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

Summary of along-track data from the earth radiation budget satellite for several representative ocean regions

For several days in January and August 1985, the Earth Radiation Budget Satellite, a component of the Earth Radiation Budget Experiment (ERBE), was operated in an along-track scanning mode. A survey of radiance measurements taken in this mode is given for five ocean regions: the north and south Atlantic, the Arabian Sea, the western Pacific north of the Equator, and part of the Intertropical Convergence Zone. Each overflight contains information about the clear scene and three cloud categories: partly cloudy, mostly cloudy, and overcast. The data presented include the variation of longwave and shortwave radiance in each scene classification as a function of viewing zenity angle during each overflight of one of the five target regions. Several features of interest in the development of anisotropic models are evident, including the azimuthal dependence of shortwave radiance that is an essential feature of shortwave bidirectional models. The data also demonstrate that the scene classification algorithm employed by the ERBE results in scene classifications that are a function of viewing geometry

Summary of along-track data from the Earth radiation budget satellite for several major desert regions

For several days in January and August 1985, the Earth Radiation Budget Satellite, a component of the Earth Radiation Budget Experiment (ERBE), was operated in an along-track scanning mode. A survey of radiance measurements is given for four desert areas in Africa, the Arabian Peninsula, Australia, and the Sahel region of Africa. Each overflight provides radiance information for four scene categories: clear, partly cloudy, mostly cloudy, and overcast. The data presented include the variation of radiance in each scene classification as a function of viewing zenith angle during each overflight of the five target areas. Several features of interest in the development of anisotropic models are evident, including day-night differences in longwave limb darkening and the azimuthal dependence of short wave radiance. There is some evidence that surface features may introduce thermal or visible shadowing that is not incorporated in the usual descriptions of the anisotropic behavior of radiance as viewed from space. The data also demonstrate that the ERBE scene classification algorithms give results that, at least for desert surfaces, are a function of viewing geometry

Airborne lidar measurements of ozone during the 1989 airborne Arctic stratospheric expedition

The NASA/NOAA Airborne Arctic Stratospheric Expedition (AASE) was conducted during the winter to study the conditions leading to possible ozone (O3) destruction in the wintertime Arctic stratosphere. As part of this experiment, the NASA-Langley airborne differential absorption lidar (DIAL) system was configured for operation on the NASA-Ames DS-8 aircraft to make measurements of O3 profiles from about 1 km above the aircraft to altitudes of 22 to 26 km. The airborne DIAL system remotely sensed O3 above the DC-8 by transmitting two laser beams at 10 Hz using wavelengths of 301.5 and 311 nm. Large scale distributions of O3 were obtained on 15 long range flights into the polar vortex during the AASE. Selected data samples are presented of O3 observed during these flights, general trends observed in O3 distributions, and correlations between these measurements and meteorological and chemical parameters. The O3 distribution observed on the first flight of the DC-8 into the polar vortex on Jan. 6 reflected the result of diabatic cooling of the air inside the vortex during the winter compared to the warmer air outside the vortex. On a potential temperature surface, the O3 mixing ratio generally increases when going from outside to inside the vortex

Spatial dependence of gain nonlinearities in InGaAs semiconductor optical amplifier

Counter-propagating sub-picosecond pulses are used to monitor gain saturation along the waveguide of an InGaAs superlattice semiconductor optical amplifier at 1550 nm wavelength. The functional form of the spatial dependence of gain saturation is found to depend on pulse energy. These observations are interpreted by combining the optical nonlinearities associated with interband carrier dynamics and carrier heating together and their respective time constants. We show that the results are consistent with the predictions of a propagation model. Implications for all-optical switching, particularly in the limit of full saturation across the whole amplifier, are discussed. (c) 2005 American Institute of Physics.</p

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

The Present Method of Taxing Trust Income: A Criticism and Proposed Revision, 51 Yale Law Journal 1143 (1942)

SINCE the inception of the income tax in 1913 the taxation of trustincome has been an ever-vexing problem. Under the first income tax lawa trust was not treated as a separate taxable entity. The Act levied atax on the net income of all individuals, but merely required fiduciariesto file a return of the net income of the person for whom they act,subject to this tax, coming into their custody and to withhold thenormal tax. Because of the lack of a taxable entity against which thetax could be levied, income collected by a trustee and held for the benefitof unborn or unascertained persons escaped the tax

Using Social Media Analytics: The Effect of President Trump’s Tweets on Companies’ Stock Performance

With the recent political development in the United States I was presented with a unique opportunity to examine social media’s influences on the stock market. Specifically, I analyzed the impact of tweets from President Trump’s official Twitter accounts from his election to the office to February 1st, 2019 that targeted a publicly traded company. I find that these tweets have a very minimal effect on companies’ stock prices, but there is a significant effect on the stocks’ trading volumes