The Effects of Funding Costs and Risk on Banks' Lending Rates

After falling for over a decade, the major banks' net interest margins appear to have stabilised in a relatively narrow range in recent years. In the early part of the financial crisis, margins fell to the bottom of this range, reflecting an increase in debt funding costs. Margins have since recovered a little, to around the middle of the range, as a result of some repricing of lending rates relative to these costs. In addition to the increase in the cost of debt funding, there have been other drivers of the rise in lending rates relative to the cash rate. First, the banks have increased their equity funding, which is more costly than debt finance. Second, risk margins on loans have risen to account for higher expected losses.funding costs; lending rates; interest rates; risk pricing

The Impact of the Financial Crisis on the Bond Market

The Australian bond market functioned well during the financial crisis. Changes in investor sentiment and issuer behaviour led to a slowing in issuance and an increase in the average credit quality of new issuance. While the average bond term shortened and spreads widened, these trends have since reversed somewhat as market conditions have improved.bond issuance; financial crisis; bond spreads

Potential Cislunar and Interplanetary Proving Ground Excursion Trajectory Concepts

NASA has been investigating potential translunar excursion concepts to take place in the 2020s that would be used to test and demonstrate long duration life support and other systems needed for eventual Mars missions in the 2030s. These potential trajectory concepts could be conducted in the proving ground, a region of cislunar and near-Earth interplanetary space where international space agencies could cooperate to develop the technologies needed for interplanetary spaceflight. Enabled by high power Solar Electric Propulsion (SEP) technologies, the excursion trajectory concepts studied are grouped into three classes of increasing distance from the Earth and increasing technical difficulty: the first class of excursion trajectory concepts would represent a 90-120 day round trip trajectory with abort to Earth options throughout the entire length, the second class would be a 180-210 day round trip trajectory with periods in which aborts would not be available, and the third would be a 300-400 day round trip trajectory without aborts for most of the length of the trip. This paper provides a top-level summary of the trajectory and mission design of representative example missions of these three classes of excursion trajectory concepts

The Transnational Mission of an Indian War Correspondent: P. R. S. Mani in Southeast Asia, 1944–1946

This article, based on new archival materials, reconstructs the experiences and observations of an Indian war correspondent from 1944 to 1946 as he covered the advance of Indian soldiers of the British-led Indian Army from northeast India, through Burma to Malaya at the war's end, then to their eventual deployment with the South East Asian Command in Java after the Japanese surrender. As it transpired, Captain P. R. S. Mani worked as an enlisted public relations officer of the British-led Indian Army but also sustained his commitment as a patriotic Indian nationalist, who gathered intelligence on the Indian diaspora in Southeast Asia and on the impact of Subhas Chandra Bose's Indian National Army. Relatively little scholarship has focused on Asian war journalism. Mani's tension-ridden role as a self-styled ‘Indian Army observer’ provides an illuminating insight into the way in which Britain's lines of communication were appropriated and subverted during wartime and beyond, and into the way his own nationalism was reshaped by his unofficial transnational activities

SCAMP:standardised, concentrated, additional macronutrients, parenteral nutrition in very preterm infants: a phase IV randomised, controlled exploratory study of macronutrient intake, growth and other aspects of neonatal care

<p>Abstract</p> <p>Background</p> <p>Infants born <29 weeks gestation are at high risk of neurocognitive disability. Early postnatal growth failure, particularly head growth, is an important and potentially reversible risk factor for impaired neurodevelopmental outcome. Inadequate nutrition is a major factor in this postnatal growth failure, optimal protein and calorie (macronutrient) intakes are rarely achieved, especially in the first week. Infants <29 weeks are dependent on parenteral nutrition for the bulk of their nutrient needs for the first 2-3 weeks of life to allow gut adaptation to milk digestion. The prescription, formulation and administration of neonatal parenteral nutrition is critical to achieving optimal protein and calorie intake but has received little scientific evaluation. Current neonatal parenteral nutrition regimens often rely on individualised prescription to manage the labile, unpredictable biochemical and metabolic control characteristic of the early neonatal period. Individualised prescription frequently fails to translate into optimal macronutrient delivery. We have previously shown that a standardised, concentrated neonatal parenteral nutrition regimen can optimise macronutrient intake.</p> <p>Methods</p> <p>We propose a single centre, randomised controlled exploratory trial of two standardised, concentrated neonatal parenteral nutrition regimens comparing a standard macronutrient content (maximum protein 2.8 g/kg/day; lipid 2.8 g/kg/day, dextrose 10%) with a higher macronutrient content (maximum protein 3.8 g/kg/day; lipid 3.8 g/kg/day, dextrose 12%) over the first 28 days of life. 150 infants 24-28 completed weeks gestation and birthweight <1200 g will be recruited. The primary outcome will be head growth velocity in the first 28 days of life. Secondary outcomes will include a) auxological data between birth and 36 weeks corrected gestational age b) actual macronutrient intake in first 28 days c) biomarkers of biochemical and metabolic tolerance d) infection biomarkers and other intravascular line complications e) incidence of major complications of prematurity including mortality f) neurodevelopmental outcome at 2 years corrected gestational age</p> <p>Trial registration</p> <p>Current controlled trials: <a href="http://www.controlled-trials.com/ISRCTN76597892">ISRCTN76597892</a>; EudraCT Number: 2008-008899-14</p

Acute-phase response patterns in isolated hepatic perfusion with tumour necrosis factor α (TNF-α) and melphalan in patients with colorectal liver metastases

Background. In this study, we have evaluated hepatotoxicity, secondary cytokine production and hepatic acute-phase response (APR) in patients who underwent isolated hepatic perfusion (IHP) with tumour necrosis factor (TNF) α and melphalan for irresectable colorectal liver metastases. Design. An extracorporeal veno-venous bypass was used to shunt blood from the lower body and intestines to the heart. Inflow catheters were placed in the hepatic artery and portal vein, and an outflow catheter in the inferior caval vein. The liver was perfused for 60 min with 0.4 mg of TNF-α plus 1 mg kg-1 melphalan (IHP(TM) group, n = 6) or 1 mg kg-1 melphalan (IHP(M) group, n = 3). The liver was washed with macrodex before restoring vascular continuity. Results. After the washout procedure, a TNF-α peak (169 ± 38 pg mL-1) was demons

Extensibility of Human Asteroid Mission to Mars and Other Destinations

This paper will describe the benefits of execution of the Asteroid Redirect Mission as an early mission in deep space, demonstrating solar electric propulsion, deep space robotics, ground and on-board navigation, docking, and EVA. The paper will also discuss how staging in trans-lunar space and the elements associated with this mission are excellent building blocks for subsequent deep space missions to Mars or other destinations

An Ab Initio Study of TiC: A Comparison of Different Levels of Theory Including Density Functional Methods

A comparison is made of various ab initio methods, including density functional methods for the3Σ+ and 1Σ+ states of TiC. The calculated properties are sensitive to the level of theory. The results with the LSDA and BPW91 density functional methods are in poor agreement with higher level calculations obtained at the MRCI level of theory, but there is better agreement with the B3LYP method. The calculations confirm that the ground state of TiC is the 3Σ+ state

When should animals share food? Game theory applied to kleptoparasitic populations with food sharing

Animals adopt varied foraging tactics in order to survive. Kleptoparasitism, where animals attempt to steal food already discovered by others, is very common among animal species. In this situation, depending on the ecological conditions, challenged animals might defend, share, or even retreat and leave their food to the challenger. A key determinant of the likely behavior is the nature of the food itself. If food is discovered in divisible clumps, it can be divided between animals in a number of ways. This is the general assumption in one type of game-theoretical model of food stealing, producer–scrounger models. Alternatively, food items may be essentially indivisible, so that sharing is impossible and either the attacker or the defender must retain control of all of the food. This is the assumption of the alternative game-theoretical models of kleptoparasitism. In this paper, using a game-theoretic approach, we relax this assumption of indivisibility and introduce the possibility of limited food sharing behavior between animals in kleptoparasitic populations. Considering the conditions under which food sharing is likely to be common, it is shown that food sharing should occur in a wide range of ecological conditions. In particular, if food availability is limited, the sharing process does not greatly reduce the short-term consumption rate of food and food defense has a high cost and/or a low probability of success, then the use of the food sharing strategy is beneficial. Thus, the assumption of the indivisibility of food items is an important component of previous models

The effect of fight cost structure on fighting behaviour involving simultaneous decisions and variable investment levels

In the “producer–scrounger” model, a producer discovers a resource and is in turn discovered by a second individual, the scrounger, who attempts to steal it. This resource can be food or a territory, and in some situations, potentially divisible. In a previous paper we considered a producer and scrounger competing for an indivisible resource, where each individual could choose the level of energy that they would invest in the contest. The higher the investment, the higher the probability of success, but also the higher the costs incurred in the contest. In that paper decisions were sequential with the scrounger choosing their strategy before the producer. In this paper we consider a version of the game where decisions are made simultaneously. For the same cost functions as before, we analyse this case in detail, and then make comparisons between the two cases. Finally we discuss some real examples with potentially variable and asymmetric energetic investments, including intraspecific contests amongst spiders and amongst parasitoid wasps. In the case of the spiders, detailed estimates of energetic expenditure are available which demonstrate the asymmetric values assumed in our models. For the wasps the value of the resource can affect the probabilities of success of the defender and attacker, and differential energetic investment can be inferred. In general for real populations energy usage varies markedly depending upon crucial parameters extrinsic to the individual such as resource value and intrinsic ones such as age, and is thus an important factor to consider when modelling