An Event Study Analysis of Too-Big-to-Fail After the Dodd-Frank Act: Who is Too Big to Fail?

One feature of the Dodd-Frank Act is the elimination of too-big-to-fail (TBTF) banks. TBTF is a government guarantee of large banks that has been shown to increase the value of these banks, so removing the guarantee should result in a price decline of TBTF bank stock. Using event study methods, we find very limited reaction to the process of eliminating TBTF. Specifically, there is limited reaction among the largest banks and banks receiving special attention, such as Systemically Important Financial Institutions (SIFI) banks. Instead, smaller banks not receiving special attention show some evidence of negative returns with the elimination of TBTF

Determination of the Cosmic Distance Scale from Sunyaev-Zel'dovich Effect and Chandra X-ray Measurements of High Redshift Galaxy Clusters

We determine the distance to 38 clusters of galaxies in the redshift range 0.14 < z < 0.89 using X-ray data from Chandra and Sunyaev-Zeldovich Effect data from the Owens Valley Radio Observatory and the Berkeley-Illinois-Maryland Association interferometric arrays. The cluster plasma and dark matter distributions are analyzed using a hydrostatic equilibrium model that accounts for radial variations in density, temperature and abundance, and the statistical and systematic errors of this method are quantified. The analysis is performed via a Markov chain Monte Carlo technique that provides simultaneous estimation of all model parameters. We measure a Hubble constant of 76.9 +3.9-3.4 +10.0-8.0 km/s/Mpc (statistical followed by systematic uncertainty at 68% confidence) for an Omega_M=0.3, Omega_Lambda=0.7 cosmology. We also analyze the data using an isothermal beta model that does not invoke the hydrostatic equilibrium assumption, and find H_0=73.7 +4.6-3.8 +9.5-7.6 km/s/Mpc; to avoid effects from cool cores in clusters, we repeated this analysis excluding the central 100 kpc from the X-ray data, and find H_0=77.6 +4.8-4.3 +10.1-8.2 km/s/Mpc. The consistency between the models illustrates the relative insensitivity of SZE/X-ray determinations of H_0 to the details of the cluster model. Our determination of the Hubble parameter in the distant universe agrees with the recent measurement from the Hubble Space Telescope key project that probes the nearby universe.Comment: ApJ submitted (revised version

X-ray and Sunyaev-Zel'dovich Effect Measurements of the Gas Mass Fraction in Galaxy Clusters

We present gas mass fractions of 38 massive galaxy clusters spanning redshifts from 0.14 to 0.89, derived from Chandra X-ray data and OVRO/BIMA interferometric Sunyaev-Zel'dovich Effect measurements. We use three models for the gas distribution: (1) an isothermal beta-model fit jointly to the X-ray data at radii beyond 100 kpc and to all of the SZE data,(2) a non-isothermal double beta-model fit jointly to all of the X-ray and SZE data, and (3) an isothermal beta-model fit only to the SZE spatial data. We show that the simple isothermal model well characterizes the intracluster medium (ICM) outside of the cluster core in clusters with a wide range of morphological properties. The X-ray and SZE determinations of mean gas mass fractions for the 100 kpc-cut isothermal beta-model are fgas(X-ray)=0.110 +0.003-0.003 +0.006-0.018 and fgas(SZE)=0.116 +0.005-0.005 +0.009-0.026, where uncertainties are statistical followed by systematic at 68% confidence. For the non-isothermal double beta-model, fgas(X-ray)=0.119 +0.003-0.003 +0.007-0.014 and fgas(SZE)=0.121 +0.005-0.005 +0.009-0.016. For the SZE-only model, fgas(SZE)=0.120 +0.009-0.009 +0.009-0.027. Our results indicate that the ratio of the gas mass fraction within r2500 to the cosmic baryon fraction is 0.68 +0.10-0.16 where the range includes statistical and systematic uncertainties. By assuming that cluster gas mass fractions are independent of redshift, we find that the results are in agreement with standard LambdaCDM cosmology and are inconsistent with a flat matter dominated universe.Comment: ApJ, submitted. 47 pages, 5 figures, 8 table

Photoreversible interconversion of a phytochrome photosensory module in the crystalline state.

A major barrier to defining the structural intermediates that arise during the reversible photointerconversion of phytochromes between their biologically inactive and active states has been the lack of crystals that faithfully undergo this transition within the crystal lattice. Here, we describe a crystalline form of the cyclic GMP phosphodiesterases/adenylyl cyclase/FhlA (GAF) domain from the cyanobacteriochrome PixJ in Thermosynechococcus elongatus assembled with phycocyanobilin that permits reversible photoconversion between the blue light-absorbing Pb and green light-absorbing Pg states, as well as thermal reversion of Pg back to Pb. The X-ray crystallographic structure of Pb matches previous models, including autocatalytic conversion of phycocyanobilin to phycoviolobilin upon binding and its tandem thioether linkage to the GAF domain. Cryocrystallography at 150 K, which compared diffraction data from a single crystal as Pb or after irradiation with blue light, detected photoconversion product(s) based on Fobs - Fobs difference maps that were consistent with rotation of the bonds connecting pyrrole rings C and D. Further spectroscopic analyses showed that phycoviolobilin is susceptible to X-ray radiation damage, especially as Pg, during single-crystal X-ray diffraction analyses, which could complicate fine mapping of the various intermediate states. Fortunately, we found that PixJ crystals are amenable to serial femtosecond crystallography (SFX) analyses using X-ray free-electron lasers (XFELs). As proof of principle, we solved by room temperature SFX the GAF domain structure of Pb to 1.55-Å resolution, which was strongly congruent with synchrotron-based models. Analysis of these crystals by SFX should now enable structural characterization of the early events that drive phytochrome photoconversion

The Open Source GAITOR Suite for Rodent Gait Analysis

Locomotive changes are often associated with disease or injury, and these changes can be quantified through gait analysis. Gait analysis has been applied to preclinical studies, providing quantitative behavioural assessment with a reasonable clinical analogue. However, available gait analysis technology for small animals is somewhat limited. Furthermore, technological and analytical challenges can limit the effectiveness of preclinical gait analysis. The Gait Analysis Instrumentation and Technology Optimized for Rodents (GAITOR) Suite is designed to increase the accessibility of preclinical gait analysis to researchers, facilitating hardware and software customization for broad applications. Here, the GAITOR Suite’s utility is demonstrated in 4 models: a monoiodoacetate (MIA) injection model of joint pain, a sciatic nerve injury model, an elbow joint contracture model, and a spinal cord injury model. The GAITOR Suite identified unique compensatory gait patterns in each model, demonstrating the software’s utility for detecting gait changes in rodent models of highly disparate injuries and diseases. Robust gait analysis may improve preclinical model selection, disease sequelae assessment, and evaluation of potential therapeutics

Developing young people's sense of self and place through sport

Previous research has recognized positive health implications, both physical and mental, as an outcome of participation in leisure pursuits. They provide opportunities for self-expression and stress reduction, as well as an environment in which people can socialize. Leisure activities, specifically sport activities, can play a significant role in young people's identity development. This paper explores the leisure activities in which young people in Adelaide, Australia participate. It examines the role of leisure activities in terms of young people's identity and feelings towards their hometown. This study consisted of semi-structured focus groups conducted with 24 senior high school students, followed by a survey resulting in 226 useable responses. Respondents were aged between 16 and 18 years of age. From the range of activities identified and explored, the results revealed sports activities to have the greatest impact on young people's lives. The results demonstrated that frequency of participation has a significant effect on young people's involvement levels and how they identify with the activity