Does Function Follow Organizational Form? Evidence From the Lending Practices of Large and Small Banks

Theories based on incomplete contracting suggest that small organizations may do better than large organizations in activities that require the processing of soft information. We explore this idea in the context of bank lending to small firms, an activity that is typically thought of as relying heavily on soft information. We find that large banks are less willing than small banks to lend to informationally 'difficult' credits, such as firms that do not keep formal financial records. Moreover, controlling for the endogeneity of bank-firm matching, large banks lend at a greater distance, interact more impersonally with their borrowers, have shorter and less exclusive relationships, and do not alleviate credit constraints as effectively. All of this is consistent with small banks being better able to collect and act on soft information than large banks.

Does Function Follow Organzizational Form? Evidence From the Lending Practices of Large and Small Banks

Theories based on incomplete contracting suggest that small organizations may do better than large organizations in activities that require the processing of soft information. We explore this idea in the context of bank lending to small firms, an activity that is typically thought of as relying heavily on soft information. We find that large banks are less willing than small banks to lend to informationally “difficult†credits, such as firms that do not keep formal financial records. Moreover, controlling for the endogeneity of bank-firm matching, large banks lend at a greater distance, interact more impersonally with their borrowers, have shorter and less exclusive relationships, and do not alleviate credit constraints as effectively. All of this is consistent with small banks being better able to collect and act on soft information than large banks. The opinions in this paper do not necessarily reflect those of the Federal Reserve Board or its staff. This work has been supported by the National Science Foundation (Rajan, Stein), and the George J. Stigler Center for Study of the State and Economy (Rajan). Thanks also to seminar participants at Yale, the Federal Reserve Bank of New York, Tulane, Babson, the University of Illinois, the Federal Reserve Bank of Chicago Bank Structure Conference, the NBER and the Western Finance Association meetings, as well as to Abhijit Banerjee, Michael Kremer, David Scharfstein, Andrei Shleifer, Greg Udell, Christopher Udry and James Weston for helpful comments and suggestions.

Feeling our way: academia, emotions and a politics of care

This paper aims to better understand the role of emotions in academia, and their part in producing, and challenging, an increasingly normalized neoliberal academy. It unfolds from two narratives that foreground emotions in and across academic spaces and practices, to critically explore how knowledges and positions are constructed and circulated. It then moves to consider these issues through the lens of care as a political stance towards being and becoming academics in neoliberal times. Our aim is to contribute to the burgeoning literature on emotional geographies, explicitly bringing this work into conversation with resurgent debates surrounding an ethic of care, as part of a politic of critiquing individualism and managerialism in (and beyond) the academy. We consider the ways in which neoliberal university structures circulate particular affects, prompting emotions such as desire and anxiety, and the internalisation of competition and audit as embodied scholars. Our narratives exemplify how attendant emotions and affect can reverberate and be further reproduced through university cultures, and diffuse across personal and professional lives. We argue that emotions in academia matter, mutually co-producing everyday social relations and practices at and across all levels. We are interested in their political implications, and how neoliberal norms can be shifted through practices of caring-with

The similarity of the interstellar comet 2I/Borisov to solar system comets from high resolution optical spectroscopy

Aims: 2I/Borisov (hereafter 2I) is the first visibly active interstellar comet observed in the Solar System, allowing us for the first time to sample the composition of a building block from another system. We report on the monitoring of 2I with the Ultraviolet-Visual Echelle Spectrograph, the high-resolution optical spectrograph of the ESO Very Large Telescope at Paranal, for four months from November 15, 2019 to March 16, 2020. Our goal is to characterise the activity and composition of 2I with respect to Solar System comets. Methods: We collected high-resolution spectra at 12 different epochs from 2.1 au pre-perihelion to 2.6 au post-perihelion. Results: On December 24 and 26, 2019, close to perihelion, we detected several OH lines of the 309 nm (0-0) band and derived a water production rate of 2.2 ± 0.2 × 10^26 molecules s^−1. The three [OI] forbidden oxygen lines were detected at different epochs and we derived a green-to-red doublet intensity ratio (G/R) of 0.31 ± 0.05 close to perihelion. The NH_2 ortho and para lines from various bands were measured and allowed us to derive an ortho-to-para abundance ratio (OPR) of 3.21 ± 0.15, corresponding to an OPR and spin temperature of ammonia of 1.11 ± 0.08 and 31 −5/+10 K, respectively. These values are consistent with the values usually measured for Solar System comets. Emission lines of the radicals NH (336 nm), CN (388 nm), CH (431 nm), and C2 (517 nm) were also detected. Several FeI and NiI lines were identified and their intensities were measured to provide a ratio of log (NiI/FeI) = 0.21 ± 0.18, which is in agreement with the value recently found in Solar System comets. Conclusions: Our high spectral resolution observations of 2I/Borisov and the associated measurements of the NH2 OPR and the Ni/Fe abundance ratio are remarkably similar to Solar System comets. Only the G/R ratio is unusually high, but it is consistent with the high abundance ratio of CO/H2O found by other investigators

Enabling and constraining migration: the multiscalar management of temporary, skilled, international migration of English professional cricketers

This article progresses debates about how the process of international migration is operationalized. With a focus on the geographical concept of scale this article explores how individuals, organizations and policies interact to determine the characteristics of a migration flow. Using a case study of the temporary migration of English professional cricketers moving seasonally to Australia, it is revealed that there is a complex nexus of actors and institutions at the micro-, meso- and macro-scales that influence migration and can have contradictory impacts on migratory activity. Drawing on interviews with current and former English professional cricketers and a wide range of intermediaries it is shown how migration can both be enabled and constrained by different individuals and institutions in the home and destination context. The article contends that a multi-scalar approach is vital to more fully understand how migration flows are operationalized. The findings are pertinent to wider academic debates on the enablement, constraint and growing regulation of sports labour migration and skilled migration more broadly

In Situ Proteolysis to Generate Crystals for Structure Determination: An Update

For every 100 purified proteins that enter crystallization trials, an average of 30 form crystals, and among these only 13–15 crystallize in a form that enables structure determination. In 2007, Dong et al reported that the addition of trace amounts of protease to crystallization trials—in situ proteolysis—significantly increased the number of proteins in a given set that produce diffraction quality crystals. 69 proteins that had previously resisted structure determination were subjected to crystallization with in situ proteolysis and ten crystallized in a form that led to structure determination (14.5% success rate). Here we apply in situ proteolysis to over 270 new soluble proteins that had failed in the past to produce crystals suitable for structure determination. These proteins had produced no crystals, crystals that diffracted poorly, or produced twinned and/or unmanageable diffraction data. The new set includes yeast and prokaryotic proteins, enzymes essential to protozoan parasites, and human proteins such as GTPases, chromatin remodeling proteins, and tyrosine kinases. 34 proteins yielded deposited crystal structures of 2.8 Å resolution or better, for an overall 12.6% success rate, and at least ten more yielded well-diffracting crystals presently in refinement. The success rate among proteins that had previously crystallized was double that of those that had never before yielded crystals. The overall success rate is similar to that observed in the smaller study, and appears to be higher than any other method reported to rescue stalled protein crystallography projects

Synthetic Nitrogen Fertiliser in South Asia: Production, Import, Export, and Use for Crops, South Asia Nitrogen Hub (SANH) Policy Brief

This policy brief is produced by the UKRI GCRF South Asian Nitrogen Hub (SANH). It provides an overview of the patterns and trends in synthetic nitrogen (N) fertiliser use in crop production, import, export and emission in the South Asian Region (SAR) and its member countries; Afghanistan, Bangladesh, Bhutan, Nepal, India, Maldives, Pakistan, and Sri Lanka. In summary, reactive nitrogen (Nr) in fertilisers is essential for meeting global food and animal feed demands, but Nr pollution has become a major environmental issue across all scales. For SAR, inefficient use of synthetic N fertiliser is a key factor contributing to water pollution, air pollution, climate change, biodiversity loss and soil degradation. Further insights are provided on major fertiliser products, as well as in crop production, import and export. These data are essential for informing and promoting sustainable nitrogen management. Evidence based policy is more important than ever. The SANH is supported by UK Research and Innovation (UKRI) through its Global Challenge Research Fund (GCRF) to gather evidence on nitrogen issues to support countries in the South Asian Region (SAR) comprising eight countries (Nepal, Bangladesh, Pakistan, India, Bhutan, Sri Lanka, Afghanistan, and Maldives) to identify solutions and reduce nitrogen waste. SANH is pioneering a UK-SAR research partnership to catalyse transformational change in SAR to tackle the nitrogen challenge, benefi ting the economy, people’s health and the environment. SANH brings together 32 leading research organisations with governments and other partners. This policy brief provides key insights into national fertiliser trends for all eight SAR countries

Synthetic Nitrogen Fertiliser in South Asia: Production, Import, Export, and Use for Crops, South Asia Nitrogen Hub (SANH) Policy Brief

This policy brief is produced by the UKRI GCRF South Asian Nitrogen Hub (SANH). It provides an overview of the patterns and trends in synthetic nitrogen (N) fertiliser use in crop production, import, export and emission in the South Asian Region (SAR) and its member countries; Afghanistan, Bangladesh, Bhutan, Nepal, India, Maldives, Pakistan, and Sri Lanka. In summary, reactive nitrogen (Nr) in fertilisers is essential for meeting global food and animal feed demands, but Nr pollution has become a major environmental issue across all scales. For SAR, inefficient use of synthetic N fertiliser is a key factor contributing to water pollution, air pollution, climate change, biodiversity loss and soil degradation. Further insights are provided on major fertiliser products, as well as in crop production, import and export. These data are essential for informing and promoting sustainable nitrogen management. Evidence based policy is more important than ever. The SANH is supported by UK Research and Innovation (UKRI) through its Global Challenge Research Fund (GCRF) to gather evidence on nitrogen issues to support countries in the South Asian Region (SAR) comprising eight countries (Nepal, Bangladesh, Pakistan, India, Bhutan, Sri Lanka, Afghanistan, and Maldives) to identify solutions and reduce nitrogen waste. SANH is pioneering a UK-SAR research partnership to catalyse transformational change in SAR to tackle the nitrogen challenge, benefi ting the economy, people’s health and the environment. SANH brings together 32 leading research organisations with governments and other partners. This policy brief provides key insights into national fertiliser trends for all eight SAR countries