Trends in Competition and Profitability in the Banking Industry: A Basic Framework

This paper brings to the forefront the assumptions that we make when focusing on a particular type of explanation for bank profitability. We evaluate a broad field of research by introducing a general framework for a profit maximizing bank and demonstrate how different types of models can be fitted into this framework. Next, we present an overview of the current major trends in European banking and relate them to each model’s assumptions, thereby shedding light on the relevance, timeliness and shelf life of the different models. This way, we arrive at a set of recommendations for a future research agenda. We advocate a more prominent role for output prices, and suggest a modification of the intermediation approach. We also suggest ways to more clearly distinguish between market power and efficiency, and explain why we need time-dependent models. Finally, we propose the application of existing models to different size classes and sub-markets. Throughout we emphasize the benefits from applying several, complementary models to overcome the identification problems that we observe in individual models.

Ultraviolet HST Observations of the Jet in M87

We present new ultraviolet photometry of the jet in M87 obtained from HST WFPC2 imaging. We combine these ultraviolet data with previously published photometry for the knots of the jet in radio, optical, and X-ray, and fit three theoretical synchrotron models to the full data set. The synchrotron models consistently overpredict the flux in the ultraviolet when fit over the entire dataset. We show that if the fit is restricted to the radio through ultraviolet data, the synchrotron models can provide a good match to the data. The break frequencies of these fits are much lower than previous estimates. The implied synchrotron lifetimes for the bulk of the emitting population are longer than earlier work, but still much shorter than the estimated kinematic lifetimes of the knots. The observed X-ray flux cannot be successfully explained by the simple synchrotron models that fit the ultraviolet and optical fluxes. We discuss the possible implications of these results for the physical properties of the M87 jet. We also observe increased flux for the HST-1 knot that is consistent with previous results for flaring. This observation fills in a significant gap in the time coverage early in the history of the flare, and therefore sets constraints on the initial brightening of the flare.Comment: 14 pages, 2 figures, Accepted for publication in ApJ, changed lightcurve and caption in Figure

The UARS microwave limb sounder version 5 data set: Theory, characterization, and validation

Nitric acid (HNO3) is a major player in processes controlling the springtime depletion of polar ozone. It is the main constituent of the Polar Stratospheric Clouds (PSCs) and a primary reservoir for reactive nitrogen. Potential variations in the stratospheric circulation and temperature may alter the extent and duration of PSCs activity, influencing the future ozone levels significantly. Monitoring HNO3 and its long-term variability, especially in polar region, is then crucial for better understanding issues related to ozone decline and expected recovery. In this study we present an intercomparison between ground based HNO3 measurements, carried out by means of the Ground-Based Millimeter-wave Spectrometer (GBMS), and two satellite data sets produced by the two NASA/JPL Microwave Limb Sounder (MLS) experiments. In particular, we compare UARS MLS measurements (1991-1999) with those carried out by the GBMS at South Pole, Antarctica (90°S), Fall of 1993 and 1995. A similar intercomparison is made between Aura MLS HNO3 observations (2004 - to date) and GBMS measurements obtained during the period February 2004 - March 2007, at the mid-latitudes/high altitudes station of Testa Grigia (45.9° N, 7.7° E, elev. 3500 m), and during polar winters 2008/09 and 2009/2010 at Thule Air Base (76.5°N 68.8°W), Greenland. We assess systematic differences between GBMS and both UARS and Aura HNO3 data sets at seven potential temperature levels (θ) spanning the range 465 – 960 K. The UARS data set advected to the South Pole shows a low bias, within 20% for all θ levels but the 960 K, with respect to GBMS measurements. A very good agreement, within 5%, is obtained between Aura and GBMS observations at Testa Grigia, while larger differences, possibly due to latitude dependent effects, are observed over Thule. These differences are under further investigations but a preliminary comparison over Thule among MLS v3, GBMS, and ACE-FTS measurements suggests that GBMS measurements carried out during winter 2009 might not be reliable. These comparisons have been performed in the framework of the NASA JPL GOZCARDS project, which is aimed at developing a long-term, global data record of the relevant stratospheric constituents in the context of ozone decline. GBMS has been selected in GOZCARDS since its HNO3 dataset, although sampling different latitudes in different years, is the only one spanning a sufficiently long time interval for cross-calibrating HNO3 measurements by the UARS and Aura MLS experiments

X-ray Pulsars in the Small Magellanic Cloud

XMM-Newton archival data for the Small Magellanic Cloud have been examined for the presence of previously undetected X-ray pulsars. One such pulsar, with a period of 202 s, is detected. Its position is consistent with an early B star in the SMC and we identify it as a high mass X-ray binary (HMXB). In the course of this study we determined the pulse period of the possible AXP CXOU J010043.1-721134 to be 8.0 s, correcting an earlier report (Lamb et al 2002b) of a 5.4 s period for this object. Pulse profiles and spectra for each of these objects are presented as well as for a recently discovered (Haberl & Pietsch 2004) 263 s X-ray pulsar. Properties of an ensemble of 24 optically identified HMXB pulsars from the SMC are investigated. The locations of the pulsars and an additional 22 X-ray pulsars not yet identified as having high mass companions are located predominately in the young (ages $\le 3 \times 10^{7}$ years) star forming regions of the SMC as expected on the basis of binary evolution models. We find no significant difference between the distribution of spin periods for the HMXB pulsars of the SMC compared with that of the Milky Way. For those HMXB pulsars which have Be companions we note an inverse correlation between spin period and maximum X-ray flux density. (This anti-correlation has been previously noted for all X-ray binary pulsars by Stella, White & Rosner 1986). The anti-correlation for the Be binaries may be a reflection of the fact that the spin periods and orbital periods of Be HMXBs are correlated. We note a similar correlation between X-ray luminosity and spin period for the Be HMXB pulsars of the Milky Way and speculate that exploitation of the correlation could serve as a distance indicator.Comment: final version accepted in The Astrophysical Journa

The fastest unbound star in our Galaxy ejected by a thermonuclear supernova

Hypervelocity stars (HVS) travel with velocities so high, that they exceed the escape velocity of the Galaxy. Several acceleration mechanisms have been discussed. Only one HVS (US 708, HVS 2) is a compact helium star. Here we present a spectroscopic and kinematic analysis of US\,708. Travelling with a velocity of $\sim1200\,{\rm km\,s^{-1}}$, it is the fastest unbound star in our Galaxy. In reconstructing its trajectory, the Galactic center becomes very unlikely as an origin, which is hardly consistent with the most favored ejection mechanism for the other HVS. Furthermore, we discovered US\,708 to be a fast rotator. According to our binary evolution model it was spun-up by tidal interaction in a close binary and is likely to be the ejected donor remnant of a thermonuclear supernova.Comment: 16 pages report, 20 pages supplementary material

Even perturbations of self-similar Vaidya space-time

We study even parity metric and matter perturbations of all angular modes in self-similar Vaidya space-time. We focus on the case where the background contains a naked singularity. Initial conditions are imposed describing a finite perturbation emerging from the portion of flat space-time preceding the matter-filled region of space-time. The most general perturbation satisfying the initial conditions is allowed impinge upon the Cauchy horizon (CH), whereat the perturbation remains finite: there is no ``blue-sheet'' instability. However when the perturbation evolves through the CH and onto the second future similarity horizon of the naked singularity, divergence necessarily occurs: this surface is found to be unstable. The analysis is based on the study of individual modes following a Mellin transform of the perturbation. We present an argument that the full perturbation remains finite after resummation of the (possibly infinite number of) modes.Comment: Accepted for publication in Physical Review D, 27 page

Translation and validation of the Brazilian version of the Cerebral Palsy Quality of Life Questionnaire for Children – child report

AbstractObjectiveTo verify the psychometric properties of the Cerebral Palsy: Quality of Life Questionnaire Children – child report (CPQol-Child) questionnaire, after it was translated and culturally adapted into Brazilian Portuguese.MethodsAfter the translation and cultural adaptation of the tool into Brazilian Portuguese, the questionnaire was answered by 65 children with cerebral palsy, aged 9–12 years. The intraclass correlation coefficient and Cronbach's alpha were used to assess the reliability and internal consistency of the tool and its validity was analyzed through the association between CPQol-Child: self-report tool and Kidscreen-10 using Pearson's correlation coefficient.ResultsInternal consistency ranged from 0.6579 to 0.8861, the intraobserver reliability from 0.405 to 0.894, and the interobserver from 0.537 to 0.937. There was a weak correlation between the participation domain and physical health of CPQol-Child: self-report tool and Kidscreen-10.ConclusionThe analysis suggests that the tool has psychometric acceptability for the Brazilian population

Stocks and flows of natural and human-derived capital in ecosystem services

There is growing interest in the role that natural capital plays in underpinning ecosystem services. Yet, there remain differences and inconsistencies in the conceptualisation of capital and ecosystem services and the role that humans play in their delivery. Using worked examples in a stocks and flows systems approach, we show that both natural capital (NC) and human-derived (produced, human, social, cultural, financial) capital (HDC) are necessary to create ecosystem services at many levels. HDC plays a role at three stages of ecosystem service delivery. Firstly, as essential elements of a combined social-ecological system to create a potential ecosystem service. Secondly, through the beneficiaries in shaping the demand for that service. Thirdly, in the form of additional capital required to realise the ecosystem service flow. We show that it is possible, although not always easy, to separately identify how these forms of capital contribute to ecosystem service flow. We discuss how applying a systems approach can help identify critical natural capital and critical human-derived capital to guide sustainable management of the stocks and flows of all forms of capital which underpin provision of multiple ecosystem services. The amount of realised ecosystem service can be managed in several ways: via the NC & HDC which govern the potential service, and via factors which govern both the demand from the beneficiaries, and the efficiency of use of the potential service by those beneficiaries