Neglected risks, financial innovation, and financial fragility

We present a standard model of financial innovation, in which intermediaries engineer securities with cash flows that investors seek, but modify two assumptions. First, investors (and possibly intermediaries) neglect certain unlikely risks. Second, investors demand securities with safe cash flows. Financial intermediaries cater to these preferences and beliefs by engineering securities perceived to be safe but exposed to neglected risks. Because the risks are neglected, security issuance is excessive. As investors eventually recognize these risks, they fly back to safety of traditional securities and markets become fragile, even without leverage, precisely because the volume of new claims is excessive.

Woodland Improvement and Crop Trees in Iowa, 2005

Vigorous and Healthy woodlands in Iowa have the unique distinction of being able to provide a wealth of benefits for the landowner and residents of the state. Benefits from a healthy forest include timber and wood resources, watershed protection, fragile site protection, wildlife and bird habitat, aesthetics and beauty, and recreational opportunities.

Family health nursing care: weaknesses and strengths in the Unified Health System

OBJECTIVETo analyze the weaknesses and strengths of nursing care in the Family Health Strategy and its interfaces with the Unified Health System network.METHODA qualitative study performed by means of semi-structured interviews and systematic observations, with the participation of a nursing team of 15 people from October of 2012 to January of 2013.RESULTSStrengths that were emphasized: the nurse's versatility in conducting users within the unit and the health system, therefore directly acting upon access to these services. The nurse is the main subject that participates in the care processes for the person, family and social groups. Weaknesses that were highlighted: fragile embracement and low resolution of users' and families' problems.CONCLUSIONThe nursing care process in health units still lacks collective articulation, involvement of the team, and decentralization of the decisions.

Development of premature children: caregivers' understanding according to the Bioecological Theory

Abstract OBJECTIVE Understanding the conceptions of premature children caregivers on child development and associated factors. METHOD An exploratory-descriptive qualitative study of 12 families with children under three years of age. Interviews were submitted to thematic content analysis, systematized into the categories of Bioecological Theory of Human Development: Process, Person, Context and Time, and in the Functional Development category. RESULTS There are concerns about impairment in the current and future development of a Person/child defined as fragile as a result of premature birth (Time dimension), minimized by the scope of observable competencies such as motor skills. The Context, especially family and health services, and Proximal Processes, described as one-way caregiver interactions, are considered determinants of development. Functional Development is considered a natural consequence and result of education. The support network is crucial, supporting or limiting care. CONCLUSION Concerns about the development mobilize caregivers to stimulate the premature child/person and requests family and healthcare assistance.

Soil and water conservation strategies and impact on sustainable livelihood in Cape Verde – Case study of Ribeira Seca watershed

Cape Verde, located off the coast of Senegal in western Africa, is a volcanic archipelago where a combination of human, climatic, geomorphologic and pedologic factors has led to extensive degradation of the soils. Like other Sahelian countries, Cape Verde has suffered the effects of desertification through the years, threatening the livelihood of the islands population and its fragile environment. In fact, the steep slopes in the ore agricultural islands, together with semi-arid and arid environments, characterized by an irregular and poorly distributed rainy season, with high intensity rainfall events, make dryland production a challenge. To survive in these fragile conditions, the stabilization of the farming systems and the maintenance of sustainable yields have become absolute priorities, making the islands an erosion control laboratory. Soil and water conservation strategies have been a centerpiece of the government0s agricultural policies for the last half century. Aiming to maintain the soil in place and the water inside the soil, the successive governments of Cape Verde have implemented a number of soil and water conservation techniques, the most common ones being terraces, half moons, live barriers, contour rock walls, contour furrows and microcatchments, check dams and reforestation with drought resistant species. The soil and water conservation techniques implemented have contributed to the improvement of the economical and environmental conditions of the treated landscape, making crop production possible, consequently, improving the livelihood of the people living on the islands. In this paper, we survey the existing soil and water conservation techniques, analyze their impact on the livelihood condition of the population through a thorough literature review and field monitoring using a semi-quantitative methodology and evaluate their effectiveness and impact on crop yield in the Ribeira Seca watershed. A brief discussion is given on the cost and effectiveness of the techniques to reduce soil erosion and to promote rainfall infiltration. Finally, we discuss the critical governance factors that lead to the successful implementation of such strategy in a country with scarce natural resources.

Immunology taught by lung dendritic cells.

Dendritic cells (DCs) are leukocytes specialised in the uptake, processing, and presentation of antigen and fundamental in regulating both innate and adaptive immune functions. They are mainly localised at the interface between body surfaces and the environment, continuously scrutinising incoming antigen for the potential threat it may represent to the organism. In the respiratory tract, DCs constitute a tightly enmeshed network, with the most prominent populations localised in the epithelium of the conducting airways and lung parenchyma. Their unique localisation enables them to continuously assess inhaled antigen, either inducing tolerance to inoffensive substances, or initiating immunity against a potentially harmful pathogen. This immunological homeostasis requires stringent control mechanisms to protect the vital and fragile gaseous exchange barrier from unrestrained and damaging inflammation, or an exaggerated immune response to an innocuous allergen, such as in allergic asthma. During DC activation, there is upregulation of co-stimulatory molecules and maturation markers, enabling DC to activate naïve T cells. This activation is accompanied by chemokine and cytokine release that not only serves to amplify innate immune response, but also determines the type of effector T cell population generated. An increasing body of recent literature provides evidence that different DC subpopulations, such as myeloid DC (mDC) and plasmacytoid DC (pDC) in the lungs occupy a key position at the crossroads between tolerance and immunity. This review aims to provide the clinician and researcher with a summary of the latest insights into DC-mediated pulmonary immune regulation and its relevance for developing novel therapeutic strategies for various disease conditions such as infection, asthma, COPD, and fibrotic lung disease.

Appartenances en fête: entre l'ordinaire et le spectaculaire

Résumé Alors que les pratiques religieuses régulières diminuent et que les groupes religieux majoritaires perdent des membres formellement enregistrés, une évènementisation de l'appartenance religieuse peut être observée depuis environ deux décennies. Dans un premier exemple, l'auteure montre que le réseau transnational de la confrérie soufie des Mourides resserre les liens entre adeptes dans un contexte migratoire qui tend à fragiliser les relations sociales. La confrérie y fait face à travers une spectacularisation de la pratique religieuse, occupant l'espace public à Harlem ou, dans une moindre mesure, à Paris. Le second exemple traite du pèlerinage aux Saintes et Saints d'Afrique dans la ville valaisanne de Saint Maurice. Ce dernier fut inventé par l'Église catholique suisse afin d'attirer des migrants africains, mais aussi afin de redynamiser une pratique religieuse ordinaire en perte de vitesse. L'évènement a lieu en même temps que le pèlerinage de Namugongo en Ouganda, réunissant plus d'un demi-million de personnes. Les communautés évènementielles ainsi créées sont-elles durables ou plutôt liquides ? Abstract While regular religious practice is decreasing and the major religious groups are losing formally registered members, a 'spectacularization' of religious belonging can be observed over the last two decades. The author presents two examples to support this argument. In the first, the transnational network of the Murids, a Sufi brotherhood, has tried to reinforce the relations between its members, which become fragile during migration. The brotherhood occupies a public space in Harlem, and, to a lesser extent, in Paris, in a spectacularization of religious belonging, in order to remain attractive to migrants. The second example deals with the pilgrimage dedicated to African Saints in the Swiss town of Saint Maurice. This event was invented by the missionary service of the Swiss Catholic Church in order to attract African migrants, but also in order to make ordinary religious practice more appealing. The event takes place at the same time as the Ugandan pilgrimage of Namugongo, which assembles more than half a million people. However, are these 'event communities' sustainable or ephemeral?

Impact of High Crop Prices on Environmental Quality: A Case of Iowa and the Conservation Reserve Program, 2007

Growing demand for corn due to the expansion of ethanol has increased concerns that environmentally sensitive lands retired from agricultural production into the Conservation Reserve Program (CRP) will be cropped again. Iowa produces more ethanol than any other state in the United States, and it also produces the most corn. Thus, an examination of the impacts of higher crop prices on CRP land in Iowa can give insight into what we might expect nationally in the years ahead if crop prices remain high. We construct CRP land supply curves for various corn prices and then estimate the environmental impacts of cropping CRP land through the Environmental Policy Integrated Climate (EPIC) model. EPIC provides edge-of-field estimates of soil erosion, nutrient loss, and carbon sequestration. We find that incremental impacts increase dramatically as higher corn prices bring into production more and more environmentally fragile land. Maintaining current levels of environmental quality will require substantially higher spending levels. Even allowing for the cost savings that would accrue as CRP land leaves the program, a change in targeting strategies will likely be required to ensure that the most sensitive land does not leave the program.

Os Problemas Ambientais em Cabo Verde - Políticas e Medidas de Protecção Ambiental

A presente dissertação teve como finalidade analisar os Problemas Ambientais em Cabo Verde, com destaque para as políticas e medidas implementadas no período que decorre de 1975 a 2010. Para tal, centrou-se no confronto de resultados de estudos que permitiram uma comparação entre os Concelhos da Praia e de São Salvador do Mundo, localizados no sul e no centro da ilha de Santiago, respectivamente. Como ponto de partida, fez-se uma caracterização climática/ambiental do país, salientando a sua fragilidade ambiental através de uma estreita ligação entre as suas características naturais e o estado de ambiente para delinear a evolução das medidas políticas e jurídicas tomadas no sentido de combater ou minimizar os problemas existentes. Todo o trabalho empírico foi realizado nos concelhos acima referidos, com base nos inquéritos efectuados junto dos moradores, escolas, técnicos e políticos que lidam com a problemática ambiental nesses Concelhos. Posteriormente, foi possível analisar profundamente as principais causas da degradação ambiental nos dois Concelhos como a pobreza, a escassez de água, o saneamento básico, o aumento da população, o êxodo rural e as construções clandestinas, estabelecendo uma correlação entre estas e o desenvolvimento económico-social e a qualidade de vida dos seus habitantes. Finalmente, expôs-se o trabalho realizado e o que se perspectiva fazer para sua mitigação, privilegiando a vertente pedagógica, destacando a importância do envolvimento de grupos comunitários para prossecução de acções diversificadas de sensibilização, de programação e da formação em paralelo com o reforço de fiscalização para melhor aplicação de normas existentes.

A Importância do Ecoturismo no Património Arquitectónico de Cabo Verde das Potencialidades à Prática

Desde a última década do séc. XX, o turismo em Cabo Verde tem sido um dos sectores que mais cresce, atraindo maior investimento directo estrangeiro. Contudo, este crescimento gerou também maior pressão sobre os recursos existentes, com impactes negativos a vários níveis. Tem-se reflectido e discutido a sustentabilidade do turismo em território nacional, com objectivos claros de valorização do destino turístico cabo-verdiano, através da conservação e melhoria do ambiente natural, social e cultural. A aposta das autoridades cabo-verdianas no incremento do turismo para o séc. XXI levou a eleição do ecoturismo como a actividade de futuro, com o objectivo de melhorar a competitividade da oferta turística, ser uma alternativa no sector. Uma actividade que pode ser implementada em qualquer ilha, desde que bem aproveitada a vasta oferta de produtos existentes, envolva e forme a população da importância da conservação da biodiversidade e contribua para a erradicação da pobreza ao gerar recursos económicos para as comunidades locais. Deste modo, se requer pensar que arquitectura para o planeamento e realização de infra- estruturas físicas para o adequado desenvolvimento do ecoturismo em Cabo Verde. Os actores directos como os arquitectos, engenheiros civis e planeadores têm uma enorme responsabilidade ao desenhar e executar obras para o turismo, sobre tudo em ecossistemas de grande fragilidade como os que caracterizam as áreas naturais. Sendo um assunto relativamente recente no país, ainda não se criaram normas, regras, directivas claras para o desenvolvimento deste tipo de infra-estruturas turísticas. Em muitos casos, são os próprios desenhadores e construtores, bem como aos seus clientes, quando demonstram alguma sensibilidade na conservação e preservação de áreas de significação ecológica, estabelecem os seus próprios critérios de desenho e códigos éticos que garantam o mínimo de impacte ambiental e uma interacção harmoniosa e sustentável entre a obra física e os espaços circundantes. O presente trabalho tem como objectivo discutir e analisar qual a importância do ecoturismo no panorama arquitectónico cabo-verdiano e se este turismo sustentável será apenas uma ideia teórica, um modelo ideal de actividade ou passível de ser aplicável, de se observar na prática.

Neglected risks, financial innovation and financial fragility

We present a standard model of financial innovation, in which intermediaries engineer securities with cash flows that investors seek, but modify two assumptions. First, investors (and possibly intermediaries) neglect certain unlikely risks. Second, investors demand securities with safe cash flows. Financial intermediaries cater to these preferences and beliefs by engineering securities perceived to be safe but exposed to neglected risks. Because the risks are neglected, security issuance is excessive. As investors eventually recognize these risks, they fly back to safety of traditional securities and markets become fragile, even without leverage, precisely because the volume of new claims is excessive.

Cyclododecane exposure in the field of conservation and restoration of art objects

PURPOSE: Recent work practices in the conservation and restoration involve the use of cyclododecane (CDD, CAS 294-62-2) to protect fragile artifacts during their handling or transportation. Little is known about its toxicity, and no previous exposure has been reported. A short field investigation was conducted to characterize the exposure conditions to both CDD vapors and aerosols.METHODS: Measurements were conducted in the laboratory of conservation and restoration of the archeological service in Bern (Switzerland). Three indoor and four outdoor typical work situations, either during brush or spray gun applications, were investigated. Measurements were performed on charcoal adsorbent tube and analyzed by a gas chromatograph equipped with a flame ionization detector.RESULTS: Measurements have been conducted during both brush and spray gun applications. Indoor exposures were of 0.75-15.5 mg/m(3), while outdoors exposures were 19.5-53.9 mg/m(3). Exposures appear to be extremely localized due to both physicochemical properties and application methods of the CDD. Vapor exposure increases dramatically with the confinement of the workplace.CONCLUSION: Preventive measures should be undertaken to limit as much as possible these exposures. Field work in confined areas (ditches, underground) is of particular concern. CDD-coated artifacts or materials should be stored in ventilated areas to avoid delayed exposures. [Authors]

The role of phylogeny in the spatial distributions and assembly of mountain plant communities.

A major challenge in community ecology is a thorough understanding of the processes that govern the assembly and composition of communities in time and space. The growing threat of climate change to the vascular plant biodiversity of fragile ecosystems such as mountains has made it equally imperative to develop comprehensive methodologies to provide insights into how communities are assembled. In this perspective, the primary objective of this PhD thesis is to contribute to the theoretical and methodological development of community ecology, by proposing new solutions to better detect the ecological and evolutionary processes that govern community assembly. As phylogenetic trees provide by far, the most advanced tools to integrate the spatial, ecological and evolutionary dynamics of plant communities, they represent the cornerstone on which this work was based. In this thesis, I proposed new solutions to: (i) reveal trends in community assembly on phylogenies, depicted by the transition of signals at the nodes of the different species and lineages responsible for community assembly, (ii) contribute to evidence the importance of evolutionarily labile traits in the distribution of mountain plant species. More precisely, I demonstrated that phylogenetic and functional compositional turnover in plant communities was driven by climate and human land use gradients mostly influenced by evolutionarily labile traits, (iii) predict and spatially project the phylogenetic structure of communities using species distribution models, to identify the potential distribution of phylogenetic diversity, as well as areas of high evolutionary potential along elevation. The altitudinal setting of the Diablerets mountains (Switzerland) provided an appropriate model for this study. The elevation gradient served as a compression of large latitudinal variations similar to a collection of islands within a single area, and allowed investigations on a large number of plant communities. Overall, this thesis highlights that stochastic and deterministic environmental filtering processes mainly influence the phylogenetic structure of plant communities in mountainous areas. Negative density-dependent processes implied through patterns of phylogenetic overdispersion were only detected at the local scale, whereas environmental filtering implied through phylogenetic clustering was observed at both the regional and local scale. Finally, the integration of indices of phylogenetic community ecology with species distribution models revealed the prospects of providing novel and insightful explanations on the potential distribution of phylogenetic biodiversity in high mountain areas. These results generally demonstrate the usefulness of phylogenies in inferring assembly processes, and are worth considering in the theoretical and methodological development of tools to better understand phylogenetic community structure.

Urgent reoperative transapical valve-in-valve shortly after a transapical aortic valve implantation.

Urgent reoperative transapical aortic valve-in-valve has never been proposed as a treatment option in case of a failed transcatheter aortic valve implantation (TAVI) or in case of worsening of an existing paravalvular leak, if this complication occurs right after, or a few days after, the primary transapical aortic valve implantation. Experienced surgeons should argue that after a transapical TAVI, the apex is damaged and fragile, with a high risk of irreparable ventricular tears and life-threatening bleeding if a second transapical procedure is scheduled during the acute phase. Nevertheless, if the patient is inoperable and the vascular status, including the ascending aorta, limits alternative accesses, the urgent reoperative transapical valve-in-valve becomes an alternative. We illustrate, for the first time ever, our experience with an 81-year old female patient who underwent a transapical (TA) TAVI with a Sapien? XT 23 mm. The day after the procedure, the patient haemodynamically worsened in combination with a worsening of a known (grade 1-2) paravalvular leak. Thus, on postoperative day two, an urgent transapical valve-in-valve was performed, and a second Sapien? XT 23 mm was placed, with an excellent haemodynamic result and absence of leak. The redo apical access did not appear very complicated and the postoperative recovery was uneventful.

Almost routine prophylactic cholecystectomy during laparoscopic gastric bypass is safe

RAPPORT DE SYNTHESE : Introduction : les patients obèses morbides présentent un risque majeur de développer des calculs biliaires en raison d'une sécrétion accrue de cholestérol dans la bile. Ce risque, davantage élevé dans la phase de perte pondérale rapide consécutive à la chirurgie bariatrique ou lors de régimes amaigrissants, est souvent la cause de nombreux symptômes, voire de complications biliaires. Aussi l'association d'une cholécystectomie à la chirurgie bariatrique, notamment le bypass gastrique laparoscopique a-t-elle été proposée afin d'éviter ces complications parfois redoutables dans cette population fragile. Ce concept a cependant fait l'objet de démentis dans de récentes études où ce risque apparaîtrait moins élevé, et la cholécystectomie durant le by- pris gastrique laparoscopique pourrait être grevée de difficultés et présenter des risques opératoires non négligeables pour le patient. Patients et méthodes : notre série comporte 772 patients opérés entre 2000 et 2007 par by-pass gastrique laparoscopique, avec montage d'une anse en Y selon Roux. Ces patients obèses morbides avaient été sélectionnés sur la base d'une anamnèse concluante, d'un examen anthropométrique, d'un bilan sanguin et d'un ultrason abdominal. Une analyse rétrospective des résultats d'ultrason abdominal préopératoire et des rapports histopathologiques des vésicules biliaires en postopératoire a été réalisée chez les patients opérés avant 2004. Résultats : 58 patients (7,5 %) avaient déjà eu une cholécystectomie. L'US abdominal a révélé des calculs ou de la boue biliaire chez 81 patients (11,3 %), un polype chez un patient et une vésicule biliaire normale chez les patients restants. La cholécystectomie a été réalisée concomitamment au by-pass gastrique chez 66S patients (91,7 %) et des calculs biliaires retrouvés à l'examen per-opératoire des vésicules biliaires chez 25 patients (3,9 %), rapportant alors la prévalence de la cholélithiase à 21,2 % dans cette population. L'âge des patients porteurs de calculs biliaires était significativement plus élevé que celui des patients sans calculs biliares (43,5 contre 38,7 ans, P < 0,0001). A l'examen histopathologique, des anomalies ont été décrites dans 81,8 % des vésicules biliaires, consistant pour la plupart en cholécystite chronique et cholestérolose. Aucune complication post-opératoire n'a été associée à la cholécystectomie et le prolongement du temps opératoire était en moyenne de 19 minutes (4 - 45 minutes) sans aucun impact sur le séjour hospitalier. La cholécystectomie n'a pas été réalisée chez 59 patients (8,3 %) en raison de conditions opératoires défavorables, notamment une exposition insuffisante. Un traitement d'acide ursodésoxycholique a été prescrit sur une période de 6 mois et aucun de ces patients n'a manifesté de symptômes biliaires. Conclusion : la cholécystectomie peut être réalisée à titre prophylactique et en toute sécurité au cours du by-pass gastrique laparoscopique. Cet acte opératoire supplémentaire sans conséquence sur le séjour hospitalier, constitue selon la présente étude une forme de prophylaxie recommandable dans la prévention de la formation des calculs biliaires dans la phase de perte pondérale post-opératoire. Sa supériorité ou non par rapport à la prophylaxie médicamenteuse à l'acide ursodésoxycholique n'a pas encore été établie. Des études prospectives randomisées seraient nécessaires afin de confirmer l'avantage de l'une ou l'autre de ces deux alternatives.