Bank risk taking and liquidity creation following regulatory interventions and capital support

During times of bank distress, authorities often engage in regulatory interventions and provide capital support to reduce bank risk taking. An unintended effect of such actions may be a reduction in bank liquidity creation, with possible adverse consequences for the economy as a whole. This paper tests hypotheses regarding the effects of regulatory interventions and capital support on bank risk taking and liquidity creation using a unique dataset over the period 1999-2009. We find that both types of actions are generally associated with statistically significant reductions in risk taking and liquidity creation in the short run and long run. While the effects of regulatory interventions are also economically significant, the effects of capital support are only economically significant in the long run. Thus, both types of actions have important intended and unintended consequences with implications for policymakers.risk taking;liquidity creation;bank distress;regulatory interventions;capital support

Arranging Icons on Small Displays: Do Hexagonal Layouts Improve Search Performance?

Mobile devices with small displays can use hexagonal layouts of circular icons to use space more efficiently – we test whether this design choice improves people's search performance. An experiment is reported in which 24 participants performed known-item searches of menus that varied along four dimensions: (1) whether icons were arranged using a hexagonal or a grid layout, (2) how closely icons were placed next to each other, (3) the number of icons in the display that shared the same color as the target, and (4) whether icons stayed in the same location or moved between trials. Results show that search times were faster with hexagonal layouts but only when there were many same-color distractors and icons were packed very close to each other. This work contributes new empirical findings on how icon arrangements, in interaction with other critical visual design features, affect search performance

Mobile travel services: A three-country study into the impact of local circumstances

In this paper we explore the difference in acceptance patterns of mobile services that are related to travelling in three countries: Finland, The Netherlands and New Zealand. The objective of this paper is to understand differences in the use of Mobile Travel Services in three countries that differ with regard to national travel patterns. This paper also contributes to the discussion of the relevance of the Technology Acceptance Model for mobile applications by focusing on the importance of context characteristics, such as the degree of mobility of the user, the social situation people are in, and their need for social interaction. Based on surveys in the three countries as executed in 2009, we use structural equation modelling to find differences in patterns. The paper concludes that context factors have an impact on the relation between the core concepts as used in TAM and DOI approach, and that t here is a clear need for closer research in the moderating effect of physical (e.g. mobile and fixed context) and social context, as well as the need for social interaction. Moreover it is clear that country specific characteristics play a role in the acceptance of mobile travel services. As we pointed out in many of our research projects before the acceptance and use of mobile services requires deep understanding from individual, context and technology related characteristics and their mutual interactions

Herschel observations of the circumstellar environment of the two Herbig Be stars R Mon and PDS27

We report and analyse FIR observations of two Herbig Be stars, R Mon and PDS 27, obtained with Herschel's instruments PACS and SPIRE. We construct SEDs and derive the infrared excess. We extract line fluxes from the PACS and SPIRE spectra and construct rotational diagrams in order to estimate the excitation temperature of the gas. We derive CO, [OI] and [CI] luminosities to determine physical conditions of the gas, as well as the dominant cooling mechanism. We confirm that the Herbig Be stars are surrounded by remnants from their parental clouds, with an IR excess that mainly originates in a disc. In R Mon we detect [OI], [CI], [CII], CO (26 transitions), water and OH, while in PDS 27 we only detect [CI] and CO (8 transitions). We attribute the absence of OH and water in PDS 27 to UV photo-dissociation and photo-evaporation. From the rotational diagrams, we find several components for CO: we derive $T_{rot}$ 949$\pm$90 K, 358$\pm$20 K & 77$\pm$12 K for R Mon, 96$\pm$12 K & 31$\pm$4 K for PDS 27 and 25$\pm$8 K & 27$\pm$6 K for their respective compact neighbours. The forsterite feature at 69$\mu$m was not detected in either of the sources, probably due to the lack of (warm) crystalline dust in a flat disc. We find that cooling by molecules is dominant in the Herbig Be stars, while this is not the case in Herbig Ae stars where cooling by [OI] dominates. Moreover, we show that in the Herbig Be star R Mon, outflow shocks are the dominant gas heating mechanism, while in Herbig Ae stars this is stellar. The outflow of R Mon contributes to the observed line emission by heating the gas, both in the central spaxel/beam covering the disc and the immediate surroundings, as well as in those spaxels/beams covering the parabolic shell around it. PDS 27, a B2 star, has dispersed a large part of its gas content and/or destroyed molecules; this is likely given its intense UV field.Comment: Accepted for publication in Astronomy & Astrophysic

Mobile travel services: the effect of moderating context factors

This article has two objectives: (1) to draw an international comparison regarding the acceptance of mobile travel services in three countries with different profiles when it comes to travelling and mobile telecommunications, and (2) to extend relevant literature on mobile applications, more specifically travel services, by including context-related concepts, taking moderating factors like location, mobility of users, physical, and social context into account. Based on surveys that were carried out in 2009, structural equation modelling is used to identify differences in patterns in the use of mobile travel services and in the role of context-related variables. the conclusion of this article is that context-related factors, that is, mobility and (physical and social) context, have an impact on the relationship between the core concepts of technology Acceptance model (TAM) and Diffusion of Innovation (DoI) research. many studies on the acceptance and use of mobile services indicate that a deep understanding is needed of individual, context-related, and technological characteristics and the way they interact. this is also highly relevant to the travel industry, which wants to utilize the opportunities provided by mobile technology

Silicon Valley in the Polder? Entrepreneurial Dynamics, Virtuous Clusters and Vicious Firms in the Netherlands and Flanders

High-technology starters do not operate in a vacuum and innovation is not a solitary activity. The activities of technology-based firms are embedded in socio-economic networks with other companies, investors, universities, vocational institutions, etc. The geographical proximity of those institutions and infrastructural hubs will partly play a role in determine the location of ICT firms decision. Furthermore, many high-tech companies shape clusters around areas where their major customers are located. The topic of this paper is regional clustering Enright, 1992; Rosenfeld, 1997within the context of Internet and ICT technology. A dynamic model previously developed for the analysis of ICT-entrepreneurship and

The Mid-Infrared Emitting Dust Around AB Aur

Using the Keck I telescope, we have obtained 11.7 micron and 18.7 micron images of the circumstellar dust emission from AB Aur, a Herbig Ae star. We find that AB Aur is probably resolved at 18.7 micron with an angular diameter of 1.2" at a surface brightness of 3.5 Jy/arcsec^2. Most of the dust mass detected at millimeter wavelengths does not contribute to the 18.7 micron emission, which is plausibly explained if the system possesses a relatively cold, massive disk. We find that models with an optically thick, geometrically thin disk, surrounded by an optically thin spherical envelope fit the data somewhat better than flared disk models.Comment: ApJ in press, 4 color figure