Foreign Bank Entry and Business Volatility: Evidence from U.S. States and Other Countries

The first-order effects of relaxed bank entry restrictions have been favorable, both within the U.S. and across countries. Internationally, the benefits of foreign entry seem to depend on the level of development, but at least for developing nations entrants are more efficient than incumbent banks and the stiffer competition seems to improve overall bank efficiency. In contrast to these first-order effects, the stability implications of increased entry are less obvious. This paper investigates whether greater integration resulting from foreign bank entry has been associated with more or less business cycle volatility. We approach the topic with mix of theory and evidence from both the U.S. states and countries. While theoretical effects are mixed, the empirical effect of relaxation of restrictions of cross-state banking has been to stabilize state-level fluctuations in the U.S. Applying a related set of tests to a panel of about 100 countries, however, we find no evidence that expansion of foreign banking has reduced business fluctuations. If anything, the evidence points tentatively in the other direction.

Bank Integration and Business Volatility

We investigate how bank migration across state lines over the last quarter century has affected the size and covariance of business fluctuations across states. Starting with a two-state version of the unit banking model in Holmstrom and Tirole (1997), we conclude that the theoretical effect of integration on business fluctuations is ambiguous because integration dampens the impact of bank capital shocks but amplifies the impact of firm collateral shocks. The net effect empirically seems stabilizing, however, as we find fluctuations in employment growth within states falls as integration rises, especially when we instrument for the level of integration and control for employment composition within states. Integration also weakens the link between bank capital growth within states and growth in state employment and bank lending.

Bank Integration and State Business Cycles

We investigate how integration of bank ownership across states has affected economic volatility within states. In theory, bank integration could cause higher or lower volatility, depending on whether credit supply or credit demand shocks predominate. In fact, year-to-year fluctuations in a state's economic growth fall as its banks become more integrated (via holding companies) with banks in other states. As the bank linkages between any pair of states increases, fluctuations in those two states tend to converge. We conclude that interstate banking has made state business cycles smaller, but more alike.Bank integration; Business volatility; Geographic diversification

The Avatars of Orable-Guibourc from French 'chanson de geste' to Italian 'romanzo cavalleresco'. A Persistent Multiple Alterity

Orable-Guibourc, a Saracen princess in the Guillaume d'Orange (or Monglane) cycle of chansons de geste epitomizes the «Saracen princess» story, in which a Muslim princess abandons her community for love of a Christian fighter. Yet Guibourc's character never becomes truly a part of her new community: linked to her previous religion and family, fears of treachery distance her from the Christians. Similarly, her having renounced her upbringing keeps her forever from her home, though her husband and family there still claim her as property. Writers from the first Old French texts where she appears through Renaissance Italians play upon this double jeopardy, interpreting and depicting her role and acts in different ways, emphasizing varying aspects of her personality, family and background, keeping her forever different, forever Other. This article outlines some of the historical contexts and forms in which authors worked to produce these avatars of Orable/Guibourc

Role of Multifidelity Data in Sequential Active Learning Materials Discovery Campaigns: Case Study of Electronic Bandgap

Materials discovery and design typically proceeds through iterative evaluation (both experimental and computational) to obtain data, generally targeting improvement of one or more properties under one or more constraints (e.g., time or budget). However, there can be great variation in the quality and cost of different data, and when they are mixed together in what we here call multifidelity data the optimal approaches to their utilization are not established. It is therefore important to develop strategies to acquire and use multifidelity data to realize the most efficient iterative materials exploration. In this work, we assess the impact of using multifidelity data through mock demonstration of designing solar cell materials, using the electronic bandgap as the target property. We propose a new approach of using multifidelity data through leveraging machine learning models of both low- and high-fidelity data, where using predicted low-fidelity data as an input feature in the high-fidelity model can improve the impact of a multifidelity data approach. We show how tradeoffs of low- versus high-fidelity measurement cost and acquisition can impact the materials discovery process, and find that the use of multifidelity data has maximal impact on the materials discovery campaign when approximately five low-fidelity measurements per high-fidelity measurement are performed, and when the cost of low-fidelity measurements is approximately 5% or less than that of high-fidelity measurements. This work provides practical guidance and useful qualitative measures for improving materials discovery campaigns that involve multifidelity data

Incidence of keratitis of varying severity among contact lens wearers

AIM: To determine the incidence of non-severe keratitis (NSK) and severe keratitis (SK) among wearers of current generation contact lenses. METHODS: A 12 month, prospective, hospital based epidemiological study was conducted by examining all contact lens wearers presenting with a corneal infiltrate/ulcer to a hospital centre in Manchester. A clinical severity matrix was used to differentiate between NSK and SK, based on the severity of signs and symptoms. The size of the hospital catchment population and the wearing modalities (daily wear (DW) or extended wear (EW)) and lens types being used were estimated from relevant demographic and market data. RESULTS: During the survey period, 80 and 38 patients presented with NSK and SK, respectively. The annual incidences (cases per 10,000 wearers) for each wearing modality and lens type were: DW rigid--NSK 5.7, SK 2.9; DW hydrogel daily disposable--NSK 9.1, SK 4.9; DW hydrogel (excluding daily disposable)--NSK 14.1, SK 6.4; DW silicone hydrogel--NSK 55.9, SK 0.0; EW rigid--NSK 0.0, SK 0.0; EW hydrogel--NSK 48.2, SK 96.4; EW silicone hydrogel--NSK 98.8, SK 19.8. The difference in SK between EW hydrogel and EW silicone hydrogel was significant (p = 0.04). CONCLUSIONS: A clinical severity matrix has considerable utility in assessing contact lens related keratitis. There is a significantly higher incidence of SK in wearers who sleep in contact lenses compared with those who only use lenses during the waking hours. Those who choose to sleep in lenses should be advised to wear silicone hydrogel lenses, which carry a five times decreased risk of SK for extended wear compared with hydrogel lenses

Altered Anesthetic Sensitivity of Mice Lacking Ndufs4, a Subunit of Mitochondrial Complex I

RDP and AQ were supported by the Howard Hughes Medical Institute (HHMI). AQ was a recipient of MICINN postdoctoral mobility program fellowship from the Spanish Ministerio de Ciencia e Innovación. PGM and MMS were supported by National Institutes of Health (NIH) grant GM58881. These studies were also supported in part by the Mitochondrial Research Guild. The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript.Anesthetics are in routine use, yet the mechanisms underlying their function are incompletely understood. Studies in vitro demonstrate that both GABAA and NMDA receptors are modulated by anesthetics, but whole animal models have not supported the role of these receptors as sole effectors of general anesthesia. Findings in C. elegans and in children reveal that defects in mitochondrial complex I can cause hypersensitivity to volatile anesthetics. Here, we tested a knockout (KO) mouse with reduced complex I function due to inactivation of the Ndufs4 gene, which encodes one of the subunits of complex I. We tested these KO mice with two volatile and two non-volatile anesthetics. KO and wild-type (WT) mice were anesthetized with isoflurane, halothane, propofol or ketamine at post-natal (PN) days 23 to 27, and tested for loss of response to tail clamp (isoflurane and halothane) or loss of righting reflex (propofol and ketamine). KO mice were 2.5 - to 3- fold more sensitive to isoflurane and halothane than WT mice. KO mice were 2-fold more sensitive to propofol but resistant to ketamine. These changes in anesthetic sensitivity are the largest recorded in a mammal

Improving accuracy and efficiency of mutual information for multi-modal retinal image registration using adaptive probability density estimation

Mutual information (MI) is a popular similarity measure for performing image registration between different modalities. MI makes a statistical comparison between two images by computing the entropy from the probability distribution of the data. Therefore, to obtain an accurate registration it is important to have an accurate estimation of the true underlying probability distribution. Within the statistics literature, many methods have been proposed for finding the 'optimal' probability density, with the aim of improving the estimation by means of optimal histogram bin size selection. This provokes the common question of how many bins should actually be used when constructing a histogram. There is no definitive answer to this. This question itself has received little attention in the MI literature, and yet this issue is critical to the effectiveness of the algorithm. The purpose of this paper is to highlight this fundamental element of the MI algorithm. We present a comprehensive study that introduces methods from statistics literature and incorporates these for image registration. We demonstrate this work for registration of multi-modal retinal images: colour fundus photographs and scanning laser ophthalmoscope images. The registration of these modalities offers significant enhancement to early glaucoma detection, however traditional registration techniques fail to perform sufficiently well. We find that adaptive probability density estimation heavily impacts on registration accuracy and runtime, improving over traditional binning techniques. © 2013 Elsevier Ltd