"Bank Distress and the Borrowers' Productivity"

In this paper, we propose a theoretical model in which a banking crisis (or bank distress) causes declines in the aggregate productivity. When borrowing firms need additional bank loans to continue their businesses, a high probability of bank failure discourages ex ante investments (i.e., "specialization") by the firms that enhance their productivity. In a general equilibrium setting, we also show that there may be multiple equilibria, in one of which bank distress continues and the borrowers' productivity is low, and in the other equilibrium, banks are healthy and the borrowers' productivity is high. We show that the bank capital requirement may be effective to eliminate the bad equilibrium and may lead the economy to the good equilibrium in which the productivity of borrowing firms and the aggregate output are both high and the probability of bank failure is low.

Banking Crisis and Borrower Productivity

In this paper, we propose a theoretical model in which a banking crisis (or bank distress) causes declines in aggregate productivity. When borrowing firms need additional bank loans to continue their businesses, a high probability of bank failure discourages ex ante investments (e.g., R&D investment) by firms that enhance their productivity. In a general equilibrium setting, we also show that there may be multiple equilibria: one in which bank distress continues and borrower productivity is low, and in the other, banks are healthy and borrower productivity is high. We show that the bank capital requirement may be effective in eliminating the bad equilibrium and may lead the economy to the good equilibrium in which the productivity of borrowing firms and the aggregate output are both high and the probability of bank failure is low.

Runoff Analysis Using a Deep Neural Network

Source: ICHE Conference Archive - https://mdi-de.baw.de/icheArchive

Astrometry of H2_{2}O Masers in Nearby Star-Forming Regions with VERA --- IV. L1448C

We have carried out multi-epoch VLBI observations with VERA (VLBI Exploration of Radio Astrometry) of the 22~GHz H$_{2}$O masers associated with a Class 0 protostar L1448C in the Perseus molecular cloud. The maser features trace the base of collimated bipolar jet driven by one of the infrared counter parts of L1448C named as L1448C(N) or L1448-mm A. We detected possible evidences for apparent acceleration and precession of the jet according to the three-dimensional velocity structure. Based on the phase-referencing VLBI astrometry, we have successfully detected an annual parallax of the H$_{2}$O maser in L1448C to be 4.31$\pm$0.33~milliarcseconds (mas) which corresponds to a distance of 232$\pm$18~pc from the Sun. The present result is in good agreement with that of another H$_{2}$O maser source NGC~1333 SVS13A in the Perseus molecular cloud, 235~pc. It is also consistent with the photometric distance, 220~pc. Thus, the distance to the western part of the Perseus molecular cloud complex would be constrained to be about 235~pc rather than the larger value, 300~pc, previously reported.Comment: 15 pages, 5 figures, accepted for publication in PAS

Fixation of an Anatomically Designed Cementless Stem in Total Hip Arthroplasty

Purpose. The Anatomic Fiber Metal plus stem (Zimmer) is one of the anatomically designed cementless stems to achieve stable fixation by metaphyseal fit. We studied outcomes of cementless total hip arthroplasty using this stem and possible effects of metaphyseal fit on outcomes. Methods. The cementless total hip arthroplasty using this stem was performed for 155 hips. One hundred and thirty-seven hips of 122 patients were followed for 5 to 16 (mean, 9.7) years and entered into the study. The metaphyseal fit was defined as good or poor in an anteroposterior radiograph after surgery. We studied the fixation of the stem and bone reaction on an anteroposterior radiograph at the final followup. Results. Twelve hips had revision, six acetabular components and six acetabular liners. No stem was revised. The biological fixation of the stem was bone ingrown fixation for 136 hips and unstable for one. The metaphyseal fit was good for 83 hips and poor for 54 hips. There were no differences for stem fixation and bone reaction between the two groups. Conclusions. The fixation of the stem was stable at a mean followup of 9.7 years independently from metaphyseal fit

A lack of classical Cepheids in the inner part of the Galactic disk

Recent large-scale infrared surveys have been revealing stellar populations in the inner Galaxy seen through strong interstellar extinction in the disk. In particular, classical Cepheids with their period-luminosity and period-age relations are useful tracers of Galactic structure and evolution. Interesting groups of Cepheids reported recently include four Cepheids in the Nuclear Stellar Disk (NSD), about 200 pc around the Galactic Centre, found by Matsunaga et al. and those spread across the inner part of the disk reported by Dekany and collaborators. We here report our discovery of nearly thirty classical Cepheids towards the bulge region, some of which are common with Dekany et al., and discuss the large impact of the reddening correction on distance estimates for these objects. Assuming that the four Cepheids in the NSD are located at the distance of the Galactic Centre and that the near-infrared extinction law, i.e. wavelength dependency of the interstellar extinction, is not systematically different between the NSD and other bulge lines-of-sight, most of the other Cepheids presented here are located significantly further than the Galactic Centre. This suggests a lack of Cepheids in the inner 2.5 kpc region of the Galactic disk except the NSD. Recent radio observations show a similar distribution of star-forming regions.Comment: 8 pages, 4 figures, accepted for publication in MNRA

Evaluation of n-Butane Gas Adsorption Performance of Composite Adsorbents Used for Carbon Canister

AbstractA novel adsorbent design technique was proposed to composite adsorbent used for carbon canister for improving the adsorption performance of n-butane gas. Two kinds of activated carbons were tested to produce composite adsorbents and evaluate the performance by measuring the adsorption isotherms of butane and pore structure characteristics. The volume-based amount of adsorption for the adsorbents prepared at sodium silicate solution concentration of 0.1wt% is 1.04 and 1.53 times that of the raw activated carbons (AC1 and AC2). The packing density of the composite adsorbent increased with the increase of sodium silicate solution concentration

Cepheids and other short-period variables near the Galactic Centre

We report the result of our near-infrared survey of short-period variable stars (P<60d) in a field-of-view of 20'x30' towards the Galactic Centre. Forty-five variables are discovered and we classify the variables based on their light curve shapes and other evidence. In addition to 3 classical Cepheids reported previously, we find 16 type II Cepheids, 24 eclipsing binaries, one pulsating star with P=0.265d (RR Lyr or delta Sct) and one Cepheid-like variable whose nature is uncertain. Eclipsing binaries are separated into the foreground objects and those significantly obscured by interstellar extinction. One of the reddened binaries contains an O-type supergiant and its light curve indicates an eccentric orbit. We discuss the nature and distribution of type II Cepheids as well as the distance to the Galactic Centre based on these Cepheids and other distance indicators. The estimates of R0(GC) we obtained based on photometric data agree with previous results obtained with kinematics of objects around the GC. Furthermore, our result gives a support to the reddening law obtained by Nishiyama and collaborators, A(Ks)/E(H-Ks)=1.44, because a different reddening law would result in a rather different distance estimate.Comment: 13 pages, 10 figures, 7tables, accepted for publication in MNRA