11,592 research outputs found
Bank liquidity creation and risk taking during distress
Liquidity creation is one of banks' raisons d'ĂȘtre. But what happens to liquidity creation and risk taking when a bank is identified as distressed by regulatory bodies and subjected to regulatory interventions and/or receives capital injections? What are the long-run effects of such interventions? To address these questions, we exploit a unique dataset of German universal banks for the period 1999 - 2008. Our main findings are as follows. First, regulatory interventions and capital injections are followed by lower levels of liquidity creation. The probability of a decline in liquidity creation increases to up to around 50 percent when such actions are taken. Second, bank risk taking decreases in the aftermath of regulatory interventions and capital injections. Third, while banks' liquidity creation market shares decline over the five years following such disciplinary measures, they also reduce their risk exposure over this period to become safer banks. --Liquidity creation,bank distress,regulatory interventions,capital injections
Interview with Tom Allen by Andrea LâHommedieu
Biographical NoteThomas Hodge Tom Allen was born April 16, 1945, in Portland, Maine, to Charles W. âCharlieâ and Genevieve (Lahee) Allen. His great-grandfather was John Calvin Stevens, a well known Maine architect. Tom was graduated from Bowdoin College and went on to be a Rhodes Scholar, studying at Oxford in the class immediately behind Bill Clinton\u27s. He worked on Muskieâs 1970 senatorial reelection campaign and on the early part of the presidential campaign. He later attended Harvard Law School and subsequently returned to Maine to practice law. He worked on Mitchell\u27s 1974 gubernatorial campaign. He served in the U.S. House of Representatives from 1996-2008, vacating the seat for an unsuccessful run for the U.S. Senate. Since 2009, he has served as president and CEO of the Association of American Publishers. He is married to his childhood sweetheart, Diana.
SummaryInterview includes discussion of: Allenâs first recollections of Senator Mitchell; tensions in Ed Muskieâs staff; working with George Mitchell in Muskieâs 1972 presidential campaign; Allenâs involvement in Mitchellâs 1974 gubernatorial campaign; Allenâs characterization of George Mitchell socially; Allenâs friendship with Bill Clinton; Mitchellâs involvement in the peace process in Northern Ireland; how Allen has seen the character of Congress change over the years; and Allen working with Republican senators from Maine
When Consumers Diet, Should Producers Care? An Examination of Low-Carb Dieting and U.S. Orange Juice Consumption
From 2000 through 2004, per-capita orange juice purchases decreased by 12.3 percent in the United States, while the popularity and media coverage of low-carbohydrate dieting exploded. Content analysis was used to count selected newspaper articles topically related to low-carbohydrate dieting, the Atkins diet, and the South Beach diet. These data were included in a national orange juice demand model, where purchase data served as the independent variable and proxy for consumer demand of orange juice. Results indicate that media coverage of low-carbohydrate diets and dieting was negatively and significantly related to demand for orange juice in the United States.Food Consumption/Nutrition/Food Safety,
CHANGING PATTERNS OF ORANGE JUICE CONSUMPTION IN THE SOUTHERN UNITED STATES
From 2000 through 2004, per capita orange juice purchases decreased by 12.3 percent while the popularity and media coverage of low-carbohydrate dieting exploded. Content analysis was used to count selected Southern region newspaper articles topically related to low-carbohydrate dieting, the Atkins diet, and the South Beach diet. This data was included in a Southern region orange juice demand model, where purchase data served as the independent variable and proxy for consumer demand of orange juice. Results indicated that media coverage of low-carbohydrate diets and dieting was negatively and significantly related to demand for orange juice in the Southern region.Food Consumption/Nutrition/Food Safety,
Age validation of quillback rockfish (Sebastes maliger) using bomb radiocarbon
Rockfishes (Sebastes spp.) support one of the most economically important f isheries of the Pacific Northwest and it is essential for sustainable management that age estimation procedures be validated for these species. Atmospheric testing of thermonuclear devices during the
1950s and 1960s created a global radiocarbon (14C) signal in the ocean environment that scientists have identified
as a useful tracer and chronological marker in natural systems. In this study, we first demonstrated that fewer samples are necessary for age validation using the bomb-generated 14C signal by emphasizing the utility of the time-specific marker created by the initial rise of bomb-14C. Second, the bomb-generated 14C signal retained in fish otoliths was used to validate the age and age estimation method of the quillback rockfish (Sebastes maliger) in the
waters of southeast Alaska. Radiocarbon values from the first yearâs growth of quillback rockfish otoliths were plotted against estimated birth year to produce a 14C time series spanning 1950 to 1985. The initial rise in bomb-14C from prebomb levels (~ â90â°) occurred in 1959 [±1 year]
and 14C levels rose relatively rapidly to peak Î14C values in 1967 (+105.4â°) and subsequently declined through the end of the time series in 1985 (+15.4â°). The agreement between the year of initial rise of 14C levels from the quillback rockfish time series and the chronology determined for the waters of southeast Alaska from yelloweye rockfish (S. ruberrimus) otoliths validated the aging method for the quillback rockfish. The concordance of the entire quillback rockfish 14C time series with the yelloweye rockfish time series demonstrated the effectiveness of this age validation
technique, confirmed the longevity of the quillback rockfish up to a minimum of 43 years, and strongly confirms higher age estimates of u
Computing the local pressure in molecular dynamics simulations
Computer simulations of inhomogeneous soft matter systems often require
accurate methods for computing the local pressure. We present a simple
derivation, based on the virial relation, of two equivalent expressions for the
local (atomistic) pressure in a molecular dynamics simulation. One of these
expressions, previously derived by other authors via a different route,
involves summation over interactions between particles within the region of
interest; the other involves summation over interactions across the boundary of
the region of interest. We illustrate our derivation using simulations of a
simple osmotic system; both expressions produce accurate results even when the
region of interest over which the pressure is measured is very small.Comment: 11 pages, 4 figure
Seismological Studies of the San Fernando Earthquake and Their Tectonic Implications
Improved hypocentral locations have been obtained for the San Fernando earthquake and its larger aftershocks through the use of data from portable stations installed in and around the aftershock area subsequent to the main shock. The main shock, at 14 00 41.8 GMT on 9 February 1971, is now assigned a magnitude (M_L) of 6.4 and a location at 34° 24.7' N, 118° 24.0' W, h = 8.4 km. Fifty-five aftershocks of magnitude 4.0 and greater had occurred through 31 December 1971. The lunate-shaped epicentral distribution of aftershocks is consistent with the idea of southward thrusting along a disc-shaped fault surface, and aftershock depths as well as aftershock focal mechanisms suggest that the thrust surface dips about 35° toward N 20° E. However, a distinct linear alignment of left-lateral strike-slip aftershocks parallel to the motion direction near the west boundary of activity suggests that the fault surface has a steep flexure along this line, down-stepped to the west, and both the planar distribution of aftershocks and the local geology support this concept
Top hat electrostatic analyzer for far-field electric propulsion plume diagnostics
The design, development, and testing of the top hat electric propulsion plume analyzer (TOPAZ) are presented for far-field electric propulsion plume diagnostics. The trend towards high-power thruster development will require plume diagnostic techniques capable of measuring high-energy particles as well as low-energy ions produced from charge-exchange collisions due to elevated facility background pressures. TOPAZ incorporates a âtop hatâ design with a geometrical analyzer constant of 100 resulting in a wide energy range and a high-energy resolution. SIMION, an ion trajectory analysis program, was used to predict characteristics of the analyzer. An ion beam accelerator system confirms the computational results. TOPAZ provides an energy resolution of 2.7%, field of view of 112°Ă26°112°Ă26° (azimuthal by elevation) with an angular resolution in each direction of 2°, and a demonstrated energy-per-charge acceptance range of 5â15âkeV5â15keV. An energy profile measurement of the NASA-173Mv1 Hall thruster demonstrates instrument operation in a Hall thruster plume.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/87897/2/013505_1.pd
Computational probes of molecular motion in the Lewis and Whanstrom model for ortho-terphenyl
We use molecular dynamics simulations to investigate translational and
rotational diffusion in a rigid three-site model of the fragile glass former
ortho-terphenyl, at 260 K < T < 346 K and ambient pressure. An Einstein
formulation of rotational motion is presented, which supplements the
commonly-used Debye model. The latter is shown to break down at supercooled
temperatures as the mechanism of molecular reorientation changes from small
random steps to large infrequent orientational jumps. We find that the model
system exhibits non-Gaussian behavior in translational and rotational motion,
which strengthens upon supercooling. Examination of particle mobility reveals
spatially heterogeneous dynamics in translation and rotation, with a strong
spatial correlation between translationally and rotationally mobile particles.
Application of the Einstein formalism to the analysis of translation-rotation
decoupling results in a trend opposite to that seen in conventional approaches
based on the Debye formalism, namely an enhancement in the effective rate of
rotational motion relative to translation upon supercooling.Comment: 11 pages, 8 figures, 1 tabl
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