Understanding Financial Risk Tolerance. Institutional, Behavioral and Normative Dimensions

This book focuses on the contribution of financial risk tolerance in shaping the workings of financial markets. It combines very different views to understand how this concept, lying at the crossroads of different domains of study and practice, including financial regulation, scholarly studies, and financial advisory practice, has been formalized over the last 30 years. The book looks at the feedback loop among the different domains in which risk tolerance is assessed and operationalized to reorganize the current stream of research on financial risk tolerance and suggests further relevant domains in which a new risk tolerance definition will need to be defined. Using key landmark moments in the normative evolution of financial services in the European Union (MiFID and MiFID 2), this book highlights the relationship between scholarly definitions of risk tolerance, key measurement tools, and the formal requirements imposed by regulatory institutions to key market players. This book provides a snapshot of the most important dimensions in which financial risk tolerance has been analyzed and highlights the relationship between policy-making and scientific endeavor. We touch upon precursors of financial risk tolerance, reviewing key socio-demographic variables, and move on toward more dynamic versions of financial risk tolerance that include the role of life events. The different chapters focus on the debate on financial risk tolerance in specific time frames marked by regulatory events and provide an in-depth overview of two important changes in European financial markets—sustainable investment and fintech and robo advisory. A practitioner’s view section authored by the CEO of a UK-based investment firm is included as a commentary and includes relevant insights from the world of financial advisory tied to the academic debate discussed in the text

High-performance yellow ceramic pigments Zr(Ti1-x-ySnx-yVyMy)O4 (M = Al, In, Y): crystal structure, colouring mechanism and technological properties

Zirconium titanate-stannate doped with V with co-dopants Al, In or Y was synthesised by solid state reaction and its structural (XRD, SEM), optical (DRS) and technological properties were determined to assess its potential use as ceramic pigment. These compounds have a srilankite-type, disordered orthorhombic structure, implying a random distribution of Zr, Ti, Sn and dopants in a single, strongly distorted octahedral site. Doping caused an increase of unit-cell dimensions, metal-oxygen distances and octahedron distortion. Optical spectra show crystal field electronic transitions of V4+ as well as intense bands in the blue-UV range due to V4+-V5+ intervalence charge transfer and/or to V-O charge transfer. The formation of oxygen vacancies is supposed to compensate the occurrence of V4+ ensuring the lattice charge neutrality. These srilankite-type oxides develop a deep and brilliant yellow shade with colourimetric parameters close to those of industrial ceramic pigments. Technological tests in several ceramic applications proved that zirconium titanate-stannate is very stable at high temperature, exhibiting an excellent performance in the 1200-1250?C range, even better than praseodymium-doped zircon

Titania slag as a ceramic pigment

The phase transformations and colouring mechanisms that occur during the ceramic processing of titania slag were investigated using XRF-EDS, XRD, DRS and laboratory-scale application in glazed and unglazed tiles. The slag transforms to pseudobrookite, undergoing a drastic colour change during firing as a consequence of thermal oxidation with Fe2+ to Fe3+ and Ti3+ to Ti4+ reactions. The intense brown colour imparted by titania slag is stable at both low (up to 1050 degrees C) and high (around 1200?C) temperatures and is suitable for porcelain stoneware tiles. In through-body application, titania slag enables \u27spotting\u27 effects to be achieved

The use of viscoelastic haemostatic assays in non-cardiac surgical settings. a systematic review and meta-analysis

Background: Thrombelastography (TEG) and rotational thromboelastometry (ROTEM) are viscoelastic haemostatic assays (VHA) which exploit the elastic properties of clotting blood. The aim of this systematic review and meta-analysis was to evaluate the usefulness of these tests in bleeding patients outside the cardiac surgical setting. Materials and methods: We searched the Cochrane Library, MEDLINE, EMBASE and SCOPUS. We also searched clinical trial registries for ongoing and unpublished studies, and checked reference lists to identify additional studies. Results: We found 4 randomised controlled trials (RCTs) that met our inclusion criteria with a total of 229 participants. The sample size was small (from 28 to 111 patients) and the follow-up periods very heterogenous (from 4 weeks to 3 years). Pooled data from the 3 trials reporting on mortality (199 participants) do not show any effect of the use of TEG on mortality as compared to standard monitoring (based on the average treatment effect from a fixed-effects model): Risk Ratio (RR) 0.71; 95% Confidence Interval (CI): 0.43 to 1.16. Likewise, the use of VHA does not reduce the need for red blood cells (mean difference -0.64; 95% CI: -1.51 to 0.23), platelet concentrates (mean difference -1.12; 95% CI: -3.25 to 1.02), and fresh frozen plasma (mean difference -0.91; 95% CI: -2.02 to 0.19) transfusion. The evidence on mortality and other outcomes was uncertain (very low-certainty evidence, down-graded due to risk of biases, imprecision, and inconsistency). Conclusions: Overall, the certainty of the evidence provided by the trials was too low for us to be certain of the benefits and harms of viscoelastic haemostatic assay in non-cardiac surgical settings. More, larger, and better-designed RCTs should be carried out in this area

Co-doped willemite ceramic pigments: technological behavior, crystal structure and optical properties

Cobalt-doped willemite is a promising blue ceramic pigment, but some important aspects concerning crystal structure, optical properties and technological behavior are still undisclosed. In order to get new insight on these features, willemite pigments (Zn2-xCoxSiO4, 0<x<0.3) were synthesized by the ceramic route and characterized from the structural (XRPD with Rietveld refinement), optical (DRS and colorimetry), microstructural (SEM, STEM, TEM, EDX, EELS) and technological (simulation of the ceramic process) viewpoints. The incorporation of cobalt in the willemite lattice, taking preferentially place in the Zn1 tetrahedral site, induces an increase of unit cell parameters, metal-oxygen distances, and inter-tetrahedral tilting. It causes shifting and enhanced splitting of spin-allowed bands of Co2+ in tetrahedral coordination, implying slight changes of crystal field strength Dq and Racah B parameter, but increasing spin-orbit coupling parameter l. Willemite pigments impart deep blue hue to ceramic glazes and glassy coatings with a coloring performance better than commercial Co-bearing colorants in the 800-1200?C range. Detailed SEM-TEM investigation and microanalysis proved that no diffusion phenomena occur at the pigment-glassy coating interface and that willemite pigments are chemically inert during firing at 1050?

Safety and efficacy of tranexamic acid for prevention of obstetric haemorrhage. An updated systematic review and meta-analysis

Background. A number of clinical systematic review and meta-analysis have been published on the use of tranexamic in the obstetric setting. The aim of this meta-analysis was to evaluate the safety and effectiveness of tranexamic acid in reducing blood loss when given prior to caesarean delivery. Materials and methods. We searched the Cochrane Wounds Specialized Register, Cochrane Central, MEDLINE (through PUBMED), Embase, and SCOPUS electronic databases. We also searched clinical trials registries for ongoing and unpublished studies, and checked reference lists to identify additional studies. We used no restrictions with respect to language and date of publication. Two review authors independently performed study selection, "Risk of bias" assessment, and data extraction. Initial disagreements were resolved by discussion, or by including a third review author when necessary. Results. We found 18 randomised controlled trials (RCTs) that met our inclusion criteria. Overall, 1,764 women receiving intravenous tranexamic acid for prevention of bleeding following caesarean sections and 1,793 controls receiving placebo were enrolled in the 18 RCTs evaluated. The use of tranexamic acid compared to controls (placebo or no intervention) reduces post-partum haemorrhage >400 mL (risk ratio [RR] 0.40, 95% confidence interval [CI] 0.24-0.65; 5 trials with a total of 786 participants), severe post-partum haemorrhage >1,000 mL (RR 0.32, 95% CI: 0.12-0.84; 5 trials with a total of 1,850 participants), and need for red blood cell transfusion (RR 0.30, 95% CI: 0.18-0.49; 10 trials with a total of 1,873 participants). No particular safety concerns on the use of this antifibrinolytic agent emerged from the analysis of the 18 RCTs included. Discussion. Overall, the results of this meta-analysis support the evidence of a beneficial effect of tranexamic acid in reducing blood loss and need for blood transfusion in pregnant women undergoing caesarean section

Ni-doped Hibonite (CaAl12O19): A New Turquoise Blue Ceramic Pigment

A new structure for ceramic pigments was synthesized by a conventional solid state reaction process. It is based on Ni-doped hibonite, CaAl12O19, which assumes a turquoise-like blue colour similar to that of V-doped zircon. Hibonite is associated with anorthite, CaAl2Si2O8, acting like a fluxing agent in order to lower the synthesis temperature, and with cassiterite, SnO2, acting as a tin buffer to promote coupled Ni2+ + Sn4+ -> Al3+ + Al3+ substitution, in order to ensure the electric neutrality of the hibonite lattice. Since relatively low chromophore contents are required, this new system constitutes an interesting alternative to the common blue ceramic pigments based on cobalt aluminate spinel or vanadium-doped zircon, implying lower cost and environmental advantages. The pigments characterization was performed by X-ray powder diffraction, diffuse reflectance spectroscopy, CIELAB colourimetric analysis, and testing in ceramic glazes and bodies. The substitution of Al3+ by bigger ions, like Ni2+ and Sn4+, increases the cell volume compared to undoped hibonite and is responsible of the turquoise blue colour, as verified by UV-Vis analysis. The chromatic mechanism is due to incorporation of Ni2+ in tetrahedral coordination, likely occurring at the site M3 of the hibonite lattice, where it partially substitutes the Al3+ ion. While this product shows a strong hue as a pigment, it is not stable after severe testing in glazes and attempts to improve its colouring performance are now under development

Study of the Synthetic Approach Influence in Ni/CeO2-Based Catalysts for Methane Dry Reforming

This study focuses on the synthetic approach influence in morphostructural features and catalytic performances for Ni/CeO2 catalysts. Incipient wetness impregnation, coprecipitation and nitrate combustion were studied as catalyst preparation approaches, and the materials were then tested at 700 C for methane dry reforming (MDR). The morphostructural properties of the materials were deeply studied using several techniques, such as temperature programmed reduction (TPR), to investigate reducibility and support-metal interaction, N2 physisorption to evaluate the porosity and the surface area, scanning electron microscopy (SEM) and X-ray diffraction (XRD) to estimate Ni dispersion, and temperature programmed oxidation (TPO) to identify the type and amount of coke formed on catalysts’ surface after reaction. From the data obtained, coprecipitation turned out to be the most suitable technique for this application because this catalyst was able to reach 70% of CO2 conversion and 30% methane conversion, with an H2 yield of 15% and 30% yield of CO at the end of the 30 h test. Moreover, it was also the catalyst with the highest metal dispersion, the strongest interaction with the support, and the lowest coke deposition

Malayaite Ceramic Pigments: a Combined Optical Spectroscopy and Neutron/X-ray Diffraction Study

Ceramic pigments based on the Cr-doped malayaite structure were synthesized by solid state reaction and characterized by optical spectroscopy and combined X-ray and neutron powder diffraction in order to elucidate the still unclear chromium substitution mechanisms. The results show that coloration is actually due to simultaneous occurrence of Cr4+ and Cr3+ ions in the crystal lattice. Spectroscopy data confirm that Cr4+ is replacing Sn4+ in the octahedral site and, in minor amount, Si4+ in the tetrahedral site. In addition, neutron powder diffraction data suggest that Cr3+ substitution for octahedral Sn4+ is charge balanced by formation of oxygen vacancies with no preference over the different oxygen sites. Upon incorporation of Cr ion, the SnO6 octahedra exhibit an off-centre displacement of central cation which in turn induces a rearrangement of both the octahedral and tetrahedral coordination shells