The Exchange Rate Exposure of U.S. and Japanese Banking Institutions

In this paper, we examine the foreign exchange exposure of a sample of U. S. and Japanese banking firms. Using daily data, we construct estimates of the exchange rate sensitivity of the equity returns of the U.S. bank holding companies and compare them to those of the Japanese banks. We find that the stock returns of a significant fraction of the U. S. companies move with the exchange rate, while few of the Japanese returns that we observe do so. We next examine more closely the sensitivity of the U.S. firms by linking the U.S. estimates cross-sectionally to accounting-based measures of currency risk. We suggest that the sensitivity estimates can provide a benchmark for assessing the adequacy of existing accounting measures of currency risk. Benchmarked in this way, the reported measures that we examine appear to provide a significant, though only partial, picture of the exchange rate exposure of U. S. banking institutions. The cross-sectional evidence is also consistent with the use of foreign exchange contracts for the purpose of hedging.Foreign Exchange Risk, Banking, Market Risk

Dystrophin‐deficient mdx mice display a reduced life span and are susceptible to spontaneous rhabdomyosarcoma

Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/154288/1/fsb2fj067353com.pd

The hearing of fitness to practice cases by the General Medical Council: Current trends and future research agendas

Over the last three decades a risk-based model of medical regulation has emerged in the United Kingdom. To promote a risk-averse operational culture of transparency and professional accountability the regulatory state has intervened in medical governance and introduced best-evidenced practice frameworks, audit and performance appraisal, Against this background the paper analyses descriptive statistical data pertaining to the General Medical Council’s management of the process by which fitness to practice complaints against doctors are dealt with from initial receipt through to subsequent investigative and adjudication stages. Statistical trends are outlined regarding complaint data in relation to a doctor’s gender and race and ethnicity. The data shows that there has been an increase in rehabilitative and/or punitive action against doctors. In light of its findings the paper considers what the long-term consequences may be, for both patients and doctors, of the increasing use of risk-averse administrative systems to reform medical regulation and ensure professional accountability

Expression of Human Globin Genes in Transgenic Mice Carrying the Β-Globin Gene Cluster with a Mutation Causing G ΓΒ + Hereditary Persistence of Fetal Hemoglobin a

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/73405/1/j.1749-6632.1990.tb24303.x.pd

Force and power output of fast and slow skeletal muscles from mdx mice 6-28 months old

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/66165/1/j.1469-7793.2001.00591.x.pd

Study of hard x-ray emission from intense femtosecond TiTi:sapphire laser–solid target interactions

Interaction of intense TiTi:sapphire laser with solid targets has been studied experimentally by measuring hard x-ray and hot electron generation. Hard x-ray (8–100 keV)(8–100keV) emission spectrum and KαKα x-ray conversion efficiency (ηK)(ηK) from plasma have been studied as a function of laser intensity (1017–1019  W/cm2)(1017–1019W∕cm2), pulse duration (70–400)fs(70–400)fs, and laser pulse fluence. For intensity I>1×1017 W/cm2I>1×1017W∕cm2, the Ag ηKAgηK increases to reach a maximum value of 2×10−52×10−5 at an intensity I = 4×1018 W/cm2I=4×1018W∕cm2. Hot electron temperature (KTh)(KTh) and ηKηK scaling laws have been studied as a function of the laser parameters. A stronger dependence of KThKTh and ηKηK as a function of the laser fluence than on pulse duration or laser intensity has been observed. The contribution of another nonlinear mechanism, besides resonance absorption, to hard x-ray enhancement has been demonstrated via hot electron angular distribution and particle-in-cell simulations.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/71221/2/PHPAEN-11-9-4439-1.pd

A panel analysis of UK industrial company failure

We examine the failure determinants for large quoted UK industrials using a panel data set comprising 539 firms observed over the period 1988-93. The empirical design employs data from company accounts and is based on Chamberlain’s conditional binomial logit model, which allows for unobservable, firm-specific, time-invariant factors associated with failure risk. We find a noticeable degree of heterogeneity across the sample companies. Our panel results show that, after controlling for unobservables, lower liquidity measured by the quick assets ratio, slower turnover proxied by the ratio of debtors turnover, and profitability were linked to the higher risk of insolvency in the analysis period. The findings appear to support the proposition that the current cash-flow considerations, rather than the future prospects of the firm, determined company failures over the 1990s recession

Controlling Cherenkov angles with resonance transition radiation

Cherenkov radiation provides a valuable way to identify high energy particles in a wide momentum range, through the relation between the particle velocity and the Cherenkov angle. However, since the Cherenkov angle depends only on material's permittivity, the material unavoidably sets a fundamental limit to the momentum coverage and sensitivity of Cherenkov detectors. For example, Ring Imaging Cherenkov detectors must employ materials transparent to the frequency of interest as well as possessing permittivities close to unity to identify particles in the multi GeV range, and thus are often limited to large gas chambers. It would be extremely important albeit challenging to lift this fundamental limit and control Cherenkov angles as preferred. Here we propose a new mechanism that uses constructive interference of resonance transition radiation from photonic crystals to generate both forward and backward Cherenkov radiation. This mechanism can control Cherenkov angles in a flexible way with high sensitivity to any desired range of velocities. Photonic crystals thus overcome the severe material limit for Cherenkov detectors, enabling the use of transparent materials with arbitrary values of permittivity, and provide a promising option suited for identification of particles at high energy with enhanced sensitivity.Comment: There are 16 pages and 4 figures for the manuscript. Supplementary information with 18 pages and 5 figures, appended at the end of the file with the manuscript. Source files in Word format converted to PDF. Submitted to Nature Physic