Efficiency and Foreign Ownership in Banking: An International Comparison

This paper estimates cost and profit efficiency for Latin American and the Caribbean banking sectors. This study also conducts a comparative analysis of the performance of foreign and domestic banks operating in these counties. Using a model proposed by Battese and Coelli (1995), a common cost and profit frontiers with country-specific environmental variables have been estimated for a panel of 427 banking firms from sixteen countries. The empirical analysis reveals the importance of the environmental variables in explaining the efficiency differences among countries. The results show that profit efficiency levels are well below those corresponding to cost efficiency, implying that the most important inefficiency is on the revenue side. The results further indicate that on average foreign banks are more efficient than domestic banks.Banking, efficiency, foreign ownership

ABNORMALNI POVRAT NA EX-DAY DIONICE: DOKAZI S TURSKOG TRŽIŠTA DIONICA

This study examines the impact of the ex-day of stock dividend on stock return and volume on Borsa Istanbul stock exchange. The data covers 1,220 stock dividends associated with 305 companies over the period 1997-2018. A positive abnormal return and volume is seen around the ex-day of stock dividend. The cumulative average excess return over market return starts to significantly rise ten days before ex-day and reaches its highest level on the ex-day before falling back in the days following. Our findings show that abnormal return around ex-day is strongly associated with stock dividend pay-out ratio, asset size and a company’s market value. The share of listed companies with higher stock dividend pay-out ratio or lower asset size or lower market capitalization, can generate respectively 5.97%, 6.08% and 5.88% abnormal return over market index return.Ovaj rad ispituje utjecaj „ex-day“ dividende na prinos i volumen dionica na burzi Borsa Istanbul. Podaci obuhvaćaju 1.220 dioničkih dividendi povezanih s 305 poduzeća u razdoblju od 1997. do 2018. godine. Pozitivan abnormalan prinos i volumen primjećuju se oko dana kada dionica gubi pravo na dividendu (ex-day). Kumulativni prosječni višak povrata nad tržišnim prinosom počinje značajno rasti deset dana prije ex-day-a i dostiže svoju najveću razinu na ex-day prije nego što se smanji u danima koji slijede. Rezultati pokazuju da je abnormalan prinos oko ex-day-a snažno povezan s omjerom isplate dividendi dionica, veličinom imovine i tržišnom vrijednošću poduzeća. Dionice Borsa Istanbul poduzeća koje kotiraju na burzi s većim omjerom isplate dividendi dionica i one sa skromnom imovinom ili niskom tržišnom kapitalizacijom mogu generirati 5,97%, 6,08% i 5,88% abnormalan povrat u odnosu na tržišni indeks

Assessment of plasma nitric oxide concentration and erythrocyte arginase activity in dairy cows with traumatic reticuloperitonitis

ΔΕΝ ΔΙΑΤΙΘΕΤΑΙ ΠΕΡΙΛΗΨΗThe aim of this study was to evaluate plasma nitric oxide (NO) concentrations, erythrocyte arginase (ARG) activity, plasma fibrinogen (Fb) and serum iron (Fe) levels and some biochemical parameters in dairy cows with traumatic reticuloperitonitis (TRP). The animal material of the study consisted of 14 Swiss Brown cows diagnosed with TRP (TRP group) between 4-8 years old brought to Firat University Animal Hospital Clinics and 14 healthy Swiss Brown cows (control group) aged 4-8 years obtained from dairy farms in different regions. Blood samples were taken from the vena jugularis of the animals. Concentrations of plasma NO, Fb, erythrocyte ARG activity, and some biochemical markers were determined after the serum and plasma of the receiving blood were separated. While the NO (318.9±5.8 vs. 270.3±9.6 μmol/L) concentrations of the TRP group were found to be significantly higher than the control group (P<0.001), the erythrocyte ARG activity (29.5±0.5 vs. 35.2±1.0 U/hb) was found to be higher in the control group (P<0.001). It was also observed that total protein (TP) (6.6±0.5 vs. 7.8±0.1 g/dL) (P<0.05) and Fb (914.3±68.6 vs. 265.4±19.8 mg/dL) (P<0.001) concentrations were higher in the TRP group, compared to the control group, while albumin (ALB) (1.9±0.2 vs. 3.1±0.1 g/dL) and Fe (47.00±5.29 vs.106.79±9.44 μg/dL) concentrations were significantly lower than the control group (P<0.001). In addition, a positive correlation was found between NO and Fb concentrations and between erythrocyte ARG activity and Fe concentrations. As a result, it was determined that NO concentrations were increased and erythrocyte ARG activity was not significant in dairy cows with TRP. In addition, increased plasma Fb concentration and decreased serum Fe concentration were determined in dairy cows with TRP. This study demonstrated that plasma NO, Fb and serum Fe concentrations in dairy cows with TRP may be useful markers for prognosis

Time evolution of methotrexate-induced kidney injury: A comparative study between different biomarkers of renal damage in rats

Methotrexate (MTX) is commonly used in the treatment of malignant diseases and autoimmune and chronic inflammatory disorders. Along with its effective therapeutic power, MTX has adverse effects on the kidneys. Discovery of new biomarkers is required to improve the early detection of renal damage and optimize the effectiveness of treatments. The aim of this study was to evaluate the time course of MTX-induced nephrotoxicity and to compare the urinary excretion of the organic anion transporter 5 (uOat5) with alterations in other markers of renal function, and to elucidate the possible molecular mechanisms involved in uOat5. Animals were exposed to a unique dose of MTX (80 mg/kg body weight, intraperitoneal). Experiments were carried out at days 2, 4, 8 or 14 after MTX administration. Markers of renal damage, such as creatinine and urea plasma levels, urinary activity of alkaline phosphatase, microalbuminuria, urinary excretion of neutrophil gelatinase-associated lipocalin (uNGAL) and histopathology, were evaluated. Renal organic anion transporter 5 (Oat5) expression and its presence in different urine fraction were assessed by western blotting. uOat5 was significantly increased 2 days after MTX treatment, before than any alteration in other parameters of kidney injury or renal morphology occurred. uNGAL showed an inverted pattern of urinary excretion compared to uOat5. Exosomal pathway is involved in the urinary excretion of Oat5 and depends on the degree of damage induced by MTX. These experimental data allow proposing uOat5 as a potential non-invasive biomarker for early detection of MTX-induced nephrotoxicity.Fil: Severin, María Julia. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Rosario; Argentina. Universidad Nacional de Rosario. Facultad de Ciencias Bioquímicas y Farmaceuticas. Departamento de Ciencias Fisiológicas. Area Farmacología; ArgentinaFil: Campagno, Romina Valeria. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Rosario; Argentina. Universidad Nacional de Rosario. Facultad de Ciencias Bioquímicas y Farmaceuticas. Departamento de Ciencias Fisiológicas. Area Farmacología; ArgentinaFil: Brandoni, Anabel. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Rosario; Argentina. Universidad Nacional de Rosario. Facultad de Ciencias Bioquímicas y Farmaceuticas. Departamento de Ciencias Fisiológicas. Area Farmacología; ArgentinaFil: Torres, Adriana Mónica. Universidad Nacional de Rosario. Facultad de Ciencias Bioquímicas y Farmaceuticas. Departamento de Ciencias Fisiológicas. Area Farmacología; Argentin

Comparison of inhaled nitric oxide and aerosolized iloprost in pulmonary hypertension in children with congenital heart surgery

Background: Pulmonary arterial hypertension is of importance in congenital cardiac surgery as being a significant cause of morbidity and mortality. Although therapy options are limited, inhaled nitric oxide (NO) is used as a standard therapy. The present study aimed to compare inhaled NO and aerosolized iloprost in children with secondary pulmonary hypertension who underwent congenital cardiac surgery. Methods: Sixteen children included in the study were randomized into either inhaled NO or aerosolized iloprost group. For both groups, the observation period terminated at 72 h after cardiopulmonary bypass. Results: There was no significant difference between the groups in terms of mean age, weight, cross clamp time, pump time, and extubation time. No significant change was observed in the arterial tension and central venous pressure of both groups before the operation, 30 min after the pump, 45 min after the pump, and after extubation, whereas an increase was observed in the heart rate and cardiac output, and a decrease was observed in the pulmonary artery pressure. The mean values at the above-mentioned time points showed no difference between the groups. No serious adverse event and mortality was detected. Conclusions: Both inhaled NO and aerosolized iloprost were found to be effective and comparable in the management of pulmonary hypertension

Miokarditis vezan uz slinavku i šap u sisajuće teladi.

Foot-and-mouth disease (FMD) can lead to myocarditis in young animals, but the age distributions of calves with myocarditis have not been described, nor the biochemical profile in these calves. In an area endemic with foot-and-mouth disease, calves less than 6 months of age in infected farms were examined for clinical lesions and abnormalities in respiratory rate, heart rate and heart rhythm. In total, 53 calves were identified to be suspected of having foot-and-mouth disease infection. In 6 calves myocarditis was suspected based on tachypnea, tachycardia and gallop rhythm. In these 6 calves, cardiac troponin-I (cTnI) and aspartate aminotransferase (AST) were significantly higher (P<0.0001), but the levels of Creatinine Kinase MB (CK-MB) and Lactate dehydrogenase (LDH) were not. These 6 calves died within 2 days and histopathology confirmed myocarditis. All calves with myocarditis were younger than 2-months old, suggesting that myocarditis caused by FMD is mainly found in very young suckling calves.Slinavka i šap može dovesti do miokarditisa u mladih životinja. Dosada nije opisana dobna raspodjela miokarditisa ni biokemijski profil u teladi oboljele od slinavke i šapa. U jednom području gdje se slinavka i šap javlja endemijski, telad mlađa od šest mjeseci bila je na zaraženim farmama klinički pretražena posebice na poremećaje u frekvenciji bila, disanja i srčanog ritma. Ukupno su 53 teleta bila sumnjiva na slinavku i šap. Sumnja na miokarditis postavljena je u šest teladi i to na osnovi tahipneje, tahikardije i galopirajućeg ritma. U te su teladi razine srčanog troponina-I (cTnI) i aspartat-aminotransferaze (AST) bile značajno više (P<0,0001), dok razine kreatinin-kinaze MB (CK-MB) i laktat-dehidrogenaze (LDH) nisu. Tih šest teleta uginulo je unutar dva dana te je u njih miokarditis bio potvrđen patohistološki. Sva telad s miokarditisom bila je mlađa od dva mjeseca, što upućuje na zaključak da se miokarditis uzrokovan virusom slinavke i šapa pretežito javlja u sisajuće teladi najranije dobi