Activity-Based Valuation of Bank Holding Companies

Standard valuation methods do not lend themselves to bank holding companies. Banks create value through the types of assets and liabilities they create (e.g., lending and deposit taking relationships). Bank income streams reflect heterogeneous sources of income which differ in their margins of profitability and persistence. Our approach to valuation permits potential differences in the composition of assets, liabilities, income and expenses, and in the profitability and persistence of different sources of income, to reflect themselves in estimated relationships that relate the composition of the balance sheet and income statement to bank value. Our approach explains substantial cross-sectional variation in observed market-to-book values, and residuals from cross-sectional regressions of market-to-book values are useful for predicting future stock returns. Predictable future variation in returns does not reflect priced risk factors, but is related to trading costs.

Design and systems analysis of a chemical interorbital shuttle. Volume 1: Executive summary

An interorbital shuttle that can be utilized to carry payloads between low earth orbit (180 n mi, 37.6 deg) and lunar or geosynchronous orbits, and also to interplanetary trajectories is discussed. After each mission the stage returns to its earth parking orbit where it delivers the inbound payloads, and where it is maintained and refueled for the subsequent missions. The stage can also be utilized to carry large payloads (150 to 200 KLBS) to the Space Station orbit (270 n mi, 55 deg) when it is used as a second or parallel burn stage to the space shuttle booster. The mission and systems analysis, as well as the results of structural, mechanical and propulsion, and avionics subsystems analysis and design are described. A development plan and cost estimates are also included

Conjugate 18cm OH Satellite Lines at a Cosmological Distance

We have detected the two 18cm OH satellite lines from the $z \sim 0.247$ source PKS1413+135, the 1720 MHz line in emission and the 1612 MHz line in absorption. The 1720 MHz luminosity is $L_{\rm OH} \sim 354 L_\odot$, more than an order of magnitude larger than that of any other known 1720 MHz maser. The profiles of the two satellite lines are conjugate, implying that they arise in the same gas. This allows us to test for any changes in the values of fundamental constants, without being affected by systematic uncertainties arising from relative motions between the gas clouds in which the different lines arise. Our data constrain changes in $G \equiv g_p [\alpha^2/y]^{1.849}$, where $y \equiv m_e/m_p$; we find $\Delta G/G = 2.2 \pm 3.8 \times 10^{-5}$, consistent with no changes in $\alpha$, $g_p$ and $y$.Comment: 5 pages, 1 figure. Minor changes to match published versio

Modeling the ecosystem services related to phytoextraction: Carbon sequestration potential using willow and poplar

Poplar and willow demonstrate great potential for the phytoextraction of trace elements (TEs) from soils. In most cases, these species are managed as short-rotation coppice, producing high woody biomass yields, which could provide a valuable contribution toward reducing greenhouse gas emissions in the atmosphere. In the current study, we compared the TE extraction and CO2 sequestration rates in a four-year field trial in Southern Italy of two arboreal species (willow and poplar). The results show that, once established in the study area, willow extracted more Cd and Cu and less Pb than poplar. The two species demonstrated the same average Ni and Zn extraction rates. Greater biomass yields in poplar suggest that this species was able to fix greater amounts of CO2 (28.7 Mg ha−1 yr−1) than willow (24.9 Mg ha−1 yr−1). We argue that the choice of the species to be used in phytoextraction should first be made considering the TE-specific affinity and phytoextraction rates. For TEs whose extraction rates were the same (i.e., Ni and Zn), poplar is to be preferred because of its ability to fix greater amounts of CO2 than willow

Tenfold Magnetoconductance in a Non-Magnetic Metal Film

We present magnetoconductance (MC) measurements of homogeneously disordered Be films whose zero field sheet conductance (G) is described by the Efros-Shklovskii hopping law $G(T)=(2e^2/h)\exp{-(T_o/T)^{1/2}}$. The low field MC of the films is negative with G decreasing 200% below 1 T. In contrast the MC above 1 T is strongly positive. At 8 T, G increases 1000% in perpendicular field and 500% in parallel field. In the simpler parallel case, we observe {\em field enhanced} variable range hopping characterized by an attenuation of $T_o$ via the Zeeman interaction.Comment: 9 pages including 5 figure

Salt stress in olive tree shapes resident endophytic microbiota

Olea europaea L. is a glycophyte representing one of the most important plants in the Mediterranean area, both from an economic and agricultural point of view. Its adaptability to different environmental conditions enables its cultivation in numerous agricultural scenarios, even on marginal areas, characterized by soils unsuitable for other crops. Salt stress represents one current major threats to crop production, including olive tree. In order to overcome this constraint, several cultivars have been evaluated over the years using biochemical and physiological methods to select the most suitable ones for cultivation in harsh environments. Thus the development of novel methodologies have provided useful tools for evaluating the adaptive capacity of cultivars, among which the evaluation of the plant-microbiota ratio, which is important for the maintenance of plant homeostasis. In the present study, four olive tree cultivars (two traditional and two for intensive cultivation) were subjected to saline stress using two concentrations of salt, 100 mM and 200 mM. The effects of stress on diverse cultivars were assessed by using biochemical analyses (i.e., proline, carotenoid and chlorophyll content), showing a cultivar-dependent response. Additionally, the olive tree response to stress was correlated with the leaf endophytic bacterial community. Results of the metabarcoding analyses showed a significant shift in the resident microbiome for plants subjected to moderate salt stress, which did not occur under extreme salt-stress conditions. In the whole, these results showed that the integration of stress markers and endophytic community represents a suitable approach to evaluate the adaptation of cultivars to environmental stresses

Assessing the Safety of Stem Cell Therapeutics

Unprecedented developments in stem cell research herald a new era of hope and expectation for novel therapies. However, they also present a major challenge for regulators since safety assessment criteria, designed for conventional agents, are largely inappropriate for cell-based therapies. This article aims to set out the safety issues pertaining to novel stem cell-derived treatments, to identify knowledge gaps that require further research, and to suggest a roadmap for developing safety assessment criteria. It is essential that regulators, pharmaceutical providers, and safety scientists work together to frame new safety guidelines, based on “acceptable risk,” so that patients are adequately protected but the safety “bar” is not set so high that exciting new treatments are lost

Expression of Distal-less, dachshund, and optomotor blind in Neanthes arenaceodentata (Annelida, Nereididae) does not support homology of appendage-forming mechanisms across the Bilateria

The similarity in the genetic regulation of arthropod and vertebrate appendage formation has been interpreted as the product of a plesiomorphic gene network that was primitively involved in bilaterian appendage development and co-opted to build appendages (in modern phyla) that are not historically related as structures. Data from lophotrochozoans are needed to clarify the pervasiveness of plesiomorphic appendage forming mechanisms. We assayed the expression of three arthropod and vertebrate limb gene orthologs, Distal-less (Dll), dachshund (dac), and optomotor blind (omb), in direct-developing juveniles of the polychaete Neanthes arenaceodentata. Parapodial Dll expression marks premorphogenetic notopodia and neuropodia, becoming restricted to the bases of notopodial cirri and to ventral portions of neuropodia. In outgrowing cephalic appendages, Dll activity is primarily restricted to proximal domains. Dll expression is also prominent in the brain. dac expression occurs in the brain, nerve cord ganglia, a pair of pharyngeal ganglia, presumed interneurons linking a pair of segmental nerves, and in newly differentiating mesoderm. Domains of omb expression include the brain, nerve cord ganglia, one pair of anterior cirri, presumed precursors of dorsal musculature, and the same pharyngeal ganglia and presumed interneurons that express dac. Contrary to their roles in outgrowing arthropod and vertebrate appendages, Dll, dac, and omb lack comparable expression in Neanthes appendages, implying independent evolution of annelid appendage development. We infer that parapodia and arthropodia are not structurally or mechanistically homologous (but their primordia might be), that Dll’s ancestral bilaterian function was in sensory and central nervous system differentiation, and that locomotory appendages possibly evolved from sensory outgrowths

Cross-national validation of the Social Media Disorder-scale: Findings from adolescents from 44 countries

Background and aims: There is currently no cross-national validation of a scale that measures problematic social media use (SMU). The present study investigated and compared the psychometric properties of the social media disorder (SMD) scale among young adolescents from different countries. Design: Validation study. Setting and participants: Data came from 222 532 adolescents from 44 countries participating in the health behaviour in school-aged children (HBSC) survey (2017/2018). The HBSC survey was conducted in the European region and Canada. Participants were on average aged 13.54 years (standard deviation = 1.63) and 51.24% were girls. Measurement: Problematic SMU was measured using the nine-item SMD scale with dichotomous response options. Findings: Confirmatory factor analyses (CFA) showed good model fit for a one-factor model across all countries (minimum comparative fit index (CFI) and Tucker–Lewis index (TLI) = 0.963 and 0.951, maximum root mean square error of approximation (RMSEA) and standardized root mean square residual (SRMR) = 0.057 and 0.060), confirming structural validity. The internal consistency of the items was adequate in all countries (minimum alpha = 0.840), indicating that the scale provides reliable scores. Multi-group CFA showed that the factor structure was measurement invariant across countries (ΔCFI = −0.010, ΔRMSEA = 0.003), suggesting that adolescents’ level of problematic SMU can be reliably compared cross-nationally. In all countries, gender and socio-economic invariance was established, and age invariance was found in 43 of 44 countries. In line with prior research, in almost all countries, problematic SMU related to poorer mental wellbeing (range βSTDY = 0.193–0.924, P < 0.05) and higher intensity of online communication (range βSTDY = 0.163–0.635, P < 0.05), confirming appropriate criterion validity. Conclusions: The social media disorder scale appears to be suitable for measuring and comparing problematic social media use among young adolescents across many national contexts

On detecting millisecond pulsars at the galactic center

The lack of detected pulsars at the Galactic Center (GC) region is a long-standing mystery. We argue that the high stellar density in the central parsec around the GC is likely to result in a pulsar population dominated by millisecond pulsars (MSPs), similar to the situation in globular cluster environments. Earlier GC pulsar searches have been largely insensitive to such an MSP population, accounting for the lack of pulsar detections. We estimate the best search frequency for such an MSP population with present and upcoming broad-band radio telescopes for two possible scattering scenarios, the “weak-scattering” case suggested by the recent detection of a magnetar close to the GC, and the “strong-scattering” case, with the scattering screen located close to the GC. The optimal search frequencies are ≈ 8 GHz ( weak-scattering ) and ≈ 25 GHz ( strong-scattering ) , for pulsars with periods 1 – 20 ms, assuming that GC pulsars have a luminosity distribution similar to that those in the rest of the Milky Way. We find that 10 – 30 hr integrations with the Very Large Array and the Green Bank Telescope would be sufficient to detect MSPs at the GC distance in the weak-scattering case. However, if the strong-scattering case is indeed applicable to the GC, observations with the full Square Kilometre Array would be needed to detect the putative MSP population