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Ratings migration are most often modeled as a time homogeneous first-order Markov chain. A novel nonlinear inversion procedure is presented for recovering a ratings migration matrix that is indirectly linked to economic factors through a single moment consistency equation. The procedure is comparable to the approach suggested by Belkin et al. (CreditMetrics Monitor 1(2):46–56, 1998) but represents an important nonparametric alternative that may be easier to implement in practice. In addition to having merit for portfolio stress testing, the empirical application of the procedure is demonstrated for the credit quality dynamics portion of CECL methodology.

Understanding the long-term effects of home care support programs on loneliness in older adults is crucial for optimizing service delivery and improving the quality of life and care. This research explores the Sustainability and Long-Term Outcomes of the Home Care Support Intervention Program (HoSIP) to Reduce Loneliness among Community-dwelling Older Adults: A two-year follow-up study. This concurrent nested mixed-method study investigated the impact of HoSIP on older adults two years post-implementation. Quantitative data were collected on loneliness, social networks, perceived social support, quality of life, self-care ability, and general health. RAMNOVA analysis was used to analyze the results of univariate tests conducted at different points of measurement using SPSS version 23. Sixteen participants completed semi-structured individual interviews in-person and virtually. Conventional content analysis was undertaken using MAXQDA version 20. Sixteen older adults remained in the HoSIP program at the two-year post-test assessment (mean age 73.5 years + 6.6 years). The participants were predominantly female (81.3%). Over two years compared to baseline, a significant decline was observed in loneliness, social network, perceived social support, quality of life, self-care ability (p < 0.05) while no significant changes were observed for general health (p > 0.05). Three main categories, along with forth sub-categories, emerged from the data analysis. This study explored how a community-based program helped reduce loneliness in older adults. The results highlight the importance of involving older adults in designing programs to improve their overall well-being. These findings can guide future interventions to enhance the quality of life for older adults, potentially lowering healthcare costs and benefiting both individuals and governments. This program provides a framework for the development and implementation of sustained, community-based interventions directed by older adults. Given the potential impacts of sociocultural factors on the efficacy and longevity of such programs, these elements warrant careful consideration during the design phase of the similar interventions.

Immunoglobulin E (IgE) plays a key role in the pathogenesis of many allergic diseases. Thus, IgE-mediated immunologic pathways are an attractive target for intervention in allergic diseases. Omalizumab is a recombinant humanized monoclonal antibody that binds IgE and has been used treat allergic asthma for over a decade. Currently, omalizumab is approved for the treatment of both allergic asthma and chronic spontaneous urticaria. Since IgE plays a critical role in other allergic diseases, anti-IgE therapy has been evaluated in other allergic diseases in small clinical trials and case reports. Omalizumab has demonstrated efficacy in treating allergic rhinitis, atopic dermatitis, physical urticarias, mast cell disorders, food allergy, and other allergic diseases. In addition, the use of omalizumab with conventional allergen immunotherapy improves both safety and effectiveness.

Husbands and wives differ in their evaluations of marital quality, with \"his\" marriage typically proving better than \"her\" marriage. However, spouses' perceptions of marital quality tend to be significantly correlated with one another. Prior research has addressed the existence and implications of gender differences in marital quality but has focused less on spouses' similarities in their perceptions. In particular, prior studies have not examined the extent to which spouses' assessments of marital quality may be reciprocally related. In short, do his and her marriages influence one another? This study analyzes longitudinal dyadic data from 209 older married couples who participated in the first two waves of the Disability and Use of Time supplement to the Panel Study of Income Dynamics (2009–2013). Two-wave lagged models tested emotional and social contagion theory by examining whether husbands' and wives' reports of marital quality at baseline predicted both spouses' marital quality after four years. Results indicated that (a) husbands reported better marital quality than their wives in both 2009 and 2013; (b) for both husbands and wives, baseline marital quality was significantly related with one's own and one's partner's marital quality four years later; and (c) there were no differences in effects according to gender. These findings offer support for the framework of his and her marriage as well as emotional and social contagion theory.

Understanding the long-term effects of home care support programs on loneliness in older adults is crucial for optimizing service delivery and improving the quality of life and care. This research explores the Sustainability and Long-Term Outcomes of the Home Care Support Intervention Program (HoSIP) to Reduce Loneliness among Community-dwelling Older Adults: A two-year follow-up study. This concurrent nested mixed-method study investigated the impact of HoSIP on older adults two years post-implementation. Quantitative data were collected on loneliness, social networks, perceived social support, quality of life, self-care ability, and general health. RAMNOVA analysis was used to analyze the results of univariate tests conducted at different points of measurement using SPSS version 23. Sixteen participants completed semi-structured individual interviews in-person and virtually. Conventional content analysis was undertaken using MAXQDA version 20. Sixteen older adults remained in the HoSIP program at the two-year post-test assessment (mean age 73.5 years + 6.6 years). The participants were predominantly female (81.3%). Over two years compared to baseline, a significant decline was observed in loneliness, social network, perceived social support, quality of life, self-care ability (p 0.05). Three main categories, along with forth sub-categories, emerged from the data analysis. This study explored how a community-based program helped reduce loneliness in older adults. The results highlight the importance of involving older adults in designing programs to improve their overall well-being. These findings can guide future interventions to enhance the quality of life for older adults, potentially lowering healthcare costs and benefiting both individuals and governments. This program provides a framework for the development and implementation of sustained, community-based interventions directed by older adults. Given the potential impacts of sociocultural factors on the efficacy and longevity of such programs, these elements warrant careful consideration during the design phase of the similar interventions.

Population aging presents opportunities and challenges for higher education. Increasingly, age-diverse student populations are entering into or returning to postsecondary education; meanwhile, campuses are workplaces where faculty and staff are aging-in-place. Yet, age bias and discrimination continue to exist in institutions of higher education. As encouraged by the Age-Friendly University (AFU) initiative, higher education should foster age-inclusive environments. However, empirical measures are needed to document what it means to be age inclusive. To this end, the present study used the Inventory and Campus Climate Survey (ICCS; Silverstein et al., Silverstein et al., The Gerontologist 62:e48–e61, 2022), based on social-ecological theory, to assess age-inclusive practices and awareness of these practices across seven campus domains, along with personal beliefs regarding age inclusivity, as predictors of perceived age-friendliness. AFU network institutions in the U.S. (23 campuses) provided data from a total sample of 1549 faculty, 2582 staff, and 2700 students. Confirmatory Factor Analysis established the proposed structure of the Age-Friendliness and Personal Beliefs scales of the Campus Climate Survey. Model testing revealed that campus constituents, regardless of role, were largely unaware of age-friendly practices reported by campus administrators, and that the degree of fit between actual practices and constituents’ awareness of them predicted perceptions of age inclusivity. Constituents differed in their assessment of which age-friendly practices most contributed to their own sense of age inclusivity, with physical environment playing an important predictive role across all groups. The findings indicated that, even among institutions that endorse AFU principles, there is an overall disconnect between practices and perceptions that can impede the impact of age-inclusive efforts for age-diverse individuals who might benefit from them.

PurposeThe aim of this study is to report on a simple derivation that results in what the authors refer to as the lending cap rate. The lending cap rate is a unique cap rate resulting in a property valuation that perfectly aligns the maximum loan amount for the financing of commercial real estate.Design/methodology/approachThe derivation is the result of simple algebra relating the two most common underwriting ratios: debt service coverage and loan-to-value with the formula for the present value of an annuity. Numerical examples are presented to demonstrate the calculation of the lending cap rate, property valuation and maximum loan amount. The authors also present comparative statics results.FindingsThe main finding of this research is that once a lender knows the debt service coverage ratio, loan-to-value ratio and lending terms for a specific property financing request, a simple calculation reveals the lending cap rate and the property valuation that aligns the maximum loan amount implied by the two underwriting ratios.Practical implicationsOne practical implication of the research is that a simple calculation reveals the lending cap rate which facilitates timely property evaluations for lending purposes. The methods demonstrated also offer real estate finance educators a practical means of connecting the loan underwriting process with property appraisal thereby facilitating conceptual understanding.Originality/valueThe key finding is original, and the importance of the finding is that the determination of the lending cap rate is simple and has the ability to make commercial real estate lending faster and cheaper, especially in lending situations where an evaluation rather than an appraisal is appropriate.

Objective This study examined adult grandchildren's experience of losing a grandparent in the context of a multigenerational family. Background Although the death of a grandparent in adulthood is often an expected life event, this loss may still result in grief for adult grandchildren. Furthermore, bereavement is not merely an individual experience, but a family one. Characteristics of the relationship between bereaved adult grandchildren and their bereaved middle‐generation parents may influence adult grandchildren's grief responses. This includes both structural (e.g., gender of parent; coresidence with parent) and emotional (e.g., relationship quality; worry about parent) aspects of this tie. Method Young adult grandchildren from Wave 2 of the Family Exchanges Study (2013, N = 204) reported on their recent grandparent loss experiences (N = 216) and relationships with their middle‐generation parents (N = 142). Results Three‐level multilevel models revealed that (a) grandsons who lost a grandmother reported significantly fewer grief symptoms than all other gender combinations; (b) worry about a middle‐generation parent was associated with higher grief symptoms, but; (c) this effect was significantly stronger when the middle‐generation parent was a mother, and when adult grandchildren were coresident with that bereaved parent. Finally, relationship quality with the middle‐generation parent was not associated with grief symptoms, irrespective of context. Conclusion Results highlight the intersection of emotional and structural aspects of multigenerational relationships following the death of a family member.

This study investigates physical activity within dyadic relationships as a predictor of cognitive function using data from the Survey of Health, Aging, and Retirement in Europe (SHARE). A two-wave dyadic analysis was conducted for 33 opposite-sex couples (mean age 67.7 years). Physical activity was measured with a three-axial accelerometer, and cognitive function through verbal fluency at baseline and follow-up. Multilevel lagged dependent variable models were estimated using mixed effects in Stata Version 18/SE. Verbal fluency remained stable over time (β = .62, p < .001). Individuals’ own physical activity (steps) predicted better cognitive function at follow-up (β = .30, p < .001). Spouses’ physical activity also showed a positive association, though weaker (β = .25, p < .01). Individual activity was more strongly associated with cognitive outcomes than partner activity. However, partner effects remained significant after accounting for individuals’ own activity, indicating that dyadic influences contribute uniquely beyond personal behavior. These findings underscore the relevance of dyadic processes for cognitive health in later life. Future research should examine underlying mechanisms and evaluate couple-based interventions.

Background and ObjectivesThis cross-sectional study examines associations of social integration and daily discrimination with 4 biological markers of inflammation and cardiovascular health and tests whether self-esteem may mediate any of these effects.Research Design and MethodsData came from 746 participants of the National Survey of Midlife Development in the United States (MIDUS) Refresher (2011–2014) and MIDUS Refresher Biomarker Project (2012–2016). Structural equation modeling estimated direct and indirect associations of social integration and daily discrimination with glycosylated hemoglobin (HbA1c), high-density lipoprotein (HDL), C-reactive protein, and interleukin-6.ResultsSocial integration and daily discrimination were both significantly associated with self-esteem, which was in turn associated with HbA1c, HDL, and interleukin-6 levels. Social integration was indirectly associated with HbA1c, HDL, and interleukin-6 via self-esteem. Daily discrimination was directly associated with HbA1c, C-reactive protein, and interleukin-6 and was indirectly associated with HDL and interleukin-6 via self-esteem.Discussion and ImplicationsFindings identify social correlates of inflammation and cardiovascular risk and suggest that self-esteem may serve as a pathway for effects. Overall, results were somewhat mixed: Daily discrimination was directly associated with both self-esteem and 3 of the 4 biological markers of health; however, although social integration was strongly associated with self-esteem, it was only weakly and indirectly associated with biological health markers. Moreover, the indirect effects of daily discrimination on the biomarker outcomes—while significant—were notably smaller than its direct effects. Implications for theory, practice, and future research are discussed, including the need for further study of self-esteem and physical health across mid- and later life.