Reputational contagion and optimal regulatory forbearance

This paper examines common regulation as cause of interbank contagion. Studies based on the correlation of bank assets and the extent of interbank lending may underestimate the likelihood of contagion because they do not incorporate the fact that banks have a common regulator. In our model, the failure of one bank can undermine the public’s confidence in the competence of the banking regulator, and hence in other banks chartered by the same regulator. Thus depositors may withdraw funds from their, unconnected, banks. The optimal regulatory response to this ‘panic’ behaviour can be to privately exhibit forbearance to the initially failing bank in the hope that it - and hence other vulnerable banks - survives. By contrast, public bailouts are ineffective in preventing panics and must be bolstered by other measures such as increased deposit insurance coverage. Regulatory transparency improves confidence ex ante but impedes regulators’ ability to stem panics ex post. JEL Classification: G21, G28Bank Regulation, Contagion, Reputation

The trafficking and targeting of P2X receptors

The functional expression of P2X receptors at the plasma membrane is dependent on their trafficking along secretory and endocytic pathways. There are seven P2X receptor subunits, and these differ in their subcellular distributions because they have very different trafficking properties. Some are retained within the endoplasmic reticulum (ER), while others are predominantly at the cell surface or within endosomes and lysosomes. Changes in recruitment of receptors to and from the plasma membrane provides a way of rapidly up- or down-regulating the cellular response to adenosine triphosphate (ATP). An additional layer of regulation is the targeting of these receptors within the membranes of each compartment, which affects their stability, function and the nature of the effector proteins with which they form signaling complexes. The trafficking and targeting of P2X receptors is regulated by their interactions with other proteins and with lipids and we can expect this to vary in a cell-type specific manner and in response to changes in the environment giving rise to differences in receptor activity and function

Gravitational Waves from Orphan Memory

Gravitational-wave memory manifests as a permanent distortion of an idealized gravitational-wave detector and arises generically from energetic astrophysical events. For example, binary black hole mergers are expected to emit memory bursts a little more than an order of magnitude smaller in strain than the oscillatory parent waves. We introduce the concept of "orphan memory": gravitational-wave memory for which there is no detectable parent signal. In particular, high-frequency gravitational-wave bursts ($\gtrsim$ kHz) produce orphan memory in the LIGO/Virgo band. We show that Advanced LIGO measurements can place stringent limits on the existence of high-frequency gravitational waves, effectively increasing the LIGO bandwidth by orders of magnitude. We investigate the prospects for and implications of future searches for orphan memory.Comment: 5 pages, 4figure

Time-varying volatility in Canadian and U.S. stock index and index futures markets: A multivariate analysis

We use a multivariate generalized autoregressive heteroskedasticity model (M-GARCH) to examine three stock indexes and their associated futures prices: the New York Stock Exchange Composite, Standard and Poor's 500, and Toronto 35. The North American context is significant because markets in Canada and the United States share similar structures and regulatory environments. Our model allows examination of dependence in volatility as it captures time variation in volatility and cross-market influences. Estimated time-variation in volatility is significant, and the volatilities are highly positively correlated. Yet, we find that the correlation in North American index and futures markets has declined over time.Financial markets ; Futures ; Stock market

Second-generation p-values: improved rigor, reproducibility, & transparency in statistical analyses

Verifying that a statistically significant result is scientifically meaningful is not only good scientific practice, it is a natural way to control the Type I error rate. Here we introduce a novel extension of the p-value - a second-generation p-value - that formally accounts for scientific relevance and leverages this natural Type I Error control. The approach relies on a pre-specified interval null hypothesis that represents the collection of effect sizes that are scientifically uninteresting or are practically null. The second-generation p-value is the proportion of data-supported hypotheses that are also null hypotheses. As such, second-generation p-values indicate when the data are compatible with null hypotheses, or with alternative hypotheses, or when the data are inconclusive. Moreover, second-generation p-values provide a proper scientific adjustment for multiple comparisons and reduce false discovery rates. This is an advance for environments rich in data, where traditional p-value adjustments are needlessly punitive. Second-generation p-values promote transparency, rigor and reproducibility of scientific results by a priori specifying which candidate hypotheses are practically meaningful and by providing a more reliable statistical summary of when the data are compatible with alternative or null hypotheses.Comment: 29 pages, 29 page Supplemen

The Context of Sexual Risk among African-American Female College Students

Objective: To assess the sexually transmitted infection (STI) awareness, sexual risk behaviors, and related contextual factors of African-American female college students. Participants: Eighty-nine African-American first year female students attending a majority public four-year college in the southern U.S. participated in the study in Spring, 2006. Methods: Participants completed an anonymous self-administered paper-and-pencil survey and received a $15 cash incentive. Results: Participants were highly knowledgeable and aware about STIs and their consequences. While this awareness translated into low levels of risk for many, still others engaged in behaviors and maintained beliefs that could potentially put them at high risk for contracting STIs. Conclusions: Given the disproportionate rates of STIs among young African-American females, researchers must not ignore the non-behavioral factors (i.e. beliefs and perceptions) that may influence sexual risk behaviors to help in determining optimal methods for intervention and prevention among young African-American females

Investigation of mediastinitis due to coagulase-negative staphylococci after cardiothoracic surgery.

Six cases of coagulase-negative staphylococcal mediastinitis were identified in the latter half of 1999. A new preoperative cleansing solution was suspected by hospital staff to be a factor in the outbreak. We evaluated this possible risk factor along with other known and suspected surgical site infection risk factors in this case-control study

The Role of Neutrophil Cytosolic Factor 1 in the Innate Immune Response to Influenza A Virus

Influenza A Virus (IAV) causes over 21,000 deaths annually in the United States alone. The innate immune response to IAV includes the production of reactive oxygen species (ROS) via NADPH oxidase. ROS are known to impact signaling pathways and cellular processes in order to eliminate IAV, but can cause permanent damage to lung epithelial cells in the process. One gene involved in the production of ROS is Neutrophil Cytosolic Factor 1 (ncf1), which codes for a subunit of NADPH oxidase. Mutations in ncf1 have been correlated with chronic granulomatous disease, chronic inflammation, and autoimmunity. Studying ncf1 in response to IAV infection could potentially lead to the discovery of novel therapies for viral disease

Steric engineering of point defects in lead halide perovskites

Due to their high photovoltaic efficiency and low-cost synthesis, lead halide perovskites have attracted wide interest for application in new solar cell technologies. The most stable and efficient ABX$_3$ perovskite solar cells employ mixed A-site cations, however the impact of cation mixing on carrier trapping and recombination -- key processes that limit photovoltaic performance -- is not fully understood. Here we analyse non-radiative carrier trapping in the mixed A-cation hybrid halide perovskite MA$_{1-x}$Cs$_{x}$PbI$_3$. By using rigorous first-principles simulations combined with techniques initially developed for organic molecular materials, we show that cation mixing leads to a hole trapping rate at the iodine interstitial that is seven orders of magnitude greater than in the single cation system. We demonstrate that the same defect in the same material can display a wide variety of defect activity -- from electrically inactive to recombination centre -- and, in doing so, resolve conflicting reports in the literature. Finally, we propose a new mechanism in which composition can be used to determine the rate of carrier trapping; this is achieved by controlling the phase and dynamical response of the lattice through the steric size of the A-site cations. Our findings elucidate crucial links between chemical composition, defect activity and optoelectronic performance, and present a general approach that can help to rationalise the development of new materials with target defect properties

Inhaled insulin: overview of a novel route of insulin administration

Diabetes is a chronic disease characterized by inadequate insulin secretion with resulting hyperglycemia. Diabetes complications include both microvascular and macrovascular disease, both of which are affected by optimal diabetes control. Many individuals with diabetes rely on subcutaneous insulin administration by injection or continuous infusion to control glucose levels. Novel routes of insulin administration are an area of interest in the diabetes field, given that insulin injection therapy is burdensome for many patients. This review will discuss pulmonary delivery of insulin via inhalation. The safety of inhaled insulin as well as the efficacy in comparison to subcutaneous insulin in the various populations with diabetes are covered. In addition, the experience and pitfalls that face the development and marketing of inhaled insulin are discussed