Bankruptcy and the Collateral Channel BENMELECH, EFRAIM; BERGMAN, NITTAI K.
The Journal of finance (New York),
April 2011, Letnik:
66, Številka:
2
Journal Article
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Do bankrupt firms impose negative externalities on their nonbankrupt competitors? We propose and analyze a collateral channel in which a firm's bankruptcy reduces the collateral value of other ...industry participants, thereby increasing their cost of debt financing. We identify the collateral channel using novel data of secured debt tranches issued by U.S. airlines that include detailed descriptions of the underlying collateral pools. Our estimates suggest that industry bankruptcies have a sizeable impact on the cost of debt financing of other industry participants. We discuss how the collateral channel may lead to contagion effects that amplify the business cycle during industry downturns.
A high prevalence of dual use of e-cigarettes and conventional cigarettes has been reported across the world.
A systematic search was carried out. We included original articles on any topic relevant ...to health, excluding mental health, in all languages. The PRISMA guidelines were followed. Both reviewers independently screened and read all publications. We compared dual use with exclusive smoking of conventional cigarettes (ESCC).
Fifty-two publications (49 studies) were included. Thirteen papers/10 studies were prospective. There was great heterogeneity across studies. Many methodological weaknesses, such as inaccurate exposure measurement, lack of adjustment for former tobacco consumption, and lack of significance testing were identified. Most prospective studies found dual use to be at least as harmful as ESCC. The longest follow-up was six years. Most of the best available cross-sectional studies found dual use associated with the same and, in several studies, significantly higher risk of self-reported symptoms/disease than in ESCC. The intensity of cigarette smoking seems associated with worse health.
Existing studies indicate that dual use is at least as, or probably even more, harmful than ESCC. Due to the predominance of cross-sectional studies and the methodological weaknesses we judged the overall certainty of the evidence as "low certainty".
The design and performance of next-generation chip multiprocessors (CMPs) will be bound by the limited amount of power that can be dissipated on a single die. We present photonic networks-on-chip ...(NoC) as a solution to reduce the impact of intra-chip and off-chip communication on the overall power budget. A photonic interconnection network can deliver higher bandwidth and lower latencies with significantly lower power dissipation. We explain why on-chip photonic communication has recently become a feasible opportunity and explore the challenges that need to be addressed to realize its implementation. We introduce a novel hybrid micro-architecture for NoCs combining a broadband photonic circuit-switched network with an electronic overlay packet-switched control network. We address the critical design issues including: topology, routing algorithms, deadlock avoidance, and path-setup/tear-down procedures. We present experimental results obtained with POINTS, an event-driven simulator specifically developed to analyze the proposed idea, as well as a comparative power analysis of a photonic versus an electronic NoC. Overall, these results confirm the unique benefits for future generations of CMPs that can be achieved by bringing optics into the chip in the form of photonic NoCs.
Refugees and their healthcare providers face numerous challenges in receiving and providing maternal and newborn care. Research exploring how these challenges are related to adverse perinatal and ...maternal outcomes is scarce. Therefore, this study aims to identify suboptimal factors in maternal and newborn care for asylum-seeking and refugee women and assess to what extent these factors may contribute to adverse pregnancy outcomes in the Netherlands. We conducted a retrospective analysis of national perinatal audit data from 2017 to 2019. Our analysis encompassed cases with adverse perinatal and maternal outcomes in women with a refugee background (n = 53). Suboptimal factors in care were identified and categorized according to Binder et al.'s Three Delays Model, and the extent to which they contributed to the adverse outcome was evaluated. We identified 29 suboptimal factors, of which seven were related to care-seeking, six to the accessibility of services, and 16 to the quality of care. All 53 cases contained suboptimal factors, and in 67.9% of cases, at least one of these factors most likely or probably contributed to the adverse perinatal or maternal outcome. The number of suboptimal factors identified in this study and the extent to which they contributed to adverse perinatal and maternal outcomes among refugee women is alarming. The wide range of suboptimal factors identified provides considerable scope for improvement of maternal and newborn care for refugee populations. These findings also highlight the importance of including refugee women in perinatal audits as it is essential for healthcare providers to better understand the factors associated with adverse outcomes to improve the quality of care. Adjustments to improve care for refugees could include culturally sensitive education for healthcare providers, increased workforce diversity, minimizing the relocation of asylum seekers, and permanent reimbursement of professional interpreter costs.
Development of drugs and biologics for which adequate and well‐controlled efficacy studies in humans cannot be ethically conducted or are not feasible poses significant challenges. For these agents, ...clinical pharmacology information is used to translate preclinical efficacy findings to humans and is a cornerstone that supports a human dose. This article focuses on the role of clinical pharmacology in determining the human dose for new drugs and biologics under the Animal Rule regulatory pathway.
The use of equity-based compensation for rank-and-file employees is a puzzle. We analyze whether the popularity of option compensation may be driven by employee optimism, and show that optimism by ...itself is insufficient to make option compensation optimal. The crucial insight is that firms compete with financial markets as suppliers of equity to employees and that employees’ access to the equity market restricts firms’ ability to profit from employee optimism. Firms must be able to extract some of the implied rents even though employees can purchase company equity in the financial markets. Such rent extraction becomes feasible if employees prefer the stock options offered by firms to the equity offered by the market, or if the traded equity is overvalued. We provide empirical evidence that firms use broad-based option compensation when boundedly rational employees are likely to be excessively optimistic about company stock, and when employees are likely to strictly prefer options over stock.
Strong Employers and Weak Employees Benmelech, Efraim; Bergman, Nittai K.; Kim, Hyunseob
The Journal of human resources,
04/2022, Letnik:
57, Številka:
S
Journal Article
Vintage capital and creditor protection Benmelech, Efraim; Bergman, Nittai K.
Journal of financial economics,
02/2011, Letnik:
99, Številka:
2
Journal Article
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We provide novel evidence linking the level of creditor protection provided by law to the degree of usage of technologically older, vintage capital in the airline industry. Using a panel of ...aircraft-level data around the world, we find that better creditor rights are associated with both aircraft of a younger vintage and newer technology, as well as firms with larger aircraft fleets. We propose that by mitigating financial shortfalls, enhanced legal protection of creditors facilitates the ability of firms to make large capital investments, adapt advanced technologies, and foster productivity.
The stringent on- and off-chip communications demands of future-generation chip multiprocessors require innovative and potentially disruptive technology solutions, such as chip-scale photonic ...transmission systems. A space-switched, wavelength-parallel photonic network-on-chip has been shown to equip users with high-bandwidth, low-latency links in an energy-efficient manner. Here, experimental measurements on fabricated silicon photonic devices verify a large set of the components needed to construct these networks. The proposed system architecture is reviewed to motivate the demanding performance requirements of the components. Then, systems-level investigations are delineated for multiwavelength electrooptic modulators and photonic switching elements arranged in 1 × 2, 2 × 2, and 4 × 4 formations. Compact (~10 ¿m), high-speed (4 Gb/s) modulators, having a large degree of channel scalability (four channels demonstrated), are demonstrated with excellent data integrity (bit error rates (BERs) <10 -12 ). Meanwhile, switches are shown to transfer extensive throughput bandwidths (250 Gb/s) with fast switching speeds (<1 ns) and sufficient extinction ratios (>10 dB). Data integrity is also verified for the switches (BERs < 10 -12 ) with power penalty measurements amid dynamic operation. These network component demonstrations verify the feasibility of the proposed system architecture, while previous works have verified its efficacy.
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