The Financial Modernization Act: evolution or revolution?

The Gramm-Leach-Bliley Act (GLBA) removed the barriers that separated commercial banking from investment banking, merchant banking, and insurance activities. Did this legislation revolutionize the financial services industry by allowing Financial Holding Companies (FHCs) to exploit revenue efficiencies and cost economies, or did it merely formalize an evolutionary process of deregulation that was already well underway? Our evidence refutes the notion that the GLBA was a revolutionary event, at least in the short run. Using a combination of market and accounting data, we find that, to date, FHC status has had little effect on bank performance. We do find, however, limited evidence that FHCs that were Section 20 affiliates before passage of the GLBA were able to further exploit the synergies between investment banking and commercial banking.Gramm-Leach-Bliley Act ; Banking law - United States ; Bank holding companies

Galilean and Dynamical Invariance of Entanglement in Particle Scattering

Particle systems admit a variety of tensor product structures (TPSs) depending on the algebra of observables chosen for analysis. Global symmetry transformations and dynamical transformations may be resolved into local unitary operators with respect to certain TPSs and not with respect to others. Symmetry-invariant and dynamical-invariant TPSs are defined and various notions of entanglement are considered for scattering states.Comment: 4 pages, no figures; v.3 has typos corrected, a new reference, and a revised conclusio

Variation in Population Sex Ratio and Mating Success of Asexual Lineages of \u3ci\u3eAlsophila pometaria\u3c/i\u3e (Lepidoptera: Geometridae)

Populations of Alsophila pometaria (Harris) are largely gynogenetic and composed of asexual females that must mate with a conspecific male to reproduce. Within this asexual contingent, there are a variety of electrophoretically defined multilocus genotypes. In this study we found that populations differ in sex ratio. We also found that there is an indication of differential mating success among asexual genotypes in a population of A. pometaria

Survivorship and Growth of Sexually and Asexually Derived Larvae of \u3ci\u3eAlsophila pometaria\u3c/i\u3e (Lepidoptera: Geometridae)

A substantial body of theory is devoted to understanding the relative advantages of sexual and asexual reproduction. It is generally understood that asexual forms potentially have a higher rate of reproduction because they save the cost of producing males. The micro-evolutionary consequences of sexual and asexual reproduction are less clear. Sexual reproduction generates abundant genotypic diversity which may be adaptively advantageous (Williams 1975; Maynard Smith 1978). Asexual reproduction may perpetuate combinations of genes that are co-adapted (Templeton 1979), heterotic (Suomalainen et al. 1976; White 1979), or specialized (Vrijenhoek 1979, 1984). Thus, it is possible that the fitness of a sexual population may be lower than an asexual, in part, because recombination tends to break up especially favorable genotypes (Williams 1975; Hebert 1978). If it is generally observed that asexual reproduction has an immediate adaptive as well as a reproductive advantage, then it is difficult to see how sexual reproduction can be maintained by short-term advantages (Williams 1975). A comparison of closely related sexual and asexual forms is a promising avenue of research to evaluate experimentally the consequences of both modes of reproduction (Maynard Smith 1978). In this study, geometrid moth larvae (Alsophila pometaria) derived from both kinds of reproduction were reared on different host plants. The goal was to assess larval viability and growth in an ecologically relevant context and thus partially characterize the fitness of sexual and asexual reproduction

Variation in Population Sex Ratio and Mating Success of Asexual Lineages of \u3ci\u3eAlsophila pometaria\u3c/i\u3e (Lepidoptera: Geometridae)

Populations of Alsophila pometaria (Harris) are largely gynogenetic and composed of asexual females that must mate with a conspecific male to reproduce. Within this asexual contingent, there are a variety of electrophoretically defined multilocus genotypes. In this study we found that populations differ in sex ratio. We also found that there is an indication of differential mating success among asexual genotypes in a population of A. pometaria

The Origin and Distribution of Clonal Diversity in \u3ci\u3eAlsophila pometaria\u3c/i\u3e (Lepidoptera: Geometridae)

A survey of spatial and temporal variation in the frequency of electrophoretically defined genotypes in the geometrid moth Alsophila pometaria revealed a high diversity of uncommon or rare asexual genotypes and clinal distributions of two of the more common clones. There was substantial year-to-year variation in genotype frequencies in seven of eleven sites. Progeny tests have revealed that sexual reproduction is uncommon in two populations and that new asexual genotypes arise from the sexual population. The recurrent origin of asexual genotypes is likely to account for the high genetic and ecological diversity of the asexual contingent of this species’ populations, in contrast to the lower genetic diversity in some obligately asexual species in which such recruitment does not occur

The Superconducting Transition Temperatures of Fe1+xSe1--y, Fe1+xSe1--yTey and (K/Rb/Cs)zFe2--xSe2

In a recent contribution to this journal, it was shown that the transition temperatures of optimal high-Tc compounds obey the algebraic relation, Tc0 = kB-1{\beta}/\ell{\zeta}, where \ell is related to the mean spacing between interacting charges in the layers, {\zeta} is the distance between interacting electronic layers, {\beta} is a universal constant and kB is Boltzmann's constant. The equation was derived assuming pairing based on interlayer Coulomb interactions between physically separated charges. This theory was initially validated for 31 compounds from five different high-Tc families (within an accuracy of \pm1.37 K). Herein we report the addition of Fe1+xSe1-y and Fe1+xSe1-yTey (both optimized under pressure) and AzFe2-xSe2 (for A = K, Rb, or Cs) to the growing list of Coulomb-mediated superconducting compounds in which Tc0 is determined by the above equation. Doping in these materials is accomplished through the introduction of excess Fe and/or Se deficiency, or a combination of alkali metal and Fe vacancies. Consequently, a very small number of vacancies or interstitials can induce a superconducting state with a substantial transition temperature. The confirmation of the above equation for these Se-based Fe chalcogenides increases to six the number of superconducting families for which the transition temperature can be accurately predicted.Comment: 16 pages, 54 references 3 figures 1 tabl

Limits on entanglement in rotationally-invariant scattering of spin systems

This paper investigates the dynamical generation of entanglement in scattering systems, in particular two spin systems that interact via rotationally-invariant scattering. The spin degrees of freedom of the in-states are assumed to be in unentangled, pure states, as defined by the entropy of entanglement. Because of the restriction of rotationally-symmetric interactions, perfectly-entangling S-matrices, i.e. those that lead to a maximally entangled out-state, only exist for a certain class of separable in-states. Using Clebsch-Gordan coefficients for the rotation group, the scattering phases that determine the S-matrix are determined for the case of spin systems with $\sigma = 1/2$, 1, and 3/2.Comment: 6 pages, no figures; v.2: sections added, edited for clarity, conclusions and calculation unchanged, typos corrected; v.3: new abstrct, revised first two sections, added reference