Subprime consumer credit demand: evidence from a lender's pricing experiment

We test the interest rate sensitivity of subprime credit card borrowers using a unique panel data set from a UK credit card company. What is novel about our contribution is that we were given details of a randomized interest rate experiment conducted by the lender between October 2006 and January 2007. We find that individuals who tend to utilize their credit limits fully do not reduce their demand for credit when subject to increases in interest rates as high as 3 percentage points. This finding is naturally interpreted as evidence of binding liquidity constraints. We also demonstrate the importance of truly exogenous variation in interest rates when estimating credit demand elasticities. We show that estimating a standard credit demand equation with nonexperimental variation leads to seriously biased estimates even when conditioning on a rich set of controls and individual fixed effects. In particular, this procedure results in a large and statistically significant 3-month elasticity of credit card debt with respect to interest rates even though the experimental estimate of the same elasticity is neither economically nor statistically different from zero. JEL Classification: D11, D12, D14liquidity constraints, randomized trials, subprime credit

Subprime consumer credit demand: evidence from a lender's pricing experiment

We test the interest rate sensitivity of subprime credit card borrowers using a unique panel data set from a UK credit card company. What is novel about our contribution is that we were given details of a randomized interest rate experiment conducted by the lender between October 2006 and January 2007. We find that individuals who tend to utilize their credit limits fully do not reduce their demand for credit when subject to increases in interest rates as high as 3 percentage points. This finding is naturally interpreted as evidence of binding liquidity constraints. We also demonstrate the importance of truly exogenous variation in interest rates when estimating credit demand elasticities. We show that estimating a standard credit demand equation with nonexperimental variation leads to seriously biased estimates even when conditioning on a rich set of controls and individual fixed effects. In particular, this procedure results in a large and statistically significant 3-month elasticity of credit card debt with respect to interest rates even though the experimental estimate of the same elasticity is neither economically nor statistically different from zero

Novel Diagnostic and Prognostic Aspects of HPV-Related and -Unrelated Oropharyngeal Cancer

The incidence of oropharyngeal squamous cell carcinoma (OPSCC) has been rapidly increasing in recent decades and OPSCC is currently the 12th most common cancer worldwide. Currently in Finland, close to 200 new OPSCCs are diagnosed annually, whereas in the 1990s the annual number of diagnosed cases was approximately 50. The main driver behind this phenomenon is high-risk (HR) human papillomavirus (HPV) that currently comprises more than a half of new OPSCCs in numerous Western countries including Finland. HPV-positive OPSCC differs distinctly in genetic and pathophysiologic profiles from HPV-negative OPSCC. Both HPV-positive and HPV-negative OPSCC are typically diagnosed at an advanced stage and thus require multimodal treatment approaches that often impair quality of life. In addition, the accuracy to detect HPV in tumor samples has remained suboptimal in clinical practice. The recognition of early clinical signs and finding of reliable diagnostic tools are essential to achieve earlier and accurate diagnosis, respectively. In general, the prognosis of HPV-positive OPSCC patients is excellent and thus there is an initiative to de-escalate the management protocol to decrease the incidence of treatment-related side-effects. Instead, the prognosis of patients with HPV-negative OPSCC has remained poor regardless of improvements in treatment strategies. Hence, new prognostic markers are necessary to develop better and personalized treatment strategies to improve patient outcome and avoid a treatment-related reduction in quality of life. We aimed to compare different HPV-detection methods against the standard method i.e. p16 immunohistochemistry (IHC) to increase the accuracy of detecting active HPV from OPSCC samples. In addition, we wanted to better understand the clinical behavior and early signs and symptoms of HPV-positive and HPV-negative OPSCC. We also studied the role of other oncoviruses (Epstein-Barr virus [EBV] and polyomaviruses) in OPSCC and potential prognostic markers including tumor volume, matrix metalloproteinase-8 and tissue inhibitor of metalloproteinase-1 (TIMP-1). In situ hybridization (ISH) for HR HPV E6/E7 mRNA was found to be a superior method to detect active HPV in OPSCC and thus should be considered as an additional method to p16 IHC. The accurate HPV diagnostics is especially essential when considering de-escalated treatment for HPV-positive OPSCC patients. In our study cohort, HPV presented as the only virus that clearly stratified patients into two different disease entities by clinical behavior and prognosis. However, HPV may not be the only viral factor related to OPSCC. EBV, or more precisely EBV-encoded small RNA (EBER), was found to correlate significantly with HPV and the presence EBER was associated with poorer prognosis among HPV-negative patients. Tumor volume showed prognostic significance in both HPV-positive and HPV-negative OPSCC and was superior when compared with the most recent TNM classification. In addition, elevated TIMP-1 serum levels were significantly associated with poor prognosis in HPV-negative OPSCC patients. As a conclusion, both tumor volume and serum levels of TIMP-1 may serve as potential prognostic factors in OPSCC, especially for patients with HPV-negative tumors that typically have a poor prognosis.Suunielun levyepiteelisyövän ilmaantuvuus on nopeasti kasvanut viimeisten vuosikymmenien aikana ja on nykyisin kahdenneksitoista yleisin syöpä maailmanlaajuisesti. Suomessa diagnosoidaan nykyään lähes 200 uutta suunielusyöpää vuosittain, kun 90-luvulla vastaava luku oli noin viisikymmentä. Merkittävin tekijä tämän ilmiön taustalla on ihmisen korkean riskin papilloomavirus (HPV), joka nykypäivänä liittyy yli puoleen tuoreista suunielusyöpätapauksista useissa länsimaissa mukaan lukien Suomessa. HPV-positiivinen suunielusyöpä eroaa merkittävästi geneettiseltä ja patofysiologiselta profiililtaan sekä ennusteeltaan HPV-negatiivisesta suunielusyövästä. Sekä HPV-positiivinen että HPV-negatiivinen suunielusyöpä diagnosoidaan usein vasta taudin myöhäisessä vaiheessa vaatien raskaita hoitomenetelmiä, jotka usein heikentävät elämänlaatua. Lisäksi HPV:n luotettava määrittäminen syöpäkudosnäytteistä on edelleen epätarkkaa käytännön työssä. Taudin varhaisten kliinisten merkkien tunnistaminen ja luotettava diagnostiikka ovat ensiarvoisen tärkeitä aikaisemman ja tarkemman diagnoosin saavuttamiseksi. HPV-positiivisten suunielusyöpäpotilaiden ennuste on yleisesti erinomainen ja tämän vuoksi hoitomenetelmiä on ajateltu kevennettävän hoitoon liittyvien haittavaikutusten vähentämiseksi. Sen sijaan HPV-negatiivisilla suunielusyöpäpotilailla ennuste on pysynyt huonona riippumatta kehittyneistä hoitomenetelmistä. Uudet ennusteelliset merkkiaineet ovat ensiarvoisen tärkeitä parempien ja entistä räätälöidympien hoitomenetelmien kehittämiseksi, jotta potilaiden ennustetta voidaan parantaa ja välttää hoitojen aiheuttama elämänlaadun lasku. Tämän väitöskirjan tavoitteena oli parantaa aktiivisen HPV:n määrittämisen tarkkuutta suunielusyöpäpotilailla vertailemalla eri HPV-määritysmenetelmiä nykyiseen standardimenetelmään eli p16-proteiinin immunohistokemialliseen värjäykseen. Lisäksi halusimme selvittää tarkemmin sekä HPV-positiivisen että HPV-negatiivisen suunielusyövän kliinistä ilmentymistä ja taudin varhaisia merkkejä ja oireita. Tutkimme myös eri virusten roolia suunielusyövässä (Epstein-Barrin virus [EBV] ja polyomavirukset). Lisäksi halusimme selvittää, onko kasvaintilavuudella, matriksin metalloproteinaasi-8:lla ja metalloproteinaasin kudosestäjä-1:llä (TIMP-1) ennusteellista vaikutusta HPV-positiivisessa ja HPV-negatiivisessa suunielusyövässä. Tutkimuksessamme mRNA in situ hybridisaatio (ISH) -menetelmä osoittautui erinomaiseksi ja muita menetelmiä paremmaksi määrittämään aktiivisen HPV:n syöpäkudosnäytteistä. Sitä tulisikin harkita lisämenetelmäksi p16-määrityksen rinnalle. Aineistossamme HPV osoittautui ainoaksi virukseksi, joka selkeästi jakaa suunielusyöpäpotilaat kahteen eri ryhmään niin kliinispatologisten tekijöiden kuin ennusteenkin suhteen. HPV ei välttämättä ole kuitenkaan ainoa suunielusyöpään liittyvä virus. Tutkimuksessamme EBV, tarkemmin EBV:n RNA-partikkelien (EBER) esiintyminen korreloi merkittävästi HPV:n kanssa syöpäkudosnäytteissä. Lisäksi EBER-positiivisuus oli huonon ennusteen merkki HPV-negatiivisilla potilailla. Kasvaintilavuus oli merkittävä ennusteellinen tekijä sekä HPV-positiivisilla että HPV-negatiivisilla suunielusyöpäpotilailla ja sen ennusteellinen arvo oli nykyistä TNM-luokitusta parempi. Lisäksi HPV-negatiivisilla potilailla seerumin kohonnut TIMP-1 pitoisuus korreloi merkittävästi huonompaan ennusteeseen. Sekä tuumoritilavuus että TIMP-1 seerumipitoisuus voivat mahdollisesti toimia ennusteellisina tekijöinä suunielusyöpäpotilailla, etenkin HPV-negatiivisessa taudissa, jossa tiedetään edelleen olevan huono ennuste

Idealism and Actualization. Saint-Just in Theory, Practice, and Exigency

Louis-Antoine Léon de Saint-Just (1767-1794) was a revolutionary, a statesman, and a political philosopher, yet it is largely only as a revolutionary that he is remembered. As a political person who occupied these three different but overlapping roles, Saint-Just is ideal as the subject and center of a study of actualization, the taking of political ideals into reality. Saint-Just’s political philosophy was that of an idealist, and yet he, by force of circumstance, ability, and audacity, had the opportunity in his short life to attempt to establish and put into practice his political ideals. In his work as a political person Saint-Just created templates for the understanding of the relationship between political theory and political action. Saint-Just’s political theory is examined in relation to his political action, using the concepts of ‘the natural’, ‘the civil’, ‘the social’ and ‘the political’, concepts which are central in Saint-Just’s political philosophy. Saint-Just’s formulations of these concepts, concepts which have also been central to the history of political philosophy, and his understanding of the relations between these concepts, helps to establish him as a political philosopher of some importance, as does the theory and practice approach to politics which his attempts demanded and which his political life demonstrated. In Saint-Just’s function as political philosopher the thesis finds the theoretical element of politics, which becomes redefined in its interaction with Saint-Just’s other functions as statesman and revolutionary, the latter two of which correspond roughly to practice and exigency. As a theorist who is also a statesman in a context of exigency, or revolution, Saint-Just’s political life is a constantly rearranged juxtaposition of theory, practice, and revolution, albeit one which never loses it essential ties to its philosophical base, even in the hours of greatest emergency. Such dedication to a philosophical base, one which refuses to dispense with political philosophy, demonstrates a new conception of political philosophy for the modern world, fills in elements of a theory of revolution as a phenomenon of both theory and action, and provides a contained case for examination of political philosophy and political action, questioning their disunity

Antimicrobial Activity of Natural and Synthetic Compounds Against Candida spp., Gram-Positive and Gram-Negative Bacteria

Antibiotics resistant bacteria have become over the last few decades one of the greatest threats to global health. Infections caused by multi-drug-resistant pathogens are generally difficult to treat and are often fatal. Biofilm formation has been recognized as one of the most important, and most difficult to treat, among the mechanisms conferring antibiotics tolerance to pathogens. There is currently an urgent need for novel and effective approaches to fight the global health challenge of antibiotic resistance and in particular biofilm based tolerance. In this context, antimicrobial peptides (AMP) and antimicrobial plant extracts are among the most promising solutions. This thesis work was aimed at the discovery, characterization and evaluation of the antimicrobial, and especially anti-biofilm, activity of novel AMPs and novel plant extracts. A set of analyses integrating bioinformatics, synthetic biology and biochemical approaches has been employed to identify new antimicrobial compounds. Clinical phenotype as well as reference fungal and bacterial strains were used to test the antimicrobial and anti-biofilm potential of these new compounds. Antimicrobial activity assays were performed by microdilution method and time kill assays, while anti-biofilm activity was evaluated with biomass quantification, biofilm vitality assessment and by means of confocal laser scanner microscopy. Finally, cytotoxic experiments were performed against human cells to determine if the discovered compounds could be considered promising candidates for the development of topical antimicrobial agents. As a first step, a cryptic AMP-like peptide named VLL-28, identified in the sequence of an archaeal protein was analyzed and characterized with efficient antifungal and anti-biofilm activities against all tested clinical strains. Then, a second cryptic AMP-like peptide (PAP-A3), derived by in silico screening of human proteins, was identified in the Pepsinogen A activation peptide along with two other fragments (IMY25 and FLK22). These three peptides exhibited considerable antimicrobial and anti-biofilm properties against a range of pathogenic bacteria, including foodborne organisms infecting the stomach and biofilm producing strains. Furan-motifs and lignan-motifs were than employed to identify new molecules exhibiting antimicrobial properties. This activity led to the characterization of fourteen synthetic arylfurans and lignan-like arylbenzylfurans, that in turn were tested against Gram-negative (Pseudomonas aeruginosa, Escherichia coli) and Gram-positive bacteria (Staphylococcus aureus and S. epidermidis). One of these compounds, methyl 4-(2-hydroxybenzyl)-2-phenylfuran-3-carboxylate, was found to be active against S. aureus and S. epidermidis. This latter showed also a good anti-biofilm activity and was found to be nontoxic in human cells. Finally, Abietic acid, a tricyclic diterpenoid derived from the resin of pine trees, was tested against Staphylococcus pseudintermedius strains and was found to be able to increase the susceptibility to Methicillin in Methicillin-resistant isolates of S. pseudintermedius (MRSP) by modulating the expression of mec genes. Moreover, Abietic acid also displayed a good anti-biofilm activity by killing almost all cells embedded in biofilm already at very low concentrations. In conclusion, new possible sources were explored in this work to find novel antimicrobial compounds to fight the emerging antimicrobial resistance to conventional drugs. As a result, a series of new and effective antimicrobial agents were detected, characterized and tested against a wide range of pathogens

Att uppfinna ord:Kindheit als Strategie der Weltaneignung in der schwedischen Arbeiterliteratur der 1930er Jahre

In Schweden bildet die Arbeiterliteratur eine stärkere literarische Tradition als in allen anderen europäischen Ländern. Die innerhalb dieser Literatur in den 1930er Jahren entstandenen Kindheitsdarstellungen wurden von der Forschung bisher vor allem unter biografischen Fragestellungen und als Versuch einer Nachahmung bürgerlicher literarischer Formen verstanden. Im Gegensatz dazu untersucht die Arbeit unter Verwendung subjekt- und sprachtheoretischer Ansätze, wie Kindheit (als Motiv, Position und Perspektive des Kindes) als politische Schreibstrategie im Zusammenhang mit Klassen- und Gender-Zuschreibungen eingesetzt wird: Durch die literarische Konstruktion von Kindheit wird so ein subversiver Zugang zum bürgerlichen Literaturdiskurs geschaffen, der es ermöglicht Identitätszuschreibungen und Subjektpositionen zu verhandeln. Im Fokus steht dabei auch die Selbstreferenzialität der untersuchten Texte durch deren Diskussion der eigenen Sprachlichkeit und der Rolle des Arbeiterverfassers.<br

Kontrastiivinen kielto : Konstruktioiden vaihtelu kielten sisällä ja niiden välillä

This dissertation examines contrastive negation. Contrastive negation is a cover term for constructions that combine a negated and affirmed element that refer to the same state of affairs (e.g. not today but tomorrow). There are many ways to express contrastive negation across languages and even within one language. In my dissertation, I ask what the functions of contrastive negation are, what forms it takes, and what explains the variation between these forms. I investigate these questions both within one language – English – and cross-linguistically. Previous research on contrastive negation has mostly resorted to introspectively constructed examples and its main focus has been on metalinguistic negation (e.g. not good but excellent). The main method used in this dissertation is corpus linguistics, i.e. the qualitative and quantitative study of electronically stored collections of naturally occurring texts. My aim has been to study contrastive negation as it actually appears in language use rather than focusing on artificially created ideal cases. I complement the corpus-linguistic perspective with interactional linguistics. In other words, I study how contrastive negation is used in casual conversation to create various socially relevant actions. The theoretical framework of the study is construction grammar, which starts with the assumption that language consists of constructions, i.e. pairings of form and function that language users learn from usage by using domain-general cognitive mechanisms. According to the corpus analysis, contrastive negation favours argumentative and interactive genres, such as newspaper editorials and conversation. There are gradient and sometimes quite subtle functional differences among the constructional schemas that are used to express contrastive negation in English newspaper discourse. In conversation, a difference emerges between English and Finnish constructional straregies: English favours asyndetic combinations of a negative and an affirmative clause while in Finnish, constructions that employ corrective conjunctions are used relatively frequently. In both languages, the forms that contrastive negation takes are adapted to the interactional context and function, especially to whether the construction is used reactively or not. In the last study of the dissertation, a comparison of 11 European languages reveals differences especially in the extent to which corrective conjunctions are used in the languages studied. The dissertation extends our understanding of contrastive negation. Instead of metalinguistic negation, which has dominated previous studies on the constructions, the central questions for this dissertation are whether the contrast is additive (not only Finland but also Sweden) or restrictive (not every day but merely at weekends), and whether the construction is used reactively or not.Tämä väitöskirja käsittelee kontrastiivista kieltoa. Kontrastiivisella kiellolla tarkoitetaan rakenteita, joissa yhdistyy samaa asiaintilaa kuvaava myönteinen ja kielteinen osa (esimerkiksi ei tänään vaan huomenna; ravistettuna, ei sekoitettuna). Kontrastiivisella kiellolla on monia ilmenemismuotoja eri kielissä ja myös saman kielen sisällä. Väitöskirjassani kysyn, mihin kontrastiivista kieltoa käytetään, mitä eri muotoja sillä on ja mikä niiden välistä vaihtelua selittää. Tutkin kontrastiivista kieltoa sekä yhdessä kielessä – englannissa – että kieltenvälisesti. Aiempi tutkimus kontrastiivisesta kiellosta on painottanut keksittyjä lause-esimerkkejä ja erityisesti niin sanottua metalingvististä kieltoa (esimerkiksi ei hyvä vaan loistava). Tämän tutkimuksen metodina on korpuslingvistiikka eli sähköisessä muodossa tallennettujen aitojen tekstien kokoelmien analysointi sekä laadullisesti että määrällisesti. Tarkoituksena on kuvata kontrastiivista kieltoa sellaisena kuin sitä käytetään idealisoitujen esimerkkien sijaan. Täydennän analyysia vuorovaikutuslingvistiikalla eli tutkin myös, miten kontrastiivista kieltoa käytetään arkikeskustelussa luomaan erilaisia sosiaalisesti merkityksellisiä toimintoja. Tutkimuksen teoreettisena viitekehyksenä käytän konstruktiokielioppia, jonka mukaan kieli koostuu muodon ja merkityksen yhteenliittymistä eli konstruktioista, joita kielen puhujat oppivat yleisten kognitiivisten mekanismien perusteella kielenkäytön pohjalta. Korpusanalyysin perusteella kontrastiivinen kielto on tyypillinen kielen piirre argumentatiivisissa ja vuorovaikutteisissa tekstilajeissa kuten pääkirjoituksissa ja arkikeskustelussa. Englanninkielisessä sanomalehtiaineistossa kontrastiivisen kiellon eri muotojen välillä on jatkumomaisia ja joskus hienovaraisiakin funktionaalisia eroja. Keskusteluaineistojen osalta englanti ja suomi eroavat toisistaan siinä, millaisia strategioita niiden puhujat käyttävät kontrastiivisen kiellon ilmaisemiseen: englannissa kontrastiivinen kielto ilmaistaan keskustelussa tyypillisesti kielteisen ja myönteisen lauseen asyndeettisenä rinnastuksena, kun taas suomessa myös korrektiivisten konjuntioiden (vaan ja kun) käyttö on suhteellisen tavallista. Kummassakin kielessä kontrastiivisen kiellon muoto motivoituu vuorovaikutustilanteesta ja -funktiosta, erityisesti siitä, käytetäänkö konstruktiota reaktiivisesti vai ei. Väitöskirjan viimeisessä osatutkimuksessa 11 kielen vertailu paljastaa kieltenävälisiä eroja erityisesti korrektiivisten konjunktioiden käyttöalassa. Väitöskirjan tulokset laajentavat kuvaa kontrastiivisesta kiellosta. Aiempaa tutkimusta hallinneen metalingvistisyyden sijaan keskeiseksi nousee kysymys siitä, onko kontrasti korvaava (ei tänään vaan huomenna), lisäävä (ei vain Suomi vaan myös Ruotsi) vai rajaava (ei joka päivä vaan ainoastaan viikonloppuisin), sekä siitä, onko konstruktion käyttö reaktiivista vai ei

Áurea Braga: o design de uma jóia como veículo cultural de um lugar

Mestrado em Design Integrado na Escola Superior de Tecnologia e Gestão do Instituto Politécnico de Viana do CasteloEsta dissertação pretende determinar a relação de um lugar com os valores que este comunica e demonstrar que os valores culturais de um lugar podem valorizar a atividade artesanal, promovendo e divulgando o património e a história da cidade de Braga. Neste sentido, pretende-se qualificar o lugar, recuperando e valorizando a técnica artística milenar, com maior influência no norte de Portugal - a Filigrana. Os primeiros capítulos analisam a importância dos símbolos culturais de uma cidade no design de jóias. Deseja-se comprovar que um artefacto de joalharia passa pelo design, tornando-se um transmissor de valores de um lugar, nomeadamente, da cidade de Braga. Neste sentido, realiza-se uma breve análise história da cidade de Braga através dos seus símbolos e uma breve análise histórica acerca da técnica da filigrana como elemento portador de cultura. O capítulo de aplicação desta investigação desenvolve um projeto experimental de sistema de produto, denominado ÁUREA BRAGA. Com este projeto pretende-se demonstrar que a disciplina do design tem a capacidade para deslocar e transmitir valores qualitativos que identificam a essência de um lugar, conjugando-os com valores identitários de uma técnica local. Por meio do design espera-se concretizar uma ligação entre uma cultura produtiva local e o território a que esta se refere. Finalmente, espera-se provar que, por meio do design, é possível criar um sistema de jóia, cruzando símbolos culturais de uma cidade com uma das técnicas artísticas milenares da joalharia portuguesa.This dissertation intends to determine the relationship of a place with the values that itself transmits and to demonstrate that the cultural values of a place can appreciate the craftsmanship, promoting and publicizing the heritage and history of the city of Braga. Therefore, it intends to recover and enhance the ancient artistic technique, with greater influence in the north of Portugal - the Filigree. The first chapters examine the importance of the cultural symbols of a city in jewelry design. The purpose is to prove that an artifact of jewelry goes through design, becoming a transmitter of values of a place, namely, the city of Braga. In this sense, it is done a brief analysis of the history of Braga through their symbols and a brief historical analysis concerning the technique of the filigree as an element carrier of culture. The chapter of application of this research develops an experimental project of a system product, called ÁUREA BRAGA. With this project it is intended to demonstrate that the discipline of design has the ability to move and to transmit qualitative values that identify the essence of a place, combining them with identity values of a local technique. Through design it intends to achieve a connection between a local productive culture and the territory that itself refers. Finally, it is expected to prove that, by design, it is possible to create of a system of jewelry, crossing cultural symbols of a city with one of the ancient artistic techniques of the portuguese jewelry