Studies in Testimony

"Reprinted from the Journal of criminal law and criminology, vol. XV, no. 1, May, 1924."Caption title.Mode of access: Internet

Peace

https://digitalcommons.library.umaine.edu/mmb-vp/3351/thumbnail.jp

Scaling the Hierarchy: How and Why Investment Banks Compete for Syndicate Co-Management Appointments

We investigate why banks pressured research analysts to provide aggressive assessments of issuing firms during the 1990s. This competitive strategy did little to directly increase a bank’s chances of winning lead-management mandates and ultimately led to regulatory penalties and costly structural reform. We show that aggressively optimistic research and even the mere provision of research coverage for the issuer (regardless of its direction) attract co-management appointments. Co-management appointments are valuable because they help banks establish relationships with issuers. These relationships, in turn, substantially increase their chances of winning more lucrative lead-management mandates in the future. This is true even in the presence of historically exclusive banking relationships. If recent regulatory reforms compromise this entry mechanism, they may have the unintended consequence of diminishing competition among securities underwriters

Scaling the Hierarchy: How and Why Investments Banks Compete for Syndicate Co-Management Appointments

We investigate the empirical puzzle why banks pressured their analysts to provide aggressive assessments of issuing firms during the 1990s when doing so apparently had little positive effect on their chances of receiving lead-management appointments and ultimately led to regulatory penalties and costly structural reform. We show that aggressively optimistic research can attract co-management appointments and that co-management appointments eventually lead to more lucrative lead-management opportunities. Our results suggest a potential unintended anticompetitive effect of the Global Settlement if forcing greater separation of research and investment banking diminishes co-management opportunities for (and thereby potential competition from) marginal competitors in securities underwriting, especially in the debt markets

Scaling the Hierarchy: How and Why Investment Banks Compete for Syndicate Co-Management Appointments

We investigate the empirical puzzle why banks pressured their analysts to provide aggressive assessments of issuing firms during the 1990s when doing so apparently had little positive effect on their chances of receiving lead-management appointments and ultimately led to regulatory penalties and costly structural reform. We show that aggressively optimistic research can attract co-management appointments and that co-management appointments eventually lead to more lucrative lead-management opportunities. Our results suggest a potential unintended anticompetitive effect of the Global Settlement if forcing greater separation of research and investment banking diminishes co-management opportunities for (and thereby potential competition from) marginal competitors in securities underwriting, especially in the debt markets

Slope Failures and Cross-Valley Profiles, Grand Teton National Park, Wyoming

This project described and explained the pattern of slope failures (falls, slides, flows, snow avalanches) and the shape of valley cross-profiles in five canyons of Grand Teton National Park. Shapefiles were created in ArcMap 9.3 for slope failures using existing data sets plus newly mapped failures. Valley cross-profiles were prepared for 44 locations in the canyons using digital elevation models (DEMs). The distribution of slope failures were found to be related, to various degrees, to slope aspect, distance from the Teton Fault, rock mass strength, Schmidt rock hammer values, and slope gradient. Shape files were generated that show sections of hiking trails and camping zones that have been impacted by past events. Valley cross-profiles are best represented by a parabolic curve, and the value of the coefficient in the equation describing those curves is related to Schmidt rock hammer values and rock type. These findings have direct implications for backcountry recreation in the canyons and for visitor interpretation of canyon scenery

Recovery of Minerales Monclova Minas V

Methane issuing from a roof-bolt hole ignited when the hot bit was withdrawn. Similar ignitions have occurred in other mines. This one differed in that flames spread quickly, coal was ignited, and, after three futile hours of applying inadequate water and extinguishing agents, the mine was sealed. Fires are fuel and ventilation controlled. In this mine there was an abundance of methane, coal, and wood lagging. Recovery of the mine, therefore, depended on successful control of its ventilation. The recovery was done without anyone suffering a scratch; a remarkable feat considering the abnormal methane outflows and concentrations, the continuing evidence of on-going thermal reactions, and what once were inexperienced but now amongst the best mine rescuemen

Assessment of left atrial volume before and after pulmonary thromboendarterectomy in chronic thromboembolic pulmonary hypertension.

BackgroundImpaired left ventricular diastolic filling is common in chronic thromboembolic pulmonary hypertension (CTEPH), and recent studies support left ventricular underfilling as a cause. To investigate this further, we assessed left atrial volume index (LAVI) in patients with CTEPH before and after pulmonary thromboendarterectomy (PTE).MethodsForty-eight consecutive CTEPH patients had pre- & post-PTE echocardiograms and right heart catheterizations. Parameters included mean pulmonary artery pressure (mPAP), pulmonary vascular resistance (PVR), cardiac index, LAVI, & mitral E/A ratio. Echocardiograms were performed 6 ± 3 days pre-PTE and 10 ± 4 days post-PTE. Regression analyses compared pre- and post-PTE LAVI with other parameters.ResultsPre-op LAVI (mean 19.0 ± 7 mL/m2) correlated significantly with pre-op PVR (R = -0.45, p = 0.001), mPAP (R = -0.28, p = 0.05) and cardiac index (R = 0.38, p = 0.006). Post-PTE, LAVI increased by 18% to 22.4 ± 7 mL/m2 (p = 0.003). This change correlated with change in PVR (765 to 311 dyne-s/cm5, p = 0.01), cardiac index (2.6 to 3.2 L/min/m2, p = 0.02), and E/A (.95 to 1.44, p = 0.002).ConclusionIn CTEPH, smaller LAVI is associated with lower cardiac output, higher mPAP, and higher PVR. LAVI increases by ~20% after PTE, and this change correlates with changes in PVR and mitral E/A. The rapid increase in LAVI supports the concept that left ventricular diastolic impairment and low E/A pre-PTE are due to left heart underfilling rather than inherent left ventricular diastolic dysfunction