Cross-border diversification in bank asset portfolios

Taking the mean-variance portfolio model as a benchmark, we compute the optimally diversified portfolio for banks located in France, Germany, the U.K., and the U.S. under different assumptions about currency hedging. We compare these optimal portfolios to the actual cross-border assets of banks from 1995-1999 and try to explain the deviations. We find that banks over-invest domestically to a considerable extent and that cross-border diversification entails considerable gain. Banks underweight countries which are culturally less similar or have capital controls in place. Capital controls have a strong impact on the degree of underinvestment whereas less political risk increases the degree of over-investment. JEL Classification: G21, G11, E44, F40International banking, international integration, portfolio diversification

Cross-Border Diversification in Bank Asset Portfolios

Taking the mean-variance portfolio model as a benchmark, we compute the optimally diversified portfolio for banks located in France, Germany, the U.K., and the U.S. under different assumptions about currency hedging. We compare these optimal portfolios to the actual cross-border assets of banks from 1995-1999 and try to explain the deviations. We find that banks over-invest domestically to a considerable extent and that cross-border diversification entails considerable gain. Banks underweight countries which are culturally less similar or have capital controls in place. Capital controls have a strong impact on the degree of underinvestment whereas less political risk increases the degree of over-investment.international banking, portfolio diversification, international integration

The sustainability of communicative packaging concepts in the food supply chain. A case study: part 1. Life cycle assessment

Purpose In recent years, a new perspective for food packaging has emerged as a result of several issues like quality, safety, competitive prices or providing of useful information to consumers. This new perspective is called communicative packaging. Communicative packaging may influence consumers/companies on purchasing decisions. Since the environmental evaluation of such systems has not yet been performed, this paper is focused on the environmental evaluation of a flexible best-before-date (FBBD) communicative device on a packaging consumer unit and its implications on reducing environmental impacts related to fresh products. This consumer unit consists of a nanoclay-based polylactic acid tray filled with pork chops. Methods The environmental assessment of the consumer unit was made through life cycle assessment (LCA) using a cradle-to-gate approach. Environmental impacts were assessed according to the Eco-Indicator 99 v 2.1 methodology in Individualist (I) perspective. Results and discussion Several results were obtained from the LCA. With regard to environmental impacts of the FBBD, most of them were due to the paper substrate used for the manufacture of this communicative packaging concept as well as to the transports for delivering the components of the FBBD communicative device. On the other hand, when environmental impacts of packaging system with and without FBBD were compared, a large environmental load was detected for the system that has the communicative device affixed as a result of the higher weight of the package. However, the environmental load caused by the use of the FBBD was minimal in comparison with the total environmental load of the whole packaging system. On the contrary, the consumer unit that has the communicative device affixed showed less environmental burden than the consumer unit that has not affixed the device. This was due to the environmental benefits that the communicative device provides by reducing the amount of out-of-date packaged products at retailer outlets. Conclusions The use of a FBBD contributes to minimize environmental burdens related to the production, packaging and delivery of pork chops since it facilitates a dynamic control of out-of-date products even though the consumer unit with FBBD weighs 1 g more than the consumer unit that does not use the communicative device. Recommendations The results presented in this paper are estimated results of a specific case study for a prototype of communicative packaging device. Consequently, these results must be considered as a first approach according to future developments on communicative packaging

Exclusive neuronal expression of SUCLA2 in the human brain

SUCLA2 encodes the ATP-forming subunit (A-SUCL-) of succinyl-CoA ligase, an enzyme of the citric acid cycle. Mutations in SUCLA2 lead to a mitochondrial disorder manifesting as encephalomyopathy with dystonia, deafness and lesions in the basal ganglia. Despite the distinct brain pathology associated with SUCLA2 mutations, the precise localization of SUCLA2 protein has never been investigated. Here we show that immunoreactivity of A-SUCL- in surgical human cortical tissue samples was present exclusively in neurons, identified by their morphology and visualized by double labeling with a fluorescent Nissl dye. A-SUCL- immunoreactivity co-localized >99% with that of the d subunit of the mitochondrial F0-F1 ATP synthase. Specificity of the anti-A-SUCL- antiserum was verified by the absence of labeling in fibroblasts from a patient with a complete deletion of SUCLA2. A-SUCL- immunoreactivity was absent in glial cells, identified by antibodies directed against the glial markers GFAP and S100. Furthermore, in situ hybridization histochemistry demonstrated that SUCLA2 mRNA was present in Nissl-labeled neurons but not glial cells labeled with S100. Immunoreactivity of the GTP-forming subunit (G-SUCL-) encoded by SUCLG2, or in situ hybridization histochemistry for SUCLG2 mRNA could not be demonstrated in either neurons or astrocytes. Western blotting of post mortem brain samples revealed minor G-SUCL- immunoreactivity that was however, not upregulated in samples obtained from diabetic versus non-diabetic patients, as has been described for murine brain. Our work establishes that SUCLA2 is expressed exclusively in neurons in the human cerebral cortex

Guidelines for initiation of anti-tumour necrosis factor therapy in rheumatoid arthritis: similarities and differences across Europe.

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Ultrasound measurement of joint cartilage thickness in large and small joints in healthy children: a clinical pilot study assessing observer variability

<p>Abstract</p> <p>Background</p> <p>Loss of joint cartilage is a feature of destructive disease in JIA. The cartilage of most joints can be visualized with ultrasonography (US). Our present study focuses on discriminant validity of US in children. We studied reproducibility between and within a skilled and a non-skilled investigator of US assessment of cartilage thickness in small and large joints in healthy children.</p> <p>Methods and results</p> <p>In 11 healthy children (5 girls/6 boys), aged 9.6 years (9.3–10 years), 110 joints were examined. Cartilage thickness of the right and left hip, knee, ankle, 2^ndmetacarpophalangeal (MCP), and 2^ndproximal interphalangeal (PIP) joint independently. The joints were examined twice, two days apart by a skilled and a non-skilled investigator. Mean cartilage thickness in the five joints was: hip 2.59 ± 0.41, knee 3.67 ± 0.64, ankle 1.08 ± 0.31, MCP 1.52 ± 0.27 and PIP 0.73 ± 0.15 mm. We found the same mean differences in CTh of 0.6 mm in the inter-observer part with regard of the PIP joint. Within investigators (intra-observer), the smallest mean difference of CTh was found in the MCP joint with -0.004 (skilled) and 0.013 mm (non-skilled).</p> <p>Conclusion</p> <p>We found the level of agreement between observers within a 95% Confidence Interval in assessment of cartilage thickness in hip-, knee-, ankle-, MCP-, and PIP joints in healthy children. Observer variability seems not to relate to joint size but to the positioning of the joints and the transducer. These factors seem to be of major importance for reproducible US measurements. The smallest difference in measurement of cartilage thickness <it>between observers </it>was found in the PIP joint, and <it>within observers </it>in the MCP joint and it seems that using EULAR standard US guidelines is feasible for a pediatric setting. The use of US in children is promising. Studies on larger groups of children are needed to confirm the validation and variability of US in children as well as determining the smallest detectable difference of US measures.</p

Conservation of a native dairy cattle breed through terminal crossbreeding with commercial dairy breeds

Farmers play a key role in conserving native livestock breeds, but without economic support, farms with native breeds may not be viable. We hypothesized that terminal crossbreeding can improve herd economy and decrease the economic support needed from society. Three scenarios were simulated using SimHerd Crossbred: a herd of purebred Swedish Polled Cattle, a herd of purebred Swedish Red, and a herd of 75% Swedish Polled Cattle and 25% F1 crossbreds. The results showed annual contribution margin per cow in the herd can be increased by euro181 by crossbreeding compared with pure-breeding with the native breed, giving a 13.6% growth in contribution margin. However, the needed cost in subsidies paid by the government will remain unchanged if the population size of the native breed is to be maintained. Combining a crossbreeding strategy with the marketing of niche products may facilitate the conservation of native cattle