Do Black-Owned Banks Substitute for Payday Lenders? An Exploratory Study

The annualized interest rate charged on payday loans can reach 1,950 percent, whereas similar rates charged by banks are typically less than 25 percent. Also, persons borrowing from payday lenders and paying the higher interest rates are disproportionately lower-income Blacks. This provides an incentive for Blacks seeking loans to turn to banks rather than payday lenders. This may be more likely to happen when there are Black-owned banks in communities with greater percentages of Blacks. Indeed, offices of such banks may substitute for payday loan stores, providing a greater opportunity for Blacks to avoid the higher interest rates associated with payday lenders. We hypothesize that to the extent Black-owned banks substitute for payday there is a greater opportunity for lower-income Blacks to substitute/switch firms and thereby seek lower-cost loans. We do find that there are significantly fewer payday loan stores in counties where there are more Black bank offices

New Empirical Evidence on Factors Influencing the Yield on High-Grade Municipal Bonds

We investigate the impact of federal budget deficits and other factors on the ex-post and ex-ante real yields on high-grade municipal bonds. The estimation results reveal that both yields increase with the real yield on 30-year Moody’s Aaa-rated bonds and provisions in the Community Reinvestment Act but decrease with net capital inflows, the real GDP growth rate, and the average effective federal income tax rate. Most importantly, both yields are increasing functions of the federal budget deficit. These results support limiting the size of federal budget deficits to avoid the excessive crowding out of private investment spending

Nimbus 7 solar backscatter ultraviolet (SBUV) ozone products user's guide

Three ozone tape products from the Solar Backscatter Ultraviolet (SBUV) experiment aboard Nimbus 7 were archived at the National Space Science Data Center. The experiment measures the fraction of incoming radiation backscattered by the Earth's atmosphere at 12 wavelengths. In-flight measurements were used to monitor changes in the instrument sensitivity. Total column ozone is derived by comparing the measurements with calculations of what would be measured for different total ozone amounts. The altitude distribution is retrieved using an optimum statistical technique for the inversion. The estimated initial error in the absolute scale for total ozone is 2 percent, with a 3 percent drift over 8 years. The profile error depends on latitude and height, smallest at 3 to 10 mbar; the drift increases with increasing altitude. Three tape products are described. The High Density SBUV (HDSBUV) tape contains the final derived products - the total ozone and the vertical ozone profile - as well as much detailed diagnostic information generated during the retrieval process. The Compressed Ozone (CPOZ) tape contains only that subset of HDSBUV information, including total ozone and ozone profiles, considered most useful for scientific studies. The Zonal Means Tape (ZMT) contains daily, weekly, monthly and quarterly averages of the derived quantities over 10 deg latitude zones

Calculation of the properties of the rotational bands of 155,157^{155,157}Gd

We reexamine the long-standing problem of the microscopic derivation of a particle-core coupling model. We base our research on the Klein-Kerman approach, as amended by D\"onau and Frauendorf. We describe the formalism to calculate energy spectra and transition strengths in some detail. We apply our formalism to the rotational nuclei $^{155,157}$Gd, where recent experimental data requires an explanation. We find no clear evidence of a need for Coriolis attenuation.Comment: 27 pages, 13 uuencoded postscript figures. Uses epsf.st

Stability and Representation Dependence of the Quantum Skyrmion

A constructive realization of Skyrme's conjecture that an effective pion mass ``may arise as a self consistent quantal effect'' based on an ab initio quantum treatment of the Skyrme model is presented. In this quantum mechanical Skyrme model the spectrum of states with $I=J$, which appears in the collective quantization, terminates without any infinite tower of unphysical states. The termination point depends on the model parameters and the dimension of the SU(2) representation. Representations, in which the nucleon and $\Delta_{33}$ resonance are the only stable states, exist. The model is developed for both irreducible and reducible representations of general dimension. States with spin larger than 1/2 are shown to be deformed. The representation dependence of the baryon observables is illustrated numerically.Comment: 19 pages, Late

Nimbus-7 TOMS Version 7 Calibration

This report describes an improved instrument characterization used for the Version 7 processing of the Nimbus-7 Total Ozone Mapping Spectrometer (TOMS) data record. An improved internal calibration technique referred to as spectral discrimination is used to provide long-term calibration precision of +/- 1%/decade in total column ozone amount. A revised wavelength scale results in a day one calibration that agrees with other satellite and ground-based measurements of total ozone, while a wavelength independent adjustment of the initial radiometric calibration constants provides good agreement with surface reflectivity measured by other satellite-borne ultraviolet measurements. The impact of other aspects of the Nimbus-7 TOMS instrument performance are also discussed. The Version 7 data should be used in all future studies involving the Nimbus-7 TOMS measurements of ozone. The data are available through the NASA Goddard Space Flight Center's Distributive Active Archive Center (DAAC)

Investigating the global genomic diversity of Escherichia coli using a multi-genome DNA microarray platform with novel gene prediction strategies

<p>Abstract</p> <p>Background</p> <p>The gene content of a diverse group of 183 unique <it>Escherichia coli </it>and <it>Shigella </it>isolates was determined using the Affymetrix GeneChip^®<it>E. coli </it>Genome 2.0 Array, originally designed for transcriptome analysis, as a genotyping tool. The probe set design utilized by this array provided the opportunity to determine the gene content of each strain very accurately and reliably. This array constitutes 10,112 independent genes representing four individual <it>E. coli </it>genomes, therefore providing the ability to survey genes of several different pathogen types. The entire ECOR collection, 80 EHEC-like isolates, and a diverse set of isolates from our FDA strain repository were included in our analysis.</p> <p>Results</p> <p>From this study we were able to define sets of genes that correspond to, and therefore define, the EHEC pathogen type. Furthermore, our sampling of 63 unique strains of O157:H7 showed the ability of this array to discriminate between closely related strains. We found that individual strains of O157:H7 differed, on average, by 197 probe sets. Finally, we describe an analysis method that utilizes the power of the probe sets to determine accurately the presence/absence of each gene represented on this array.</p> <p>Conclusions</p> <p>These elements provide insights into understanding the microbial diversity that exists within extant <it>E. coli </it>populations. Moreover, these data demonstrate that this novel microarray-based analysis is a powerful tool in the field of molecular epidemiology and the newly emerging field of microbial forensics.</p

ADEOS Total Ozone Mapping Spectrometer (TOMS) Data Products User's Guide

Two data products from the Total Ozone Mapping Spectrometer (ADEOS/TOMS) have been archived at the Distributed Active Archive Center, in the form of Hierarchical Data Format files. The ADEOS/ TOMS began taking measurements on September 11, 1996, and ended on June 29, 1997. The instrument measured backscattered Earth radiance and incoming solar irradiance; their ratio was used in ozone retrievals. Changes in the reflectivity of the solar diffuser used for the irradiance measurement were monitored using a carousel of three diffusers, each exposed to the degrading effects of solar irradiation at different rates. The algorithm to retrieve total column ozone compares measured Earth radiances at sets of three wavelengths with radiances calculated for different total ozone values, solar zenith angles, and optical paths. The initial error in the absolute scale for TOMS total ozone is 3 percent, the one standard deviation random error is 2 percent, and the drift is less than 0.5 percent over the 9-month data record. The Level 2 product contains the measured radiances, the derived total ozone amount, and reflectivity information for each scan position. The Level 3 product contains daily total ozone and reflectivity in a 1-degree latitude by 1.25 degrees longitude grid. The Level 3 files containing estimates of UVB at the Earth surface and tropospheric aerosol information will also be available. Detailed descriptions of both HDF data files and the CDROM product are provided

Earth Probe Total Ozone Mapping Spectrometer (TOMS) Data Product User's Guide

Two data products from the Earth Probe Total Ozone Mapping Spectrometer (EP/TOMS) have been archived at the Distributed Active Archive Center, in the form of Hierarchical Data Format files. The EP/ TOMS began taking measurements on July 15, 1996. The instrument measures backscattered Earth radiance and incoming solar irradiance; their ratio is used in ozone retrievals. Changes in the reflectivity of the solar diffuser used for the irradiance measurement are monitored using a carousel of three diffusers, each exposed to the degrading effects of solar irradiation at different rates. The algorithm to retrieve total column ozone compares measured Earth radiances at sets of three wavelengths with radiances calculated for different total ozone values. The initial error in the absolute scale for TOMS total ozone is 3 percent, the one standard deviation random error is 2 percent, and the drift is less than 0.5 percent over the first year of data. The Level-2 product contains the measured radiances, the derived total ozone amount, and reflectivity information for each scan position. The Level-3 product contains daily total ozone and reflectivity in a 1-degree latitude by 1.25 degrees longitude grid. Level-3 files containing estimates of LTVB at the Earth surface and tropospheric aerosol information are also available, Detailed descriptions of both HDF data-files and the CD-ROM product are provided

Nimbus-7 Total Ozone Mapping Spectrometer (TOMS) data products user's guide

Two tape products from the Total Ozone Mapping Spectrometer (TOMS) aboard the Nimbus-7 have been archived at the National Space Science Data Center. The instrument measures backscattered Earth radiance and incoming solar irradiance; their ratio -- the albedo -- is used in ozone retrievals. In-flight measurements are used to monitor changes in the instrument sensitivity. The algorithm to retrieve total column ozone compares the observed ratios of albedos at pairs of wavelengths with pair ratios calculated for different ozone values, solar zenith angles, and optical paths. The initial error in the absolute scale for TOMS total ozone is 3 percent, the one standard-deviation random error is 2 percent, and the drift is +/- 1.5 percent over 14.5 years. The High Density TOMS (HDTOMS) tape contains the measured albedos, the derived total ozone amount, reflectivity, and cloud-height information for each scan position. It also contains an index of SO2 contamination for each position. The Gridded TOMS (GRIDTOMS) tape contains daily total ozone and reflectivity in roughly equal area grids (110 km in latitude by about 100-150 km in longitude). Detailed descriptions of the tape structure and record formats are provided