Bank Governance and Performance: A Survey of the Literature

This paper seeks to review the theoretical and empirical literature on the relationship between bank governance and performance, providing a comprehensive understanding of the existing research and offering guidance for investors and regulators on the major points of consensus and disagreement among researchers on this issue. Although the question of what determines the levels of firms’ performance, with special emphasis on the role of the corporate governance, has long been the subject of substantial academic research, it gained increased attention in the banking industry in the last decade due to a series of financial scandals and, more recently, to the global financial crisis. In fact, in the wake of the 2007–2008 financial crisis, bank corporate governance mechanisms received heightened attention, accompanied by the renewed interest in the degree of effectiveness of such mechanisms, and their impact on performance. Given the vast number of influences on corporate performance, such as the numerous characteristics of the board of directors, there is an abundant literature on the determinants of performance. Thus, this paper tries to bring together this diverse body of knowledge into a coherent whole. Banks have unique attributes that interfere with the way in which the usual corporate governance mechanisms work. Thus, the main differences between banks and non-financial firms, which justify that some of the regularities found in the literature on the relationship between a set of corporate governance mechanisms and performance do not hold for banks, are also analysed. Then, we extensively review the literature on the board of directors and its impact on performance in the financial crisis and non-financial crisis periods. Finally, we also survey the (very) scarce research on the relationship between board characteristics and bank failures.This research has been financed by the European Regional Development Fund through COMPETE 2020—Programa Operacional Competitividade e Internacionalização (POCI) and by Portuguese public funds through FCT (Fundação para a Ciência e a Tecnologia) in the framework of the project POCI-01-0145-FEDER-006890.info:eu-repo/semantics/publishedVersio

Perpendicular momentum injection by lower hybrid wave in a tokamak

The injection of lower hybrid waves for current drive into a tokamak affects the profile of intrinsic rotation. In this article, the momentum deposition by the lower hybrid wave on the electrons is studied. Due to the increase in the poloidal momentum of the wave as it propagates into the tokamak, the parallel momentum of the wave increases considerably. The change of the perpendicular momentum of the wave is such that the toroidal angular momentum of the wave is conserved. If the perpendicular momentum transfer via electron Landau damping is ignored, the transfer of the toroidal angular momentum to the plasma will be larger than the injected toroidal angular momentum. A proper quasilinear treatment proves that both perpendicular and parallel momentum are transferred to the electrons. The toroidal angular momentum of the electrons is then transferred to the ions via different mechanisms for the parallel and perpendicular momentum. The perpendicular momentum is transferred to ions through an outward radial electron pinch, while the parallel momentum is transferred through collisions.Comment: 22 pages, 4 figure

3D segmentation of intervertebral discs: from concept to the fabrication of patient-specific scaffolds

Aim: To develop a methodology for producing patient-specific scaffolds that mimic the annulus fibrosus (AF) of the human intervertebral disc (IVD) by means of combining magnetic resonance imaging (MRI) and 3D bioprinting. Methods: In order to obtain the AF 3D model from patientâ s volumetric MRI dataset, the RheumaSCORE segmentation software was used. Polycaprolactone scaffolds with three different internal architectures were fabricated by 3D bioprinting, and characterized by micro-computed tomography. Results: The demonstrated methodology of a geometry reconstruction pipeline enabled to successfully obtain an accurate AF model and 3D print patient-specific scaffolds with different internal architectures. Conclusion: The results guide us towards patient-specific IVD tissue engineering as demonstrated a way of manufacturing personalized scaffolds using patient's MRI data.The authors would like to acknowledge the financial support provided by the Portuguese Foundation for Science and Technology (FCT) through the project EPIDisc (UTAPEXPL/BBB-ECT/0050/2014), funded in the Framework of the ‘International Collaboratory for Emerging Technologies, CoLab’, UT justin|Portugal Program. FCT is also acknowledged for the PhD scholarship attributed to IF Cengiz (SFRH/ BD/99555/2014) and the financial support provided to J Silva-Correia (SFRH/BPD/100590/2014 and IF/00115/2015). JM Oliveira also thanks the FCT for the funds provided under the program Investigador FCT (IF/00423/2012 and IF/01285/2015). The authors have no other relevant affiliations or financial involvement with any organization or entity with a financial interest in or financial conflict with the subject matter or materials discussed in the manuscript apart from those disclosed. No writing assistance was utilized in the production of this manuscript.info:eu-repo/semantics/publishedVersio

A Study of the Radiative Ke3 Decay and Search for Direct Photon Emission with the KLOE Detector

We present a measurement of the ratio R = \Gamma(\keg;\Estar>30\mev,\qstar>20^\circ)$/$\Gamma(\kegf)$and a first measurement of the direct emission contribution in KL semileptonic decays. The measurement is done at the DAFNE phi-factory selecting phi->KL KS decays with the KLOE detector. We use 328 pb^{-1}$ of data corresponding to about 3.5 million Ke3(g) events and about 9000 radiative events. Our result is R=(924 +/- 23(stat) +/-16(syst)10^{-5} for the branching ratio and X=-2.3 +/- 1.3(stat) +/- 1.4(syst) for the parameter describing direct emission.Comment: 8 pages, 7 figure

Design, development and deployment of a hand/wrist exoskeleton for home-based rehabilitation after stroke - SCRIPT project

YesChanges in world-wide population trends have provided new demands for new technologies in areas such as care and rehabilitation. Recent developments in the the field of robotics for neurorehabilitation have shown a range of evidence regarding usefulness of these technologies as a tool to augment traditional physiotherapy. Part of the appeal for these technologies is the possibility to place a rehabilitative tool in one’s home, providing a chance for more frequent and accessible technologies for empowering individuals to be in charge of their therapy. Objective: this manuscript introduces the Supervised Care and Rehabilitation Involving Personal Tele-robotics (SCRIPT) project. The main goal is to demonstrate design and development steps involved in a complex intervention, while examining feasibility of using an instrumented orthotic device for home-based rehabilitation after stroke. Methods: the project uses a user-centred design methodology to develop a hand/wrist rehabilitation device for home-based therapy after stroke. The patient benefits from a dedicated user interface that allows them to receive feedback on exercise as well as communicating with the health-care professional. The health-care professional is able to use a dedicated interface to send/receive communications and remote-manage patient’s exercise routine using provided performance benchmarks. Patients were involved in a feasibility study (n=23) and were instructed to use the device and its interactive games for 180 min per week, around 30 min per day, for a period of 6 weeks, with a 2-months follow up. At the time of this study, only 12 of these patients have finished their 6 weeks trial plus 2 months follow up evaluation. Results: with the “use feasibility” as objective, our results indicate 2 patients dropping out due to technical difficulty or lack of personal interests to continue. Our frequency of use results indicate that on average, patients used the SCRIPT1 device around 14 min of self-administered therapy a day. The group average for the system usability scale was around 69% supporting system usability. Conclusions: based on the preliminary results, it is evident that stroke patients were able to use the system in their homes. An average of 14 min a day engagement mediated via three interactive games is promising, given the chronic stage of stroke. During the 2nd year of the project, 6 additional games with more functional relevance in their interaction have been designed to allow for a more variant context for interaction with the system, thus hoping to positively influence the exercise duration. The system usability was tested and provided supporting evidence for this parameter. Additional improvements to the system are planned based on formative feedback throughout the project and during the evaluations. These include a new orthosis that allows a more active control of the amount of assistance and resistance provided, thus aiming to provide a more challenging interaction.This work has been partially funded under Grant FP7-ICT-288698(SCRIPT) of the European Community Seventh Framework Programme

Determination of η→π+π−π0\eta\to\pi^+\pi^-\pi^0 Dalitz plot slopes and asymmetries with the KLOE detector

We have studied, with the KLOE detector at the DA$\Phi$NE $\Phi$-Factory, the dynamics of the decay $\eta\to\pi^+\pi^-\pi^0$ using $\eta$ mesons from the decay $\phi\to\eta\gamma$ for an integrated luminosity ${\mathcal L}$ = 450 pb$^{-1}$. From a fit to the Dalitz plot density distribution we obtain a precise measurement of the slope parameters. An alternative parametrization relates the $\pi^+\pi^-\pi^0$ slopes to that for $\eta\to 3\pi^0$ showing the consistency of KLOE results for both channels. We also obtain the best confirmation of the $C$-invariance in the $\eta\to\pi^+\pi^-\pi^0$ decay.Comment: 15 pages, 7 figure