The UBS-SBC Merger and Competition in the Swiss Retail Banking Sector

We address two questions about the impact of the UBS-SBC merger: (i) How will the concentration in the Swiss retail banking market change, and (ii) what are the expected consequences for the consumers. The answer to the first question is based on a comparison of Herfindahl and C3-indices in 1997 as they actually have been to as they could have been if the banks already had been merged. For both types of indices, and for the two product groups considered (loans and mortgages, savings deposits) the impact of the merger is huge. To answer the second question, we have examined how concentration interfered with savings deposits and mortgages interest rates in the previous decade, between the cantons and over time. The results obtained for savings deposits indicate that the structure performance hypothesis dominates for large cantons, while the efficiency hypothesis and the contestable market hypotheses cannot be rejected for small cantons. For mortgages, the contestable market hypotheses clearly dominates for large cantons, while for small cantons evidence is split between the efficiency hypothesis and the contestable market hypothesis.

The UBS-SBC Merger and Competition in the Swiss Retail Banking Sector

We address two questions about the impact of the UBS-SBC merger: (i) How will the concentration in the Swiss retail banking market change, and (ii) what are the expected consequences for the consumers. The answer to the first question is based on a comparison of Herfindahl and C3-indices in 1997 as they actually have been to as they could have been if the banks already had been merged. For both types of indices, and for the two product groups considered (loans and mortgages, savings deposits) the impact of the merger is huge. To answer the second question, we have examined how concentration interfered with savings deposits and mortgages interest rates in the previous decade, between the cantons and over time. The results obtained for savings deposits indicate that the structure performance hypothesis dominates for large cantons, while the efficiency hypothesis and the contestable market hypotheses cannot be rejected for small cantons. For mortgages, the contestable market hypotheses clearly dominates for large cantons, while for small cantons evidence is split between the efficiency hypothesis and the contestable market hypothesis

Optimal Tariffs and Subsidies And Changes in Markets Structure

We present a unified treatment of optimal trade policy for a small country. The well-known results for duopoly and competitive markets emerge as benchmark cases of our model. In addition, we show that changes in market structure have non-monotonic effects on optimal tariffs. Our results suggest that the recent reduction of tariffs in Eastern Europe is consistent with welfare maximizing trade policy in response to the substantial changes in the market structure of these countries

Frage nach dem entwicklungspolitischen Nutzen und der effizienten Verwendung öffentlicher Gelder

Im Zentrum von Kappels Analyse steht die Frage nach dem entwicklungspolitischen Nutzen der schweizerischen Entschuldungsfazilität. Kappel identifiziert zwei potentielle Quellen für durch Schuldenreduktion induzierte Besserstellung von überschuldeten Ländern. Erstens kann durch eine Schuldenreduktion der Zugang zum internationalen Kapitalmarkt wiederhergestellt werden, und zweitens soll eine Reduktion Reformen auslösen, die zu einer Einkommenserhöhung der begünstigten Länder führen sollen. Zug..

Secure Screw Placement in Management of Acetabular Fractures Using the Suprapectineal Quadrilateral Buttress Plate.

Acetabular fractures involving predominantly the anterior column associated with a disruption of the quadrilateral surface can be treated with instrumentation implementing the stabilization of the quadrilateral surface. The recently introduced suprapectineal quadrilateral buttress plate is specifically designed to prevent secondary medial subluxation of the femoral head, especially in elderly patients with reduced ability for partial weight bearing. Whereas there are guidelines available for safe screw fixation for the anterior and posterior columns, there might be a concern for intra-articular placement of screws placed through the infrapectineal part of the quadrilateral buttress plate. Within this report we analyzed retrospectively screw placement in 30 plates in postoperative CT scans using algorithms for metal artifact reduction. None of the screws of the buttress plate penetrated the hip joint. We describe the placement, length, and spatial orientation of the screws used for fracture fixation and suggest that the use of intraoperative image intensifiers with a combined inlet-obturator view of 30-45° best projects the screws and the hip joint. Preoperative knowledge of approximate screw placement and information for accurate intraoperative imaging may contribute to safe acetabular fracture fixation and may reduce operating time and limit radiation exposure to the patient and the personnel. This trial is registered with KEK-BE: 266/2014

Quality of MALDI-TOF Mass Spectra in Routine Diagnostics: Results from an International External Quality Assessment including 36 Laboratories from 12 countries using 47 challenging bacterial strains.

OBJECTIVE MALDI-TOF MS is a widely used method for bacterial species identification. Incomplete databases and mass spectral quality (MSQ) still represent major challenges. Important proxies for MSQ are: number of detected marker masses, reproducibility, and measurement precision. We aimed to assess MSQs across diagnostic laboratories and the potential of simple workflow adaptations to improve it. METHODS For baseline MSQ assessment, 47 diverse bacterial strains which are challenging to identify by MALDI-TOF MS, were routinely measured in 36 laboratories from 12 countries, and well defined MSQ features were used. After an intervention consisting of detailed reported feedback and instructions on how to acquire MALDI-TOF mass spectra, measurements were repeated and MSQs were compared. RESULTS At baseline, we observed heterogeneous MSQ between the devices, considering the median number of marker masses detected (range = [5, 25]), reproducibility between technical replicates (range = [55%, 86%]), and measurement error (range = [147 parts per million (ppm), 588ppm]). As a general trend, the spectral quality was improved after the intervention for devices which yielded low MSQs in the baseline assessment: for 4/5 devices with a high measurement error, the measurement precision was improved (p-values<0.001, paired Wilcoxon test); for 6/10 devices, which detected a low number of marker masses, the number of detected marker masses increased (p-values<0.001, paired Wilcoxon test). CONCLUSION We have identified simple workflow adaptations, which, to some extent, improve MSQ of poorly performing devices and should be considered by laboratories yielding a low MSQ. Improving MALDI-TOF MSQ in routine diagnostics is essential for increasing the resolution of bacterial identification by MALDI-TOF MS, which is dependent on the reproducible detection of marker masses. The heterogeneity identified in this EQA requires further study

Prevalence and incidence of iron deficiency in European community-dwelling older adults : An observational analysis of the DO-HEALTH trial

Background and aim Iron deficiency is associated with increased morbidity and mortality in older adults. However, data on its prevalence and incidence among older adults is limited. The aim of this study was to investigate the prevalence and incidence of iron deficiency in European community-dwelling older adults aged ≥ 70 years. Methods Secondary analysis of the DO-HEALTH trial, a 3-year clinical trial including 2157 community-dwelling adults aged ≥ 70 years from Austria, France, Germany, Portugal and Switzerland. Iron deficiency was defined as soluble transferrin receptor (sTfR) > 28.1 nmol/L. Prevalence and incidence rate (IR) of iron deficiency per 100 person-years were examined overall and stratified by sex, age group, and country. Sensitivity analysis for three commonly used definitions of iron deficiency (ferritin  1.5) were also performed. Results Out of 2157 participants, 2141 had sTfR measured at baseline (mean age 74.9 years; 61.5% women). The prevalence of iron deficiency at baseline was 26.8%, and did not differ by sex, but by age (35.6% in age group ≥ 80, 29.3% in age group 75–79, 23.2% in age group 70–74); P  1.5. Occurrences of iron deficiency were observed with IR per 100 person-years of 9.2 (95% CI 8.3–10.1) and did not significantly differ by sex or age group. The highest IR per 100 person-years was observed in Austria (20.8, 95% CI 16.1–26.9), the lowest in Germany (6.1, 95% CI 4.7–8.0). Regarding the other definitions of iron deficiency, the IR per 100 person-years was 4.5 (95% CI 4.0–4.9) for ferritin  1.5. Conclusions Iron deficiency is frequent among relatively healthy European older adults, with people aged ≥ 80 years and residence in Austria and Portugal associated with the highest risk

Zur Finanzierung von Investitionen

Laut einer Studie über die Finanzierung des Kapitalstocks, welche Länder in bankorientierte und börsenorientierte Finanzsysteme aufteilt, sind die letztgenannten von Vorteil. Der Autor erläutert die Berechnung des Kapitalstocks und macht gleichzeitig auf deren Probleme aufmerksam. Die Folgerungen der erwähnten Studie werden kritisch analysiert