Real effects of the IFRS 9 adoption in banking

The recent adoption of IFRS 9 is a highly disruptive accounting reform, with significant impacts on how and when negative news (i.e., negative adjustments to reported earnings) are recognized on the financial statements. Using a unique dataset of two major banks operating in one European country we provide evidence of a tightening of the corporate loans pricing after the IFRS 9 adoption. Furthermore, by focusing on the post reform period, we show that the tightening is driven by the new staging classification. Higher risk premiums are associated to clients with previous underperforming exposures (stage 2) and higher probability of default. We also observe that the staging classification is not affecting climate risk premiums. Our results highlight that the lenders, as expected by the regulation, change their risk appetite by charging higher spreads to discourage loan origination for clients that became too risky and expensive under the new standard.

IAS/IFRS mandatory adoption and cross-border M&A

This study investigates the effect of the mandatory implementation of IAS/IFRS on cross-border M&A activity. I test the hypothesis that the improvement in the comparability of financial statements among the adopting countries facilitates crossborder transactions. According to the expectations, I find support for enhanced crossborder M&As following the mandatory adoption of IFRS due to a likely increase in the comparability of financial reports. Additionally, listed targets from IFRS adopting countries do experience stronger positive influence on foreign M&A transactions than unlisted target from adopting countries and listed targets from IFRS non-adopting countries.

IAS 36-standardin mukainen liikearvon arvonalentumistestaus case-yrityksissä

Liikearvoa on käsitelty aineettomana hyödykkeenä 1800-luvun lopulta lähtien. Liikearvo on edelleen aiheena haastava ja mielenkiintoinen. Erään 1800-luvun määritelmän mukaan liikearvossa oli kyse hankintahinnan ja ostetun yrityksen omaisuuden kirjanpitoarvon erotuksesta, jossa on havaittavissa yhtäläisyyttä IFRS 3-standardin määrittelemän liikearvon kanssa. Liiketoimintojen yhdistymisessä syntyneen liikearvon mahdollista arvonalentumista yrityksen tulee kansainvälisen tilinpäätösstandardin IAS 36:n perusteella arvioida ainakin kerran tilikaudessa tai aina kun on havaittavissa viitteitä siitä, että liikearvo on saattanut alentua. Mikäli tällaisia viitteitä on, yrityksen on tehtävä arvonalentumistestaus, jotta selviäisi mahdollinen liikearvon arvonaleneminen. Tutkimuksen keskeiseksi selvityksen kohteeksi muodostuu miten case-yrityksissä IAS 36-standardia sovelletaan ja tulkitaan liikearvon arvonalentumistestauksessa. Päätavoitteena on analysoida liikearvon arvonalentumistestauksen eri vaiheita, muodostaa testauksen kulusta selkeä kuva sekä selvittää millaisia eroja ilmenee testausprosessissa yritysten välillä. Lisäksi tavoitteena on selvittää mitä testaukseen liittyvää haastateltavat pitävät erityisen haasteellisena. Case-yrityksissä tehdyillä teemahaastatteluilla pyritään saamaan vastauksia esitettyyn tutkimusongelmaan. Tutkimustulosten pohjalta voidaan havaita, että case-yritysten liikearvon arvonalentumistestaus näyttää noudattavan hyvin IFRS-standardin mukaisia vaatimuksia, joita voidaan pitää vähimmäisvaatimuksina. On myös havaittavissa, että arvonalentumistestausprosessin eri vaiheissa on selkeästi yrityskohtaisia eroavaisuuksia, sillä IFRS-standardi ei anna yksityiskohtaisia ohjeita testauksesta. Lisäksi yritysten eri elinkaarivaiheesta johtuen on todettavissa, että testauksen tekijät kokevat arvonalentumistestaukseen liittyvien asioiden haasteellisuuden eri tavoin. Tutkielman tuloksia ei voida yleistää koskemaan laajempaa joukkoa, sillä empiirinen osuus pohjautuu kahden yrityksen haastatteluun. Empiirisen osuuden tarkoituksena ensisijaisesti on konkretisoida case-yritysten tulkintaa IFRS-standardien soveltamisesta liikearvon arvonalentumistestauksessa.

Intraductal Carcinoma Of The Prostate: Interobserver Reproducibility Survey Of 39 Urologic Pathologists.

The diagnosis of intraductal carcinoma (IDC) of the prostate remains subjective because 3 sets of diagnostic criteria are in use. An internet survey was compiled from 38 photomicrographs showing duct proliferations: 14 signed out as high-grade prostatic intraepithelial neoplasia (HGPIN), 17 IDC, and 7 invasive cribriform/ductal carcinoma. Each image was assessed for the presence of 9 histologic criteria ascribed to IDC. Thirty-nine respondents were asked to rate images as (1) benign/reactive, (2) HGPIN, (3) borderline between HGPIN and IDC, (4) IDC, or (5) invasive cribriform/ductal carcinoma. Intraclass correlation coefficient was 0.68. There was 70% overall agreement with HGPIN, 43% with IDC, and 73% with invasive carcinoma (P < .001, χ(2)). Respondents considered 19 (50%) of 38 cases as IDC candidates, of which 5 (26%) had a two-thirds consensus for IDC; two-thirds consensus for either borderline or IDC was reached in 9 (47%). Two-thirds consensus other than IDC was reached in the remaining 19 of 38 cases, with 15 supporting HGPIN and 4 supporting invasive carcinoma. Findings that differed across diagnostic categories were lumen-spanning neoplastic cells (P < .001), 2× benign duct diameters (P < .001), duct space contours (round, irregular, and branched) (P < .001), papillary growth (P = .048), dense cribriform or solid growth (both P = .023), and comedonecrosis (P = .015). When the 19 of 38 images that attained consensus for HGPIN or invasive carcinoma were removed from consideration, lack of IDC consensus was most often attributable to only loose cribriform growth (5/19), central nuclear maturation (5/19), or comedonecrosis (3/19). Of the 9 histologic criteria, only 1 retained significant correlation with a consensus diagnosis of IDC: the presence of solid areas (P = .038). One case that attained IDC consensus had less than 2× duct enlargement yet still had severe nuclear atypia and nucleomegaly. Six fold nuclear enlargement was not significant (P = .083), although no image had both 6× nuclei and papillary or loose cribriform growth: a combination postulated as sufficient criteria for IDC. Finally, 20.5% of respondents agreed that an isolated diagnosis of IDC on needle biopsy warrants definitive therapy, 20.5% disagreed, and 59.0% considered the decision to depend upon clinicopathologic variables. Although IDC diagnosis remains challenging, we propose these criteria: a lumen-spanning proliferation of neoplastic cells in preexisting ducts with a dense cribriform or partial solid growth pattern. Solid growth, in any part of the duct space, emerges as the most reproducible finding to rule in a diagnosis of IDC. Comedonecrosis is a rarer finding, but in most cases, it should rule in IDC. Duct space enlargement to greater than 2× the diameter of the largest, adjacent benign spaces is usually present in IDC, although there may be rare exceptions.

Sublattice magnetism in sigma-phase Fe(100-x)Vx (x=34.4, 39.9, and 47.9) studied via zero-field (51)V NMR

The successful measurements of a sublattice magnetism with (51)V NMR techniques in the sigma-phase Fe(100-x)V(x) alloys with x=34.4, 39.9, and 47.9 are reported. Vanadium atoms, which were revealed to be present on all five crystallographic sites, are found to be under the action of the hyperfine magnetic fields produced by the neighboring Fe atoms, which allow the observation of (51)V NMR signals. Their nuclear magnetic properties are characteristic of a given site, which strongly depend on the composition. Site A exhibits the strongest magnetism while site D is the weakest. The estimated average magnetic moment per V atom decreases from 0.36 mu(B) for x=34.4 to 0.20 mu(B) for x=47.9. The magnetism revealed at V atoms is linearly correlated with the magnetic moment of Fe atoms, which implies that the former is induced by the latter.

Stem cells in the treatment of chronic spinal cord injury: evaluation of somatosensitive evoked potentials in 39 patients

Study design: A prospective, non-randomized clinical series trial. Objective: To evaluate the effect of autogenous undifferentiated stem cell infusion for the treatment of patients with chronic spinal cord injury (SCI) on somatosensory evoked potentials (SSEPs). Setting: A public tertiary hospital in Sao Paulo, Brazil. Methods: Thirty-nine consecutive patients with diagnosed complete cervical and thoracic SCI for at least 2 years and with no cortical response in the SSEP study of the lower limbs were included in the trial. The trial patients underwent peripheral blood stem cell mobilization and collection. The stem cell concentrate was cryopreserved and reinfused through arteriography into the donor patient. The patients were followed up for 2.5 years and submitted to SSEP studies to evaluate the improvement in SSEPs after undifferentiated cell infusion. Results: Twenty-six (66.7%) patients showed recovery of somatosensory evoked response to peripheral stimuli after 2.5 years of follow-up. Conclusion: The 2.5-year trial protocol proved to be safe and improved SSEPs in patients with complete SCI. Sponsorship: None. Spinal Cord (2009) 47, 733-738; doi: 10.1038/sc.2009.24; published online 31 March 2009

Quaternary continental weathering geochronology by laser-heating Ar-40/Ar-39 analysis of supergene cryptomelane

Incremental laser-heating analyses of supergene cryptomelane clusters extracted from three distinct weathering profiles from the Mary Valley region, southeast Queensland, Australia, yield reproducible and well-defined plateau ages ranging from 346 +/- 15 to 291 +/- 14 ka (2 a). Precipitation of supergene cryptomelane in this period implies that relative humid climate prevailed in southeast Queensland from 340 to 290 ha, a result consistent with oxygen isotope analyses of marine sediments from Ocean Drilling Program Site 820 and with regional pollen and spore records. These results, the first report on the precise Ar-40/Ar-39 dating of Quaternary supergene cryptomelane, indicate that Ar-40/Ar-39 analysis of pedogenic minerals provides a reliable geochronometer for the study of Quaternary surficial processes useful in the study of soil formation rates, continental paleoclimates, and archaeological sites devoid of datable volcanic minerals.

Cenozoic continental weathering and its implications for the palaeoclimate: evidence from Ar-40/Ar-39 geochronology of supergene K-Mn oxides in Mt Tabor, central Queensland, Australia

One hundred and twenty-five mineral grains from 45 visually pure K-bearing Mn oxide (hollandite group) samples collected from weathering profiles in the Mt Tabor region of central Queensland, Australia, were analysed by the Ar-40/Ar-39 laser probe technique. These K-Mn oxides precipitated mainly through a process of cavity filling (direct precipitation from weathering solution), with botryoidal texture formed by micrometric mineral bands. Well-defined and reproducible plateau ages have been obtained for most samples, ranging from 27.2 +/- 0.8 to 6.8 +/- 0.5 Ma (2 sigma). Statistical analysis of the geochronological results by mixture modelling suggests an episodic mineral precipitation history, with two major peaks at 20.2 +/- 0.22 Ma and 16.5 +/- 0.17 Ma. The geochronological results, when combined with information on paragenetic relationships and mineralogical textures obtained from petrographic, scanning electron microscopy, and electron microprobe investigations, indicate that warm and humid palaeoclimatic conditions favourable to intense chemical weathering prevailed in central Queensland from late Oligocene to middle Miocene, particularly in the early Miocene. These results, in conjunction with previous and ongoing investigations in NW and eastern Queensland, suggest that most of Queensland was dominated by humid climates during the Miocene. (C) 2002 Elsevier Science BN. All rights reserved.

Ar-40/-Ar-39 geochronology at the Instituto de Geociencias, USP: instrumentation, analytical procedures, and calibration

Laser heating Ar-40/Ar-39 geochronology provides high analytical precision and accuracy, mum-scale spatial resolution. and statistically significant data sets for the study of geological and planetary processes, A newly commissioned Ar-40/Ar-39 laboratory at CPGeo/USP, Sao Paulo, Brazil, equips the Brazilian scientific community with a new powerful tool applicable to the study of geological and cosmochemical processes. Detailed information about laboratory layout, environmental conditions, and instrumentation provides the necessary parameters for the evaluation of the CPGeo/USp Ar-40/Ar-39 suitability to a diverse range of applications. Details about analytical procedures, including mineral separation, irradiation at the IPEN/CNEN reactor at USP, and mass spectrometric analysis enable potential researchers to design the necessary sampling and sample preparation program suitable to the objectives of their study. Finally, the results of calibration tests using Ca and K salts and glasses, international mineral standards, and in-house mineral standards show that the accuracy and precision obtained at the Ar-40/Ar-39 laboratory at CPGeo/USP are comparable to results obtained in the most respected laboratories internationally. The extensive calibration and standardization procedures under-taken ensure that the results of analytical studies carried out in our laboratories will gain immediate international credibility, enabling Brazilian students and scientists to conduct forefront research in earth and planetary sciences.

Behavior of argon gas release from manganese oxide minerals as revealed by Ar-40/Ar-39 laser incremental heating analysis

Manganese oxides in association with paleo-weathering may provide significant insights into the multiple factors affecting the formation and evolution of weathering profiles, such as temperature, precipitation, and biodiversity. Laser probe step-heating analysis of supergene hollandite and cryptomelane samples collected from central Queensland, Australia, yield well-defined plateaus and consistent isochron ages, confirming the feasibility, dating very-fined supergene manganese oxides by Ar-40/(39) Ar technique. Two distinct structural sites hosting Ar isotopes can be identified in light of their degassing behaviors obtained by incremental heating analyses. The first site, releasing its gas fraction at the laser power 0.2-0.4 W, yields primarily Ar-40(atm), Ar-38(atm), and Ar-36(atm), (atmospheric Ar isotopes). The second sites yield predominantly Ar-40* (radiogenic Ar-40), Ar-39(K), and Ar-38(K) (nucleogenic components), at similar to0.5-1.0 W. There is no significant Ar gas released at the laser power higher than 1.0 W, indicating the breakdown of the tunnel sites hosting the radiogenic and nucleogenic components. The excellent match between the degassing behaviors of Ar-40*, Ar-39(K), and Ar-38(K) suggests that these isotopes occupy the same crystallographic sites and that Ar-39(K) loss from the tunnel site by recoil during neutron irradiation and/or bake-out procedure preceding isotopic analysis does not occur. Present investigation supports that neither the overwhelming atmospheric Ar-40 nor the very-fined nature of the supergene manganese oxides poses problems in extracting meaningful weathering geo-chronological information by analyzing supergene manganese oxides minerals.

Texto para discuss??o 39 : a percep????o das chefias sobre a capacita????o nos cursos da ENAP

O presente trabalho apresenta o resultado de uma pesquisa com ???turmas abertas??? (servidores oriundos de v??rias organiza????es) e avalia genericamente a qualidade e a aplicabilidade dos cursos da ENAP no pr??prio ambiente de trabalho do servidor treinado

9?? concurso inova????o na gest??o p??blica federal: id??ias que fazem diferen??a

Para premiar e incentivar a gera????o e incorpora????o de novas pr??ticas e conhecimentos na gest??o p??blica, a ENAP e o Minist??rio do Planejamento, Or??amento e Gest??o promovem, desde 1996, o Concurso Inova????o na Gest??o P??blica Federal. Em 2004, os tr??s primeiros colocados foram o Sistema Radar Comercial, do Minist??rio do Desenvolvimento, Ind??stria e Com??rcio Exterior (MDIC), o Sistema de Custos e Informa????es Gerenciais, do Banco Central (Bacen), e o Centro de Pesquisas do HCPA: Inovando a gest??o da pesquisa, por meio de laborat??rios compartilhados, do Hospital de Cl??nicas de Porto Alegre (HCPA). A RSP conversou com as equipes vencedoras do 9?? Concurso Inova????o na Gest??o P??blica Federal para relatar um pouco de suas experi??ncias.

Escolas de governo europ??ias reformam o ensino e voltam-se ?? Europa

As principais escolas nacionais de governo da Europa encontram-se hoje em processo de transforma????o. Nas agendas de mudan??a, ressaltam-se a ???europeiza????o??? da forma????o e o refor??o no ensino de lideran??a. ?? o caso da ENA ??? Ecole Nationale d???Administration, que oferece cursos de forma????o inicial e continuada aos servidores que comp??em a chamada ???alta fun????o p??blica??? da Fran??a. As cr??ticas lan??adas ?? tradicional escola ??? ???francesa, parisiense, tecnocr??tica e elitista demais??? ??? tiveram impacto no resultado da reforma. Um ter??o do per??odo de forma????o inicial passou a ser dedicado ao estudo da Europa, o campus foi transferido de Paris a Strasbourg, a forma????o te??rica ?? hoje alternada com a realiza????o de est??gios e os concursos passaram a ser abertos a um p??blico n??o apenas puramente acad??mico.