Industry mix and lending environment variability: what does the average bank face

Diversification opportunities for banks may be greater today because of the lessening of geographic restrictions. In addition, regional economies have undergone vast transformations, with relatively volatile industries often assuming a diminished role. To assess whether these changes have resulted in a more stable lending environment, Jeff Gunther and Ken Robinson form industry portfolios for banks based on their presence in different states and the mix of economic activity found in those states. The authors find that the risk underlying banks' lending environments declined from 1985 to 1996 because of both a geographic restructuring of the banking system and increasing industrial diversification of state economies.Banks and banking ; Financial institutions

Adverse selection and competing deposit insurance systems in pre-depression Texas

In 1910, Texas instituted a highly unique deposit insurance program for its state chartered banks consisting of two separate plans: the depositors guaranty fund, similar in operation to the deposit insurance schemes adopted in several other states; and the depositors bond security system, which required the procurement of a privately issued insurance policy. We hypothesize that the provision of a choice in funds led to risk-sorting among the banks, with the relatively conservative institutions opting for the comparatively rigorous bond security system. Employing a probit model with heteroskedasticity, the evidence we obtain from balance sheet data recorded at the time the banks were required to enlist in an insurance plan indicates that such was the case, as the alternative plan relying on privately issued insurance was widely unpopular except among relatively conservative and well-managed institutions.Deposit insurance

Antiepileptic drugs and suicidality

The risk of suicide in patients with epilepsy is significantly higher than the general population. There are many hypotheses as to the reasons for this, but the potential role of anti-epileptic drugs (AEDs) in increasing suicidality has recently been brought into question. In 2008, the U.S. Food and Drug Administration (FDA) published a warning after a meta-analysis of data from all clinical trials involving AEDs found a suicidality risk of 0.43 per 1000 patients in active drug arms of these clinical trials compared to a rate in the placebo arm of 0.22. While an increased risk for individual AEDs was found in two, the FDA decided to issue a warning for the entire AED class. While this decision and the meta-analysis findings have been considered controversial, and have created concern that this stated risk may dissuade use of AEDs by patients who would benefit from them, it has led to increased awareness of the risk of suicidality and psychiatric co-morbidity in this patient group. In this article, the association of epilepsy and AEDs with psychiatric disease and suicidality are reviewed, perspective as to the significance and limitations of the FDA’s findings are discussed, and some options for suicidality screening and their potential utility in clinical care are evaluated

An analysis of ultraviolet spectra of Extreme Helium Stars and new clues to their origins

Abundances of about 18 elements including the heavy elements Y and Zr are determined from Hubble Space Telescope Space Telescope Imaging Spectrograph ultraviolet spectra of seven extreme helium stars (EHes): LSE 78, BD+10 2179, V1920 Cyg, HD 124448, PV Tel, LS IV -1 2, and FQ Aqr. New optical spectra of the three stars -- BD+10 2179, V1920 Cyg, and HD 124448 were analysed. The abundance analyses is done using LTE line formation and LTE model atmospheres especially constructed for these EHe stars. The stellar parameters derived from an EHe's UV spectrum are in satisfactory agreement with those derived from its optical spectrum. Adopted abundances for the seven EHes are from a combination of the UV and optical analyses. Published results for an additional ten EHes provide abundances obtained in a nearly uniform manner for a total of 17 EHes, the largest sample on record. The initial metallicity of an EHe is indicated by the abundance of elements from Al to Ni; Fe is adopted to be the representative of initial metallicity. Iron abundances range from approximately solar to about one-hundredth of solar. Clues to EHe evolution are contained within the H, He, C, N, O, Y, and Zr abundances. Two novel results are (i) the O abundance for some stars is close to the predicted initial abundance yet the N abundance indicates almost complete conversion of initial C, N, and O to N by the CNO-cycles; (ii) three of the seven stars with UV spectra show a strong enhancement of Y and Zr attributable to an s-process. The observed compositions are discussed in light of expectations from accretion of a He white dwarf by a CO white dwarf.Comment: 126 pages, 15 figures, 20 Tables, accepted for publication in the Ap

The use of red mud/gypsum to reduce water pollution from sandy soils used for vegetable production

An important domestic and export vegetable industry is located on the sands of the Swan Coastal Plain (SCP) in Western Australia. The total value of the vegetable industry on the SCP was estimated at $90M in 1996/7 or about 50% of the total value of the industry. This vegetable production has been located on good quality sands such as the Spearwood and yellow Karrakatta sands, close to the coast, since the 1950s. However in recent years competition for this land for urban and industrial use has forced vegetable production onto soils with poorer water and phosphorus retention capacity such as the more acidic Bassendean (Joel) and grey-phase Karrakatta sands. This has lead leaching of fertiliser phosphorus into water systems of the SCP such as lakes, rivers and estuaries with resulting pollution (algae blooms). Even though vegetable production is not the only or main source of this leached phosphorus the issue has resulted in negative publicity for the industry and increased scrutiny of industry practices by government agencies charged with responsibility for water, the environment and health

Visual imagination and cognitive mapping of a virtual building

We investigated the contribution of visual imagination to the cognitive mapping of a building when initial exploration was simulated either visually by using a passive video walk-through, or mentally by using verbal guidance. Building layout had repeating elements with either rotational or mirror symmetry. Cognitive mapping of the virtual building, determined using questionnaires and map drawings, was present following verbal guidance but inferior to that following video guidance. Mapping was not affected by the building's structural symmetry. However, notably, it correlated with small-scale mental rotation scores for both video and verbal guidance conditions. There was no difference between males and females. A common factor that may have influenced cognitive mapping was the availability of visual information about the relationships of the building elements, either directly perceived (during the video walk-through) or imagined (during the verbal walk-through and/or during recall). Differences in visual imagination, particularly mental rotation, may thus account for some of the individual variance in cognitive mapping of complex built environments, which is relevant to how designers provide navigation-relevant information

Possible Stellar Metallicity Enhancements from the Accretion of Planets

A number of recently discovered extrasolar planet candidates have surprisingly small orbits, which may indicate that considerable orbital migration takes place in protoplanetary systems. A natural consequence of orbital migration is for a series of planets to be accreted, destroyed, and then thoroughly mixed into the convective envelope of the central star. We study the ramifications of planet accretion for the final main sequence metallicity of the star. If maximum disk lifetimes are on the order of 10 Myr, stars with masses near 1 solar mass are predicted to have virtually no metallicity enhancement. On the other hand, early F and late A type stars with masses of 1.5--2.0 solar masses can experience significant metallicity enhancements due to their considerably smaller convection zones during the first 10 Myr of pre-main-sequence evolution. We show that the metallicities of an aggregate of unevolved F stars are consistent with an average star accreting about 2 Jupiter-mass planets from a protoplanetary disk having a 10 Myr dispersal time.Comment: 14 pages, AAS LaTeX, 3 figures, accepted to ApJ Letter

Don't break a leg: Running birds from quail to ostrich prioritise leg safety and economy in uneven terrain

Cursorial ground birds are paragons of bipedal running that span a 500-fold mass range from quail to ostrich. Here we investigate the task-level control priorities of cursorial birds by analysing how they negotiate single-step obstacles that create a conflict between body stability (attenuating deviations in body motion) and consistent leg force–length dynamics (for economy and leg safety). We also test the hypothesis that control priorities shift between body stability and leg safety with increasing body size, reflecting use of active control to overcome size-related challenges. Weight-support demands lead to a shift towards straighter legs and stiffer steady gait with increasing body size, but it remains unknown whether non-steady locomotor priorities diverge with size. We found that all measured species used a consistent obstacle negotiation strategy, involving unsteady body dynamics to minimise fluctuations in leg posture and loading across multiple steps, not directly prioritising body stability. Peak leg forces remained remarkably consistent across obstacle terrain, within 0.35 body weights of level running for obstacle heights from 0.1 to 0.5 times leg length. All species used similar stance leg actuation patterns, involving asymmetric force–length trajectories and posture-dependent actuation to add or remove energy depending on landing conditions. We present a simple stance leg model that explains key features of avian bipedal locomotion, and suggests economy as a key priority on both level and uneven terrain. We suggest that running ground birds target the closely coupled priorities of economy and leg safety as the direct imperatives of control, with adequate stability achieved through appropriately tuned intrinsic dynamics

Direct measurement of molecular stiffness and damping in confined water layers

We present {\em direct} and {\em linear} measurements of the normal stiffness and damping of a confined, few molecule thick water layer. The measurements were obtained by use of a small amplitude (0.36 $\textrm{\AA}$), off-resonance Atomic Force Microscopy (AFM) technique. We measured stiffness and damping oscillations revealing up to 7 layers separated by 2.56 $\pm$ 0.20 $\textrm{\AA}$. Relaxation times could also be calculated and were found to indicate a significant slow-down of the dynamics of the system as the confining separation was reduced. We found that the dynamics of the system is determined not only by the interfacial pressure, but more significantly by solvation effects which depend on the exact separation of tip and surface. Thus ` solidification\rq seems to not be merely a result of pressure and confinement, but depends strongly on how commensurate the confining cavity is with the molecule size. We were able to model the results by starting from the simple assumption that the relaxation time depends linearly on the film stiffness.Comment: 7 pages, 6 figures, will be submitted to PR