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Selected AbstractsBank Mergers and Small Firm Finance: Evidence from Lender LiabilityFINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 2 2008James E. McNulty As a merger approaches, the value of repeat business for the target bank can drop sharply, so loan relationships between this bank and small businesses are often disrupted. Small firms sometimes experience serious value destruction as a consequence of this sudden lack of credit. This paper shows that lender liability may result from bank mergers and bankers involved in mergers often engage in aggressive, scorched-earth defense tactics to discourage further litigation. I summarize six lender liability cases to illustrate these points. Bank mergers have been shown to reduce credit availability in a number of studies. Since small firms depend on credit for their daily existence, owners of small firms do have a reason to fear a merger of their bank with a larger institution. Analyzing merger effects with survey data of firms obtained after a bank merger, an empirical strategy used in a number of studies, raises problems since the only firms considered are the ones that survived the bank merger. Suggesting that the problem will cure itself in the long run, an argument advanced in other studies, ignores small firms' daily dependence on credit. In the long run we are all dead. Bank examiners need to evaluate an institution's litigation experience and measure a bank's organizational architecture , its ethical climate. Banks which are repeatedly involved in lender liability lawsuits should be denied future mergers until there is a change in organizational architecture. To assist in evaluating organizational architecture, banks should be required to report their litigation expense on their call reports. Furthermore, regulators should seriously consider the recent suggestion of Carow, Kane and Narayanan (2006) that they take steps to ensure that participants in bank mergers preserve target bank relationships. Otherwise negative effects on small business lending and economic growth will continue as bank consolidation proceeds. [source] Settling the "Dead Layer" Debate in Nanoscale CapacitorsADVANCED MATERIALS, Issue 48 2009Li-Wu Chang Permittivity peaks in single crystal thin film capacitors are strongly suppressed compared to bulk in the case of Pt/SrTiO3/Pt, but are relatively unaffected in Pt/BaTiO3/Pt structures. This is consistent with the recent suggestion that subtle variations in interfacial bonding between the dielectric and electrode are critical in determining the presence or absence of inherent dielectric "dead layers". [source] Population structure of loggerhead shrikes in the California Channel IslandsMOLECULAR ECOLOGY, Issue 8 2004LORI S. EGGERT Abstract The loggerhead shrike (Lanius ludovicianus), a songbird that hunts like a small raptor, maintains breeding populations on seven of the eight California Channel Islands. One of the two subspecies, L. l. anthonyi, was described as having breeding populations on six of the islands while a second subspecies, L. l. mearnsi, was described as being endemic to San Clemente Island. Previous genetic studies have demonstrated that the San Clemente Island loggerhead shrike is well differentiated genetically from both L. l. anthonyi and mainland populations, despite the fact that birds from outside the population are regular visitors to the island. Those studies, however, did not include a comparison between San Clemente Island shrikes and the breeding population on Santa Catalina Island, the closest island to San Clemente. Here we use mitochondrial control region sequences and nuclear microsatellites to investigate the population structure of loggerhead shrikes in the Channel Islands. We confirm the genetic distinctiveness of the San Clemente Island loggerhead shrike and, using Bayesian clustering analysis, demonstrate the presence and infer the source of the nonbreeding visitors. Our results indicate that Channel Island loggerhead shrikes comprise three distinct genetic clusters that inhabit: (i) San Clemente Island, (ii) Santa Catalina Island and (iii) the Northern Channel Islands and nearby mainland; they do not support a recent suggestion that all Channel Island loggerhead shrikes should be managed as a single entity. [source] Extracting star formation histories from medium-resolution galaxy spectraMONTHLY NOTICES OF THE ROYAL ASTRONOMICAL SOCIETY, Issue 2 2006H. Mathis ABSTRACT We adapt an existing data compression algorithm, moped, to the extraction of median-likelihood star formation histories from medium-resolution galaxy spectra. By focusing on the high-pass components of galaxy spectra, we minimize potential uncertainties arising from the spectrophotometric calibration and intrinsic attenuation by dust. We validate our approach using model high-pass spectra of galaxies with different star formation histories covering the wavelength range 3650,8500 Å at a resolving power of ,2000. We show that the method can recover the full star formation histories of these models, without prior knowledge of the metallicity, to within an accuracy that depends sensitively on the signal-to-noise ratio. The investigation of the sensitivity of the flux at each wavelength to the mass fraction of stars of different ages allows us to identify new age-sensitive features in galaxy spectra. We also highlight a fundamental limitation in the recovery of the star formation histories of galaxies for which the optical signatures of intermediate-age stars are masked by those of younger and older stars. As an example of application, we use this method to derive average star formation histories from the highest-quality spectra of typical (in terms of their stellar mass), morphologically identified early- and late-type galaxies in the Early Data Release (EDR) of the Sloan Digital Sky Survey (SDSS). We find that, in agreement with the common expectation, early-type galaxies must have formed most of their stars over 8 Gyr ago, although a small fraction of the total stellar mass of these galaxies may be accounted for by stars with ages down to 4 Gyr. In contrast, late-type galaxies appear to have formed stars at a roughly constant rate. We also investigate the constraints set by the high-pass signal in the stacked spectra of a magnitude-limited sample of 20 623 SDSS-EDR galaxies on the global star formation history of the Universe and its distribution among galaxies in different mass ranges. We confirm that the stellar populations in the most massive galaxies today appear to have formed on average earlier than those in the least massive galaxies. Our results do not support the recent suggestion of a statistically significant peak in the star formation activity of the Universe at redshifts below unity, although such a peak is not ruled out. [source] PERSPECTIVE: GENE DIVERGENCE, POPULATION DIVERGENCE, AND THE VARIANCE IN COALESCENCE TIME IN PHYLOGEOGRAPHIC STUDIESEVOLUTION, Issue 6 2000ScottV. Abstract Molecular methods as applied to the biogeography of single species (phylogeography) or multiple codistributed species (comparative phylogeography) have been productively and extensively used to elucidate common historical features in the diversification of the Earth's biota. However, only recently have methods for estimating population divergence times or their confidence limits while taking into account the critical effects of genetic polymorphism in ancestral species become available, and earlier methods for doing so are underutilized. We review models that address the crucial distinction between the gene divergence, the parameter that is typically recovered in molecular phylogeographic studies, and the population divergence, which is in most cases the parameter of interest and will almost always postdate the gene divergence. Assuming that population sizes of ancestral species are distributed similarly to those of extant species, we show that phylogeographic studies in vertebrates suggest that divergence of alleles in ancestral species can comprise from less than 10% to over 50% of the total divergence between sister species, suggesting that the problem of ancestral polymorphism in dating population divergence can be substantial. The variance in the number of substitutions (among loci for a given species or among species for a given gene) resulting from the stochastic nature of DNA change is generally smaller than the variance due to substitutions along allelic lines whose coalescence times vary due to genetic drift in the ancestral population. Whereas the former variance can be reduced by further DNA sequencing at a single locus, the latter cannot. Contrary to phylogeographic intuition, dating population divergence times when allelic lines have achieved reciprocal monophyly is in some ways more challenging than when allelic lines have not achieved monophyly, because in the former case critical data on ancestral population size provided by residual ancestral polymorphism is lost. In the former case differences in coalescence time between species pairs can in principle be explained entirely by differences in ancestral population size without resorting to explanations involving differences in divergence time. Furthermore, the confidence limits on population divergence times are severely underestimated when those for number of substitutions per site in the DNA sequences examined are used as a proxy. This uncertainty highlights the importance of multilocus data in estimating population divergence times; multilocus data can in principle distinguish differences in coalescence time (T) resulting from differences in population divergence time and differences in T due to differences in ancestral population sizes and will reduce the confidence limits on the estimates. We analyze the contribution of ancestral population size (,) to T and the effect of uncertainty in , on estimates of population divergence (,) for single loci under reciprocal monophyly using a simple Bayesian extension of Takahata and Satta's and Yang's recent coalescent methods. The confidence limits on , decrease when the range over which ancestral population size , is assumed to be distributed decreases and when increases; they generally exclude zero when /(4Ne) > 1. We also apply a maximum-likelihood method to several single and multilocus data sets. With multilocus data, the criterion for excluding = 0 is roughly that l/(4Ne)> 1, where l is the number of loci. Our analyses corroborate recent suggestions that increasing the number of loci is critical to decreasing the uncertainty in estimates of population divergence time. [source] Do students' perceptions matter?ACCOUNTING & FINANCE, Issue 2 2008A study of the effect of students' perceptions on academic performance M41; I20 Abstract Prior accounting education literature documents that students typically associate accounting subjects with negative perceptions, but there are also recent suggestions that the stereotype of the accountant has positive associations. These perceptions of accounting are likely to affect students' attitudes towards learning and, consequently, influence their performance. We examine the relationship between students' perceptions and students' performance. The present study involved undergraduate and graduate students enrolled in management accounting subjects. Our findings indicate that students' performance is negatively affected by the negative perceptions of accounting that students bring to the subject. Our findings also suggest that positive perceptions of accounting held by students at the end of the semester have a positive impact on students' performance. [source] DEAD MEN TELL NO TALES: ETHNIC DIVERSITY IN SICILIAN COLONIES AND THE EVIDENCE OF THE CEMETERIESOXFORD JOURNAL OF ARCHAEOLOGY, Issue 2 2005GILLIAN SHEPHERD Summary. There have been recent suggestions that an indigenous element in ancient Greek settlements in Sicily can be detected through funerary customs. This paper reviews the evidence for ,indigenous' burial methods in Greek cemeteries, concentrating on multiple, contracted and acephalous burials. It argues that such evidence is limited and open to various interpretations and that while it is highly likely that Greek settlements did incorporate an indigenous population, the funerary record cannot be used as a reliable identifier of such groups. The paper also briefly assesses the evidence for the presence of Greeks deriving from areas other than the historical mother-cities and suggests that such individuals are also very difficult to detect. It concludes that the general impression given by Sicilian Greek cemeteries is one of overall subscription to coherent burial systems, which may be viewed as part of an attempt to forge a unified and independent cultural identity. [source] Mycobacterial infection and atopy in childhood: A systematic reviewPEDIATRIC ALLERGY AND IMMUNOLOGY, Issue 7 2007Charles C. Obihara The epidemiological relation between mycobacterial infection and the prevalence of atopic disease in humans is still unclear. This is in contrast to studies in murine models in which a clear suppression of atopic symptoms was observed after exposure to mycobacteria or mycobacterial products. We therefore wanted to provide a systematic overview of the published literature on the relationship between mycobacterial infection and atopic disease and to evaluate the causal relationship in a meta-analysis. The EMBASE and MEDLINE databases were searched systematically for papers published in the English literature (1966,2005) on the relation between mycobacterial infection and atopic disease. Original observational or interventional studies involving the paediatric population were included. Two authors independently reviewed articles for data on mycobacterial exposure and atopic disease outcome. Any differences were resolved by discussion. Of a total of 1201 hits, 23 studies (19 cross-sectionals, three case,controls and one prospective cohort) met the inclusion criteria. Only a minority of studies (40%) observed an association between mycobacterial infection and the prevalence of atopic disease outcome. In the meta-analysis, only studies containing data on mycobacterial exposure and atopic disease outcome variables were included. Only cross-sectional studies, in which the relation between a positive tuberculin skin test and allergic symptoms was studied, observed statistically significant negative correlation (odds ratio 0.63; 95% confidence interval: 0.51,0.79). The results of this review show that the evidence of the relationship of mycobacterial infection and atopic disease is based on observations of cross-sectional studies. In a meta-analysis, calculations showed a high level of heterogeneity (I2) within studies with similar design making it difficult to pool effects. This may partly be explained by differences in the type and definition of mycobacterial infection and lack of uniformity in the definition of atopy. The results show that only a minority of studies in the literature shows any evidence of inverse relationship between mycobacterial exposure and atopic disease outcome. The fact that the present epidemiological evidence on the relationship between mycobacterial infection and the development of atopic disease is based mainly on cross-sectional observational studies indicates the need for population-based prospective studies to address this issue. This issue needs to be addressed in view of recent suggestions to developing mycobacterial-based vaccines against atopic disease in the future. [source] Scaling of the first ethmoturbinal in nocturnal strepsirrhines: Olfactory and respiratory surfacesTHE ANATOMICAL RECORD : ADVANCES IN INTEGRATIVE ANATOMY AND EVOLUTIONARY BIOLOGY, Issue 3 2007Timothy D. Smith Abstract Turbinals (scroll bones, turbinates) are projections from the lateral wall of the nasal fossa. These bones vary from simple folds to branching scrolls. Conventionally, maxilloturbinals comprise the respiratory turbinals, whereas nasoturbinals and ethmoturbinals comprise olfactory turbinals, denoting the primary type of mucosa that lines these conchae. However, the first ethmoturbinal (ETI) appears exceptional in the variability of it mucosal covering. Recently, it was suggested that the distribution of respiratory versus olfactory mucosae varies based on body size or age in strepsirrhine primates (lemurs and lorises). The present study was undertaken to determine how the rostrocaudal distribution of olfactory epithelium (OE) versus non-OE scales relative to palatal length in strepsirrhines. Serially sectioned heads of 20 strepsirrhines (10 neonates, 10 adults) were examined for presence of OE on ETI, rostral to its attachment to the nasal fossa wall (lateral root). Based on known distances between sections of ETI, the rostrocaudal length of OE was measured and compared to the length lined solely by non-OE (primarily respiratory epithelium). In 13 specimens, the total surface area of OE versus non-OE was calculated. Results show that the length of non-OE scales nearly isometrically with cranial length, while OE is more negatively allometric. In surface area, a lesser percentage of non-OE exists in smaller species than larger species and between neonates and adults. Such results are consistent with recent suggestions that the olfactory structures do not scale closely with body size, whereas respiratory structures (e.g., maxilloturbinals) may scale close to isometry. In primates and perhaps other mammals, variation in ETI morphology may reflect dual adaptations for olfaction and endothermy. Anat Rec, 2007. © 2007 Wiley-Liss, Inc. [source] Tertiary Performance, Field of Study and Graduate Starting SalariesTHE AUSTRALIAN ECONOMIC REVIEW, Issue 1 2008Grace Chia This paper analyses data from the University of Western Australia (UWA) Graduate Destination Survey linked to information from the University's Student Records System to explore the determinants of graduates' starting salaries over the years 2002 to 2004. While the details examined also include age, gender, language spoken at home, country of birth, disability status and high school attended, most emphasis is placed on the impact on starting salaries of students' academic performance and their field of study. The analyses show that the main determinant of graduates' starting salaries is the weighted average mark they achieve at university. The salary differentials associated with higher marks in the Australian labour market appear greater than those reported in similar studies of the US and the UK labour markets. Science graduates are shown to have relatively low starting salaries, casting a shadow over recent suggestions that the supply of this group be increased through lower fee regimes. [source] Inhibition of the formation or action of angiotensin II reverses attenuated K+ currents in type 1 and type 2 diabetesTHE JOURNAL OF PHYSIOLOGY, Issue 1 2001Yakhin Shimoni 1Transient and sustained calcium-independent outward K+ currents (It and ISS) as well as action potentials were recorded in cardiac ventricular myocytes isolated from two models of diabetes mellitus. 2Rats injected (i.v.) with streptozotocin (STZ, 100 mg kg,1) 6,10 days before cell isolation developed insulin-dependent (type 1) diabetes. It and ISS were attenuated and the action potential prolonged. Incubation of myocytes (6-9 h) with the angiotensin II (ATII) receptor blockers saralasin or valsartan (1 ,m) significantly augmented these currents. Inclusion of valsartan (1 g l,1) in the drinking water for 5,10 days prior to and following STZ injection partially prevented current attenuation. 3Incubation of myocytes from STZ-treated rats (6-9 h) with 1 ,m quinapril, an angiotensin-converting enzyme (ACE) inhibitor, significantly augmented It and ISS and shortened the ventricular action potential. It augmentation was not due to changes in steady-state inactivation or in recovery from inactivation. No acute effects of quinapril were observed. 4The effects of quinapril and valsartan were abolished by 2 ,m cycloheximide. 5Myocytes were isolated from the db/db mouse, a leptin receptor mutant that develops symptoms of non-insulin-dependent (type 2) diabetes. K+ currents in these cells were also attenuated, and the action potentials prolonged. Incubation of these cells (> 6 h) with valsartan (1 ,m) significantly enhanced the transient and sustained outward currents. 6These results confirm recent suggestions that cardiac myocytes contain a renin-angiotensin system, which is activated in diabetes. It is proposed that chronic release of ATII leads to changes in ionic currents and action potentials, which can be reversed by blocking the formation or action of ATII. This may underlie the proven benefits of ATII receptor blockade or ACE inhibition in diabetes, by providing protection against cardiac arrhythmias. [source] | |||||||||||||