Market Reaction to Risky Banks: Did Generous Deposit Guarantee Change it?

Cataloged from PDF version of article.Turkey experienced a massive banking crisis in February 2001, resulting in the loss of more than a thousand managerial jobs and the closure of 21% of all bank branches in the market. In this paper, we study the behavior of the market and the banks in Turkey before the crisis, from 1988 to 2000, which includes the period of full deposit insurance. The empirical results showed that not only depositors but also borrowers reacted negatively to risky banks and punished them even more during the period of generous government guarantee. However, in the same period, banks were found to increase their moral hazard behavior significantly. Although the International Monetary Fund and the World Bank recommend explicit deposit insurance for developing countries, the findings of this paper suggest that deposit insurance may not be an effective policy tool to improve market confidence, and it does not guarantee a stable economic environment even when the market reacts negatively to the moral hazard behavior of banks

Bank Quality, Loan Demand and Market Discipline

Cataloged from PDF version of article.In this paper, we examine the disciplinary role of borrowers, who are one of the key stakeholders in Turkish banks and are heavily affected when their banks experience difficulty. In the theoretical model, we show that borrowers prefer to have a relationship with less risky banks although it increases their cost of getting funds. Empirically, we examine the relationship between quality of a bank and its loan demand and find that as riskiness of a bank decreases, its loan demand increases significantly, suggesting the disciplinary role of borrowers in Turkey

Mobility and Optimal Tenure Choice

Cataloged from PDF version of article.In this paper, we offer a dynamic model of the optimal tenure behavior of an individual who faces the possibility of moving multiple times during his lifetime. We also investigate the lifetime effects of such factors as income tax, property tax, transaction costs, and mortgage rates on the household's tenure choice. The agents in the model utilize a genetic algorithm, a probabilistic search approach, to determine their optimal lifetime tenure choice path. The agents are forward looking in that they anticipate such possible events as changes in jobs, marital status, household size, or dissatisfaction with current residence. Our results suggest several housing policy implications and explain some of the empirical findings in the literature. (c) 2005 Elsevier Inc. All rights reserved

Muslim-Turkish children in Germany: Sociocultural problems

[No abstract available

Extreme Peripheral Blood Plasmacytosis Mimicking Plasma Cell Leukemia as a Presenting Feature of Angioimmunoblastic T-Cell Lymphoma (AITL).

Angioimmunoblastic T-cell lymphoma (AITL) is one of four major subtypes of nodal peripheral T cell lymphoma, characterized by its cell of origin, the follicular helper T-cell (TFH). Patients typically present with prominent constitutional (B) symptoms, generalized lymphadenopathy, hepatosplenomegaly, cytopenias, and rash. Here we present a case of a 62-year-old male with progressive cervical adenopathy, fevers and weight loss presenting with extreme polyclonal plasmacytosis and high plasma EBV viral load. While the initial presentation appeared to mimic plasma cell leukemia or severe infection, lymph node biopsy and bone marrow biopsy confirmed a diagnosis of AITL. This case highlights the heterogeneity of the clinical presentation of AITL to enable physicians to more promptly recognize, diagnose and initiate treatment

Patterns of antihypertensive prescribing, discontinuation and switching among a Hong Kong Chinese population from over one million prescriptions

Hypertension is an alarming public health problem among Chinese. The present study evaluated the prescribing patterns, discontinuation and switching profiles of antihypertensive agents and their associated factors in one Hong Kong Chinese population. Data were retrieved from computerized records for patients prescribed anti-hypertensive agents in government primary care clinics of Hong Kong from January, 2004 to June, 2007. A total of 1,069,836 antihypertensive drug visits, representing 67,028 patients, were analyzed. The most commonly prescribed drugs were Calcium Channel Blockers (CCBs) (49%), b-Blockers (BBs) (46%) and Angiotensin-Converting Enzyme Inhibitors (ACEIs) (19%). Thiazide diuretic prescribing was low (13%) and on the decline (14% in 2004 to 12% in 2007). Prescribing of ACEIs was rising (16% in 2004 to 23% in 2007). Patients’ age, gender, and socio-economic status were independent predictors of class of anti-hypertensive prescribed but explained less than 3.5% of the variation observed. Drug discontinuation was highest for BBs (21%) and lowest for CCBs (12%). The high rates of discontinuation in BBs remained apparent after controlling for confounding variables. Switching was less common than discontinuation and was most likely with thiazide diuretics. To summarize, prescribing of CCBs and BBs were high and that of thiazide diuretics particularly low in this Chinese population when compared with international trends. CCBs may be a particularly favorable antihypertensive treatment in Chinese, given the high discontinuation rates of BBs and international guidelines advising against the use of BBs as first-line therapy. The low use of thiazide diuretics warrants further clinical and cost effectiveness studies among Chinese

Enhanced self-collimation effect by low rotational symmetry in hexagonal lattice photonic crystals

In this study, we present the design of a photonic crystal (PC) structure with a hexagonal lattice, where adjustments to the PC unit cell symmetry reveal an all-angle self-collimation (SC) effect. By optimizing opto-geometric parameters, such as the rotational angle of auxiliary rods and adjacent distances, we analyze the SC property in detail, leveraging group velocity dispersion (GVD) and third-order dispersion (TOD) characteristics. We also investigate the relationship between symmetry properties and their influence on dispersion characteristics. Through symmetry manipulation, we gain a comprehensive understanding of the underlying mechanisms governing light collimation and confinement in the proposed configurations. The PC structure with a $C_1$ symmetry group exhibits all-angle SC effect within the range of $a/\lambda=0.652$ and $a/\lambda=0.668$ normalized frequencies, with a bandwidth of $\Delta \omega/\omega_c = 2.4\%$. Further breaking the symmetry, transforming from $C_1$ to $C_2$ group symmetry, enhances the SC bandwidth to $\Delta \omega/\omega_c =6.5\%$ and reveals the perfect linear equi-frequency contours (EFC) at two different frequency bands: all angle SC between $a/\lambda = 0.616$ and $a/\lambda = 0.656$ normalized frequencies in the 4th transverse magnetic (TM) band and between $a/\lambda=0.712$ and $a/\lambda=0.760$ in the 5th TM band. Additionally, we propose a composite/hybrid PC structure resembling $C_2$ group symmetry, where two auxiliary rods are replaced by rectangular photonic wires with the same refractive index and width equal to the diameter of auxiliary rods. This hybrid structure exhibits an all-angle SC effect with an operating bandwidth of $\Delta \omega/\omega_c =11.7\%$, displays near-zero GVD and TOD performance and offers enhanced robustness against potential fabrication precision issues

Defining spatial housing submarkets: Exploring the case for expert delineated boundaries

Although there are numerous reasons for real estate analysts to construct spatial housing submarkets, there is little clarity about how this might best be done in practice. The existing literature offers a variety of techniques including those based on principal components analysis, cluster analysis and a range of other statistical procedures. This paper asks whether, given their market expertise and their role in disseminating information, shaping search patterns and informing bid formation, real estate agents might offer an effective but less data intensive method of submarket construction. The empirical research is based on an experiment that compares the predictive of different sets of submarket boundaries constructed by using either standard statistical methods or through consultation with real estate agents and other market analysts. The analysis draws on housing transactions data from Istanbul, Turkey. While the results do not demonstrate the outright superiority of any single method, they do suggest that expert-defined boundaries tend to perform at least as well as alternative construction techniques. Importantly, the results suggest that agent-based methods for delineating submarket boundaries might be used with a degree of confidence by real estate analysts and planners in market contexts where rich micro-datasets are not readily available. This has been one of the constraints internationally on wider adoption of submarket boundaries as an analytical tool

Determinants of postnatal spleen tissue regeneration and organogenesis

Abstract The spleen is an organ that filters the blood and is responsible for generating blood-borne immune responses. It is also an organ with a remarkable capacity to regenerate. Techniques for splenic auto-transplantation have emerged to take advantage of this characteristic and rebuild spleen tissue in individuals undergoing splenectomy. While this procedure has been performed for decades, the underlying mechanisms controlling spleen regeneration have remained elusive. Insights into secondary lymphoid organogenesis and the roles of stromal organiser cells and lymphotoxin signalling in lymph node development have helped reveal similar requirements for spleen regeneration. These factors are now considered in the regulation of embryonic and postnatal spleen formation, and in the establishment of mature white pulp and marginal zone compartments which are essential for spleen-mediated immunity. A greater understanding of the cellular and molecular mechanisms which control spleen development will assist in the design of more precise and efficient tissue grafting methods for spleen regeneration on demand. Regeneration of organs which harbour functional white pulp tissue will also offer novel opportunities for effective immunotherapy against cancer as well as infectious diseases