On the uniqueness of community banks

To the public, all banks seem alike. But banking insiders make important distinctions between community banks and all other banks. Policymakers worry that community banks’ unique characteristics threaten their survival in the face of industry consolidation. However, despite dramatic regulatory and technological changes in the industry in the past two decades, community banks have not only survived but often prospered. ; This article explores the differences between community banks and larger banks to discover what makes community banks unique. Large banks engage primarily in transactional banking—the provision of highly standardized intermediation services, such as gathering deposits and extending loans, that require little human input to manage. Community banks, in contrast, typically focus on relationship banking, which requires more human input, more detailed credit evaluation, and localized decision making. ; Examining profit and risk measures for the 1998–2002 period for both community banks and large banking organizations, the authors find evidence that small banks were generally profitable. In all but the smallest size category, community banks have performed as well as, and often better than, large banks in managing net interest margins, aggregate profits, and credit risk. Also, community banks are more likely to adopt Subchapter S tax status, which allows them to avoid direct federal income taxation and pass tax benefits on to shareholders. These institutions typically have relatively higher returns on both equity and assets than larger banks do. Whether community banks will be able to sustain this good performance will depend, the authors conclude, on how well managers find valuable relationship lending niches, invest bank capital, and balance asset quality with growth.Community banks

Ion observations from geosynchronous orbit as a proxy for ion cyclotron wave growth during storm times

[1] There is still much to be understood about the processes contributing to relativistic electron enhancements and losses in the radiation belts. Wave particle interactions with both whistler and electromagnetic ion cyclotron (EMIC) waves may precipitate or accelerate these electrons. This study examines the relation between EMIC waves and resulting relativistic electron flux levels after geomagnetic storms. A proxy for enhanced EMIC waves is developed using Los Alamos National Laboratory Magnetospheric Plasma Analyzer plasma data from geosynchronous orbit in conjunction with linear theory. In a statistical study using superposed epoch analysis, it is found that for storms resulting in net relativistic electron losses, there is a greater occurrence of enhanced EMIC waves. This is consistent with the hypothesis that EMIC waves are a primary mechanism for the scattering of relativistic electrons and thus cause losses of such particles from the magnetosphere

Sommerfeld's image method in the calculation of van der Waals forces

We show how the image method can be used together with a recent method developed by C. Eberlein and R. Zietal to obtain the dispersive van der Waals interaction between an atom and a perfectly conducting surface of arbitrary shape. We discuss in detail the case of an atom and a semi- infinite conducting plane. In order to employ the above procedure to this problem it is necessary to use the ingenious image method introduced by Sommerfeld more than one century ago, which is a generalization of the standard procedure. Finally, we briefly discuss other interesting situations that can also be treated by the joint use of Sommerfeld's image technique and Eberlein-Zietal method.Comment: To appear in the proceedings of Conference on Quantum Field Theory under the Influence of External Conditions (QFEXT11

Tuning the effects of Landau-level mixing on anisotropic transport in quantum Hall systems

Electron-electron interactions in half-filled high Landau levels in two-dimensional electron gases in a strong perpendicular magnetic field can lead to states with anisotropic longitudinal resistance. This longitudinal resitance is generally believed to arise from broken rotational invariance, which is indicated by charge density wave (CDW) order in Hartree-Fock calculations. We use the Hartree-Fock approximation to study the influence of externally tuned Landau level mixing on the formation of interaction induced states that break rotational invariance in two-dimensional electron and hole systems. We focus on the situation when there are two non-interacting states in the vicinity of the Fermi level and construct a Landau theory to study coupled charge density wave order that can occur as interactions are tuned and the filling or mixing are varied. We examine in detail a specific example where mixing is tuned externally through Rashba spin-orbit coupling. We calculate the phase diagram and find the possibility of ordering involving coupled striped or triangular charge density waves in the two levels. Our results may be relevant to recent transport experiments on quantum Hall nematics in which Landau-level mixing plays an important role.Comment: 25 pages, 6 figure

The value of hippocampal and temporal horn volumes and rates of change in predicting future conversion to AD.

Hippocampal pathology occurs early in Alzheimer disease (AD), and atrophy, measured by volumes and volume changes, may predict which subjects will develop AD. Measures of the temporal horn (TH), which is situated adjacent to the hippocampus, may also indicate early changes in AD. Previous studies suggest that these metrics can predict conversion from amnestic mild cognitive impairment (MCI) to AD with conversion and volume change measured concurrently. However, the ability of these metrics to predict future conversion has not been investigated. We compared the abilities of hippocampal, TH, and global measures to predict future conversion from MCI to AD. TH, hippocampi, whole brain, and ventricles were measured using baseline and 12-month scans. Boundary shift integral was used to measure the rate of change. We investigated the prediction of conversion between 12 and 24 months in subjects classified as MCI from baseline to 12 months. All measures were predictive of future conversion. Local and global rates of change were similarly predictive of conversion. There was evidence that the TH expansion rate is more predictive than the hippocampal atrophy rate (P=0.023) and that the TH expansion rate is more predictive than the TH volume (P=0.036). Prodromal atrophy rates may be useful predictors of future conversion to sporadic AD from amnestic MCI

Anomalous Fisher-like zeros for the canonical partition function of noninteracting fermions

Noninteracting fermions, placed in a system with a continuous density of states, may have zeros in the $N$-fermion canonical partition function on the positive real $\beta$ axis (or very close to it), even for a small number of particles. This results in a singular free energy, and instability in other thermal properties of the system. In the context of trapped fermions in a harmonic oscillator, these zeros are shown to be unphysical. By contrast, similar bosonic calculations with continuous density of states yield sensible results.Noninteracting fermions, placed in a system with a continuous density of states yield sensible results.Comment: 5 pages and 5 figure

Responses to supplementation by dairy cows given low pasture allowances in different seasons 2. Milk production

Two factorial experiments were designed to determine the effects of stage of lactation, and season of the year, on cow responses to supplementary feeding. These experiments were conducted over consecutive years with 128 high genetic merit multiparous Holstein-Friesian cows in early, mid and late lactation in spring, summer, autumn and winter. At each stage of lactation, and in each season of the year, cows were offered a restricted pasture allowance (25 to 35 kg dry matter (DM) per cow per day), either unsupplemented (control) or with supplement at 50 MJ metabolizable energy (ME) per cow per day in experiment 1 and 80 MJ ME per cow per day in experiment 2. The two supplements given in both years were rolled maize grain (MG) and a mixture of foods formulated to nutritionally balance the diet (BR). In experiment 2, another treatment, of a generous pasture allowance (60 to 75 kg DM per cow per day) (AP), was imposed on an additional group of early lactation cows during each season. Direct milk solids (MS) (milk fat plus milk protein) responses in experiment 1 to MG were 169, 279, 195 and 251 g MS per cow per day in spring, summer, autumn and winter, respectively, while those to BR were 107, 250, 192, 289 g MS per cow per day. In experiment 2, however, milk solids responses to both supplements during spring were slightly below the control treatment, with values similar to those in experiment 1 in summer and autumn for cows on the BR but not the MG supplement. Milk solids responses to supplementary foods were largest during seasons of the year when the quantity and quality of pasture on offer resulted in the lowest milk solids yield from unsupplemented cows. When carry-over effects of feeding MG and BR on milk solids production were detected, they were only about half the magnitude of the direct effects. Serum urea concentrations were higher in control cows than those offered MG with a similar effect for BR in all but summer in experiment 1, while serum glucose concentrations were highest in winter and lowest in summer. The most important factor influencing milk solids responses was the relative food deficit (RFD) represented by the decline in milk solids yield of the respective control groups after,changing from a generous pasture allowance to restricted allowance when the feeding treatments were imposed. Total milk solids responses (direct and carry-over) to supplements were greatest when severe food restrictions, relative to the cows' current food demand, resulted in large reductions in milk solids yield of the control groups. The RFD was the best predictor of milk solids response to supplementary foods. Therefore, it is likely that cows are most responsive to supplementary foods during or immediately after the imposition of a severe food restriction

Improved methods for detecting gravitational waves associated with short gamma-ray bursts

In the era of second generation ground-based gravitational wave detectors, short gamma-ray bursts (GRBs) will be among the most promising astrophysical events for joint electromagnetic and gravitational wave observation. A targeted search for gravitational wave compact binary merger signals in coincidence with short GRBs was developed and used to analyze data from the first generation LIGO and Virgo instruments. In this paper, we present improvements to this search that enhance our ability to detect gravitational wave counterparts to short GRBs. Specifically, we introduce an improved method for estimating the gravitational wave background to obtain the event significance required to make detections; implement a method of tiling extended sky regions, as required when searching for signals associated to poorly localized GRBs from Fermi Gamma-ray Burst Monitor or the InterPlanetary Network; and incorporate astrophysical knowledge about the beaming of GRB emission to restrict the search parameter space. We describe the implementation of these enhancements and demonstrate how they improve the ability to observe binary merger gravitational wave signals associated with short GRBs.Comment: 13 pages, 6 figure

Responses to supplementation by dairy cows given low pasture allowances in different seasons 1. Pasture intake and substitution

Two factorial experiments were designed to determine the effects of stage of lactation, and season of the year, on cow responses to supplementary feeding. These experiments were conducted over consecutive years with 128 high genetic merit multiparous Holstein-Friesian cows in early, mid and late lactation in spring, summer, autumn and winter. At each stage of lactation, and in each season of the year, cows were offered a restricted pasture allowance (25 to 35 kg dry matter (DM) per cow per day), either unsupplemented (control) or supplemented with 50 MJ metabolizable energy (ME) per cow per day in experiment 1 and 80 MJ ME per cow per day in experiment 2. Two different supplements were offered, namely, rolled maize grain (MG) and a mixture of foods (BR) formulated to nutritionally balance the diet. In experiment 2, a fourth treatment consisting solely of a generous pasture allowance (60 to 75 kg DM per cow per day, AP) was introduced. Offering MG and BR increased DM intake (DMI). At the restricted pasture allowance, increasing total ME allowance (MEA) by offering supplementary foods increased ME intake (MEI) by 0.68 (s.e. 0.047) MJ per extra MJ ME offered. This highly significant (P < 0.001) linear relationship was consistent across seasons, and did not diminish at higher MEA. In experiment 2, cows in early lactation had lower substitution rates than mid and late lactation cows irrespective of season. Substitution rate was higher when higher pasture allowance or quality of pasture on offer enabled the unsupplemented cows to achieve higher DMI from pasture than at other times of the year. These results suggest that one of the key factors determining the intake response to supplementary foods is pasture allowance. Within spring calving dairying systems, the largest increases in total DMI per kg of supplement offered is likely when offering supplements to early lactation cows grazing restricted allowances of high quality pasture

Effectiveness of Computer-Graded vs. Instructor-Graded Homework Assignments in an Elementary Spanish Course: A comparative study at two undergraduate institutions

Researchers at the United States Air Force Academy and MetropolitanState University of Denver collaborated on a study to determine theeffectiveness of computer-graded vs. instructor-graded homeworkassignments in elementary Spanish courses at their respectiveinstitutions. Subjects completed one or the other type of onlineactivities tied directly to a specific chapter of the textbook of the courseand accessed via the online ancillary MySpanishLab. Followingcompletion of the chapter activities and assessment, subjects wereasked to complete a satisfaction survey indicating their reactions toand preferences for either computer-graded or instructor-gradedactivities. No significant differences were found between groups onassessment scores, though definite differences were noted indicatingstrong preferences for one type of activity over another