On the Possibility of Credit Rationing in the Stiglitz-Weiss Model

Contrary to what is consistently assumed in the literature, the return function cannot be hump-shaped in the Stiglitz-Weiss (1981) model. This has important consequences for the possible occurrence of credit rationing and redlining. With a single class of borrowers, banks offer credit in two stages. Demand possibly exceeds supply in stage one, but not in stage two. With several observationally distinguishable borrower classes, the firms in a borrower class are redlined only under circumstances which imply that they would not get credit in a perfect capital market either. Die Rendite-Funktion kann im Stiglitz-Weiss- (1981) Modell nicht - so wie das in der Literatur durchgängig angenommen wird - hügelförmig sein. Das hat wichtige Implikationen für die Möglichkeit von Kreditrationierung einerseits und für die Möglichkeit des Ausschlusses ganzer Kreditnehmergruppen vom Kapitalmarkt andererseits. Mit nur einer Klasse von Kreditnehmern erfolgt die Kreditvergabe in zwei Stufen. Während auf der ersten Stufe eine Übernachfrage vorliegen kann, herrscht auf der zweiten Stufe Markträumung. Bei mehreren unterscheidbaren Kreditnehmerklassen wird eine Klasse nur unter den Bedingungen vom Kreditmarkt ausgeschlossen, bei deren Vorliegen sie auch in einem vollkommenen Kreditmarkt keinen Kredit erhalten würde

Teaching Accounting and Finance to non-specialists: revealing the students' perspective on the learning experience

This study is concerned with the non-specialist accounting and finance students’ perspective on the usefulness, scope, and practical application of relevant modules within their program of study. It also evaluates relevant teaching and learning approaches adopted by accounting academics teaching non-specialist - instead of introductory - accounting modules, through revealing the students' perceptions on the effectiveness of these approaches in creating a high quality learning experience. Lectures' teaching competencies are rated first in terms of importance for their learning experience by the vast majority of students. Issues relevant to the curricula's 'real world' application, as well as, the development of clear links between lecture material and assessment practise, engrossed considerable attention by the respondents. Education technology and reading material on the other hand appeared to be of prior importance for a smaller number of students

Atlas and checklist of the bark and ambrosia beetles of Texas and Oklahoma (Curculionidae: Scolytinae and Platypodinae)

180 species of bark and ambrosia beetles (Curculionidae: Scolytinae and Platypodinae) are known to occur in Texas and Oklahoma. 175 species are known from Texas, 35 of which are reported here for the first time. 78 species are known from Oklahoma, 47 of which are new records for the state. Based on overall distribution patterns the largest group of species found in Texas and virtually all known from Oklahoma are widely distributed in eastern and southeastern North America, reaching their southwestern limits here. In the case of Texas other large elements include Neotropical elements shared with Mexico and a large number found in southwestern North America. New distribution and significant new host records are discussed. Distribution maps are included for most species and a checklist is provided as an appendix

Ascertaining the impact of endogenous and exogenous factors on the performance of students taking non-specialist accounting courses

This study aims to evaluate the potential determinants of academic performance of non-specialist accounting students. Considering both actual and initially expected performance, in conjunction with students’ learning styles and preferences, we use two econometric methods - Ordinal Probit and Ordinary Least Squared - in order to investigate and assess the impact of endogenous and the exogenous factors on the students’ academic achievement. Eventually, based on the results of our estimations, and by dividing the non-specialist students into segments, according to their demographic characteristics, we run a series of simulations to estimate empirically the likelihood of the students to report an academic performance weaker, in line, better, and considerably better than what they expected

A pitfall of piecewise-polytropic equation of state inference

The only messenger radiation in the Universe which one can use to statistically probe the Equation of State (EOS) of cold dense matter is that originating from the near-field vicinities of compact stars. Constraining gravitational masses and equatorial radii of rotating compact stars is a major goal for current and future telescope missions, with a primary purpose of constraining the EOS. From a Bayesian perspective it is necessary to carefully discuss prior definition; in this context a complicating issue is that in practice there exist pathologies in the general relativistic mapping between spaces of local (interior source matter) and global (exterior spacetime) parameters. In a companion paper, these issues were raised on a theoretical basis. In this study we reproduce a probability transformation procedure from the literature in order to map a joint posterior distribution of Schwarzschild gravitational masses and radii into a joint posterior distribution of EOS parameters. We demonstrate computationally that EOS parameter inferences are sensitive to the choice to define a prior on a joint space of these masses and radii, instead of on a joint space interior source matter parameters. We focus on the piecewise-polytropic EOS model, which is currently standard in the field of astrophysical dense matter study. We discuss the implications of this issue for the field.Comment: 16 pages, 9 figures. Accepted for publication in MNRA

Two leaf beetles new to Florida (Coleoptera: Chrysomelidae)

Specimens recently submitted to the first author for identification turned out to represent two species of leaf beetles previously unknown from Florida, one of which is new to the eastern United States and the other new to the continental United States

New records, nomenclatural changes, and taxonomic notes for select North American leaf beetles (Coleoptera: Chrysomelidae)

New records, nomenclatural changes and taxonomic notes are presented for select North American leaf beetles (Coleoptera: Chrysomelidae). The following genera are newly recorded from the United States: Nesaecrepida Blake, 1964; Acallepitrix Bechyne, 1959; Margaridisa Bechyne, 1958; Parchicola Bechyne and Springlova de Bechyne, 1975; (all Galerucinae: Alticini); and Demotina Baly, 1874 (Eumolpinae). The following species are newly recorded from the United States: Neolema dorsalis (Olivier, 1791) (Criocerinae); Charidotella bifossulata Boheman, 1855 (Hispinae: Cassidini); Syphrea flauicollis (Jacoby, 1884) (Galerucinae: Alticini); and Promecosoma inflatum Lefevre, 1877, and Demotina modesta Baly, 1874 (Eumolpinae). The following new synonymies are proposed: Deloyala clauata, var. diuersicollis Schaeffer, 1925, transferred from synonymy with Plagiometriona clauata (Fabricius, 1798) to synonymy withP. clauata testudinaria (Boheman, 1855); Chrysomela hybrida Say, 1824, downgraded from subspecies of Calligrapha lunata (Fabricius, 1787) to full synonym of CaZZigrapha lunata (Fabricius); Chrysomela casta Rogers, 1856, downgraded from subspecies of Zygogramma suturalis (Fabricius, 1775) to full synonym of Zygogrammasuturalis (Fabricius); Trirhabdagurneyi Blake, 1951, downgraded to synonym of Trirhabda caduca Horn, 1893; Scelida mimula Wilcox, 1965, downgraded to synonym of Scelida nigricornis (Jacoby, 1888); Exoracalifornica Wilcox, 1953, downgraded to synonym of Pte leon breuicornis (Jacoby, 1887); alaeothonaarizonensis Blake, 1950, downgraded to synonym ofLupraea discrepans (Schaeffer, 1932); Haltica nigritula Linell, 1898, downgraded to synonym of Nesaecrepida asphalt ina (Suffrian, 1868); Cryptocephalus reinhardi Sundman, 1965, downgraded to synonym of Cryptocephalus nwtabilis Melsheimer, 1847. The tribes Chalepini Wiese, 1910, and Uroplatini Weise, 1910 (Hispinae), are synonymized, and both of these family-group names are recognized as nomina protecta. The family-group name Octotomites Chapuis, 1875, is recognized as a nomen oblitum. Coptocycla testudinaria Boheman, 1855, is downgraded from specific status to a subspecies of Plagiometriona clauata (Fabricius, 1798); Cassida bicolor (Fabricius, 1798) is recognized as a valid subspecies of Charidotellasexpunctata (Fabricius). The genus Hemiphrynus Horn, 1889, is removed from synonymy with Phrynocepha and reinstated as a valid genus; Rhabdopterus weisei (Schaeffer, 1920) is removed from synonymy with Rhabdopterus praetextus (Say) and reinstated as a valid species. The following new combinations are proposed: Synetocephalus wallacei (Wilcox, 1965), transferred from Pseudoluperus; Nesaecrepida infuscata (Schaeffer, 1906), transferred from Monomacra; Acallepitrix nitens (Horn, 1889), transferred from Epitrix; Margaridisa atriuentris (Melsheimer, 1847), transferred from Hornaltica; Parchicola iris (Olivier, 1808) and P. tibialis (Olivier, 1808), transferred from Monomacra; and Coleothorpa panochensis (Gilbert, 1981), transferred from Coscinoptera; Promecosoma arizonae (Crotch, 1873), transferred from Metaxyonycha; Tymnes chrysis (Olivier, 1808), T. oregonensis (Crotch, 1873), and T. thaleia (Blake, 1977), transferred from Colaspis. The following new replacement name is proposed: Triarius nigroflaulls, for Luperodes flauoniger Blake, 1942 (not Laboissiere, 1925). The identities of Griburius equestris (Olivier, 1808) and G. laruatlls (Newman, 1840) are discussed

A slot-loaded reduced-size CPW-fed aperture antenna for UWB applications

The paper presents a co-planar wave guide (CPW)-fed slot loaded low return loss planar printed antenna with a small size designed for wireless communication and UWB applications. First, a conventional UWB antenna is modeled to provide a reference point for the modeling and then the shape is modified by a self inverted configuration to achieve higher bandwidth and size reduction. To improve the gain and efficiency, a combination of corner features and loading slots are introduced. The primary aim throughout the modeling was to achieve the minimum possible value of return loss (S11) below -10 dB over the FCC-defined UWB frequency range. The antenna was designed, simulated and modified using Agilent's Advanced Design System (ADS). It was fabricated on FR4 substrate and measured return loss results are presented

Simulator study of the effect of control-system time delays on the occurrence of pilot-induced oscillations and on pilot tracking performance with a space-shuttle-orbiter configuration

Using a six degree-of-freedom motion-base simulator, the effect of control-system time delays on the occurrence of pilot-induced oscillations (PIO's) on the vehicle handling qualities and on pilot tracking performance for a landing-approach configuration of the Space Shuttle orbiter was studied. A linearized math model was employed which represented a 300-knot orbiter with almost all time delays removed. Additional time delays were then inserted following the pilot's hand-controller signals. Only pitch and roll commands were used for vehicle control. The simulation employed an air to air tracking task as a means of emphasizing PIO tendencies. Two astronauts, two research pilots, and one simulation engineer served as test subjects. Results showed that PIO's occurred when the amount of added time delay approximated that existing for the orbiter configuration flown in the approach and landing tests. Increasing the amount of delay increased PIO occurrences and resulted in degraded tracking performance. Decreasing the amount of time delay eliminated the PIO's

Comparison of analytical predictions of longitudinal short period pilot-induced oscillations with results from a simulation study of the space shuttle orbiter

An analytical analysis of conditions producing pilot induced oscillations (PIO's) was made for the space shuttle orbiter in a landing approach configuration for the task of milling the elevation angle of the line of sight to a target vehicle. The analysis yielded a value of PIO frequency and a value for the amount of total system time delay (pilot + control system) that can be tolerated before instability results. Calculations were performed showing the effect of varying the range to the target and of varying the handling qualities of the orbiter vehicle. Analytical predictions were compared with simulation results obtained using a visual motion simulator