Bank competition and financial stability

Under the traditional"competition-fragility"view, more bank competition erodes market power, decreases profit margins, and results in reduced franchise value that encourages bank risk taking. Under the alternative"competition-stability"view, more market power in the loan market may result in greater bank risk as the higher interest rates charged to loan customers make it more difficult to repay loans and exacerbate moral hazard and adverse selection problems. But even if market power in the loan market results in riskier loan portfolios, the overall risks of banks need not increase if banks protect their franchise values by increasing their equity capital or engaging in other risk-mitigating techniques. The authors test these theories by regressing measures of loan risk, bank risk, and bank equity capital on several measures of market power, as well as indicators of the business environment, using data for 8,235 banks in 23 developed nations. The results suggest that - consistent with the traditional"competition-fragility"view - banks with a greater degree of market power also have less overall risk exposure. The data also provide some support for one element of the"competition-stability"view - that market power increases loan portfolio risk. The authors show that this risk may be offset in part by higher equity capital ratios.Banks&Banking Reform,Debt Markets,Access to Finance,,Markets and Market Access

Microwave radiative transfer studies of precipitation

Since the deployment of the DMSP SSM/I microwave imagers in 1987, increased utilization of passive microwave radiometry throughout the 10 - 100 GHz spectrum has occurred for measurement of atmospheric constituents and terrestrial surfaces. Our efforts have focused on observations and analysis of the microwave radiative transfer behavior of precipitating clouds. We have focused particular attention on combining both aircraft and SSM/I radiometer imagery with ground-based multiparameter radar observations. As part of this and the past NASA contract, we have developed a multi-stream, polarized radiative transfer model which incorporates scattering. The model has the capability to be initialized with cloud model output or multiparameter radar products. This model provides the necessary 'link' between the passive microwave radiometer and active microwave radar observations. This unique arrangement has allowed the brightness temperatures (TB) to be compared against quantities such as rainfall, liquid/ice water paths, and the vertical structure of the cloud. Quantification of the amounts of ice and water in precipitating clouds is required for understanding of the global energy balance

Analytical solution of two-layer beam taking into account interlayer slip and shear deformation

A mathematical model is proposed and its analytical solution derived for the analysis of the geometrically and materially linear two-layer beams with different material and geometric characteristics of an individual layer. The model takes into account the effect of the transverse shear deformation on displacements in each layer. The analytical study is carried out to evaluate the influence of the transverse shear deformation on the static and kinematic quantities. We study a simply supported two-layer planar beam subjected to the uniformly distributed load. Parametric studies have been performed to investigate the influence of shear by varying material and geometric parameters, such as interlayer slip modulus (K), flexural-to-shear moduli ratios (E/G) and span-to-depth ratios (L/h). The comparison of the results for vertical deflections shows that shear deformations are more important for high slip modulus, for ``short'' beams with small L/h ratios, and beams with high E/G ratios. In these cases, the effect of the shear deformations becomes significant and has to be addressed in design. It also becomes apparent that models, which consider the partial interaction between the layers, should be employed if beams have very flexible connections

The Predatory Bird Monitoring Scheme (PBMS) Report 2006-7

The Predatory Bird Monitoring Scheme (PBMS) examines the levels of certain pollutants in selected wildlife species in Britain. It started in the 1960s to assess the impact of organochlorine pesticides on raptor populations, and the scheme is now the longest-running of its kind in the world. The aims of the PBMS are to monitor the levels of contaminants to determine how and why they vary between species and regions, how they are changing over time, and the risks they may have on individual birds and on their populations. Dead predatory birds are submitted to the PBMS by the public and by wildlife hospitals, veterinarian and zoological organisations. Eggs are collected, under licence, from a range of nests. The majority of these eggs are addled or deserted, although for some species, e.g. northern gannets, fresh egg are sampled. Second generation anticoagulant rodenticides (SGARs) are potentially toxic to all mammals and birds, and predators that feed upon rodents are particularly likely to be exposed to these compounds. Since 1983 the PBMS has monitored SGAR residues in barn owls, while kestrels have been monitored since 2001. The proportion of barn owls which have one or more SGARs in their liver increased from less than 10% in the 1980s to approximately 40% in the early 2000s. However, there has been a small decrease in this percentage in the last few years. A higher proportion of kestrels have detectable residues of SGARs in their liver than barn owls with 60% of birds received in the years 2001 to 2006 having one or more SGAR in their liver. There is no evidence of a change over time in the proportion ok kestrels with detectable liver SGAR residues. Overall, the high incidence of exposure amongst monitored species remains of concern. Sparrowhawk livers are analysed for a range of persistent organic pollutants (POPs) and heavy metals. Sparrowhawks are studied because they have a wide distribution across the Britain and can be used as a sentinel species for the terrestrial environment. Following restrictions on its use as an agricultural pesticide, mercury concentrations have declined in sparrowhawks. However, despite PCBs being banned in 1981, there has not been any long-term change in polychlorinated biphenyl (PCB) liver concentrations in sparrowhawks during the period 1968-2006. In herons, used as a sentinel species for freshwater habitats, both PCB and mercury concentrations have declined. In 2006, mean PCB and mercury concentrations in both species were below those thought to have an adverse effect on individual birds. Pollutants, such as mercury and PCBs, can affect development and hatchability.. Therefore, the PBMS monitors the levels of contaminants in the eggs of a range of species including those of conservation concern such as golden eagle and the re-introduced white-tailed sea eagle. Other species that are monitored are the northern gannet, which are used as a monitor of the marine environment, and merlin that hunt in upland habitats. In general, and specifically in 2006, the residues measured in the eggs of golden eagle and gannets are below those thought to have an adverse effect on bird eggs, but some residues in individual merlin eggs were at concentrations associated with effects in other species. Few white-tailed see eagle eggs are received for analysis by the PBMS but a large proportion of those eggs that have been analysed, including the egg collected in 2006, have DDE, PCB and mercury concentrations above levels associated with adverse effects on bird embryos and the hatching success of eggs. Despite the withdrawal of PCBs from manufacturing over 20 years ago, the evidence for declining PCB concentrations in predatory birds is equivocal, with declines in liver or egg residues in some species but not in others. Mercury concentrations in most species have not significantly changed during the monitoring period

The forgotten kids: Experiences of potential student-athletes at a postsecondary football preparatory school

The first preparatory institution was founded in 1635 to prepare elite men for public service, a role in the church, or admission to Harvard (Boyer, 1983). Nearly 400 years later, the objective of such institutions is no longer Harvard, but often an avenue for potential student-athletes (PSAs) to participate in collegiate sport (Thamel, 2007). The NCAA does not define nor regulate postgraduate preparatory institutions; however, Curran (2014) describes a preparatory institution (commonly referred to as prep schools) as a postgraduate institute that provides PSAs another year at a secondary institution prior to making the transition to college. Framed by Mincer’s (1958) model of Basic Human Capital, the purpose of this study is to examine the experiences of those attending or associated with one specific preparatory institution (X Academy). The first research question which explores prospective student-athletes choices to attend a preparatory institution revealed three final themes: (1) eligibility concerns, (2) athletic exposure and development, and (3) academic improvement. The second research question explores the experiences of those attending a preparatory institution also revealed three final themes: (1) focus and preparation, (2) melting pot, and (3) survival. &nbsp

Local Anisotropy of Fluids using Minkowski Tensors

Statistics of the free volume available to individual particles have previously been studied for simple and complex fluids, granular matter, amorphous solids, and structural glasses. Minkowski tensors provide a set of shape measures that are based on strong mathematical theorems and easily computed for polygonal and polyhedral bodies such as free volume cells (Voronoi cells). They characterize the local structure beyond the two-point correlation function and are suitable to define indices $0\leq \beta_\nu^{a,b}\leq 1$ of local anisotropy. Here, we analyze the statistics of Minkowski tensors for configurations of simple liquid models, including the ideal gas (Poisson point process), the hard disks and hard spheres ensemble, and the Lennard-Jones fluid. We show that Minkowski tensors provide a robust characterization of local anisotropy, which ranges from $\beta_\nu^{a,b}\approx 0.3$ for vapor phases to $\beta_\nu^{a,b}\to 1$ for ordered solids. We find that for fluids, local anisotropy decreases monotonously with increasing free volume and randomness of particle positions. Furthermore, the local anisotropy indices $\beta_\nu^{a,b}$ are sensitive to structural transitions in these simple fluids, as has been previously shown in granular systems for the transition from loose to jammed bead packs

Evaluation of techniques for removal of spacecraft contaminants from activated carbon

Alternative techniques for the regeneration of carbon contaminated with various spacecraft contaminants were evaluated. Four different modes of regeneration were evaluated: (1) thermal desorption via vacuum, (2) thermal desorption via nitrogen purge, (3) in-situ catalytic oxidation of adsorbed contaminants, and (4) in-situ non-catalytic oxidation of adsorbed contaminants

Polarization of macrophages toward M2 phenotype is favored by reduction in iPLA2β (group VIA phospholipase A2)*

Macrophages are important in innate and adaptive immunity. Macrophage participation in inflammation or tissue repair is directed by various extracellular signals and mediated by multiple intracellular pathways. Activation of group VIA phospholipase A2 (iPLA2β) causes accumulation of arachidonic acid, lysophospholipids, and eicosanoids that can promote inflammation and pathologic states. We examined the role of iPLA2β in peritoneal macrophage immune function by comparing wild type (WT) and iPLA2β−/− mouse macrophages. Compared with WT, iPLA2β−/− macrophages exhibited reduced proinflammatory M1 markers when classically activated. In contrast, anti-inflammatory M2 markers were elevated under naïve conditions and induced to higher levels by alternative activation in iPLA2β−/− macrophages compared with WT. Induction of eicosanoid (12-lipoxygenase (12-LO) and cyclooxygenase 2 (COX2))- and reactive oxygen species (NADPH oxidase 4 (NOX4))-generating enzymes by classical activation pathways was also blunted in iPLA2β−/− macrophages compared with WT. The effects of inhibitors of iPLA2β, COX2, or 12-LO to reduce M1 polarization were greater than those to enhance M2 polarization. Certain lipids (lysophosphatidylcholine, lysophosphatidic acid, and prostaglandin E2) recapitulated M1 phenotype in iPLA2β−/− macrophages, but none tested promoted M2 phenotype. These findings suggest that (a) lipids generated by iPLA2β and subsequently oxidized by cyclooxygenase and 12-LO favor macrophage inflammatory M1 polarization, and (b) the absence of iPLA2β promotes macrophage M2 polarization. Reducing macrophage iPLA2β activity and thereby attenuating macrophage M1 polarization might cause a shift from an inflammatory to a recovery/repair milieu

Growth rate of small-scale dynamo at low magnetic Prandtl numbers

In this study we discuss two key issues related to a small-scale dynamo instability at low magnetic Prandtl numbers and large magnetic Reynolds numbers, namely: (i) the scaling for the growth rate of small-scale dynamo instability in the vicinity of the dynamo threshold; (ii) the existence of the Golitsyn spectrum of magnetic fluctuations in small-scale dynamos. There are two different asymptotics for the small-scale dynamo growth rate: in the vicinity of the threshold of the excitation of the small-scale dynamo instability, $\lambda \propto \ln({\rm Rm}/ {\rm Rm}^{\rm cr})$, and when the magnetic Reynolds number is much larger than the threshold of the excitation of the small-scale dynamo instability, $\lambda \propto {\rm Rm}^{1/2}$, where ${\rm Rm}^{\rm cr}$ is the small-scale dynamo instability threshold in the magnetic Reynolds number ${\rm Rm}$. We demonstrated that the existence of the Golitsyn spectrum of magnetic fluctuations requires a finite correlation time of the random velocity field. On the other hand, the influence of the Golitsyn spectrum on the small-scale dynamo instability is minor. This is the reason why it is so difficult to observe this spectrum in direct numerical simulations for the small-scale dynamo with low magnetic Prandtl numbers.Comment: 14 pages, 1 figure, revised versio