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We have described the case of a 26-year-old man who had presented to his primary care physician with persistent, painful varices across his lower abdomen and bilateral tender scrotal varicoceles, which intensified with exercise. Thorough investigations revealed a congenitally atretic right common iliac vein with right-to-left collateralization of the femoral and internal iliac veins. This shunting resulted in the development of suprapubic and pelvic and gonadal varicosities, which provided a critical venous outflow pathway for his right lower extremity. Heightened vigilance is, hence, paramount if our patient requires future abdominal and urologic procedures. Moreover, the present case has highlighted the importance of considering deep system venous anomalies when determining the differential diagnosis for venous diseases.

Purpose of the ReviewStent retrievers and large-bore aspiration catheters have doubled substantial reperfusion rates compared to first-generation devices. This has been accompanied by a 3-fold reduction in procedural time to revascularization. To measure future thrombectomy improvements, new benchmarks for technical efficacy are needed. This review summarizes the recent literature concerning biomarkers of procedural success and harm and highlights future directions.Recent FindingsExpanded Treatment in Cerebral Ischemia (eTICI), which incorporates scores for greater levels of reperfusion, improves outcome prediction. Core laboratory–adjudicated studies show that outcomes following eTICI 2c (90%–99% reperfusion) are superior to eTICI 2b50 and nearly equivalent to eTICI 3. Moreover, eTICI 2c improves scale reliability. Studies also confirm the importance of rapid revascularization, whether measured as first pass effect or procedural duration under 30 minutes. Distal embolization is a complication that impedes the extent and speed of revascularization, but few studies have reported its per-pass occurrence. Distal embolization and emboli to new territory should be measured after each thrombectomy maneuver. Collaterals have been shown to be an important modifier of thrombectomy benefit. A drawback of the currently accepted collateral grading scale is that it does not discriminate among the broad spectrum of partial collateralization. Important questions that require investigation include reasons for failed revascularization, the utility of a global Treatment in Cerebral Ischemia scale, and the optimal grading system for vertebrobasilar occlusions.SummaryEmerging data support a lead technical efficacy endpoint that combines the extent and speed of reperfusion. Efforts are needed to better characterize angiographic measures of treatment harm and of collateralization.

We exploit the 2011 EBA Capital exercise, a quasi-natural experiment that required a number of banks to increase their regulatory capital. This experiment makes secured lending for the affected banks more attractive vis-a-vis unsecured lending, because secured loans require less regulatory capital. Using loan-level data covering the universe of bank loans in Portugal, we identify how banks require collateral on new loans when facing higher capital requirements: relative to the control group, treated banks require loans to be collateralized more often after the shock. We find the affected banks partially shield their relationship borrowers. The increased collateralization also has economically relevant real effects. Treated banks reallocate funds towards sectors with greater asset tangibility. Firms and sectors borrowing to a greater degree from treated banks exhibit lower growth and tilt their investments towards tangible assets.

Left-sided portal hypertension is a rare entity with considerable splenogastric collateralization. We report a case of esophagectomy in the setting of left-sided portal hypertension with resulting treatment of both the esophageal cancer and the portal hypertension.

Objectives Celiac Trunk (CT) is a vital artery and the first unmatched branch of the abdominal aorta, providing blood to upper abdominal structures, particularly the liver, stomach, and spleen. It is essential to know its anatomy in terms of pancreas, spleen, gallbladder, liver surgeries, and interventional radiological procedures such as chemoembolization. The aim of our study is to contribute to the literature with the measurements of distances between the diaphragmatic crus and vascular structures with their diameters, which have been studied insufficiently, and to detect the possible relationships between vascular variations and collateral branches. Methods Imaging findings of 200 patients (114 males and 86 females), who underwent Multi-Section Computed Tomography examination with various indications in our center between June 2016 and July 2020, were retrospectively analyzed. The statistical relations between CT and Hepatic Artery variations, collateral formations, age, and gender were evaluated with the Spearman's Rho Correlation Coefficient Test. Results The distance between the crus of diaphragm and CT was 4-60 mm (mean 24.3 mm), the distance between CT and superior mesenteric artery (SMA) was 2.5-35 mm (mean 8.6 mm), CT diameter was 4.6-9.4 mm (mean 7.3 mm), and the main hepatic artery diameter was 2.4-5.8 mm (mean 4.1 mm). There was no correlation in our study between CT, Hepatic Artery variations, and their collaterals (r in range of -20,124-0.116, p>0.05). It can be said that in cases of the single accessory left hepatic artery originating from the left gastric artery, such as Michel's Type V and Type VIII, collaterals between common hepatic artery and SMA were relatively more frequent (p=0.1). Conclusion Our study contributed to the literature by measuring the distance between diaphragmatic crus-vascular structures, which has been little studied in the past. Frequencies of CT and Hepatic Artery variations that have been detected in our study are similar to the results of the previous studies with non-malignancy patient groups.

Background: Axillary web syndrome (AWS) is a frequent complication after surgery for breast cancer, but its lymphatic involvement is not definitively established. Here we report the results of lymphoscintigraphic investigations in patients with AWS. Methods and Findings: We conducted a retrospective, single-center review of lymphoscintigraphic investigations performed in 46 patients with AWS that was either clinically obvious or suspected. Of this group, 23 patients had two investigations with a mean interval of 19 weeks between them (range, 6-98 weeks). Results of the lymphoscintigraphic investigations, which were performed according to a well-standardized protocol, were classified into four patterns: normal; functional lymphatic insufficiency only (no lymphatic vascular morphologic abnormality); lymphovascular blockade without collateralization; and vascular collateralization and/or dermal backflow. Of the 46 patients, on the first lymphoscintigraphic investigation, four (8.6%) had a normal pattern, seven (15.2%) had functional lymphatic insufficiency only, four (8.6%) had lymphovascular blockade without collateralization, and 31 (67.3%) had vascular collateralization and/or dermal backflow. Among patients who underwent two investigations, four of the five who had only functional lymphatic insufficiency at the first investigation had developed vascular collateralization and/or dermal backflow by the second. The three patients who had lymphovascular blockade without collateralization at the first examination had also progressed to collateralization and/or dermal backflow at the second. None of the 15 patients who initially had vascular collateralization and/or dermal backflow showed any reversal at the second examination. Conclusions: Our analysis confirms the lymphatic nature of AWS and shows the lymphoscintigraphic patterns and evolutions of the lymphatic lesions with potential therapeutic implications. The retrospective review of our database is approved by the institutional ethics committee under number 2048.

This article presents a framework for capturing counterparty credit risk by accounting default correlation. We find that the CDS premium and the default correlations/comrelation have a negative relation. Intuitively, a protection seller who is positively correlated with the reference entity, i.e., a wrong way risk, should charge a lower premium for selling credit protection. Next, we also find that the impacts of the default correlations and comrelation are approximately linear. Finally, our study shows that the sensitivity slopes of the CDS premium to the default correlations and comrelation are negative. Slope measures the rate of change in the premium as a result of a change in the default dependence., https://www.infona.pl/resource/bwmeta1.element.ID-74f411a6-60e2-4995-bc63-06d17c24ba27/tab/references

This article presents a framework for valuing a credit default swap (CDS) contract by taking counterparty credit risk into account. There are three sources of credit risk in CDS: the buyer, seller and reference entity. Our analysis shows that the effect of default dependencies on a CDS premium from large to small accordingly is i) the default correlation between the protection seller and the reference entity, ii) the default correlation between the protection buyer and the reference entity, and iii) the default correlation between the protection buyer and the protection seller. In particular, we find that the default correlation has substantial effects on the asset pricing and risk management., https://www.infona.pl/resource/bwmeta1.element.ID-7202c1c1-cfd3-4192-9e0d-6c908e163e97/tab/references

We generalize the results of Bielecki and Rutkowski (2015) on funding and collateralization to a multi-currency framework and link their results with those of Piterbarg (2012), Moreni and Pallavicini (2017), and Fujii et al. (2010b). In doing this, we provide a complete study of absence of arbitrage in a multi-currency market where, in each single monetary area, multiple interest rates coexist. We first characterize absence of arbitrage in the case without collateral. After that we study collateralization schemes in a very general situation: the cash flows of the contingent claim and those associated to the collateral agreement can be specified in any currency. We study both segregation and rehypothecation and allow for cash and risky collateral in arbitrary currency specifications. Absence of arbitrage and pricing in the presence of collateral are discussed under all possible combinations of conventions. Our work provides a reference for the analysis of wealth dynamics, we also provide valuation formulas that are a useful foundation for cross-currency curve construction techniques. Our framework provides also a solid foundation for the construction of multi-currency simulation models for the generation of exposure profiles in the context of xVA calculations., Comment: 42 pages

We investigate the relationship between the intensity of share pledging activities and the level of financial constraint. Using a sample of Chinese publicly listed firms from 2003 to 2018, our main findings are fourfold. First, we document that the high financial constraint level may motivate insiders to use share pledging as an alternative funding source and an expropriation mechanism. Second, share collateralization can cause a subsequently more constrained financing condition. Third, investors may raise more concerns about the existence of share collateralization than the proportion of pledged shares in a firm. Fourth, we find evidence that share pledging made by the controlling shareholder is likely to mitigate financial constraints in the following year. Our results are robust to alternative measures of share pledging, an alternative definition of financial constraint, and an instrumental variable for dealing with endogeneity problems. Our findings provide insights into rationales behind and consequences of share pledging activities, which have important implications for financially constrained firms and regulators in emerging markets.

The leptomeningeal collateral status is an independent predictor of stroke outcome. By means of optical coherent tomography angiography to compare two mouse strains with different extent of native leptomeningeal collateralization, we determined the spatiotemporal dynamics of collateral flow and downstream hemodynamics following ischemic stroke. A robust recruitment of leptomeningeal collateral flow was detected immediately after middle cerebral artery (MCA) occlusion in C57BL/6 mice, with continued expansion over the course of seven days. In contrast, little collateral recruitment was seen in Balb/C mice during- and one day after MCAO, which coincided with a greater infarct size and worse functional outcome compared to C57BL/6, despite a slight improvement of cortical perfusion seven days after MCAO. Both strains of mice experienced a reduction of blood flow in the penetrating arterioles (PA) by more than 90% 30-min after dMCAO, although the decrease of PA flow was greater and the recovery was less in the Balb/C mice. Further, Balb/C mice also displayed a prolonged greater heterogeneity of capillary transit time after dMCAO in the MCA territory compared to C57BL/6 mice. Our data suggest that the extent of native leptomeningeal collaterals affects downstream hemodynamics with a long lasting impact in the microvascular bed after cortical stroke.

BackgroundRecent studies have substantiated the role of the triglyceride glucose (TyG) index in predicting the prognosis of coronary artery disease (CAD) patients, while no relevant studies have revealed the association between the TyG index and coronary collateralization in the event of coronary chronic total occlusion (CTO). The current study intends to explore whether, or to what extent, the TyG index is associated with impaired collateralization in CAD patients with CTO lesions.MethodsThe study enrolled 1093 CAD patients undergoing cardiac catheterization for at least one CTO lesion. Data were collected from the Beijing Anzhen Hospital record system. The degree of collaterals was determined according to the Rentrop classification system. The correlation between the TyG index and coronary collateralization was assessed.ResultsOverall, 318 patients were included in a less developed collateralization (Rentrop classification 0-1) group. The TyG index was significantly higher in patients with impaired collateralization (9.3±0.65 vs. 8.8±0.53,PPConclusionsThe increased TyG index is strongly associated with less developed collateralization in CAD patients with CTO lesions and its risk assessment performance is better than single metabolic abnormality indicators.

Collateral arteries are a vessel subtype that bridges two artery branches, forming a natural bypass that can deliver blood flow downstream of an occlusion. These bridges in the human heart are associated with better outcomes during coronary artery disease. We recently found that their rapid development in neonates supports heart regeneration, while the non-regenerative adult heart displays slow and minimal collateralization. Thus, inducing robust collateral artery networks could serve as viable treatment for cardiac ischemia, but reaching this goal requires more knowledge on their developmental mechanisms and functional capabilities. Here, we use whole-organ imaging and 3D computational fluid dynamics (CFD) modeling to identify the spatial architecture of and predict blood flow through collaterals in neonate and adult hearts. We found that neonate collaterals are more numerous, larger in diameter, and, even when similar in size/number, are predicted to more effectively re-perfuse an occluded coronary network when compared to adults. CFD analysis revealed that collaterals perform better in neonates because of decreased differential pressures along their coronary artery tree. Furthermore, testing of various collateral configurations indicated that larger, more proximal collaterals are more beneficial than many smaller ones, identifying a target architecture for therapeutic interventions. Morphometric analysis revealed how the coronary artery network expands during postnatal growth. Vessel diameters do not scale with cardiac muscle growth. Instead, the coronary tree expands solely by adding additional branches of a set length, a burst of which occurs during murine puberty. Finally, we compared mouse structural and functional data to human hearts. Surprisingly, fetal human hearts possessed a very large number of small, but mature, smooth muscle cell covered collaterals while angiogram data indicated adult patients with chronic coronary occlusions contained at least two. Comparing size ratios with modeled mouse data suggested low re-perfusion capabilities of the embryonic collaterals but higher functional benefits of those in diseased adults. Our unique interdisciplinary approach allowed us to quantify the functional significance of collateral arteries during heart regeneration and repair–a critical step towards realizing their therapeutic potential.

Coronary artery disease is one of the major cause of death worldwide. Coronary artery disease are narrowing of coronary arteries that prevents adequate blood supply to the heart muscles results in Acute coronary syndrome which includes unstable angina and myocardial infarction. The only remedy for it is to restore the perfusion through percutaneous Intervention and grafting which may sometime cause reperfusion injury and other complications. Coronary collaterals are small inter-arterial connections that act as natural bypass which provide blood flow to the vascular territory, when the artery supplying to it gets obstructed. Acute collateral recruitment can be done, as a remedy for these adverse cardiac events. Various methods of therapies have been focussed, for the promotion and sustenance of functional coronary collaterals. The determinants of human coronary collaterals give clear evidence for prognosis in coronary artery diseases and a new insight for further therapeutic promotion of coronary collaterals. This review mainly focus into various studies done on coronary collaterals and the affect of various demographic, morphological and cardiovascular risk factors in the formation of coronary collaterals during obstructive Coronary artery disease. Many studies prove that various independent variables like morphology of coronary artery, location of the lesion, duration of the occlusion, coronary dominance, biochemical factors, cardiac risk factors like diabetes, hypertension also affects collateral formation. The current update review gives a holistic view on coronary collaterals and findings of various authors on the affect of these independent variables on collateral formation.

Objective To investigate the relationship between asymmetric prominent hypointense vessels (prominent vessel sign, PVS) on susceptibility-weighted imaging (SWI) and leptomeningeal collateralization in patients with acute ischemic stroke due to large vessel occlusion. Methods We retrospectively enrolled patients with M1 segment occlusion of the middle cerebral artery who underwent emergency magnetic resonance imaging and digital subtraction angiography within 24 hours from stroke onset. The extent of PVS on SWI was assessed using the Alberta Stroke Program Early CT Score (ASPECTS). Leptomeningeal collateralization on digital subtraction angiography images was assessed using the American Society of Interventional and Therapeutic Neuroradiology/Society of Interventional Radiology (ASITN/SIR) scale. Spearman’s rank correlation test was performed to explore the correlation of ASITN/SIR scores with SWI-ASPECTS and SWI-diffusion-weighted imaging (DWI) mismatch scores. Results Thirty-five patients were enrolled. There was no significant correlation between SWI-ASPECTS and ASITN/SIR scores. However, SWI-DWI mismatch scores were positively correlated with ASITN/SIR scores. Conclusion The range of PVS on SWI did not closely reflect the collateral status, while the range of SWI-DWI mismatch was significantly correlated with the leptomeningeal collateralization. In patients with acute anterior circulation stroke due to large vessel occlusion, larger SWI-DWI mismatch was associated with better leptomeningeal collaterals.

We consider the problem of computing the Credit Value Adjustment ({CVA}) of a European option in presence of the Wrong Way Risk ({WWR}) in a default intensity setting. Namely we model the asset price evolution as solution to a linear equation that might depend on different stochastic factors and we provide an approximate evaluation of the option's price, by exploiting a correlation expansion approach, introduced in \cite{AS}. We compare the numerical performance of such a method with that recently proposed by Brigo et al. (\cite{BR18}, \cite{BRH18}) in the case of a call option driven by a GBM correlated with the CIR default intensity. We additionally report some numerical evaluations obtained by other methods., Comment: 21 pages

We study how bank collateral assets and their pledgeability affect the amplitude of credit cycles. To this end, we develop a tractable model where bankers intermediate funds between savers and borrowers. If bankers default, savers acquire the right to liquidate bankers’ assets. However, due to the vertically integrated structure of our credit economy, savers anticipate that liquidating financial assets (i.e., loans) is conditional on borrowers being solvent on their debt obligations. This friction limits the collateralization of bankers’ financial assets beyond that of real assets (i.e., capital). In this context, increasing the pledgeability of financial assets eases more credit and reduces the spread between the loan and the deposit rate, thus attenuating capital misallocation as it typically emerges in credit economies a la Kiyotaki and Moore (1997). We uncover a close connection between the collateralization of bank loans, macroeconomic amplification and the degree of procyclicality of bank leverage.

Percutaneous coronary intervention (PCI) and coronary artery bypass grafting (CABG) are considered revascularization procedures, but only CABG can prolong life in stable coronary artery disease. Thus, PCI and CABG mechanisms may differ. Viability and/or ischemia detection to guide revascularization have been unable to accurately predict treatment effects of CABG or PCI, questioning a revascularization mechanism for improving survival. By contrast, preventing myocardial infarction may save lives. However, the majority of infarcts are generated by non-flow-limiting stenoses, but PCI is solely focused on treating flow-limiting lesions. Thus, PCI cannot be expected to significantly limit new infarcts, but CABG may do so through providing flow distal to vessel occlusions. All comparisons of CABG to PCI or medical therapy that demonstrate survival effects with CABG also demonstrate infarct reduction. Thus, CABG may differ from PCI by providing "surgical collateralization," prolonging life by preventing myocardial infarctions. The evidence is reviewed here.

The objective of this study was to see the association of the prognosis of ischemic stroke patients with or without collateralization after carotid stenosis. This study was conducted on 36 patients presenting with acute ischemic stroke who were going through digital subtraction angiography from March 2017 to March 2018. Collateralization status after unilateral or bilateral stenosis was evaluated. Modified ranking scale (mRS) score was measured on the first day of the stroke and after three months. The disability of ischemic stroke patients was compared between patients who developed collateralization and who had not. Among them, 61.6% developed collateralization. Among the patients who developed collateralization after three months, 90.9% patients had mRS scale of ≤2 and who not developed collateralization, 85.7% patients had mRS scale of ≤2. In both the groups, the p value was

This paper shows the influence of CCP’s collateralization on the pricing of the Credit Default Swaps (CDS). A narrowly variant in the way the CDS seller decides over the resources in the settlement comes with a substantial change on the elements that determine the price of the CDS.

The cure of a defaulted company has important implications for the estimation of the loss given default. In this study, we estimate the probability of a defaulted company being cured using data on a large international sample of defaulted companies. More specifically, we examine whether historic accounting information on a defaulted company and loan-related information are associated with that company's probability of being cured. The main finding of our analysis is that both accounting-based and loan-related independent variables increase the validity of cure prediction models.

One of the major concerns with cryptocurrencies is their price instability, driven by market speculation, underlying technology, and applications. Stablecoins were introduced to address volatility and to provide means for an electronic payment and a value store remaining stable, often being supported by physical assets or fiat currency (e.g., gold or US dollars, respectively). However, different collateralization mechanisms exist and different assets are pegged with the coin that can affect their stability in different ways. This work overviews stablecoin stability mechanisms, the current stablecoin market landscape, and the performance of major stablecoins during the 2020 financial market crisis due to the COVID-19 pandemic. Results from this analysis indicate that stablecoins’ performance during the financial crisis and, in particular, the market crash present a direct relation with their specific behavior attributed to different design aspects, including their popularity.

Background Chromogranin B (CgB) is a member of granin family that can be cleaved into a number of bioactive peptides. Previous studies showed that CgB is produced in cardiomyocytes and is increased in heart failure animals and patients in proportion to disease severity. Chronic total occlusion (CTO) of coronary artery leads to sustained myocardial ischemia which predisposes to adverse cardiovascular outcomes including heart failure. Purpose In this study, we sought to investigate the association between CgB and coronary collateralization formation and heart failure in patients with stable angina and CTO. Methods A total of 720 subjects with stable angina and CTO of at least one major coronary artery were enrolled in this study. CgB was assayed using an ELISA kit and the degree of coronary collaterals supplying the distal aspect of a total occlusion from the contralateral vessel was graded according to Rentrop classification. Results These was a stepwise decrease in levels of CgB with increasing Rentrop grades of coronary collateralization (P=0.001). Compared with the good collateralization (Rentrop grade 2–3) group, CgB was significantly higher in subjects with poor coronary collateralization (Rentrop grade 0–1; 1222.95 [IQR 506.24–2710.24] pg/mL vs. 776.17 [IQR 276.24–2209.39] pg/mL, P Conclusions CgB is an independent predictor of poor coronary collateralization and is related to worse heart function in patients with stable angina and CTO. Figure 1 Funding Acknowledgement Type of funding source: Public grant(s) – National budget only. Main funding source(s): National Natural Science Foundation of China

Access to formal credit remains critical for business operations, particularly for firms unable to generate sufficient funds internally. Using the World Bank’s Enterprise Survey dataset, 2018, we analyzed 230 Kenyan firms that applied for loans. These loans are sourced from banks (private, commercial, or state-owned) or non-banking financial institutions. Specifically, the paper explores the effect of financial institution type and firm-related characteristics on loan amounts advanced. The results show that the preferred credit provider matters, with the sensitivity level varying among the three institutional types. Additionally, the collateralization value, the owner’s equity proportion of fixed assets, and any existing credit facility correlate positively with the outcome variable. There is an inverse relationship between the largest shareholder’s ownership and the loan amount. The study uses the new product (service) launches to measure innovation. The findings suggest that firms in the innovation process access higher loan amounts than their non-innovative peers. Be that as it may, the difference in amount effect size between the two groups is small based on Cohen’s d rule. The paper highlights the theoretical and practical implications of these findings.

Introduction Ischemic stroke is a prevalent, devastating disease with high morbidity and mortality. Despite extensive research using animal models, there remains significant gaps in understanding processes of stroke in human patients. To address this, we developed a protocol to obtain and to analyze blood immediately proximal in systemic circulation and distal to a thrombus in patients undergoing mechanical thrombectomy (www.clinicaltrials.gov NCT03153683). Our goal for this project was to evaluate blood gas changes and acid/base balance during stroke and how these changes are affected by patient factors. Methods We analyzed blood samples from the first 62 patients in the BACTRAC registry. Bicarbonate, pO2, and pCO2 values of intracranial (distal) and systemic (proximal) arterial blood relative to the occlusive thrombus were analyzed. Changes were compared in patients according to vascular collateralization as measured by CTA collateral scores. Results Mean age was 68.9 years (25 – 95 years). 29 were male, 33 were female. 15 were current smokers (24%), and 47 were non-smokers (no smoking within the last 6 months; 76%). Overall, intracranial gas values differed significantly from systemic. Compared to systemic, mean intracranial pO2 was decreased (211.39 vs. 246.91, p Discussion and Conclusion A compensated metabolic acidosis is present in arterial blood gas samples immediately proximal and distal to thrombi in large vessel occlusive stroke. Vascular collateralization may not significantly affect the acid-base environment immediately distal to a large vessel occlusion. Disclosures R. Spears: None. C. McLouth: None. K. Pennypacker: None. J. Frank: None. B. Maglinger: None. A. Trout: None. J. Roberts: None. A. Stowe: None. S. Grupke: None. J. Fraser: None.

This article presents a comprehensive framework for valuing financial instruments subject to credit risk. In particular, we focus on the impact of default dependence on asset pricing, as correlated default risk is one of the most pervasive threats in financial markets. We analyze how swap rates are affected by bilateral counterparty credit risk, and how CDS spreads depend on the trilateral credit risk of the buyer, seller, and reference entity in a contract. Moreover, we study the effect of collateralization on valuation, since the majority of OTC derivatives are collateralized. The model shows that a fully collateralized swap is risk-free, whereas a fully collateralized CDS is not equivalent to a risk-free one. Supplemental material at https://www.researchgate.net/profile/Tim_Xiao/publication/337157228_The_Impact_of_Default_Dependency_and_Collateralization_on_Asset_Pricing_and_Credit_Risk_Modeling/links/5ef0a4fc299bf1faac6cada3/The-Impact-of-Default-Dependency-and-Collateralization-on-Asset-Pricing-and-Credit-Risk-Modeling.pdf, https:://ia801501.us.archive.org/12/items/default-dependency-collateralization-7/default-dependency-collateralization-7.pdf

This article presents a generic model for pricing financial derivatives subject to counterparty credit risk. Both unilateral and bilateral types of credit risks are considered. Our study shows that credit risk should be modeled as American style options in most cases, which require a backward induction valuation. To correct a common mistake in the literature, we emphasize that the market value of a defaultable derivative is actually a risky value rather than a risk-free value. Credit value adjustment (CVA) is also elaborated. A practical framework is developed for pricing defaultable derivatives and calculating their CVAs at a portfolio level., https://ia601506.us.archive.org/34/items/derivative-cva-13-data/derivativeCVA%20-13-data.pdf

Background To assess the prognostic role of coronary collaterals in patients with type 2 diabetes mellitus (T2DM) after successful percutaneous coronary intervention (PCI) for chronic total occlusion (CTO). Methods Coronary collateralization was graded according to Rentrop scoring system in 198 type 2 diabetic patients and 335 non-diabetics with stable angina undergoing PCI for at least one CTO lesion. Left ventricular ejection fraction (LVEF) was determined and major adverse cardio-cerebral events (MACCE) were recorded during follow-up. Results Poor collateralization was more common in patients with T2DM than in non-diabetics (40% vs 29%, p = 0.008). At 13.5 ± 4.1 months, the rate of composite MACCE (17.3% vs 27.6%, p = 0.034) and repeat revascularization (15.2% vs 25.5%, p = 0.026) was lower and the increase in LVEF (3.10% vs 1.80%, p = 0.024) was greater in patients with good collaterals than in those with poor collaterals for non-diabetic group. The associations were in the same direction for T2DM group (35% vs 44%; 30% vs 36%; 2.14% vs 1.65%, respectively) with a higher all-cause mortality in diabetic patients with poor collaterals (p = 0.034). Multivariable Cox proportional hazards analysis showed that coronary collateralization was an independent factor for time to MACCE (HR 2.155,95% CI 1.290–3.599, p = 0.003) and repeat revascularization (HR 2.326, 95% CI 1.357–3.986, p = 0.002) in non-diabetic patients, but did not enter the model in those with T2DM. Conclusions T2DM is associated with reduced coronary collateralization. The effects of the status of coronary collateralization on long-term clinical outcomes and left ventricular function appear to be similar in size in type 2 diabetic patients and non-diabetics after successful recanalization of CTO.

The aim of the article is to present proposals for alternative financing of farms based on models used in countries outside the EU. At the outset, the preferences of Polish farmers in the area of financing innovative activities were diagnosed based on questionnaire interviews conducted in 2018 in the Łódź Voivodeship on a group of 150 farms that keep accounting books under the Farm Accountancy Data Network (FADN) system. Based on the interviews (and a review of the literature on the subject), three basic sources of financing the innovative activity of farms were identified: own funds (income), bank loans, and European funds. As part of alternative financing of a gricultural entities, the author offers value chain financing (VCF), commonly used in Latin America, Asia, and Africa, and partly in Europe. The article presents the following categories of financial instruments that are components of the VCF: product financing, receivables financing, physical assets collateralization, risk mitigation products, and financial enhancement. The summary contains suggestions for the application of the VCF model in Poland and premises for further research. Celem artykułu jest zaproponowanie alternatywnego finansowania innowacyjnej działalności gospodarstw rolnych w oparciu o modele stosowane w państwach spoza UE. Na podstawie wywiadów kwestionariuszowych przeprowadzonych w 2018 r. w województwie łódzkim na grupie 150 gospodarstw rolnych prowadzących księgi rachunkowe w ramach systemu FADN oraz przeglądu literatury przedmiotu określono preferencje polskich rolników co do źródeł finansowania innowacyjnej działalności gospodarstw. Należą do nich przede wszystkim: środki własne (dochody), kredyty bankowe oraz fundusze europejskie. Jako alternatywne finansowanie podmiotów rolnych autorka proponuje value chain financing (VCF), system powszechnie stosowany w krajach Ameryki Łacińskiej, Azji, Afryce i częściowo w Europie. W artykule zaprezentowano następujące kategorie instrumentów finansowych będących składowymi VCF: finansowanie produktu, finansowanie wierzytelności, zabezpieczenie majątku rzeczowego, produkty ograniczające ryzyko i ulepszenia finansowe. W podsumowaniu zawarto sugestie dotyczące zastosowania modelu VCF w polskich realiach oraz przesłanki dalszych badań.

We study how allowing agents to use debt as collateral affects asset prices, leverage, and interest rates in a general equilibrium, heterogeneous-agent model with collateralized financial contracts and multiple states of uncertainty. In the absence of debt collateralization, multiple contracts are traded in equilibrium, with some agents borrowing using risky debt and others borrowing with risk-free debt. When agents can use debt contracts as collateral to borrow from other agents, margin requirements decrease, asset prices increase, and the interest rate on risky debt decreases. We characterize equilibrium for N states and L levels of debt collateralization and prove that enough levels of debt collateralization creates an equilibrium featuring maximal leverage on all debt contracts. In the dynamic model, debt collateralization creates larger asset price volatility.

Background: Recent studies suggested that prior statin therapy could lower the initial stroke severity and improve stroke functional outcome in case of stroke onset. It was speculated that pre-stroke statin may enhance collateral circulation and result in favorable functional outcome. This study aimed to investigate the association of pre-stroke statin use with leptomeningeal collaterals in acute ischemic stroke patients. Methods: We prospectively and consecutively enrolled 239 acute ischemic stroke patients with acute infarction due to occlusion of the middle cerebral artery within 24 hours from May 2011 to April 2017. CTA imaging was performed for all patients to detect middle cerebral artery thrombus; regional leptomeningeal collateral score (rLMCS) was used to assess the degree of collateral circulation; admission NIHSS was used to measure stroke severity; modified Rankin scale (mRS) at 90 day was used to measure outcome. Univariate and multivariate analyses were performed. Results: 239 patients met inclusion criteria. 54 patients use statin before stroke onset. Pre-stroke statin use was independently associated with good collateral circulations (rLMCS>10) (OR, 4.786; 95% CI, 1.195 - 19.171; P = 0.027). Pre-stroke statin use was not independently associated with lower stroke severity (NIHSS≤14) (OR, 1.955; 95%CI, 0.657- 5.816; P = 0.228), but pre-stroke statin use was independently associated with good outcome (mRS≤2) (OR, 3.868; 95%CI, 1.325 - 11.289; P = 0.013). Conclusion: Pre-stroke statin use seems enhance collateralization and improve clinical outcomes in patients with acute stroke. However, clinical controlled studies should be used to verify this claim.

In this paper, we investigate the phenomenon of patent collateralization by empirically focusing on the factors that affect the outcome of the collateralization process. In particular, we want to examine to what extent patent quality, lenders’ characteristics, as well as lenders’ selection capabilities (i.e. in identifying high-quality patents) affect the likelihood of observing a security interest release. We identify the patents recorded in security agreements and their release from the USPTO Patent Assignment database. The final dataset is made up of a total of 8818 security interest agreement records, involving 133,110 patents pledged as collateral for debt between 2007 and 2010. We find evidence that a security interest is more likely to be released for patents with a higher technical merit and when the lenders are more experienced and are specialty finance companies. When considering other types of lenders (i.e. banks in particular) or less experienced lenders, the positive association between the security interest release and the technical merit of the pledged patent is lower. The evidence suggests that IP-backed loans represent an effective financial channel for those firms that control valuable intangible assets and that experience and specialization allow lenders to develop better selection capabilities.