Market Discipline in Conglomerate Banks: Is an Internal Allocation of Cost of Capital Necessary as Incentive Device

This paper analyzes the optimal conglomeration of bank activities. We show that the effectiveness of market discipline for stand-alone activities (divisions) is of crucial importance for the potential benefits of conglomeration. We find that effective market discipline reduces the potential benefits of conglomeration. With ineffective market discipline of stand-alone activities conglomeration would further undermine market discipline, but may nevertheless be beneficial. In particular, when rents are not too high the diversification benefits of conglomeration may dominate the negative incentive effects. A more competitive environment therefore may induce conglomeration. We also show that introducing internal cost of allocation schemes may create 'internal' market discipline that complements the weak external market discipline of the conglomerate. In this context we show that these schemes should respond to actual risk choices, rather than be limited to anticipated risk choices.http://deepblue.lib.umich.edu/bitstream/2027.42/39515/3/wp125.pd

Синкретизм квантитативних конструювань (на матеріалі числівників англійської мови)

У статті осмислюється явище синкретизму на матеріалі англійських квантитативних слів, нумеральних і денумеральних словосполучень. Мають місце порівняння з димензіональною лексико. Синкрети розглядаються на матеріалі синкретсемії. Актуальність теми мотивується зростаючим інтересом учених до нової наукової парадигми – синергетики.Объектом исследования является феномен синкретизма на материале квантитативных единиц в модусах языка, речи и речевого поведения (предмет исследования). Цель исследования состоит в осмыслении упомянутой парадигмы, ее идей, процессов самоорганизации и саморазвития. В работе верифицируются гипотезы: - номинативные единицы являются билатеральными и синкретичными; - их системная организация и эволюция интегрируется триадой материала, энергии, информации; - основным методологическим механизмом является онтогносиологический подход к исследуемым референтам. Ценным вкладом в синергетику представляется дальнейшая разработка основных положений и понятий новой научной парадигмы – лингвосинергетики.The article in question deals with the English quantitative units, i.e. numerals, numeric words, on the one hand, and dimension units – words of weight and measure, on the other hand. This object is dealt with in the endozones of language, speech and speech behaviour. The aim of investigation consists in identification of the markers of systematic arrangement of the paradigm – its selforganization and evolution: - verification of hypotheses that: - bilateral and syncretic; - aspects of words go together; - incorporated subject mater, energy and information of syncretas make the triad go; - ontognosiological method is at work. Topicality of the theme is objectivized by the growing interest to the problem by scientists of this country and abroad. This is a new scientific paradigm (synergetics), let alone many a lacunar items within its domain. Valour scenes remain undiscovered yet and await their solution in terms of mayor ideas and categories. Lacunarity is indebted to the process of cognition, cognized and non-cognized phenomenas. The choise of complex ontognosiological approach is determined by the nature of referents. Missing items come into being due to the problem of nothingness. The syncretas come archaic due to losses in the vocabulary or fall out of concepts. Some words are prohibited by taboo. Some syncretas work in the speech behaviour (silence, hesitation, pauses)

Optical guided dispersions and subwavelength transmissions in dispersive plasmonic circular holes

The light transmission through a dispersive plasmonic circular hole is numerically investigated with an emphasis on its subwavelength guidance. For a better understanding of the effect of the hole diameter on the guided dispersion characteristics, the guided modes, including both the surface plasmon polariton mode and the circular waveguide mode, are studied for several hole diameters, especially when the metal cladding has a plasmonic frequency dependency. A brief comparison is also made with the guided dispersion characteristics of a dispersive plasmonic gap [K. Y. Kim, et al., Opt. Express 14, 320-330 (2006)], which is a planar version of the present structure, and a circular waveguide with perfect electric conductor cladding. Finally, the modal behavior of the first three TM-like principal modes with varied hole diameters is examined for the same operating mode.Comment: 20 pages, 5 figures, 1 tabl

Finishing the euchromatic sequence of the human genome

The sequence of the human genome encodes the genetic instructions for human physiology, as well as rich information about human evolution. In 2001, the International Human Genome Sequencing Consortium reported a draft sequence of the euchromatic portion of the human genome. Since then, the international collaboration has worked to convert this draft into a genome sequence with high accuracy and nearly complete coverage. Here, we report the result of this finishing process. The current genome sequence (Build 35) contains 2.85 billion nucleotides interrupted by only 341 gaps. It covers ∼99% of the euchromatic genome and is accurate to an error rate of ∼1 event per 100,000 bases. Many of the remaining euchromatic gaps are associated with segmental duplications and will require focused work with new methods. The near-complete sequence, the first for a vertebrate, greatly improves the precision of biological analyses of the human genome including studies of gene number, birth and death. Notably, the human enome seems to encode only 20,000-25,000 protein-coding genes. The genome sequence reported here should serve as a firm foundation for biomedical research in the decades ahead