Refine
Year of publication
Document Type
- Article (16108)
- Part of Periodical (2732)
- Working Paper (2357)
- Preprint (2256)
- Doctoral Thesis (2069)
- Book (1736)
- Conference Proceeding (1195)
- Part of a Book (1071)
- Report (471)
- Review (165)
Language
- English (30325) (remove)
Has Fulltext
- yes (30325) (remove)
Keywords
- taxonomy (749)
- new species (449)
- morphology (178)
- Deutschland (142)
- Syntax (126)
- Englisch (120)
- distribution (117)
- biodiversity (103)
- inflammation (100)
- Deutsch (98)
Institute
- Medizin (5428)
- Physik (4103)
- Wirtschaftswissenschaften (1922)
- Frankfurt Institute for Advanced Studies (FIAS) (1877)
- Biowissenschaften (1571)
- Informatik (1516)
- Center for Financial Studies (CFS) (1497)
- Biochemie und Chemie (1093)
- Sustainable Architecture for Finance in Europe (SAFE) (1075)
- House of Finance (HoF) (711)
This paper documents that resource reallocation across firms is an important mechanism through which creditor rights affect real outcomes. I exploit the staggered adoption of an international convention that provides globally consistent strong creditor protection for aircraft finance. After this reform, country-level productivity in the aviation sector increases by 12%, driven mostly by across-firm reallocation. Productive airlines borrow more, expand, and adopt new technology at the expense of unproductive ones. Such reallocation is facilitated by (i) easier and quicker asset redeployment; and (ii) the influx of foreign financiers offering innovative financial products to improve credit allocative efficiency. I further document an increase in competition and an improvement in the breadth and the quality of products available to consumers.
In times of crisis, governments have strong incentives to influence banks’ credit allocation because the survival of the economy depends on it. How do governments make banks “play along”? This paper focuses on the state-guaranteed credit programs (SGCPs) that have been implemented in Europe to help firms survive the COVID 19 crisis. Governments’ capacity to save the economy depends on banks’ capacity to grant credit to struggling firms (which they would not be inclined to do spontaneously in the context of a global pandemic). All governments thus face the same challenge: How do they make sure that state guaranteed loans reach their desired target and on what terms? Based on a comparative analysis of the elaboration and implementation of SGCPs in France and Germany, this paper shows that historically-rooted institutionalized modes of coordination between state and bank actors have largely shaped the terms of the SGCPs in these two countries.
An important question in banking is how strict supervision affects bank lending and in turn local business activity. Supervisors forcing banks to recognize losses could choke off lending and amplify local economic woes. But stricter supervision could also change how banks assess and manage loans. Estimating such effects is challenging. We exploit the extinction of the thrift regulator (OTS) to analyze economic links between strict supervision, bank lending and business activity. We first show that the OTS replacement indeed resulted in stricter supervision of former OTS banks. Next, we analyze the ensuing lending effects. We show that former OTS banks increase small business lending by roughly 10 percent. This increase is concentrated in well-capitalized banks, those more affected by the new regime, and cannot be fully explained by a reallocation from mortgage to small business lending after the crisis. These findings suggest that stricter supervision operates not only through capital but can also correct deficiencies in bank management and lending practices, leading to more lending and a reallocation of loans.
n today’s world, the transfer of laws and regulations between different legal systems is commonplace. The global spread of stewardship codes in recent years presents a promising, but yet untested, terrain to explore the diffusion of such norms. This paper aims to fill this gap. Employing the method of content analysis and using information from 41 stewardship codes enacted between 1991 and 2019, we systematically examine the formal diffusion of these stewardship codes. While we find support for the diffusion story of the UK as a stewardship norm exporter, especially in former British colonies in Asia, we also find evidence of diffusion from transnational initiatives, such as the EFAMA and ICGN codes, as well as regional clusters. We also show that the UK Stewardship Code of 2020 now deviates from these current models; thus, it remains to be seen how far a second round of exportation of the revised UK model into the transnational arena will follow.
When parties present divergent econometric evidence, the court may view such evidence as contradictory and thus ignore it completely, without conducting closer analysis. We develop a simple method for distinguishing between actual and merely apparent contradiction based on the statistical concept of the “severity” of the furnished evidence. Again using “severity”, we also propose a method for reconciling divergent findings in instances of mere seeming contradiction. Our chosen application is that of damage estimation in follow-on cases.
This paper contributes to the debate on the adequate regulatory treatment of non-bank financial intermediation (NBFI). It proposes an avenue for regulators to keep regulatory arbitrage under control and preserve sufficient space for efficient financial innovation at the same time. We argue for a normative approach to supervision that can overcome the proverbial race between hare and hedgehog in financial regulation and demonstrate how such an approach can be implemented in practice. We first show that regulators should primarily analyse the allocation of tail risk inherent in NBFI. Our paper proposes to apply regulatory burdens equivalent to prudential banking regulation if the respective transactional structures become only viable through indirect or direct access to (ad hoc) public backstops. Second, we use insights from the scholarship on regulatory networks as communities of interpretation to demonstrate how regulators can retrieve the information on transactional innovations and their risk-allocating characteristics that they need to make the pivotal determination. We suggest in particular how supervisors should structure their relationships with semi-public gatekeepers such as lawyers, auditors and consultants to keep abreast of the risk-allocating features of evolving transactional structures. Finally, this paper uses the example of credit funds as non-bank entities economically engaged in credit intermediation to illustrate the merits of the proposed normative framework and to highlight that multipolar regulatory dialogues are needed to shed light on the specific risk-allocating characteristics of recent contractual innovations.
In memory of Edward Diener: reflections on his career, contributions and the science of happiness
(2021)
Prof. Edward (Ed) Diener (1946-2021), a pioneer in positive psychology, passed away on the 27th of April 2021 at his home in Salt Lake City, Utah (Salt Lake City Tribune, 2021). As one of the most influential psychologists of the discipline, Ed Diener pushed the boundaries of our understanding of positive psychological functioning, subjective well-being, and happiness (Layous, 2020). As one of the Top 200 most cited researchers across all disciplines and fields, he will be most remembered for founding the scientific study of subjective well-being (SWB) and happiness (Bakshi, 2019). Diener developed the concept of subjective well-being by exploring the factors that influence people's life satisfaction (Diener et al., 2017a). He studied the individual causes of subjective well-being, such as close social relationships, income, meaning and purpose, personality, and societal causes, such as economic development, low corruption and crime, and a healthy environment (Diener et al., 2018). His research has discovered both universal and culture-specific causes and consequences of SWB and influenced governmental policy (Oishi et al., 1999). In respect of his memory, the purpose of this paper is threefold: (a) to reflect upon his career journey, (b) to celebrate his significant contributions to the discipline, and (c) to provide personal reflections of those who worked closely with him over the past 50 years.
Background: Excessive alcohol intake is associated with adverse immune response-related effects, however, acute and chronic abuse differently modulate monocyte activation. In this study, we have evaluated the phenotypic and functional changes of monocytes in acutely intoxicated healthy volunteers (HV).
Methods: Twenty-two HV consumed individually adjusted amounts of alcoholic beverages until reaching a blood alcohol level of 1‰ after 4h (T4). Peripheral blood was withdrawn before and 2h (T2), 4h (T4), 6h (T6), 24h (T24), and 48h (T48) after starting the experiment and stained for CD14, CD16 and TLR4. CD14brightCD16-, CD14brightCD16+ and CD14dimCD16+ monocyte subsets and their TLR4 expression were analyzed by flow cytometry. Inflammasome activation via caspase-1 in CD14+ monocytes was measured upon an ex vivo in vitro LPS stimulation. Systemic IL-1β and adhesion capacity of isolated CD14+ monocytes upon LPS stimulation were evaluated.
Results: The percentage of CD14+ monocyte did not change following alcohol intoxication, whereas CD14brightCD16- monocyte subset significantly increased at T2 and T24, CD14brightCD16+ at T2, T4 and T6 and CD14dimCD16+ at T4 and T6. The relative fraction of TLR4 expressing CD14+ monocytes as well as the density of TLR4 surface presentation increased at T2 and decreased at T48 significantly. TLR4+CD14+ monocytes were significantly enhanced in all subsets at T2. TLR4 expression significantly decreased in CD14brightCD16- at T48, in CD14brightCD16+ at T24 and T48, increased in CD14dimCD16+ at T2. IL-1β release upon LPS stimulation decreased at T48, correlating with TLR4 receptor expression. Alcohol downregulated inflammasome activation following ex vivo in vitro stimulation with LPS between T2 and T48 vs. T0. The adhesion capacity of CD14+ monocytes decreased from T2 with significance at T4, T6 and T48. Following LPS administration, a significant reduction of adhesion was observed at T4 and T6.
Conclusions: Alcohol intoxication immediately redistributes monocyte subsets toward the pro-inflammatory phenotype with their subsequent differentiation into the anti-inflammatory phenotype. This is paralleled by a significant functional depression, suggesting an alcohol-induced time-dependent hyporesponsiveness of monocytes to pathogenic triggers.
Kinase fusions are considered oncogenic drivers in numerous types of cancer. In lung adenocarcinoma 5–10% of patients harbor kinase fusions. The most frequently detected kinase fusion involves the Anaplastic Lymphoma Kinase (ALK) and Echinoderm Microtubule-associated protein-Like 4 (EML4). In addition, oncogenic kinase fusions involving the tyrosine kinases RET and ROS1 are found in smaller subsets of patients. In this study, we employed quantitative mass spectrometry-based phosphoproteomics to define the cellular tyrosine phosphorylation patterns induced by different oncogenic kinase fusions identified in patients with lung adenocarcinoma. We show that exogenous expression of the kinase fusions in HEK 293T cells leads to widespread tyrosine phosphorylation. Direct comparison of different kinase fusions demonstrates that the kinase part and not the fusion partner primarily defines the phosphorylation pattern. The tyrosine phosphorylation patterns differed between ALK, ROS1, and RET fusions, suggesting that oncogenic signaling induced by these kinases involves the modulation of different cellular processes.
Abstract:
The mid Miocene represents an important target for paleoclimatic study because the atmospheric CO2 concentration ranged from near modern values to ∼800 ppm, while a large, dynamic Antarctic ice sheet was likely to have been present throughout much of this interval. In this special issue, Modestou et al. (2020) (doi.org/10.1029/2020PA003927) reconstruct deep ocean warmth based on the clumped isotopic composition of benthic foraminifera, a technique that allows the ice volume and thermal components of the benthic oxygen isotope stack to be separated. These data reveal a very warm deep ocean while simultaneously suggesting that continental ice volume may, at times, have been greater than today. Here, I review these results in the context of recent developments in geochemical proxies and ice sheet modeling, and explore how the presence of a large Miocene ice sheet could be reconciled with CO2 at least as high as present. More broadly, I argue that many of the 'paradoxes' that pepper the paleoclimate literature result as much from our imperfect understanding of the proxies, as from our understanding of the climate system. Robust proxies with a well-understood mechanistic basis, as employed by Modestou et al. (2020), as well as advances in model-data comparability usher in a new era of palaeoclimate research; an exciting future of untangling Earth's myriad past climate states awaits.
Plain Language Summary:
Reconstructing climate variation in Earth's geologic past informs us of the broad features of warm climates, which is relevant to preparing for climate change over the coming centuries. Moreover, these data can be compared to state-of-the-art climate models, which provides a test of the degree to which our models can reproduce warm climate states. A paper recently published in this journal applies a new method in order to reconstruct the temperature of the deep ocean in the middle Miocene (between 17 and 12 million years ago), when the atmospheric CO2 concentration was naturally similar to or higher than it is today. Coupled with decades of previous study, these exciting results depict an unfamiliar world characterized by a warm deep ocean, and yet a large ice sheet was present on Antarctica. Both models and data agree that the Antarctic ice sheet in the Miocene was highly responsive to changes in the atmospheric CO2 concentration, a clear cause of concern in the context of ongoing anthropogenic climate change.