Market discipline in the governance of U.S. Bank Holding Companies: monitoring vs. influencing

Market discipline is an article of faith among financial economists, and the use of market discipline as a regulatory tool is gaining credibility. Effective market discipline involves two distinct components: security holders' ability to accurately assess the condition of a firm ("monitoring") and their ability to cause subsequent managerial actions to reflect those assessments ("influence"). Substantial evidence supports the existence of market monitoring. However, little evidence exists on market influence, and then only for stockholders and for rare events such as management turnover. This paper seeks evidence that U.S. bank holding companies' security price reliably influence subsequent managerial actions. Although we identify some patterns consistent with beneficial market influences, we have not found strong evidence that stock or (especially) bond investors regularly influence managerial actions. Market influence remains, for the moment, more a matter of faith than of empirical evidence.Bank holding companies ; Bank supervision ; Bonds ; Stocks

Feasibility test for a V-slit star mapper for pioneer spacecraft terminal navigation

A laboratory demonstration of the feasibility of using a V-slit star mapper to meet the sensitivity and accuracy of on-board navigational requirements for future Pioneer Missions to the outer planets was conducted by the Control and Sensors Laboratory of TRW. The breadboard was extremely simple in configuration, consisting of an end-on photomultiplier tube and a V-slit reticle located at the focal plane of the objective lens. In addition, a plano-convex lens was used between the reticle and the PMT in a Fabry-Perot configuration. The analytical effort indicated that the sensor should easily meet the requirements. The Pioneer SRA test set was examined to determine its basic accuracy and modify it where necessary to bring its accuracy into the 1-3 arc second range. The test results show that it is feasible to use this type of star mapper in the 10 arc second accuracy range. The test equipment accuracy (approximately 5 arc Sec) was sufficient to bound the sensor errors at less than 10 arc seconds

An Analysis of the First Ever DOW-Observed Mesolow

Embry-Riddle Aeronautical University Convective-Boundary Research Engaging Educational Student Experiences 2.0 (ERAU CBREESE 2.0) was a 15-day Doppler-on-Wheels (DOW) and Mobile Mesonet educational deployment from the Center for Severe Weather Research (CSWR). Building off the success of ERAU CBREESE in May 2015, the educational deployment was designed to observe and measure sea-breeze processes and convection, with a specific focus on Central Florida sub-regions that contain multiple mesoscale breezes and boundary collisions. On 6 July 2018, the first-ever DOW-observed mesolow was recorded along the Space Coast near Titusville, Florida. The purpose of this study was to examine the ability of the High-Resolution Rapid Refresh (HRRR) model to accurately diagnose and forecast this feature. After calculating the height of the DOW beam at each elevation scan, it was noted that the mesolow was predominantly observed in the 900–600-hPa layer. The 20 UTC HRRR analysis shows that the mesolow circulation was resolved by the model as it occurred. Since the HRRR explicitly diagnoses and forecasts many variables that other models, such as the Global Forecast System (GFS), are only able to parameterize, this also yielded the opportunity to explore what mechanisms may have contributed to the initial formation of the mesolow

ENVIRONMENTAL ETHICAL DECISION MAKING IN THE U.S. METAL-FINISHING INDUSTRY

We investigated the individual and contextual influences shaping the environmental ethical decision intentions of a sample of managers in the U.S. metal-finishing industry in this study. Ajzen\u27s (1991) theory of planned behavior and Jones\u27s (1991) moral intensity construct grounded our theoretical framework. Findings revealed that the magnitude of consequences, a dimension of moral intensity, moderated the relation- ships between each of five antecedents-attitudes, subjective norms, and three perceived behavioral control factors (self-efficacy, financial cost, and ethical climate)- and managers\u27 environmental ethical decision intentions. We then developed implications for theory and practice in environmental ethical decision making

Gravitational waveforms with controlled accuracy

A partially first-order form of the characteristic formulation is introduced to control the accuracy in the computation of gravitational waveforms produced by highly distorted single black hole spacetimes. Our approach is to reduce the system of equations to first-order differential form on the angular derivatives, while retaining the proven radial and time integration schemes of the standard characteristic formulation. This results in significantly improved accuracy over the standard mixed-order approach in the extremely nonlinear post-merger regime of binary black hole collisions.Comment: Revised version, published in Phys. Rev. D, RevTeX, 16 pages, 4 figure