270 research outputs found
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
Bank risk taking and liquidity creation following regulatory interventions and capital support
Charge Reduction: An Intermediary Stage in the Process of Labelling Criminal Defendants
The interactionist perspective emphasizes the imperfect correspondence between alleged deviance and societal reactions. Moreover, it is asserted that values of reactors, statuses of the alleged deviant, and bureaucratic constraints of deviance processing organizations help explain some of that imperfection. Focusing on one intermediary deviance processing stage, i.e., plea bargaining, we explore the degree to which our data are consonant with interactionist assumptions. For a sample of 1,435 male and female criminal defendants, we find the favorability of the charge reduction outcome is partly explained by values of reactors, statuses of the defendant, and bureaucratic constraints of the court. Thus, our data are supportive of the general thrust of interactionist works. However, the relative size of each of these effects suggests that reformulations of that perspective should attend to the finding that ascribed statuses play far less of a determinative role, and organizational goals seem to play a more determinative role, suggesting that greater attention be paid to organizational variables
Comparison of the IOFFE neutral particle analyser with the Princeton analyser on the Mega Amp Spherical Tokamak
The Political Economy of Decentralization: Evidence from Bank Bailouts
In this paper, we examine whether decentralized decision making results in more efficient economic outcomes. In the German savings bank sector, distress events can be resolved either by a decentralized county-level politician or by a centralized state-level association. We document that decisions taken by the politicians at the decentralized level are distorted by personal considerations. While the occurrence of distress is not related to the electoral cycle, the probability of local politicians injecting taxpayersâ money into a bank in distress is 30 percent lower in the year directly preceding an election. Using the timing of the distress event in the electoral cycle as an instrument for who bails out the distressed bank, we show that decentralized bailouts result in inferior economic outcomes. These bailed-out banks perform more poorly and provision credit less efficiently when compared with more central-ized bailouts. We also observe a significantly worse real sector performance of localities that have undergone decentralized bailouts. Overall, our results highlight the political economy of decentralization â local politicians derive private benefits from controlling the bank at the expense of citizens at large
Comparative study of intrinsic edge impurities in the W7-AS stellarator during high confinement discharges
Interleukin-6 trans signalling enhances photodynamic therapy by modulating cell cycling
Photodynamic therapy (PDT) of solid tumours causes tissue damage that elicits local and systemic inflammation with major involvement of interleukin-6 (IL-6). We have previously reported that PDT-treated cells lose responsiveness to IL-6 cytokines. Therefore, it is unclear whether PDT surviving tumour cells are subject to regulation by IL-6 and whether this regulation could contribute to tumour control by PDT. We demonstrate in epithelial tumour cells that while the action of IL-6 cytokines through their membrane receptors is attenuated, regulation by IL-6 via trans-signalling is established. Soluble interleukin-6 receptor-α (IL-6Rα) (sIL-6Rα) and IL-6 were released by leucocytes in the presence of conditioned medium from PDT-treated tumour cells. Cells that had lost their membrane receptor IL-6Rα due to PDT responded to treatment with the IL-6RâIL-6 complex (Hyper-IL-6) with activation of signal transducers and activator of transcription (STAT3) and ERK. Photodynamic therapy-treated cells, which were maintained during post-PDT recovery in presence of IL-6 or Hyper-IL-6, showed an enhanced suppression of proliferation. Cytokine-dependent inhibition of proliferation correlated with a decrease in cyclin E, CDK2 and Cdc25A, and enhancement of p27kip1 and hypophosphorylated Rb. The IL-6 trans-signalling-mediated attenuation of cell proliferation was also effective in vivo detectable by an improved Colon26 tumour cure by PDT combined with Hyper-IL-6 treatment. Prevention of IL-6 trans-signalling using soluble gp130 reduced curability. The data suggest that the post-PDT tumour milieu contains the necessary components to establish effective IL-6 trans-signalling, thus providing a means for more effective tumour control
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