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This study aimed to assess the functional swallowing outcomes in cohort of oral cancer patients treated with tumor resection and reconstruction by means of microvascular free flaps. Duration from onset to the last examination was classified into three periods: less than 12 months, from 13 to 24 months, and more than 24 months. Type of feeding, dysphagia, and laryngeal aspiration were the dependent variables, and the study was mainly focused on the data from the multivariate analysis. Fifty-one patients were included in the study. Twenty-one patients had dysphagia, 11 showed stasis in vallecula and pyriform sinuses, 9 experienced laryngeal penetration, and 8 aspirations. Surgery combined with radiochemotherapy was associated with a higher prevalence of dysphagia (p = 0.03). Frequency of dysphagia was higher in the first year after treatment and less frequent after 24 months (p = 0.003). Dysphagia was associated with laryngeal penetration (p = 0.001), and this with aspiration (p In conclusion, as it seems that the method of reconstruction has a major influence on swallowing, when there are relevant alternatives in the way the reconstruction is done, always the approach should be chosen that reduces dysphagia to a minimum.

BACKGROUND: The maintenance of maximal aerobic speed (MAS) until exhaustion is an important parameter for the evaluation of sports performance and prescription and planning of training. OBJECTIVE: To validate a 6-minute race test (6MRT) as a predictor of MAS in university endurance athletes. METHODS: Twenty two university endurance athletes (12 males and 10 females) were part of the study. The design was pre-experimental. The primary variables were the time of maintenance of the MAS on the field through a Time Limit Test (Tlim test), and the VO2 max (laboratory and field). The statistical analysis of the time and ventilatory variables was carried out using descriptive statistics; the comparison between males and females for all variables was carried out through a t-Student test for independent samples (p< 0.05). RESULTS: The performance in the Tlim test was 356.4 ± 52.9 and 327.0 ± 120.2 s in males and females, respectively. CONCLUSION: Based on the time of maintenance of the MAS (Tlim test), the 6MRT is a valid test to determine the MAS in university endurance male athletes. However, the MAS in university endurance female athletes must be evaluated with a shorter test (between 5 and 5.30 minutes long).

This paper studies the impact of the banks’ portfolio holdings of financial derivatives on the banks’ individual contribution to systemic risk over and above the effect of variables related to size, interconnectedness, substitutability, and other balance sheet information. Using a sample of 95 U.S. bank holding companies from 2002 to 2011, we compare five measures of the banks’ contribution to systemic risk and find that the new measure proposed in this study, Net Shapley Value, outperforms the others. Using this measure we find that banks’ aggregate holdings of five classes of derivatives do not exhibit a significant effect on the bank’s contribution to systemic risk. On the contrary, the banks’ holdings of certain specific types of derivatives such as foreign exchange and credit derivatives increase the banks contributions to systemic risk whereas holdings of interest rate derivatives decrease it. Nevertheless, the proportion of non-performing loans over total loans and the leverage ratio have much stronger impact on systemic risk than derivatives holdings. Therefore, the derivatives’ impact plays a second fiddle in comparison with traditional banking activities related to the former two items.

We study time-zero efficiency of electricity derivatives markets. By time-zero efficiency is meant a sequence of prices of derivatives contracts having the same underlying asset but different times to maturity which implies that prices comply with a set of efficiency conditions that prevent profitable time-zero arbitrage opportunities. We investigate whether statistical tests, based on the law of one price, and trading rules, based on price differentials and no-arbitrage violations, are useful for assessing time-zero efficiency. We apply tests and trading rules to daily data of three European power markets: Germany, France and Spain. In the case of the German market, after considering liquidity availability and transaction costs, results are not inconsistent with time-zero efficiency. However, in the case of the French and Spanish markets, limitations in liquidity and representativeness are challenges that prevent definite conclusions. Liquidity in French and Spanish markets should improve by using pricing and marketing incentives. These incentives should attract more participants into the electricity derivatives exchanges and should encourage them to settle OTC trades in clearinghouses. Publication of statistics on prices, volumes and open interest per type of participant should be promoted.

This paper compares the in-sample and out-of-sample performance of several models for computing the tail risk of one-month and one-year electricity futures contracts traded in the NordPool, French, German, and Spanish markets in 2008–2017. As measures of tail risk, we use the one-day-ahead Value-at-Risk (VaR) and the Expected Shortfall (ES). With VaR, the AR (1)-GARCH (1,1) model with Student-t distribution is the best-performing specification with 88% cases in which the Fisher test accepts the model, with a success rate of 94% in the left tail and of 81% in the right tail. The model passes the test of model adequacy in the 100% of the cases in the NordPool and German markets, but only in the 88% and 63% of the cases in the Spanish and French markets. With ES, this model passes the test of model adequacy in 100% of cases in all markets. Historical Simulation and Quantile Regression-based approaches misestimate tail risks. The right-hand tail of the returns is more difficult to model than the left-hand tail and therefore financial regulators and the administrators of futures markets should take these results into account when setting additional regulatory capital requirements and margin account regulations to short positions. We acknowledge financial support from FUNCAS, through grant PRELEC2020–2017/00085/00, from DGICYT, through grant ECO2016–77807-P, and from CAM, through grant EARLYFIN-CM, #S2015/HUM-3353

The redox behavior of terbium and praseodymium doped yttria-stabilized zirconia (YSZ) is studied. The aim is to identify spectroscopic probes and a suitable experimental procedure to monitor the oxygen activity in YSZ electrolytes in solid oxide cells with spatial resolution and at operation conditions (e.g. at high temperatures). Sintered ceramics and crystals with 0.3 to 10 at% content of Pr or Tb ions in YSZ were prepared. Upon equilibration in atmospheres from 10−20 to 100 bar PO2around 800 °C, the majority of these rare earth ions are in the 3 + oxidation state. At oxygen pressures above 0.001 bar, the small proportion of Tb4+ and Pr4+ formed give rise to intense optical absorption around 300–500 nm and to decreased reflectance. From the reflectance measurements it is shown that the Tb4+ concentration increases as PO21/4, as correspond to the trapping of the holes generated upon the oxygen incorporation as Tb4+. This competitive absorption causes a decrease of the Tb3+ luminescence. A quantitative relationship of the Tb3+ luminescence intensity with PO2 at 800 °C has been found, which is compatible with the trapping model. The spatial resolution of the experimental procedure could be very roughly estimated of the order of 100 μm., This work was financially supported by grant RTI2018-098944-J-I00 funded by MCIN/AEI/ 10.13039/501100011033 and by "ERDF A way of making Europe" and Grant RYC2018–025553-I funded by MCIN/AEI/ 10.13039/501100011033 and by "ESF Investing in your future." The Departamento de Ciencia, Universidad y Sociedad del Conocimiento del Gobierno de Aragón is also acknowledged for the financial support to the Research Group T02 20 R. Adrián Robles-Fernández thanks for the grant BES-2016–078508 funded by MCIN/AEI/ 10.13039/501100011033 and by "ESF Investing in your future."

The presence of different prices in different databases for the same securities can impair the comparability of research efforts and seriously damage the management decisions based upon such research. In this study we compare the six major sources of corporate Credit Default Swap prices: GFI, Fenics, Reuters EOD, CMA, Markit and JP Morgan, using the most liquid single name 5-year CDS of the components of the leading market indexes, iTraxx (European firms) and CDX (US firms) for the period from 2004 to 2010. We find systematic differences between the data sets implying that deviations from the common trend among prices in the different databases are not purely random but are explained by idiosyncratic factors as well as liquidity, global risk and other trading factors. The lower is the amount of transaction prices available the higher is the deviation among databases. Our results suggest that the CMA database quotes lead the price discovery process in comparison with the quotes provided by other databases. Several robustness tests confirm these results.

This paper studies premiums got by winning bidders in default supply auctions, and speculation and hedging activities in power derivatives markets in dates near auctions. Data includes fifty-six auction prices from 2007 to 2013, those of CESUR in the Spanish OMEL electricity market, and those of Basic Generation Service auctions (PJM-BGS) in New Jersey's PJM market. Winning bidders got an average ex-post yearly forward premium of 7% (CESUR) and 38% (PJM-BGS). The premium using an index of futures prices is 1.08% (CESUR) and 24% (PJM-BGS). Ex-post forward premium is negatively related to the number of bidders and spot price volatility. In CESUR, hedging-driven trading in power derivatives markets predominates around auction dates, but in PJM-BGS, speculation-driven trading prevails. The policy recommendation to market regulators and administrators is that they should gauge consumers’ price risk aversion before introducing alternative methods to default supply auctions for the computation of the part of cost of energy of the electricity bill of customers whose contracted capacity is small and are not served by other suppliers.

This study analyzes the rise of the Miami startup ecosystem and the opportunities for mutual benefit engendered by a strong connection with Latin America and the Caribbean (LAC). The exponential technology revolution and the boom of the LAC startup ecosystem creates a massive opportunity to build a talent-driven network of startup and knowledge ecosystems that could generate trillions of dollars in value and millions of employment, while igniting the industries of the future across the Hemisphere. The recent rise of the Greater Miami area's innovation ecosystem opens the possibility to unleash value and growth through building a bridge that connects ecosystems across the Americas.

This paper studies the realizability and compatibility of the three CEP2020 targets, focusing on electricity prices. We study the impact of renewables and other fundamental determinants on wholesale and household retail electricity prices in ten EU countries from 2008 to 2016. Increases in production from renewables decrease wholesale electricity prices in all countries. As decreases in prices should promote consumption, an apparent contradiction emerges between the target of an increase in renewables and the target of a reduction in consumption. However, the impact of renewables on the non-energy part of household wholesale electricity prices is positive in six countries. Therefore, decreases in wholesale prices, that may compromise the CEP2020 target of decrease in consumption, do not necessarily translate into lower household retail prices. Monte Carlo simulations suggest that the probability of achieving CEP's target of reductions in GHG emissions for 2020 is lower than 1% in Austria, Portugal, and Spain. In horizon 2030, Austria, France, Germany, Portugal, and Spain have probabilities lower than 1% of achieving the GHG emissions target. Finland and France present success probabilities lower than 1% on the national targets of renewable sources for 2020 and 2030 as do Austria and Spain with reductions in electricity consumption.

El Didymosphenia Geminata, desde su aparición en Chile en el año 2010, específicamente en la zona de Futaleufú, es monitoreado por SUBPESCA a través de su Fondo de Investigación Pesquero y Acuicultura (Fipa), de este modo capacita y difunde sobre los efectos de la propagación de la microalga Didymo, la que está presente en Chile entre las regiones del Biobío y Magallanes. La plaga ha sido foco de vigilancia, detección y control, junto a campañas de comunicación y publicidad social por parte de SERNAPESCA y organismos privados de consultoría. El Didymo es una alga que habita en aguas frías continentales, prospera en una amplia gama de condiciones hidráulicas (Kilroy et al. 2005). La literatura científica la describe como una microalga de gran propagación y al hombre como principal vector de transmisión. Localidades de Villarrica, Pucón y Panguipulli, son zonas declaradas con la plaga Didymo en sus ríos. En este escenario, se elaboró un estudio etnográfico a través de la observación en las localidades mencionadas.

A startup revolution is unfolding in Latin America and the Caribbean (LAC). Latin entrepreneurs are demonstrating world-class vision, business skills, and grit. They are transforming our lives for the better, generating jobs at scale, and delivering massive value for their shareholders. There are 1,005 technology companies born in the region that raised over $1 million. These companies are collectively worth $221 billion, raised $28 billion, include 28 companies worth more than $1 billion, and have over 245,000 employees. Accelerated growth has been witnessed throughout the broader ecosystem. Its value multiplied by 32 times in the last decade, going from an estimated $7 billion in 2010 to $221 billion in 2020. Most of the growth took place in the past four years. Tecnolatinas have shown they can grow and prosper even in difficult contexts: while their value grew from $7 billion to $221 billion in the last decade, the leading 40 publicly-listed traditional companies from across the region saw their market capitalization fall by $489 billion. The revolution is accelerating: the time to achieve a $1 billion valuation has been steadily decreasing with the help of digital technologies and solutions, such as mobile and cloud computing, and more mature ecosystems. While it took decades for pioneers such as Totvs to achieve that value, the latest unicorns (such as C6, Loft, Ualá) achieved that status less than three years after they were founded. Geographic strategies vary across LAC: while Brazilian startups focus on their local market, startups from the rest of the region are forced to internationalize in order to scale. In Brazil, 83% of the Tecnolatinas have local strategies and represent 74% of the ecosystem value. Outside Brazil, 49% of the Tecnolatinas have local footprints, but they only represent 5% of the ecosystem value, with the other 95% of value coming from the 51% of companies with regional or global strategies. The need for internationalization partly explains the asymmetry between Brazil and the rest of LAC and represents a challenge for entrepreneurs and local policymakers that calls for regional collaboration. Fintech and E-commerce represent 72% of the ecosystem value and are the leading sectors across the region in terms of value. But startup activity is spreading across sectors and we identified 16 sectors with companies worth more than $500 million. The Tecnolatinas ecosystem is poised for continued growth and can play a critical role in building a future of abundance, inclusion, and regeneration in LAC. A valuation of over $2 trillion and more than $30 billion of annual venture capital investments by 2030 would be consistent with international benchmarks and with LACs current trajectory. We highlight eight levers to achieve this potential: igniting unactivated countries, activating Deep Tech, activating medium-sized metropolitan areas, facilitating internationalization, strengthening corporate VC, scaling immature digital sectors, increasing focus on inclusion and regeneration, and increasing female representation. The study is divided into four chapters. The first chapter provides an ecosystem overview. It shows that the LAC startup revolution is exploding and has reached a scale and relevance that turns it into a powerful engine of transformation and a force to be reckoned with; the second chapter analyzes the geographic strategies of the Tecnolatinas; the third chapter presents the sectors that dominate ecosystem activity; and the fourth chapter explores future growth potential and new frontiers for the development of the ecosystem.

We examine whether the source of debt financing is important for assessments of firms' default risk. This study reveals that during the 2007–2010 financial crisis, firms that depend mainly on financing from banks suffer higher increases in default risk than do firms with no such dependence. Conversely, firms that rely solely on financing from public debt markets do not experience significant increases in default risk. These findings suggest that the bank supply shock theory explains the transmission of financial shocks to the real economy. Finally, firms that depend on bank financing cannot offset the adverse impacts of bank lending shocks by substituting bank loans with publicly traded debt.

We study the effect of rollover risk on the risk of default using a comprehensive database of U.S. industrial firms during 1986–2013. Dependence on bank financing is the key driver of the impact of rollover risk on default risk. Default risk and rollover risk present a significant positive relation in firms dependent on bank financing. In contrast, rollover risk is uncorrelated with default probability in the case of firms that do not rely on bank financing. Our measure of rollover risk is the amount of long-term debt maturing in one year, weighted by total assets. In the case of a firm that depends on bank financing, an increase of one standard deviation in this measure leads to a significant increase of 3.2% in its default probability within one year. Other drivers affecting the interaction between rollover risk and default risk are whether a firm suffers from declining profitability and has poor credit. Additionally, rollover risk's impact on default probability is stronger during periods when credit market conditions are tighter.

Background The purpose of this study was to investigate the clinical relevance of phosphorylated ribosomal protein S6 (p-S6), a surrogate marker of mammalian target of rapamycin (mTOR) activation, and p21 in a series of 125 patients with oral squamous cell carcinomas (OSCCs). Methods Immunohistochemical analysis was performed to ascertain the phosphorylation status of p-S6 at Ser235/236 and Ser240/244, p21, and p53 protein expression. Results Expression of phosphorylated S6 protein on either serine 235/236 or serine 240/244 was detected in 83% and 88% tumors, respectively, and both of them were inversely and significantly correlated with the tumor size and local infiltration. Positive p21 expression was found in 91.5% of the cases, and was inversely correlated with tumor size. In OSCC, p21 expression correlates with p-S6 levels, a surrogate marker of mTOR activation, independently of p53 status. Conclusion Expression of both p21 and p-S6 was found to inversely associate with tumor size but not survival outcomes in patients with OSCC.

[ES]: Los materiales cerámicos se están empleando, cada vez en mayor medida, en aplicaciones biomédicas debido a que son capaces de generar una osteointegración completa en el cuerpo humano. Esto se produce debido a que en contacto con sistemas fisiológicos estos materiales experimentan ciertas transformaciones que facilitan la formación de hueso nuevo alrededor del implante cerámico. En este trabajo se pretende llevar a cabo un estudio de bioactividad de un material del sistema P2O5-CaO-SiO2-MgO, para ello se generaron muestras densas de dicho material por fusión zonal por láser (LFZ) y se llevó a cabo el estudio microestructral del mismo, antes y después de llevar a cabo el ensayo de bioactividad, tanto de materiales vítreos como cristalinos. Partiendo del material en polvo hemos generado cilindros cerámicos por prensado isostático en frío y después de llevar a cabo la sinterización de los cilindros conformados, generamos barras densas mediante la técnica de LFZ. Con el objetivo de controlar la microestructura de las muestras, se lleva a cabo un barrido de la velocidad de crecimiento, siendo capaces de elegir entre una estructura cristalina o vítrea. Las muestras obtenidas son bioactivas en contacto con suero fisiológico artificial ya que son capaces de generar una capa de hidroxiapatita en la superficie del material, cuya función es promover la unión hueso-implante y la regeneración del tejido dañado., [EN]: Ceramic materials are increasingly used in biomedical applications due to their ability to produce complete osseointegration in the human body. This is possible because, in contact with physiological systems, these materials undergo certain transformations that facilitate the formation of new bone around the ceramic implant. In this research is intended the bioactivity study of a material of the P2O5-CaO-SiO2-MgO system. For this reason the preparation, by zonal fusion by laser, the microstructural characterization and the study of the in vitro response of a material, both vitreous and crystalline, are proposed. Starting from the powdered material we have generated ceramic rods by cold isostatic pressing. After the sintering process of the rods at 1200˚C, we have achieved dense bars by laser floating zone technique (LFZ). An exploration of experimental conditions was performed, being able to obtain both, vitreous and crystalline structure. Samples obtained are bioactive in contact with simulated body fluid because they are able of generate an hydroxyapatite layer on the surface of the material whose function is to promote the union of the implant to the bone and the regeneration of damaged tissue.

This paper investigates tail risk spillovers from the financial sector to real economy firms in the United States and the United Kingdom from 2003 to 2011. We measure these spillovers by evaluating the number of joint occurrences of extreme negative returns in a nonfinancial firm conditional on an extreme negative return in the financial sector. Such spillovers increased dramatically in the 2007–2009 crisis. We also examine whether cash holdings act as a buffer in mitigating these spillovers. Our results indicate that greater cash holdings are associated with lower levels of tail risk spillovers for financially constrained firms and more strongly so among constrained firms with high hedging needs and no ratings (i.e., firms with restricted external financing sources). Overall, our findings support the view that the greater cash holdings of constrained firms act as a shock absorber against costly external financing.

A prospective study was conducted to assess a variation of inferior alveolar nerve (IAN) lateralization. This study included 13 patients. An osteotomy was made with a piezoelectric device, and the IAN bundle was moved buccally. Dental implants were then inserted medial to the nerve bundle, and the inner surface of the buccal cortical bone plate was shaped to reduce its thickness. Finally, the bone plate was repositioned to restore the original shape and contour of the mandible. Neurosensory examinations of the lower lip and chin were performed using three tests: light touch, pain, and two-point discrimination. Three months after surgery, the function of the IAN was judged to be completely restored at 11 of the 13 surgical sites. Differences in the tests comparing the operated and non-operated sides were not significant. No implants were lost, and all patients were satisfied with the result. Although IAN lateralization in conjunction with dental implant placement is rarely indicated, the use of a piezoelectric device to perform a buccal osteotomy with final repositioning of the buccal cortical plate over the bony defect contributes to the recovery of the contour and shape of the mandible, without impairment of IAN function.

ResumenObjetivosRevisar de manera sistemática el schwannoma localizado en el suelo oral. Presentar un caso tratado en nuestro departamento.Material y métodoMediante la utilización de motores de búsqueda se identificaron artículos sobre schwannoma localizado en el suelo oral. Los criterios de inclusión fueron: a) diagnóstico definitivo de schwannoma localizado en el suelo oral; b) casos publicados en inglés, español o alemán. Se analizaron variables relacionadas con las características clínicas, diagnósticas y de tratamiento.ResultadosSe identificaron 19 artículos que cumplían los criterios de inclusión. Edad media: 44,3 años (rango 17-77); 42,1% mujeres y 57,8% hombres; tiempo de evolución de 8,7 meses (rango 1-60); tumoración localizada en el lado izquierdo del suelo oral 52,6%, en el lado derecho 42,1%; diámetro mayor medio 38,3mm (rango 10-70); afectación del nervio hipogloso 15,7%, nervio lingual 15,7%, nervio milohioideo 5,2%, no se identificó nervio de origen en el 21,1% de los casos; punción aspiración con aguja fina no diagnóstica en el 31,5% e identificación de tumoración benigna en el 21%. La exéresis quirúrgica se realizó en el 100% de los casos con un tiempo de seguimiento de 34,3 meses (rango 1-120). No se documentaron recurrencias.ConclusionesLos schwannomas localizados en el suelo de la boca son infrecuentes. Se presentan en torno a los 40 años, con leve predominancia por el sexo masculino y del lado izquierdo del suelo oral. El tiempo de evolución se encuentra próximo a los 9 meses. Usualmente asintomático. Los nervios hipogloso y lingual se afectan por igual. En proporción similar, el nervio de origen no puede ser identificado. La punción aspiración con aguja fina no es efectiva. El tratamiento de elección consiste en la enucleación del tumor una vez diagnosticado. No se documentaron recidivas.AbstractObjectiveSystematically review the oral floor schwannoma. Report of a case treated in our department.Material and methodPublished articles about oral floor schwannoma were identified. The inclusion criteria were: a) Final diagnosis of schwannoma located in the oral floor. b) Articles published in English, Spanish or German. The variables were analysed regarding clinical features, diagnosis and treatment.ResultsNineteen articles that met the inclusion criteria. Average age: 44.3 years (range 17-77); 42.1% were females and 57.8% males; time of lesion development was 8.7 months (range 1-60); side of the oral floor location: left side 52.6%, right side 42.1%; average diameter: 38.3mm (range 10-70); hypoglossal nerve involvement: 15.7%, lingual nerve: 15.7%, mylohyoid nerve: 5.2%, nerve not identified in 21.1% of cases; fine needle aspiration biopsy: non diagnostic in 31.5%, benign tumor identified 21%. Surgical excision was performed in 100% of the cases with a follow up of 34.3 months (rank 1-120). No recurrences were reported.ConclusionsSchwannomas located on the floor of the mouth are uncommon. Environment are presented at age 40 with a slight predominance for males and mainly the left. The time evolution is close to 9 months. The hypoglossal and lingual nerves are affected equally. In similar proportion the nerve of origin cannot be identified. Fine needle aspiration biopsy is not efficient. The treatment of choice is enucleation of the tumor 11 diagnosed. No recurrences were observed.

We measure how warnings of expropriation and forced divestments of private property affect the stock prices of parent companies. We use a unique database of 116 events in 12 countries from 2005 to 2013. Our results show that different types of warnings have significant negative effects on stock prices, and the largest effect is from a warning that takes the form of a transitory permit revocation. In the case of forced divestments, we find a significant negative impact when a permit is permanently revoked. However, nationalizations are associated with a positive market reaction.

We present a limits-to-arbitrage model to study the impact of securitization, leverage and credit risk protection on the cyclicity of bank credit. In a stable bank credit situation, no cycles of credit expansion or contraction appear. Unlevered securitization together with mis-pricing of securitized assets increases lending cyclicality, favoring credit booms and busts. Leverage changes the state of affairs with respect to the simple securitization. First, the volume of real activity and banking profits increases. Second, banks sell securities when markets decline. This selling puts further pressure on falling prices. The mis-pricing of credit risk protection or securitized assets influences the real economy. Trading in these contracts reduces the amount of funding available to entrepreneurs, particularly to high-credit-risk borrowers. This trading decreases the liquidity of the securitized assets, and especially those based on investments with high credit risk., Comment: 33 pages

This article belongs to the Special Issue Polymeric Materials: Surfaces, Interfaces and Bioapplications., A nanosecond green laser was employed to obtain both superhydrophobic and superhydrophilic surfaces on a white commercial acrylonitrile-butadiene-styrene copolymer (ABS). These wetting behaviors were directly related to a laser-induced superficial modification. A predefined pattern was not produced by the laser, rather, the entire surface was covered with laser pulses at 1200 DPI by placing the sample at different positions along the focal axis. The changes were related to the laser fluence used in each case. The highest fluence, on the focal position, induced a drastic heating of the material surface, and this enabled the melted material to flow, thus leading to an almost flat superhydrophilic surface. By contrast, the use of a lower fluence by placing the sample 0.8 µm out of the focal position led to a poor material flow and a fast cooling that froze in a rugged superhydrophobic surface. Contact angles higher than 150° and roll angles of less than 10° were obtained. These wetting behaviors were stable over time., The authors wish to thank BSH Electrodomésticos España S.A. for their financial support for this research.

We present a new model for pricing electricity swaps. Two general factors affect contracts but unique risk elements affect each contract. General factors are average swap prices and deterministic trend-seasonal components, and unique elements are forward premiums. Innovations follow MNIG distributions. We estimate the model with data from the European Energy Exchange. The model outperforms four competitors, both in in-sample valuation and in out-of-sample forecasting, and in fitting the term structure of volatilities by market segments. Competitor models are (i) diffusion spot prices, (ii) jump-diffusion spot prices with time dependent volatility, (iii) HJM-based and (iv) Levy multifactor model with NIG distributions. Value-at-Risk measures based on normality strongly underestimate tail risk but our model gives estimates that are more exact. Juan Ignacio Peña and Rosa Rodriguez acknowledge financial support from the Ministry of Economics and Competitiveness, respectively, through grants ECO2012-35023, ECO2016-77807-P, and ECO2012-36559

We model systemic risk using a common factor that accounts for market-wide shocks and a tail dependence factor that accounts for linkages among extreme stock returns. Specifically, our theoretical model allows for firm-specific impacts of infrequent and extreme events. Using data on the four sectors of the US financial industry from 1996 to 2011, we uncover two key empirical findings. First, disregarding the effect of the tail dependence factor leads to a downward bias in the measurement of systemic risk, especially during weak economic times. Second, when these measures serve as leading indicators of the St. Louis Fed Financial Stress Index, measures that include a tail dependence factor offer better forecasting ability than measures based on a common factor only.

We build a Real Options model to assess the importance of private provision and the impact of expropriation risk on investment timing, business values, governmental costs and social welfare. We consider two types of businesses (essential and non-essential) and two stages (operating businesses and investment opportunities) and answer questions regarding three main topics: the firm's reaction to expropriation risk, the government drivers to expropriate, and the welfare costs of expropriation. Our results show that responding to expropriation risk the private investor is driven to suboptimal investment decisions. When we endogenize the reputational costs of expropriation, our results show that the decision of the government to expropriate largely depends on the type of business being targeted. In terms of welfare, our results show that expropriation is always associated with a loss.

A set of coupled Brownian motors—resulting from a noise-induced phase transition generated through an entropic mechanism, and formerly studied in mean-field approximation—is numerically integrated by Heun’s method. The results add much insight to the mean-field ones, allowing interpretation of the underlying mechanisms. It turns out that the low-noise boundary of the ordered phase obtained in mean-field approximation lies near a region where the order parameter is negative. Hints of bistability and negative mobility around F = 0 are seen in two cases, and anomalous hysteresis is confirmed in one case., Support by CSIC, UC and UIB of Spain, and CONICET and UNMdP of Argentina, is acknowledged.

This article proposes a new measure of tail risk spillover: the conditional coexceedance (CCX), defined as the number of joint occurrences of extreme negative returns in an industry, conditional on an extreme negative return in the financial sector. The empirical application provides evidence of significant volatility and tail risk spillovers from the financial sector to many real sectors in the U.S. economy from 2001 to 2011. These spillovers increase in crisis periods. The CCX in a given sector is positively related to its amount of debt financing and negatively related to its valuation and investment. Therefore, real economy sectors—which require relatively high debt financing and whose value and investment activity are relatively lower—are prime candidates for stock price volatility and depreciation in the wake of a financial sector crisis. Evidence also suggests that the higher the industry’s degree of competition, the stronger the tail risk spillover from the financial sector.