Year 2010 have witnessed a major European Sovereign Debt crisis. By examining the links between sovereign CDS and stock indexes during the period 2007-2010, for eight European countries, this paper aims to study the lead-lag relationships of the two markets using a Vector Autoregressive model and a Panel data model. We find a major leading role of the stock market during the sample period, but when year 2010 is isolated we find a change in this relationship and a key role of the CDS markets incorporating new information. This increasing role of the sovereign CDS is stronger for countries with high risk spread.

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This paper investigates the existence of a common risk factor across asset classes and geographical areas, focusing on the crises and post-crisis periods. This factor has important implications for diversification in investor's portfolios. We assess a worldwide sample of assets: Equity, Corporate CDS and Sovereign CDS from fourteen countries across Europe, US and Asia, and focus the analysis to a time window where diversification was crucial: the crises and post-crisis periods. To identify the factors that underlie asset movements and their composition, a Principal Component Analysis (PCA) is applied. We find that there is supporting evidence for the existence of a common risk factor that underlies 86 percent of our sample' assets movements and reflects a global nondiversifiable risk that permeates the financial system. The uncovered risk factor is robust across periods, and it is evenly distributed across assets and countries, with the noticeable exception of Japan, which follows a divergent risk pattern. This is also true, to a lesser extent, for the US, Canada and China. Within the Eurozone financial assets a higher commonality is uncovered. In addition, we confirm that the common risk factor becomes more important in times of crisis. The existence of a common risk factor limits the possibilities of diversification, in particular during turmoil periods when correlations among assets' movements rise. However, the fact that some geographies display a lower commonality can be used to improve the risk profile of diversified portfolios.

Human fetal hemoglobin assayed in a peroxidizing system shows an increased prooxidative effect when compared to human adult hemoglobin. This effect is related only to the oxyhemoglobin form since both fetal and adult methemoglobins did not show any prooxidative effect. The prooxidative effect of the oxyhemoglobin form is ascribed to its increased sensitivity to form superoxide free radicals when transformed to the methemoglobin form. It is proposed that the structure of the heme pocket of fetal oxyhemoglobin enhances free radical release when compared to adult oxyhemoglobin, This difference may be important in some hematological disorders presented by the newborn. OxyhemoglobitzLipid peroridation

ResumenA partir del 1 de enero de 2005 los grupos de empresas con valores admitidos a cotización en algún estado miembro de la Unión Europea deben presentar sus estados financieros consolidados de acuerdo a las Normas Internacionales de Información Financiera. La aplicación de esta normativa ha supuesto un cambio sustancial en la información que contienen los estados financieros de las empresas. El objetivo de este artículo es analizar qué partidas y/o ratios económico-financieras de las empresas que elaboran sus estados financieros conforme a las NIIF son las que contienen mayor información sobre la solvencia empresarial, utilizando como medida asociada a dicha solvencia el credit default swap que mide la expectativa que el mercado tiene de que una empresa incumpla sus pagos. Para alcanzar este objetivo se ha elaborado un modelo de datos de panel, cuya variable dependiente es el credit default swap y cuyas variables independientes son diversas ratios que la literatura previa ha revelado como significativas a la hora de analizar la solvencia de una empresa. AbstractBeginning January 1, 2005 all corporate groups listed in any stock exchange from the European Union must report their consolidated financial statements according to the International Financial Reporting Standards. This new regulation implies a substantial change in the valuation and recognition criteria, and, consequently, in the information contained in the financial statements of business corporations. This paper aims at analyzing which items and/or financial ratios of the companies which report their financial statements under IFRS provide more information about corporate credit worthiness. In order to do so, the credit default swap, which measures market expectation on a firm payments default, has