The geochemistry of phosphorite concretions from the continental shelf off Morocco

Imperial Users onl

These Are the Good Old Days: Foreign Entry and the Mexican Banking System

In 1997, the Mexican government reversed long-standing policies and allowed foreign banks to purchase Mexico’s largest commercial banks and relaxed restrictions on the founding of new, foreign-owned banks. The result has been a dramatic shift in the ownership structure of Mexico’s banks. For instance, while in 1991 only one percent of bank assets in Mexico were foreign owned, today they control 74 percent of assets. In no other country in the world has the penetration of foreign banks been as rapid or as far-reaching as in Mexico. In this work we examine some of the important implications of foreign bank entry for social welfare in Mexico. Did liberalization lead to an increase (or decrease) in the supply of credit? Did liberalization lead to an increase (or decrease) in the cost of credit? Did liberalization lead to an increase (or decrease) in the stability of the banking system? In order to answer these questions, we must first ask, “increase (or decrease), measured on what basis?” There are, in fact, two distinct conceptual frameworks through which one can assess the impact of foreign bank entry. One is concerned with measuring the short-run impacts of foreign entry on credit abundance, pricing, and observable stability using reduced form regressions. The other is an institutional economics conception of how to measure performance. It is focused on understanding whether foreign entry gave rise to difficult-to-reverse changes in the political economy of bank regulation, which will affect competition and stability in the long term, outside the period that may be observed empirically. We employ both conceptions in this paper

Post-deregulation developments in financial services : the case of the banking industry in Argentina

This thesis studies post-deregulation developments in financial services by examining the banking industry in Argentina during the 1990s. The main interests of this study lie in the analysis of the effects of consolidation in the banking industry on market power, cost economies and economic welfare, the relationship between ownership structure and economic efficiency and the consequences of consolidation and banks' geographic diversification on multimarket contact and market entry dynamics. Chapter 1 introduces the main issues discussed in the thesis and Chapter 2 describes the contextual industry framework and the postderegulation developments that form the basis for the empirical analysis undertaken in the remaining chapters. Chapter 3 explores the effects of consolidation on market power, cost economies and economic welfare using bank-level data for Argentine retail stock banks over the period 1993-2000 to estimate a cost-function based model incorporating deposits- and loans-market pricing behaviour. The results provide evidence of market power exploitation in the market for loans but not in the market for deposits and also the presence of significant cost economies. The findings further show an increase in consumers’ surplus and banks’ profits over the period possibly associated with the exploitation of scale economies and technical change, which may have counteracted the effect of market power. Chapter 4 uses different approaches to measure cost and profit efficiency as well as scale economies and technical change for different ownership types in the banking industry over the 1993-2000 period. The results indicate that within the domestic-owned banking sector, stock banks seem to be more cost efficient than mutual and public-owned banks, that all banks operate under increasing returns to scale but that only stock banks benefited from technical progress. The findings also reveal that domestic-owned stock banks appear to be as efficient as foreign-owned banks in terms of both costs and profits. The results also indicate an increase in efficiency for all ownership types over the sample period, however, the most significant improvement appear to be that of mutual and public-owned banks. Chapter 5 examines the impact of multimarket contact on entry into new markets in the banking industry over the 1994-2000 period using survival analysis techniques. The results suggest that banks with large asset bases and greater experience arc more likely to expand into new markets when the level of demographic variables such as population density, demand or market growth arc favourable. The findings tentatively imply that multimarket contact reduces the likelihood of entry into new markets and that other factors such as market dominance and market concentration also have a negative impact on entry. Finally, the results reveal that strategic similarity among multimarket competitors possibly amplifies the negative effect of multimarket contact on the hazard of entry. Chapter 6 summarises the findings of the thesis and discusses avenues for future research

Financial Integration and Scope Efficiency: Post Gramm-Leach-Bliley

The enactment of the Gramm-Leach-Bliley Act of 1999 promised the most fundamental reform to be made in U.S. financial services regulation in more than half a century. The Gramm-Leach-Bliley Act (GLB) removed barriers that forced separation between commercial banks, investment banks, and insurance companies; and it allowed subsidiaries of banks or insurance companies to engage in a broad range of financial activities that were not permitted for banks or insurers themselves. Few doubted the potential for GLB to have a profound impact on financial service providers and on the financial market. However, there is a striking lack of empirical research on the effects of diversification by financial firms. The first goal of this dissertation is to identify domestic “assurbanks” (insurers owning banks) and “bancassurers” (banks owning insurers) and to identify the unique subsidiaries of financial services companies licensed as commercial banks, thrifts, or insurance companies in the U.S. We construct a unique dataset that links the banking and insurance regulatory datasets. A second objective is to investigate the effects of integrating the banking and insurance sectors of the U.S. economy. We evaluate the market structure and operating performance of financial institutions in the integrated banking and insurance industry. Gains from exploiting scope economies and product mix efficiencies are often cited as motives for financial institution integration. A third objective is to estimate efficiency effects from the economies of scope across the two formally separate sectors by estimating multi-product costs, revenue, and profit functions. The final objective is to test whether scope economies exist for firms that jointly produce financial products across multiple sectors and to explain the variation of scope economy estimations. The empirical evidence suggests that both domestic assurbanks and bancassurers are large in size and count for a significant portion of the banking and insurance market share. These firms are also more diversified in terms of their traditional products with a focus on personal line products. Large bancassurers appear more interested in investing in small-size life and property-liability subsidiaries. Large assurbanks are more interested in acquiring small-size thrifts. Banks prefer to affiliate with life insurance more than property-liability insurance, and insurers are more likely to affiliate with thrift saving banks than to affiliate with commercial banks. Diversified firms have higher profitability in their traditional lines of business. Bancassurers perform well in the insurance business, but most assurbanks lose money in their banking division. The scope economy results; investigating consumption complementarities suggests that a significant number of cost scope diseconomies, revenue scope economies, and weak profit scope economies exist in the post-GLB U.S. integrated banking and insurance sectors. The scope economies are variant among firms, and certain firm characteristics (size, business portfolio, geographic diversification, product mix and diversification, insurance distribution system, and X-efficiency) are the determinants of scope economies

Asymmetry in Biological Homochirality

Chirality, or handedness, is a fundamental physical characteristic, which spans the length scales ranging from elementary particles to the chiral asymmetry of spiral galaxies. The way in which chirality in chemistry, or molecular handedness, may have emerged in a primitive terrestrial environment, and how it can be triggered, amplified, and transferred, are deeply challenging problems rooted in both fundamental scientific interests and the technological potentials for science and society. Chirality constitutes a unifying feature of the living world and is a prime driving force for molecular selection and genetic evolution in biology. In this book, we offer a selection of five distinct approaches to this problem by leading experts in the field. The selected topics range from protein chirality and its relevance to protein ageing, protein aggregation and neurodegeneration, entropy production associated with chiral symmetry breaking in closed systems, chiral oscillations in polymerization models involving higher-order oligomers, the mirror symmetry breaking in liquids and its implications for the development of homochirality in abiogenesis, the role of chirality in the chemical sciences, and some philosophical implications of chirality

AN EMPIRICAL ANALYSIS OF ASYMMETRIC DUOPOLY IN THE INDONESIAN CRUDE PALM OIL INDUSTRY

The apparent increase in market concentration and vertical integration in the Indonesian crude palm oil (CPO) industry has led to concerns about the presence of market power. For the Indonesian CPO industry, such concerns attract more attention because of the importance of this sector to the Indonesian economy. CPO is used as the main raw material for cooking oil (which is an essential commodity in Indonesia) and it contributes significantly to export earnings and employment. However, dominant producers argue that the increase in economies of scale and scope lead to an increase in the efficiency, which eventually will be beneficial for the end consumers and export earnings. This research seeks to examine whether the dominant producers do behave competitively and pass the efficiency gains to the end consumers, or they enhance inefficiency through market power instead. In order to identify the most suitable model to measure market power in the Indonesian CPO industry, different market power models are explored. These models can be divided into static and dynamic models. In general, all of them accept the price–cost margins as a measure of market power. However, static models fail to reveal the dynamic behaviour that determines market power; hence the dynamic models are likely to be more appropriate to modelling market power. Among these dynamic models, the adjustment model with a linear quadratic specification is considered to be a more appropriate model to measure market power in the Indonesian CPO industry. In the Indonesian CPO industry, producers can be divided into three groups, namely the public estates, private companies and smallholders. However, based on their ability to influence market price, smallholders are not considered as one of the dominant groups. By using the adjustment cost model, the market power of the dominant groups is estimated. The model is estimated using a Bayesian technique annual data spanning 1968–2003. The public estates and private companies are assumed to engage in a noncooperative game. They are assumed to use Markovian strategies, which permit firms to respond to changes in the state vector. In this case, the vector comprises the firms and their rivals’ previous action, implying that firms respond to changes in their rivals’ previous action. The key contribution of this thesis is the relaxation of the symmetry assumption in the estimation process. Although the existence of an asymmetric condition often complicates the estimation process, the different characteristics of the public estates and private companies lead to a need for relaxing such an assumption. In addition, the adjustment system—which can be seen as a type of reaction function—is not restricted to have downward slopes. Negative reaction functions are commonly assumed for a quantity setting game. However, the reverse may occur in particular circumstances. Without such restrictions, the analysis could reveal the type of interaction between the public estates and private companies. In addition, it provides insights into empirical examples of conditions that might lead to the positive reaction function. Furthermore, the analysis adds to the understanding of the impact of positive reaction functions to avoid the complicated estimation of the asymmetric case. As expected, the public estates act as the leader, while the private companies are the follower. Interestingly, results indicate that as well as the private companies, public estates do exert some degree of market power. Moreover, the public estates enjoy even higher market power than the private companies, as indicated by market power indices of -0.46 and -0.72, respectively. The exertion of market power by both the public estates and the private companies cast some doubts about the effectiveness of some current policies in the Indonesian CPO industry. With market power, the underlying assumption of a perfectly competitive market condition—that serves as the basis for the government interventions—is no longer applicable. Hence, many government interventions are unlikely to have the desired effect. The Indonesian competition law that has been imposed since 1999 might be effective in preventing firms to sign collusive contracts. In fact, even without such an agreement, firms in the CPO industry are likely to exert some degree of market power. As an alternative, eliminating the ‘sources’ of market power might be a better solution. If the public estates have the aim of maximising welfare, privatisation might improve their efficiency, hence they have ability to suppress the private companies’ market power. However, if in fact, the public estates deliberately reduce output to gain higher profit, privatisation might increase the degree of market power of both groups of companies even further. In such a condition, addressing the long term barriers of entry stemming from the requirement of high investment might be a better alternative to address the market power problem in the CPO industry

AN EMPIRICAL ANALYSIS OF ASYMMETRIC DUOPOLY IN THE INDONESIAN CRUDE PALM OIL INDUSTRY

The apparent increase in market concentration and vertical integration in the Indonesian crude palm oil (CPO) industry has led to concerns about the presence of market power. For the Indonesian CPO industry, such concerns attract more attention because of the importance of this sector to the Indonesian economy. CPO is used as the main raw material for cooking oil (which is an essential commodity in Indonesia) and it contributes significantly to export earnings and employment. However, dominant producers argue that the increase in economies of scale and scope lead to an increase in the efficiency, which eventually will be beneficial for the end consumers and export earnings. This research seeks to examine whether the dominant producers do behave competitively and pass the efficiency gains to the end consumers, or they enhance inefficiency through market power instead. In order to identify the most suitable model to measure market power in the Indonesian CPO industry, different market power models are explored. These models can be divided into static and dynamic models. In general, all of them accept the price–cost margins as a measure of market power. However, static models fail to reveal the dynamic behaviour that determines market power; hence the dynamic models are likely to be more appropriate to modelling market power. Among these dynamic models, the adjustment model with a linear quadratic specification is considered to be a more appropriate model to measure market power in the Indonesian CPO industry. In the Indonesian CPO industry, producers can be divided into three groups, namely the public estates, private companies and smallholders. However, based on their ability to influence market price, smallholders are not considered as one of the dominant groups. By using the adjustment cost model, the market power of the dominant groups is estimated. The model is estimated using a Bayesian technique annual data spanning 1968–2003. The public estates and private companies are assumed to engage in a noncooperative game. They are assumed to use Markovian strategies, which permit firms to respond to changes in the state vector. In this case, the vector comprises the firms and their rivals’ previous action, implying that firms respond to changes in their rivals’ previous action. The key contribution of this thesis is the relaxation of the symmetry assumption in the estimation process. Although the existence of an asymmetric condition often complicates the estimation process, the different characteristics of the public estates and private companies lead to a need for relaxing such an assumption. In addition, the adjustment system—which can be seen as a type of reaction function—is not restricted to have downward slopes. Negative reaction functions are commonly assumed for a quantity setting game. However, the reverse may occur in particular circumstances. Without such restrictions, the analysis could reveal the type of interaction between the public estates and private companies. In addition, it provides insights into empirical examples of conditions that might lead to the positive reaction function. Furthermore, the analysis adds to the understanding of the impact of positive reaction functions to avoid the complicated estimation of the asymmetric case. As expected, the public estates act as the leader, while the private companies are the follower. Interestingly, results indicate that as well as the private companies, public estates do exert some degree of market power. Moreover, the public estates enjoy even higher market power than the private companies, as indicated by market power indices of -0.46 and -0.72, respectively. The exertion of market power by both the public estates and the private companies cast some doubts about the effectiveness of some current policies in the Indonesian CPO industry. With market power, the underlying assumption of a perfectly competitive market condition—that serves as the basis for the government interventions—is no longer applicable. Hence, many government interventions are unlikely to have the desired effect. The Indonesian competition law that has been imposed since 1999 might be effective in preventing firms to sign collusive contracts. In fact, even without such an agreement, firms in the CPO industry are likely to exert some degree of market power. As an alternative, eliminating the ‘sources’ of market power might be a better solution. If the public estates have the aim of maximising welfare, privatisation might improve their efficiency, hence they have ability to suppress the private companies’ market power. However, if in fact, the public estates deliberately reduce output to gain higher profit, privatisation might increase the degree of market power of both groups of companies even further. In such a condition, addressing the long term barriers of entry stemming from the requirement of high investment might be a better alternative to address the market power problem in the CPO industry

The structural geology of the Naukluft Nappe Complex and its relationship to the Damara Orogenic Belt, South West Africa/Namibia

The Naukluft nappe complex has been quoted as a classic example of gravity gliding tectonics (Korn & Martin, 1959). Situated close to the southern margin of the Damara orogenic belt, it provides a key to the persistent controversy over the correlation of the "geosynclinal" Damara Supergroup with the Nama Group on the Kalahari craton. It also contains critical evidence bearing on the timing and large-scale geodynamics of the Late Precambrian-Early Palaeozoic Damara orogeny, particularly the hypothesis that it involved plate tectonic processes of subduction and continental collision in the southern zones

A Celebration of the Ties That Bind Us: Connections Between Actuarial Science and Mathematical Finance

The articles in this volume are contributed by scholars who are not only experts in areas of Actuarial Science (AS) and Mathematical Finance (MF), but also those who present diverse perspectives from both industry and academia. Topics from multiple areas, such as Stochastic Modeling, Credit Risk, Monte Carlo Simulation, and Pension Valuation, among others, that were maybe thought to be the domain of one type of risk manager, are shown time and again to have deep value to other areas of risk management as well. The articles in this collection, in my opinion, contribute techniques, ideas, and overviews of tools that folks in both AS and MF will find useful and interesting to implement in their work. It is also my hope that this collection will inspire future collaboration between those who seek an interdisciplinary approach to risk management

Rigorous Analysis Of Wave Guiding And Diffractive Integrated Optical Structures

The realization of wavelength scale and sub-wavelength scale fabrication of integrated optical devices has led to a concurrent need for computational design tools that can accurately model electromagnetic phenomena on these length scales. This dissertation describes the physical, analytical, numerical, and software developments utilized for practical implementation of two particular frequency domain design tools: the modal method for multilayer waveguides and one-dimensional lamellar gratings and the Rigorous Coupled Wave Analysis (RCWA) for 1D, 2D, and 3D periodic optical structures and integrated optical devices. These design tools, including some novel numerical and programming extensions developed during the course of this work, were then applied to investigate the design of a few unique integrated waveguide and grating structures and the associated physical phenomena exploited by those structures. The properties and design of a multilayer, multimode waveguide-grating, guided mode resonance (GMR) filter are investigated. The multilayer, multimode GMR filters studied consist of alternating high and low refractive index layers of various thicknesses with a binary grating etched into the top layer. The separation of spectral wavelength resonances supported by a multimode GMR structure with fixed grating parameters is shown to be controllable from coarse to fine through the use of tightly controlled, but realizable, choices for multiple layer thicknesses in a two material waveguide; effectively performing the simultaneous engineering of the wavelength dispersion for multiple waveguide grating modes. This idea of simultaneous dispersion band tailoring is then used to design a multilayer, multimode GMR filter that possesses broadened angular acceptance for multiple wavelengths incident at a single angle of incidence. The effect of a steady-state linear loss or gain on the wavelength response of a GMR filter is studied. A linear loss added to the primary guiding layer of a GMR filter is shown to produce enhanced resonant absorption of light by the GMR structure. Similarly, linear gain added to the guiding layer is shown to produce enhanced resonant reflection and transmission from a GMR structure with decreased spectral line width. A combination of 2D and 3D modeling is utilized to investigate the properties of an embedded waveguide grating structure used in filtering/reflecting an incident guided mode. For the embedded waveguide grating, 2D modeling suggests the possibility of using low index periodic inclusions to create an embedded grating resonant filter, but the results of 3D RCWA modeling suggest that transverse low index periodic inclusions produce a resonant lossy cavity as opposed to a resonant reflecting mirror. A novel concept for an all-dielectric unidirectional dual grating output coupler is proposed and rigorously analyzed. A multilayer, single-mode, high and graded-index, slab waveguide is placed atop a slightly lower index substrate. The properties of the individual gratings etched into the waveguide\u27s cover/air and substrate/air interfaces are then chosen such that no propagating diffracted orders are present in the device superstrate and only a single order is present outside the structure in the substrate. The concept produces a robust output coupler that requires neither phase-matching of the two gratings nor any resonances in the structure, and is very tolerant to potential errors in fabrication. Up to 96% coupling efficiency from the substrate-side grating is obtained over a wide range of grating properties