Why do US banks borrow from the Fed? A fresh look at the ‘reluctance’ phenomenon

The role of several theoretical factors in determining the demand of US banks for borrowed reserves from the Fed is empirically investigated. The main objective is to isolate the candidate(s) most likely responsible for the recent observed phenomenon of banks reluctance to borrow from the Fed, particularly since the mid-1980s. The results indicate that the declining number of banks due to mergers and consolidations holds much of the weight for explaining the weakened demand for borrowed reserves since the mid-1980s. Consistent evidence is found suggesting that US banks may have been unlawfully exploiting the discount window service for profit-taking purposes. This finding proves credible and suggests the need for further loan scrutiny at the Federal discount window.

The NASCAR phenomenon: Auto racing sponsorships and shareholder wealth

This study presents the first analysis of the impact of NASCAR sponsorship announcements on the stock prices of sponsoring firms. The primary finding of the study-that NASCAR sponsorship announcements were accompanied by the largest increases in shareholder wealth ever recorded in the marketing literature in response to a voluntary marketing program-represents a striking and unambiguous stock market endorsement of the sponsorships. Indeed, the 24 sponsors analyzed in this study experienced mean increases in shareholder wealth of over $300 million dollars, net of all of the costs associated with the sponsorships. A multiple regression analysis of firm-specific stock price changes and select corporate and sponsorship attributes indicates that NASCAR sponsorships with more successful racing teams, corporate (as opposed to product or divisional) sponsorships, and sponsorships with direct ties to the consumer automotive industry are all positively correlated with perceived sponsorship success, while corporate cash flow per share (a well-known proxy for agency conflicts within the firm) is negatively related with shareholder approval.

Supervision Practice for Allied Health Professionals Within a Large Mental Health Service: Exploring the Phenomenon

This paper reports on an exploration of the concept of 'supervision' as applied to allied health professionals within a large mental health service in one Australian State. A two-part methodology was used, with focus group interviews conducted with allied health professionals, and semi-structured telephone interviews with service managers. Fifty-eight allied health professionals participated in a series of seven focus groups. Semi-structured interviews were conducted with the Directors or Managers of mental health services in all 21 regions in the state. Allied health professionals and service managers both considered supervision to be an important mechanism for ensuring staff competence and best practice outcomes for consumers and carers. There was strong endorsement of the need for clarification and articulation of supervision policies within the organization, and the provision of appropriate resourcing to enable supervision to occur. Current practice in supervision was seen as ad hoc and of variable standard; the need for training in supervision was seen as critical. The supervision needs of newly graduated allied health professionals and those working in rural and regional areas were also seen as important. The need for a flexible and accessible model of supervision was clearly demonstrated.

A note on bifurcation from an interval

We study the global bifurcation of nonlinear Sturm-Liouville problems of the form -(pu')' + qu = lambda a(x)f(u), b(0)u(0) - c(0)u' (0) = 0, b(1)u(1) + c(1)u'(1) = 0 which are not linearizable in any neighborhood of the origin. (c) 2005 Published by Elsevier Ltd.

Asymptotic bifurcation results for quasilinear elliptic operators

We develop results for bifurcation from the principal eigenvalue for certain operators based on the p-Laplacian and containing a superlinear nonlinearity with a critical Sobolev exponent. The main result concerns an asymptotic estimate of the rate at which the solution branch departs from the eigenspace. The method can also be applied for nonpotential operators.

Bifurcation analysis of a dynamic power system with SVC devices

Bifurcation analysis is a very useful tool for power system stability assessment. In this paper, detailed investigation of power system bifurcation behaviour is presented. One and two parameter bifurcation analysis are conducted on a 3-bus power system. We also examined the impact of FACTS devices on power system stability through Hopf bifurcation analysis by taking static Var compensator (SVC) as an example. A simplified first-order model of the SVC device is included in the 3-bus sample system. Real and reactive powers are used as bifurcation parameter in the analysis to compare the system oscillatory properties with and without SVC. The simulation results indicate that the linearized system model with SVC enlarge the voltage stability boundary by moving Hopf bifurcation point to higher level of loading conditions. The installation of SVC increases the dynamic stability range of the system, however complicates the Hopf bifurcation behavior of the system