Bank Privatization and Productivity: Evidence for Brazil

Over the last decade, the Brazilian banking industry has undergone major and deep transformations with several privatizations of state-owned banks, mergers and acquisitions, closing down of troubled banks, entry by foreign banks, etc. The purpose of this paper is to evaluate the impacts of these changes in banking total factor productivity. We first obtain measures of bank level productivity by employing the techniques due to Levinsohn and Petrin (2003). We then relate such measures to a set of bank characteristics. Our main results indicate that state-owned banks are less productive than their private peers, and that privatization has increased productivity.

Bank privatization and productivity : evidence for Brazil

Over the past decade, the Brazilian banking industry has undergone major and deep transformations with several privatizations of state-owned banks, mergers and acquisitions, closing down of troubled banks, entry by foreign banks, and so on. The purpose of this paper is to evaluate the impacts of these changes in banking on total factor productivity. The authors first obtain measures of bank level productivity by employing the techniques due to Levinsohn and Petrin (2003). They then relate such measures to a set of bank characteristics. Their main results indicate that state-owned banks are less productive than their private peers, and that privatization has increased productivity.

Role of arginase 2 in systemic metabolic activity and adipose tissue fatty acid metabolism in diet-induced obese mice

Visceral adipose tissue (VAT) inflammation and metabolic dysregulation are key components of obesity-induced metabolic disease. Upregulated arginase, a ureahydrolase enzyme with two isoforms (A1-cytosolic and A2-mitochondrial), is implicated in pathologies associated with obesity and diabetes. This study examined A2 involvement in obesity-associated metabolic and vascular disorders. WT and globally deleted A2(−/−) or A1(+/−) mice were fed either a high fat/high sucrose (HFHS) diet or normal diet (ND) for 16 weeks. Increases in body and VAT weight of HFHS-fed WT mice were abrogated in A2−/−, but not A1+/−, mice. Additionally, A2−/− HFHS-fed mice exhibited higher energy expenditure, lower blood glucose, and insulin levels compared to WT HFHS mice. VAT and adipocytes from WT HFHS fed mice showed greater A2 expression and adipocyte size and reduced expression of PGC-1α, PPAR-γ, and adiponectin. A2 deletion blunted these effects, increased levels of active AMPK-α, and upregulated genes involved in fatty acid metabolism. A2 deletion prevented HFHS-induced VAT collagen deposition and inflammation, which are involved in adipocyte metabolic dysfunction. Endothelium-dependent vasorelaxation, impaired by HFHS diet, was significantly preserved in A2−/− mice, but more prominently maintained in A1+/− mice. In summary, A2 is critically involved in HFHS-induced VAT inflammation and metabolic dysfunction

Radio source counts at 30 GHz

We observe 1,377 NVSS point sources with the Green Bank Telescope (GBT) and Caltech Continuum Backend (CCB) at 31.25 GHz. We find the GBT+CCB provides 0.500 mJy rms sensitivity and a 28 arcsec FWHM beam in a 3.5 GHz band centered on 31.25 GHz. We combine these data with observations of 2,225 point sources by the Owens Valley Radio Observatory 40 m (rms sensitivity 2.5 mJy) to provide the most accurate present determination of the contribution of point sources to 1 cm wavelength cosmic microwave background measurements at small scales (< 5 arcmin). Point sources are the most significant contaminant of this signal, which is expected to be dominated by the Sunyaev-Zel’dovich effect from large galaxy clusters, and has been thus far hinted at, but not yet confirmed by, the Cosmic Background Imager

Orbital motion of the young brown dwarf companion TWA 5 B

With more adaptive optics images available, we aim at detecting orbital motion for the first time in the system TWA 5 A+B. We measured separation and position angle between TWA 5 A and B in each high-resolution image available and followed their change in time, because B should orbit around A. The astrometric measurement precision is about one milli arc sec. With ten year difference in epoch, we can clearly detect orbital motion of B around A, a decrease in separation by ~ 0.0054 arc sec per year and a decrease in position angle by ~ 0.26 degrees per year. TWA 5 B is a brown dwarf with ~ 25 Jupiter masses (Neuh\"auser et al. 2000), but having large error bars (4 to 145 Jupiter masses, Neuh\"auser et al. 2009). Given its large projected separation from the primary star, ~ 86 AU, and its young age ~ 10 Myrs), it has probably formed star-like, and would then be a brown dwarf companion. Given the relatively large changes in separation and position angle between TWA 5 A and B, we can conclude that they orbit around each other on an eccentric orbit. Some evidence is found for a curvature in the orbital motion of B around A - most consistent with an elliptic (e=0.45) orbit. Residuals around the best-fit ellipse are detected and show a small-amplitude (~ 18 mas) periodic sinusoid with ~ 5.7 yr period, i.e., fully consistent with the orbit of the inner close pair TWA 5 Aa+b. Measuring these residuals caused by the photocenter wobble - even in unresolved images - can yield the total mass of the inner pair, so can test theoretical pre-main sequence models.Comment: 6 pages, 4 figures, accepted for publication in A&A; corrected typo in amplitude below Fig.

Evidence for Accretion in the High-resolution X-ray Spectrum of the T Tauri Star System Hen 3-600

We present high-resolution X-ray spectra of the multiple T Tauri star system Hen 3-600, obtained with the High Energy Transmission Grating Spectrograph on the Chandra X-ray Observatory. Two binary components were detected in the zeroth-order image. Hen 3-600-A, which has a large mid-infrared excess, is a 2-3 times fainter in X-rays than Hen 3-600-B, due to a large flare on B. The dispersed X-ray spectra of the two primary components overlap spatially; spectral analysis was performed on the combined system. Analysis of the individual spectra was limited to regions where the contributions of A and B can be disentangled. This analysis results in two lines of evidence indicating that the X-ray emission from Hen 3-600 is derived from accretion processes: line ratios of O VII indicate that the characteristic density of its X-ray-emitting plasma is large; a significant component of low-temperature plasma is present and is stronger in component A. These results are consistent with results obtained from X-ray gratings spectroscopy of more rapidly accreting systems. All of the signatures of Hen 3-600 that are potential diagnostics of accretion activity -- X-ray emission, UV excess, H-alpha emission, and weak infrared excess -- suggest that its components represent a transition phase between rapidly accreting, classical T Tauri stars and non-accreting, weak-lined T Tauri stars.Comment: latex, 27 pages, 12 figures, 6 tables; accepted by Ap

Detection of Molecular Hydrogen Orbiting a "Naked" T Tauri Star

Astronomers have established that for a few million years newborn stars possess disks of orbiting gas and dust. Such disks, which are likely sites of planet formation, appear to disappear once these stars reach ages of 5-10 times 10^6 yr; yet, >= 10^7 yr is thought necessary for giant planet formation. If disks dissipate in less time than is needed for giant planet formation, such planets may be rare and those known around nearby stars would be anomalies. Herein, we report the discovery of H_2 gas orbiting a weak-lined T Tauri star heretofore presumed nearly devoid of circumstellar material. We estimate that a significant amount of H_2 persists in the gas phase, but only a tiny fraction of this mass emits in the near-infrared. We propose that this star possesses an evolved disk that has escaped detection thus far because much of the dust has coagulated into planetesimals. This discovery suggests that the theory that disks are largely absent around such stars should be reconsidered. The widespread presence of such disks would indicate that planetesimals can form quickly and giant planet formation can proceed to completion before the gas in circumstellar disks disperses.Comment: latex 12 pages, including 1 figur