What Drives the Performance of Financial Institutions?

The financial sector is one of the most, if not the most significant economic sector in modern societies. In advanced countries, it employs more people than major manufacturing industries combined and accounts for a high percentage of the Gross Domestic Product. But the financial services sector also plays a large indirect role in national economies. The financial sector mobilizes savings and allocates credit across space and time, and enables firms and households to cope with uncertainties by hedging, pooling, sharing and pricing risks. This ultimately improves the quantity and quality of real investments and increases income per capita and raises standards of living. Today financial institutions are experiencing unprecedented change in a competitive global environment. Economies of scale that lead to more integrated automation lead to further economies of scope. Technological innovation adds competitive pressures, and provides opportunities for new non-traditional providers. Consumers themselves may be the strongest force of change in the financial services industry since their needs are evolving quickly. Banking institutions are being transformed from financial intermediaries to retail service providers - they now formulate products for clients or intermediaries, sell and service a range of products to customers and also provide the support functions needed for the successful execution of its primary activities. The authors ask how they can measure performance of a financial institution in this changing landscape? Traditional productivity measures are difficult to compute and tell us less than they used to. The authors also seek to identify what drives performance and identify three dimensions of performance drivers to explore: strategy; execution of strategy; and the environment. To begin, the authors define performance to mean economic performance as measured by financial indicators. Quality of services and effective risk management help explain strong performance levels. Strategic decisions that affect an institution's success involve product mix, client mix, geographical location, and distribution channels. In terms of strategy execution, the authors cite x-efficiency, human resource management, use of technology, process design, and the successful alignment of all these components as important factors in successful firm performance. Creating the right technology environment also has a significant impact on performance. The remainder of this paper summarizes the fifteen chapters of a book edited by the authors on performance and its drivers. The book is divided into three section: General; Drivers of Performance; and Environmental Drivers of Performance. There are also two chapters at the end that discuss performance and risk management. The authors then briefly discuss possible future research directions, including the relationship between operational efficiency and quality of services, the balance between risk management and retail services in bank activities, and study of interorganizational issues.

Analyticity of the Free Energy of a Closed 3-Manifold

The free energy of a closed 3-manifold is a 2-parameter formal power series which encodes the perturbative Chern-Simons invariant (also known as the LMO invariant) of a closed 3-manifold with gauge group U(N) for arbitrary $N$. We prove that the free energy of an arbitrary closed 3-manifold is uniformly Gevrey-1. As a corollary, it follows that the genus $g$ part of the free energy is convergent in a neighborhood of zero, independent of the genus. Our results follow from an estimate of the LMO invariant, in a particular gauge, and from recent results of Bender-Gao-Richmond on the asymptotics of the number of rooted maps for arbitrary genus. We illustrate our results with an explicit formula for the free energy of a Lens space. In addition, using the Painlev\'e differential equation, we obtain an asymptotic expansion for the number of cubic graphs to all orders, stengthening the results of Bender-Gao-Richmond.Comment: This is a contribution to the Special Issue on Deformation Quantization, published in SIGMA (Symmetry, Integrability and Geometry: Methods and Applications) at http://www.emis.de/journals/SIGMA

From 3-dimensional skein theory to functions near Q

Motivated by the Quantum Modularity Conjecture and its arithmetic aspects related to the Habiro ring of a number field, we define a map from the Kauffman bracket skein module of an integer homology 3-sphere to the Habiro ring, and use Witten's conjecture (now a theorem) to show that the image is an effectively computable module of finite rank that can be used to phrase the quantum modularity conjecture.Comment: 15 pages, 4 figure

A computational model for path loss in wireless sensor networks in orchard environments.

A computational model for radio wave propagation through tree orchards is presented. Trees are modeled as collections of branches, geometrically approximated by cylinders, whose dimensions are determined on the basis of measurements in a cherry orchard. Tree canopies are modeled as dielectric spheres of appropriate size. A single row of trees was modeled by creating copies of a representative tree model positioned on top of a rectangular, lossy dielectric slab that simulated the ground. The complete scattering model, including soil and trees, enhanced by periodicity conditions corresponding to the array, was characterized via a commercial computational software tool for simulating the wave propagation by means of the Finite Element Method. The attenuation of the simulated signal was compared to measurements taken in the cherry orchard, using two ZigBee receiver-transmitter modules. Near the top of the tree canopies (at 3 m), the predicted attenuation was close to the measured one-just slightly underestimated. However, at 1.5 m the solver underestimated the measured attenuation significantly, especially when leaves were present and, as distances grew longer. This suggests that the effects of scattering from neighboring tree rows need to be incorporated into the model. However, complex geometries result in ill conditioned linear systems that affect the solver's convergence

Supply Chain Risk Management Frameworks and Models: A Review

Supply chain risk management (SCRM) is a relatively new scientific discipline aiming to support management in its everyday struggle against the inherent uncertainty of supply chain operations propagated mostly by demand and supply fluctuations, in terms of yields, capacity, costs and lead times. This paper focuses on a literature review of available SCRM frameworks and models. Using an appropriate combination of keywords, three established academic databases and a hard inclusion criterion, a final sample of 16 (starting from 922) relevant and above all, empirically validated SCRM frameworks/models papers are retrieved and studied in full. Following a systematic literature review approach and supported by a content analysis tool, the authors produce some useful results on the current research status and identify some of its shortcomings, which have to be addressed by researchers in the future, i.e. the immaturity of research in the field, the absence of a holistic approach for SCRM and finally the lack of a systematic approach to successfully identify risk propagation across contemporary and complex supply chain networks