Do jumbo-CD holders care about anything?

Uninsured deposits represent a theoretically appealing but relatively untested alternative to subordinated debt for incorporating market discipline into banking supervision. To make the deposit market a useful supervisory tool, it is necessary to know what types of risk are priced by depositors and in what proportions. Using a clustering technique to select from among a large set of potential regressors, as well as a carefully chosen set of control variables, we attempt to determine the types of risk that cause uninsured depositors to react in both the price and quantity dimensions. As a benchmark for economic significance, we estimate similar regressions on supervisory ratings. We find that, in contrast to government supervisors, depositors have not priced most types of risk since 1997. Indeed, the only risk variables that consistently come up as statistically significant are those that measure capital adequacy. Our interpretation of these results is that, because aggregate banking conditions are good, it is not worth depositors' effort to investigate individual bank quality very carefully. We conclude that, in the current economic and regulatory environment, the market is content to delegate most of its monitoring and discipline to the government. To the extent that it does monitor, it only monitors capital. The jumbo-CD market is thus not likely to be of much supervisory use, particularly given that examiners already have good information about capital levels. The depositor emphasis on capital also supports the conjecture that market discipline was responsible for much of the recent capital build-up.Bank deposits ; Bank supervision

Implications of Reactions Between SO2 and Basaltic Glasses for the Mineralogy of Planetary Crusts

Basalts are ubiquitous in volcanic systems on several planetary bodies, including the Earth, Mars, Venus, and Jupiter's moon Io, and are commonly associated with sulfur dioxide (SO2) degassing. We present the results of an experimental study of reactions between SO2 and basaltic glasses. We examined Fe‐free basalt, and Fe‐bearing tholeiitic and alkali basalts with a range of Fe3+/Fetotal (0.05 to 0.79) that encompass the oxygen fugacities proposed for most terrestrial planetary bodies. Tholeiitic and alkali basalts were exposed to SO2 at 600, 700, and 800 C for 1 hr and 24 hr. Surface coatings formed on the reacted basalts; these contain CaSO4, MgSO4, Na2SO4, Na2Ca(SO4)2, Fe2O3, Fe3O4, Fe‐Ti‐(Al)‐oxides, and TiO2. Additionally, the SO2‐basalt reaction drives nucleation of crystalline phases in the substrate to form pyroxenes and possible Fe‐oxides. A silica‐rich layer forms between the substrate and sulfate coatings. More oxidized basalts may readily react with SO2 to form coatings dominated by large Ca‐sulfate and oxide grains. On less oxidized basalts (NNO−1.5 to NNO−5), reactions with SO2 will form thin, fine‐grained aggregates of sulfates; such materials are less readily detected by spectroscopy and spectrometry techniques. In contrast, in very reduced basalts (lower than NNO−5), typical of the Moon and Mercury, SO2 is typically a negligible component in the magmatic gas, and sulfides are more likely.This research was supported by the Australian Research Council funding to King (DP150104604 and FT130101524). Renggli was supported by an ANU PhD scholarship. Palm was supported by the John and Kerry Lovering Scholarship (RSES, ANU). The Ion Probe Facility at the University of Western Australia is supported by the Australian Microscopy and Microanalysis Research Facility, AuScope, the Science and Industry Endowment Fund, and the State Government of Western Australia

Automated classification of three-dimensional reconstructions of coral reefs using convolutional neural networks

© The Author(s), 2020. This article is distributed under the terms of the Creative Commons Attribution License. The definitive version was published in Hopkinson, B. M., King, A. C., Owen, D. P., Johnson-Roberson, M., Long, M. H., & Bhandarkar, S. M. Automated classification of three-dimensional reconstructions of coral reefs using convolutional neural networks. PLoS One, 15(3), (2020): e0230671, doi: 10.1371/journal.pone.0230671.Coral reefs are biologically diverse and structurally complex ecosystems, which have been severally affected by human actions. Consequently, there is a need for rapid ecological assessment of coral reefs, but current approaches require time consuming manual analysis, either during a dive survey or on images collected during a survey. Reef structural complexity is essential for ecological function but is challenging to measure and often relegated to simple metrics such as rugosity. Recent advances in computer vision and machine learning offer the potential to alleviate some of these limitations. We developed an approach to automatically classify 3D reconstructions of reef sections and assessed the accuracy of this approach. 3D reconstructions of reef sections were generated using commercial Structure-from-Motion software with images extracted from video surveys. To generate a 3D classified map, locations on the 3D reconstruction were mapped back into the original images to extract multiple views of the location. Several approaches were tested to merge information from multiple views of a point into a single classification, all of which used convolutional neural networks to classify or extract features from the images, but differ in the strategy employed for merging information. Approaches to merging information entailed voting, probability averaging, and a learned neural-network layer. All approaches performed similarly achieving overall classification accuracies of ~96% and >90% accuracy on most classes. With this high classification accuracy, these approaches are suitable for many ecological applications.This study was funded by grants from the Alfred P. Sloan Foundation (BMH, BR2014-049; https://sloan.org), and the National Science Foundation (MHL, OCE-1657727; https://www.nsf.gov). The funders had no role in the study design, data collection and analysis, decision to publish, or preparation of the manuscript

The presumption of sociality: Social learning in diverse contexts in brown-headed cowbirds (Molothrus ater).

Data are presented on social and vocal learning in cowbirds (Molothrus ater) housed in large aviaries and given more degrees of freedom than in conventional experimental studies. The studies show that social and vocal outcomes are facultative responses to social contexts. Several findings are reviewed: First, cowbirds quickly self-organize into groups by age and sex; second, opportunities to interact across age and sex do exist and affect courtship competence; third, female cowbirds organize themselves differently in the presence and absence of male competition; and fourth, young, naive cowbirds show rapid and differential sensitivity to group dynamics. Taken as a whole, the data show that social Umwelten are dynamic, developmental ecologies. Solitude is a human presumption. Every quiet step is thunder to beetle life underfoot, a tug of impalpable thread on the web pulling the mate to mate and predator to prey, a beginning or an end. Every choice is a new beginning for the chosen.-Barbara Kingsolver, Prodigal Summer Terra firma provides humans with sure footing but sometimes narrow thinking about the sensory world of other inhabitants. The air-ground complex is one of myriad environments, many neithe

Enhancing the effectiveness of design and build tendering.

Design and Build is a range of procurement routes believed to effectively transmit client value through the supply chain owing to its integrative nature. However, the tender process is characterised as complex and there is a lack of practical guidance for practitioners. The aim of this research is to critically evaluate Design and Build Tendering in the UK construction industry using a modified grounded theory methodology and mixed-method approach. A number of important themes emerged during the analysis.Client-main contractor tender processes were mapped and several areas of best practice were articulated. Alternatives and menu pricing emerged as being important as they allow contractors to add value in developed forms of Design and Build. In addition, a Value Management-based tender evaluation process was developed which more closely relates the client's value system to the selection of the main contractor. The study of main contractor-subcontractor tender processes and contractor-centric SCM was carried out using a case study. It was found that effective tender processes overwhelmingly rely on healthy relationships. The properties found to be necessary to cultivate and maintain these relationships include trust, communication, collaboration, commitment, integrity and honesty, concern for each other's interests, recognition and incentives, and transferability. Similarly, a number of important findings relating to the actual tender processes emerged including, for example, 'secondary sendouts' and unsolicited tenders. This research represents a unique synthesis of Design and Build tendering, VM and SCM. It provides numerous and significant contributions to knowledge in the field by focusing on the different levels of the supply chain. The research highlights the importance of transitioning client value through the wider supply chain by focusing on main contractor-subcontractor tender processes, in addition to the client-main contractor tender process. It draws on a number of new findings to make the case for contractor-centric SCM. The number of recommendations which are made for Design and Build tendering strategy, at both the client-main contractor and main contractor-subcontractor level of the supply chain, will collectively help enhance the effectiveness of Design and Build tendering

Efficient deformable motion correction for 3-D abdominal MRI using manifold regression

We present a novel framework for efficient retrospective respiratory motion correction of 3-D abdominal MRI using manifold regression. K-space data are continuously acquired under free breathing using the stack-of-stars radial gold-en-angle trajectory. The stack-of-profiles (SoP) from all temporal positions are embedded into a common manifold, in which SoPs that were acquired at similar respiratory states are close together. Next, the SoPs in the manifold are clustered into groups using the k-means algorithm. One 3-D volume is reconstructed at the central SoP position of each cluster (a.k.a. key-volumes). Motion fields are estimated using deformable image registration between each of these key-volumes and a reference end-exhale volume. Subsequently, the motion field at any other SoP position in the manifold is derived using manifold regression. The regressed motion fields for each of the SoPs are used to deter-mine a final motion-corrected MRI volume. The method was evaluated on realistic synthetic datasets which were generated from real MRI data and also tested on an in vivo dataset. The framework enables more accurate motion correction compared to the conventional binning-based approach, with high computational efficiency