The diversification and financial performance of US credit unions

For US credit unions, revenue from non-interest sources has increased significantly in recent years. We investigate the impact of revenue diversification on financial performance for the period 1993–2004. The impact of a change in strategy that alters the share of non-interest income is decomposed into a direct exposure effect, reflecting the difference between interest and non-interest bearing activities, and an indirect exposure effect which reflects the effect of the institution’s own degree of diversification. On both risk-adjusted and unadjusted returns measures, a positive direct exposure effect is outweighed by a negative indirect exposure effect for all but the largest credit unions. This may imply that similar diversification strategies are not appropriate for large and small credit unions. Small credit unions should eschew diversification and continue to operate as simple savings and loan institutions, while large credit unions should be encouraged to exploit new product opportunities around their core expertise.

Preaching to Princes: John Burgess and George Hakewill in the Royal Pulpit

This article examines a previously unnoticed link between the Puritan John Burgess and the Calvinist conformist George Hakewill. In 1604 Burgess preached a court sermon so outspoken and critical of James I’s religious policy that he was imprisoned. Nearly twenty years later, however, Hakewill chose to incorporate extended passages from Burgess’s sermon into the series of sermons, King David’s vow (1621), preached to Prince Charles’s household. This article considers why Burgess’s sermon became so resonant for Hakewill in the early 1620s and also demonstrates how Hakewill deliberately sought to moderate Burgess’s strident polemic. In so doing the article provides important new evidence for the politically attuned sermon culture at Prince Charles’s court in the early 1620s and also suggests how, as the parameters for clerical conformity shifted in the latter years of James’s reign, Calvinist conformists found a new appeal in the works of moderate Puritans. I

"Producers and Consumers in EU E-Commerce Law by John Dickie, Oxford: Hart Publishing, 2005 (ISBN 1-841-13454-6)"

Book Review

Fabrication and characterisation of high resistivity SOI substrates for monolithic high energy physics detectors

Silicon on Insulator (SOI) substrates offer a promising platform for monolithic high energy physics detectors with integrated read-out electronics and pixel diodes. This paper describes the fabrication and characterisation of specially-configured SOI substrates using improved bonded wafer ion split and grind/polish technologies. The crucial interface between the high resistivity handle silicon and the SOI buried oxide has been characterised using both pixel diodes and circular geometry MOS transistors. Pixel diode breakdown voltages were typically greater than 100V and average leakage current densities at 70 V were only 55 nA/ sq cm. MOS transistors subjected to 24 GeV proton irradiation showed an increased SOI buried oxide trapped charge of only 3.45x1011cn-2 for a dose of 2.7Mrad