What Determines Differences in Foreign Bank Efficiency? Australian Evidence

This study applies parametric distance functions to estimate the efficiency of foreign banks in Australia, and subsequently employs extreme bounds analysis to establish the determinants of foreign bank efficiency that are robust to model specification. The limited global advantage hypothesis of Berger et al (2000) is supported. Following clients is found to reduce the efficiency of the profit-creation process. The market share of the incumbent banks acts as a barrier to entry to efficiency in the retail market, with acquisition of a domestic bank reducing this effect. Internet-based bank product delivery reduces the efficiency of profit creation in the initial phases of operation, and parent profits do not improve efficiency in the host market.foreign bank efficiency, distance functions, extreme bounds analysis, barriers to entry, following clients

Temporal and spatial evolution of a waxing then waning catastrophic density current revealed by chemical mapping

We reconstruct the behavior of a catastrophic sustained radial pyroclastic density current as it waxed then waned during its brief lifespan. By subdividing the deposit into 8 time slices using a chemical tracer, we show that the sustained current initially was topographically restricted, but that its leading edge advanced in all directions, encroaching upon and gradually ascending hills. During peak flow the current reached its maximum extent and overtopped all topographic highs. After this, and while the current direction from source was maintained, the leading edge gradually retreated sourceward. High-resolution analysis of the depositional architecture reveals how the flow dynamics evolved and runout distance of the sustained density current rapidly increased then decreased, reflecting the dominant influence of changing mass flux, as demonstrated in numerical models but not previously distinguished in a natural deposit

A hybrid multilevel converter for medium and high voltage applications

This paper investigates the suitability of the hybrid multilevel converter for medium and high voltage application. The converter operation, modulation, and capacitor voltage balancing method are described in detail. The ability of the hybrid multilevel converter to operate with different modulation indices and load power factors is investigated. It has been established that the hybrid multilevel converter is capable of operating independent of load power factor. Operation with variable modulation index increases voltage stresses on the converter switches and does not alter the fundamental voltage magnitude as in all known voltage source converter topologies. The viability of the hybrid multilevel converter for medium and high voltage applications is confirmed by simulations