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.

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.

Connection and coherence between and among European instruments in the private international law of obligations

This article considers points of connection and coherence between and among the Rome I Regulation, the Rome II Regulation, and Regulation 1215, and relevant predecessor instruments. The degree of consistency in aim, design and detail of conflict of laws rules is examined, vertically (between/among consecutive instruments) and horizontally (across cognate instruments). Symbiosis between instruments is explored, as is the interrelationship between choice of court and choice of law. Disadvantaged parties, and the cohesiveness of their treatment under the Regulations, receive particular attention

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

Cross-Disciplinary Collaboration: Creating the Foundation for Collaboration Amongst the Arts Disciplines, Powered by Tectonic Theatre Project’s Moment Work

During this course, upper-level VCUArts students are invited to join forces to become a part of a cross-disciplinary, ensemble-based exploration. Powered by Tectonic Theatre Project’s Moment Work, students will create new works and gain insight into the philosophies, purposes, and processes of Moment Work and other devised theatre techniques. The class will culminate in short, devised pieces, created and performed by the students. The focus of the class is on the creation of a harmonious ensemble amongst a varied group of young artists. I believe that in order to create a generation of innovative and forward-thinking artists, the segregation of the arts disciplines within academia must halt. Cross-disciplinary collaboration will invite varying perspectives to exist in a single setting, and hopefully lead to new forms of art

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

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

Can restenosis after coronary angioplasty be predicted from clinical variables?

AbstractObjectives. The purpose of this study was to determine whether variables shown to correlate with restenosis in one group (learning group) could be shown to predict recurrent stenosis in a second group (validation group).Background. Restenosis remains a critical limitation after percutaneous transluminal coronary angioplasty. Although several clinical variables have been shown to correlate with restenosis, there are few data concerning attempts to predict recurrent stenosis.Methods. The source of data was the clinical data bese at Emory University. Patients who had had previous coronary surgery and patients who underwent coronary angioplasty in the setting of acute myocardial Infarction were excluded. A total of 4,006 patients with angiographic restudy after successful angioplisty were identified. They were classified into a learning group of 2,500 patients and a validation group of 1,506 patients. The correlates of restenosis in the learning group were determined by stepwise logistic regression, and a model was developed to predict the probability of restenosis and was tested in the validation group. By using various cut points for the predicted probability of restenosis, a receiver operating characteristic curve was created. Goodness of fit of the model was evaluated by comparing average predicted probabilities with average observed probabilities within subgroups on the basis of risk level determined by linear regression analysis.Results. In the learning group 1,145 patients had restenosis and 1,355 did not. Correlates of restenosis were severe angina, severe diameter stenosis before angioplasty, left anterior descending coronary artery dilation, diabetes, greater diameter stenosis after angioplasty, hypertension, absence of an intimal tear, eccentric morphology and older patient age. The model derived from the learing group was used to predict restenosis in the validation group. By varying the cut point for the predicted probability of restenosis above which restenosis is diagnosed and below which it is not, a receiver operating characteristic curve was created. The curve was close to the line of identity, reflecting a poor predictive ability. However, the model was shown to fit well with the predicted probability of restenosis correlating well with the observed probability (r = 0.98, p = 0.0001).Conclusions. Clinical variables provide limited ability to predict definitively whether a particular patient will have restenosis. However, the current model may be used to predict the probability of restenosis, with some uncertainty, at least in well characterized patients who have already had angioplasy