The performance effects of board heterogeneity: What works for EU banks?

We examine the impact of board heterogeneity on the performance of EU listed banks in the wake of the global financial crisis. In a comprehensive set-up, we consider standard board features (type, tenure, size, and age of board members) as well as board diversity features (gender diversity, employee representation, internationalisation, and age diversity). We propose a diversity index, which summarises the different dimensions of diversity and control for unobserved heterogeneity and reverse causality. Our analysis uncovers a complex relationship between board heterogeneity and bank performance, which is influenced by market conditions and by national culture. Overall board diversity does not seem to affect bank performance, but it does decrease performance variability during the Eurozone crisis and in countries culturally more open to diversity. Different board and diversity features have a positive impact on bank performance (size, tenure, and employee representation); the relationship is non-linear, with the effect of diversity being more relevant when there is a significant proportion of minority representatives. While substantial board internationalisation has a negative impact on bank performance, the presence of foreign directors appears to be less detrimental during the Eurozone crisis and in countries that are more welcoming towards diversity

Portfolio choice: Evidence from new-borns

This paper analyzes the role of newborn gender in households’ investment decisions. The results indicate that newborn gender is a significant predictor of both the reallocation of financial wealth across different types of financial assets and households’ investment diversification. Parenting a new baby boy is associated with a higher reallocation of wealth towards cash while the share of financial wealth allocated to risky assets decreases. A new baby boy also significantly reduces the magnitude of portfolio diversification. We find no evidence that the relationship between newborn gender and investment allocation is driven by third variables that simultaneously affect gender and financial decisions. The relationship between newborn gender and the financial decisions is particularly relevant to disentangle unconscious gender bias in households' investment decisions

European deposit insurance scheme and bank board composition

This paper investigates whether bank corporate governance can play a role in the aggregate risk score assigned to individual banks by regulators. We exploit regulatory changes at the European level and a fixed-effects model to reduce endogeneity issues. We contribute to the existing literature on bank corporate governance by showing that board age significantly increases bank risk. This may indicate that boards formed by older members are more entrenched and can also be less dynamic. Board size and gender composition of the board are risk-neutral

A neutral hydrogen survey of polar ring galaxies IV. Parkes observations

A total of 33 polar ring galaxies and polar ring galaxy candidates were observed in the 21-cm HI line with the 64-m Parkes radio telescope. The objects, selected by their optical morphology, are all south of declination -39 degrees and in only 5 of them HI had been reported previously. HI line emission was detected towards 18 objects, though in 3 cases the detection may be confused by another galaxy in the telescope beam, and one is a marginal detection. Eight objects were detected for the first time in HI, of which 5 did not have previously known redshifts.Comment: Accepted by Astronomy and Astrophysics, 12/2/2002; new references added on 20/2/200

Monte Carlo evaluation of the external gamma, neutron and muon induced background sources in the CUORE experiment

CUORE is a 1 ton scale cryogenic experiment aiming at the measurement of the Majorana mass of the electron neutrino. The detector is an array of 988 TeO2 bolometers used for a calorimetric detection of the two electrons emitted in the BB0n of 130Te. The sensitivity of the experiment to the lowest Majorana mass is determined by the rate of background events that can mimic a BB0n. In this paper we investigate the contribution of external sources i.e. environmental gammas, neutrons and cosmic ray muons to the CUORE background and show that the shielding setup designed for CUORE guarantees a reduction of this external background down to a level <1.0E-02 c/keV/kg/y at the Q-value, as required by the physical goal of the experiment.Comment: 14 pages, 7 figure

Formation of polar ring galaxies

Polar ring galaxies are peculiar systems in which a gas rich, nearly polar ring surrounds an early-type or elliptical host galaxy. Two formation scenarios for these objects have been proposed: they are thought to form either in major galaxy mergers or by tidal accretion of the polar material from a gas rich donor galaxy. Both scenarios are studied through N-body simulations including gas dynamics and star formation. Constraints on physical parameters are drawn out, in order to determine which scenario is the most likely to occur. Polar ring galaxies from each scenario are compared with observations and we discuss whether the accretion scenario and the merging scenario account for observational properties of polar ring galaxies. The conclusion of this study is that the accretion scenario is both the most likely and the most supported by observations. Even if the merging scenario is rather robust, most polar ring galaxies are shown to be the result of tidal gas accretion events.Comment: Accepted for publication in A&A. 20 pages, 14 figures. The resolution of several figures has been reduced in this versio

ZnMoO4: a promising bolometer for neutrinoless double beta decay searches

We investigate the performances of two ZnMoO4 scintillating crystals operated as bolometers, in view of a next generation experiment to search the neutrinoless double beta decay of Mo-100. We present the results of the alpha vs beta/gamma discrimination, obtained through the scintillation light as well as through the study of the shape of the thermal signal alone. The discrimination capability obtained at the 2615 keV line of Tl-208 is 8 sigma, using the heat-light scatter plot, while it exceeds 20 sigma using the shape of the thermal pulse alone. The achieved FWHM energy resolution ranges from 2.4 keV (at 238 keV) to 5.7 keV (at 2615 keV). The internal radioactive contaminations of the ZnMoO4 crystals were evaluated through a 407 hours background measurement. The obtained limit is < 32 microBq/kg for Th-228 and Ra-226. These values were used for a Monte Carlo simulation aimed at evaluating the achievable background level of a possible, future array of enriched ZnMoO4 crystals.Comment: 9 pages, 8 figure

Corporate governance in the European banking sector : some remarks on diversity

This work discusses some of the critical aspects of bank corporate governance in the European Union. Enhancing sound corporate governance practices has become one of the major concerns in the supervisory authority\u2019s agenda and one of the critical features to evaluate banks\u2019 stability. The global rethinking about corporate governance rules has translated into a stronger focus on board diversity for EU banks. The existing literature and sound corporate governance practices support the view that different types of board members may bring different capabilities to their banks. Even if board diversity may add complexity to the functioning of the board, the advantages it brings are of utmost importance in the challenging environment banks are facing. This work highlights the fragmentation of the EU corporate governance rules as banks have to comply with 27 sets of different regulations and codes. This complexity should not be ignored, as member states\u2019 specificities, legal systems, and a more general openness to diversity influence the effect reforms may have on banks\u2019 performance and stability

Polar Ring Galaxies and the Tully Fisher relation: implications for the dark halo shape

We have investigated the Tully-Fisher relation for Polar Ring Galaxies (PRGs), based on near infrared, optical and HI data available for a sample of these peculiar objects. The total K-band luminosity, which mainly comes from the central host galaxy, and the measured HI linewidth at 20% of the peak line flux density, which traces the potential in the polar plane, place most polar rings of the sample far from the Tully-Fisher relation defined for spiral galaxies, with many PRGs showing larger HI linewidths than expected for the observed K band luminosity. This result is confirmed by a larger sample of objects, based on B-band data. This observational evidence may be related to the dark halo shape and orientation in these systems, which we study by numerical modeling of PRG formation and dynamics: the larger rotation velocities observed in PRGs can be explained by a flattened polar halo, aligned with the polar ring.Comment: 22 pages, 8 postscript figures, accepted for publication in Astrophysical Journa

Star formation in low density HI gas around the Elliptical Galaxy NGC2865

Interacting galaxies surrounded by HI tidal debris are ideal sites for the study of young clusters and tidal galaxy formation. The process that triggers star formation in the low-density environments outside galaxies is still an open question. New clusters and galaxies of tidal origin are expected to have high metallicities for their luminosities. Spectroscopy of such objects is, however, at the limit of what can be done with existing 8-10m class telescopes, which has prevented statistical studies of these objects. NGC2865 is an UV-bright merging elliptical galaxy with shells and extended HI tails. The regions observed in this work were previously detected using multi-slit imaging spectroscopy. We obtain new multislit spectroscopy of six young star-forming regions around NGC2865, to determine their redshifts and metallicities. The six emission-line regions are located 16-40 kpc from NGC2865 and they have similar redshifts. They have ages of ~10Myears and an average metallicity of 12+log(O/H) ~ 8.6, suggesting a tidal origin for the regions. It is noted that they coincide with an extended HI tail, which has projected density of N$_{HI}$ < 10$^{19}$ cm$^{-2}$, and displays a low surface brightness counterpart. These regions may represent the youngest of the three populations of star clusters already identified in NGC2865. The high, nearly-solar, oxygen abundances found for the six regions in the vicinity of NGC2865 suggest that they were formed by pre-enriched material from the parent galaxy, from gas removed during the last major merger. Given the mass and the location of the HII regions, we can speculate that these young star-forming regions are potential precursors of globular clusters that will be part of the halo of NGC2865 in the future. Our result supports the use of the multi-slit imaging spectroscopy as a useful tool for finding nearly-formed stellar systems around galaxies.Comment: 7 pages, 2 figures accepted in A&