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Alto Neuroscience Announces Initiation of Phase 2 Study of ALTO-203 in Patients with Major Depressive Disorder

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Wednesday, April 3, 2024

Alto Neuroscience, Inc. (“Alto”) (NYSE: ANRO) today announced the initiation of its Phase 2 double-blind, single- and multiple-dose study to determine the pharmacodynamic effects of ALTO-203 in MDD patients as well as assess its safety, tolerability, and pharmacokinetics.

Key Points:

Alto Neuroscience, Inc. (“Alto”) (NYSE: ANRO) today announced the initiation of its Phase 2 double-blind, single- and multiple-dose study to determine the pharmacodynamic effects of ALTO-203 in MDD patients as well as assess its safety, tolerability, and pharmacokinetics.
The present study will evaluate these effects in patients with MDD to determine the potential of ALTO-203 as an antidepressant.
“In a Phase 1 study, ALTO-203 demonstrated an acute increase in positive emotion relative to placebo and across several dosage levels.
This Phase 2 study consists of two sequential double-blind, placebo-controlled treatment periods and examines two doses of ALTO-203 and placebo given as monotherapy in patients with MDD.

The impact of regulatory changes on rating behaviour

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Tuesday, April 2, 2024

Długosz, Disagreement, Pi bond, Direct lending, Key, Research Papers in Economics, Finance Secretary (India), University of Oxford, STS, Journal of Economic Perspectives, International, American Economic Review, Life, Columbia Business School, British Academy of Management, Risk assessment, ABS, Rating, EBA, Development, Reputational damage, OBS, CRA, Bond credit rating, Cras, Journal of Monetary Economics, CDO, Becker, Paper, 2007–2008 financial crisis, Raja, University, Environment, Journal of Financial Economics, Perception, H3, Website, Securitization, Working paper, Market, Collection, Total, European Banking Authority, Quarterly Journal of Economics, BBB, Whetten, Column, ESMA, European Journal, Issuer, Asset quality, Information revolution, Federal Reserve Bank, OLS, Statistics, PDF, Private, ECB, Surety, Weighted-average life, CCC, European Commission, Social science, Journal of Financial Stability, JEL, Real, Bias, Journal, Research, Classification, Certification, Commission, Credit, The Journal of Finance, Literature, Karel Škréta, European Central Bank, AA, Finance Research Letters, Origination (telephony), Monetary economics, Section 5, Xia, Kraft Foods, Government, AAA, Mukherjee, Finance, Deku, DOI, White, Risk, IOSCO, MBS, OECD, Wang, Section 4, University Challenge 2013–14, Section 3, Ashcraft, Financial management, Accounting, Financial economics, Fannie Mae, Conference, Pressure, Central bank, Griffin, University of Michigan, Systematic review, EPRS, Freddie Mac, Loan, BCBS, Palgrave Macmillan, R2, Microeconomics, Quarterly Journal, Financial statement analysis, The Japanese Economic Review, Christian Social Union (UK), Green, University of Huddersfield, PSM, Management, Security (finance), Security, Civil service commission, Private placement, American Economic Journal, GFC, Reproduction, IMF, Small business, Trustee, Data

Abstract

Key Points:

Abstract
We examine rating behaviour after the introduction of new regulations regarding Credit Rating
Agencies (CRAs) in the European securitisation market.
There is empirical evidence of rating catering in the securitisation market in the pre-GFC period (He et al.,
2012; Efing and Hau, 2015).
Competition among
CRAs could diminish ratings quality (Golan, Parlour, and Rajan, 2011) and promotes rating shopping by
issuers resulting in rating inflation (Bolton et al., 2012).
This paper investigates the impact of the post-GFC regulatory changes in the European
securitisation market.
In 2011, in addition to the creation of
European Securities and Markets Authority (ESMA), a regulatory and supervisory body for CRAs was
introduced.
We examine how rating behaviours have changed in the European securitisation market after the
introduction of these new regulations.
We utilise the existence of multiple ratings and rating agreements between
CRAs to identify the existence of rating shopping and rating catering, respectively (Griffin et al., 2013; He
et al., 2012; 2016).
We find that the regulatory changes have been effective in tackling conflicts of interest between issuers
and CRAs in the structured finance market.
Rating catering, which is a direct consequence of issuer and
CRA collusion, seems to have disappeared after the introduction of these regulations.
There is empirical evidence of rating catering in the securitisation market in
the pre-GFC period (He et al., 2012; Efing and Hau, 2015).
Competition among CRAs could diminish ratings quality (Golan, Parlour,
and Rajan, 2011) and promotes rating shopping by issuers resulting in rating inflation (Bolton et
al., 2012).
This paper investigates the impact of the post-GFC regulatory changes in the European
securitisation market.
In 2011, in addition
to the creation of European Securities and Markets Authority (ESMA), a regulatory and
supervisory body for CRAs was introduced.
We find that the regulatory changes have been effective in tackling conflicts of interest
between issuers and CRAs in the structured finance market.
Rating catering, which is a direct
consequence of issuer and CRA collusion, seems to have disappeared after the introduction of
these regulations.
Investors who previously demanded higher spreads for rating agreements for a
multiple rated tranche, did not consider the effect of rating harmony as a risk in the post-GFC
period.
Regarding rating shopping, we find that the effectiveness of the changes has been limited,
potentially for two reasons.
Additionally, we also find that rating over-reliance might still be an issue, especially
Rating catering is a broad term and it can involve rating shopping.
They re-examine the rating shopping and rating
catering phenomena in the US market by looking at the post-crisis period between 2009 and 2013.
Using 622 CDO tranches, they also observe the existence of rating shopping and the diminishing
of the rating catering.
Firstly, our main focus is the EU?s CRA Regulation and its effectiveness in reducing
rating inflation and rating over-reliance.
To the best of our knowledge, this paper is the first to
examine the effectiveness of the EU?s CRA regulatory changes on the investors? perception of
rating inflation in the European ABS market.
Hence, the coverage and quality of our dataset constitutes significant addition
to the literature and allows us to test the rating shopping and rating catering more authoritatively.
The following section reviews the literature
on securitisation concerning CRAs and conflicts of interest, and outlines the regulatory changes
introduced in the post-GFC period.
Firstly, ratings became ever more important as the Securities and
Exchange Commission (SEC) 5 began heavily relying on CRA assessments for regulatory purposes
(i.e.
the investment mandates that highlight rating agencies as the main benchmark for investment
eligibility) (SEC, 2008; Kisgen and Strahan, 2010; Bolton et al., 2012).
issuers) as one of the main explanations for the rating inflation (He et al., 2011; 2012; Bolton
et al., 2012; Efing and Hau, 2015).
Bolton et al., (2012) demonstrate that competition
promotes rating shopping by issuers, leading to rating inflation.
The last phase, CRA III, was implemented in mid-2013 and involves an additional
set of measures on reducing transparency and rating over-reliance.
As mentioned above, rating inflation can be caused by rating shopping
In order to be eligible to use the STS classification, main parties (i.e.
The higher the difference in the number of ratings for a
given ABS tranche, the greater the risk of rating shopping.
Alternatively, the impact of the new
regulations could be limited when it comes to reducing rating shopping.
This is because, firstly,
the conflict of interest between securitisation parties is not necessarily the sole cause for the
occurrence of rating shopping.
L is a set of variables (Multiple ratings, CRA reported, Rating agreement) that
we utilise interchangeably to capture the rating shopping and rating catering behaviour.
Hence, issuers are incentivised to report the highest possible rating and
ensure each additional rating matches the desired level.
All in all, our results suggest that
the new stricter regulatory measures have been effective in tackling conflicts of interest and
reducing rating inflation caused by rating catering.
Self-selection might be a concern in analysing the impact of the
new measures and investors? response with regard to the rating inflation.
This
result is in line with the earlier findings suggesting that regulatory changes have reduced investors?
suspicion of rating inflation and increased trust of CRAs.
Conclusion
Several regulatory changes were introduced in Europe following the GFC aimed at tackling
conflicts of interest between issuers and CRAs in the ABS market.
Utilising a sample of 12,469
ABS issued between 1998 and 2018 in the European market, this paper examined whether these
changes have had any impact on rating inflations caused by rating shopping and rating catering
phenomena.
We find that the
effectiveness of the changes has been more limited on rating shopping potentially for two reasons.
Tranche Credit Rating is the rating reported for a tranche at launch.

H3M Environmental appoints Nick Gautreau as President and Expands Leadership Team

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Wednesday, March 6, 2024

Chemical oxygen demand, Marketing, Culture, Growth, H3, Project management, GIS, Control, Cam, Management

CALGARY, Alberta, March 06, 2024 (GLOBE NEWSWIRE) -- H3M Environmental Ltd. (“H3M”) is excited to announce the appointment of Nick Gautreau as President.

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CALGARY, Alberta, March 06, 2024 (GLOBE NEWSWIRE) -- H3M Environmental Ltd. (“H3M”) is excited to announce the appointment of Nick Gautreau as President.
Since its inception in 2018, Nick has been instrumental in shaping the foundation of H3M, contributing significantly to its current success.
In his new role, Nick will continue to be accountable for strategic direction, financial health, and shaping H3M’s corporate culture.
This growth has led us to expand our leadership team and pass the torch from ownership to management,” explained Doug Bedard, Director of H3M.

Orvis Releases New Helios™, Shattering Industry Standards with the Most Accurate Fly Rod Ever Manufactured

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Wednesday, February 7, 2024

Hand, Instinct, Life, Lifting, Water, MSRP, H3, Surveying

MANCHESTER, Vt., Feb. 7, 2024 /PRNewswire/ -- Orvis, the family-owned and operated outdoor retailer that pioneered the modern fly rod, announces its next generation of Helios rods. The new Helios is four times more accurate than its ground-breaking predecessor the Helios 3 (H3) and is 25 percent stronger and 10 percent lighter in hand. The result is an intuitive fly rod that is defining a new era in fly rod manufacturing.

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MANCHESTER, Vt., Feb. 7, 2024 /PRNewswire/ -- Orvis , the family-owned and operated outdoor retailer that pioneered the modern fly rod, announces its next generation of Helios rods.
The result is an intuitive fly rod that is defining a new era in fly rod manufacturing.
"Helios rods are what people think of when they think of Orvis innovation and leadership in fly fishing," said Orvis President Simon Perkins.
The Helios fly rod collection (MSRP $1098-$1198) is available online and at select independent fly shops and Orvis retail stores.

New T-FINDER Platform Provides Deep Insights Into T Cell Responses Against Novel Cancer Vaccine

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Tuesday, February 6, 2024

The identification of such cancer-specific antigens and the TCRs that bind them underlies current efforts to develop targeted cancer therapies.

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The identification of such cancer-specific antigens and the TCRs that bind them underlies current efforts to develop targeted cancer therapies.
Dr. John M. Lindner and his research team at the BioMed X Institute in Heidelberg designed the T-FINDER platform to solve this problem.
This work provides key insights into the mechanism of anti-tumor T cell responses in these patients and will support ongoing vaccination studies.
"Previously, we have been limited in the tools we could use to study class II-presented epitopes such as mutant H3.

Ours Goes to Twelve: Saris Introduces 12-Speed Compatibility with All-New H3 Plus Direct Drive Smart Trainer

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Wednesday, November 29, 2023

Bluetooth, H3, MSRP, ERG, Transport

MADISON, Wis., Nov. 29, 2023 /PRNewswire/ -- Saris, manufacturer of world-class bike racks, trainers, storage and bicycle parking products, today announced the launch of the H3 Plus Direct Drive Smart Trainer. Available now, the H3 Plus trainer (MSRP $699.99) marks an advancement of Saris' renowned H3 model with best-in-class ERG trainer mode, now with 12-speed compatibility for even more rider accessibility for those looking to continue training this winter indoors.

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The quietest trainer in its lineup, the Saris H3 Plus builds on the brand's legacy product assortment and is available now, just in time for the winter indoor riding season
MADISON, Wis., Nov. 29, 2023 /PRNewswire/ -- Saris , manufacturer of world-class bike racks, trainers, storage and bicycle parking products, today announced the launch of the H3 Plus Direct Drive Smart Trainer .
Available now, the H3 Plus trainer (MSRP $699.99) marks an advancement of Saris' renowned H3 model with best-in-class ERG trainer mode, now with 12-speed compatibility for even more rider accessibility for those looking to continue training this winter indoors.
The new H3 Plus Direct Drive Smart Trainer also boasts:
20 lb.
To learn more about these products and to find a Saris dealer near you, please visit our website at www.saris.com .

UK Space Agency and JAXA Confirm Bilateral Collaboration for Viasat and MHI to Develop Inrange Satellite-based Launch Telemetry System for Japanese H3 Launch Vehicle

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Friday, October 6, 2023

Research, Pressure, Senior, H3, NEC, UK Space Agency, Project team, SSL (company), MHI, JAXA, MOC, Memorandum, Spacecraft, Mitsubishi Heavy Industries, UKSA, Orbit, Communications satellite, Viasat, Viasat (American company)

The bilateral collaboration for InRange builds upon the Memorandum of Cooperation (MoC) signed between both space agencies in 2021.

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The bilateral collaboration for InRange builds upon the Memorandum of Cooperation (MoC) signed between both space agencies in 2021.
By using the InRange service for the H3 Launch vehicle, launch trajectories can be optimized by removing reliance of line-of-sight coverage with ground stations during critical stages of the launch.
Viasat and MHI will work in collaboration to validate the InRange service and demonstrate the capability on an H3 launch.
Masashi Okada, Project Manager, H3 Project Team, Space Transportation Technology Directorate of JAXA, said: "JAXA remains delighted to announce the launch of the InRange project.

THE FROST SCHOOL OF MUSIC AT THE UNIVERSITY OF MIAMI COMPLETES CONSTRUCTION OF NEW KNIGHT CENTER FOR MUSIC INNOVATION, SETTING THE STANDARD FOR THE ELITE MUSIC SCHOOL OF THE FUTURE

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Tuesday, October 3, 2023

Dean Shelton (Shelly) G. Berg of the Frost School of Music at the University of Miami said, “The future of music is the future that musicians will be able to create for themselves.

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Dean Shelton (Shelly) G. Berg of the Frost School of Music at the University of Miami said, “The future of music is the future that musicians will be able to create for themselves.
We’ve always enabled our students to imagine the possibilities that will shape and guide their futures and get hands-on, real-world experience.
The grand opening celebration concludes with CAM FEST, featuring a concert showcase by the Creative American Music (CAM) program’s award-winning group, AME!
To date, the Frost School has raised more than $36 million to support the construction and ongoing development of the Knight Center for Music Innovation.

Myotonic Dystrophy Drug Pipeline Research Report 2023: Comprehensive Insights About 20+ Companies and 22+ Pipeline Drugs - ResearchAndMarkets.com

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Thursday, September 14, 2023

The "Myotonic Dystrophy - Pipeline Insight, 2023" report offers an extensive overview of the Myotonic Dystrophy pipeline landscape, featuring insights on over 20 companies and 22 pipeline drugs.

Key Points:

The "Myotonic Dystrophy - Pipeline Insight, 2023" report offers an extensive overview of the Myotonic Dystrophy pipeline landscape, featuring insights on over 20 companies and 22 pipeline drugs.
For a holistic understanding, it includes a detailed disease overview and Myotonic Dystrophy treatment guidelines.
Currently, the drug is being investigated in the Phase II/III stage of clinical trial evaluation for the treatment of Congenital Myotonic Dystrophy.
This segment of the report provides insights about the different Myotonic Dystrophy drugs segregated based on following parameters that define the scope of the report, such as:
There are approx.

A New Era: Challenges in Lunar Exploration and Manned Lunar Orbital Base Development

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Thursday, September 14, 2023

TOKYO, Sept 14, 2023 - (JCN Newswire) - Mitsubishi Heavy Industries, Ltd. (MHI) is advancing the development of mankind's lunar exploration by participating in a series of domestic and international space programs.

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TOKYO, Sept 14, 2023 - (JCN Newswire) - Mitsubishi Heavy Industries, Ltd. (MHI) is advancing the development of mankind's lunar exploration by participating in a series of domestic and international space programs.
Gateway is considered the centerpiece of the program and will be built in lunar orbit to serve as a habitable transit base for astronauts heading to the moon for lunar exploration.
Exploration rover development for LUPEX, the Lunar Pole area Exploration program, and Toyota's manned pressurized rover assessment support
MHI is working on the development of an exploration rover for the Lunar Pole Exploration program (LUPEX), a collaborative program between JAXA and the Indian Space Research Organization (ISRO).
The traveling technology and lunar data collected by the rover are expected to be used to support the manned pressurized rover development.