6,638 research outputs found
Developing a decomposable measure of profit efficiency using DEA
In for-profit organizations efficiency measurement with reference to the potential for profit augmentation is particularly important as is its decomposition into technical, and allocative components. Different profit efficiency approaches can be found in the literature to measure and decompose overall profit efficiency. In this paper, we highlight some problems within existing approaches and propose a new measure of profit efficiency based on a geometric mean of input/output adjustments needed for maximizing profits. Overall profit efficiency is calculated through this efficiency measure and is decomposed into its technical and allocative components. Technical efficiency is calculated based on a non-oriented geometric distance function (GDF) that is able to incorporate all the sources of inefficiency, while allocative efficiency is retrieved residually. We also define a measure of profitability efficiency which complements profit efficiency in that it makes it possible to retrieve the scale efficiency of a unit as a component of its profitability efficiency. In addition, the measure of profitability efficiency allows for a dual profitability interpretation of the GDF measure of technical efficiency. The concepts introduced in the paper are illustrated using a numerical example
Falling Pitch Imitating Doppler Shift Facilitates Detection of Visual Motion in The Extreme-Periphery
Previous studies demonstrated that concurrent auditory stimuli can bias visual motion perception in the periphery more than in the fovea (e.g., Takeshima & Gyoba, 2013), and auditory becomes crucial when reliability of vision is reduced (e.g., Schmiedchen et al., 2012). We investigated if auditory affects detecting extreme-peripheral visual motion from behind, which is possibly one of the most salient situations since visual ambiguity is very high and detecting such motion can be ecologically critical to survive. In the experiment, a sequence of three 204 ms dots (255 ms SOA) was presented in the extreme-periphery (individually set by the largest eccentricity with 75% detection); each dot was presented at 3 adjacent locations with 2° distance so as to have apparent motion forward, or at the same location. As auditory stimuli, we employed concurrent beep with falling pitch, which roughly imitated Doppler pitch shift for passing-by object. We employed concurrent beep with rising pitch as a control, in addition to another no sound control. The results showed the concurrent beep with falling pitch increased the hit rate for motion detection, relative to that with no sound and rising pitch beep. Underlying mechanism was discussed with signal detection analysis
A unique spinodal region in asymmetric nuclear matter
Asymmetric nuclear matter at sub-saturation densities is shown to present
only one type of instabilities. The associated order parameter is dominated by
the isoscalar density and so the transition is of liquid-gas type. The
instability goes in the direction of a restoration of the isospin symmetry
leading to a fractionation phenomenon. These conclusions are model independent
since they can be related to the general form of the asymmetry energy. They are
illustrated using density functional approaches.Comment: 4 pages, 5 figures, to appear in Phys. Rev.
Extracting non-linear integrate-and-fire models from experimental data using dynamic IâV curves
The dynamic IâV curve method was recently introduced for the efficient experimental generation of reduced neuron models. The method extracts the response properties of a neuron while it is subject to a naturalistic stimulus that mimics in vivo-like fluctuating synaptic drive. The resulting history-dependent, transmembrane current is then projected onto a one-dimensional currentâvoltage relation that provides the basis for a tractable non-linear integrate-and-fire model. An attractive feature of the method is that it can be used in spike-triggered mode to quantify the distinct patterns of post-spike refractoriness seen in different classes of cortical neuron. The method is first illustrated using a conductance-based model and is then applied experimentally to generate reduced models of cortical layer-5 pyramidal cells and interneurons, in injected-current and injected- conductance protocols. The resulting low-dimensional neuron modelsâof the refractory exponential integrate-and-fire typeâprovide highly accurate predictions for spike-times. The method therefore provides a useful tool for the construction of tractable models and rapid experimental classification of cortical neurons
Thalamic Network Oscillations Synchronize Ontogenetic Columns in the Newborn Rat Barrel Cortex
Neocortical areas are organized in columns, which form the basic structural and functional modules of intracortical information processing. Using voltage-sensitive dye imaging and simultaneous multi-channel extracellular recordings in the barrel cortex of newborn rats in vivo, we found that spontaneously occurring and whisker stimulation-induced gamma bursts followed by longer lasting spindle bursts were topographically organized in functional cortical columns already at the day of birth. Gamma bursts synchronized a cortical network of 300-400 ”m in diameter and were coherent with gamma activity recorded simultaneously in the thalamic ventral posterior medial (VPM) nucleus. Cortical gamma bursts could be elicited by focal electrical stimulation of the VPM. Whisker stimulation-induced spindle and gamma bursts and the majority of spontaneously occurring events were profoundly reduced by the local inactivation of the VPM, indicating that the thalamus is important to generate these activity patterns. Furthermore, inactivation of the barrel cortex with lidocaine reduced the gamma activity in the thalamus, suggesting that a cortico-thalamic feedback loop modulates this early thalamic network activit
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Liquidity Creation and Bank Capital
This paper aims to evaluate the relationship between capital and liquidity following the implementation of the Basel III rules. These regulatory measures target both increased capital ratios and a reduction of banksâ maturity transformation risk , which could result in excessive constraints on bank liquidity creation, thereby negatively affecting economic growth. Using a simultaneous equation model, we find a bi-causal negative relationship, which suggests that banks may reduce liquidity creation as capital increases; and when liquidity creation increases, banks reduce capital ratios. Our results therefore imply a trade-off between financial stability (higher capital, reduced risk) and economic growth (liquidity creation)
How do banks assess entrepreneurial competence? The role of voluntary information disclosure
This research adds to the literature on relationship lending in the small business context by discussing the roles of entrepreneurial competence and voluntarily disclosed information as determinants of credit access. More specifically, we propose that the loan managerâs evaluation of the information voluntarily disclosed by the entrepreneur is an important complement to publicly available financial data and soft information collected through observation and third parties in framing the loan managerâs perception of the entrepreneurâs competence. Further, we argue that banks charge lower interest rates if the loan manager perceives the entrepreneur to be competent. Econometric analysis based on 433 bank-firm relationships supports these hypothesised relationships. The results imply that entrepreneurs need to communicate their competence effectively to loan managers, and that banks should utilise their loan managersâ personal evaluations as inputs to lending decisions
Collateral Quality and Loan Default Risk: The Case of Vietnam
In the transition economy of Vietnam, financial market is dominated by banking sector but commercial banks heavily rely on collateral-based lending. While the relationship between collateral and implied credit risk is still in debate, this paper provides additional empirical evidence regarding the heterogeneous effects and transmission channels of collateral characteristics on loan delinquency. Applying instrumental variable probit analysis on a unique dataset of 2295 internal loan accounts in Vietnam, we find the significantly negative impact of collateral quality on the probability of default of consumer loans, supporting the dominance of borrower selection and risk-shifting over lender selection effects. The finding implies that high-quality collateral not only signals more credible borrower but also fosters good behavior in using loan, enabling bank to mitigate adverse selection and moral hazard problems
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