Loss underreporting and the auditing role of bank exams

Using a unique set of banking data containing both originally reported and subsequently revised financial variables, we study the incidence of adverse revisions to accounting statements. As might be expected, our findings indicate banks are more likely to underreport financial losses when their financial performance is substandard. In addition, we provide evidence that supervisory exams have an important role in uncovering financial problems and ensuring bank accounting statements reflect them. Specifically, our estimations point to a significant auditing effect, through which exams can lead to a restatement of financial results to reflect a greater degree of financial difficulty than originally reported. Interestingly, this auditing role of exams is evident not only for institutions previously identified as supervisory concerns, but also at highly rated banks, where financial problems are only just emerging. Because a banking downturn would increase not only the number of problem institutions requiring additional supervisory attention, but also the incidence of loss underreporting at highly rated banks, our findings stress the value of efforts to maintain or bolster the supervisory system's capacity to expand exam activity quickly and substantially.Banks and banking - Accounting

Magellan stereo images and Venusian geology

Areas of Venus imaged by Magellan radar with multiple viewing conditions provide unique data that will contribute to the solution of venusian geologic problems and provide a basis for quantitative comparison of venusian landforms with those on other planetary bodies. Three sets of images with different viewing conditions have been acquired: (1) left-looking with variable incidence angles (cycle 1 profile), (2) right-looking with nearly constant incidence angles (cycle 2 profile), and (3) left-looking with variable incidence angles that are almost always smaller than those in (1) (cycle 3 profiles). The unique data provided by paired images of the same scene with different incidence angles arises from image displacements caused by the relief of individual landforms at scales comparable to the ground-range and azimuth resolutions of the images. There are two aspects of the data: (1) Stereopsis achieved by simultaneous viewing of paired left-looking images of the same scene permits three-dimensional perception and interpretation of the morphologies of landforms at resolutions much finer than the altimetry footprints. (2) Measurements of differences of image displacements (parallax) on paired images with known imaging geometries provide quantitative estimates of the relief and shapes of landforms. The potential scientific contributions of the data can be grouped into two interrelated classes: (A) geologic mapping, analysis, and interpretation and (B) topical studies that involve topographic measurements. Stereopsis, without quantitative measurements, enhances geologic mapping, analysis, and interpretation of the rock units of Venus to a degree that cannot be overestimated. In geologic mapping, assemblages of landforms, assessments of backscatter and variations in backscatter, and fine-scale topography are used to define and characterize geologic map units that represent laterally continuous deposits or rock units. Stereopsis adds the important dimension of local relief for characterization of geologic units at a scale that is not possible with Magellan altimetry or products derived from the altimetry. Relative ages of the geologic units are determined using the well-known principles of superposition and intersection. Here, the perception of relief is invaluable because superposition relations among the geological units are more readily and clearly established. The recognition of folds, faults, and fault systems, regardless of their orientations, is facilitated with stereopsis so that sequences of deformation of the geologic units can be determined and structural analyses vastly improved. Shapes of landforms are readily perceived so that they can be properly interpreted. The end result of the mapping, analyses, and interpretations is a geologic history of Venus that includes the sequences of formation and deformation of various geologic units. Measurements of relief at the finest scale possible are necessary for numerous topical studies. Standard altimetry will provide the necessary information on the relief of most large landforms, but it tends to underestimate the relief of small landforms and distorts their shapes. Although special processing of the altimeter echoes improves the estimates of the relief and shapes of some landforms, there are uncertainties in the interpretations of the echoes. Examples of topical studies requiring measurements of relief are given

Crédito y actividad económica en México

Los años ochenta han sido calificados como “la década perdida” para México, como un reflejo de las altas tasas de inflación y el bajo crecimiento económico que caracterizó la economía del país durante dicho periodo. Gran parte de las dolencias económicas y financieras que asolaron a México fueron precipitadas por la crisis de la deuda de 1982, provocada a su vez por los efectos combinados de un gasto gubernamental excesivo, la caída de los precios del petróleo, el aumento de las tasas de interés mundiales y la fuga de capitales. En las secuelas de la crisis de la deuda de 1982, las necesidades crediticias del gobierno fueron enormes, próximas a una sexta parte de la producción de la economía en 1986 y 1987. Puesto que el acceso de México a los mercados de crédito internacionales era limitado, la mayor parte de estas necesidades tuvieron que satisfacerse internamente.

A Multi-Scale Examination of Stopover Habitat Use by Birds

Most of our understanding of habitat use by migrating land birds comes from studies conducted at single, small spatial scales, which may overemphasize the importance of intrinsic habitat factors, such as food availability, in shaping migrant distributions. We believe that a multi-scale approach is essential to assess the influence of factors that control en route habitat use. We determined the relative importance of eight variables, each operating at a habitat-patch, landscape, or regional spatial scale, in explaining the differential use of hardwood forests by Nearctic-Neotropical land birds during migration. We estimated bird densities through transect surveys at sites near the Mississippi coast during spring and autumn migration within landscapes with variable amounts of hardwood forest cover. At a regional scale, migrant density increased with proximity to the coast, which was of moderate importance in explaining bird densities, probably due to constraints imposed on migrants when negotiating the Gulf of Mexico. The amount of hardwood forest cover at a landscape scale was positively correlated with arthropod abundance and had the greatest importance in explaining densities of all migrants, as a group, during spring, and of insectivorous migrants during autumn. Among landscape scales ranging from 500 in to 10 km radius, the densities of migrants were, on average, most strongly and positively related to the amount of hardwood forest cover within a 5 km radius. We suggest that hardwood forest cover at this scale may be an indicator of habitat quality that migrants use as a cue when landing at the end of a migratory flight. At the patch scale, direct measures of arthropod abundance and plant community composition were also important in explaining migrant densities, whereas habitat structure was of little importance. The relative amount of fleshy-fruited trees was positively related and was the most important variable explaining frugivorous migrant density during autumn. Although constraints extrinsic to habitat had a moderate role in explaining migrant distributions, our results are consistent with the view that food availability is the ultimate factor shaping the distributions of birds during stopover

Leading Groups To Create Healthy Culture Through Accomplishing Tasks Aligned To Strategy

This study examined the link between the consistency of self-evaluation versus peer-evaluation of managers’ skills and the level of relational stress in an organization and was based on two models: (a) the Competing Values Framework (CVF), which measures different management skills of individuals in an organization, and (b) the Healthy versus Toxic Organization Model, which focuses on the stress level in partnerships.  The researchers hypothesized that the lower the stress in the organization, the more consistent the results will be between self-evaluation and peer-evaluation. In an empirical analysis, the researchers found that the relationship was most visible in the area of managers’ facilitator skills. With strong facilitator skills, managers can lead their organizations effectively and stay focused on maintaining strategic alignment. The study also examined how management skills could be most effective in developing a healthy work culture

Mars brine formation experiment

The presence of water-soluble cations and anions in the Martian regolith has been the subject of speculation for some time. Viking lander data provided evidence for salt-cemented crusts on the Martian surface. If the crusts observed at the two Viking landing sites are, in fact, cemented by salts, and these crusts are globally widespread, as IRTM-derived thermal inertia studies of the Martian surface seem to suggest, then evaporite deposits, probably at least in part derived from brines, are a major component of the Martian regolith. The composition of liquid brines in the subsurface, which not only may be major agents of physical weathering but may also presently constitute a major deep subsurface liquid reservoir, is currently unconstrained by experimental work. A knowledge of the chemical identity and rate of production of Martian brines is a critical first-order step toward understanding the nature of both these fluids and their precipitated evaporites. Laboratory experiments are being conducted to determine the identity and production rate of water-soluble ions that form in initially pure liquid water in contact with Mars-mixture gases and unaltered Mars-analog minerals

Instrumental evidence of normal mode rock slope vibration

A unique field experiment was performed to constrain the seismic response of a large, potentially unstable rock slope in the southern Swiss Alps. Small-aperture seismic arrays were deployed to record ambient vibrations both inside and outside of the mapped instability boundary. The recordings were analysed by means of the high-resolution f-k method, site-to-reference spectral ratios and time-frequency dependent polarization analysis. All three methods indicated that the wavefield within the potentially unstable rock mass is dominated by normal mode motion (standing waves) rather than horizontal propagation of seismic waves. Both fundamental frequency and relative amplification could be recovered from ambient noise data. The observed amplification is strongly directional, and the maximum amplification is oriented perpendicular to open tension cracks mapped at the ground surface. Our results highlight site response characteristics relevant for analysis of earthquake-triggered rock slope failure

Interfacial Mechanophore Activation Using Laser-Induced Stress Waves

A new methodology is developed to activate and characterize mechanochemical transformations at a solid interface. Maleimide–anthracene mechanophores covalently anchored at a fused silica–polymer interface are activated using laser-induced stress waves. Spallation-induced mechanophore activation is observed above a threshold activation stress of 149 MPa. The retro [4+2] cycloaddition reaction is confirmed by fluorescence microscopy, XPS, and ToF-SIMS measurements. Control experiments with specimens in which the mechanophore is not covalently attached to the polymer layer exhibit no activation. In contrast to activation in solution or bulk polymers, whereby a proportional increase in mechanophore activity is observed with applied stress, interfacial activation occurs collectively with spallation of the polymer film

Brown· Midrib Sorghum Silage for Midlactation Dairy Cows

Brown midrib sorghum silage was compared with alfalfa, corn, and normal sorghum silages for its effect on performance, ruminal metabolism, and digestive kinetics of Holstein dairy cows in midlactation. Twelve cows averaging 90 ± 5 DIM were assigned to one of four diets in replicated 4 X 4 Latin squares with 4-wk periods. Additionally, 3 ruminally fistulated cows (95 ± 20 DIM) were assigned to the same diets in a 3x 4 Youden square for measurement of ruminal characteristics. Diets were fed as isonitrogenous TMR that contained 65% silage (OM basis). The DMl was greater for the corn and brown midrib sorghum (4% of BW/d) than for the alfalfa and normal sorghum diets (3.4% of BW/d). The brown midrib sorghum supported FCM production that was similar to that of cows on corn and alfalfa diets (25.8 kg/d), but cows fed normal sorghum produced less milk and fewer milk components. Source of silage had no effect on eating time, but rumination was least for the alfalfa.diet.. Ruminal pH and ammonia concentrations were similar for all diets. Total VFA concentrations were greatest for the corn and brown midrib sorghum diets. The brown midrib sorghum had greater in situ extent of ruminal NDF digestion than did the normal sorghum, which agreed with in vitro data. The brown midrib sorghum used in this experiment supported FCM production similar to the corn and alfalfa silages commonly fed to dairy cows in midlactation

Brown· Midrib Sorghum Silage for Midlactation Dairy Cows

Brown midrib sorghum silage was compared with alfalfa, corn, and normal sorghum silages for its effect on performance, ruminal metabolism, and digestive kinetics of Holstein dairy cows in midlactation. Twelve cows averaging 90 ± 5 DIM were assigned to one of four diets in replicated 4 X 4 Latin squares with 4-wk periods. Additionally, 3 ruminally fistulated cows (95 ± 20 DIM) were assigned to the same diets in a 3x 4 Youden square for measurement of ruminal characteristics. Diets were fed as isonitrogenous TMR that contained 65% silage (OM basis). The DMl was greater for the corn and brown midrib sorghum (4% of BW/d) than for the alfalfa and normal sorghum diets (3.4% of BW/d). The brown midrib sorghum supported FCM production that was similar to that of cows on corn and alfalfa diets (25.8 kg/d), but cows fed normal sorghum produced less milk and fewer milk components. Source of silage had no effect on eating time, but rumination was least for the alfalfa.diet.. Ruminal pH and ammonia concentrations were similar for all diets. Total VFA concentrations were greatest for the corn and brown midrib sorghum diets. The brown midrib sorghum had greater in situ extent of ruminal NDF digestion than did the normal sorghum, which agreed with in vitro data. The brown midrib sorghum used in this experiment supported FCM production similar to the corn and alfalfa silages commonly fed to dairy cows in midlactation