Modelling small and medium enterprise loan defaults as rare events: the generalized extreme value regression model

A pivotal characteristic of credit defaults that is ignored by most credit scoring models is the rarity of the event. The most widely used model to estimate the probability of default is the logistic regression model. Since the dependent variable represents a rare event, the logistic regression model shows relevant drawbacks, for example, underestimation of the default probability, which could be very risky for banks. In order to overcome these drawbacks, we propose the generalized extreme value regression model. In particular, in a generalized linear model (GLM) with the binary-dependent variable we suggest the quantile function of the GEV distribution as link function, so our attention is focused on the tail of the response curve for values close to one. The estimation procedure used is the maximum-likelihood method. This model accommodates skewness and it presents a generalisation of GLMs with complementary log–log link function. We analyse its performance by simulation studies. Finally, we apply the proposed model to empirical data on Italian small and medium enterprises.     

Influence measure for the L1 regression

Because outliers and leverage observations unduly affect the least squares regression, the identification of influential observations is considered an important and integrai part of the analysis. However, very few techniques have been developed for the residual analysis and diagnostics for the minimum sum of absolute errors, L₁ regression. Although the L₁ regression is more resistant to the outliers than the least squares regression, it appears that outliers (leverage) in the predictor variables may affect it. In this paper, our objective is to develop an influence measure for the L₁ regression based on the likelihood displacement function. We illustrate the proposed influence measure with examples.     

Dopamine Genes and Pathological Gambling in Discordant Sib-Pairs

Pathological gambling (PG) is an impulse control disorder that has been considered as a behavioral addiction. Recent studies have suggested the involvement of the dopaminergic system in addictions and impulse control disorders and associations of dopamine receptor genes (DRD1, DRD2, and DRD4) and PG have been reported. In the present study, 140 sib-pairs discordant for the diagnosis of PG (70 males and 70 females on each group) were recruited through the Gambling Outpatient Unit at the Institute of Psychiatry, University of Sao Paulo and were assessed by trained psychiatrists. A family-based association design was chosen to prevent population stratification. All subjects were genotyped for dopamine receptor genes (DRD1 -800 T/C, DRD2 TaqIA RFLP, DRD3 Ser9Gly, DRD4 48bp exon III VNTR, DRD5 (CA) repeat) and the dopamine transporter gene (SCL6A3 40 bp VNTR). Our results suggest the association of PG with DRD1 -800 T/C allele T (P = .03).     

Loud callings limit human tolerance towards invasive parakeets in urban areas

Biological invasions represent today one of the main cause of the global biodiversity crisis, particularly in urban and suburban areas. Research on this topic have traditionally focused on ecological impacts, with poor regards to the social components. The ring-necked parakeet Psittacula krameri is one of the most successful invaders and it is widely appreciated by the general public, being introduced through the pet trade. In this work we assessed whether long-term introduction, total population size and number of loud flight-calls affected social perception of this species in three populations from Italian cities. We used a visual survey (N?=?414 questionnaires), which has been proven to be successful for testing attitudes on ring-necked parakeets. Tolerance towards this invasive species declined sharply with increasing number of loud calls by this species, thus providing support to the hypothesis of involvement of the ring-necked parakeet in noise pollution. Conversely, total population size and years since the first local introduction were not found out to be important variable determining social attitudes. Awareness on invasive species impacts is mostly obtained only when invasive populations are already affecting native biodiversity and human wellness, thus when management becomes challenging. Thus, at early invasion stages, intervention towards invasive species, particularly if charismatic, are often hampered by social public and animal right movements, especially in urban ecosystems. Educational campaigns on ecological and social impact by invasive alien species in urban ecosystems are therefore strongly recommended to implement effective management actions.

     

Exploring the relation between maternal mind‐mindedness and children’s symbolic play: A longitudinal study from 6 to 18 months

Relations between mothers’ mind‐mindedness (appropriate attunement to their infants’ internal states) at 6 and 12 months and infants’ early symbolic play during infant–mother pretense at 12 and 18 months were investigated in a sample of 43 mothers and infants. Mothers’ appropriate mind‐related comments were associated with average level, length, complexity, and maturity level of symbolic play. Specific sub‐categories of appropriate mind‐related comments were identified as independent predictors of children's symbolic play. Appropriate comments about desires and cognitions at 6 months were associated with average level and length of episodes, as well as with maturity level of symbolic play at 12 months. Longitudinal stability in the appropriateness and content of mothers’ mind‐related comments was also investigated. The results are discussed in terms of the proposal that attunement to specific types of internal state should vary as a function of infant age in order to index mind‐mindedness.     

Establishing Safety in Emotionally Focused Couple Therapy: A Single‐Case Process Study

Emotionally Focused Couple Therapy (EFT) is an effective approach to working with distressed couples. It is not only effective in reducing relationship distress, but also in successfully maintaining gains over time. In the current study, we sought to understand the therapy processes that result in the creation of safety during stage one of EFT. Safety is a key ingredient in stage one, setting the stage for deeper interpersonal and intrapsychic work in later stages of treatment. In order to achieve the study aim, we analyzed video recordings of the first six sessions of a single couple case from an EFT randomized controlled trial. Using a theory building case study approach, results reveal that all expected components related to the creation of safety were achieved. Additional findings from our analyses indicate that the therapist was highly active, especially in seizing key moments in the therapy provided by this particular case, which shifted the couple in the direction of safety and deescalated their interactional cycle. Implications of key findings are discussed.     

Design of ISD-1: an instrument for social diagnosis in care homes for older persons*

This article describes the design process and main features of an instrument developed for use in the specialist area of intervention in care homes for older persons. The essential aim of ISD-1 (instrument for social diagnosis) is to permit the correct formulation of social diagnoses and to standardise and define the professional language used by social workers. Its content has been organised into 4 dimensions of social diagnosis, divided into 15 sub-dimensions containing 83 diagnostic categories. This work was performed in Spain, in the 24 care homes of the Madrid Social Care Agency of the Community of Madrid, involving the participation of the 40 social workers practising in these centres. ISD-1 is an easily understood and used tool, of potential use for social workers practising in care homes for older persons and capable of being adapted for use in other institutional environments, as well as being capable of adaptation and translation for its application in other countries.     

Relationship building and message planning: An exploration of media challenges and strategies used during school crises at the P-12 level

Schools at the P-12 level increasingly face crises related to school shootings, violence, and other tragedies. Understanding the communication challenges schools face is paramount to assisting schools with communication before, during, and after crisis events. The current study focuses on the challenges created by media interest in such crises and the strategies implemented to overcome these challenges and provide responsible information to stakeholders. Interviews conducted with 21 school crisis teams at the P-12 level revealed that sensationalism, seeking alternative routes to information, and framing were key challenges in working with the media. In light of these challenges, administrators focused on creating media plans, building relationships with the media, being accurate but guarded, and communicating reassurance and reunification. Implications are discussed for school districts nationally.