Universal banks and corporate control: Evidence from the global syndicated loan market

We investigate the effects of bank control over borrower firms whether by representation on boards of directors or by the holding of shares through bank asset management divisions. Using a large sample of syndicated loans, we find that banks are more likely to act as lead arrangers in loans when they exert some control over the borrower firm. Bank-firm governance links are associated with higher loan spreads during the 2003-2006 credit boom, but lower spreads during the 2007-2008 financial crisis. Additionally, these links mitigate credit rationing effects during the crisis. The results are robust to several methods to correct for the endogeneity of the bank- firm governance link. Our evidence, consistent with intertemporal smoothing of loan rates, suggests there are costs and benefits from banks’ involvement in firm governance.

Mecanismos de Fotopercepción No-Visual y Control Circadiano en la Retina Interna de Vertebrados en Condiciones Fisiológicas y en un Modelo Animal de Ceguera. Mechanisms of Non-visual Perception and Circadian Control in the Vertebrate Inner Retina under Physiological Conditions and in Animal Model of Blindness.

La retina juega un rol esencial en el funcionamiento del sistema circadiano de los vertebrados al ser la encargada de sensar las condiciones de iluminación ambiental que ajustan el reloj interno con el fotoperíodo exterior a través de un circuito no-visual. Este circuito es independiente de la vía de formación de imágenes e involucra a las células ganglionares retinianas (CGRs) que proyectan a varias estructuras no-visuales del cerebro; esta vía es la encargada de regular el reflejo pupilar, la sincronización de los ritmos diarios de actividad, el sueño y la supresión de melatonina pineal. La retina contiene además un reloj autónomo que genera ritmos diarios autosostenidos en distintas funciones bioquímicas y fisiológicas, que le confiere la capacidad de predecir el tiempo y anticiparse en su fisiología a los cambios lumínicos a lo largo del ciclo día-noche. Este laboratorio ha demostrado por 1ra vez que las CGRs de pollo poseen osciladores endógenos que generan variaciones diarias en la biosíntesis de fosfolípidos (Guido et al, J Neurochem. 2001; Garbarino et al., J Neurosci Res. 2004a) y de la hormona melatonina con niveles máximos durante el día (Garbarino et al., J Biol Chem 2004b). Aún más, cultivos primarios de CGRs responden a la luz a través de una cascada bioquímica de fototransducción similar a la de invertebrados y que involucra la activación de la enzima fosfolipasa C (PLC) (Contin et al., FASEB J 2006). Estos cultivos fueron obtenidos a estadios embrionarios muy tempranos en dónde solo las CGRs son postmitóticas y mayoritariamente maduras. A estos estadios, los cultivos expresan marcadores de especificación de células ganglionares (pax6, brn3), la proteina Gq y los fotopigmentos melanopsina y criptocromos con gran homología con marcadores descriptos para fotorreceptores rabdoméricos de invertebrados (Contin et al, 2006). Recientemente comenzamos a investigar la percepción de luz en pollos GUCY1*, un modelo de ceguera, en animales que carecen de células fotorreceptoras-conos y bastones-funcionales. Resultados preliminares indicarían que la retina interna, y potencialmente las CGRs de estos animales conservarían la capacidad de responder a la luz regulando el reflejo pupilar y sincronizando los ritmos diarios de alimentación. La convergencia de osciladores y fotopigmentos en la población de CGRs podría contribuir al control temporal de la fisiología del organismo y regulación de funciones no-visuales. Son objetivos de este proyecto: a) Investigar el rol de las CGRs en el sistema circadiano estudiando: i- su habilidad para sintetizar melatonina y, su regulación por luz y dopamina; ii- su capacidad fotorreceptora intrínseca, investigando la presencia de fotopigmentos y componentes de la cascada de fototransducción fundamentalmente la vía de los fosfoinosítidos y la activación de PLC, mediante ensayos moleculares, bioquímicos y farmacológicos; b) Extender estos estudios a cultivos primarios de CGRs inmunopurificadas midiendo la respuesta a la luz sobre la síntesis de melatonina, y los niveles de los mensajeros 2rios Ca2+ y AMP cíclico, la inducción de genes tempranos y la regulación de la actividad NAT, enzima clave en la síntesis de melatonina; y c) Investigar la percepción de luz en pollos GUCY1*(ciegos), sobre distintas funciones no-visuales tales como el reflejo pupilar, la sincronización de los ritmos diarios de alimentación, la síntesis de melatonina y la expresión génica en animales expuestos a estimulación lumínica de distintas intensidades y longitudes de onda. Estos estudios permitirán construir el espectro de acción de la respuesta a la luz en los pollos ciegos a fin de identificar el/los fotopigmentos intervinientes en este fenómeno. Este proyecto profundizará el conocimiento sobre la capacidad fotorreceptora-no visual de la retina interna y particularmente de las CGRs, de la naturaleza de la cascada bioquímica que opera en las mismas y de los mecanismos de regeneración del cromóforo utilizado.

Serotonergic modulation of action monitoring and cognitive control

Magdeburg, Univ., Fak. für Naturwiss., Diss., 2015

Phytochrome interacting factors 4 and 5 control seedling growth in changing light conditions by directly controlling auxin signaling.

Plant growth is strongly influenced by the presence of neighbors that compete for light resources. In response to vegetational shading shade-intolerant plants such as Arabidopsis display a suite of developmental responses known as the shade-avoidance syndrome (SAS). The phytochrome B (phyB) photoreceptor is the major light sensor to mediate this adaptive response. Control of the SAS occurs in part with phyB, which controls protein abundance of phytochrome-interacting factors 4 and 5 (PIF4 and PIF5) directly. The shade-avoidance response also requires rapid biosynthesis of auxin and its transport to promote elongation growth. The identification of genome-wide PIF5-binding sites during shade avoidance revealed that this bHLH transcription factor regulates the expression of a subset of previously identified SAS genes. Moreover our study suggests that PIF4 and PIF5 regulate elongation growth by controlling directly the expression of genes that code for auxin biosynthesis and auxin signaling components.

Vitamin D has a direct immunomodulatory effect on CD8+ T cells of patients with early multiple sclerosis and healthy control subjects.

Little is known on a putative effect of vitamin D on CD8+ T cells. Yet, these cells are involved in the immmunopathogenesis of MS. We assessed the cytokine profile of EBV-specific CD8+ T cells of 10 early MS patients and 10 healthy control subjects with or without 1,25(OH)(2)D(3) and found that, with 1,25(OH)(2)D(3), these cells secreted less IFN-γ and TNF-α and more IL-5 and TGF-β. CD4+ T cell depletion or even culture with CD8+ T cells only did not abolish the immunomodulatory effect of 1,25(OH)(2)D(3) on CD8+ T cells, suggesting that 1,25(OH)(2)D(3) can act directly on CD8+ T cells.

A molecular framework for light and gibberellin control of cell elongation.

Cell elongation during seedling development is antagonistically regulated by light and gibberellins (GAs). Light induces photomorphogenesis, leading to inhibition of hypocotyl growth, whereas GAs promote etiolated growth, characterized by increased hypocotyl elongation. The mechanism underlying this antagonistic interaction remains unclear. Here we report on the central role of the Arabidopsis thaliana nuclear transcription factor PIF4 (encoded by PHYTOCHROME INTERACTING FACTOR 4) in the positive control of genes mediating cell elongation and show that this factor is negatively regulated by the light photoreceptor phyB (ref. 4) and by DELLA proteins that have a key repressor function in GA signalling. Our results demonstrate that PIF4 is destabilized by phyB in the light and that DELLAs block PIF4 transcriptional activity by binding the DNA-recognition domain of this factor. We show that GAs abrogate such repression by promoting DELLA destabilization, and therefore cause a concomitant accumulation of free PIF4 in the nucleus. Consistent with this model, intermediate hypocotyl lengths were observed in transgenic plants over-accumulating both DELLAs and PIF4. Destabilization of this factor by phyB, together with its inactivation by DELLAs, constitutes a protein interaction framework that explains how plants integrate both light and GA signals to optimize growth and development in response to changing environments.

Invading freshwater snails and biological control in Martinique Island, French West Indies

Eight alien freshwater snail species were introduced into Martinique Island during the last 50 years. The introduced snails include four planorbids (Biomphalaria straminea, Helisoma duryi, Amerianna carinata and Gyraulus sp.), three thiarids (Melanoides tuberculata, M. amabilis and Tarebia granifera) and one ampullarid (Marisa cornuarietis). Four of these species rapidly colonized the whole Martinican hydrographic system whereas the other four remained restricted to some particular sites. The invasion processes were documented during the last 20 years and showed (i) a rapid invasion of the island by several morphs of M. tuberculata at the beginning of the 80's; (ii) the introduction of T. granifera in 1991 and M. amabilis in 1997; and (iii) the rapid spread of these last two species throughout the island. In the years following its introduction, M. tuberculata was used in biological control experiments against the snail hosts of schistosomiasis, B. glabrata and B. straminea. Experiments were conducted with success in several groups of water-cress beds which constituted the latest transmission sites for schistosomiasis at the beginning of the 80's. A malacological survey carried out in 2000 all over the island showed the absence of B. glabrata but the presence of some residual populations of B. straminea. Long-term studies carried out in Martinique have shown that the thiarids are able to maintain relatively stable populations over a long period of time, thus preventing recolonization by the snail hosts. Within this context the invasion of the hydrographic system of Martinique by thiarid snails has resulted in an efficient and sustainable control of the intermediate hosts of schistosomiasis.

Apparent competition through facilitation between Melanoides tuberculata and Biomphalaria glabrata and the control of schistosomiasis

Interactions between two species that result in reduced growth rates for both and extinction of one of the species are generally considered cases of asymmetric interspecific competition. Exploitative or interference competition is the usual mechanism invoked. Here we describe another mechanism producing the same result, named apparent competition through facilitation (ACF), observed between Melanoides tuberculata and Biomphalaria glabrata populations. The superior competitor actually gives some benefit to the other species, whose population becomes unstable with progressively increasing oscillations, leading to extinction. A model of ACF using difference equations suggests initial dynamics distinct from traditional interspecific competition. The dynamics of two freshwater snails in the field and in laboratory experiments suggest ACF, and these relations should be considered in studies of schistosomiasis control. ACF could occur in natural populations, but might have gone undetected because the final result is similar to traditional interspecific competition.

Cellular immune responses and disease control in acute AIDS-associated Kaposi's sarcoma.

Kaposi's sarcoma-associated herpesvirus (KSHV) specific T cell responses and KSHV viremia were analyzed in seven HIV-infected patients with active Kaposi's sarcoma lesions who initiated highly active antiretroviral therapy, and were compared between patients with improved Kaposi's sarcoma and those with progressive Kaposi's sarcoma requiring further systemic chemotherapy. Patients with controlled Kaposi's sarcoma disease demonstrated undetectable Kaposi's sarcoma viremia together with KSHV-specific CD8 T cells secreting interferon-gamma and tumor necrosis factor-alpha, whereas progressors showed increasing viremia with weak or no T-cell responses. These data point toward a potential role of KSHV-specific immunity in the control of AIDS-associated Kaposi's sarcoma.

Services standardization in the United-States and in Europe: an institutional analysis of private authority

This contribution explores the role of international standards in the rules governing the internationalisation of the service economy. It analyses on a cross-institutional basis patterns of authority in the institutional setting of service standards in the European and Amercian context. The entry into force of the World Trade Organisation (WTO) in 1995 gave international standards a major role in harmonising the technical specifications of goods and services traded on the global market Despite the careful wording of the WTO, a whole range of international bodies still have the capacity to define generic as well as detailed technical specifications affecting how swelling offshore services are expected to be traded on worldwide basis. The analysis relies on global political economy approaches to identify constitutive patterns of authority mediating between the political and the economic spheres on a transnational space. It extends to the area of service standards the assumption that the process of globalisation is not opposing states and markets, but a joint expression of both of them including new patterns and agents of structural change through formal and informal power and regulatory practices. The paper argues that service standards reflect the significant development of a form of transnational hybrid authority, that blurs the distinction between private and public actors, whose scope spread all along from physical measures to societal values, and which reinforces the deterritorialisation of regulatory practices in contemporary capitalism. It provides evidence of this argument by analysing the current European strategy regarding service standardization in response to several programming mandate of the European Commission and the American views on the future development of service standards.

Inequalities in Health in an Aging Population: Patterns, Causes and Consequences

The increase in life expectancy that we continue to observe raises a complex set of challenges for policy. Among these challenges is the need to respond to the heterogeneity that remains in life expectancy within the older population. Most important is that life expectancy, even at older ages, differs markedly by socioeconomic position. In addition, despite increases in longevitymany individuals now effectively retire before state pension age and a large proportion of these are dependent on benefit income. In contrast, the contribution by older people to informal careprovision and other services has the potential to provide an important input into society, the economy and their own well-being. A crucial question, therefore, is which sections of the older population will live healthy active lives and which will be dependent on formal and informal sources of support. To answer this, we need to understand how inequalities in health are distributed in the older population and what the underlying causal processes are.

Symposium on Dementia and Caregiving 23 May - Presentations

This Symposium, hosted by Dementia Services Information and Development Centre, opened up debate on formal and informal care for people with dementia living in the community and in residential care. ��It also discussed recent research findings on dementia care in Ireland and the United States.Click the link to view the following presentation slides:Professor Steve Zarit - Caregiving at a Cross-Roads; Bridging the Gap between Science and PracticeProfessor Eamon O'Shea - Costing Care for People with Dementia in IrelandDr Caroline O'Nolan - Longterm Residential Care for People with Dementia in Ireland: New Findings from a National SurveyDr Ana Diaz - "I Have a Good Life, I just want to Keep it"; Subjective Understandings and Objective Evaluations of Quality of Life after Diagnosis of DementiaProfessor Charles Normand - Burdens and Paradoxes in Caregiving