Does Function Follow Organizational Form? Evidence From the Lending Practices of Large and Small Banks

Theories based on incomplete contracting suggest that small organizations may do better than large organizations in activities that require the processing of soft information. We explore this idea in the context of bank lending to small firms, an activity that is typically thought of as relying heavily on soft information. We find that large banks are less willing than small banks to lend to informationally 'difficult' credits, such as firms that do not keep formal financial records. Moreover, controlling for the endogeneity of bank-firm matching, large banks lend at a greater distance, interact more impersonally with their borrowers, have shorter and less exclusive relationships, and do not alleviate credit constraints as effectively. All of this is consistent with small banks being better able to collect and act on soft information than large banks.

The first confirmed superoutburst of the dwarf nova GALEX J215818.5+241924

In 2011 October an optical transient was reported in Pegasus as a possible nova. The object had an ultraviolet counterpart, GALEX J215818.5+241924. In this paper we present follow-up photometry of the object which revealed the presence of superhumps, with peak-to-peak amplitude of up to 0.22 magnitudes, diagnostic of it being a member of the SU UMa family of dwarf novae. The outburst amplitude was 4.6 magnitudes and it lasted at least 10 days, with a maximum brightness of magnitude 14.3. We determined the mean superhump period from our first 5 nights of observations as Psh = 0.06728(21) d. However analysis of the O-C residuals showed a dramatic evolution in Psh during the outburst. During the first part of the plateau phase the period increased with dPsh/dt = +2.67(15) x 10-4. There was then an abrupt change following which the period decreased with dPsh/dt = -2.08(9)x 10-4. We found a signal in the power spectrum of the photometry which we tentatively interpret as the orbital signal with Porb = 0.06606(35) d. Thus the superhump period excess was epsilon = 0.020(8), such value being consistent with other SU UMa systems of similar orbital period.Comment: Accepted for publication in the Journal of the British Astronomical Association. 10 pages, 3 figures. arXiv admin note: text overlap with arXiv:1005.5378. Have corrected outburst amplitude, reworded the first 2 sentences of the Abstract for clarity and solved some typo

Does Function Follow Organzizational Form? Evidence From the Lending Practices of Large and Small Banks

Theories based on incomplete contracting suggest that small organizations may do better than large organizations in activities that require the processing of soft information. We explore this idea in the context of bank lending to small firms, an activity that is typically thought of as relying heavily on soft information. We find that large banks are less willing than small banks to lend to informationally “difficult†credits, such as firms that do not keep formal financial records. Moreover, controlling for the endogeneity of bank-firm matching, large banks lend at a greater distance, interact more impersonally with their borrowers, have shorter and less exclusive relationships, and do not alleviate credit constraints as effectively. All of this is consistent with small banks being better able to collect and act on soft information than large banks. The opinions in this paper do not necessarily reflect those of the Federal Reserve Board or its staff. This work has been supported by the National Science Foundation (Rajan, Stein), and the George J. Stigler Center for Study of the State and Economy (Rajan). Thanks also to seminar participants at Yale, the Federal Reserve Bank of New York, Tulane, Babson, the University of Illinois, the Federal Reserve Bank of Chicago Bank Structure Conference, the NBER and the Western Finance Association meetings, as well as to Abhijit Banerjee, Michael Kremer, David Scharfstein, Andrei Shleifer, Greg Udell, Christopher Udry and James Weston for helpful comments and suggestions.

Database management and analysis of fisheries in Illinois: Final report, 1 March 1999-28 February 2002

Issued May 2002; F-69-RReport issued on: May 200

Effectiveness of Aerobic Exercise for Adults with Leukemia

We wanted to look at the most effective interventions for increasing strength and endurance in clients with Leukemia experiencing functional decline

Internet Usage by Patients with Multiple Sclerosis: Implications to Participatory Medicine and Personalized Healthcare

Online health information and services for patients were suggested to improve symptom management and treatment adherence, thereby contributing to healthcare optimization. This paper aimed to characterize multiple sclerosis (MS) patients Internet usage. Information regarding browsing habits, Internet reliability, and the medical team's attitude to information collected online was obtained by questionnaires from MS patients. Data was compared between nonbrowsers, browsers on MS topics, and browsers on non-MS topics only. From the 96 patients recruited, 61 (63.5%) performed MS-related searches. The most viewed topics were “understanding the disease” and “treatments”. Patients reported that the information helped coping with MS and assured them of the appropriateness of their therapy. Shorter disease duration was correlated with higher Internet activity. Disabled patients were more interested in online interaction with specialists and support groups. This paper suggests that MS patients benefit from online information, and it emphasizes the importance of resources tailored to patients needs