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

Home accidents amongst elderly people: A locality study in Scotland

Aim The aim of this locality study was to collect information on reported and unreported accidents amongst elderly people living in one locality in Scotland. Method Postal Survey- A postal questionnaire was sent to 3,757 men and women aged 65+ years living in one locality. The questionnaire asked respondents to indicate how many accidents they had experienced in the past twelve months, plus to indicate type and location. Information was gathered on living arrangements, ethnicity, gender, age and deprivation. Respondents were asked if they would be willing to take part in an interview study. Interview Study - One hundred elders who had had at least one accident in the previous twelve months were interviewed. Results Postal Survey - Over a third of the respondents in the postal survey reported having had an accident in the previous twelve months. Bumps and drops and falls were the most common type of accident. Most accidents happened in the kitchen. Women reported more falls than men and those living alone reported more accidents than those living with others. Age was associated with the prevalence of accidents, but the association was somewhat curvilinear, with accidents decreasing with age and then increasing again. Interview Study – Interviewees found it hard to differentiate one accident from another. Considerable reluctance to visit the GP after an accident was noted, with many not attending even for serious accidents. Almost forty percent were ‘very’ distressed after their accident, and a quarter reported a loss of confidence. However, most did not worry about accidents. Few thought that their age, health or medications were a cause of their accidents

Membrane paradigm and entropy of black holes in the Euclidean action approach

The membrane paradigm approach to black holes fixes in the vicinity of the event horizon a fictitious surface, the stretched horizon, so that the spacetime outside remains unchanged and the spacetime inside is vacuum. Using this powerful method, several black hole properties have been found and settled, such as the horizon's viscosity, electrical conductivity, resistivity, as well as other properties. On the other hand the Euclidean action approach to black hole spacetimes has been very fruitful in understanding black hole entropy. Combining both the Euclidean action and membrane paradigm approaches a direct derivation of the black hole entropy is given. In the derivation it is considered that the only fields present are the gravitational and matter fields, with no electric field.Comment: 13 page

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

Collective excitations in double-layer quantum Hall systems

We study the collective excitation spectra of double-layer quantum-Hall systems using the single mode approximation. The double-layer in-phase density excitations are similar to those of a single-layer system. For out-of-phase density excitations, however, both inter-Landau-level and intra-Landau-level double-layer modes have finite dipole oscillator strengths. The oscillator strengths at long wavelengths for the latter transitions are shifted upward by interactions by identical amounts proportional to the interlayer Coulomb coupling. The intra-Landau-level out-of-phase mode has a gap when the ground state is incompressible except in the presence of spontaneous inter-layer coherence. We compare our results with predictions based on the Chern-Simons-Landau-Ginzburg theory for double-layer quantum Hall systems.Comment: RevTeX, 21 page

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

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

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

Magnetic Anisotropy in Quantum Hall Ferromagnets

We show that the sign of magnetic anisotropy energy in quantum Hall ferromagnets is determined by a competition between electrostatic and exchange energies. Easy-axis ferromagnets tend to occur when Landau levels whose states have similar spatial profiles cross. We report measurements of integer QHE evolution with magnetic-field tilt. Reentrant behavior observed for the $\nu = 4$ QHE at high tilt angles is attributed to easy-axis anisotropy. This interpretation is supported by a detailed calculation of the magnetic anisotropy energy.Comment: 12 pages, 3 figures, submitted to Phys. Rev. Let

Direct oral anticoagulants‐Remove versus Taipan snake venom time for detection of a lupus anticoagulant in patients taking oral direct factor Xa inhibitors

Background: The optimal method of detecting a lupus anticoagulant (LA) for patients taking direct factor Xa inhibitor (DFXaI) direct oral anticoagulants (DOACs) remains controversial. Methods include charcoal adsorption of the DOACs to allow testing with the activated partial thromboplastin time (APTT) and dilute Russell viper venom time (dRVVT), or use of the DFXaI‐insensitive Taipan snake venom time (TSVT) and Ecarin time (ET) assays on neat plasma. Objectives: The objective was to compare the utility of APTT and dRVVT analysis following DOAC Remove against TSVT/ET on untreated plasma for LA detection in spiked plasmas and routine clinical samples for patients on DFXaIs. Patients/methods: Various LA‐negative and LA‐positive samples were assayed by APTT, dRVVT, and TSVT/ET, and then separately spiked with rivaroxaban, apixaban, and edoxaban calibrators to a concentration of ~190 ng/ml and the assays repeated on spiked plasma before and after DOAC Remove treatment. Testing of 284 consecutive samples from DFXaI‐anticoagulated patients by APTT/dRVVT and TSVT/ET before and after DOAC Remove treatment was undertaken. Results: In the spiking model, we found that both TSVT/ET and DOAC Remove strategies generally distinguished LA‐negative and LA‐positive samples, but some false‐positive LA results occurred. In the investigation of 284 consecutive patient samples on DFXaIs, the percentage agreement for LA detection in neat samples tested by TSVT/ET versus APTT and dRVVT after DOAC Remove treatment was 90% (Cohen kappa 0.12). Conclusion: Our data highlight uncertainty and disagreement for testing LA in patients on DFXaI. Further studies are required