The performance effects of board heterogeneity: What works for EU banks?

We examine the impact of board heterogeneity on the performance of EU listed banks in the wake of the global financial crisis. In a comprehensive set-up, we consider standard board features (type, tenure, size, and age of board members) as well as board diversity features (gender diversity, employee representation, internationalisation, and age diversity). We propose a diversity index, which summarises the different dimensions of diversity and control for unobserved heterogeneity and reverse causality. Our analysis uncovers a complex relationship between board heterogeneity and bank performance, which is influenced by market conditions and by national culture. Overall board diversity does not seem to affect bank performance, but it does decrease performance variability during the Eurozone crisis and in countries culturally more open to diversity. Different board and diversity features have a positive impact on bank performance (size, tenure, and employee representation); the relationship is non-linear, with the effect of diversity being more relevant when there is a significant proportion of minority representatives. While substantial board internationalisation has a negative impact on bank performance, the presence of foreign directors appears to be less detrimental during the Eurozone crisis and in countries that are more welcoming towards diversity

An Alkali-Vapor Cell with Metal Coated Windows for Efficient Application of an Electric Field

We describe the implementation of a cylindrical T-shaped alkali-vapor cell for laser spectroscopy in the presence of a longitudinal electric field. The two windows are used as two electrodes of the high-voltage assembly, which is made possible by a metallic coating which entirely covers the inner and outer sides of the windows except for a central area to let the laser beams in and out of the cell. This allows very efficient application of the electric field, up to 2 kV/cm in a rather dense superheated vapor, even when significant photoemission takes place at the windows during pulsed laser irradiation. The body of the cell is made of sapphire or alumina ceramic to prevent large currents resulting from surface conduction observed in cesiated glass cells. The technique used to attach the monocrystalline sapphire windows to the cell body causes minimal stress birefringence in the windows. In addition, reflection losses at the windows can be made very small. The vapor cell operates with no buffer gas and has no magnetic part. The use of this kind of cell has resulted in an improvement of the signal-to-noise ratio in the measurement of Parity Violation in cesium vapor underway at ENS, Paris. The technique can be applied to other situations where a brazed assembly would give rise to unacceptably large birefringence in the windows

Complete hyperfine Paschen-Back regime at relatively small magnetic fields realized in Potassium nano-cell

A one-dimensional nano-metric-thin cell (NC) filled with potassium metal has been built and used to study optical atomic transitions in external magnetic fields. These studies benefit from the remarkable features of the NC allowing one to use $\lambda/2$- and $\lambda$-methods for effective investigations of individual transitions of the K D_1 line. The methods are based on strong narrowing of the absorption spectrum of the atomic column of thickness L equal to $\lambda/2$ and to $\lambda$(with \lambda = 770\un{nm} being the resonant laser radiation wavelength). In particular, for a $\pi$-polarized radiation excitation the $\lambda$-method allows us to resolve eight atomic transitions (in two groups of four atomic transitions) and to reveal two remarkable transitions that we call Guiding Transitions (GT). The probabilities of all other transitions inside the group (as well as the frequency slope versus magnetic field) tend to the probability and to the slope of GT. Note that for circular polarization there is one group of four transitions and GT do not exist. Among eight transitions there are also two transitions (forbidden for $B$ = 0) with the probabilities undergoing strong modification under the influence of magnetic fields. Practically the complete hyperfine Paschen-Back regime is observed at relatively low (\sim 1\un{kG}) magnetic fields. Note that for K $D_2$ line GT are absent. Theoretical models describe the experiment very well.Comment: 6 page

Nonlinear magneto-optical resonances at D1 excitation of 85Rb and 87Rb in an extremely thin cell

Nonlinear magneto-optical resonances have been measured in an extremely thin cell (ETC) for the D1 transition of rubidium in an atomic vapor of natural isotopic composition. All hyperfine transitions of both isotopes have been studied for a wide range of laser power densities, laser detunings, and ETC wall separations. Dark resonances in the laser induced fluorescence (LIF) were observed as expected when the ground state total angular momentum F_g was greater than or equal to the excited state total angular momentum F_e. Unlike the case of ordinary cells, the width and contrast of dark resonances formed in the ETC dramatically depended on the detuning of the laser from the exact atomic transition. A theoretical model based on the optical Bloch equations was applied to calculate the shapes of the resonance curves. The model averaged over the contributions from different atomic velocity groups, considered all neighboring hyperfine transitions, took into account the splitting and mixing of magnetic sublevels in an external magnetic field, and included a detailed treatment of the coherence properties of the laser radiation. Such a theoretical approach had successfully described nonlinear magneto-optical resonances in ordinary vapor cells. Although the values of certain model parameters in the ETC differed significantly from the case of ordinary cells, the same physical processes were used to model both cases. However, to describe the resonances in the ETC, key parameters such as the transit relaxation rate and Doppler width had to be modified in accordance with the ETC's unique features. Agreement between the measured and calculated resonance curves was satisfactory for the ETC, though not as good as in the case of ordinary cells.Comment: v2: substantial changes and expanded theoretical model; 13 pages, 10 figures; accepted for publication in Physical Review