98 research outputs found

    Market Structure, Scale Efficiency, and Risk as Determinants of German Banking Profitability

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    The Scale-Efficiency version of the Efficient-Structure Hypothesis and the Structure-Conduct-Performance Hypothesis find empirical support in German banking data from 1998 to 2002. Due to the acceptance of the two hypotheses and the existence of overall economies of scale, we conclude that German banks may improve their profitability by increasing their asset size and/or by consolidation. The increased banking profitability will not only come from monopolistic power (higher concentration rate) but also from the scale efficiency benefit. We also find that portfolio risk is a key factor in determining the profit-structure relationship. --Profit-structure relationship,Market Structure,Scale efficiency,Portfolio Risk

    Investigating the role of endoplasmic reticulum stress in neutrophils during tumour initiation

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    Neutrophils are pivotal innate immune cells conventionally recognised for their rapid response to infection sites. In recent years, immune suppressive and tumourpromoting neutrophils were found enriched in the tumour microenvironment, suggesting their role in driving the development of cancer. However, the role of neutrophils during tumour initiation is less clear. Studies in zebrafish tumour initiation models suggest that neutrophils might play a trophic role in promoting early tumour cell proliferation. However, the underlying mechanism remains to be determined. To elucidate the mechanisms associated with this trophic function during tumour initiation, the Feng lab employed single-cell RNA sequencing analysis to capture all neutrophils in preneoplastic cell-carrying larvae to compare that with neutrophils from control larvae. This revealed a list of upregulated genes linked to endoplasmic reticulum (ER) stress. I hypothesize a potential connection in mechanisms between ER stress and the trophic function of neutrophils associated with PNCs. In this project, I established an ER stress reporter zebrafish line Tg(5XATF6RE:eGFP) to visualise ER stress. I confirmed the functionality of the reporter fish, as previously described by Clark et al. (2020). However, utilising a time window of 24 hours post-induction (hpi) induced by 4-hydroxytamoxifen (4-OHT), I didn’t visualise PNCs and PNC-associated neutrophils and proceeded with timelapse confocal live imaging from 24 to 36 hpi to monitor ER stress in these cells. Surprisingly, my results indicated subtle intensity changes indicative of ER stress in PNC-associated neutrophils, as confirmed by FACS analysis. I also generated a neutrophil-specific CAS9 expression transgenic zebrafish Tg(lyzC: CAS9), which paved the way for future neutrophil-specific modulation of ER Stress to study its functionality. In summary, although I did not detect elevated ER stress in neutrophils in the PNC development model using the Tg(5XATF6RE:eGFP), I did not have enough time to employ alternative methods to evaluate ER stress in neutrophils. Therefore, whether ER stress is involved in modulating neutrophil function in the PNC development model remains to be determined. However, I have generated tools to facilitate future studies into ER stress and functional studies in neutrophils in zebrafish models

    Successful Project Management: The Implementation of Strategy in Local Government

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    This paper focuses on the successful implementation of strategic management at Ealing Council which manages the London Borough of Ealing. In particular, we have researched how this is achieved within the Social Services Department. Various change programme initiatives (projects) have taken place in the Department over the past few years by different leaders with varying levels of success. We will discuss some of these projects, but will focus on one particular project which began in November 2004 in response to a crisis situation within the Department. This paper builds develops the literature on strategic management in local authorities and project management

    Market structure, scale efficiency, and risk as determinants of German banking profitability

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    The Scale-Efficiency version of the Efficient-Structure Hypothesis and the Structure-Conduct-Performance Hypothesis find empirical support in German banking data from 1998 to 2002. Due to the acceptance of the two hypotheses and the existence of overall economies of scale, we conclude that German banks may improve their profitability by increasing their asset size and/or by consolidation. The increased banking profitability will not only come from monopolistic power (higher concentration rate) but also from the scale efficiency benefit. We also find that portfolio risk is a key factor in determining the profit-structure relationship

    Boosting the Electron Beam Transmittance of Field Emission Cathode Using a Self-Charging Gate

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    The gate-type carbon nanotubes cathodes exhibit advantages in long-term stable emission owing to the uniformity of electrical field on the carbon nanotubes, but the gate inevitably reduces the transmittance of electron beam, posing challenges for system stabilities. In this work, we introduce electron beam focusing technique using the self-charging SiNx/Au/Si gate. The potential of SiNx is measured to be approximately −60 V quickly after the cathode turning on, the negative potential can be maintained as the emission goes on. The charged surface generates rebounding electrostatic forces on the following electrons, significantly focusing the electron beam on the center of gate hole and allowing them to pass through gate with minimal interceptions. An average transmittance of 96.17% is observed during 550 hours prototype test, the transmittance above 95% is recorded for the cathode current from 2.14 μA to 3.25 mA with the current density up to 17.54 mA cm−2

    Association of Lean Body Mass Index and Peritoneal Protein Clearance in Peritoneal Dialysis Patients

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    Background/Aims: The relationship between peritoneal protein clearance (PPCl) and nutritional status in peritoneal dialysis (PD) population have not been clarified. This study aims to investigate the relationship between PPCl and nutritional status in PD population. Methods: Prevalent PD patients were enrolled in the cross-sectional survey in a single center from April to November 2013. The total amount of protein loss in the dialysate was calculated. PPCl reflects the individual differences of peritoneal protein loss, and is calculated by the formula, that PPCl (ml/day)=24-h dialysate protein loss / (albumin/0.4783). Nutritional status measured by lean body mass index (LBMI) was assessed by multi-frequency bioelectrical impedance analysis (BIA). Results: Totally 351 PD patients (55% male, 17.1% with diabetes, mean age 47.7Âą14.3 years) were included. The median PPC l was 58 ml/day. Patients were divided into four groups for comparison according to the PPC quartiles. Compared with lower PPCl quartiles, patients with higher PPCl had higher body mass index (BMI) (P< 0.001), body surface area (BSA) (P < 0 .001), LBMI (P<0.001), 4-hour D/P creatinine ratio (P< 0.001), and lower residual renal CCl (P<0.001). Compared with conventional body index (BMI and BSA) in ROC analysis, LBMI (area under curve: 0.71, 95% confidence interval [CI]: 0.66-0.77) had better performance in predicting higher PPCl. After adjustment in logistic regression models, each 1 kg/m2 increase of LBMI (odd ratio[OR] =1.37; 95% CI: 1.17-1.60), each 0.1 increase of 4-hour D/P creatinine ratio (OR =1.47; 95% CI: 1.11-1.93), and every 1 L/week/1.73m2 decrease of residual renal CCl (OR =0.98; 95% CI: 0.96-0.99) were independently associated with higher PPCl (> 58 ml/day). Conclusion: Higher LBMI was independently associated with higher , indicating that better nutritional status dominates peritoneal protein metabolism in PD patients

    Risk Factors For Recurrent Stroke After Coronary Artery Bypass Grafting

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    <p>Abstract</p> <p>Objectives</p> <p>Preventing stroke after coronary artery bypass grafting (CABG) remains a therapeutic goal, due in part to the lack of identifiable risk factors. The aim of this study, accordingly, was to identify risk factors in CABG patients with a previous history of stroke.</p> <p>Methods</p> <p>Patients with a history of stroke who underwent CABG at Beijing An Zhen hospital from January 2007 to July 2010 were selected (n = 430), and divided into two groups according to the occurrence of postoperative stroke. Pre-operative and post-operative data were retrospectively collected and analyzed by univariate and multivariate logistic regression analyses.</p> <p>Results</p> <p>Thirty-two patients (7.4%) suffered post-operative stroke. Univariate analysis identified several statistically significant risk factors in the post-operative stroke group, including pre-surgical left ventricular ejection fractions (LVEF) ≤50%, on-pump surgery, post-operative atrial fibrillation (AF), and hypotension. Multivariable analysis identified 4 independent risk factors for recurrent stroke: unstable angina (odds ratio (OR) = 2.95, 95% CI: 1.05-8.28), LVEF ≤50% (OR = 2.77, 95% CI: 1.23-6.27), AF (OR = 4.69, 95% CI: 1.89-11.63), and hypotension (OR = 2.55, 95% CI: 1.07-6.04).</p> <p>Conclusion</p> <p>Unstable angina, LVEF ≤50%, post-operative AF, and post-operative hypotension are independent risk factors of recurrent stroke in CABG patients with a previous history of stroke.</p

    Bank performance and executive pay: tournament or teamwork

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    We investigate the relationship between the dispersion of executive pay and bank performance/valuation by examining two competing theories, the tournament theory (hierarchical wage structure) and the equity fairness theory (compressed wage structure). The key variable of executive pay dispersion is measured using a hand-collected dataset composed of 63 banks from OECD countries and 29 banks from developing countries. The dataset covers the period 2004 to 2012. By combining and modifying a translog profit function and a pay-dispersion model, we are able to address the potential problems of relying on reduced-form estimation. In our subsample of developed and civil law countries, where bank performance is measured by either Tobin’s Q or by the price-to-book ratio, the overall impact of executive pay dispersion is mostly negative, and we find supporting evidence for the equity fairness theory, except for very high levels of dispersion. There is a non-linear effect, as banks perform best when there is either very low or very high executive pay dispersion. For developing country sample banks, greater executive pay dispersion has a negative impact on bank profit. In our subsample of common law countries, however, we find no evidence of a significant impact of executive pay dispersion on bank performance. We conclude that lower executive pay dispersion, a proxy for teamwork, is mostly effective in enhancing bank performance in a significant section of sample banks, i.e., civil law and developing countries

    DeepSeek LLM: Scaling Open-Source Language Models with Longtermism

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    The rapid development of open-source large language models (LLMs) has been truly remarkable. However, the scaling law described in previous literature presents varying conclusions, which casts a dark cloud over scaling LLMs. We delve into the study of scaling laws and present our distinctive findings that facilitate scaling of large scale models in two commonly used open-source configurations, 7B and 67B. Guided by the scaling laws, we introduce DeepSeek LLM, a project dedicated to advancing open-source language models with a long-term perspective. To support the pre-training phase, we have developed a dataset that currently consists of 2 trillion tokens and is continuously expanding. We further conduct supervised fine-tuning (SFT) and Direct Preference Optimization (DPO) on DeepSeek LLM Base models, resulting in the creation of DeepSeek Chat models. Our evaluation results demonstrate that DeepSeek LLM 67B surpasses LLaMA-2 70B on various benchmarks, particularly in the domains of code, mathematics, and reasoning. Furthermore, open-ended evaluations reveal that DeepSeek LLM 67B Chat exhibits superior performance compared to GPT-3.5
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