Bank capital structure, regulatory capital, and securities innovations

Although financial instruments that, in effect, permit corporations to treat preferred stock dividends as tax-deductible interest have been used by nonfinancial corporations since late 1993, bank holding companies (BHCs) did not issue these trust-preferred securities (TPS) until 1996, when the Federal Reserve qualified them as Tier-1 capital. We delineate and test hypotheses with 1) analyses of the stock-market reaction to the Fed’s ruling and to TPS filings and 2) comparisons of BHCs that issued TPS with those that did not. We conclude that regulatory capital requirements, tax savings, and uninsured sources of funds can have significant positive effects on BHCs’ demand for capital; growth and investment opportunities have an inconclusive effect; and transaction costs have a negative effect. Our results are not consistent with the moral-hazard hypothesis.Bank capital ; Bank holding companies ; Bank supervision ; Securities

Extending the Propagation Distance of a Silver Nanowire Plasmonic Waveguide with a Dielectric Multilayer Substrate

Chemical synthesized silver nanowires have been proved to be the efficient architecture for Plasmonic waveguides, but the high propagation loss prevents their widely applications. Here, we demonstrate that the propagation distance of the plasmons along the Ag NW can be extended if the Ag NW was placed on a dielectric multilayer substrate containing a photonic band gap, but not placed on a commonly used glass substrate. The propagation distance at 630 nm wavelength can reach 16 um even that the Ag NW is as thin as 90 nm in diameter. Experimental and simulation results further show that the polarization of this propagating plasmon mode was nearly parallel to the surface of the dielectric multilayer, so it was excited by a transverse-electric polarized Bloch surface wave propagating along a polymer nanowire with diameter at only about 170 nm on the same dielectric multilayer. Numerical simulations were also carried out and consistent with the experiment results. Our work provides a platform to extend the propagation distance of plasmonic waveguide and also for the integration between photonic and plasmonic waveguides on the nanometre scale.Comment: 5 pages, 4 figure

Diffraction-Free Bloch Surface Waves

In this letter, we demonstrate a novel diffraction-free Bloch surface wave (DF-BSW) sustained on all-dielectric multilayers that does not diffract after being passed through three obstacles or across a single mode fiber. It can propagate in a straight line for distances longer than 110 {\mu}m at a wavelength of 633 nm and could be applied as an in-plane optical virtual probe, both in air and in an aqueous environment. The ability to be used in water, its long diffraction-free distance, and its tolerance to multiple obstacles make this DF-BSW ideal for certain applications in areas such as the biological sciences, where many measurements are made on glass surfaces or for which an aqueous environment is required, and for high-speed interconnections between chips, where low loss is necessary. Specifically, the DF-BSW on the dielectric multilayer can be used to develop novel flow cytometry that is based on the surface wave, but not the free space beam, to detect the surface-bound targets

Conserved mechanisms of microtubule-stimulated ADP release, ATP binding, and force generation in transport kinesins

Kinesins are a superfamily of microtubule-based ATP-powered motors, important for multiple, essential cellular functions. How microtubule binding stimulates their ATPase and controls force generation is not understood. To address this fundamental question, we visualized microtubule-bound kinesin-1 and kinesin-3 motor domains at multiple steps in their ATPase cycles - including their nucleotide-free states - at ~7Å resolution using cryo-electron microscopy. In both motors, microtubule binding promotes ordered conformations of conserved loops that stimulate ADP release, enhance microtubule affinity and prime the catalytic site for ATP binding. ATP binding causes only small shifts of these nucleotide-coordinating loops but induces large conformational changes elsewhere that allow force generation and neck linker docking towards the microtubule plus end. Family-specific differences across the kinesin-microtubule interface account for the distinctive properties of each motor. Our data thus provide evidence for a conserved ATP-driven mechanism for kinesins and reveal the critical mechanistic contribution of the microtubule interface

Relativistic conservation laws and integral constraints for large cosmological perturbations

For every mapping of a perturbed spacetime onto a background and with any vector field $\xi$ we construct a conserved covariant vector density $I(\xi)$, which is the divergence of a covariant antisymmetric tensor density, a "superpotential". $I(\xi)$ is linear in the energy-momentum tensor perturbations of matter, which may be large; $I(\xi)$ does not contain the second order derivatives of the perturbed metric. The superpotential is identically zero when perturbations are absent. By integrating conserved vectors over a part \Si of a hypersurface $S$ of the background, which spans a two-surface \di\Si, we obtain integral relations between, on the one hand, initial data of the perturbed metric components and the energy-momentum perturbations on \Si and, on the other hand, the boundary values on \di\Si. We show that there are as many such integral relations as there are different mappings, $\xi$'s, \Si's and \di\Si's. For given boundary values on \di\Si, the integral relations may be interpreted as integral constraints (e.g., those of Traschen) on local initial data including the energy-momentum perturbations. Conservation laws expressed in terms of Killing fields \Bar\xi of the background become "physical" conservation laws. In cosmology, to each mapping of the time axis of a Robertson-Walker space on a de Sitter space with the same spatial topology there correspond ten conservation laws. The conformal mapping leads to a straightforward generalization of conservation laws in flat spacetimes. Other mappings are also considered. ...Comment: This paper, published 7 years ago, was found useful by some researchers but originally was not put on the gr-qc website. Now it has been retyped with very minor changes: few wordings have been modified and several misprints occurring in the printed version correcte

A probabilistic generative model for GO enrichment analysis

The Gene Ontology (GO) is extensively used to analyze all types of high-throughput experiments. However, researchers still face several challenges when using GO and other functional annotation databases. One problem is the large number of multiple hypotheses that are being tested for each study. In addition, categories often overlap with both direct parents/descendents and other distant categories in the hierarchical structure. This makes it hard to determine if the identified significant categories represent different functional outcomes or rather a redundant view of the same biological processes. To overcome these problems we developed a generative probabilistic model which identifies a (small) subset of categories that, together, explain the selected gene set. Our model accommodates noise and errors in the selected gene set and GO. Using controlled GO data our method correctly recovered most of the selected categories, leading to dramatic improvements over current methods for GO analysis. When used with microarray expression data and ChIP-chip data from yeast and human our method was able to correctly identify both general and specific enriched categories which were overlooked by other methods