Implications of Corporate Capital Structure Theory for Banking Institutions

This paper applies some recent advances in corporate capital structure theory to the determination of optimal capital in banking. The effects of corporate and personal taxes, government regulation, the technology of producing deposit services and the costs of bankruptcy and agency problems are all discussed in the context of the U.S. commercial banking system. The analysis suggests explanations for why commercial banks tend to have relatively less capital than nonfinancial firms, why commercial bank leverage has tended to increase over time and why large banks tend to have relatively less capital than small banks.

Taxes and Ownership Structure: Corporations, Partnerships and Royalty Trusts

This paper investigates the effect of taxes on the equilibrium ownership structure of productive assets. Ownership structure includes the traditional choice between debt and equity financing, but also the larger choice between corporate and partnership forms. A key feature of these alternative forms is that corporations are subject to taxation at both the corporate and investor levels, whereas partnerships are not. At the same time, depreciation and interest tax shields are taken at the corporate tax rate for corporate assets and at investors' tax rates for partnership assets. We find that assets endowed with excess non-interest tax deductions are best held in partnership form by high tax bracket investors. Assets whose allowed deductions are low enough to generate a net tax liability in corporate formare best held as partnerships by low tax bracket investors. All other assets are held in the corporate sector and are financed in a manner consistent with Miller's(1977) capital structure equilibrium.We argue that our analysis illuminates the tax aspects of such transactionsas mergers and sales or spin-offs of corporate assets to partnerships and royalty trusts. We also show that our results afford a simple characterization of the lease or buy decision.

Net Shore-Drift of Kitsap County, Washington

Kitsap County is located entirely within the Puget Sound Lowland in northwestern Washington State. It has a crenulated coastline 352 km in length. The Puget Sound Lowland, and Kitsap County in particular, is characterized by glacial landforms and sediments. Glacial activity is responsible for the shape and depth of the various water-bodies comprising Puget Sound, which is subject to mixed, semi-diurnal tides. Net shore-drift is the process by which sediment, supplied to the margin of a landmass by subaerial and wave-induced erosional processes, is transported parallel to the coast by longshore drift and beach drift over a period of many years. The fetch, the distance of open water over which the wind can blow unimpeded, determines the size of the waves generated by any combination of wind velocity and duration. The maximum fetches to which the shores of Kitsap County are exposed are 48 km in Hood Canal and 56 km in Puget Sound (University of Washington, 1954). There are 99 unit cells of net shore-drift, ranging from 50 m to 26 km in length, in Kitsap County. The pattern of net shore-drift in Kitsap County most closely correlates with fetch, due to the crenulated nature of its coast. The use of geomorphic features and sedimentologic trends as indicators of net shore-drift are far superior to, and more reliable than, wave-hindcasting or mathematical-modeling techniques in determining the direction of sediment transport in such regions

Cardiac Response to Live Music Performance: Computing Techniques for Feature Extraction and Analysis

Strong emotions and mental stress have been linked to potentially deadly arrhythmias. Music evokes strong emotion through the regulation of tension and release and the modulation of changes and transitions. We exploit this in a novel study involving patients with implanted cardiac defibrillators to study the impact of live music performance on cardiac electrophysiology. The patients’ heart rates are artificially fixed with pacing at the higher of 80 beats per minute or 10 above the heart’s intrinsic rate. We make continuous recordings directly from the heart muscle whilst the patients are listening to a short classical music concert, which is concurrently recorded in a separate stream. The participants provide annotations of perceived boundaries/transitions and felt tension. The recorded cardiac and music information is further processed to extract relevant features. Here, we describe the experiment design, and the mathematical and computing techniques used to represent and abstract the features from the recorded data. Cardiac reaction is measured by the action potential duration (APD), approximated using the action recovery interval (ARI). The expressive parameters extracted from the music include the time varying loudness, tempo, and harmonic tension. The synchronized information layers allow for detailed analysis of immediate cardiac response to dynamically varying expressive nuances in performed music

LENS® and SFF: Enabling Technologies for Optimized Structures

Optimized, lightweight, high-strength structures are needed in many applications from aerospace to automotive. In pursuit of such structures, there have been proposed analytical solutions and some specialized FEA solutions for specific structures such as automobile frames. However, generalized 3D optimization methods have been unavailable for use by most designers. Moreover, in the cases where optimized structural solutions are available, they are often hollow, curving, thin wall structures that cannot be fabricated by conventional manufacturing methods. Researchers at Sandia National Laboratories and the University of Rhode Island teamed to solve these problems. The team has been pursuing two methods of optimizing models for generalized loading conditions, and also has been investigating the methods needed to fabricate these structures using Laser Engineered Net Shaping™ (LENS®) and other rapid prototyping methods. These solid freeform fabrication (SFF) methods offer the unique ability to make hollow, high aspect ratio features out of many materials. The manufacturing development required for LENS to make these complex structures has included the addition of rotational axes to Sandia’s LENS machine bringing the total to 5 controlled axes. The additional axes have required new efforts in process planning. Several of the unique structures that are only now possible through the use of SFF technology are shown as part of the discussion of this exciting new application for SFF.Mechanical Engineerin

A systematic review of interventions in primary care to improve health literacy for chronic disease behavioral risk factors

Background: To evaluate the effectiveness of interventions used in primary care to improve health literacy for change in smoking, nutrition, alcohol, physical activity and weight (SNAPW). Methods: A systematic review of intervention studies that included outcomes for health literacy and SNAPW behavioral risk behaviors implemented in primary care settings. We searched the Cochrane Library, Johanna Briggs Institute, Medline, Embase, CINAHL, Psychinfo, Web of Science, Scopus, APAIS, Australasian Medical Index, Google Scholar, Community of Science and four targeted journals (Patient Education and Counseling, Health Education and Behaviour, American Journal of Preventive Medicine and Preventive Medicine). Study inclusion criteria: Adults over 18 years; undertaken in a primary care setting within an Organisation for Economic Co-operation and Development (OECD) country; interventions with at least one measure of health literacy and promoting positive change in smoking, nutrition, alcohol, physical activity and/or weight; measure at least one outcome associated with health literacy and report a SNAPW outcome; and experimental and quasi-experimental studies, cohort, observational and controlled and non-controlled before and after studies. Papers were assessed and screened by two researchers (JT, AW) and uncertain or excluded studies were reviewed by a third researcher (MH). Data were extracted from the included studies by two researchers (JT, AW). Effectiveness studies were quality assessed. A typology of interventions was thematically derived from the studies by grouping the SNAPW interventions into six broad categories: individual motivational interviewing and counseling; group education; multiple interventions (combination of interventions); written materials; telephone coaching or counseling; and computer or web based interventions. Interventions were classified by intensity of contact with the subjects (High ≥ 8 points of contact/hours; Moderate \u3e3 and \u3c8; Low ≤ 3 points of contact hours) and setting (primary health, community or other). Studies were analyzed by intervention category and whether significant positive changes in SNAPW and health literacy outcomes were reported. Results: 52 studies were included. Many different intervention types and settings were associated with change in health literacy (73% of all studies) and change in SNAPW (75% of studies). More low intensity interventions reported significant positive outcomes for SNAPW (43% of studies) compared with high intensity interventions (33% of studies). More interventions in primary health care than the community were effective in supporting smoking cessation whereas the reverse was true for diet and physical activity interventions. Conclusion: Group and individual interventions of varying intensity in primary health care and community settings are useful in supporting sustained change in health literacy for change in behavioral risk factors. Certain aspects of risk behavior may be better handled in clinical settings while others more effectively in the community. Our findings have implications for the design of programs

Clinical studies of the high-intensity narrow-spectrum light environmental decontamination system (HINS-light EDS), for continuous disinfection in the burn unit inpatient and outpatient settings

Infections are the leading cause of morbidity and mortality in burn patients and prevention of contamination from exogenous sources including the hospital environment is becoming increasingly emphasised. The High-Intensity Narrow-Spectrum light Environmental Decontamination System (HINS-light EDS) is bactericidal yet safe for humans, allowing continuous disinfection of the environment surrounding burn patients. Environmental samples were collected from inpatient isolation rooms and the outpatient clinic in the burn unit, and comparisons were then made between the bacterial contamination levels observed with and without use of the HINS-light EDS. Over 1000 samples were taken. Inpatient studies, with sampling carried out at 0800 h, demonstrated a significant reduction in the average number of bacterial colonies following HINS-light EDS use of between 27% and 75%, (p<0.05). There was more variation when samples were taken at times of increased activity in the room. Outpatient studies during clinics demonstrated a 61% efficacy in the reduction of bacterial contamination on surfaces throughout the room during the course of a clinic (p=0.02). The results demonstrate that use of the HINS-light EDS allows efficacious bacterial reductions over and above that achieved by standard cleaning and infection control measures in both inpatient and outpatient settings in the burn unit

Interactive effect of beta-adrenergic stimulation and mechanical stretch on low-frequency oscillations of ventricular action potential duration in humans

Ventricular repolarization dynamics are crucial to arrhythmogenesis. Low-frequency oscillations of repolarization have recently been reported in humans and the magnitude of these oscillations proposed to be a strong predictor of sudden cardiac death. Available evidence suggests a role of the sympathetic nervous system. We have used biophysically detailed models integrating ventricular electrophysiology, calcium dynamics, mechanics and β-adrenergic signaling to investigate the underlying mechanisms. The main results were: (1) Phasic beta-adrenergic stimulation (β-AS) at a Mayer wave frequency between 0.03 and 0.15Hz resulted in a gradual decrease of action potential (AP) duration (APD) with concomitant small APD oscillations. (2) After 3-4minutes of phasic β-AS, the mean APD adapted and oscillations of APD became apparent. (3) Phasic changes in haemodynamic loading at the same Mayer wave frequency (a known accompaniment of enhanced sympathetic nerve activity), simulated as variations in the sarcomere length, also induced APD oscillations. (4) The effect of phasic β-AS and haemodynamic loading on the magnitude of APD oscillations was synergistic. (5) The presence of calcium overload and reduced repolarization reserve further enhanced the magnitude of APD oscillations and was accompanied by afterdepolarizations and/or spontaneous APs. In conclusion, low-frequency oscillations of repolarization recently reported in humans were induced by phasic β-AS and phasic mechanical loading, which acted synergistically, and were greatly enhanced by disease-associated conditions, leading to arrhythmogenic events

Interactive effect of beta-adrenergic stimulation and mechanical stretch on low-frequency oscillations of ventricular action potential duration in humans

Ventricular repolarization dynamics are crucial to arrhythmogenesis. Low-frequency oscillations of repolarization have recently been reported in humans and the magnitude of these oscillations proposed to be a strong predictor of sudden cardiac death. Available evidence suggests a role of the sympathetic nervous system. We have used biophysically detailed models integrating ventricular electrophysiology, calcium dynamics, mechanics and ß-adrenergic signaling to investigate the underlying mechanisms. The main results were: (1) Phasic beta-adrenergic stimulation (ß-AS) at a Mayer wave frequency between 0.03 and 0.15 Hz resulted in a gradual decrease of action potential (AP) duration (APD) with concomitant small APD oscillations. (2) After 3-4 minutes of phasic ß-AS, the mean APD adapted and oscillations of APD became apparent. (3) Phasic changes in haemodynamic loading at the same Mayer wave frequency (a known accompaniment of enhanced sympathetic nerve activity), simulated as variations in the sarcomere length, also induced APD oscillations. (4) The effect of phasic ß-AS and haemodynamic loading on the magnitude of APD oscillations was synergistic. (5) The presence of calcium overload and reduced repolarization reserve further enhanced the magnitude of APD oscillations and was accompanied by afterdepolarizations and/or spontaneous APs. In conclusion, low-frequency oscillations of repolarization recently reported in humans were induced by phasic ß-AS and phasic mechanical loading, which acted synergistically, and were greatly enhanced by disease-associated conditions, leading to arrhythmogenic events