Risk-return Efficiency, Financial Distress Risk, and Bank Financial Strength Ratings

This paper investigates whether there is any consistency between banks' financial strength ratings (bank rating) and their risk-return profiles. It is expected that banks with high ratings tend to earn high expected returns for the risks they assume and thereby have a low probability of experiencing financial distress. Bank ratings, a measure of a bank's intrinsic safety and soundness, should therefore be able to capture the bank's ability to manage financial distress while achieving risk-return efficiency. We first estimate the expected returns, risks, and financial distress risk proxy (the inverse z-score), then apply the stochastic frontier analysis (SFA) to obtain the risk-return efficiency score for each bank, and finally conduct ordered logit regressions of bank ratings on estimated risks, risk-return efficiency, and the inverse z-score by controlling for other variables related to each bank's operating environment. We find that banks with a higher efficiency score on average tend to obtain favorable ratings. It appears that rating agencies generally encourage banks to trade expected returns for reduced risks, suggesting that these ratings are generally consistent with banks' risk-return profiles.bank ratings; risk-return efficiency; stochastic frontier analysis

Prey capture and meat-eating by the wild colobus monkey _Rhinopithecus bieti_ in Yunnan, China

If it is true that extant primates evolved from an insectivorous ancestor, then primate entomophagy would be a primitive trait. Many taxa, however, have undergone a dietary shift from entomophagy to phytophagy, evolving a specialised gut and dentition and becoming exclusive herbivores. The exclusively herbivorous taxa are the Malagasy families Indriidae and Lepilemuridae, and the Old World Monkey subfamily Colobinae, and among these meat-eating has not been observed except as an anomaly, with the sole exception of the Hanuman langur (_Semnopithecus entellus_), which feeds on insects seasonally, and a single observation of a nestling bird predated by wild Sichuan snub-nosed monkeys (_Rhinopithecus roxellana_). Here, we describe the regular capture of warm-blooded animals and the eating of meat by a colobine, the critically endangered Yunnan snub-nosed monkey (_Rhinopithecus bieti_). This monkey engages in scavenge hunting as a male-biased activity that may, in fact, be related to group structure and spatial spread. In this context, meat-eating can be regarded as an energy/nutrient maximization feeding strategy rather than as a consequence of any special characteristic of meat itself. The finding of meat-eating in forest-dwelling primates might provide new insights into the evolution of dietary habits in early humans

A mechanism to pin skyrmions in chiral magnets

We propose a mechanism to pin skyrmions in chiral magnets by introducing local maximum of magnetic exchange strength, which can be realized in chiral magnetic thin films by engineering the local density of itinerate electrons. Thus we find a way to artificially control the position of a single skyrmion in chiral magnetic thin films. The stationary properties and the dynamical pinning and depinning processes of an isolated skyrmion around a pinning center are studied. We do a series of simulations to show that the critical current to depin a skyrmion has linearly dependence on the pinning strength. We also estimate the critical current to have order of magnitude 10^{7}\sim10^{8}A/m^{2}