Pankin reaalioptiot kriisiytyneiden asiakasyrityksien riskienhallinnallisessa lisäluototuksessa

Tämän tutkielman tarkoituksena on ollut tutkia pankin mahdollisuuksia soveltaa reaalioptioajattelua kriisiyrityksien käyttöpääomaan liittyvissä lisäluototusprosesseissa. Kohdepankin rahoitusasiantuntijoita haastattelemalla ja esimerkkitapauksiin tutustumalla tutkia on tutkittu pk-yritysten lisäluototusprosessia ja reaalioptioteorian soveltuvuutta luottoriskinhallintaan. Tutkimuksessa saatiin selville, että pankin luottoprosessin päätöksentekologiikassa on selkeitä yhteneväisyyksiä reaalioptioajattelun kanssa, mutta tietoisesti pankin asiantuntijat eivät sovella reaalioptioteoriaa toimintaansa. Tutkimuksessa havaittiin myös, että tiedostamattoman reaalioptioajattelun hyödyntämisaktiivisuus lisääntyy pankissa sitä mukaa, kun asiakaskohtainen riski kasvaa. Lisäksi kohdepankin asiantuntijat suhtautuivat luottoprosessissa kriisiyrityksille myönnettyihin lisäluottoihin suojautumisoption kaltaisen ajattelumallin tavoin. Toisin sanoen lisäluotto katsottiin asiakasyrityksen toiminnan jatkumisen mahdollistavana tekijänä, jonka avulla pitkän tähtäimen luottoriskin laskeminen on todennäköistä. Reaalioptioteorian tietoinen hyödyntäminen saattaisi tarjota lisätyökaluja asiakasyrityksien skenaarioiden arviointiin ja tukea sitä kautta luottopäätöksen tekemistä ja riskienhallintaa. Reaalioptiot voisivat tuoda joustavuutta ja lisäarvoa sellaisiin tilanteisiin, joissa asiakasyrityksen osalta ei ole olemassa laajaa historiatietoa tai asiakastuntemusta. Reaalioptioiden mahdollistaman joustavuuden sovittaminen säädösten mukaisiin proseduureihin saattaisi olla merkittävä keino pankin prosessin kehittämiseksi ja sisäisen viestinnän tehostamiseksi.

Hedging under liquidity constraints

Although risk management can be justified by financial distress, the theoretical models usually contain hedging instruments free of funding risk. In practice, management of the counterparty risk in derivative transactions is of enhanced importance, consequently not only is trading on exchanges subject to the presence of a margin account, but also in bilateral (OTC) agreements parties will require margins or collateral from their partners in order to hedge the mark-tomarket loss of the transaction. The aim of this paper is to present and compare two models where the financing need of the hedging instrument also appears, influencing the hedging strategy and the optimal hedging ratio. Both models contain the same source of risk and optimisation criterion, but the liquidity risk is modelled in different ways. In the first model, there is no additional financing resource that can be used to finance the margin account in case of a margin call, which entails the risk of liquidation of the hedging position. In the second model, the financing is available but a given credit spread is to be paid for this, so hedging can become costly.

National housing act : hearings before the Committee on Banking and Currency, United States Senate, Seventy-third Congress, second session, on S. 3603, a bill to improve nation-wide housing standards, provide employment and stimulate industry ; to improve conditions with respect to home mortgage investment, and to eliminate the necessity for costly second-mortgage financing, by creating a system of mutual mortgage insurance and by making provision for the organization of additional institutions to handle home financing ; to promote thrift and protect savings ; to amend the Federal home loan bank act ; to amend the Federal reserve act ; and for other purposes. May 16-24, 1934.

Duncan U. Fletcher, chairman.

Financing local development: Quasi-experimental evidence from municipalities in Brazil, 1980-1991

This paper uses a regression discontinuity design to estimate the impact of additional unrestrictedgrant financing on local public spending, public service provision, schooling, literacy, andincome at the community (municipio) level in Brazil. Additional transfers increased local publicspending per capita by about 20% with no evidence of crowding out own revenue or otherrevenue sources. The additional local spending increased schooling per capita by about 7% andliteracy rates by about 4 percentage points. The implied marginal cost of schooling -accountingfor corruption and other leakages- amounts to about US$ 126, which turns out to be similar tothe average cost of schooling in Brazil in the early 1980s. In line with the effect on human capital,the poverty rate was reduced by about 4 percentage points, while income per capita gains werepositive but not statistically significant. Results also suggest that additional public spending hadstronger effects on schooling and literacy in less developed parts of Brazil, while poverty reductionwas evenly spread across the country.

Ecosystem services and adaptation for agriculture and food security: analysis of two decades (1991–2011) of financing by the Global Environment Facility

Investing in global environmental and adaptation benefits in the context of agriculture and food security initiatives can play an important role in promoting sustainable intensification. This is a priority for the Global Environment Facility (GEF), created in 1992 with a mandate to serve as financial mechanism of several multilateral environmental agreements. To demonstrate the nature and extent of GEF financing, we conducted an assessment of the entire portfolio over a period of two decades (1991–2011) to identify projects with direct links to agriculture and food security. A cohort of 192 projects and programs were identified and used as a basis for analyzing trends in GEF financing. The projects and programs together accounted for a total GEF financing of US$1,086.8 million, and attracted an additional US$6,343.5 million from other sources. The value-added of GEF financing for ecosystem services and resilience in production systems was demonstrated through a diversity of interventions in the projects and programs that utilized US$810.6 million of the total financing. The interventions fall into the following four main categories in accordance with priorities of the GEF: sustainable land management (US$179.3 million), management of agrobiodiversity (US$113.4 million), sustainable fisheries and water resource management (US$379.8 million), and climate change adaptation (US$138.1 million). By aligning GEF priorities with global aspirations for sustainable intensification of production systems, the study shows that it is possible to help developing countries tackle food insecurity while generating global environmental benefits for a healthy and resilient planet.

Pension funds and the financing productive investment: an analysis based on Brazil's recent experience

Includes bibliography

Financing agriculture,

"References for additional reading": p. 275-278.

State subsidy and moral hazard in corporate financing

This paper investigates the impact of state subsidy on the behavior of the entrepreneur under asymmetric information. Several authors formulated concerns about state intervention as it can aggravate moral hazard in corporate financing. In the seminal paper of Holmström and Tirole (1997) a two-player moral hazard model is presented with an entrepreneur initiating a risky scalable project and a private investor (e.g. bank or venture capitalist) providing outside financing. The novelty of our research is that this basic moral hazard model is extended to the case of positive externalities and to three players by introducing the state subsidizing the project. It is shown that in the optimum, state subsidy does not harm, but improves the incentives of the entrepreneur to make efforts for the success of the project; hence in effect state intervention reduces moral hazard. Consequently, state subsidy increases social welfare which is defined as the sum of private and public net benefits. Also, the exact form of the state subsidy (ex-ante/ex-post, conditional/unconditional, refundable/nonrefundable) is irrelevant in respect of the optimal size and the total welfare effect of the project. Moreover, in case of nonrefundable subsidies state does not crowd out private investors; but on the contrary, by providing additional capital it boosts private financing. In case of refundable subsidies some crowding effects may occur depending on the subsidy form and the parameters.

The effect of additional strengthening of hip abductor and lateral rotator muscles in patellofemoral pain syndrome: a randomized controlled pilot study

Objectives: To study the effect of additional strengthening of hip abductor and lateral rotator muscles in a strengthening quadriceps exercise rehabilitation programme for patients with the patellofemoral pain syndrome. Design: Randomized controlled pilot trial. Setting: Clinical setting with home programme. Participants: Fourteen patients with patellofemoral pain syndrome. Intervention: The subjects were randomly assigned to the intervention group (strengthening of quadriceps plus strengthening of hip abductor and lateral rotator muscles) or to the control group (strengthening of quadriceps). Both groups participated in a six-week home exercise protocol. Main outcome measures: The perceived pain symptoms, isokinetic eccentric knee extensor, hip abductor and lateral rotator torques and the gluteus medius electromyographic activity were assessed before and after treatment. Parametric and non-parametric tests were used to compare the groups before and after treatment with alpha = 0.05. Results: Only the intervention group improved perceived pain symptoms during functional activities (P=0.02-0.04) and also increased their gluteus medius electromyographic activity during isometric voluntary contraction (P=0.03), Eccentric knee extensors torque increased in both groups (P=0.04 and P=0.02). There was no statistically significant difference in the hip muscles torque in either group. Conclusion: Supplementation of strengthening of hip abductor and lateral rotator muscles in a strengthening quadriceps exercise programme provided additional benefits with respect to the perceived pain symptoms during functional activities in patients with patellofemoral pain syndrome after six weeks of treatment.

Thin titanium oxide films deposited by e-beam evaporation with additional rapid thermal oxidation and annealing for ISFET applications

Titanium oxide (TiO(2)) has been extensively applied in the medical area due to its proved biocompatibility with human cells [1]. This work presents the characterization of titanium oxide thin films as a potential dielectric to be applied in ion sensitive field-effect transistors. The films were obtained by rapid thermal oxidation and annealing (at 300, 600, 960 and 1200 degrees C) of thin titanium films of different thicknesses (5 nm, 10 nm and 20 nm) deposited by e-beam evaporation on silicon wafers. These films were analyzed as-deposited and after annealing in forming gas for 25 min by Ellipsometry, Fourier Transform Infrared Spectroscopy (FTIR), Raman Spectroscopy (RAMAN), Atomic Force Microscopy (AFM), Rutherford Backscattering Spectroscopy (RBS) and Ti-K edge X-ray Absorption Near Edge Structure (XANES). Thin film thickness, roughness, surface grain sizes, refractive indexes and oxygen concentration depend on the oxidation and annealing temperature. Structural characterization showed mainly presence of the crystalline rutile phase, however, other oxides such Ti(2)O(3), an interfacial SiO(2) layer between the dielectric and the substrate and the anatase crystalline phase of TiO(2) films were also identified. Electrical characteristics were obtained by means of I-V and C-V measured curves of Al/Si/TiO(x)/Al capacitors. These curves showed that the films had high dielectric constants between 12 and 33, interface charge density of about 10(10)/cm(2) and leakage current density between 1 and 10(-4) A/cm(2). Field-effect transistors were fabricated in order to analyze I(D) x V(DS) and log I(D) x Bias curves. Early voltage value of -1629 V, R(OUT) value of 215 M Omega and slope of 100 mV/dec were determined for the 20 nm TiO(x) film thermally treated at 960 degrees C. (C) 2009 Elsevier B.V. All rights reserved.

NEW PHYTOSEIIDAE (ACARI: MESOSTIGMATA) FROM COSTA RICA, WITH ADDITIONAL INFORMATION ON OTHER SPECIES

This paper reports on a study of phytoseiids collected from the La Selva Biological Field Station, the ALAS (Arthropods of La Selva) Project, made available to us by the Canadian National Collection via Dr. E. E. Lindquist. This material includes two new species, Proprioseiopsis versus n. sp. and Transeius costarricensis n. sp., three new records for Central America, and additional information for nine species previously reported from La Selva.

Evaluation of the antioxidant activity as an additional parameter to attain the functional quality of natural extracts

Due to differences in the functional quality of natural extracts, we have also faced differences in their effectiveness. So, it was intended to assess the antioxidant activity of natural extracts in order to attain their functional quality. It was observed that all the extracts (brown and green propolis, Ginkgo biloba and Isoflavin Beta (R)) and the standard used (quercetin) showed antioxidant activity in a dose-dependent manner with IC50 values ranging from 0.21 to 155.28 mu g mL(-1) (inhibition of lipid peroxidation and scavenging of the DPPH center dot assays). We observed a high correlation (r(2)= 0.9913) among the antioxidant methods; on the other hand, the antioxidant activity was not related to the polyphenol and flavonoid content. As the DPPH center dot assay is a fast method, presents low costs and even has a high correlation with other antioxidant methods, it could be applied as an additional parameter in the quality control of natural extracts.