Market liquidity and financial stability.

Stability in financial institutions and in financial markets are closely intertwined. Banks and other financial institutions need liquid markets through which to conduct risk management. And markets need the back-up liquidity lines provided by financial institutions. Market liquidity depends not only on objective, exogenous factors, but also on endogenous market dynamics. Central banks responsible for systemic stability need to consider how far their traditional responsibility for the health of the banking system needs to be adapted to promote stability in the relevant financial markets.

Information transfer and press coverage: The case of the Gawler Craton gold boom

This study examines intra-industry information transfer after Helix Resources announced a successful drill result in the Gawler Craton region of South Australia that sparked significant investor interest in mining companies with tenement holdings in the area. This study shows that the price response of competing explorers was determined by press coverage immediately following the discovery of gold, but stocks that received the most press attention in the immediate post-announcement period suffered the greatest long-term underperformance. The research is the first in capital market literature to make use of geographical information systems software technology. © 2003 Elsevier Science B.V. All rights reserved

Exploring the Origins of Carbon in Terrestrial Worlds

Given the central role of carbon in the chemistry of life, it is a fundamental question as to how carbon is supplied to the Earth, in what form and when. We provide an accounting of carbon found in solar system bodies, in particular a comparison between the organic content of meteorites and that in identified organics in the dense interstellar medium (ISM). Based on this accounting identified organics created by the chemistry of star formation could contain at most ~15% of the organic carbon content in primitive meteorites and significantly less for cometary organics, which represent the putative contributors to starting materials for the Earth. In the ISM ~30% of the elemental carbon is found in CO, either in the gas or ices, with a typical abundance of ~10^-4 (relative to H2). Recent observations of the TW Hya disk find that the gas phase abundance of CO is reduced by an order of magnitude compared to this value. We explore a solution where the volatile CO is destroyed via a gas phase processes, providing an additional source of carbon for organic material to be incorporated into planetesimals and cometesimals. This chemical processing mechanism requires warm grains (> 20 K), partially ionized gas, and sufficiently small <10 micron grains, i.e. a larger total grain surface area, such that freeze-out is efficient. Under these conditions static (non-turbulent) chemical models predict that a large fraction of the carbon nominally sequestered in CO can be the source of carbon for a wide variety of organics that are present as ice coatings on the surfaces of warm pre-planetesimal dust grains.Comment: 19 pages, 7 figures, to appear in Faraday Disc., vol 168, 2014, DOI: 10.1039/C4FD00003

Geosynchronous Earth Orbit/Low Earth Orbit Space Object Inspection and Debris Disposal: A Preliminary Analysis Using a Carrier Satellite With Deployable Small Satellites

Detailed observations of geosynchronous satellites from earth are very limited. To better inspect these high altitude satellites, the use of small, refuelable satellites is proposed. The small satellites are stationed on a carrier platform in an orbit near the population of geosynchronous satellites. A carrier platform equipped with deployable, refuelable SmallSats is a viable option to inspect geosynchronous satellites. The propellant requirement to transfer to a targeted geosynchronous satellite, perform a proximity inspection mission, and transfer back to the carrier platform in a nearby orbit is determined. Convex optimization and traditional optimization techniques are explored, determining minimum propellant trajectories. Propellant is measured by the total required change in velocity, delta-v. The trajectories were modeled in a relative reference frame using the Clohessy-Wiltshire equations. Mass estimations for the carrier platform and the SmallSat were determined by using the rocket equation. The mass estimates were compared to the mass of a single, non-refuelable satellite performing the same geosynchronous satellite inspection missions. From the minimum delta-v trajectories and the mass analysis, it is determined that using refuelable SmallSats and a carrier platform in a nearby orbit can be more effcient than using a single non-refuelable satellite to perform multiple geosynchronous satellite inspections

The Role of Supervisor-Supervisee Cultural Differences, Supervisor Multicultural Competence, and the Supervisory Working Alliance in Supervision Outcomes: A Moderated Mediation Model

As the United States population grows more diverse, many counseling professionals have called for attention to the cultural issues present in clinical supervision. Existing research suggests that the supervisor\u27s level of multicultural competence and the strength of the supervisory working alliance may affect the relationship between supervisor-supervisee cultural differences on supervision outcomes. Accordingly, the study sought to address how cultural differences between the supervisor and supervisee, supervisor multicultural competence, and the supervisory working alliance impact supervisee counseling self-efficacy and satisfaction with supervision. The study examined the plausibility of a moderated mediation model, derived from the literature, using a sample of doctoral and master\u27s level counselor trainees who were receiving individual supervision. Participants completed an electronic survey packet containing a demographic sheet to measure the degree of supervisor-supervisee cultural differences, the Working Alliance Inventory-Short Form (WAI-S) to measure strength of the supervisory working alliance, the Supervisor Multicultural Competence Inventory (SMCI) to measure perceived supervisory multicultural competence, the Counselor Self-Estimate Inventory (COSE) to measure supervisee counseling self-efficacy (CSE), and Trainee Personal Reaction Scale-Revised (TPRS-R) to measure supervisee satisfaction with supervision. SEM techniques were used to determine the extent to which the theoretical model is supported by sample data, as well as the relationships between the model\u27s parameters. The results indicated supervisor-supervisee cultural differences were not significantly related to the supervision outcome variables, supervisee satisfaction with supervision and CSE. However, supervisor multicultural competence was significantly related to both supervisee satisfaction with supervision and CSE, with the supervisory working alliance fully mediating the relationship between supervisor multicultural competence and supervisee satisfaction with supervision. Lastly, the moderated mediation model was found to be a good fit to the data; however, the modified mediation model was the most parsimonious fit to the data. Implications of these findings for supervisors and counselor educators are discussed