Asian finance and the role of bankruptcy

The degree to which bankruptcy is permitted to play a role in the allocation of capital is a key distinction between the Asian state-directed financial regime and the Western market-directed version. The paper discusses the two approaches to finance and argues that a major problem with the bank finance model used in many Asian countries is its minimization of bankruptcy risks. A three-sector development model (agriculture, manufacturing, and financial sector) is developed and simulated to compare the outcomes of the two approaches separately and then to evaluate the transition costs of switching from a state- to a market-directed financial regime. The simulation results suggest that the market approach results in a higher long-run growth path because it eliminates inefficient firms through bankruptcy. The results also suggest that switching from a state- to a market-directed model can be very costly to the economy, though the transition costs can be lowered somewhat by a delayed and phased-in liberalization. At the same time, a delayed and phased-in approach may induce other difficulties not considered in the model. Several policy implications are drawn from the model and simulation results; for example, development of an infrastructure to provide for orderly bankruptcy and the development of money and capital markets should be given high priority in the liberalization process.Banks and banking - Asia ; Bankruptcy

Statistical Modeling of Epistasis and Linkage Decay using Logic Regression

Logic regression has been recognized as a tool that can identify and model non-additive genetic interactions using Boolean logic groups. Logic regression, TASSEL-GLM and SAS-GLM were compared for analytical precision using a previously characterized model system to identify the best genetic model explaining epistatic interaction for vernalization-sensitivity in barley. A genetic model containing two molecular markers identified in vernalization response in barley was selected using logic regression while both TASSEL-GLM and SAS-GLM included spurious associations in their models. The results also suggest the logic regression can be used to identify dominant/recessive relationships between epistatic alleles through its use of conjugate operators

Statistical Modeling of Epistasis and Linkage Decay using Logic Regression

Logic regression has been recognized as a tool that can identify and model non-additive genetic interactions using Boolean logic groups. Logic regression, TASSEL-GLM and SAS-GLM were compared for analytical precision using a previously characterized model system to identify the best genetic model explaining epistatic interaction of vernalization-sensitivity in barley. A genetic model containing two molecular markers identified in vernalization response in barley was selected using logic regression while both TASSEL-GLM and SAS-GLM included spurious associations in their models. The results also suggest the logic regression can be used to identify dominant/recessive relationships between epistatic alleles through its use of conjugate
operators

A Geochemical Study of a Marsh Environment

The goal of this study was twofold: 1) chemically to characterize a specific salt marsh, the sediments and associated biota and 2) to establish clear relationships between the chemical substances residing in the sediments and similar or identical substances occurring in the biological specimens. In this particular study it was felt that the hydrocarbons would yield the most significant organic geochemical information. These compounds are ubiquitous but minor components of all organisms. Though their function is not entirely understood, it is known that they are concentrated in the waxy coatings of plants and most likely aid in the protective mechanisms of plants. Among the several classes of biochemical materials, the hydrocarbons exhibit probably the greatest resistance to biological and chemical degradation and therefore may be preferentially concentrated and preserved in sedimentary environments. An extreme variety of specific hydrocarbons occurs naturally in plants and hence the possible combinations and distributions of these hydrocarbons are limitless. The stability and unique distributions of hydrocarbons ranks them as a very important tool in the correlation of biolipids and geolipids

A Geochemical Study of a Marsh Environment

The goal of this study was twofold: 1) chemically to characterize a specific salt marsh, the sediments and associated biota and 2) to establish clear relationships between the chemical substances residing in the sediments and similar or identical substances occurring in the biological specimens. In this particular study it was felt that the hydrocarbons would yield the most significant organic geochemical information. These compounds are ubiquitous but minor components of all organisms. Though their function is not entirely understood, it is known that they are concentrated in the waxy coatings of plants and most likely aid in the protective mechanisms of plants. Among the several classes of biochemical materials, the hydrocarbons exhibit probably the greatest resistance to biological and chemical degradation and therefore may be preferentially concentrated and preserved in sedimentary environments. An extreme variety of specific hydrocarbons occurs naturally in plants and hence the possible combinations and distributions of these hydrocarbons are limitless. The stability and unique distributions of hydrocarbons ranks them as a very important tool in the correlation of biolipids and geolipids