Thrifty Viability and Traditional Mortgage Lending: A Simultaneous Equations Analysis of the Risk-Return Trade-Off

A number of studies have argued that the thrift industry is not viable as it is presently structured and regulated because mortgage yields are inadequate to cover interest and operating costs. This hypothesis suggests that observed profitability is primarily the result of the tendency of the industry to "ride" the yield curve by borrowing short and lending long. To evaluate this argument, we construct a simultaneous-equations model of thrift risk (maturity gap positions) and return (net interest margin). We find support for the notion that the industry could not be reasonably profitable if it did not take on significant interest-rate risk. For instance, a zero gap position produces a return on assets of only 19 basis points and a return on equity of only 4%. We also estimate the amount of interest-rate risk the industry can employ to increase returns on equity and assets. Our estimates show that over 50% of thrift profits earned during this period are the result of negative gap positions and interest-rate speculation. As earlier research shows, changes in regulations affecting thrift asset and liability choices can be counterproductive.

Diverse diazotrophs are present on sinking particles in the North Pacific Subtropical Gyre.

Sinking particles transport carbon and nutrients from the surface ocean into the deep sea and are considered hot spots for bacterial diversity and activity. In the oligotrophic oceans, nitrogen (N2)-fixing organisms (diazotrophs) are an important source of new N but the extent to which these organisms are present and exported on sinking particles is not well known. Sinking particles were collected every 6 h over a 2-day period using net traps deployed at 150 m in the North Pacific Subtropical Gyre. The bacterial community and composition of diazotrophs associated with individual and bulk sinking particles was assessed using 16S rRNA and nifH gene amplicon sequencing. The bacterial community composition in bulk particles remained remarkably consistent throughout time and space while large variations of individually picked particles were observed. This difference suggests that unique biogeochemical conditions within individual particles may offer distinct ecological niches for specialized bacterial taxa. Compared to surrounding seawater, particle samples were enriched in different size classes of globally significant N2-fixing cyanobacteria including Trichodesmium, symbionts of diatoms, and the unicellular cyanobacteria Crocosphaera and UCYN-A. The particles also contained nifH gene sequences of diverse non-cyanobacterial diazotrophs suggesting that particles could be loci for N2 fixation by heterotrophic bacteria. The results demonstrate that diverse diazotrophs were present on particles and that new N may thereby be directly exported from surface waters on sinking particles

Space-time dependent couplings in N=1 SUSY gauge theories: Anomalies and Central Functions

We consider N=1 supersymmetric gauge theories in which the couplings are allowed to be space-time dependent functions. Both the gauge and the superpotential couplings become chiral superfields. As has recently been shown, a new topological anomaly appears in models with space-time dependent gauge coupling. Here we show how this anomaly may be used to derive the NSVZ beta function in a particular, well-determined renormalisation scheme, both without and with chiral matter. Moreover we extend the topological anomaly analysis to theories coupled to a classical curved superspace background, and use it to derive an all-order expression for the central charge c, the coefficient of the Weyl tensor squared contribution to the conformal anomaly. We also comment on the implications of our results for the central charge a expected to be of relevance for a four-dimensional C-theorem.Comment: 28 pages, LaTeX, no figure

Pharmacological and Physiological Characterization of the Tremulous Jaw Movement Model of Parkinsonian Tremor: Potential Insights into the Pathophysiology of Tremor

Tremor is a cardinal symptom of parkinsonism, occurring early on in the disease course and affecting more than 70% of patients. Parkinsonian resting tremor occurs in a frequency range of 3–7 Hz and can be resistant to available pharmacotherapy. Despite its prevalence, and the significant decrease in quality of life associated with it, the pathophysiology of parkinsonian tremor is poorly understood. The tremulous jaw movement (TJM) model is an extensively validated rodent model of tremor. TJMs are induced by conditions that also lead to parkinsonism in humans (i.e., striatal DA depletion, DA antagonism, and cholinomimetic activity) and reversed by several antiparkinsonian drugs (i.e., DA precursors, DA agonists, anticholinergics, and adenosine A2A antagonists). TJMs occur in the same 3–7 Hz frequency range seen in parkinsonian resting tremor, a range distinct from that of dyskinesia (1–2 Hz), and postural tremor (8–14 Hz). Overall, these drug-induced TJMs share many characteristics with human parkinsonian tremor, but do not closely resemble tardive dyskinesia. The current review discusses recent advances in the validation of the TJM model, and illustrates how this model is being used to develop novel therapeutic strategies, both surgical and pharmacological, for the treatment of parkinsonian resting tremor

An introduction to enterprise modeling and simulation

As part of an ongoing effort to continuously improve productivity, quality, and efficiency of both industry and Department of Energy enterprises, Los Alamos National Laboratory is investigating various manufacturing and business enterprise simulation methods. A number of enterprise simulation software models are being developed to enable engineering analysis of enterprise activities. In this document the authors define the scope of enterprise modeling and simulation efforts, and review recent work in enterprise simulation at Los Alamos National Laboratory as well as at other industrial, academic, and research institutions. References of enterprise modeling and simulation methods and a glossary of enterprise-related terms are provided

Synthesis, Characterization, and Molecular Structure of Bis(tetraphenylcyclopentdienyl)rhodium(II)⊗

A 5 day diglyme reflux of Rh(acac)3 and K(C5HPh4), followed by treatment with aqueous HPF6, produces orange-yellow [(C5HPh4)2Rh]PF66 in 40 - 50% yield. Reduction of [(C5HPh4)2Rh]PF6 with sodium amalgam in THF yields olive green (C5HPh4)2Rh in 70% yield. (C5HPh4)2Rh crystallizes in the triclinic [Error : unloaded OLE object or mail attachment]space group with unit-cell parameters of a = 8.622 (3) Å, b = 10.778 (4) Å, c = 12.894 (5) Å, a = 65.58 (3)°, b = 72.66 (3)°, g = 83.52 (3)°, and Z = 1. The least squares data refined to RF = 7.63% and RwF = 10.12% for the 2479 independent observed reflections with Fo \u3e 5s(Fo ). The metal-centroid distance is 1.904 Å and all other bond lengths and angles are similar to known octaphenylmetallocenes. ESR spectra of (C5HPh4)2Rh in low-temperature glasses display a rhombic g-tensor with resolution of Rh hyperfine splitting on one-g-component. Analysis of the spectral parameters is consistent with a d7 configuration derived from a nearly degenerate dxz, dyz ground state. Voltammetry and coulometry establish the electron-transfer series (C5HPh4)2Rh1+/0/1- with E° values of -1.44 V and -2.13 V vs ferrocene. The heterogeneous charge transfer rate of the second reduction is about three orders of magnitude lower than that of the first

Enhanced hydrogenation catalyst synthesized by Desulfovibrio desulfuricans exposed to a radio frequency magnetic field

EPSRC (EP/I007806/1; EP/D05768X/1), BBSRC (BB/ C516128/1), NERC (NE/L014076/1), The Royal Society (Industrial Fellowship) and Spanish Government Sistema Nacional de Garantia Juvenil grant PEJ-2014-P-00391.This work was supported by EPSRC (grants No EP/ I007806/1 and EP/D05768X/1), BBSRC (grant No BB/ C516128/1), NERC (grant NE/L014076/1) and by a Royal Society Industrial Fellowship to LEM for secondment into C-Tech Innovation Ltd., who provided the bespoke apparatus used in this work. We acknowledge the invaluable contributions of the late Dr Ruth Wroe of C-Tech Innovation Ltd. into useful discussions and the kind permission of Drs S. Megit, C. Berry and A. Morby (University of Cardiff, UK) to show their unpublished work in Supplementary Information. This work was partially supported by the Spanish Government Sistema Nacional de Garantia Juvenil Grant PEJ-2014-P- 00391 (Promocion de Empleo Joven e Implantacion de la Garantia Juvenil 2014, MINECO) with a scholarship to JGB. We also thank the EM Centre at U. Granada for access to high-resolution electron microscopy (in Fig. S2 and S3). All authors declare no competing interests.Desulfovibrio desulfuricans reduces Pd(II) to Pd(0)-nanoparticles (Pd-NPs) which are catalytically active in 2-pentyne hydrogenation. To make Pd-NPs, resting cells are challenged with Pd(II) ions (uptake), followed by addition of electron donor to promote bioreduction of cell-bound Pd(II) to Pd(0) (bio-Pd). Application of radiofrequency (RF) radiation to prepared 5 wt% bio-Pd catalyst (60 W power, 60 min) increased the hydrogenation rate by 70% with no adverse impact on selectivity to cis-2-pentene. Such treatment of a 5 wt% Pd/carbon commercial catalyst did not affect the conversion rate but reduced the selectivity. Lower-dose RF radiation (2-8 W power, 20 min) was applied to the bacteria at various stages before and during synthesis of the bio-scaffolded Pd-NPs. The reaction rate (mu mol 2-pentyne converted s(-1)) was increased by similar to threefold by treatment during bacterial catalyst synthesis. Application of RF radiation (2 or 4 W power) to resting cells prior to Pd(II) exposure affected the catalyst made subsequently, increasing the reaction rate by 50% as compared to untreated cells, while nearly doubling selectivity for cis 2-pentene. The results are discussed with respect to published and related work which shows altered dispersion of the Pd-NPs made following or during RF exposure.UK Research & Innovation (UKRI) Engineering & Physical Sciences Research Council (EPSRC) EP/I007806/1 EP/D05768X/1UK Research & Innovation (UKRI) Biotechnology and Biological Sciences Research Council (BBSRC) BB/C516128/1UK Research & Innovation (UKRI)Natural Environment Research Council (NERC) NE/L014076/1Royal Society of London European CommissionSpanish Government Sistema Nacional de Garantia Juvenil grant PEJ-2014-P-0039

Application of maximum entropy optimal projection design synthesis to a benchmark problem

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/76995/1/AIAA-20955-739.pd

An autonomous, in situ light-dark bottle device for determining community respiration and net community production

Author Posting. © The Author(s), 2018. This is the author's version of the work. It is posted here under a nonexclusive, irrevocable, paid-up, worldwide license granted to WHOI. It is made available for personal use, not for redistribution. The definitive version was published in Limnology and Oceanography-Methods 16 (2018): 323-338, doi:10.1002/lom3.10247.We describe a new, autonomous, incubation-based instrument that is deployed in situ to determine rates of gross community respiration and net community production in marine and aquatic ecosystems. During deployments at a coastal pier and in the open ocean, the PHORCYS (PHOtosynthesis and Respiration Comparison-Yielding System) captured dissolved oxygen fluxes over hourly timescales that were missed by traditional methods. The instrument uses fluorescence-quenching optodes fitted into separate light and dark chambers; these are opened and closed with piston-like actuators, allowing the instrument to make multiple, independent rate estimates in the course of each deployment. Consistent with other studies in which methods purporting to measure the same metabolic processes have yielded divergent results, respiration rate estimates from the PHORCYS were systematically higher than those calculated for the same waters using a traditional two-point Winkler titration technique. However, PHORCYS estimates of gross respiration agreed generally with separate incubations in bottles fitted with optode sensor spots. An Appendix describes a new method for estimating uncertainties in metabolic rates calculated from continuous dissolved oxygen data. Multiple successful, unattended deployments of the PHORCYS represent a small step toward fully autonomous observations of community metabolism. Yet the persistence of unexplained disagreements among aquatic metabolic rate estimates — such as those we observed between rates calculated with the PHORCYS and two existing, widely-accepted bottle-based methods — suggests that a new community intercalibration effort is warranted to address lingering sources of error in these critical measurements.This research was supported by the U.S. National Science Foundation (awards OCE-1155438 to B.A.S.V.M., J.R.V., and R.G.K., and OCE- 1059884 to B.A.S.V.M.), the Woods Hole Oceanographic Institution through a Cecil and Ida Green Foundation Innovative Technology Award and an Interdisciplinary Science Award, and a U.S. Environmental Protection Agency (EPA) STAR Graduate Fellowship to J.R.C. under Fellowship Assistance Agreement no. FP-91744301-0