Bank Financing and Investment Decisions with Asymmetric Information

Banks know more about the quality of their assets than do outside investors. This informational asymmetry can distort investment decisions if the bank must raise funds from uninformed outsiders, and assets sold will be subject to a lemons discount. Using a three-period equilibrium model we examine the effect of asymmetric information about loan quality on the asset and liability decisions of banks and the market valuation of bank liabilities. The existence of a precautionary demand for T-bills against future liquidity needs depends both on the regulatory environment and the informational structure. If banks are ex ante identical, issuing risky debt to fund a deposit outflow is preferred to holding T-bills ex ante. However, if banks have partial knowledge of loan quality, and if their asset choice is observable, they may hold T-bills to signal their quality, enabling them to issue risky debt at a lower interest rate.

Mentoring of Special Education Administrators

Mentoring powerfully develops human potential but little has been known about mentoring in special education administration. Because mentoring has a centuries-long record of success, because of the importance of special education administrators, and because of the paucity of empirical knowledge on mentoring in special education administration, this study examines mentoring in the special education administration community. The population for the study was approximately 1,465 practicing special education administrators in the state of California identified by the Center of Personnel Studies in Special Education (COPSSE). Electronic mail was used to introduce the on-line survey, Mentoring for Special Education Administrators. The instrument was a 19-item questionnaire designed specifically to address the research questions of the study. There were 158 who responded to the survey, out of which 142 surveys were used for analysis. Findings were described as frequencies, percentages, means, and standard deviations, as appropriate. To determine statistically significant differences between groups, ANOVA, including repeated-measures, and Chi-Square were used at a statistical significance threshold of p \u3c .05. A post-hoc Tukey\u27s least squared was used to localize for differences. Findings from this study indicate mentoring is flourishing within the special education community. About three-quarters of special education administrators are providing mentoring to non-administrative special education professionals, and about half are mentoring other special education administrators. There were no statistically significant differences in the rates of mentoring between males and females, and, no significant difference between mentoring and earlier acquisition of a special education administrative position. Special education administrators who have been mentored since entering special education administration were much more likely to mentor others. Psychosocial support was rated higher by those mentored than career development, but both functions were rated above average by respondents. Sharing one\u27s skills, professional obligation, and seeing someone succeed were found to be significant as encouragers to mentoring. On average, respondents disagreed with the impediments as deterrents to mentoring. Recommendations include more professional development activities inclusive of special education administrators, allowing individuals to make smoother, and more successful career transitions, without the isolation and lack of training that currently plagues the field of special education

Developing a stakeholder analysis to aid bio-based product innovation

Purpose &ndash; The results which that study seeks to report are the first part of a larger research programme funded by the New Zealand Foundation for Research, Science &amp; Technology (FRST) aimed at gaining a better understanding of stakeholder perceptions in relation to bio-based products.Design/methodology/approach &ndash; Utilising three chemically modified wood products, data were collected from focus groups and questionnaires and centred primarily on perceptions surrounding the acceptability of building materials that have been bio-modified. Irrespective of the type of chemical modification, family health and durability were the most important factors identified.Findings &ndash; The study finds that product cost rated lower in the 16 factors evaluated, and energy used in production was of little concern. When comparing the three products to one another, two distinct groups with quite differing purchasing philosophies were identified and these perspectives significantly influenced perceptions of product acceptability and willingness to purchase. Utilising a paired comparison technique, an investigation of trade-offs indicated preference for performance over cost and product familiarity. Similarly, low chemical emissions were also preferred over cost considerations. Among the findings, there was scepticism regarding trust in manufacturers to adequately safeguard health and safety and to have a minimum impact on the environment. Low levels of trust were expressed in regard to manufacturers\u27 concern for future generations.Originality/value &ndash; The paper develops an investigative framework which could be applied to the evaluation of products arising from bio-material technology innovation and recommendations for future research directions.<br /

Electron microscopic analysis of rotavirus assembly-replication intermediates

AbstractRotaviruses (RVs) replicate their segmented, double-stranded RNA genomes in tandem with early virion assembly. In this study, we sought to gain insight into the ultrastructure of RV assembly-replication intermediates (RIs) using transmission electron microscopy (EM). Specifically, we examined a replicase-competent, subcellular fraction that contains all known RV RIs. Three never-before-seen complexes were visualized in this fraction. Using in vitro reconstitution, we showed that ~15-nm doughnut-shaped proteins in strings were nonstructural protein 2 (NSP2) bound to viral RNA transcripts. Moreover, using immunoaffinity-capture EM, we revealed that ~20-nm pebble-shaped complexes contain the viral RNA polymerase (VP1) and RNA capping enzyme (VP3). Finally, using a gel purification method, we demonstrated that ~30–70-nm electron-dense, particle-shaped complexes represent replicase-competent core RIs, containing VP1, VP3, and NSP2 as well as capsid proteins VP2 and VP6. The results of this study raise new questions about the interactions among viral proteins and RNA during the concerted assembly–replicase process

Assets, Health, and Well Being: Neighborhoods, Families, Children and Youth

Assets, Health, and Well Being: Neighborhoods, Families, Children and Yout

Understanding Stock Price Behavior around the Time of Equity Issues

It is well-documented that stock prices rise significantly prior to an equity issue, and fall upon announcement of the issue. We expand on earlier studies by using a large sample which includes OTC firms, by examining the cross-sectional properties of the price rise, and by using accounting data to track the pattern of debt ratios and Tobin's q around the time of equity issues. We consider a number of explanations for our results, and conclude that the data is largely consistent with informational models in which managers are asymmetrically informed about the value of the firm. Surprisingly, debt ratios do not increase prior to equity issues, suggesting that strained debt capacity is not the main reason for equity issues. The behavior of Tobin's q is consistent with equity issues being used to finance new investments.

HILIC-LC-MS/MS quantitative method for the cellular analysis of varying structures of gemini surfactants designed as nanomaterial drug carriers

Canada Foundation for Innovation; Natural Sciences and Engineering Research Council of CanadaDiquaternary gemini surfactants have successfully been used to form lipid-based nanoparticles that are able to compact, protect, and deliver genetic materials into cells. However, what happens to the gemini surfactants after they have released their therapeutic cargo is unknown. Such knowledge is critical to assess the quality, safety, and efficacy of gemini surfactant nanoparticles. We have developed a simple and rapid liquid chromatography electrospray ionization-tandem mass spectrometry (LC-ESI–MS/MS) method for the quantitative determination of various structures of gemini surfactants in cells. Hydrophilic interaction liquid chromatography (HILIC) was employed allowing for a short simple isocratic run of only 4 minutes. The lower limit of detection (LLOD) was 3 ng/mL. The method was valid to 18 structures of gemini surfactants belonging to two different structural families. A full method validation was performed for two lead compounds according to USFDA guidelines. The HILIC-MS/MS was compatible with the physicochemical properties of gemini surfactants that bear a permanent positive charge with both hydrophilic and hydrophobic elements within their molecular structure. In addition, an effective liquid-liquid extraction method (98% recovery) was employed surpassing previously used extraction methods. The analysis of nanoparticle-treated cells showed an initial rise in the analyte intracellular concentration followed by a maximum and a somewhat more gradual decrease of the intracellular concentration. The observed intracellular depletion of the gemini surfactants may be attributable to the bio­transformation into metabolites and exocytosis from the host cells. Obtained cellular data showed a pattern that grants additional investigations , evaluating metabolite formation and assessing the subcellular distribution of tested compounds

Clinical features and risk factors of oedematous Mycobacterium ulcerans lesions in an Australian population: beware cellulitis in an endemic area

IntroductionOedematous lesions are a less common but more severe form of Mycobacterium ulcerans disease. Misdiagnosis as bacterial cellulitis can lead to delays in treatment. We report the first comprehensive descriptions of the clinical features and risk factors of patients with oedematous disease from the Bellarine Peninsula of south-eastern Victoria, Australia.MethodsData on all confirmed Mycobacterium ulcerans cases managed at Barwon Health, Victoria, were collected from 1/1/1998&ndash;31/12/2012. A multivariate logistic regression model was used to assess associations with oedematous forms of Mycobacterium ulcerans disease.ResultsSeventeen of 238 (7%) patients had oedematous Mycobacterium ulcerans lesions. Their median age was 70 years (IQR 17&ndash;82 years) and 71% were male. Twenty-one percent of lesions were WHO category one, 35% category two and 41% category three. 16 (94%) patients were initially diagnosed with cellulitis and received a median 14 days (IQR 9&ndash;17 days) of antibiotics and 65% required hospitalization prior to Mycobacterium ulcerans diagnosis. Fever was present in 50% and pain in 87% of patients. The WCC, neutrophil count and CRP were elevated in 54%, 62% and 75% of cases respectively. The median duration of antibiotic treatment was 84 days (IQR 67&ndash;96) and 94% of cases required surgical intervention. On multivariable analysis, there was an increased likelihood of a lesion being oedematous if on the hand (OR 85.62, 95% CI 13.69&ndash;535.70; P&lt;0.001), elbow (OR 7.83, 95% CI 1.39&ndash;43.96; p&lt;0.001) or ankle (OR 7.92, 95% CI 1.28&ndash;49.16; p&lt;0.001), or if the patient had diabetes mellitus (OR 9.42, 95% CI 1.62&ndash;54.74; p = 0.02).ConclusionsIn an Australian population, oedematous Mycobacterium ulcerans lesions present with similar symptoms, signs and investigation results to, and are commonly mistakenly diagnosed for, bacterial limb cellulitis. There is an increased likelihood of oedematous lesions affecting the hand, elbow or ankle, and in patients with diabetes

Beam Tests of Ionization Chambers for the NuMI Neutrino Beam

We have conducted tests at the Fermilab Booster of ionization chambers to be used as monitors of the NuMI neutrino beamline. The chambers were exposed to proton fluxes of up to 10$^{12}$ particles/cm$^2$/1.56$\mu$s. We studied space charge effects which can reduce signal collection from the chambers at large charged particle beam intensities.Comment: submitted to IEEE Trans Nucl. Sc