Consolidation, Concentration, And Valuation In The Banking Industry

We assess whether gains in wealth associated with bank consolidation are the result of reduced competition by examining effects of merger announcements on values of bidders, targets and rivals. The results suggest that gains in wealth are not due to increases in market power at the level of individual banks. Specifically, we find that returns to bidders, targets and rivals are unrelated to the effects of mergers on concentration

Bank Acquisition Announcements And Intra-Industry Effects

In this paper we attempt to assess whether gains in wealth associated with bank consolidation are the result of economic efficiencies by analyzing effects of bank merger announcements on the values of bidders, targets, and rival banks in the target’s geographical area.  We find target banks earn positive returns, while bidding banks sustain negative returns at acquisition announcement. These findings are consistent with previously reported results in the bank consolidation literature.  We also find rival banks earn positive returns that are enhanced when the target bank is in distress. We suggest the results are consistent with the view that investors interpret acquisition announcements as positive, geographically specific signals that may, in turn, reflect event-specific or bank-specific characteristics rather than expectations of increased efficiencies

Estimating Soil Moisture Under Low Frequency Surface Irrigation Using Crop Water Stress Index

The present study investigated the relationship between the crop water stress index (CWSI) and soil moisture for surface irrigated cotton (Gossypium hirsutum, Delta Pine 90b) at Maricopa, Arizona during the 1998 season. The CWSI was linked to soil moisture through the water stress coefficient Ks that accounts for reduced crop evapotranspiration when there is a shortage of soil water. A stress recovery coefficient Krec was introduced to account for reduced crop evapotranspiration as the crop recovered from water stress after irrigation events. A soil water stress index (SWSI) was derived in terms of Ks and Krec . The SWSI compared reasonably well to the CWSI, but atmospheric stability correction for the CWSI did not improve comparisons. When the CWSI was substituted into the SWSI formulation, it gave good prediction of soil moisture depletion (fDEP; when to irrigate) and depth of root zone depletion (Dr ; how much to irrigate). Disagreement was greatest for fDEP\u3c0.6 because cotton is less sensitive to water stress in this range

Water Stress Detection Under High Frequency Sprinkler Irrigation with Water Deficit Index

A remote sensing package called the agricultural irrigation imaging system (AgIIS) aboard a linear move irrigation system was developed to simultaneously monitor water status, nitrogen status, and canopy density at one-meter spatial resolution. The present study investigated the relationship between water status detected by AgIIS and soil moisture for the 1999 cotton (Gossypium hirsutum, Delta Pine 90b) season in Maricopa, Ariz. Water status was quantified by the water deficit index (WDI), an expansion of the crop water stress index where the influence of soil temperature is accounted for through a linear mixing model of soil and vegetation temperature. The WDI was best correlated to soil moisture through the FAO 56 water stress coefficient Ks model; stability correction of aerodynamic resistance did not improve correlation. The AgIIS did provide field images of the WDI that might aid irrigation scheduling and increase water use efficiency

BLAST05: Power Spectra of Bright Galactic Cirrus at Submillimeter Wavelengths

We report multi-wavelength power spectra of diffuse Galactic dust emission from BLAST observations at 250, 350, and 500 microns in Galactic Plane fields in Cygnus X and Aquila. These submillimeter power spectra statistically quantify the self-similar structure observable over a broad range of scales and can be used to assess the cirrus noise which limits the detection of faint point sources. The advent of submillimeter surveys with the Herschel Space Observatory makes the wavelength dependence a matter of interest. We show that the observed relative amplitudes of the power spectra can be related through a spectral energy distribution (SED). Fitting a simple modified black body to this SED, we find the dust temperature in Cygnus X to be 19.9 +/- 1.3 K and in the Aquila region 16.9 +/- 0.7 K. Our empirical estimates provide important new insight into the substantial cirrus noise that will be encountered in forthcoming observations.Comment: Submitted to the Astrophysical Journal. Maps and other data are available at http://blastexperiment.info

The Balloon-Borne Large Aperture Submillimeter Telescope (BLAST) 2005: A 10 deg^2 Survey of Star Formation in Cygnus X

We present Cygnus X in a new multi-wavelength perspective based on an unbiased BLAST survey at 250, 350, and 500 micron, combined with rich datasets for this well-studied region. Our primary goal is to investigate the early stages of high mass star formation. We have detected 184 compact sources in various stages of evolution across all three BLAST bands. From their well-constrained spectral energy distributions, we obtain the physical properties mass, surface density, bolometric luminosity, and dust temperature. Some of the bright sources reaching 40 K contain well-known compact H II regions. We relate these to other sources at earlier stages of evolution via the energetics as deduced from their position in the luminosity-mass (L-M) diagram. The BLAST spectral coverage, near the peak of the spectral energy distribution of the dust, reveals fainter sources too cool (~ 10 K) to be seen by earlier shorter-wavelength surveys like IRAS. We detect thermal emission from infrared dark clouds and investigate the phenomenon of cold ``starless cores" more generally. Spitzer images of these cold sources often show stellar nurseries, but these potential sites for massive star formation are ``starless" in the sense that to date there is no massive protostar in a vigorous accretion phase. We discuss evolution in the context of the L-M diagram. Theory raises some interesting possibilities: some cold massive compact sources might never form a cluster containing massive stars; and clusters with massive stars might not have an identifiable compact cold massive precursor.Comment: 42 pages, 31 Figures, 6 table

Simplicity in Visual Representation: A Semiotic Approach

Simplicity, as an ideal in the design of visual representations, has not received systematic attention. High-level guidelines are too general, and low-level guidelines too ad hoc, too numerous, and too often incompatible, to serve in a particular design situation. This paper reviews notions of visual simplicity in the literature within the analytical framework provided by Charles Morris' communication model, specifically, his trichotomy of communication levels—the syntactic, the semantic, and the pragmatic. Simplicity is ultimate ly shown to entail the adjudication of incompatibilities both within, and between, levels.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/68281/2/10.1177_105065198700100103.pd