, as well as the modifications of the promising modern antiviral drug favipiravir. Literature data from the last 10 years are reported

Equity SRI funds vacillate between ethics and money: an analysis of the funds' stock holding decisions

International audienceWe provide a detailed holdings-based analysis of investment decisions made by U.S. equity SRI funds. Besides incorporating conventional fundamental factors, such as earnings growth, leverage, dividend yield, stock return and volatility, SRI funds adjust portfolio weights by considering companies’ relative ESG performance. This holds for all categories of passively and actively managed funds, while for active funds ESG scores have a higher economic impact for value rather than growth funds. The timing of inclusion of companies in active SRI funds or their exclusion is driven primarily by fundamentals rather than by ESG performance. We find that both active SRI and matched conventional funds integrate ESG information as well as financial criteria in their investment decisions, but SRI portfolios exhibit higher average sustainability scores. Finally, we posit that SRI screening criteria effectively guide investment decisions, positive screening resulting in higher active portfolio weights of best performers in a corresponding ESG pillar

Use of grossularia robusta gooseberry species in breeding

Gooseberry is a valuable small-fruit crop. The All-Russian Research Institute of Fruit Crop Breeding (Russia) has been carrying out the breeding work on gooseberries since 1993. The article presents usage data of distant hybridization (interspecies crossbreeding) of gooseberry selection with the Grossularia robusta species. This species is characterized as a valuable traits' donor for obtaining hybrids resistant to American mildew and leaf spotting, as well as weak acicularity and compact bush habitus. Since 2001, we have actively involved this species in breeding. As a result, selected seedlings have been selected from the offspring of distant hybrids with the participation of Grossularia robusta species; these seedlings have the optimal complex of economic traits - resistance to American mildew and leaf spotting damage, sufficient fruit weight and satisfactory parameters of physical and mechanical properties of berries, weak acicularity, compact bush habitus. The obtained selected forms have a set of qualities that are necessary according to the conditions and requirements of mechanized harvesting

Amino Derivatives of Diaryl Pyrimidines and Azolopyrimidines as Protective Agents against LPS-Induced Acute Lung Injury

The problem of lung damage originating from excessive inflammation and cytokine release during various types of infections remains relevant and stimulates the search for highly effective and safe drugs. The biological activity of the latter may be associated with the regulation of hyperactivation of certain immune cells and enzymes. Here, we propose the design and synthesis of amino derivatives of 4,6- and 5,7-diaryl substituted pyrimidines and [1,2,4]triazolo[1,5-a]pyrimidines as promising double-acting pharmacophores inhibiting IL-6 and NO. The anti-inflammatory activity of 14 target compounds was studied on isolated primary murine macrophages after LPS stimulation. Seven compounds were identified to inhibit the synthesis of nitric oxide and interleukin 6 at a concentration of 100 µM. The most active compounds are micromolar inhibitors of IL-6 secretion and NO synthesis, showing a minimal impact on innate immunity, unlike the reference drug dexamethasone, along with acceptable cytotoxicity. Evaluation in an animal model of acute lung injury proved the protective activity of compound 6e, which was supported by biochemical, cytological and morphological markers

Are Hamsters a Suitable Model for Evaluating the Immunogenicity of RBD-Based Anti-COVID-19 Subunit Vaccines?

Currently, SARS-CoV-2 spike receptor-binding-domain (RBD)-based vaccines are considered one of the most effective weapons against COVID-19. During the first step of assessing vaccine immunogenicity, a mouse model is often used. In this paper, we tested the use of five experimental animals (mice, hamsters, rabbits, ferrets, and chickens) for RBD immunogenicity assessments. The humoral immune response was evaluated by ELISA and virus-neutralization assays. The data obtained show hamsters to be the least suitable candidates for RBD immunogenicity testing and, hence, assessing the protective efficacy of RBD-based vaccines

Global Survey of Outcomes of Neurocritical Care Patients: Analysis of the PRINCE Study Part 2

BACKGROUND: Neurocritical care is devoted to the care of critically ill patients with acute neurological or neurosurgical emergencies. There is limited information regarding epidemiological data, disease characteristics, variability of clinical care, and in-hospital mortality of neurocritically ill patients worldwide. We addressed these issues in the Point PRevalence In Neurocritical CarE (PRINCE) study, a prospective, cross-sectional, observational study. METHODS: We recruited patients from various intensive care units (ICUs) admitted on a pre-specified date, and the investigators recorded specific clinical care activities they performed on the subjects during their first 7 days of admission or discharge (whichever came first) from their ICUs and at hospital discharge. In this manuscript, we analyzed the final data set of the study that included patient admission characteristics, disease type and severity, ICU resources, ICU and hospital length of stay, and in-hospital mortality. We present descriptive statistics to summarize data from the case report form. We tested differences between geographically grouped data using parametric and nonparametric testing as appropriate. We used a multivariable logistic regression model to evaluate factors associated with in-hospital mortality. RESULTS: We analyzed data from 1545 patients admitted to 147 participating sites from 31 countries of which most were from North America (69%, N = 1063). Globally, there was variability in patient characteristics, admission diagnosis, ICU treatment team and resource allocation, and in-hospital mortality. Seventy-three percent of the participating centers were academic, and the most common admitting diagnosis was subarachnoid hemorrhage (13%). The majority of patients were male (59%), a half of whom had at least two comorbidities, and median Glasgow Coma Scale (GCS) of 13. Factors associated with in-hospital mortality included age (OR 1.03; 95% CI, 1.02 to 1.04); lower GCS (OR 1.20; 95% CI, 1.14 to 1.16 for every point reduction in GCS); pupillary reactivity (OR 1.8; 95% CI, 1.09 to 3.23 for bilateral unreactive pupils); admission source (emergency room versus direct admission [OR 2.2; 95% CI, 1.3 to 3.75]; admission from a general ward versus direct admission [OR 5.85; 95% CI, 2.75 to 12.45; and admission from another ICU versus direct admission [OR 3.34; 95% CI, 1.27 to 8.8]); and the absence of a dedicated neurocritical care unit (NCCU) (OR 1.7; 95% CI, 1.04 to 2.47). CONCLUSION: PRINCE is the first study to evaluate care patterns of neurocritical patients worldwide. The data suggest that there is a wide variability in clinical care resources and patient characteristics. Neurological severity of illness and the absence of a dedicated NCCU are independent predictors of in-patient mortality.status: publishe