A rare form of pancreatic diabetes complicated by portal venous thrombosis: A 25-year follow-up

Fibrocalculous pancreatic diabetes (FCPD) is an uncommon type of diabetes mellitus, so called tropical diabetes, due to chronic calcific non-alcoholic pancreatitis. This type of diabetes is associated to several particularities based on glycemic control and the occurrence of degenerative and metabolic complications, in addition to chronic pancreatitis complications such us venous thrombosis. We report here a rare case of a young North-African patient with long standing FCPD followed for 25 years and complicated by portal venous thrombosis. This case presentation highlights how important is to suspect fibrocalculous pancreatic diabetes especially in the presence of chronic abdominal pain. The follow-up of such patients should be focused not only on the clinical and biological markers of diabetes, but also on pancreatitis complications

Foreign exchange exposure of U.S. firms and macroeconomic conditions: is there a link?

We examine the dynamics of foreign exchange exposure of U.S. firms to two currency indices: the major (MJ) currency index and the emerging markets (EM) currency index. We model the dynamics as a function of firm-specific variables and macro variables. We find that exposure to the two real currency indices is significant and significantly time-varying. Time variation in the exposure to the MJ index is mainly driven by the macro variables, while the time variation in the exposure to the EM index is driven by macro, as well as firm-specific variables. Also, the exposure to the EM index has increased over the recent period. The large impact of emerging market currencies on the returns of the U.S. firms underscores the important role that emerging markets play in the U.S. economy. We also uncover that overall the total exposure of U.S. firms to the two currency indices increase during economic contractions

International asset pricing under segmentation and PPP deviations

We analyze the impact of both purchasing power parity (PPP) deviations and market segmentation on asset pricing and investor's portfolio holdings. The freely traded securities command a world market risk premium and an inflation risk premium. The securities that can be held by only a subset of investors command two additional premiums: a conditional market risk premium and a segflation risk premium. Our model is empirically supported with important implications for tests of international asset pricing

Unconditional and Conditional Exchange Rate Exposure

We re-examine the relationship between exchange rate movements and firm value. We estimate the exchange rate exposure of U.S. firms to two currency indices. Firms are clustered into eleven industries. The sample includes exporters and non-exporters. Using a panel approach, we uncover statistically significant and sizable unconditional exposure. We also examine the dynamics of exchange rate exposure modeled as a function of business cycle indicators and firm characteristics. We find that exposure varies over time with macroeconomic and financial variables and increases during economic contractions. Deviations from the unconditional measure of exposure driven by the macroeconomic variables are economically meaningful