An allocation Malmquist index with an application in the China securities industry

This paper proposes an allocation Malmquist index which is inspired by the work on the non-parametric cost Malmquist index. We first show that how to decompose the cost Malmquist index into the input-oriented Malmquist index and the allocation Malmquist index. An application in corporate management of the China securities industry with the panel data set of 40 securities companies during the period 2005–2011 shows the practicality of the propose model.

A transatlantic case: the derivative action as a corporate governance tool

The derivative action as a minority shareholder protection device seems to be almost a dead-letter law in the British Isles as compared with the United States. Whether it can or should be revived through legislative reform and judicial interpretation presents us with important governance questions at first instance, but also raises questions regarding the importance of law, as distinct from non-legally enforceable norms, to the development of corporate governance systems, in particular regarding the director-shareholder relationship.

Introduction to the US Definition of Asset-Backed Securities

This chapter examines the definition of asset-backed securities under US securities regulations as of August 2014, together with relevant case law prior to and from 2009 edition of this work.

Introduction to EU Asset Backed Securities Disclosures

This chapter examines the definition of asset-backed securities under EU Disclosure regulations and directives as of August 2014, together with relevant case law prior to and from 2009 edition of this work.

EU Asset Backed Securities, Compliance Checklist

This chapter examines the particularities of EU asset-backed securities in terms of the disclosure regimes provided by the EU Disclosure regulations and directives as of August 2014.

US Asset Backed Securities – Risk Symmetric Disclosures

This chapter examines disclosures of US asset-backed securities in terms of information asymmetry theory and risk symmetry.

US Asset-Backed Securities – Regulatory Reform, Dodd-Frank and Final Rules

This chapter examines the new rules proposed under regulatory reform since the credit crisis of 2008-09, including the major proposals of the Dodd-Frank Act of 2010 and some of the Final Rules thereto.

Targeting treatment resistant breast cancer stem cells with FKBPL and its peptide derivative, AD-01

FKBPL and its peptide derivative, AD-01, have already demonstrated well-established inhibitory effects on breast cancer growth and CD44 dependent anti-angiogenic activity1, 2, 3. Since breast cancer stem cells (BCSCs) are CD44 positive, we wanted to explore if AD-01 could specifically target BCSCs. FKBPL stable overexpression or AD-01 treatment were highly effective at reducing the BCSC population measured by inhibiting mammosphere forming efficiency (MFE) in cell lines and primary breast cancer samples from both solid breast tumours and pleural effusions. Flow cytometry, to assess the ESA+/CD44+/CD24- subpopulation, validated these results. The ability of AD-01 to inhibit the self-renewal capacity of BCSCs was confirmed across three generations of mammospheres, where mammospheres were completely eradicated by the third generation (p<0.001). Clonogenic assays suggested that AD-01 mediated BCSC differentiation, with a significant decrease in the number of holoclones and an associated increase in meroclones/paraclones. In support of this, the stem cell markers, Nanog and Oct4 were significantly reduced following AD-01 treatment, whilst transfection of FKBPL-targeted siRNAs led to an increase in these markers and in mammosphere forming potential, highlighting the endogenous role of FKBPL in stem cell signalling. The clinical relevance of this was confirmed using a publically available microarray data set (GSE7390), where, high FKBPL and low Nanog expression were independently associated with improved overall survival in breast cancer patients (log rank test p=0.03; hazard ratio=3.01). When AD-01 was combined with other agents, we observed synergistic activity with the Notch inhibitor, DAPT and AD-01 was also able to abrogate a chemo- and radiotherapy induced enrichment in BCSCs. Importantly, using ‘gold standard’ in vivo limiting dilution assays we demonstrated a delay in tumour initiation and reoccurrence in AD-01 treated xenografts. In summary, AD-01 appears to have dual anti-angiogenic and anti-BCSC activity which will be advantageous as this agent enters clinical trial.

Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities

The benefits of diversification from international real estate securities are generally well established. However, the drivers of international real estate securities returns are insufficiently understood. We jointly examine the empirical implications of three major international asset pricing models that account for broad macroeconomic risk factors. In addition, we develop the hypothesis that an indicator of mispriced credit is significant in explaining the time series variation in international real estate securities returns. We employ the returns generated by a large sample of firms from 20 countries over the period 1999 to 2011 to test our hypothesis. We find support for the predictions of the major international asset pricing models. We also find evidence in favour of our hypothesised link between local credit conditions and the performance of international real estate securities.

A Discretization of the Hadamard fractional derivative

We present a new discretization for the Hadamard fractional derivative, that simplifies the computations. We then apply the method to solve a fractional differential equation and a fractional variational problem with dependence on the Hadamard fractional derivative.

Modelo de valoración ajustado a la evolución del riesgo crediticio para carteras colectivas que invierten en títulos valores no tradicionales en la comisionista global Securities Colombia de la Ciudad de Medellín

Con los comportamientos del mercado financiero, las comisionistas de bolsa deben tener un modelo de valoración ajustado a la evolución del riesgo crediticio para las inversiones en títulos valores no tradicionales y de esta manera cumplir con los requerimientos emitidos por la Superintendencia Financiera de Colombia. En particular, se diseña el modelo sugerido por el regulador para la comisionista Global Securities de la ciudad de Medellín, para la cartera colectiva Credit Opportunities Fund - Compartimiento Facturas. El estudio de tipo descriptivo, analiza y diseña a partir del método CreditMetrics desarrollado por J.P Morgan, una valoración completa de la cartera teniendo en cuenta las pérdidas y ganancias por modificaciones de calidad crediticia.

Recovery of palladium from a spent automobile catalyst leaching solution by a thiodiglycolamide derivative

In the sequence of previous research on the development of novel liquid-liquid amidetype compounds to efficiently and selectively extract platinum-group metals (PGMs) from concentrated hydrochloric acid media, a specific thiodiglycolamide derivative – N,N’-dimethyl-N,N’-dicyclohexylthiodiglycolamide (DMDCHTDGA) – has been applied for the recovery of palladium(II) from a spent automobile catalyst leaching solution, containing palladium(II) and rhodium(III) as PGMs. The results obtained are rather promising, since the DMDCHTDGA behavior towards the two PGMs is similar to that observed for hydrochloric acid aqueous media studied before, simulating the real leaching phases. Within eleven metal elements co-existing in solution, the majority in high fold-excesses, only aluminum(III) and cerium(III) interfere in the palladium(II) liquid-liquid extraction process, requiring further optimization.