Financial frictions, labour markets, and the macroeconomy

In the first chapter, we use detailed Danish micro-data and study how a credit-driven boom in consumer demand affects firm dynamics. We exploit the introduction of interest-only mortgages in 2003 to establish a structural break in Danish households’ spending capacity. A difference-in-differences approach indicates that the reform sharply increases consumers’ expenditure. This demand shock generates revenues and profits for Danish firms and results in the creation of at least 2,500 additional jobs between 2004 and 2010. These positions are concentrated in the non-tradable sector. Our results indicate that mortgage markets shape the size and composition of real economic activity during expansion phases. The second chapter shows that the supply side of credit is a major factor for hampered monetary policy transmission in monopolistic banking markets. Our data covering all 1,555 small and medium sized banks in Germany provides a clear way to partial out demand shocks; we are thus able to show that while market-power banks charge higher loan rates, they spare their borrowers a part of exogenous monetary policy contractions and furthermore with-hold a substantial part of rising rates from their depositors. Because high market-power banks are relatively more profitable, these banks seem to be able to insure their relationship-customers against adverse shocks. In the third chapter, I develop a model where firms need to borrow the wage bill under financial frictions. I discuss the implications of intraperiod financial contracts for real and financial variables in a most simple model without capital. Financial variables such as the external finance premium in this setup behave perversely. Real variables’ responses are hampered compared to a standard Real Business Cycle model. Then, I implement intraperiod financial contracts and show this can eliminate the problems to some extent. Financial variables now move as observed in the data. Unlike in the original model by Bernanke et al. (1999), the responses of real variables, especially output and labour, however remain muted in response to a positive technology shock

Tumour inflammatory infiltrate predicts survival following curative resection for node-negative colorectal cancer

<b>Background</b>: A pronounced tumour inflammatory infiltrate is known to confer a good outcome in colorectal cancer. Klintrup and colleagues reported a structured assessment of the inflammatory reaction at the invasive margin scoring low grade or high grade. The aim of the present study was to examine the prognostic value of tumour inflammatory infiltrate in node-negative colorectal cancer. <b>Methods</b>: Two hundred patients had undergone surgery for node-negative colorectal cancer between 1997 and 2004. Specimens were scored with Jass’ and Klintrup’s criteria for peritumoural infiltrate. Pathological data were taken from the reports at that time. <b>Results</b>: Low-grade inflammatory infiltrate assessed using Klintrup’s criteria was an independent prognostic factor in node-negative disease. In patients with a low-risk Petersen Index (n = 179), low-grade infiltrate carried a threefold increased risk of cancer death. Low-grade infiltrate was related to increasing T stage and an infiltrating margin. <b>Conclusion</b>: Assessment of inflammatory infiltrate using Klintrup’s criteria provides independent prognostic information on node-negative colorectal cancer. A high-grade local inflammatory response may represent effective host immune responses impeding tumour growth

Comparison of the prognostic value of tumour and patient related factors in patients undergoing potentially curative surgery for colon cancer

<b>Aim</b>: To comprehensively compare the prognostic value of tumour and patient-related factors in patients undergoing curative surgery for colon cancer. <b>Methods</b>: From a database of 287 patients who underwent elective resection between 1997-2005, tumour factors including stage and host factors including systemic inflammatory response (modified Glasgow Prognostic Score (mGPS)) were identified. <b>Results</b>: Median follow-up was 65 months. Over this time period 125 patients died, 80 from cancer. On multivariate analysis of all significant patient and tumour related factors, Dukes stage (P<0.01), vascular invasion (P<0.01), and the mGPS (P<0.01) were independently associated with cancer-survival. Of the patient-related factors, age (P<0.01), haemoglobin (P<0.01), white-cell (P<0.01), neutrophil (P<0.01) and platelet (P<0.01) counts and alkaline phosphatase (P<0.01) were most significantly associated with the mGPS. <b>Conclusion</b>: In addition to tumour-related factors such as Dukes stage and vascular invasion, the pre-operative mGPS should be included to guide prognosis in patients undergoing curative resection for colon cancer

Kinetic Control of Interpenetration in Fe-Biphenyl-4,4 '-dicarboxylate Metal-Organic Frameworks by Coordination and Oxidation Modulation

Phase control in the self-assembly of metal–organic frameworks (MOFs) is often a case of trial and error; judicious control over a number of synthetic variables is required to select the desired topology and control features such as interpenetration and defectivity. Herein, we present a comprehensive investigation of self-assembly in the Fe–biphenyl-4,4′-dicarboxylate system, demonstrating that coordination modulation can reliably tune between the kinetic product, noninterpenetrated MIL-88D(Fe), and the thermodynamic product, two-fold interpenetrated MIL-126(Fe). Density functional theory simulations reveal that correlated disorder of the terminal anions on the metal clusters results in hydrogen bonding between adjacent nets in the interpenetrated phase and this is the thermodynamic driving force for its formation. Coordination modulation slows self-assembly and therefore selects the thermodynamic product MIL-126(Fe), while offering fine control over defectivity, inducing mesoporosity, but electron microscopy shows MIL-88D(Fe) persists in many samples despite not being evident by diffraction. Interpenetration control is also demonstrated using the 2,2′-bipyridine-5,5′-dicarboxylate linker; it is energetically prohibitive for it to adopt the twisted conformation required to form the interpenetrated phase, although multiple alternative phases are identified due to additional coordination of Fe cations to its N donors. Finally, we introduce oxidation modulation—the use of metal precursors in different oxidation states from that found in the final MOF—to kinetically control self-assembly. Combining coordination and oxidation modulation allows the synthesis of pristine MIL-126(Fe) with BET surface areas close to the predicted maximum for the first time, suggesting that combining the two may be a powerful methodology for the controlled self-assembly of high-valent MOFs

Carcinoid Tumour of the Appendix: An Analysis of 1,485 Consecutive Emergency Appendectomies

Aim: The aim of this study is to conduct a retrospective analysis of the incidence and long-term results of carcinoid tumours of the appendix in emergency appendectomies. Methods: A retrospective review of 1,485 appendectomies was performed in two centres from January 2000 until January 2006. Demographic data, clinical presentation, histopathology, operative reports and survival were scored and compared with the literature. Results: In three women and four men, carcinoid tumours were identified (0.47%). The mean age was 32.7 years (range, 20-59 years). The clinical presentation was resembling the symptoms of acute appendicitis in all cases. Laparoscopic appendectomy was the treatment of choice in five patients; in one of these patients, a conversion to laparotomy was necessary. The other two patients underwent primary open appendectomy. Five patients underwent additional surgery after the pathology report became available. Four patients underwent ileocecal resection; one other patient underwent right hemicolectomy. In none of the re-operation specimens was residual carcinoid tumour detected. After a mean follow-up of 65 months (range, 25-92), all patients were alive and disease- and symptom-free. Conclusion: Carcinoid tumours of the appendix most often present as acute appendicitis. It also emphasises the value of histopathological analysis of every removed appendix. The long-term prognosis of incidentally found carcinoids of the appendix is good

Colorectal cancer: from epidemiology to current treatment

Colorectal cancer (CRC) was the second most frequent cancer in Europe in 2004, responsible for 13% (376,400) of all incident cancer cases. It is also the second most frequent cause of cancer mortality in Europe, with 11.9% (203,700) annual deaths. When localized, CRC is often a curable disease, but the overall prognosis is determined by the extent of local and particularly metastatic tumour spread. The disease outlook is relatively poor, because advanced disease is a significant cause of worldwide cancer-related mortality. Thus, estimated 5-year survival rates range from nearly 90% in stage I disease (Dukes’ A) to less than 10% in patients with metastatic disease (Dukes’ D). Comprehensive cancer care in the 21st century is dependent on a multidisciplinary approach to patients with malignant disease. Large bowel cancer is no exception, as there is increasing clinical trial data supporting multimodal treatment for both localized and advanced tumours. This review will focus on important aspects in CRC including the latest treatment strategies (chemotherapy, radiotherapy and the targeted therapies)

Genetically engineered minipigs model the major clinical features of human neurofibromatosis type 1.

Neurofibromatosis Type 1 (NF1) is a genetic disease caused by mutations in Neurofibromin 1 (NF1). NF1 patients present with a variety of clinical manifestations and are predisposed to cancer development. Many NF1 animal models have been developed, yet none display the spectrum of disease seen in patients and the translational impact of these models has been limited. We describe a minipig model that exhibits clinical hallmarks of NF1, including café au lait macules, neurofibromas, and optic pathway glioma. Spontaneous loss of heterozygosity is observed in this model, a phenomenon also described in NF1 patients. Oral administration of a mitogen-activated protein kinase/extracellular signal-regulated kinase inhibitor suppresses Ras signaling. To our knowledge, this model provides an unprecedented opportunity to study the complex biology and natural history of NF1 and could prove indispensable for development of imaging methods, biomarkers, and evaluation of safety and efficacy of NF1-targeted therapies