The Term Structure of Expected Recovery Rates

2018 ◽  
Vol 53 (6) ◽  
pp. 2619-2661 ◽  
Author(s):  
Hitesh Doshi ◽  
Redouane Elkamhi ◽  
Chayawat Ornthanalai
Keyword(s):  
Term Structure ◽  
Empirical Work ◽  
Reduced Form ◽  
Short Term ◽  
Term Survival ◽  
Recovery Rates ◽  
No Arbitrage ◽  
Widespread Agreement ◽  
Credit Default ◽  
Short Term Survival

There is widespread agreement that corporate debts’ recovery rates are time varying, but empirical work in this area is limited. We show that the joint information from the term structure of senior and subordinate credit default swaps can identify the level and the dynamics of recovery rates. We estimate a reduced-form no-arbitrage model on 46 firms across different industries. We find that the term structure of expected recovery rates is, on average, downward sloping. However, an inversion occurs during the 2008 crisis, suggesting the market expects higher recoveries conditional on short-term survival. The inversion is more pronounced for firms in distressed industries.

Influence of age and shock severity on short-term survival in patients with cardiogenic shock

2021 ◽  
Author(s):  
Jacob C Jentzer ◽  
Benedikt Schrage ◽  
David R Holmes ◽  
Salim Dabboura ◽  
Nandan S Anavekar ◽  
...  
Keyword(s):  
Cardiogenic Shock ◽  
Mayo Clinic ◽  
Older Patients ◽  
Cox Proportional Hazards ◽  
Circulatory Support ◽  
Short Term ◽  
Term Survival ◽  
Risk Of Death ◽  
Coronary Syndrome ◽  
Short Term Survival

Abstract Aims Cardiogenic shock (CS) is associated with poor outcomes in older patients, but it remains unclear if this is due to higher shock severity. We sought to determine the associations between age and shock severity on mortality among patients with CS. Methods and results Patients with a diagnosis of CS from Mayo Clinic (2007–15) and University Clinic Hamburg (2009–17) were subdivided by age. Shock severity was graded using the Society for Cardiovascular Angiography and Intervention (SCAI) shock stages. Predictors of 30-day survival were determined using Cox proportional-hazards analysis. We included 1749 patients (934 from Mayo Clinic and 815 from University Clinic Hamburg), with a mean age of 67.6 ± 14.6 years, including 33.6% females. Acute coronary syndrome was the cause of CS in 54.0%. The distribution of SCAI shock stages was 24.1%; C, 28.0%; D, 33.2%; and E, 14.8%. Older patients had similar overall shock severity, more co-morbidities, worse kidney function, and decreased use of mechanical circulatory support compared to younger patients. Overall 30-day survival was 53.3% and progressively decreased as age or SCAI shock stage increased, with a clear gradient towards lower 30-day survival as a function of increasing age and SCAI shock stage. Progressively older age groups had incrementally lower adjusted 30-day survival than patients aged <50 years. Conclusion Older patients with CS have lower short-term survival, despite similar shock severity, with a high risk of death in older patients with more severe shock. Further research is needed to determine the optimal treatment strategies for older CS patients.

scholarly journals Parenteral Nutrition and Oxidant Load in Neonates

Nutrients ◽  
2021 ◽  
Vol 13 (8) ◽  
pp. 2631
Author(s):  
Kandeepan Karthigesu ◽  
Robert F. Bertolo ◽  
Robert J. Brown
Keyword(s):  
Parenteral Nutrition ◽  
Storage Temperature ◽  
Oral Feeding ◽  
Published Data ◽  
Short Term ◽  
Antioxidant Defences ◽  
Term Survival ◽  
Nutrient Sources ◽  
Short Term Survival

Neonates with preterm, gastrointestinal dysfunction and very low birth weights are often intolerant to oral feeding. In such infants, the provision of nutrients via parenteral nutrition (PN) becomes necessary for short-term survival, as well as long-term health. However, the elemental nutrients in PN can be a major source of oxidants due to interactions between nutrients, imbalances of anti- and pro-oxidants, and environmental conditions. Moreover, neonates fed PN are at greater risk of oxidative stress, not only from dietary sources, but also because of immature antioxidant defences. Various interventions can lower the oxidant load in PN, including the supplementation of PN with antioxidant vitamins, glutathione, additional arginine and additional cysteine; reduced levels of pro-oxidant nutrients such as iron; protection from light and oxygen; and proper storage temperature. This narrative review of published data provides insight to oxidant molecules generated in PN, nutrient sources of oxidants, and measures to minimize oxidant levels.

A registry study on radial head arthroplasties in the Netherlands: Indications, types and short-term survival

2021 ◽  
pp. 175857322098784
Author(s):  
Arno A Macken ◽  
Ante Prkić ◽  
Koen LM Koenraadt ◽  
Iris van Oost ◽  
Anneke Spekenbrink-Spooren ◽  
...  
Keyword(s):  
Radial Head ◽  
Register Data ◽  
Implant Survival ◽  
Short Term ◽  
Term Survival ◽  
Arthroplasty Register ◽  
Common Indication ◽  
Radial Head Arthroplasty ◽  
Kaplan Meier ◽  
Short Term Survival

Background This study aims to use the Dutch Arthroplasty Register data to report an overview of the contemporary indications and implant designs, and report the short-term survival of radial head arthroplasty. Methods From the Dutch Arthroplasty Register, data on patient demographics, surgery and revision were extracted for radial head arthroplasties performed from January 2014 to December 2019. Implant survival was calculated using the Kaplan–Meier method. Results Two hundred fifty-eight arthroplasties were included with a median follow-up of 2.2 years. The most common indication was a fracture of the radial head (178, 69%). One hundred thirty-nine (68%) of the prostheses were of bipolar design, and the most commonly used implant type was the Radial Head System (Tornier; 134, 51%). Of the 258 included radial head arthroplasties, 16 were revised at a median of six months after surgery. Reason for revision was predominantly aseptic loosening (9). The overall implant survival was 95.8% after one year, 90.5% after three years and 89.5% after five years. Discussion For radial head arthroplasties, acute trauma is the most common indication and Radial Head System the most commonly used implant. The implant survival is 89.5% after five years.

Short-term survival, space use and diel patterns of coastal fish species revealed from ‘solo datasets’

2021 ◽  
pp. 1-9
Author(s):  
Gonzalo Mucientes ◽  
Katharina Leeb ◽  
Fiona-Elaine Straßer ◽  
David Villegas-Ríos ◽  
Alexandre Alonso-Fernández
Keyword(s):  
Fish Species ◽  
Space Use ◽  
Short Term ◽  
Term Survival ◽  
Coastal Fish ◽  
Diel Patterns ◽  
Survival Space ◽  
Short Term Survival

Prognostic indicators of short-term survival of ineffective airway clearance in children with acute respiratory infection: a longitudinal study

2020 ◽  
Vol 56 (4) ◽  
pp. 376-387
Author(s):  
Lívia Maia Pascoal ◽  
Marcos Venícios de Oliveira Lopes ◽  
Viviane Martins da Silva ◽  
Daniel Bruno Resende Chaves ◽  
Beatriz Amorim Beltrão ◽  
...  
Keyword(s):  
Longitudinal Study ◽  
Respiratory Infection ◽  
Acute Respiratory Infection ◽  
Prognostic Indicators ◽  
Short Term ◽  
Term Survival ◽  
Airway Clearance ◽  
Short Term Survival

scholarly journals CANDIDE et la monnaie

2009 ◽  
Vol 52 (1) ◽  
pp. 75-103
Author(s):  
Jean-Pierre Aubry ◽  
Pierre Duguay
Keyword(s):  
Interest Rate ◽  
Interest Rates ◽  
Term Structure ◽  
Structural Equations ◽  
Reduced Form ◽  
Real Sector ◽  
Short Term ◽  
The Real ◽  
Structure Equations

Abstract In this paper we deal with the financial sector of CANDIDE 1.1. We are concerned with the determination of the short-term interest rate, the term structure equations, and the channels through which monetary policy influences the real sector. The short-term rate is determined by a straightforward application of Keynesian liquidity preference theory. A serious problem arises from the directly estimated reduced form equation, which implies that the demand for high powered money, but not the demand for actual deposits, is a stable function of income and interest rates. The structural equations imply the opposite. In the term structure equations, allowance is made for the smaller variance of the long-term rates, but insufficient explanation is given for their sharper upward trend. This leads to an overstatement of the significance of the U.S. long-term rate that must perform the explanatory role. Moreover a strong structural hierarchy, by which the long Canada rate wags the industrial rate, is imposed without prior testing. In CANDIDE two channels of monetary influence are recognized: the costs of capital and the availability of credit. They affect the business fixed investment and housing sectors. The potential of the personal consumption sector is not recognized, the wealth and real balance effects are bypassed, the credit availability proxy is incorrect, the interest rate used in the real sector is nominal rather than real, and the specification of the housing sector is dubious.

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