Large capital infusions, investor reactions, and the return and risk performance of financial institutions over the business cycle and recent finanical crisis

The authors examine investors' reactions to announcements of large seasoned equity offerings (SEOs) by U.S. financial institutions (FIs) from 2000 to 2009. These offerings include market infusions as well as injections of government capital under the Troubled Asset Relief Program (TARP). The sample period covers both business cycle expansions and contractions, and the recent financial crisis. They present evidence on the factors affecting FI decisions to issue capital, the determinants of investor reactions, and post-SEO performance of issuers as well as a sample of matching FIs. The authors find that investors reacted negatively to the news of private market SEOs by FIs, both in the immediate term (e.g., the two days surrounding the announcement) and over the subsequent year, but positively to TARP injections. Reactions differed depending on the characteristics of the FIs, stage of the business cycle, and conditions of financial crisis. Larger institutions were less likely to have raised capital through market offerings during the period prior to TARP, and firms receiving a TARP injection tended to be larger than other issuers. The authors find that while TARP may have allowed FIs to increase their lending (as a share of assets) in the year after the issuance, they took on more credit risk to do so. They find no evidence that banks' capital adequacy increased after the capital injections.Securities ; Financial services industry ; Banks and banking

HUBUNGAN TINGKAT KESEGARAN JASMANI DENGAN PRESTASI BELAJAR SISWA KELAS VI SEKOLAH DASAR NEGERI POTORONO KECAMATAN BANGUNTAPAN KABUPATEN BANTUL

Penelitian ini dilakukan karena kurangnya perhatian masyarakat tentang kebutuhan jasmaninya sendiri dan belum diketahuinya hubungan tingkat kesegaran jasmani dengan prestasi belajar siswa kelas VI SD Negeri Potorono Kecamatan Banguntapan, Kabupaten Bantul. Tujuan dari penelitian ini adalah untuk meningkatkan perhatian masyarakat tentang kebutuhan jasmaninya sendiri dan mengetahui hubungan tingkat kesegaran jasmani dengan prestasi belajar siswa kelas VI SD Negeri Potorono Kecamatan Banguntapan, Kabupaten Bantul. Penelitian ini merupakan penelitian korelasi menggunakan metode survei dengan tes dan dokumentasi, instrumen kesegaran jasmani dengan menggunakan tes TKJI umur 10 – 12 tahun, sedangkan prestasi belajar dilihat dari nilai rapor semester ganjil. Subjek penelitian yang digunakan adalah siswa kelas VI SD Negeri Potorono Kecamatan Banguntapan, Kabupaten Bantul yang berjumlah 23 anak. Teknik analisis data menggunakan korelasi product moment pada taraf signifikasi 0,05 atau 5 %. Hasil penelitian menunjukkan nilai r hit (0,647) > r tab (0,001) artinya dapat disimpulkan ada hubungan yang signifikan antara tingkat kesegaran jasmani dan prestasi belajar siswa kelas VI SD Negeri Potorono Kecamatan Banguntapan, Kabupaten Bantul. Hasil koefisien determinan (R²) diperoleh sebesar 0,418 berarti kesegaran jasmani memberikan sumbangan sebesar 41,8 % terhadap prestasi belajar pada anak, dan sisanya sebesar 58,2 % dipengaruhi faktor lain. Kata kunci: kesegaran jasmani, prestasi belaja

Pemilihan Model Regresi Polinomial Lokal Dan Spline Untuk Analisis Data Inflasi Di Jawa Tengah

Inflation becomes one of important problems as parameter of economic growth and determiner factor for government in formulating fiscal, monetary and nonmonetary policy. But, these days the policies were arranged can't give the positive response to inflation pressure in the future. Therefore, the prediction of inflation rates are needed. Inflation rates are predicted by nonparametric regression approach because of the fluctuation of inflation which can't be solved by classic time series models. In this research, the best nonparametric regression models are selected between local polynomial and spline regression to predict Central Java Inflation movement in 2014. Based on analysis, the best nonparametric regression is spline order 2, knot points are 5,37; 5,44; 5,59 and 9,01 with GCV 0,4367286. By using that model, the prediction of Central Java inflation got down since October 2013 until February 2014 on level 7% and March until December 2014 on level 6%

Microalbuminuria could improve risk stratification in patients with TIA and minor stroke.

Published onlineJournal ArticleThis is the final version of the article. Available from Wiley Open Access via the DOI in this record.OBJECTIVE: Transient ischemic attacks (TIA) and minor strokes are important risk factors for recurrent strokes. Current stroke risk prediction scores such as ABCD2, although widely used, lack optimal sensitivity and specificity. Elevated urinary albumin excretion predicts cardiovascular disease, stroke, and mortality. We explored the role of microalbuminuria (using albumin creatinine ratio (ACR)) in predicting recurrence risk in patients with TIA and minor stroke. METHODS: Urinary ACR was measured on a spot sample in 150 patients attending a daily stroke clinic with TIA or minor stroke. Patients were followed up at day 7, 30, and 90 to determine recurrent stroke, cardiovascular events, or death. Eligible patients had a carotid ultrasound Doppler investigation. High-risk patients were defined as those who had an event within 90 days or had >50% internal carotid artery (ICA) stenosis. RESULTS: Fourteen (9.8%) recurrent events were reported by day 90 including two deaths. Fifteen patients had severe ICA stenosis. In total, 26 patients were identified as high risk. These patients had a higher frequency of previous stroke or hypercholesterolemia compared to low-risk patients (P = 0.04). ACR was higher in high-risk patients (3.4 [95% CI 2.2-5.2] vs. 1.7 [1.5-2.1] mg/mmol, P = 0.004), independent of age, sex, blood pressure, diabetes, and previous stroke. An ACR greater than 1.5 mg/mmol predicted high-risk patients (Cox proportional hazard ratio 3.5 (95% CI 1.3-9.5, P = 0.01). INTERPRETATION: After TIA or minor stroke, a higher ACR predicted recurrent events and significant ICA stenosis. Incorporation of urinary ACR from a spot sample in the acute setting could improve risk stratification in patients with TIA and minor stroke.This article presents independent research supported by the NIHR Exeter Clinical Research Facility and the NIHR Collaboration for Leadership in Applied Health Research and Care (CLAHRC) for the South West Peninsula. The views expressed in this publication are those of the author(s) and not necessarily those of the NIHR Exeter Clinical Research Facility, the NHS, the NIHR or the Department of Health in England. We also acknowledge and thank the South West Stroke Research Network for their help with patient recruitment and follow-up, and Mrs. Audrey Peters and Mr. Frank Summers for performing the carotid Doppler scans

Effectiveness of high dose spinal cord stimulation for non-surgical intractable lumbar radiculopathy

OBJECTIVES: Spinal cord stimulation (SCS) is being increasingly used in non-surgical intractable low back pain. This study was designed to evaluate the efficacy of high-dose (HD) SCS utilizing sub-perception stimulation with higher frequency and pulse width in non-surgical predominant low-back pain population at 12 months. MATERIALS AND METHODS: A total of 20 patients were recruited (280 screened between March 2017 and July 2018) to undergo percutaneous fluoroscopic-guided SCS (Medtronic 8 contact standard leads and RestoreR IPG), with T8 and T9 midline anatomical parallel placement. Sixteen patients completed 12 months follow-up (500 Hz frequency, 500 μs pulse width, and 25% pulse density). Differences in patients’ clinical outcome (NRS back, NRS leg, ODI, PGIC, and PSQ) and medication usage (MQS) at 1, 3, and 12 months from the baseline were assessed using non-parametric Wilcoxon paired test. RESULTS: The mean NRS scores for back pain (baseline 7.53) improved significantly at 1, 3, and 12 months; 2.78 (p < 0.001), 4.45 (p = 0.002), and 3.85 (p = 0.002), respectively. The mean NRS score for leg pain (baseline 6.09) improved significantly at 1 and 3 months; 1.86 (p < 0.001) and 3.13 (p = 0.010), respectively. Mean NRS for leg pain at 12 months was 3.85 (p = 0.057). ODI and sleep demonstrated significant improvement as there was consistent improvement in medication particularly opioid usage (MQS) at 12 months. CONCLUSIONS: This study demonstrates that anatomical placement of leads with sub-perception HD stimulation could provide effective pain relief in patients who are not candidates for spinal surgery

Measurement of Wall Shear Stress Exerted by Flowing Blood in the Human Carotid Artery: Ultrasound Doppler Velocimetry and Echo Particle Image Velocimetry

This is the author accepted manuscript. The final version is available from Elsevier via the DOI in this recordVascular endothelial cells lining the arteries are sensitive to wall shear stress (WSS) exerted by flowing blood. An important component of the pathophysiology of vascular diseases, WSS is commonly estimated by centerline ultrasound Doppler velocimetry (UDV). However, the accuracy of this method is uncertain. We have previously validated the use of a novel, ultrasound-based, particle image velocimetry technique (echo PIV) to compute 2-D velocity vector fields, which can easily be converted into WSS data. We compared WSS data derived from UDV and echo PIV in the common carotid artery of 27 healthy participants. Compared with echo PIV, time-averaged WSS was lower using UDV (28 ± 35%). Echo PIV revealed that this was due to considerable spatiotemporal variation in the flow velocity profile, contrary to the assumption that flow is steady and the velocity profile is parabolic throughout the cardiac cycle. The largest WSS underestimation by UDV was found during peak systole (118 ± 16%) and the smallest during mid-diastole (4.3± 46%). The UDV method underestimated WSS for the accelerating and decelerating systolic measurements (68 ± 30% and 24 ± 51%), whereas WSS was overestimated for end-diastolic measurements (−44 ± 55%). Our data indicate that UDV estimates of WSS provided limited and largely inaccurate information about WSS and that the complex spatiotemporal flow patterns do not fit well with traditional assumptions about blood flow in arteries. Echo PIV-derived WSS provides detailed information about this important but poorly understood stimulus that influences vascular endothelial pathophysiology.National Institute of HealthNational Institute for Health Research (NIHR

Impacts of citrus pulp addition and wilting on elephant grass silage quality.

The objective of this work was to evaluate the use of citrus pulp addition and wilting on fermentative characteristics, chemical composition as well as gas and effluent losses of elephant grass silage. The elephant grass (70 growth days) was collected manually; one portion was immediately chopped and another one was allowed to wilt in the sun for a period of 6 h and subsequently chopped for the production of silage. Experimental PVC silos (10 cm diameter x 30 cm height) were used and sand bags were placed at the bottom of the silos. Citrus pulp (80 g kg-1 of MN) was added at the beginning of ensilage. The ensiled material was manually compressed to provide a specific mass of approximately 600 kg m-3 of silage. After 60 days, the silos were opened; gas and effluent losses were calculated and we determined pH, dry matter (DM), crude protein(CP), neutral detergent fibre (NDF), lignin, ammonia nitrogen, ash and in vitro dry matter digestibility (IVDMD). We added 0 or 80 g kg-1 of citrus pulp to wilted and un-wilted elephant grass. We used a completely randomised design with a 2 x 2 factorial arrangement (wilted or un-wilted) x (with or without citrus pulp), totalling treatments with five repetitions. Average values were compared using the F test with a probability of 5%. The addition of citrus pulp resulted in reduced levels of NDF, lignin, ash, N-NH3 and pH and in increased values of DM and IVDMD of silages. Wilting increased the DM, NDF and lignin values and reduced the concentrations of CP, IVDMD and N-NH3. Based on our results, citrus pulp addition improves the chemical composition of elephant grass silage and increases its in vitro dry matter digestibility