CROSS-COUNTRY STUDY ON THE DETERMINANTS OF BANK FINANCIAL DISTRESS

ABSTRACTBank failures affect owners, employees, and customers, possibly causing large-scale economic distress. Thus, banks must evaluate operational risks and develop early warning systems. This study investigates bank failures in the Organization for Economic Co-operation and Development, the North America Free Trade Area (NAFTA), the Association of Southeast Asian Nations, the European Union, newly industrialized countries, the G20, and the G8. We use financial ratios to analyze and explore the appropriateness of prediction models. Results show that capital ratios, interest income compared to interest expenses, non-interest income compared to non-interest expenses, return on equity, and provisions for loan losses have significantly negative correlations with bank failure. However, loan ratios, non-performing loans, and fixed assets all have significantly positive correlations with bank failure. In addition, the accuracy of the logistic model for banks from NAFTA countries provides the best prediction accuracy regarding bank failure.

Outbreak of Tinea capitis by Trichophyton tonsurans and Microsporum canis in Niterói, RJ, Brazil

18 girls from an orphanage (Orfanato Santo Antônio) in Niterói presented tinea capitis due to Trichophyton tonsurans (15 cases - 83.3%) and Microsporum canis (3 cases - 26.7%). Comments are made about clinical, mycological and therapeutic aspects of this microepidemy

Micetoma por Actinomadura madurae: relato de dois casos

São relatados dois casos de micetoma por Actinomadura madurae, atendidos no Hospital Universitário Clementino Fraga Filho (UFRJ), em 1990, e no Hospital Universitário Antonio Pedro (UFF), em 1984. Caso 1: paciente masculino, pardo, de 27 anos, iniciou o quadro em 1988, após traumatismo no pé esquerdo, com aumento de volume com nódulos apresentando fistulas drenando secreção e grãos branco-amarelados. A radiografia mostrou lesões líticas nos ossos do tarso e 2º e 3º metatarsianos do pé esquerdo. O exame histopatológico evidenciou grãos basofílicos recobertos por franja eosinofílica, arredondados, medindo até 1mm. Ao exame micológico foi isolado em cultivo A. madurae. Diante do fracasso de outras tentativas, foi instituida terapêutica com tetraciclina oral por 6 meses; contudo, como não houve resolução do quadro clínico-radiológico, foi indicada a amputação do membro. Caso 2: paciente masculino, branco, de 70 anos, iniciou quadro em 1974, após traumatismo no pé direito, que evoluiu com aumento de volume e fístulas. Ao exame histopatológico, grãos basofílicos com franjas eosinofílicas ao redor, tamanho grande, de 1 a 2mm de diâmetro, características de A. madurae. Discreta melhora com tetraciclina e sulfamídicos. Sem controle posterior. O primeiro caso adquiriu a infecção no Rio de Janeiro e o segundo caso a adquiriu em Pernambuco. Além de aspectos clínicos, diagnósticos e terapêuticos, é comentada a ocorrência dos micetomas nas Américas, destacando a freqüência dos actinomicetomas por A. madurae.

Mycetoma by Nocardia asteroides: a 9 year folow-up

An extensive and severe actinomycetoma by Nocardia asteroides, a rare etiologic agent of this infection in Brazil, observed during a 9 year follow-up is reported. Unsuitable social and financial conditions led to amputation as the only possible solution for this case, no signs of infection relapse having been observed in three years after his surgery.

Building the future: the Brazilian university library in 2010

Information technology will affect academic activities as well as the nature of the high education sector. This sector besides the need to assimilate these technologies will need to attend the requisites of market globalization and, as consequence, all theses changes will be reflected in the university library. Prospectives impacts will affect the structure (emphasis in user services, outsourcing of several services), in the financing aspect (growing of consortia in order to reduce costs), in services (electronic reference, support to long distance education programs, intelligent agents) and in the clientele (attending the great demand por high education which implies a diversity of people).

Can future systemic financial risks be quantified?: ergodic vs nonergodic stochastic processes

Different axioms underlie efficient market theory and Keynes's liquidity preference theory. Efficient market theory assumes the ergodic axiom. Consequently, today's decision makers can calculate with actuarial precision the future value of all possible outcomes resulting from today's decisions. Since in an efficient market world decision makers "know" their intertemporal budget constraints, decision makers never default on a loan, i.e., systemic defaults, insolvencies, and bankruptcies are impossible. Keynes liquidity preference theory rejects the ergodic axiom. The future is ontologically uncertain. Accordingly systemic defaults and insolvencies can occur but can never be predicted in advance.