Do banks price their informational monopoly?

Modern corporate finance theory argues that although bank monitoring is beneficial to borrowers, it also allows banks to use the private information they gain through monitoring to "hold-up" borrowers for higher interest rates. In this paper, we seek empirical evidence for this information hold-up cost. Since new information about a firm's credit-worthiness is revealed at the time of its first issue in the public bond market, it follows that after firms undertake their bond IPO, banks with an exploitable information advantage will be forced to adjust their loan interest rates downwards, particularly for firms that are revealed to be safe. Our findings show that firms are able to borrow from banks at lower interest rates after they issue for the first time in the public bond market and that the magnitude of these savings is larger for safer firms. We further find that among safe firms, those that get their first credit rating at the time of their bond IPO benefit from larger interest rate savings than those that already had a credit rating when they entered the bond market. Since more information is revealed at the time of the bond IPO on the former firms and since this information will increase competition from uninformed banks, these findings provide support for the hypothesis that banks price their informational monopoly. Finally, we find that while entering the public bond market may reduce these informational rents, it is costly to firms because they have to pay higher underwriting costs on their IPO bonds. Moreover, IPO bonds are subject to more underpricing than subsequent bonds when they first trade in the secondary bond market.Corporate bonds ; Credit ratings

Quantiles for Fractions and Other Mixed Data

This paper studies the estimation of quantile regression for fractional data, focusing on the case where there are mass-points at zero or/and one. More generally, we propose a simple strategy for the estimation of the conditional quantiles of data from mixed distributions, which combines standard results on the estimation of censored and Box-Cox quantile regressions. The implementation of the proposed method is illustrated using a well-known dataset

The negative influences of the new brazilian forest code on the conservation of riparian forests

More than one million hectares of riparian forests were degraded or altered in Mato Grosso State (Brazil) up to 2009. The aim of the research is to set a comparative scenario to show differences in the quantification of environmental liabilities in riparian forest areas resulting from the change in native vegetation protection rules due to the transition between Laws 4771/65 and 12651/2012. Data collection took place in a marginal stretch of Vermelho River in Rondonópolis County, Mato Grosso State. The following data set was taken into consideration: aerial images derived from unmanned aerial vehicle, Rapid Eye satellite images and orbital images hosted at Google Earth. The spatial resolution of those images was compared. The aerial photos composed a mosaic that was photo-interpreted to generate land use and occupation classes. The riparian forest areas of a rural property were used as parameter, and their environmental situation was compared in 05 meter and 100 meter strips. Thus, by taking into consideration the current rules, 23,501 m2 of area ceased to be an environmental liability within the riparian forest and became a consolidated rural area. According to the previous Forest Code, in a different scenario, that is, in a set of rural properties, the public authority would receive USD 68,600.00 in fines. The new Brazilian Forestry Code of 2012, which replaces the previous one made in 1965, exempts those responsible for rural property from regenerating previously deforested native vegetation — an obligation established by older Forest Code. We have shown that the new Forest Code has diminished the legal responsibility of the rural owners in relation to the maintenance of forest fragments in their properties

Do genes and environment meet to regulate cerebrospinal fluid dynamics? Relevance for schizophrenia

Schizophrenia is a neurodevelopment disorder in which the interplay of genes and environment contributes to disease onset and establishment. The most consistent pathological feature in schizophrenic patients is an enlargement of the brain ventricles. Yet, so far, no study has related this finding with dysfunction of the choroid plexus (CP), the epithelial cell monolayer located within the brain ventricles that is responsible for the production of most of the cerebrospinal fluid (CSF). Enlarged brain ventricles are already present at the time of disease onset (young adulthood) and, of notice, isolated mild ventriculomegaly detected in utero is associated with subsequent mild neurodevelopmental abnormalities similar to those observed in children at high risk of developing schizophrenia. Here we propose that altered CP/CSF dynamics during neurodevelopment may be considered a risk, causative and/or participating factor for development of schizophrenia.Nadine C. Santos and Fernanda Marques are recipients of postdoctoral fellowships by the Switchbox project (European Commission FP7 initiative grant HEALTH-F2-2010-259772) and the Fundação para a Ciência e Tecnologia (FCT, Portugal), respectively

Brainwave nets: Are sparse dynamic models susceptible to brain manipulation experimentation?

© Copyright © 2020 Nascimento, Pinto-Orellana, Leite, Edwards, Louzada and Santos. Sparse time series models have shown promise in estimating contemporaneous and ongoing brain connectivity. This paper was motivated by a neuroscience experiment using EEG signals as the outcome of our established interventional protocol, a new method in neurorehabilitation toward developing a treatment for visual verticality disorder in post-stroke patients. To analyze the [complex outcome measure (EEG)] that reflects neural-network functioning and processing in more specific ways regarding traditional analyses, we make a comparison among sparse time series models (classic VAR, GLASSO, TSCGM, and TSCGM-modified with non-linear and iterative optimizations) combined with a graphical approach, such as a Dynamic Chain Graph Model (DCGM). These dynamic graphical models were useful in assessing the role of estimating the brain network structure and describing its causal relationship. In addition, the class of DCGM was able to visualize and compare experimental conditions and brain frequency domains [using finite impulse response (FIR) filter]. Moreover, using multilayer networks, the results corroborate with the susceptibility of sparse dynamic models, bypassing the false positives problem in estimation algorithms. We conclude that applying sparse dynamic models to EEG data may be useful for describing intervention-relocated changes in brain connectivity

Antiproliferative Activity Of Flavonoids From Croton Sphaerogynus Baill. (euphorbiaceae)

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)Croton sphaerogynus is a shrub from the Atlantic Rain Forest in southeastern Brazil. A lyophilized crude EtOH extract from leaves of C. sphaerogynus, obtained by maceration at room temperature (seven days), was suspended in methanol and partitioned with hexane. The purified MeOH phase was fractionated over Sephadex LH-20 yielding five fractions (F1-F5) containing flavonoids, as characterized by HPLC-DAD and HPLC-MS analyses. The antiproliferative activity of the crude EtOH extract, MeOH and hexane phases, and fractions F1-F5 was evaluated on in vitro cell lines NCI-H460 (nonsmall cell lung), MCF-7 (breast cancer), and U251 (glioma). The MeOH phase showed activity (mean log GI(50) 0.54) higher than the hexane phase and EtOH extract (mean log GI(50) 1.13 and 1.19, resp.). F1 exhibited activity against NCI-H460 (nonsmall cell lung) (GI(50) 1.2 mu g/mL), which could be accounted for the presence of flavonoids and/or diterpenes. F4 showed moderate activity (mean log GI(50) 1.05), while F5 showed weak activity (mean log GI(50) 1.36). It is suggested that the antiproliferative activity of the crude EtOH extract and MeOH phase is accounted for a synergistic combination of flavonoids and diterpenes.Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)FAPESP [FAPESP 2012/10079-0

Antiproliferative activity of flavonoids from croton Sphaerogynus baill. (euphorbiaceae)

Croton sphaerogynus is a shrub from the Atlantic Rain Forest in southeastern Brazil. A lyophilized crude EtOH extract from leaves of C. sphaerogynus, obtained by maceration at room temperature (seven days), was suspended in methanol and partitioned with hexane. The purified MeOH phase was fractionated over Sephadex LH-20 yielding five fractions (F1-F5) containing flavonoids, as characterized by HPLC-DAD and HPLC-MS analyses. The antiproliferative activity of the crude EtOH extract, MeOH and hexane phases, and fractions F1-F5 was evaluated on in vitro cell lines NCI-H460 (nonsmall cell lung), MCF-7 (breast cancer), and U251 (glioma). The MeOH phase showed activity (mean log GI(50) 0.54) higher than the hexane phase and EtOH extract (mean log GI(50) 1.13 and 1.19, resp.). F1 exhibited activity against NCI-H460 (nonsmall cell lung) (GI(50) 1.2 mu g/mL), which could be accounted for the presence of flavonoids and/or diterpenes. F4 showed moderate activity (mean log GI(50) 1.05), while F5 showed weak activity (mean log GI(50) 1.36). It is suggested that the antiproliferative activity of the crude EtOH extract and MeOH phase is accounted for a synergistic combination of flavonoids and diterpenes2015COORDENAÇÃO DE APERFEIÇOAMENTO DE PESSOAL DE NÍVEL SUPERIOR - CAPESFUNDAÇÃO DE AMPARO À PESQUISA DO ESTADO DE SÃO PAULO - FAPESPsem informação2012/10079-

High Resolution He-like Argon And Sulfur Spectra From The PSI ECRIT

We present new results on the X-ray spectroscopy of multicharged argon, sulfur and chlorine obtained with the Electron Cyclotron Resonance Ion Trap (ECRIT) in operation at the Paul Scherrer Institut (Villigen, Switzerland). We used a Johann-type Bragg spectrometer with a spherically-bent crystal, with an energy resolution of about 0.4 eV. The ECRIT itself is of a hybrid type, with a superconducting split coil magnet, special iron inserts which provides the mirror field, and a permanent magnetic hexapole. The high frequency was provided by a 6.4 GHz microwave emitter. We obtained high intensity X-ray spectra of multicharged F-like to He-like argon, sulfur and chlorine with one 1s hole. In particular, we observed the 1s2s^{3}S_1 \to 1s^2^{1}S_0 M1 and 1s2p^{3}P_2 \to 1s^2^{1}S_0 M2 transitions in He-like argon, sulfur and chlorine with unprecedented statistics and resolution. The energies of the observed lines are being determined with good accuracy using the He-like M1 line as a reference

The tropical forest and fire emissions experiment: Trace gases emitted by smoldering logs and dung from deforestation and pasture fires in Brazil

Earlier work showed that Amazonian biomass burning produces both lofted and initially unlofted emissions in large amounts. A mobile, Fourier transform infrared spectrometer (FTIR) measured the unlofted emissions of 17 trace gases from residual smoldering combustion (RSC) of logs as part of the Tropical Forest and Fire Emissions Experiment (TROFFEE) during the 2004 Amazonian dry season. The RSC emissions were highly variable and the few earlier RSC measurements lay near the high end of combustion efficiency observed in this study. Fuel consumption by RSC was ∼5% of total for a planned deforestation fire. Much regional RSC probably occurs in the residual woody debris burned during pasture maintenance fires. RSC could increase estimated total fire emissions for the Amazon region by 20–50% for several important VOC. FTIR emissions measurements of burning dung (in a pasture) showed high emission ratios for acetic acid and ammonia to CO (6.6 ± 3.4% and 8.9 ± 2.1%). Large emissions of nitrogen containing trace gases from burning dung and crop waste could mean that biomass burning in India produces more particle mass than previously assumed. Measurements of late-stage kiln emissions suggested that VOC/CO may increase as carbonization is extended. A cook stove emitted many VOC and NH3 far outside the range observed for open wood cooking fires. Enclosed/vented cooking stoves may change the chemistry of the smoke that is emitted

Pattern recognition of hematological profiles of tumors of the digestive tract: an exploratory study

AimsIn this study, we aimed to apply laboratory blood analysis to identify the hematological (based on hemoglobin concentration, erythrocytes, hematocrit, and RDW count) profiles associated with the most prevalent forms of digestive tract malignancies. Furthermore, we aimed to evaluate how these profiles contributed to distinguishing these tumors at diagnosis.MethodsWe collected data from the date of ICD-10 diagnostic coding for C15 esophagus, C16 stomach, C18 colon, and C19 rectum tumors of 184 individuals. The statistical analysis and data visualization approaches, notably the heat map and principal component analysis (PCA), allowed for creating a summary hematological profile and identifying the most associated parameters for each pathologic state. Univariate and multivariate data modeling and ROC analysis were performed in both SPSS and Python.ResultsOur data reveal unique patterns based on tumor development anatomical location, clustering the C18 colon and C19 rectum from the C15 esophagus and C16 stomach. We found a significant difference between C16 stomach carcinoma and the other tumors, which substantially correlated with raised RDW in conjunction with low hemoglobin concentration, erythrocytes, and hematocrit counts. In contrast, C18 colon carcinoma had the higher red blood cell count, allowing for the best classification metrics in the test set of the binary logistic regression (LR) model, accounting for an AUC of 0.77 with 94% sensitivity and 52% specificity.ConclusionThis study emphasizes the significance of adding hematological patterns in diagnosing these malignancies, which could path further investigations regarding profiling and monitoring at the point of care