Multinational Banking in Europe: Financial Stability and Regulatory Implications. Lessons from the Financial Crisis

This paper examines whether multinational banks have a stabilising or a destabilising role during times of financial distress. With a focus on Europe, it looks at how these banks‟ foreign affiliates have been faring during the recent financial crisis. It finds that retail and corporate lending of these foreign affiliates have been stable and even increasing between 2007 and 2009. This pattern is related to the functioning of the internal capital market through which these banks funnel funds across their units. The internal capital market has been an effective tool to support foreign affiliates in distress and to isolate their lending from the local availability of financial resources, notwithstanding the systemic nature of the recent crisis. This effect has been particularly large within the EU integrated financial market and for the EMU countries, thus showing complementarity between economic integration and multinational banks‟ internal capital markets. In light of these findings, this paper supports the call for an integration of the European supervisory and regulatory framework overseeing multinational banks. The analysis is based on an analytical framework which derives the main conditions under which the internal capital market can perform this support function under idiosyncratic and systemic stresses. The empirical evidence uses both aggregate evidence on foreign claims worldwide, and firm-level evidence on the behaviour of banking groups‟ affiliates, compared to standing alone national banks.multinational banking, financial stability, regulation and supervision, internal capital markets, financial crises

IVOA Recommendation: Data Model for Astronomical DataSet Characterisation

This document defines the high level metadata necessary to describe the physical parameter space of observed or simulated astronomical data sets, such as 2D-images, data cubes, X-ray event lists, IFU data, etc.. The Characterisation data model is an abstraction which can be used to derive a structured description of any relevant data and thus to facilitate its discovery and scientific interpretation. The model aims at facilitating the manipulation of heterogeneous data in any VO framework or portal. A VO Characterisation instance can include descriptions of the data axes, the range of coordinates covered by the data, and details of the data sampling and resolution on each axis. These descriptions should be in terms of physical variables, independent of instrumental signatures as far as possible. Implementations of this model has been described in the IVOA Note available at: http://www.ivoa.net/Documents/latest/ImplementationCharacterisation.html Utypes derived from this version of the UML model are listed and commented in the following IVOA Note: http://www.ivoa.net/Documents/latest/UtypeListCharacterisationDM.html An XML schema has been build up from the UML model and is available at: http://www.ivoa.net/xml/Characterisation/Characterisation-v1.11.xsdComment: http://www.ivoa.ne

Harnessing Innovative Data and Technology to Measure Development Effectiveness

In this study, the authors discuss and show how new kinds of digital data and analytics methods and tools falling under the umbrella term of Big Data, including Artificial Intelligence (AI) systems, can help measure development effectiveness. Selected case studies provide examples of assessments of the effectiveness of ODA-funded policies and programmes. They use different data and techniques. For example, analysis of mobile phone data and satellite images: to estimate poverty and inequality, traffic congestion, social cohesion or machine learning approaches to social media analysis to understand social interactions and networks, and natural language processing to study changes in public awareness. A toolkit contains resources and suggestions on key steps and considerations, including legal and ethical, when designing and implementing projects aimed at measuring development effectiveness through new digital data and tools. The chapter closes by describing the core principles and requirements of a vision of a ‘Human AI’, which would reflect and leverage the key features of current narrow AI systems that are able to identify and reinforce the neurons that help them reach their goals. A Human AI would be a data and machine-enabled human system (such as a society) that would seek to continuously learn and adjust to improve—rather than prove after the facts—the effectiveness of its collective actions, including development programming and public policies

Selective death of human breast cancer cells by lytic immunoliposomes: Correlation with their HER2 expression level

Trastuzumab (Herceptin™) targets the human epidermal growth factor receptor 2 (HER2), which is overexpressed in 20–30% of breast and ovarian cancers carrying a bad prognosis. Our purpose was to target HER2-overexpressing human breast cancer cells with pegylated immunoliposomes bearing trastuzumab and containing melittin, which has recently shown anticancer properties. Using a panel of human breast cancer cells with different HER2 expression levels, these immunoliposomes decreased cancer cells viability in a dose–response manner and in correlation to their level of HER2 expression. Specific binding of the immunoliposomes to SKBr3 breast cancer cells was shown by ImageStream-based analysis. The morphological changes observed in the treated cells suggested a cytolytic process. This preclinical approach may suppose an effective strategy for the treatment of HER2-overexpressing tumors, and can support the development of an early phases I–II clinical trial. Trastuzumab resistant breast cancer cells (JIMT-1), can also be targeted using this approach

IVOA Recommendation: Simple Spectral Access Protocol Version 1.1

The Simple Spectral Access (SSA) Protocol (SSAP) defines a uniform interface to remotely discover and access one dimensional spectra. SSA is a member of an integrated family of data access interfaces altogether comprising the Data Access Layer (DAL) of the IVOA. SSA is based on a more general data model capable of describing most tabular spectrophotometric data, including time series and spectral energy distributions (SEDs) as well as 1-D spectra; however the scope of the SSA interface as specified in this document is limited to simple 1-D spectra, including simple aggregations of 1-D spectra. The form of the SSA interface is simple: clients first query the global resource registry to find services of interest and then issue a data discovery query to selected services to determine what relevant data is available from each service; the candidate datasets available are described uniformly in a VOTable format document which is returned in response to the query. Finally, the client may retrieve selected datasets for analysis. Spectrum datasets returned by an SSA spectrum service may be either precomputed, archival datasets, or they may be virtual data which is computed on the fly to respond to a client request. Spectrum datasets may conform to a standard data model defined by SSA, or may be native spectra with custom project-defined content. Spectra may be returned in any of a number of standard data formats. Spectral data is generally stored externally to the VO in a format specific to each spectral data collection; currently there is no standard way to represent astronomical spectra, and virtually every project does it differently. Hence spectra may be actively mediated to the standard SSA-defined data model at access time by the service, so that client analysis programs do not have to be familiar with the idiosyncratic details of each data collection to be accessed

IVOA Recommendation: Observation Data Model Core Components and its Implementation in the Table Access Protocol Version 1.0

This document defines the core components of the Observation data model that are necessary to perform data discovery when querying data centers for observations of interest. It exposes use-cases to be carried out, explains the model and provides guidelines for its implementation as a data access service based on the Table Access Protocol (TAP). It aims at providing a simple model easy to understand and to implement by data providers that wish to publish their data into the Virtual Observatory. This interface integrates data modeling and data access aspects in a single service and is named ObsTAP. It will be referenced as such in the IVOA registries. There will be a separate document to cover the full Observation data model. In this document, the Observation Data Model Core Components (ObsCoreDM) defines the core components of queryable metadata required for global discovery of observational data. It is meant to allow a single query to be posed to TAP services at multiple sites to perform global data discovery without having to understand the details of the services present at each site. It defines a minimal set of basic metadata and thus allows for a reasonable cost of implementation by data providers. The combination of the ObsCoreDM with TAP is referred to as an ObsTAP service. As with most of the VO Data Models, ObsCoreDM makes use of STC, Utypes, Units and UCDs. The ObsCoreDM can be serialized as a VOTable. ObsCoreDM can make reference to more complete data models such as ObsProvDM (the Observation Provenance Data Model, to come), Characterisation DM, Spectrum DM or Simple Spectral Line Data Model (SSLDM).Comment: About the IVOA: http://www.ivoa.net; editors: Doug Tody, Alberto Micol, Daniel Durand, Mireille Louy

Permeability Study of Polyphenols Derived from a Phenolic-Enriched Hibiscus sabdariffa Extract by UHPLC-ESI-UHR-Qq-TOF-MS

Previous findings on the capacity of Hibiscus sabdariffa (HS) polyphenols to ameliorate metabolic disturbances justify the necessity of studies oriented to find the potential metabolites responsible for such an effect. The present study examined the intestinal epithelial membrane permeability of polyphenols present in a phenolic-enriched Hibiscus sabdariffa extract (PEHS), free and encapsulated, using the Caco-2 cell line. Additionally, selected polyphenols (quercetin, quercetin-3-glucoside, quercetin-3-glucuronide, and N-feruloyltyramine) were also studied in the same absorption model. The powerful analytical platform used ultra-high-performance liquid chromatography coupled with ultra-high-resolution quadrupole time-of-flight mass spectrometry (UHPLC-ESI-UHR-Qq-TOF-MS), and enabled the characterization of seven new compounds in PEHS. In the permeation study, only a few compounds were able to cross the cell monolayer and the permeability was lower when the extract was in an encapsulated form. Pure compounds showed a moderate absorption in all cases. Nevertheless, these preliminary results may need further research to understand the complete absorption mechanism of Hibiscus polyphenols.This work was supported by projects AGL2011-29857-C03-02 and AGL2011-29857-C03-03 (Spanish Ministry of Science and Innovation), in addition to P10-FQM-6563 and P11-CTS-7625 (Andalusian Regional Government Council of Innovation and Science), PROMETEO/2012/007 and ACOMP/2013/093 (Generalitat Valenciana), and CIBER (CB12/03/30038, Fisiopatología de la Obesidad y la Nutrición, CIBERobn, Instituto de Salud Carlos III). The authors are grateful to the Spanish Ministry of Science and Innovation for the grant FPI (BES-2009-028128), and the Spanish Ministry of Economy and Competitiveness (MINECO) in association with the European Social Fund (FSE) for the contract PTQ-13-06429. MH is a recipient of a VALi + D fellowship from GV (ACIF/2010/162). The authors are especially grateful to Bruker Daltonik GmbH (Bremen, Germany) for their help and support during this research