Do Banks provision for bad loans in good times? empirical evidence and policy implications

Recent debate about the pro-cyclical effects of bank capital requirements, has ignored the important role that bank loan loss provisions play in the overall framework of minimum capital regulation. It is frequently observed that under-provisioning, due to inadequate assessment of expected credit losses, aggravates the negative effect of minimum capital requirements during recessions, because capital must absorb both expected, and unexpected losses. Moreover, when expected losses are properly reflected in lending rates, but not in provisioning practices, fluctuations in bank earnings magnify true oscillations in bank profitability. The relative agency problems faced by different stakeholders, may help explain the prevailing, and often unsatisfactory institutional arrangements. The authors test their hypotheses with a sample of 1,176 large commercial banks - 372 of them in non-G10 countries - for the period 1988-99. After controlling for different country-specific macroeconomic, and institutional features, they find robust evidence among G10 banks, of a positive association between loan loss provisions, and banks'pre-provision income. Such evidence is not confirmed for non-G10 banks, which on average, provision too little in good times, and are forced to increase provisions in bad times. The econometric evidence shows that the protection of outsiders'claims - the claims of minority shareholders in common law countries, and of fiscal authorities in countries with high public debt - on bank income, has negative effects on the level of bank provisions.International Terrorism&Counterterrorism,Banks&Banking Reform,Payment Systems&Infrastructure,Public Sector Economics&Finance,Economic Theory&Research,Financial Intermediation,Banks&Banking Reform,Public Sector Economics&Finance,Economic Theory&Research,Insurance&Risk Mitigation

Comparative Analysis of Two-Photon Absorption and Normal Absorption images of dispersions of β-NaYF4:Yb3+,Er3+ Nanoparticles using fluorescence and two-photon microscopes

openUp-conversion nanoparticles (UCNPs) have emerged as one of the most promising nanomaterials for bioanalytical and biomedical applications. β-NaYF4:Yb3+,Er3+ nanoparticles, with a size less than 40 nm, are currently being studied for diagnostic applications, utilizing regular optical spectroscopies, exploiting their ability to absorb in the infrared (IR) and emit in the visible spectrum. In this study, we performed the first tests to explore the possibility of using them in emission microscopy. Fluorescence microscopy and imaging were employed as the first proof-of-concept to examine the detectability of these nanoparticles using different microscopes, using either normal absorption or two-photon absorption in the IR region, and to detect their emission in the visible spectrum.Up-conversion nanoparticles (UCNPs) have emerged as one of the most promising nanomaterials for bioanalytical and biomedical applications. β-NaYF4:Yb3+,Er3+ nanoparticles, with a size less than 40 nm, are currently being studied for diagnostic applications, utilizing regular optical spectroscopies, exploiting their ability to absorb in the infrared (IR) and emit in the visible spectrum. In this study, we performed the first tests to explore the possibility of using them in emission microscopy. Fluorescence microscopy and imaging were employed as the first proof-of-concept to examine the detectability of these nanoparticles using different microscopes, using either normal absorption or two-photon absorption in the IR region, and to detect their emission in the visible spectrum

Black earths from Veneto and Piedmont (Northern Italy): origin, composition and potential use in different painting techniques

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Smartphone-based food diagnostic technologies: A review

A new generation of mobile sensing approaches offers significant advantages over traditional platforms in terms of test speed, control, low cost, ease-of-operation, and data management, and requires minimal equipment and user involvement. The marriage of novel sensing technologies with cellphones enables the development of powerful lab-on-smartphone platforms for many important applications including medical diagnosis, environmental monitoring, and food safety analysis. This paper reviews the recent advancements and developments in the field of smartphone-based food diagnostic technologies, with an emphasis on custom modules to enhance smartphone sensing capabilities. These devices typically comprise multiple components such as detectors, sample processors, disposable chips, batteries and software, which are integrated with a commercial smartphone. One of the most important aspects of developing these systems is the integration of these components onto a compact and lightweight platform that requires minimal power. To date, researchers have demonstrated several promising approaches employing various sensing techniques and device configurations. We aim to provide a systematic classification according to the detection strategy, providing a critical discussion of strengths and weaknesses. We have also extended the analysis to the food scanning devices that are increasingly populating the Internet of Things (IoT) market, demonstrating how this field is indeed promising, as the research outputs are quickly capitalized on new start-up companies

Non destructive testing methods based on Terahertz radiation and Compressive Sampling

A research contribution on non-destructive and non-invasive testing on avionics, metal and non-metal materials is presented. This is realized exploiting the combination of two topics, which over time have become increasingly popular, such as: Compressive Sampling and THz radiation. Specifically, an innovative approach has been developed, so-called CS-THz, that combines the possibility of irradiating with T-waves the sample under test and then realizing the process of capturing and reconstructing of the image through the CS principles. For this purpose, a CS-THz model has been developed, first studying with simulated tests and then with a campaign of experimental trials as the uncertainty sources at stake and their effects on reconstruction, expanding the study introducing a metrics of indexes quality. In addition, the results of Spectroscopy and Imaging THz applications are shown, in the various configurations (reflection and transmission) in which the THz system can operate and the results of non-invasive and non-destructive tests on ferromagnetic materials studied with the method of induced currents, and on which the principles of CS have been applied in order to be able to make the phases of reconstructions of the acquired electrical signal faster by exploiting graphic units (GPUs) and CUDA

An analytical framework for assessing cognitive capacity and processing speed of operators in industry 4.0

Abstract The fourth industrial revolution introduced a new paradigm in manufacturing systems. The digital network is at the basis of the smart manufacturing and the physical context is strictly related to the artificial intelligence. This new manufacturing context drastically changed the role of the operator since the increasing adoption of innovative devices in manufacturing process modified the work activities and the operator is employed in more cognitive than physical tasks. Therefore, the purpose of this paper consists in developing an analytical framework to assess the human cognitive capacity occupancy and the human processing time of correct information known as the quality performance. The analytical framework presented allows to assess the human mental workload imposed by the task and how the processing speed of correct information changes when quality performance varies

Treating Smalt: A Preliminary SEM-EDX Study of the Effects of Aqueous-based Alkaline Conservation Treatments on Smalt in Wall Paintings

Smalt is a blue cobalt-coloured glass pigment used in European wall paintings from the early Renaissance period that became a popular choice for artists due to its unique tone, availability, and ve..

Cross-Nucleation between Concomitantly Crystallizing \uce\ub1- And \uce\ub3-Phases in Polypivalolactone: Secondary Nucleation of One Polymorph on Another

Cross-nucleation between polymorphs occurs when a new crystal structure nucleates on the surface of a pre-existing crystal of a different modification. The understanding of the phenomenon is still mostly phenomenological and qualitative. Here, we report quantitative measurements of cross-nucleation rate of the \uce\ub1 phase of polypivalolactone on its \uce\ub3 phase, during melt crystallization over a large temperature range. The cross-nucleation kinetics is well modeled as heterogeneous secondary nucleation of one polymorph on another, in which the formation of a viable \uce\ub1-phase nucleus on the surface of \uce\ub3-crystals is the rate-limiting step. According to this analysis, cross-nucleation can occur because the interfacial energy between the two structures is small, and the nucleation free energy barrier is similar to that for secondary nucleation within the same polymorph in crystal growth. Some peculiar aspects of cross-nucleation with respect to conventional heterogeneous nucleation, arising from the continuous growth of the nucleating substrate, are also highlighted

A FMEA clinical laboratory case study: how to make problems and improvements measurable

The authors have experimented the application of the Failure Mode and Effect Analysis (FMEA) technique in a clinical laboratory. FMEA technique allows: a) to evaluate and measure the hazards of a process malfunction, b) to decide where to execute improvement actions, and c) to measure the outcome of those actions. A small sample of analytes has been studied: there have been determined the causes of the possible malfunctions of the analytical process, calculating the risk probability index (RPI), with a value between 1 and 1,000. Only for the cases of RPI > 400, improvement actions have been implemented that allowed a reduction of IPR values between 25% to 70% with a costs increment of <1%. FMEA technique can be applied to the processes of a clinical laboratory, even if of small dimensions, and offers a high potential of improvement. Nevertheless, such activity needs a thorough planning because it is complex, even if the laboratory already operates an ISO 9000 Quality Management System

Gilding on wall paintings from a period

The use of gildings on wall paintings enjoyed its largest development in Italy between the 13th and 14th centuries AD. This work covers a few important artefacts from the Lombard lake region, dating from a period between 1360 and 1520, and painted by the Seregnesi, Da Tradate and De Passeri studios. Its purpose is to understand the gilding techniques by means of scientific examinations (OM, SEM/EDS, FTIR), integrated with information from ancient treatises.Two main gilding techniques have been used in this context: the composite foil (tin and gold), and the single gold foil, in both cases fixed on the wall by a type of oil-based adhesive with the addition of inorganic pigments, mostly lead white and ochres, called missione. The scientific results are in agreement with the recipes contained in the ancient treatises, particularly in the Libro dell’Arte by Cennino Cennini.Extending the research to other case studies in Tessin and Italy, it is clear that the gilding technique was not influenced by the geographical and historical context, but by the final appearance required by the decoration on the wall surface. The use of tin in the composite foil permitted the gold foil to be burnished and engraved.L’emploi de la dorure sur des peintures murales en Italie a eu son apogée entre le xiiie et le xive siècle. Ce travail traite les objets peints dans la région des lacs lombards, entre 1360 et 1520, réalisés dans les ateliers des Seregnesi, des Da Tradate et d’Andrea de Passeri, en vue d’une compréhension de la technique de la dorure au moyen de techniques scientifiques (MO, MEB/EDX, FTIR) et des informations obtenues par étude des traités anciens.Deux techniques sont principalement utilisées: la feuille composée (étain et or) et la simple feuille d’or ; dans les deux cas les feuilles sont fixées à la surface avec un adhésif huileux auquel sont ajoutés des pigments inorganiques, le plus souvent du blanc de plomb et des ocres, appelé missione (mixtion).Les résultats scientifiques trouvent une bonne correspondance avec les recettes mentionnées dans les traités anciens, en particulier dans le Libro dell’Arte de ennino Cennini.En étendant les recherches à d’autres exemples dans le Tessin et en Italie, il paraît évident que la technique n’a pas été influencée par le contexte historique ou géographique, mais par l’aspect final de la surface murale employée. L’utilisation de l’étain dans la feuille composée permettait de brunir et graver la surface