A study of contagion in global and local banking industries

This thesis investigates contagion risk for the global and local banking environment using three different distance to risk measures (distance to default - DD, distance to capital – DC and distance to inefficiency- DI). In order to achieve this goal, the research has been divided into three parts (each will have its own chapter) to study the contagion effect in the global and local market. In the first part (chapter 4), the thesis investigates the contagion effect among the top 20 countries of the world. The sample consists of 91 banks from 20 countries across the globe including all G8 and BRICS countries. A list of all these countries and their corresponding banks is included later. The sample also includes all the GSIB (Global systematically important banks) banks excluding Group BPCE of France (given that Group BPCE originated in year 2009 by merging Caisse nationale des caisses d'épargne and Banque fédérale des banques populaires). In the second part (chapter 5), the thesis examines the local contagion by studying the spill over among top 15 US states. The sample consist of four of the largest banks from each of the sample 15 US state. A list of these banks is attached in the sample description. In chapter 6, the thesis performs a spill over analysis using DD, DI and DC. In order to do so, the thesis has measured the systemic risk using distance to default, distance to inefficiency and distance to capital, which are introduced by the option pricing theory (Merton, 1976). These distance to risk methods are defined as the theoretical difference between the entity’s current and breakeven risk position (Distance to default is the difference between the current and default position; Distance to inefficiency is the difference between the current and inefficient position and distance to capital is the difference between the current and default capital threshold position). Any position lower then this distance to risk measures is considered undesirable for the entity. The study has calculated 2606 daily observations for each of the different distance to risk measures for each bank in the sample for approximately 10 financial years from 2006 to 2015. Then the thesis compute the probability of experiencing extreme shocks in these distance measures of contagion risk using extreme value threshold. This research categorizes these extreme shocks into sub groups for the first two parts and keep the extreme shock unchanged for the last part and examine the contagion risk ascending from the movement of these extreme systemic shocks all through the US and global baking environment using multinomial logistic regression model (MLM). Finally, in chapter 7, the thesis discussed a possible risk management framework based on findings of the previous chapters. It has taken all the banks and divided them into 4 tiers based on their spill over impact. The study suggests that any bank in the 1st tier of the short term or long-term contagion capacity table should be referred to a high degree of regulatory control to enforce not only better capital governance or liquidity requirement but to also enforce overall financial governance as they have a huge impact on the other financial institutions. For the banks in the second and third tier, the authority may adopt a more gradually enforceable governance control in lieu with the current practice and the last tier can do their business in the current regulation, as they pose no real threat to the other peers. At the end, the study also suggests a new generic risk management framework for financial institutions

Space Shuttle: Static pressure distribution on Chrysler Corporation Space Division SERV booster configuration

A dual purpose test was conducted in the propulsion wind tunnel (PWT) to evaluate the performance of an aerospike engine, in the presence of a booster, and obtain forebody and base pressure distributions on the booster in which it is installed. The test item was a 2.5 percent scaled replica of the SERV booster employing a 5 percent spike length aerospike engine installed in the base region of the model. Cold flow air was used to simulate engine jet operation. Two booster configurations were investigated, one on which reentry aerospike engine thermal protection doors were installed, and another where the doors were removed. The data presented are representative of the latter configuration for a Mach number range of 0 to 1.25 at angles of attack of 0 and 8 degrees and 0 degrees angle of sideslip

In silico Investigation of Chromatin Organisation in Splicing, Ageing, and Histone Mark Propagation along DNA-Loops

A long-standing aim in biology is to elucidate how the genome is tightly compacted inside the eukaryotic nucleus while still retaining its capacity to orchestrate the correct functionality of the cell. While years of research have revealed that this three-dimensional structuring of DNA plays a major role in the transcriptional regulation, most of the existing studies have focused on long-range chromatin interactions, which are mainly established by the CCCTC-binding factor (CTCF), rarely centring at the gene level. Furthermore, our current knowledge on the interplay between structure and function remains largely descriptive with little mechanistic insight. In this dissertation I present three distinct computational studies which integrate multiple levels of molecular phenotype data in an attempt to gain further insights into the influence of chromatin organisation in (i) splicing regulation, (ii) in how distal genetic variants convey their signal, (iii) and an overall view of the misregulation of chromatin compaction in ageing stem cells. Firstly, I describe a novel splicing mechanism whereby CTCF-mediated DNA- loops that are formed within genes facilitate exon inclusion. My results provide substantial evidence that intragenic loops regulate exon usage and that CTCF binding can be affected either by genetic variation across individuals or by the epigenomic landscape in different cell lines. Those exons being CTCF-regulated frequently overlap annotated protein domains and are enriched for being involved in cellular stress-response and signalling pathways. In summary, this study provides strong evidence for alternative exon usage being regulated by chromatin structure, and thus increases our understanding of functional consequences underlying variation in chromatin architecture. In a second study, I show initial efforts to unravel the mechanisms that allow a genetic variant (distal-QTL) to confer its effect at distant regions through long-range interactions. By measuring allele-specific biases of various molecular phenotypes occurring along chromatin interactions, I propose two models that intend to explain the propagation of this signal. In the “touch-and-act model” functionality is transmitted through the physical contact of both anchors, independent of the region inside the loop, while in the “spreading model” the function is propagated along the entire loop resulting in a coordinated activation or repression of the whole local neighbourhood. There is evidence for both models occurring at varying proportions, which are partially explained by transcription factor co-enrichments. Finally, I present a study on how chromatin accessibility impacts the transcriptome and the proteome in mesenchymal stem cells (MSC) from human donors of multiple ages. I also observed a profound misregulation of chromatin organisation occurring with age, possibly due to a decrease in chromatin-related proteins such as histones, CTCF, CENPB, and lamins, which ultimately affect heterochromatin at centromeres and telomeres contributing to genomic instability. By subtle but significant changes in the transcription factor landscape of young and old MSCs, I observe a bias in the differentiation potential. Additionally, I show a loss of bivalent modifications at enhancer and promoter regions that correlate with DNA methylation changes and that could possibly contribute to a decrease in stemness with age. In summary, I describe a novel splicing mechanism mediated by chromatin intragenic interactions, propose models of how distal-QTLs propagate histone marks, and advance the understanding of chromatin accessibility changes occurring with age in stem cells

Microbial diversity in selected Indonesian marine organisms

Metagenomics, the study of genetic material taken directly from the environment, generally includes the analysis of a whole microbial community, from both a taxonomic and functional perspective. In contrast to traditional microbiological techniques, this approach makes the isolation and cultivation of single organisms unnecessary. This allows the investigation of non-cultivable microorganisms, which represent the majority of microorganisms. While most metagenomic studies have focused on human and model organisms, the metagenome of marine species is relatively unknown. One area in particular that could be of major interest for aquaculture, but which has not been sufficiently investigated, is the influence of the environment on the composition of the bacterial community. This work deals with the effects that highly polluted and non-polluted environmental conditions have on bacterial communities. To do this, the microbial communities of three fish species (Atule mate, Epinephelus sexfasciatus and Epinephelus fuscoguttatus) and one shrimp species (Penaeus monodon) were investigated. Two different metagenomic techniques were applied. The results of a 16S amplicon-based approach did not reveal any differences between the investigated environments at a high taxonomic level. However, differences between the sampling locations could be found. A subsequent whole metagenome sequencing approach revealed, that predominant members of the microbiome living within a controlled environment of a mariculture facility are more stably distributed than those within free-living host species. Furthermore, the interactions between endoparasites and potential pathogenic bacteria were investigated. An analysis of the microbiome of shrimp shows only minor differences in the microbial community composition between free-living and aquacultured Penaeus monodon. In contrast, the microbial communities of the polluted environment showed significant differences

Molecular ecological characterization of a honey bee ectoparasitic mite, Tropilaelaps mercedesae.

Tropilaelaps mercedesae (small mite) is one of two major honey bee ectoparasitic mite species responsible for the colony losses of Apis mellifera in Asia. Although T. mercedesae mites are still restricted in Asia (except Japan), they may diffuse all over the world due to the ever-increasing global trade of live honey bees (ex. Varroa destructor). Understanding the ecological characteristics of T. mercedesae at molecular level could potentially result in improving the management and control programs. However, molecular and genomic characterization of T. mercedesae remains poorly studied, and even no genes have been deposited in Genbank to date. Therefore, I conducted T. mercedesae genome and transcriptome sequencing. By comparing T. mercedesae genome with other arthropods, I have gained new insights into evolution of Parasitiformes and the evolutionary changes associated with specific habitats and life history of honey bee ectoparasitic mite that could potentially improve the control programs of T. mercedesae. Finally, characterization of T. mercedesae transient receptor potential channel, subfamily A, member 1 (TmTRPA1) would also help us to develop a novel control method for T. mercedesae