Is there a role for funding in explaining recent US bank failures?

This paper tests the role of different banks’ liquidity funding structures in explaining the bank failures that occurred in the United States between 2007 and 2009. The results highlight that funding is indeed a significant factor in explaining banks’ probability of default. By confirming the role of funding as a driver of banking crisis, the paper also recognizes that the new liquidity framework proposed by the Basel Committee on Banking Supervision appears to have the features needed to strengthen banks’ liquidity conditions and improve financial stability. Its correct implementation, together with closer supervision of banks’ liquidity and funding conditions, appear decisive, however, if such improvements are to be achieved.banks, default, crises, liquidity, funding, brokered deposits, liquidity regulation, deposit insurance, United States

Use of faecal and stomach contents in assessing food niche relationships: a case study of two sympatric species of Podarcis lizards (sauria: lacertidae)

La niche trophique de deux espèces de lézards (Podarcis muralis et P. sicula) a été étudiée en analysant à la fois des contenus stomacaux et des pelotes fécales. Des comparaisons ont été conduites entre les deux espèces, portant sur leurs spectres trophiques, les largeurs et les recouvrements de leurs niches alimentaires. L'analyse fondée sur les contenus stomacaux a fourni les données les plus complètes et les plus détaillées. Podarcis sicula est apparu comme un prédateur plus généraliste que P muralis, le recouvrement de niche entre ces deux espèces étant très faible. Les données différentes qui existent dans la littérature, montrant un plus fort recouvrement, seraient dues à des préférences alimentaires locales et à l'utilisation de méthodes d'analyse différentes.The trophic niche of two sympatric species of wall lizards (Podarcis muralis and P. sicula) was studied by the analysis of both stomach contents and faecal pellets, and differences in trophic spectra, food niche breadth, and niche overlap were compared. The analysis based on stomach contents provided more complete and detailed data. Podarcis sicula appeared to be a more generalist predator than P. muralis, and the niche overlap between the two species was very Jow. Differences from literature data showing a higher overlap can be due to local food preferences and different methods of analysis

Evoluzione storica della farmacoutilizzazione degli anti-ipertensivi in Italia (1988-1998)

The aim of this study was to perform an historical evaluation of pharmacoutilization of main antihypertensive drug classes in Italy between 1988 and 1998. There were analysed numbers of packs and costs for diuretics, beta-blockers, central and peripheral antihypertensive drugs (CPAD), calcium-channel blockers (CCB), angiotensin-converting enzyme (ACE) inhibitors and angiotensin-II (AII) receptor antagonists. The amount of defined-daily-doses (DDDs) per preparation was calculated by dividing the annual number of packs by respective DDD value. The number of DDDs was grouped according to the second level of the anatomic-therapeutic-chemical (ATC) classification. The amount of annual expenditures for each ATC level was converted to current monetary values. To calculate the annual cost per DDD, the expenditure was divided by respective number of DDDs. From 1988 to 1998, total number of DDDs of antihypertensive drugs grew from 193.657.092 to 396.140.967 with an increase of 105%, while the expenditure grew from 40.886.385 to 126.102.362, with an increase of 208%. Comparing data of 1990 and 1998, the DDDs of antihypertensive drugs increased of about 79%, the expenditure for these drugs increased of about 115%, while the global pharmaceutical expenditure increased only of 34%. Taking each drug class separately, CCB and ACE-inhibitors are the classes with the higher number of DDDs and the higher expenditure; while alpha-receptor blockers, ACE-inhibitors and AII- antagonists are the classes with the higher cost per DDD. In conclusion this study describes a substantial modification of pharmacoutilization of antihypertensive drugs in Italy along a ten-years span. The agreement between utilization trends and indications of international treatment guidelines, as well as the economic impact on drugs expenditure have been discussed

Emergent Functional Properties of Neuronal Networks with Controlled Topology

The interplay between anatomical connectivity and dynamics in neural networks plays a key role in the functional properties of the brain and in the associated connectivity changes induced by neural diseases. However, a detailed experimental investigation of this interplay at both cellular and population scales in the living brain is limited by accessibility. Alternatively, to investigate the basic operational principles with morphological, electrophysiological and computational methods, the activity emerging from large in vitro networks of primary neurons organized with imposed topologies can be studied. Here, we validated the use of a new bio-printing approach, which effectively maintains the topology of hippocampal cultures in vitro and investigated, by patch-clamp and MEA electrophysiology, the emerging functional properties of these grid-confined networks. In spite of differences in the organization of physical connectivity, our bio-patterned grid networks retained the key properties of synaptic transmission, short-term plasticity and overall network activity with respect to random networks. Interestingly, the imposed grid topology resulted in a reinforcement of functional connections along orthogonal directions, shorter connectivity links and a greatly increased spiking probability in response to focal stimulation. These results clearly demonstrate that reliable functional studies can nowadays be performed on large neuronal networks in the presence of sustained changes in the physical network connectivity

Measurement of the top quark forward-backward production asymmetry and the anomalous chromoelectric and chromomagnetic moments in pp collisions at √s = 13 TeV

Abstract The parton-level top quark (t) forward-backward asymmetry and the anomalous chromoelectric (d̂ t) and chromomagnetic (μ̂ t) moments have been measured using LHC pp collisions at a center-of-mass energy of 13 TeV, collected in the CMS detector in a data sample corresponding to an integrated luminosity of 35.9 fb−1. The linearized variable AFB(1) is used to approximate the asymmetry. Candidate t t ¯ events decaying to a muon or electron and jets in final states with low and high Lorentz boosts are selected and reconstructed using a fit of the kinematic distributions of the decay products to those expected for t t ¯ final states. The values found for the parameters are AFB(1)=0.048−0.087+0.095(stat)−0.029+0.020(syst),μ̂t=−0.024−0.009+0.013(stat)−0.011+0.016(syst), and a limit is placed on the magnitude of | d̂ t| < 0.03 at 95% confidence level. [Figure not available: see fulltext.

MUSiC : a model-unspecific search for new physics in proton-proton collisions at root s=13TeV

Results of the Model Unspecific Search in CMS (MUSiC), using proton-proton collision data recorded at the LHC at a centre-of-mass energy of 13 TeV, corresponding to an integrated luminosity of 35.9 fb(-1), are presented. The MUSiC analysis searches for anomalies that could be signatures of physics beyond the standard model. The analysis is based on the comparison of observed data with the standard model prediction, as determined from simulation, in several hundred final states and multiple kinematic distributions. Events containing at least one electron or muon are classified based on their final state topology, and an automated search algorithm surveys the observed data for deviations from the prediction. The sensitivity of the search is validated using multiple methods. No significant deviations from the predictions have been observed. For a wide range of final state topologies, agreement is found between the data and the standard model simulation. This analysis complements dedicated search analyses by significantly expanding the range of final states covered using a model independent approach with the largest data set to date to probe phase space regions beyond the reach of previous general searches.Peer reviewe

Search for new particles in events with energetic jets and large missing transverse momentum in proton-proton collisions at root s=13 TeV

A search is presented for new particles produced at the LHC in proton-proton collisions at root s = 13 TeV, using events with energetic jets and large missing transverse momentum. The analysis is based on a data sample corresponding to an integrated luminosity of 101 fb(-1), collected in 2017-2018 with the CMS detector. Machine learning techniques are used to define separate categories for events with narrow jets from initial-state radiation and events with large-radius jets consistent with a hadronic decay of a W or Z boson. A statistical combination is made with an earlier search based on a data sample of 36 fb(-1), collected in 2016. No significant excess of events is observed with respect to the standard model background expectation determined from control samples in data. The results are interpreted in terms of limits on the branching fraction of an invisible decay of the Higgs boson, as well as constraints on simplified models of dark matter, on first-generation scalar leptoquarks decaying to quarks and neutrinos, and on models with large extra dimensions. Several of the new limits, specifically for spin-1 dark matter mediators, pseudoscalar mediators, colored mediators, and leptoquarks, are the most restrictive to date.Peer reviewe

Measurement of prompt open-charm production cross sections in proton-proton collisions at root s=13 TeV

The production cross sections for prompt open-charm mesons in proton-proton collisions at a center-of-mass energy of 13TeV are reported. The measurement is performed using a data sample collected by the CMS experiment corresponding to an integrated luminosity of 29 nb(-1). The differential production cross sections of the D*(+/-), D-+/-, and D-0 ((D) over bar (0)) mesons are presented in ranges of transverse momentum and pseudorapidity 4 < p(T) < 100 GeV and vertical bar eta vertical bar < 2.1, respectively. The results are compared to several theoretical calculations and to previous measurements.Peer reviewe

Combined searches for the production of supersymmetric top quark partners in proton-proton collisions at root s=13 TeV

A combination of searches for top squark pair production using proton-proton collision data at a center-of-mass energy of 13 TeV at the CERN LHC, corresponding to an integrated luminosity of 137 fb(-1) collected by the CMS experiment, is presented. Signatures with at least 2 jets and large missing transverse momentum are categorized into events with 0, 1, or 2 leptons. New results for regions of parameter space where the kinematical properties of top squark pair production and top quark pair production are very similar are presented. Depending on themodel, the combined result excludes a top squarkmass up to 1325 GeV for amassless neutralino, and a neutralinomass up to 700 GeV for a top squarkmass of 1150 GeV. Top squarks with masses from 145 to 295 GeV, for neutralino masses from 0 to 100 GeV, with a mass difference between the top squark and the neutralino in a window of 30 GeV around the mass of the top quark, are excluded for the first time with CMS data. The results of theses searches are also interpreted in an alternative signal model of dark matter production via a spin-0 mediator in association with a top quark pair. Upper limits are set on the cross section for mediator particle masses of up to 420 GeV

Search for Physics beyond the Standard Model in Events with Overlapping Photons and Jets

Results are reported from a search for new particles that decay into a photon and two gluons, in events with jets. Novel jet substructure techniques are developed that allow photons to be identified in an environment densely populated with hadrons. The analyzed proton-proton collision data were collected by the CMS experiment at the LHC, in 2016 at root s = 13 TeV, and correspond to an integrated luminosity of 35.9 fb(-1). The spectra of total transverse hadronic energy of candidate events are examined for deviations from the standard model predictions. No statistically significant excess is observed over the expected background. The first cross section limits on new physics processes resulting in such events are set. The results are interpreted as upper limits on the rate of gluino pair production, utilizing a simplified stealth supersymmetry model. The excluded gluino masses extend up to 1.7 TeV, for a neutralino mass of 200 GeV and exceed previous mass constraints set by analyses targeting events with isolated photons.Peer reviewe