Risk tasking behaviour and ownership in the banking industry: the Spanish evidence

This paper analyses the determinant of risk_taking in the Spanish financial intermediaries with special emphasis on the ownership structure and size of the different entities. On the one hand, the soecific legal configuration of Spanish Savings banks may lead them to differ from Commercial banks in their risk behaviour. In particular, they may make riskier investments. Nevertheless,other theories indicate that greater stockholder control in Commercial banks may induce them towards greater risk_taking in certain situations. In this paper we test these hypotheses with a dynamic pañel data model (1993_2000) for Spanish Commercial banks and Savings banks. We analyse whether differences in risk behaviour are related to different ownership structures or to other factors such as the size of the entity.Commercial banks, Savings banks, Corporate control, Ownership structure, Bank risk_taking

A hotspot mutation targeting the R-RAS2 GTPase acts as a potent oncogenic driver in a wide spectrum of tumors

A missense change in RRAS2 (Gln to Leu), analogous to the Gln-to-Leu mutation of RAS oncoproteins, has been identified as a long-tail hotspot mutation in cancer and Noonan syndrome. However, the relevance of this mutation for in vivo tumorigenesis remains understudied. Here we show, using an inducible knockin mouse model, that R-Ras2 triggers rapid development of a wide spectrum of tumors when somatically expressed in adult tissues. These tumors show limited overlap with those originated by classical Ras oncogenes. R-Ras2-driven tumors can be classified into different subtypes according to therapeutic susceptibility. Importantly, the most relevant R-Ras2-driven tumors are dependent on mTORC1 but independent of phosphatidylinositol 3-kinase-, MEK-, and Ral guanosine diphosphate (GDP) dissociation stimulator. This pharmacological vulnerability is due to the extensive rewiring by R-Ras2 of pathways that orthogonally stimulate mTORC1 signaling. These findings demonstrate that RRAS2 is a bona fide oncogenic driver and unveil therapeutic strategies for patients with cancer and Noonan syndrome bearing RRAS2 mutations.We thank M. Blázquez and the personnel of the CIC Flow Cytometry, Microscopy, Pathology, and Genomics Units for expert technical work. X.R.B.’s project leading to these results has received funding from the Spanish Association against Cancer (GC16173472GARC), the Castilla-León government (CSI252P18, CSI145P20, and CLC-2017-01), the RTI2018-096481-B-100 grant cofounded by MCIN/AEI/10.13039/501100011033 and the European Research Development Fund “A way of making Europe” of the European Union, and “la Caixa” Banking Foundation (HR20-00164). X.R.B.’s institution is supported by the Programa de Apoyo a Planes Estratégicos de Investigación de Estructuras de Investigación de Excelencia of the Castilla-León government (CLC-2017-01). J.R.-V. received funding from the Carlos III Health Institute (PI20/01724). J.R.-V.’s contract is supported by a senior postdoctoral contract of the Spanish Association against Cancer. L.C.’s contract was supported by contracts from the Spanish Association against Cancer and the CLC-2017-01 grant. L.F.L.-M.’s contract was mostly supported by funding from the Spanish Ministry of Education, Culture and Sports (FPU13/02923) and, subsequently, by the CLC-2017-01 grant. R.C. was supported by a predoctoral contract from the MSI (BES-2016-0077909) and the CLC-2017-01 grant

Population-based multicase-control study in common tumors in Spain (MCC-Spain): rationale and study design

Introduction: We present the protocol of a large population-based case-control study of 5 common tumors in Spain (MCC-Spain) that evaluates environmental exposures and genetic factors. Methods: Between 2008-2013, 10,183 persons aged 20-85 years were enrolled in 23 hospitals and primary care centres in 12 Spanish provinces including 1,115 cases of a new diagnosis of prostate cancer, 1,750 of breast cancer, 2,171 of colorectal cancer, 492 of gastro-oesophageal cancer, 554 cases of chronic lymphocytic leukaemia (CLL) and 4,101 population-based controls matched by frequency to cases by age, sex and region of residence. Participation rates ranged from 57% (stomach cancer) to 87% (CLL cases) and from 30% to 77% in controls. Participants completed a face-to-face computerized interview on sociodemographic factors, environmental exposures, occupation, medication, lifestyle, and personal and family medical history. In addition, participants completed a self-administered food-frequency questionnaire and telephone interviews. Blood samples were collected from 76% of participants while saliva samples were collected in CLL cases and participants refusing blood extractions. Clinical information was recorded for cases and paraffin blocks and/or fresh tumor samples are available in most collaborating hospitals. Genotyping was done through an exome array enriched with genetic markers in specific pathways. Multiple analyses are planned to assess the association of environmental, personal and genetic risk factors for each tumor and to identify pleiotropic effects. Discussion: This study, conducted within the Spanish Consortium for Biomedical Research in Epidemiology & Public Health (CIBERESP), is a unique initiative to evaluate etiological factors for common cancers and will promote cancer research and prevention in Spain.The study was partially funded by the “Accion Transversal del Cancer”, approved on the Spanish Ministry Council on the 11th October 2007, by the Instituto de Salud Carlos III-FEDER (PI08/1770, PI08/0533, PI08/1359, PS09/00773, PS09/01286, PS09/01903, PS09/02078, PS09/01662, PI11/01403, PI11/01889, PI11/00226, PI11/01810, PI11/02213, PI12/00488, PI12/00265, PI12/01270, PI12/00715, PI12/00150), by the Fundación Marqués de Valdecilla (API 10/09), by the ICGC International Cancer Genome Consortium CLL, by the Junta de Castilla y León (LE22A10-2), by the Consejería de Salud of the Junta de Andalucía (PI-0571), by the Conselleria de Sanitat of the Generalitat Valenciana (AP 061/10), by the Recercaixa (2010ACUP 00310), by the Regional Government of the Basque Country by European Commission grants FOOD-CT- 2006-036224-HIWATE, by the Spanish Association Against Cancer (AECC) Scientific Foundation, by the The Catalan Government DURSI grant 2009SGR1489

Clonal chromosomal mosaicism and loss of chromosome Y in elderly men increase vulnerability for SARS-CoV-2

The pandemic caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2, COVID-19) had an estimated overall case fatality ratio of 1.38% (pre-vaccination), being 53% higher in males and increasing exponentially with age. Among 9578 individuals diagnosed with COVID-19 in the SCOURGE study, we found 133 cases (1.42%) with detectable clonal mosaicism for chromosome alterations (mCA) and 226 males (5.08%) with acquired loss of chromosome Y (LOY). Individuals with clonal mosaic events (mCA and/or LOY) showed a 54% increase in the risk of COVID-19 lethality. LOY is associated with transcriptomic biomarkers of immune dysfunction, pro-coagulation activity and cardiovascular risk. Interferon-induced genes involved in the initial immune response to SARS-CoV-2 are also down-regulated in LOY. Thus, mCA and LOY underlie at least part of the sex-biased severity and mortality of COVID-19 in aging patients. Given its potential therapeutic and prognostic relevance, evaluation of clonal mosaicism should be implemented as biomarker of COVID-19 severity in elderly people. Among 9578 individuals diagnosed with COVID-19 in the SCOURGE study, individuals with clonal mosaic events (clonal mosaicism for chromosome alterations and/or loss of chromosome Y) showed an increased risk of COVID-19 lethality

Política monetaria y cambios de régimen en los tipos de interés del mercado interbancario

Se analiza cuál es la política monetaria óptima bajo una regla de gasto público no habitual en la literatura: el gasto representa un porcentaje constante en la producción. En este caso, dado que el ritmo de crecimiento de la oferta monetaria y el coeficiente legal de caja influyen sobre el nivel de producción, el nivel de gasto dependerá del valor que tomen dichos instrumentos. Se muestra que la validez de la regla Friedman depende del valor del ratio consumo público/output. Asimismo cuando es óptimo utilizar el coeficiente legal de caja, este resulta ser un instrumento equivalente al crecimiento monetari

Linear and nonlinear intraday dynamics between the Eurostoxx-50 and its futures contract

Nos planteamos analizar el comportamiento dinámico lineal y no lineal de los rendimientos intradía del índice bursátil Eurostoxx50 y de su contrato de futuro, los cuales debido a su relativa juventud, no han sido previamente analizados. Realizamos el estudio tanto desde la perspectiva individual como conjunta. Los resultados del contraste BDS indican que las variables no son iid y que la dinámica individual no lineal detectada no puede explicarse únicamente por la presencia de heteroscedasticidad condicional. Para el estudio de las relaciones dinámicas entre los precios de ambos mercados permitimos que el proceso de ajuste ante desequilibrios de la relación de cointegración a largo plazo sea no lineal. Constatamos que el Eurostoxx50 y su contrato de futuro están cointegrados y que el proceso de ajuste no es lineal. Finalmente, encontramos que los flujos de información entre mercados son bidireccionales tanto en el ámbito lineal como en el no lineal. We set out to analyse the linear and nonlinear dynamic behaviour of intraday returns in the Eurostoxx 50 index and its futures contract which, given their relatively recent appearance, have not yet been analysed. We shall develop our study both from an individual and from a combined approach. The results of the BDS test indicate that the variables are not iid and that the detected nonlinear individual dynamics cannot solely be explained by the presence of conditional heteroskedasticity. For the study of the dynamic relationships between both markets’ prices, we allow the adjustment process to the imbalance of the long term cointegration relationship to be nonlinear. We find cointegration with a nonlinear adjustment process. Finally, we show that the information flow is bidirectional both in the linear as well as in the nonlinear sphere

Structural breaks and interest rates forecast : a sequential approach

Se analiza el impacto de los cambios estructurales en la evaluación de la capacidad predictiva. Este trabajo se interesa en la previsión de los tipos de interés del mercado interbancario, utilizandose nuevos métodos secuenciales para estimar los puntos de corte de manera endógena. Posteriormente se compara las previsiones hechas con los modelos que incorporan los cambios estructurales detectados con modelos en los que no se han tenido en cuenta. Los resultados parecen indicar escasas ganacias cuando se incorpora la información sobre el cambio estructural. The analysis of the future behaviour of economic variables can be biased if structural breaks are not considered. When these structural breaks are present, the in-sample fit of a model gives us a poor guide to ex-ante forecast performance. This problem is shared by univariate and multivariate analysis and can be extremely important when cointegration relationships are analysed. The main goal of this paper consists in analysing the impact of structural breaks on forecast accuracy evaluation. We are concerned in forecasting several interest rates from the Spanish interbank money marke

Política monetaria y cambios de régimen en los tipos de interés del mercado interbancario español

En este trabajo analizamos el comportamiento dinámico del tipo de interés a un mes del mercado interbancario español entre 1987 y 2001. Se utiliza un proceso de difusión tipo raíz cuadrada que permite que el tipo cambie dependiendo del estado de la economía. El cambio entre regímenes es dirigido por un proceso de Markov de primer orden con probabilidades de transición dependientes del estado. Encontramos dos regímenes claramente diferenciados que podemos relacionar con fenómenos de índole monetario y con el proceso de integración europea. Hay periodos en los que el tipo de interés es extremadamente alto y volátil, y otros caracterizados por tipos de interés bajos poco volátiles que se comportan claramente como un paseo aleatorio. (Copyright: Fundación SEPI)Proceso de Markov, tipo de interés a corto plazo, proceso de difusión.