996 research outputs found
The Impact of Public Guarantees on Bank Risk Taking: Evidence from a Natural Experiment
In 2001, government guarantees for savings banks in Germany were removed following a law suit. We use this natural experiment to examine the effect of government guarantees on bank risk taking, using a large data set of matched bank/borrower information. The results suggest that banks whose government guarantee was removed reduced credit risk by cutting off the riskiest borrowers from credit. At the same time, the banks also increased interest rates on their remaining borrowers. The effects are economically large: the Z-Score of average borrowers increased by 7% and the average loan size declined by 13%. Remaining borrowers paid 57 basis points higher interest rates, despite their higher quality. Using a difference-in-differences approach we show that the effect is larger for banks that ex ante benefitted more from the guarantee. We show that both the credit quality of new customers improved (screening) and that the loans of existing riskier borrowers were less likely to be renewed (monitoring), after the removal of public guarantees. Public guarantees seem to be associated with substantial moral hazard effects.banking;public guarantees;credit risk;moral hazard
Does Discretion in Lending Increase Bank Risk? Borrower Self-Selection and Loan Officer Capture Effects
Sis1 potentiates the stress response to protein aggregation and elevated temperature
Cells adapt to conditions that compromise protein conformational stability by activating various stress response pathways, but the mechanisms used in sensing misfolded proteins remain unclear. Moreover, aggregates of disease proteins often fail to induce a productive stress response. Here, using a yeast model of polyQ protein aggregation, we identified Sis1, an essential Hsp40 co-chaperone of Hsp70, as a critical sensor of proteotoxic stress. At elevated levels, Sis1 prevented the formation of dense polyQ inclusions and directed soluble polyQ oligomers towards the formation of permeable condensates. Hsp70 accumulated in a liquid-like state within this polyQ meshwork, resulting in a potent activation of the HSF1 dependent stress response. Sis1, and the homologous DnaJB6 in mammalian cells, also regulated the magnitude of the cellular heat stress response, suggesting a general role in sensing protein misfolding. Sis1/DnaJB6 functions as a limiting regulator to enable a dynamic stress response and avoid hypersensitivity to environmental changes. Identifying factors that enable cells to induce a potent stress response to amyloid-like aggregation can provide further insight into the mechanism of stress regulation. Here, the authors express polyglutamine-expanded Huntingtin as a model disease protein in yeast cells and perform a genetic screen for chaperone factors that allow yeast cells to activate a potent stress response. They identify Sis1, an essential Hsp40 co-chaperone of Hsp70, as a critical sensor of proteotoxic stress and further show that both Sis1 and its mammalian homolog DnaJB6 regulate the magnitude of the cellular heat stress response, indicating that this mechanism is conserved.FRAP experiments were performed at the Max Planck Institute of Biochemistry Imaging Core Facility
Thermal Comfort in a Naturally Ventilated Office Building in Karlsruhe, Germany Results of a Survey
Thermal Comfort under Summer Climate Conditions Results from a Survey in an Office Building in Karlsruhe
Beyond XSPEC: Towards Highly Configurable Analysis
We present a quantitative comparison between software features of the defacto
standard X-ray spectral analysis tool, XSPEC, and ISIS, the Interactive
Spectral Interpretation System. Our emphasis is on customized analysis, with
ISIS offered as a strong example of configurable software. While noting that
XSPEC has been of immense value to astronomers, and that its scientific core is
moderately extensible--most commonly via the inclusion of user contributed
"local models"--we identify a series of limitations with its use beyond
conventional spectral modeling. We argue that from the viewpoint of the
astronomical user, the XSPEC internal structure presents a Black Box Problem,
with many of its important features hidden from the top-level interface, thus
discouraging user customization. Drawing from examples in custom modeling,
numerical analysis, parallel computation, visualization, data management, and
automated code generation, we show how a numerically scriptable, modular, and
extensible analysis platform such as ISIS facilitates many forms of advanced
astrophysical inquiry.Comment: Accepted by PASP, for July 2008 (15 pages
Thermal Comfort under Summer Climate Conditions - Results of a Survey in an Office Building in Karlsruhe
Thermal Comfort and Workspace Occupant Satisfaction - Results of Field Studies in German Low Energy Office Buildings
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