Search Results (41)

The delisting of Binance USD (BUSD) constitutes a major regulatory intervention in the stablecoin market and provides a unique opportunity to examine how targeted regulation affects liquidity allocation, market concentration, and short-run systemic risk in crypto-asset markets. Using daily data for 2023 and a linear and nonlinear Local Projections event-study framework, this paper analyzes the dynamic market responses to the BUSD delisting across major stablecoins and cryptocurrencies. The results show that liquidity displaced from BUSD is reallocated primarily toward USDT and USDC, leading to a measurable increase in stablecoin market concentration, while decentralized and algorithmic stablecoins absorb only a limited share of the shock. At the same time, Bitcoin and Ethereum experience temporary liquidity contractions followed by a relatively rapid recovery, suggesting conditional resilience of core crypto-assets. Overall, the findings document how a regulatory-induced exit of a major stablecoin reshapes short-run market dynamics and concentration patterns, highlighting potential trade-offs between regulatory enforcement and market structure. The paper contributes to the literature by providing the first empirical analysis of the BUSD delisting and by illustrating the usefulness of Local Projections for studying regulatory shocks in cryptocurrency markets. Full article

Agricultural listed companies are key nodes in the agricultural industry chain, providing capital, technology and market access to upstream producers and downstream processors. When these firms face delisting risk, the resilience and sustainability of the industry chain are threatened. Using data from 897 observations of Chinese A-share listed companies in the agriculture, forestry, animal husbandry, and fishery sector over 2010–2021, this study links multidimensional firm vulnerability to subsequent delisting risk. We construct 30 internal and external indicators covering financial performance, innovation input, supply chain concentration, government support and market competitiveness. Clustering method is applied to capture heterogeneity in firms’ multidimensional structural, gradient boosting models are used to predict ST (Special Treatment) status within three years, and SHAP analysis is used to identify the main risk. The results show that a small subset of firms with high leverage, tight liquidity, weak profitability, insufficient innovation, and highly concentrated key customers and suppliers accounts for most ST cases. Strengthening capital buffers, diversifying critical supply-chain relationships, and maintaining stable innovation investment are thus crucial for reducing delisting risk and enhancing the resilience of agricultural listed companies. Full article

Cross-regional enterprise financial distress can undermine long-term corporate viability, weaken regional industrial resilience, and amplify systemic risk, making robust early-warning tools essential for sustainable financial governance. This study investigates the problem of cross-regional enterprise delisting-related distress identification under heterogeneous economic structures and highly imbalanced risk samples. We propose a cross-domain learning framework that aims to deliver stable, interpretable, and transferable risk signals across regions without requiring access to labeled data from the target domain. Using a multi-source empirical dataset covering Beijing, Shanghai, Jiangsu, and Zhejiang, we conduct leave-one-domain-out evaluations that simulate real-world regulatory deployment. The results demonstrate consistent improvements over representative sequential and graph-based baselines, indicating stronger cross-regional generalization and more reliable identification of borderline and noisy cases. By linking cross-domain stability with uncertainty-aware risk screening, this work contributes a practical and economically meaningful solution for sustainable corporate oversight, offering actionable value for policy-oriented financial supervision and regional economic sustainability. Full article

In this study, we extend research on stablecoin credit risk by introducing a novel rule-of-thumb approach to determine whether a stablecoin is “dead” or “alive” based on a simple price threshold. Using a comprehensive dataset of 98 stablecoins, we classify a coin as failed if its price falls below a predefined threshold (e.g., $0.80), validated through sensitivity analysis against established benchmarks such as CoinMarketCap delistings and Feder et al. (2018) methodology. We employ a wide range of panel binary models to forecast stablecoins’ probabilities of default (PDs), incorporating stablecoin-specific regressors. Our findings indicate that panel Cauchit models with fixed effects outperform other models across different definitions of stablecoin failure, while lagged average monthly market capitalization and lagged stablecoin volatility emerge as the most significant predictors—outweighing macroeconomic and policy-related variables. Random forest models complement our analysis, confirming the robustness of these key drivers. This approach not only enhances the predictive accuracy of stablecoin PDs but also provides a practical, interpretable framework for regulators and investors to assess stablecoin stability based on credit risk dynamics. Full article

Architectural heritage and the actions—positive and negative—concerning it, are not only different in each country, but they also change over time. It is widely assumed that this is due to changes in values. However, the more determining factors are education and political systems. These two are intrinsically connected, and affect the making of local and national contexts, which ultimately support, or not, protection and conservation actions. Invariably, in democratic settings with high levels of education, architectural heritage is valued, protected and conserved. Historically—and unlike in other disciplines—in architectural conservation, theory was only defined after successful practice and by the competent professionals who executed it. This is the case of the Venice Charter (1964), still the main reference for practitioners when intervening in architectural heritage. There is a clear relationship between the emergence of literature on the economics of heritage, heritage management and cultural geography, and the recent trends promoting the de-listing of buildings or to allow them to decline to avoid the cost of conservation and maintenance. This literature is used to justify these actions and, ironically, sometimes more funds are spent on digitally documenting buildings and/or talking about them than maintaining them. This is clear evidence of the deviation of the very purpose of conserving architectural heritage, which has been passed to us for our generation to enjoy, and we should do our best to transmit it to future ones. This paper discusses the current situation in Europe concerning architectural conservation, with a particular focus on the Council of Europe Framework Conventions of Granada (1985) and Faro (2005), and the approach and practices in individual countries. It discusses some representative examples, identifying the main theories (and lack of) employed by governments, authorities and professionals and the outcomes. It reflects on the reasons why we have arrived at the current situation of architectural conservation being misunderstood or underrepresented. The paper also defines the need for coordinated policy actions, particularly the formal classification of architectural conservation as a scientific discipline. It presents the need for more research and specialist education in architectural conservation to improve current unregulated and inappropriate practices. Full article

Background: Progressive heart failure cardiogenic shock (HFCS) often requires escalation to temporary or durable mechanical circulatory support (MCS) as a bridge to transplant (BTT). Following the 2018 UNOS allocation changes, our center revised its BTT strategy to optimize support and shorten wait times. At our institution, the Impella 5.5 with SmartAssist via the axillary approach was selectively used for patients who remained refractory to guideline-directed medical therapy, failed single-inotrope therapy, and were not considered suitable durable LVAD candidates by our multidisciplinary heart team. We compared transplant-related outcomes of BTT patients supported with Impella 5.5 versus durable LVAD. Methods: We performed a single-center retrospective review of all heart and heart/kidney transplant candidates at Mayo Clinic Florida from October 2018 to February 2021. INTERMACS profile, baseline characteristics, and perioperative data were collected at the time of device implantation and throughout the transplant hospitalization. Results: A total of 87 heart and 4 heart–kidney transplants were completed. Forty-five patients (49%) required MCS as BTT: 27 (60%) with a durable LVAD and 18 (40%) with an Impella 5.5. All eighteen patients with Impella 5.5 as BTT (100%) were transplanted compared to nineteen patients with durable LVAD (70%), p = 0.001. The median time from listing to transplant was substantially shorter with Impella (32 vs. 696 days, p < 0.001), and this difference persisted across INTERMACS profiles. UNOS status at transplant was more urgent for Impella than LVAD (p < 0.001). Transplant surgery following Impella support required shorter cardiopulmonary bypass time (181 vs. 219 min, p < 0.001) and resulted in lower postoperative vasoactive-inotropic requirements (7.9 vs. 13, p = 0.003). No patients in the Impella group died or were delisted while awaiting transplant, whereas 5 LVAD patients (26%) died or were removed due to LVAD complications (p < 0.001). Conclusions: Our data demonstrates that the use of the Impella 5.5 as BTT was associated with significantly shorter waitlist time, higher transplantation rates, reduced perioperative morbidity, and lower postoperative vasoactive support compared with durable LVAD as BTT. These benefits were achieved despite a higher severity of illness at transplantation in the Impella cohort. Full article

Background/Objectives: Sera from patients before and after organ transplantation were tested at two different temperatures, 21 °C and 37 °C. Currently, organs are transported under normothermic conditions (37 °C). This observational pilot study was conducted to define the effect of the incubation at 37 °C, comparing the results to the usual temperature of 21 °C for serum–bead incubation. Methods: We used the Luminex-based assay for the identification and characterization of HLA-specific antibodies. The assays were performed using single antigen beads for HLA class I and HLA class II. A total of 42 sera were assessed and tested, and 38 were analyzed on the Luminex 200 platform at both temperatures. Results: We noted varying outcomes: both an increase and a decrease in mean fluorescence intensity values. A shift from negative to positive values (n = 6) and vice versa (n = 1) was observed. Several sera (n = 4 for HLA class I and n = 5 for HLA class II) exhibited no alterations. In general, we observed an increase in the mean fluorescence intensity values by incubation at 37 °C. The analysis at the bead level revealed a significant deviation (37 °C vs. 21 °C) for the bead carrying HLA-A80 (p = 0.0006) and two HLA-DQ beads, DQA1*05:01-DQB1*02:01 (p = 0.0438) and DQA1*01:03-DQB1*06:03 (p = 0.0438). Conclusions: Mimicking physiological temperature conditions for the testing of HLA-specific antibodies will lead to the better and more accurate interpretation of the results. This method shows potential for use in the delisting strategy for highly sensitized patients as well, thus allowing a better and more reliable option for the patient awaiting a suitable crossmatch-negative organ. Full article

The Research Integrity Risk Index (RI²), introduced as a tool to identify universities at risk of compromised research integrity, adopts an overly reductive methodology by combining retraction rates and delisted journal proportions into a single, equally weighted composite score. While its stated aim is to promote accountability, this commentary critiques the RI² index for its flawed assumptions, lack of empirical validation, and disproportionate penalization of institutions in low- and middle-income countries. We examine how RI² misinterprets retractions, misuses delisting data, and fails to account for diverse academic publishing environments, particularly in Indonesia, where many high-performing universities are unfairly categorized as “high risk” or “red flag.” The index’s uncritical reliance on opaque delisting decisions, combined with its fixed equal-weighting formula, produces volatile and context-insensitive scores that do not accurately reflect the presence or severity of research misconduct. Moreover, RI² has gained significant media attention and policy influence despite being based on an unreviewed preprint, with no transparent mechanism for institutional rebuttal or contextual adjustment. By comparing RI² classifications with established benchmarks such as the Scimago Institution Rankings and drawing from lessons in global development metrics, we argue that RI², although conceptually innovative, should remain an exploratory framework. It requires rigorous scientific validation before being adopted as a global standard. We also propose flexible weighting schemes, regional calibration, and transparent engagement processes to improve the fairness and reliability of institutional research integrity assessments. Full article

Backgorund\Objectives: Lung transplantation is the definitive treatment for select patients with end-stage pulmonary diseases. However, immunologic sensitization, as measured by calculated panel-reactive antibody (cPRA), poses significant challenges to transplant access and outcomes. This study aimed to evaluate the impact of cPRA on lung transplantation waitlist dynamics in a single-center cohort in Brazil, focusing on its association with waitlist mortality, delisting, and transplantation. Methods: A retrospective cohort study was conducted including all lung transplant candidates listed in our institution between January 2012 and December 2022. Candidates were stratified by cPRA values at listing into five groups: 0%, 0.1–25%, 25.1–50%, 50.1–75%, and 75.1–100%. Primary outcomes included lung transplantation, with secondary outcomes of waitlist mortality and delisting due to clinical deterioration. Statistical comparisons were performed, as appropriate. Results: Of the 411 candidates evaluated, 327 met the inclusion criteria. Among them, 100 (30.6%) were sensitized (cPRA > 0%), with increasing cPRA values correlating with longer median waitlist times (p < 0.01). Although transplantation rates were not statistically different across the cPRA strata (p = 0.277), the group with a cPRA > 75% had the lowest transplant rate (37.5%). Waitlist mortality was significantly higher in candidates with a cPRA > 50% (p = 0.047), whereas delisting rates did not differ across groups (p = 0.722). Conclusions: Elevated cPRA is associated with prolonged waitlist time and increased mortality, reflecting both immunologic and logistical barriers to lung transplantation. These findings support the need for incorporating cPRA into allocation policies and adopting targeted strategies, such as desensitization protocols, to improve equity in transplant access for sensitized patients, particularly in genetically diverse populations. Further multicenter studies are warranted to validate these results and inform policy development. Full article

The stability of financial markets is influenced by the strength and transparency of companies listed on stock exchanges. This paper explores how financial, non-financial, and macroeconomic factors influence delisting likelihood among companies listed on the Johannesburg Stock Exchange (JSE), addressing a limitation in the current body of knowledge that often overlooks the combination of these factors, especially within the context of developing economies. Using a sample of 302 companies delisted between 2010 and 2023 and 302 as a control group, we analyzed 72 variables through a multivariate panel probit regression model. Our findings reveal that delisting decisions are driven by a complex interplay of financial health, governance practices, and macroeconomic conditions. Financial health, including liquidity and market valuation, is crucial in mitigating delisting risk. Non-financial factors, such as corporate governance and shareholder composition, further reduce the likelihood of delisting. Macroeconomic conditions, including inflation and interest rates, introduce significant external pressures. This study is especially relevant in developing economies like South Africa, where economic volatility adds risks for listed companies. The results provide insights for companies, investors, regulators, and policymakers to ensure a stable and robust stock market and financial system and identify early warning signals for delisting. Full article

The availability of highly effective direct-acting antivirals (DAAs) that cure individuals infected with HCV has changed completely the natural history of HCV infection and chronic hepatitis C. In sustained responders to DAAs, the most common clinical-pathologic outcome has become liver disease regression, cirrhosis re-compensation, and the de-listing of transplant candidates. However, careful scrutiny of liver disease cofactors and outcome predictors in treated patients is mandatory for an appropriate personalized surveillance of the residual risk for hepatocellular carcinoma. Since successful treatment with DAAs does not confer protective immunity against HCV reinfection, an effective vaccine is critically needed to control HCV infection. Meanwhile, it is mandatory to enhance universal access to DAAs, to test asymptomatic high-risk groups who are the main source of transmission, and to screen people who inject drugs (PWID), men who have sex with men (MSM), and sex workers, and to assure safe medical procedures with the provision of disposable needle and syringes. Full article

Background/Objectives: Transarterial chemoembolization (TACE) is the most widely used bridging treatment for hepatocellular carcinoma (HCC) before liver transplantation (LT) but may be associated with dropout and post-LT HCC recurrence. We aimed to identify a subgroup of HCC LT candidates at high risk of TACE-to-LT strategy failure (TLSF). Methods: All consecutive HCC LT candidates with French AFP-scores ≤ 2 who underwent at least one bridging TACE at Paul Brousse Hospital in 2013–2018 were included (n = 173). Dropout for HCC progression during waiting list and post-LT HCC recurrence was defined TLSF. Results: The one-year TLSF cumulative incidence was 15%. According to univariate analysis, pre-TACE AFP > 15 ng/mL was the only factor associated with decreased overall survival (OS) and TLSF-free survival (TLSF-FS) after the first TACE. The absence of complete radiological response (CRR) or pre-TACE AFP > 15 ng/mL were associated with reduced OS and TLSF-FS after a second TACE (n = 118). The cumulative incidence of TLSF reached 41% one year after the second TACE in patients with both AFP > 15 ng/mL and no CRR, while it was 7% for others (p < 0.001). Conclusions: HCC patients receiving bridging TACE, with pre-TACE AFP > 15 ng/mL and no CRR after two TACEs, are at high risk of delisting for HCC progression or of post-LT recurrence. Alternative therapeutic strategies should be proposed early for this better-defined population. Full article

The human leukocyte antigen (HLA) system plays a critical role in transplant immunology, influencing outcomes through various immune-mediated rejection mechanisms. Hyperacute rejection is driven by preformed donor-specific antibodies (DSAs) targeting HLAs, leading to complement activation and graft loss within hours to days. Acute rejection typically occurs within six months post-transplantation, involving cellular and humoral responses, including the formation of de novo DSAs. Chronic rejection, a key factor in long-term graft failure, often involves class II DSAs and complex interactions between the innate and adaptive immune systems. Advancements in HLA antibody detection, particularly single antigen bead (SAB) assays, have improved the sensitivity and characterization of DSAs. However, these assays face challenges like false positives from denatured antigens and false negatives due to low antibody titers or complement competition. Furthermore, molecular mismatch (MM) analysis has emerged as a potential tool for refining donor–recipient compatibility but faces some issues such as a lack of standardization. Highly sensitized patients with calculated panel-reactive antibodies (cPRA) of 100% face barriers to transplantation. Strategies like serum dilution, novel therapies (e.g., Imlifidase), and delisting approaches could refine immunological risk assessment and delisting strategies are essential to expand transplant opportunities for these patients. Full article

Delisting events in the stock market significantly impact capital market participants. In South Korea’s KOSDAQ, an investment alert system signals a firm’s delisting in advance. The system provides warnings to investors in the pre-delisting stage. This paper analyzes whether a firm’s tax avoidance strategy changes depending on investment alert issues, which serves as a measure to identify risks related to corporate sustainability in advance. This study conducted an empirical analysis using an OLS model, with tax avoidance as the dependent variable and the variable related to the investment alert issue as the variable of interest. Analysis of 4964 firm-year data from 2011 to 2020 revealed that firms with investor alert issues exhibited significant increases in tax avoidance behaviors. Additionally, tax avoidance significantly increased when firms were designated as investment alert issues in the designated year. These results provide empirical evidence that such designations may pose a risk to corporate sustainability and intensify a firm’s tax avoidance behavior. Full article

In the period following the global COVID-19 pandemic, financial sustainability has become critical for the survival of enterprises around the world. This paper investigates the mechanisms and implications of digital transformation on resilience from the perspective of financial sustainability, that is, financial resilience. Employing a sample of Chinese listed firms, the study documents that digital transformation was positively related to financial resilience in normal states due to improved internal corporate governance, increased analyst coverage, alleviated financial constraints, and reduced operation risk. The relationship was more significant for companies with digitally literate executives, non–state–owned companies, and high–tech companies. However, it was not significant during the period of the COVID-19 pandemic and for companies with consecutive losses and delisting warnings. These findings provide unique evidence to support the beneficial effects of digital transformation on corporate resilience and to identify strategies for strengthening financial sustainability. Full article