Monitoring and controlling bank risk: does risky debt serve any purpose?

To examine whether mandating banks to issue subordinated debt would enhance market monitoring and control risk-taking, the authors extract the credit-spread curve for each banking firm in their sample. After controlling for changes in market and liquidity variables, they find that changes in credit spreads do not reflect changes in bank risk variables. The result is robust to firm type, examination rating, size, leverage, and profitability, as well as to different model specifications. They also find that issuing subordinated debt does not alter banks' risk-taking behavior. They conclude that a mandatory subordinated debt requirement for banks is unlikely to provide the intended benefits of enhancing risk-monitoring or controlling risk-taking.Bank capital ; Risk

Nonequilibrium brittle fracture propagation: Steady state, oscillations and intermittency

A minimal model is constructed for two-dimensional fracture propagation. The heterogeneous process zone is presumed to suppress stress relaxation rate, leading to non-quasistatic behavior. Using the Yoffe solution, I construct and solve a dynamical equation for the tip stress. I discuss a generic tip velocity response to local stress and find that noise-free propagation is either at steady state or oscillatory, depending only on one material parameter. Noise gives rise to intermittency and quasi-periodicity. The theory explains the velocity oscillations and the complicated behavior seen in polymeric and amorphous brittle materials. I suggest experimental verifications and new connections between velocity measurements and material properties.Comment: To appear in Phys. Rev. Lett., 6 pages, self-contained TeX file, 3 postscript figures upon request from author at [email protected] or [email protected], http://cnls-www.lanl.gov/homepages/rafi/rafindex.htm

Influence of FK 506 (tacrolimus) on circulating CD4 ⁺ t cells expressing cd25 and cd45ra antigens in 19 patients with chronic progressive multiple sclerosis participating in an open label drug safety trial

We have taken the opportunity of a clinical trial of the potential efficacy and safety of FK 506 (tacrolimus) in chronic progressive multiple sclerosis (MS) to examine the influence of this potent new immunosuppressant on circulating T-lymphocytes in an otherwise healthy non-transplant population. Peripheral blood levels of subsets of CD4+ T lymphocytes expressing the activation molecule interleukin-2 receptor (p55 α chain; CD25) or the CD45RA isoform were determined sequentially in 19 patients that were treated continuously with oral FK 506 (starting dose 0.15 mg/kg/day) for 12 months. No significant change in the proportion of circulating CD25 + CD4+ cells was observed over the study period in which the mean trough plasma FK 506 level rose from 0.3 ±0.2 to 0.5 ±0.4 ng/ml. There was also no significant effect of FK 506 on the percentage of CD45RA + CD4 + cells in the peripheral blood at 12 months compared with pretreatment values. Analysis of a subgroup of 7 patients, who showed a sustained reduction in CD25 + CD4+ cells and a reciprocal increase in CD45RA* CD4 * cells for at least 6 months after start of treatment, did not reveal any difference in disability at one year compared with the treatment group as a whole. The side effects of FK 506 were mild and the overall degree of disability estimated by the mean Kurtzke expanded disability status scale (EDSS) score or the ambulation index did not deteriorate significantly in the 19 patients studied over the 12 months of FK 506 administration. © 1994 Informa UK Ltd All rights reserved: reproduction in whole or part not permitted

Classical artificial two-dimensional atoms: the Thomson model

The ring configurations for classical two-dimensional atoms are calculated within the Thomson model and compared with the results from `exact' numerical simulations. The influence of the functional form of the confinement potential and the repulsive interaction potential between the particles on the configurations is investigated. We also give exact results on those eigenmodes of the system whose frequency does not depend on the number of particles in the system.Comment: 9 pages, RevTeX, 4 figure

Cystic fibrosis mice carrying the missense mutation G551D replicate human genotype phenotype correlations

We have generated a mouse carrying the human G551D mutation in the cystic fibrosis transmembrane conductance regulator gene (CFTR) by a one-step gene targeting procedure. These mutant mice show cystic fibrosis pathology but have a reduced risk of fatal intestinal blockage compared with 'null' mutants, in keeping with the reduced incidence of meconium ileus in G551D patients. The G551D mutant mice show greatly reduced CFTR-related chloride transport, displaying activity intermediate between that of cftr(mlUNC) replacement ('null') and cftr(mlHGU) insertional (residual activity) mutants and equivalent to approximately 4% of wild-type CFTR activity. The long-term survival of these animals should provide an excellent model with which to study cystic fibrosis, and they illustrate the value of mouse models carrying relevant mutations for examining genotype-phenotype correlations

Highest Energy Cosmic Rays and results from the HiRes Experiment

The status of the field of ultrahigh energy cosmic rays is summarized, from the point of view of the latest results of the High Resolution Fly's Eye (HiRes) Experiment. HiRes results are presented, and compared with those of the Akeno Giant Air Shower Array (AGASA), plus the Telescope Array and Pierre Auger experiments. The HiRes measurements of the cosmic ray spectrum, and the observation of the GZK cutoff are presented. HiRes results on composition, searches for anisotropy, measurement of the proton-air total cross section, and shapes of shower profiles are presented.Comment: 31 pages, 18 figures, submitted to Journal of Physics

Injection of photoelectrons into dense argon gas

The injection of photoelectrons in a gaseous or liquid sample is a widespread technique to produce a cold plasma in a weakly--ionized system in order to study the transport properties of electrons in a dense gas or liquid. We report here the experimental results of photoelectron injection into dense argon gas at the temperatureT=142.6 K as a function of the externally applied electric field and gas density. We show that the experimental data can be interpreted in terms of the so called Young-Bradbury model only if multiple scattering effects due to the dense environment are taken into account when computing the scattering properties and the energetics of the electrons.Comment: 18 pages, 10 figures, figure nr. 10 has been redrawn, to be submitted to Plasma Sources Science and Technolog