The role of commercial real estate investments in the banking crisis of 1985-92

This article examines the role of commercial real estate investments in the banking crisis of 1985-92, an unprecedented period during which more than 1,300 banks failed. Bank failures are fundamentally important because of the unique role played by financial institutions in the provision of business credit. We discover three striking features of banks failing during this period. First, commercial real estate was only a factor in the bank failures of 1988-92. Second, construction loans played a much larger role in bank failures than permanent loans, and the relationship is strongest with construction loans booked during 1983-1985. Third, other ex ante risk measures are systematically related to banking failure throughout the sample period. These results suggest that risk-seeking banks brought about their own demise and commercial real estate, especially construction lending, was one of the vehicles.bank; bank failure; commercial bank; commercial real estate; construction lending; real estate

The structure of one-relator relative presentations and their centres

Suppose that G is a nontrivial torsion-free group and w is a word in the alphabet G\cup\{x_1^{\pm1},...,x_n^{\pm1}\} such that the word w' obtained from w by erasing all letters belonging to G is not a proper power in the free group F(x_1,...,x_n). We show how to reduce the study of the relative presentation \^G= to the case n=1. It turns out that an "n-variable" group \^G can be constructed from similar "one-variable" groups using an explicit construction similar to wreath product. As an illustration, we prove that, for n>1, the centre of \^G is always trivial. For n=1, the centre of \^G is also almost always trivial; there are several exceptions, and all of them are known.Comment: 15 pages. A Russian version of this paper is at http://mech.math.msu.su/department/algebra/staff/klyachko/papers.htm . V4: the intoduction is rewritten; Section 1 is extended; a short introduction to Secton 5 is added; some misprints are corrected and some cosmetic improvements are mad

The Kervaire-Laudenbach conjecture and presentations of simple groups

The statement ``no nonabelian simple group can be obtained from a nonsimple group by adding one generator and one relator" 1) is equivalent to the Kervaire--Laudenbach conjecture; 2) becomes true under the additional assumption that the initial nonsimple group is either finite or torsion-free. Key words: Kervaire--Laudenbach conjecture, relative presentations, simple groups, car motion, cocar comotion. AMS MSC: 20E32, 20F05, 20F06.Comment: 20 pages, 13 figure

Potassium condensing tests of horizontal multitube convective and radiative condensers operating at vapor temperatures of 1250 deg to 1500 deg F

Potassium condensing tests of horizontal multitube convective and radiative condenser operating at vapor temperature

Evaluation of be-38 percent al alloy final report, 27 jun. 1964 - 28 feb. 1965

Mechanical properties, microstructural features, and general metallurgical quality of beryllium- aluminum allo

X-Ray Microanalysis of Hollow Heart Potatoes

Electron microprobe and X-ray fluorescence techniques were used to study elemental gradients associated with the physiological disorder hollow heart i n potato tubers. Gradients were found along the length and across the width of mature tubers. These were not rela ted to the disorder, however . Tubers with advanced symptoms of the disorder had elemental levels and gradients similar to those in healthy, control tubers. The results suggest that if the disorder is initially caused by an elemental deficiency, as has sometimes been proposed , the deficiency is temporary and no longer exists in mature tubers with advanced hollow heart. Radial gradients were associated rnd inly with two contrasting tissues . the centra 1 pith and the surrounding perimedullary zone. Tissue differences are critical in microprobe studies involving small samples Microprobe studies of developing tubers containing incipient stages of hollow heart. employing strip samples restricted to the central pith where the disorder originates and taken so as to traverse the small lesions, showed a dramatic increase in Mg in lesion areas. It is suggested that a nutrient imbalance may trigger the onset of the cell necrosis that characterizes the initiation of hollow heart in potato . A localized Mg toxicity or Ca deficiency due to high Mg:Ca ratio is implicated

Force-Velocity Relations of a Two-State Crossbridge Model for Molecular Motors

We discuss the force-velocity relations obtained in a two-state crossbridge model for molecular motors. They can be calculated analytically in two limiting cases: for a large number and for one pair of motors. The effect of the strain-dependent detachment rate on the motor characteristics is studied. It can lead to linear, myosin-like, kinesin-like and anomalous curves. In particular, we specify the conditions under which oscillatory behavior may be found.Comment: 5 pages, 4 figures, REVTeX; thoroughly revised version; also available at http://www.physik.tu-muenchen.de/~frey

Free subgroups of one-relator relative presentations

Suppose that G is a nontrivial torsion-free group and w is a word over the alphabet G\cup\{x_1^{\pm1},...,x_n^{\pm1}\}. It is proved that for n\ge2 the group \~G= always contains a nonabelian free subgroup. For n=1 the question about the existence of nonabelian free subgroups in \~G is answered completely in the unimodular case (i.e., when the exponent sum of x_1 in w is one). Some generalisations of these results are discussed.Comment: V3: A small correction in the last phrase of the proof of Theorem 1. 4 page

The role of commercial real estate investments in the banking crisis of 1985-92

This article examines the role of commercial real estate investments in the banking crisis of 1985-92, an unprecedented period during which more than 1,300 banks failed. Bank failures are fundamentally important because of the unique role played by financial institutions in the provision of business credit. We discover three striking features of banks failing during this period. First, commercial real estate was only a factor in the bank failures of 1988-92. Second, construction loans played a much larger role in bank failures than permanent loans, and the relationship is strongest with construction loans booked during 1983-1985. Third, other ex ante risk measures are systematically related to banking failure throughout the sample period. These results suggest that risk-seeking banks brought about their own demise and commercial real estate, especially construction lending, was one of the vehicles

The role of commercial real estate investments in the banking crisis of 1985-92

This article examines the role of commercial real estate investments in the banking crisis of 1985-92, an unprecedented period during which more than 1,300 banks failed. Bank failures are fundamentally important because of the unique role played by financial institutions in the provision of business credit. We discover three striking features of banks failing during this period. First, commercial real estate was only a factor in the bank failures of 1988-92. Second, construction loans played a much larger role in bank failures than permanent loans, and the relationship is strongest with construction loans booked during 1983-1985. Third, other ex ante risk measures are systematically related to banking failure throughout the sample period. These results suggest that risk-seeking banks brought about their own demise and commercial real estate, especially construction lending, was one of the vehicles