Shareholder value creation in Japanese banking

This paper advances the study of Fiordelisi and Molyneux (2010) by examining the shareholder value efficiency and its determinants for a large sample of Japanese banks between 1999 and 2011. A new, specifically tailored measure of the Economic Value Added approach, based on the shadow price of equity, is developed in order to account for specific characteristics of the Japanese banking system. This new “shareholder value measure” is then used in a dynamic panel data model as a linear function of various bank-risk, bank-specific, and macroeconomic variables. This study finds that cost efficiency gains, credit risk and bank size are the most important factors in explaining the shareholder value creation in Japanese banking. Cost efficiency changes are also found to significantly influence cost of equity capital

Cooperative banks: What do we know about competition and risk preferences?

In the wake of the Global Financial Crisis the discussion on preventive regulatory policies has generally overlooked the role of different business models and goals. Credit institutions with mutual objectives are a case in point that is the object of this study, which focuses on the relationship between competition and financial stability in European cooperative banking between 2006 and 2014. Our results show that there exists a hump-shaped relationship between market power and stability, particularly in the loan market. Interestingly, we also find that, diversification in assets and liabilities significantly increases cooperative banks’ solvency

Competition and risk-taking in investment banking

How does competition affect the investment banking business and the risks individual institutions are exposed to? Using a large sample of investment banks operating in seven developed economies over 1997-2014, we apply a panel VAR model to examine the relationships between competition and risk without assuming any a priori restrictions. Our main finding is that investment banks’ higher risk exposure, measured as a long-term capital-at-risk and return volatility, was facilitated by greater competitive pressures for both boutique investment banks and full service investment banks. Overall, we find some evidence that more competition leads to more fragility before and during the recent financial crisis

Modelling ice dynamic contributions to sea level rise from the Antarctic Peninsula

The future ice dynamical contribution to sea-level rise (SLR) from 210 ice shelf nourishing drainage basins of the Antarctic Peninsula Ice Sheet (APIS) is simulated, using the British Antarctic Survey Antarctic Peninsula Ice Sheet Model. Simulations of the grounded ice sheet include response to ice-shelf collapse, estimated by tracking thermal ice shelf viability limits in 14 IPCC Global Climate Model ensemble temperature projections. Grounding line retreat in response to ice shelf collapse is parameterized with a new multivariate linear regression model utilizing a range of glaciological and geometric predictor variables. Multi-model means project SLR up to 9.4 mm sea-level equivalent (SLE) by 2200, and up to 19 mm SLE by 2300. Rates of SLR from individual drainage basins throughout the peninsula are similar to 2100, yet diverge between 2100 and 2300 due to individual basin characteristics. Major contributors to SLR are the outlet glaciers feeding southern George VI Ice Shelf, accounting for >75% of total SLR in some model runs. Ice sheet thinning induced by ice-shelf removal is large (up to ∼500 m), especially in Palmer Land in the Southern Antarctic Peninsula, and may propagate as far as 135 km inland. These results emphasize the importance of the ice dynamical contribution to future sea level of the APIS on decadal to centennial timescales

A multi-season investigation of glacier surface roughness lengths through in situ and remote observation

The roughness length values for momentum, temperature, and water vapour are key inputs to the bulk aerodynamic method for estimating turbulent heat flux. Measurements of site-specific roughness length are rare for glacier surfaces, and substantial uncertainty remains in the values and ratios commonly assumed when parameterising turbulence. Over three melt seasons, eddy covariance observations were implemented to derive the momentum and scalar roughness lengths at several locations on two mid-latitude mountain glaciers. In addition, two techniques were developed in this study for the remote estimation of momentum roughness length, utilising lidar-derived digital elevation models with a 1×1&thinsp;m resolution. Seasonal mean momentum roughness length values derived from eddy covariance observations at each location ranged from 0.7 to 4.5&thinsp;mm for ice surfaces and 0.5 to 2.4&thinsp;mm for snow surfaces. From one season to the next, mean momentum roughness length values over ice remained relatively consistent at a given location (0–1&thinsp;mm difference between seasonal mean values), while within a season, temporal variability in momentum roughness length over melting snow was found to be substantial (&gt; an order of magnitude). The two remote techniques were able to differentiate between ice and snow cover and return momentum roughness lengths that were within 1–2&thinsp;mm (≪ an order of magnitude) of the in situ eddy covariance values. Changes in wind direction affected the magnitude of the momentum roughness length due to the anisotropic nature of features on a melting glacier surface. Persistence in downslope wind direction on the glacier surfaces, however, reduced the influence of this variability. Scalar roughness length values showed considerable variation (up to 2.5 orders of magnitude) between locations and seasons and no evidence of a constant ratio with momentum roughness length or each other. Of the tested estimation methods, the Andreas (1987) surface renewal model returned scalar roughness lengths closest to those derived from eddy covariance observations. Combining this scalar method with the remote techniques developed here for estimating momentum roughness length may facilitate the distributed parameterisation of turbulent heat flux over glacier surfaces without in situ measurements.</p

Anderson localization of partially-incoherent light

We study Anderson localization and propagation of partially-spatially incoherent wavepackets in linear disordered potentials, motivated by the insight that interference phenomena resulting from multiple scattering are affected by the coherence of the waves. We find that localization is delayed by incoherence: the more incoherent the waves are, the longer they diffusively spread while propagating in the medium. However, if all the eigenmodes of the system are exponentially localized (as in one- and two-dimensional disordered systems), any partially-incoherent wavepacket eventually exhibits localization with exponentially-decaying tails, after sufficiently long propagation distances. Interestingly, we find that the asymptotic behavior of the incoherent beam is similar to that of a single instantaneous coherent realization of the beam.Comment: Revised version including a discussion on both spatially and temporally incoherent light beams. Revised Figs. 2 and 3 and fixed typo

Primjena tehnologije rekombinantne DNA za pripravke kolinesteraza kao antidota i detektora organofosfata

To develop new avenues for synthesizing novel antidotes for organophosphate poisoning and for detection of the organophosphates, we have turned to recombinant DNA methods to synthesize cholinesterases with unusual properties. For antidotal therapy we describe mutations of the native mouse and human enzymes that allow for enhanced rates of oxime reactivation. Such enzymes, when localized in the circulation, would enable the circulating cholinesterase to become a catalytic rather than simply a stoichiometric scavenger. Hence, “oxime-assisted catalysis” provides a means for scavenging the organophosphates in the circulation thereby minimizing their tissue penetration and toxicity. Accordingly, the oxime antidote or prophylactic agent has a dual action within the circulation and at the tissue level. Second, through a novel chemistry, termed freeze-frame, click chemistry, we have used organophosphate conjugates of acetylcholinesterase as templates for the synthesis of novel nucleophilic reactivating agents. Finally, acetylcholinesterase can be modified through cysteine substitution mutagenesis and attachment of fluorophores at the substitution positions. When linked at certain locations in the molecule, the attached fluorophore is sensitive to organophosphate conjugation with acetylcholinesterase, and thus the very target of insecticide or nerve agent action becomes a detection molecule for organophosphate exposure.Razvijajući novi pristup sintezi antidota pri otrovanju organofosfatima kao i njihovu detekciju, primijenili smo metode rekombinantne DNA za pripremu kolinesteraza s neuobičajenim svojstvima. Za antidotsku terapiju istražili smo mutacije prirodnih enzima miša i čovjeka koje povećavaju brzine reaktivacije oksimom. Takvi enzimi bi po unosu u cirkulaciju postali katalitički, a ne samo stehiometrijski odstranjivači organofosfata. Na taj način “oksimom potpomognuta kataliza” omogućava čišćenje organofosfata iz cirkulacije umanjujući prodiranje organofosfata u tkiva i njihovu toksičnost. Prema tome, oksim kao antidot ima dvojaku ulogu: u cirkulaciji i na razini tkiva. S druge strane, uporabom novog sintetskog pristupa u oblikovanju biološki aktivnih spojeva poznatog kao “klik kemija” diskretnih proteinskih konformacija, organofosforilirani konjugati acetilkolinesteraze služe kao kalup u sintezi novih nukleofilnih reaktivatora. Naposljetku, acetilkolinesteraza se može mutagenezom modificirati uvo|enjem cisteina na koje se mogu vezati fluorofori. Fluorofori uvedeni na određena mjesta u molekuli acetilkolinesteraze mijenjaju svoja fluorescentna svojstva pri konjugaciji organofosfata s enzimom koji na taj način od objekta djelovanja insekticida i živčanih bojnih otrova postaje molekula za detekciju izloženosti organofosfatima

Antimicrobial activity and cytotoxicity of commercial rosemary essential oil (Rosmarinus officinalis L.)

Rosemary is well known as a spice and widely used plant in ethnomedicine worldwide. In this paper, commercial essential oil of rosemary was tested for antimicrobial and cytotoxic activity together with its effect on germination. Antimicrobial activity testing showed moderate effect to both G-positive and Gnegative bacteria. In order to determine its effect to the cell membrane, spectrophotometric analysis was performed. It was determined that rosemary affects the cell membrane of bacteria. Cytotoxic activity of Rosmarinus officinalis essential oil had been evaluated. As a plant object, germinative bulbs of Allium cepa were used. Cytotoxic activity that corresponded to the concentration of essential oil was determined. It had been noticed that rosemary essential oil affected mitotic phase i.e. it significantly slowed down the mitosis. Also, investigation of rosemary essential oil's activity to germination was performed. It was determined that it had high effect to the germination. Concentration of 5 mg/ml completely inhibited the germination of Triticum vulgare

Research of combustion in older generation spark-ignition engines in the condition of use leaded and unleaded petrol

This paper analyzes the potential problems in the exploitation of the older generation of spark-ignition engines with higher octane number of petrol (unleaded petrol BMB 95) than required (leaded petrol MB 86). Within the experimental tests on two different engines (STEYR-PUCH model 712 and GAZ 41) by applying piezoelectric pressure sensors integrated with the engine spark plugs, acceleration sensors and special electronic block connected with distributor, show that the cumulative first and second theoretical phase of combustion when petrol of higher octane number (BMB 95) is used lasts slightly longer than when the low-octane petrol MB 86 is used. For new petrol (BMB 95) higher optimal angles of pre-ignition have been determined by which better performances of the engine are achieved without a danger of the combustion with detonation (also called knocking)

Research of combustion in older generation spark-ignition engines in the condition of use leaded and unleaded petrol

This paper analyzes the potential problems in the exploitation of the older generation of spark-ignition engines with higher octane number of petrol (unleaded petrol BMB 95) than required (leaded petrol MB 86). Within the experimental tests on two different engines (STEYR-PUCH model 712 and GAZ 41) by applying piezoelectric pressure sensors integrated with the engine spark plugs, acceleration sensors (accelerometers) and special electronic block connected with distributor, show that the cumulative first and second theoretical phase of combustion when petrol of higher octane number (BMB 95) is used lasts slightly longer than when the low-octane petrol MB 86 is used. For new petrol (BMB 95) higher optimal angles of pre-ignition have been determined by which better performances of the engine are achieved without a danger of the combustion with detonation (also called knocking)