The securitization of lending markets

Bank loans ; Asset-backed financing

Farmer Mac and the secondary market

Agricultural Credit Act of 1987 ; Federal Agricultural Mortgage Corporation (U.S.) ; Agricultural credit

FDIC Improvement Act and corporate governance of commercial banks

This paper examines provisions of the FDIC Improvement Act related to corporate governance of banks. These provisions focus on the composition and independence of the audit committee and on increased regulatory influence over executive compensation. The composition of audit committees for a sample of banking firms for 1990 is compared with those of industrial firms and with the provisions of FDICIA. The findings suggest only minor differences between banks and other firms; however, under FDICIA provisions, large changes in the composition of bank audit committees are likely. Provisions related to compensation have focused on CEOs. To address this issue, I compare the 1990 levels and factors explaining differences in CEO compensation for a sample of banks and industrial firms. The findings suggest that bank CEOs earn slightly less than their industrial counterparts and that cross-sectional differences in CEO compensation in banking and other industries are explained by similar factors.Banking law ; Federal Deposit Insurance Corporation Improvement Act of 1991 ; Bank directors

Convergence of many-body wavefunction expansions using a plane wave basis: from the homogeneous electron gas to the solid state

Using the finite simulation-cell homogeneous electron gas (HEG) as a model, we investigate the convergence of the correlation energy to the complete basis set (CBS) limit in methods utilising plane-wave wavefunction expansions. Simple analytic and numerical results from second-order M{\o}ller-Plesset theory (MP2) suggest a 1/M decay of the basis-set incompleteness error where M is the number of plane waves used in the calculation, allowing for straightforward extrapolation to the CBS limit. As we shall show, the choice of basis set truncation when constructing many-electron wavefunctions is far from obvious, and here we propose several alternatives based on the momentum transfer vector, which greatly improve the rate of convergence. This is demonstrated for a variety of wavefunction methods, from MP2 to coupled-cluster doubles theory (CCD) and the random-phase approximation plus second-order screened exchange (RPA+SOSEX). Finite basis-set energies are presented for these methods and compared with exact benchmarks. A transformation can map the orbitals of a general solid state system onto the HEG plane wave basis and thereby allow application of these methods to more realistic physical problems.Comment: 15 pages, 9 figure

Letter fluency in 7-8-year-old children is related to the anterior, but not posterior, ventral occipito-temporal cortex during an auditory phonological task

Previous studies have shown that reading skill in 3- to 6-year-old children is related to the automatic activation of the posterior left ventral occipitotemporal cortex (vOT) during spoken language processing, whereas 8- to 15-year-old children and adult readers activate the anterior vOT. However, it is unknown how children who are between these two age groups automatically activate orthographic representations in vOT for spoken language. In the current study, we recruited 153 7- to 8-year-old children to fill the age gap from previous studies. Using functional magnetic resonance imaging (fMRI), we measured children\u27s reading-related skills and brain activity during an auditory phonological task with both a small (i.e. onset) and a large (i.e. rhyme) grain size condition. We found that letter fluency, but not reading accuracy, was correlated with activation in the anterior vOT for the rhyme condition. There were no reading-related skill correlations for the posterior vOT or for activation during the onset condition in this age group. Our findings reveal that automatic activation in the anterior vOT during spoken language processing already occurs in higher skilled 7- to 8-year-old children. In addition, increases in naming automaticity is the primary determinant of the engagement of vOT during phonological awareness tasks

Syntactic and Semantic Specialization and Integration in 5- to 6-Year-Old Children during Auditory Sentence Processing

Previous studies have found specialized syntactic and semantic processes in the adult brain during language comprehension. Young children have sophisticated semantic and syntactic aspects of language, yet many previous fMRI studies failed to detect this specialization, possibly due to experimental design and analytical methods. In this current study, 5- to 6-year-old children completed a syntactic task and a semantic task to dissociate these two processes. Multivoxel pattern analysis was used to examine the correlation of patterns within a task (between runs) or across tasks. We found that the left middle temporal gyrus showed more similar patterns within the semantic task compared with across tasks, whereas there was no difference in the correlation within the syntactic task compared with across tasks, suggesting its specialization in semantic processing. Moreover, the left superior temporal gyrus showed more similar patterns within both the semantic task and the syntactic task as compared with across tasks, suggesting its role in integration of semantic and syntactic information. In contrast to the temporal lobe, we did not find specialization or integration effects in either the opercular or triangular part of the inferior frontal gyrus. Overall, our study showed that 5- to 6-year-old children have already developed specialization and integration in the temporal lobe, but not in the frontal lobe, consistent with developmental neurocognitive models of language comprehension in typically developing young children

Neural representations of phonology in temporal cortex scaffold longitudinal reading gains in 5- to 7-year-old children

© 2019 Elsevier Inc. The objective of this study was to investigate whether phonological processes measured through brain activation are crucial for the development of reading skill (i.e. scaffolding hypothesis) and/or whether learning to read words fine-tunes phonology in the brain (i.e. refinement hypothesis). We specifically looked at how different grain sizes in two brain regions implicated in phonological processing played a role in this bidirectional relation. According to the dual-stream model of speech processing and previous empirical studies, the posterior superior temporal gyrus (STG) appears to be a perceptual region associated with phonological representations, whereas the dorsal inferior frontal gyrus (IFG) appears to be an articulatory region that accesses phonological representations in STG during more difficult tasks. 36 children completed a reading test outside the scanner and an auditory phonological task which included both small (i.e. onset) and large (i.e. rhyme) grain size conditions inside the scanner when they were 5.5–6.5 years old (Time 1) and once again approximately 1.5 years later (Time 2). To study the scaffolding hypothesis, a regression analysis was carried out by entering brain activation in either STG or IFG for either small (onset \u3e perceptual) or large (rhyme \u3e perceptual) grain size phonological processing at T1 as the predictors and reading skill at T2 as the dependent measure, with several covariates of no interest included. To study the refinement hypothesis, the regression analysis included reading skill at T1 as the predictor and brain activation in either STG or IFG for either small or large grain size phonological processing at T2 as the dependent measures, with several covariates of no interest included. We found that only posterior STG, regardless of grain size, was predictive of reading gains. Parallel models with only behavioral accuracy were not significant. Taken together, our results suggest that the representational quality of phonology in temporal cortex is crucial for reading development. Moreover, our study provides neural evidence supporting the scaffolding hypothesis, suggesting that brain measures of phonology could be helpful in early identification of reading difficulties

Reading skill related to left ventral occipitotemporal cortex during a phonological awareness task in 5–6-year old children

The left ventral occipitotemporal cortex (vOT) is important in visual word recognition. Studies have shown that the left vOT is generally observed to be involved in spoken language processing in skilled readers, suggesting automatic access to corresponding orthographic information. However, little is known about where and how the left vOT is involved in the spoken language processing of young children with emerging reading ability. In order to answer this question, we examined the relation of reading ability in 5–6-year-old kindergarteners to the activation of vOT during an auditory phonological awareness task. Two experimental conditions: onset word pairs that shared the first phoneme and rhyme word pairs that shared the final biphone/triphone, were compared to allow a measurement of vOT\u27s activation to small (i.e., onsets) and large grain sizes (i.e., rhymes). We found that higher reading ability was associated with better accuracy of the onset, but not the rhyme, condition. In addition, higher reading ability was only associated with greater sensitivity in the posterior left vOT for the contrast of the onset versus rhyme condition. These results suggest that acquisition of reading results in greater specialization of the posterior vOT to smaller rather than larger grain sizes in young children