The value of relationship banking during financial crises : evidence from the Republic of Korea

A systemic financial crisis with monetary restriction is probably the most promising occasion for assessing whether, and to what extent, relationship banking is valuable to borrowers. The authors take this question to a unique database of credit bureau, microeconomic information covering the pervasive financial crisis the Republic of Korea experienced in 1997-98. The database includes all corporate borrowers surveyed by the Korean Credit Bureau, providing details on the structure of their borrowings, and on their relationship with lending banks. The authors did not have access to the identity of the corporate borrower, and their only non-financial control variable was the borrower's Standard Industrial Classification (SIC). This restriction limited their analysis to smaller borrowers, keeping their sample focused on small, and medium-size enterprises, which were likely to rely on banks for external financing. Their findings: 1) Outstanding loans plunge more for firms with weaker pre-crisis relationship banking. 2) The drop in credit lines - arguably a proxy identifying shifts in the loan supply - is larger for firms relying less on strong relationship banking. 3) More intense pre-crisis relationship banking reduces the probability that a previously non-delinquent firm would build (increase) its loans in arrears in 1998, the year of the sharpest liquidity constraints. 4) All things equal, this probability depends on whether firms were borrowing from one (or more) of the five banks foreclosed in June 1998, showing that it might be particularly difficult for borrowers to replace distressed lending banks during a financial crisis. The authors'findings support the hypothesis that relationship banking = with surviving banks - has a positive value during a systemic financial crisis. They argue that for many viable small, and medium-size businesses in Korea, relationship banking reduced liquidity constraints, and thus, diminished the probability of unwarranted bankruptcy.Financial Intermediation,Banks&Banking Reform,Financial Crisis Management&Restructuring,Economic Adjustment and Lending,Housing Finance

Vav1 inhibits RANKL-induced osteoclast differentiation and bone resorption

Vav1 is a Rho/Rac guanine nucleotide exchange factor primarily expressed in hematopoietic cells. In this study, we investigated the potential role of Vav1 in osteoclast (OC) differentiation by comparing the ability of bone marrow mononuclear cells (BMMCs) obtained from Vav1-deficient (Vav1−/−) and wild-type (WT) mice to differentiate into mature OCs upon stimulation with macrophage colony stimulating factor and receptor activator of nuclear kappa B ligand in vitro. Our results suggested that Vav1 deficiency promoted the differentiation of BMMCs into OCs, as indicated by the increased expression of tartrate-resistant acid phosphatase, cathepsin K, and calcitonin receptor. Therefore, Vav1 may play a negative role in OC differentiation. This hypothesis was supported by the observation of more OCs in the femurs of Vav1−/− mice than in WT mice. Furthermore, the bone status of Vav1−/− mice was analyzed in situ and the femurs of Vav1−/− mice appeared abnormal, with poor bone density and fewer number of trabeculae. In addition, Vav1-deficient OCs showed stronger adhesion to vitronectin, an αvβ3 integrin ligand important in bone resorption. Thus, Vav1 may inhibit OC differentiation and protect against bone resorption

We are the ... of Communism = 我們是共產主義省略號

Film Director: Cui Zi’en (崔子恩) Film Release Year: 2007https://commons.ln.edu.hk/ccs_worksheet/1000/thumbnail.jp

Assessment of the APCC Coupled MME Suite in Predicting the Distinctive Climate Impacts of Two Flavors of ENSO during Boreal Winter

Forecast skill of the APEC Climate Center (APCC) Multi-Model Ensemble (MME) seasonal forecast system in predicting two main types of El Nino-Southern Oscillation (ENSO), namely canonical (or cold tongue) and Modoki ENSO, and their regional climate impacts is assessed for boreal winter. The APCC MME is constructed by simple composite of ensemble forecasts from five independent coupled ocean-atmosphere climate models. Based on a hindcast set targeting boreal winter prediction for the period 19822004, we show that the MME can predict and discern the important differences in the patterns of tropical Pacific sea surface temperature anomaly between the canonical and Modoki ENSO one and four month ahead. Importantly, the four month lead MME beats the persistent forecast. The MME reasonably predicts the distinct impacts of the canonical ENSO, including the strong winter monsoon rainfall over East Asia, the below normal rainfall and above normal temperature over Australia, the anomalously wet conditions across the south and cold conditions over the whole area of USA, and the anomalously dry conditions over South America. However, there are some limitations in capturing its regional impacts, especially, over Australasia and tropical South America at a lead time of one and four months. Nonetheless, forecast skills for rainfall and temperature over East Asia and North America during ENSO Modoki are comparable to or slightly higher than those during canonical ENSO events

Sociological and Human Developmental Explanations of Crime: Conflict or Consensus

This paper examines multidisciplinary correlates of delinquency in an attempt to integrate sociological and environmental theories of crime with human developmental and biological explanations of crime. Structural equation models are applied to assess links among biological, psychological, and environmental variables collected prospectively from birth through age 17 on a sample of 800 black children at high risk for learning and behavioral disorders. Results show that for both males and females, aggression and disciplinary problems in school during adolescence are the strongest predictors of repeat offense behavior. Whereas school achievement and family income and stability are also significant predictors of delinquency for males, early physical development is the next strongest predictor for females. Results indicate that some effects on delinquency also vary during different ages. It is suggested that behavioral and learning disorders have both sociological and developmental correlates and that adequate educational resources are necessary to ensure channels of legitimate opportunities for high-risk youths