Residential property loans and performance during property price booms: evidence from European banks

Understanding the performance of banks is of the utmost relevance, because of the impact of this sector on economic growth and financial stability. Of all the different assets that make up a bank portfolio, the residential mortgage loans constitute one of its main. Using the dynamic panel data method, we analyse the influence of residential mortgage loans on bank profitability and risk, using a sample of 555 banks in the European Union (EU-15), over the period from 1995 to 2008. We find that banks with larger weights of residential mortgage loans show lower credit risk in good times. This result explains why banks rush to lend on property during booms due to the positive effects it has on credit risk. The results show further that credit risk and profitability are lower during the upturn in the residential property price cycle. The results also reveal the existence of a non-linear relationship (U-shaped marginal effect), as a function of bank’s risk, between profitability and the residential mortgage loans exposure. For those banks that have high credit risk, a large exposure of residential mortgage loans is associated with higher risk-adjusted profitability, through lower risk. For banks with a moderate/low credit risk, the effects of higher residential mortgage loan exposure on its risk-adjusted profitability are also positive or marginally positive.

Residential property loans and performance during property price booms: evidence from European

Understanding the performance of banks is of the u tmost importance due to the impact the sector may have on economic growth and financial stability. Residential mortgage loans constitute a large proportion of the portfolio of many banks and are one of the key assets in the determination of performance. Using a dynamic panel model , we analyse the impact of res idential mortgage loans on bank profitability and risk , based on a sample of 555 banks in the European Union ( EU - 15 ) , over the period from 1995 to 2008. We find that banks with larger weight s in residential mortgage loans display lower credit risk in good market conditions . This result may explain why banks rush to lend on property during b ooms due to the positive effect it has on credit risk . The results also show that credit risk and profitability are lower during the upturn in the residential property cy cle. Furthermore, t he results reveal the existence of a non - linear relationship ( U - shaped marginal effect), as a function of bank’s risk, between profitability and residential mortgage exposure . For those banks that have high er credit risk, a large exposur e to residential loans is associated with increased risk - adjusted profitability, through a reduction in risk. For banks with a moderate to low credit risk, the impact of higher exposure are also positive on risk - adjusted profitability.

A model for heterogeneous networks management and Performance evaluation

In general, modern networks are analysed by taking several Key Performance Indicators (KPIs) into account, their proper balance being required in order to guarantee a desired Quality of Service (QoS), particularly, cellular wireless heterogeneous networks. A model to integrate a set of KPIs into a single one is presented, by using a Cost Function that includes these KPIs, providing for each network node a single evaluation parameter as output, and reflecting network conditions and common radio resource management strategies performance. The proposed model enables the implementation of different network management policies, by manipulating KPIs according to users' or operators' perspectives, allowing for a better QoS. Results show that different policies can in fact be established, with a different impact on the network, e.g., with median values ranging by a factor higher than two.

Design and performance of a novel low-density parity-check code for distributed video coding

Low-density parity-check (LDPC) codes are nowadays one of the hottest topics in coding theory, notably due to their advantages in terms of bit error rate performance and low complexity. In order to exploit the potential of the Wyner-Ziv coding paradigm, practical distributed video coding (DVC) schemes should use powerful error correcting codes with near-capacity performance. In this paper, new ways to design LDPC codes for the DVC paradigm are proposed and studied. The new LDPC solutions rely on merging parity-check nodes, which corresponds to reduce the number of rows in the parity-check matrix. This allows to change gracefully the compression ratio of the source (DCT coefficient bitplane) according to the correlation between the original and the side information. The proposed LDPC codes reach a good performance for a wide range of source correlations and achieve a better RD performance when compared to the popular turbo codes.

Management Structure and Work Team Processes; Responsibilities and Responsiveness

This paper explores the management structure of the team-based organization. First it provides a theoretical model of structures and processes of work teams. The structure determines the team’s responsibilities in terms of authority and expertise about specific regulation tasks. The responsiveness of teams to these responsibilities are the processes of teamwork, in terms of three dimensions, indicating to what extent teams indeed use the space provided to them. The research question that this paper addresses is to what extent the position of responsibilities in the team-based organization affect team responsiveness. This is done by two hypotheses. First, the effect of the so-called proximity of regulation tasks is tested. It is expected that the responsibility for tasks positioned higher in the organization (i.e. further from the team) generally has a negative effect on team responsiveness, whereas tasks positioned lower in the organization (i.e. closer to the team) will have a positive effect on the way in which teams respond. Second, the relationship between the number of tasks for which the team is responsible with team responsiveness is tested. Theory suggests that teams being responsible for a larger number of tasks perform better, i.e. show higher responsiveness. These hypotheses are tested by a study of 109 production teams in the automotive industry. The results show that, as the theory predicts, increasing numbers of responsibilities have positive effects on team responsiveness. However, the delegation of expertise to teams seems to be the most important predictor of responsiveness. Also, not all regulation tasks show to have effects on team responsiveness. Most tasks do not show to have any significant effect at all. A number of tasks affects team responsiveness positively, when their responsibility is positioned lower in the organization, but also a number of tasks affects team responsiveness positively when located higher in the organization, i.e. further from the teams in the production. The results indicate that more attention can be paid to the distribution of responsibilities, in particular expertise, to teams. Indeed delegating more expertise improve team responsiveness, however some tasks might be located better at higher organizational levels, indicating that there are limitations to what responsibilities teams can handle.

Characterization and performance analysis of a VDFLL GNSS receiver architecture

A non-coherent vector delay/frequency-locked loop architecture for GNSS receivers is proposed. Two dynamics models are considered: PV (position and velocity) and PVA (position, velocity, and acceleration). In contrast with other vector architectures, the proposed approach does not require the estimation of signals amplitudes. Only coarse estimates of the carrier-to-noise ratios are necessary.

Practical software improve design and performance of a randomly packed air stripping column for removing volatile organic compounds from water

STRIPPING is a software application developed for the automatic design of a randomly packing column where the transfer of volatile organic compounds (VOCs) from water to air can be performed and to simulate it’s behaviour in a steady-state. This software completely purges any need of experimental work for the selection of diameter of the column, and allows a choice, a priori, of the most convenient hydraulic regime for this type of operation. It also allows the operator to choose the model used for the calculation of some parameters, namely between the Eckert/Robbins model and the Billet model for estimating the pressure drop of the gaseous phase, and between the Billet and Onda/Djebbar’s models for the mass transfer. Illustrations of the graphical interface offered are presented.

Design and performance evaluation of turbo FDE receivers

Dissertação apresentada na Faculdade de Ciências e Tecnologia da Universidade Nova de Lisboa para obtenção do Grau de Mestre em Engenharia Electrotécnica e de Computadores

A competing values framework approach on growth and performance in micro firms

This study aims to analyze and compare four micro-firms' organizational culture, evaluated through the Competing Values Framework (Quinn & Rohbaugh, 1983). Data was collected in 2011 and 2013 in firms selling the same type of software and providing the same kind of services, focusing on the years between 2008-2011. Findings point to somewhat different results of micro-firms, when comparing to other samples in the literature. Suggestions for future research are given.

Chaotic Phenomena and Performance Optimization in the Trajectory Control of Redundant Manipulators

Redundant manipulators have some advantages when compared with classical arms because they allow the trajectory optimization, both on the free space and on the presence of abstacles, and the resolution of singularities. For this type of manipulators, several kinetic algorithms adopt generalized inverse matrices. In this line of thought, the generalized inverse control scheme is tested through several experiments that reveal the difficulties that often arise. Motivated by theseproblems this paper presents a new method that ptimizes the manipulability through a least squre polynomialapproximation to determine the joints positions. Moreover, the article studies influence on the dynamics, when controlling redundant and hyper-redundant manipulators. The experiment confirm the superior performance of the proposed algorithm for redundant and hyper-redundant manipulators, revealing several fundamental properties of the chaotic phenomena, and gives a deeper insight towards the future development of superior trajectory control algorithms.

The Role of Sensory Modulation Deficits and Behavioral Symptoms in a Diagnosis for Early Childhood

To contribute to the validation of the sensory and behavioral criteria for Regulation Disorders of Sensory Processing (RDSP) (DC:0-3R, 2005), this study examined a sample of toddlers in a clinical setting to analyze: (1) the severity of sensory modulation deficits and the behavioral symptoms of RDSP; (2) the associations between sensory and behavioral symptoms; and (3) the specific role of sensory modulation deficits in an RDSP diagnosis. Based on clinical observations, 78 toddlers were classified into two groups: toddlers with RDSP (N = 18) and those with‘‘other diagnoses in Axis I/II of the DC:0-3R’’ (OD3R; N = 60). The parents completed the Infant Toddler Sensory Profile and the Achenbach Checklist. The results revealed that the RDSP group had more severe sensory modulation deficits and specific behavioral symptoms; stronger, although not significant, associations between most sensory and behavioral symptoms; and a significant sensory modulation deficit effect. These findings support the validity of RDSP.

Design, implementation, and performance of a distributed and scalable sensor system for critical distance measurements in the CMS detector at LHC

The “CMS Safety Closing Sensors System” (SCSS, or CSS for brevity) is a remote monitoring system design to control safety clearance and tight mechanical movements of parts of the CMS detector, especially during CMS assembly phases. We present the different systems that makes SCSS: its sensor technologies, the readout system, the data acquisition and control software. We also report on calibration and installation details, which determine the resolution and limits of the system. We present as well our experience from the operation of the system and the analysis of the data collected since 2008. Special emphasis is given to study positioning reproducibility during detector assembly and understanding how the magnetic fields influence the detector structure.

Self-perception and dissatisfaction with weight does not depend on the frequency of physical activity

OBJECTIVE: To evaluate the level of satisfaction with body weight and the self-perception of the weight/height ratio and to verify the influence of the frequency of present and past physical activity on these variables. METHODS: Using questionnaires or interviews, we obtained height data, reported and desired weight, self-perception of the weight/height ratio, and the frequency of current physical activity in 844 adults (489 women). Of these, evaluated the frequency of physical activity during high school of 193 individuals,and we measured their height and weight. RESULTS: Less than 2/3 of the individuals had body mass index between 20 and 24.9 kg/m2. A tendency existed to overestimate height by less than 1 cm and to underestimate weight by less than 1kg. Desired weight was less than that reported (p<0.001), and only 20% were satisfied with their current weight. Only 42% of men and 25% of women exercised regularly. No association was found between the frequency of physical activity and the variables height, weight, and body mass index, and the level of satisfaction with current weight. CONCLUSION: Height and weight reported seem to be valid for epidemological studies, and great dissatisfaction with body weight and a distorted self-perception of height/weight ratio exists, especially in women, regardless of the frequency of physical activity.

Mecanismos de Fotopercepción No-Visual y Control Circadiano en la Retina Interna de Vertebrados en Condiciones Fisiológicas y en un Modelo Animal de Ceguera. Mechanisms of Non-visual Perception and Circadian Control in the Vertebrate Inner Retina under Physiological Conditions and in Animal Model of Blindness.

La retina juega un rol esencial en el funcionamiento del sistema circadiano de los vertebrados al ser la encargada de sensar las condiciones de iluminación ambiental que ajustan el reloj interno con el fotoperíodo exterior a través de un circuito no-visual. Este circuito es independiente de la vía de formación de imágenes e involucra a las células ganglionares retinianas (CGRs) que proyectan a varias estructuras no-visuales del cerebro; esta vía es la encargada de regular el reflejo pupilar, la sincronización de los ritmos diarios de actividad, el sueño y la supresión de melatonina pineal. La retina contiene además un reloj autónomo que genera ritmos diarios autosostenidos en distintas funciones bioquímicas y fisiológicas, que le confiere la capacidad de predecir el tiempo y anticiparse en su fisiología a los cambios lumínicos a lo largo del ciclo día-noche. Este laboratorio ha demostrado por 1ra vez que las CGRs de pollo poseen osciladores endógenos que generan variaciones diarias en la biosíntesis de fosfolípidos (Guido et al, J Neurochem. 2001; Garbarino et al., J Neurosci Res. 2004a) y de la hormona melatonina con niveles máximos durante el día (Garbarino et al., J Biol Chem 2004b). Aún más, cultivos primarios de CGRs responden a la luz a través de una cascada bioquímica de fototransducción similar a la de invertebrados y que involucra la activación de la enzima fosfolipasa C (PLC) (Contin et al., FASEB J 2006). Estos cultivos fueron obtenidos a estadios embrionarios muy tempranos en dónde solo las CGRs son postmitóticas y mayoritariamente maduras. A estos estadios, los cultivos expresan marcadores de especificación de células ganglionares (pax6, brn3), la proteina Gq y los fotopigmentos melanopsina y criptocromos con gran homología con marcadores descriptos para fotorreceptores rabdoméricos de invertebrados (Contin et al, 2006). Recientemente comenzamos a investigar la percepción de luz en pollos GUCY1*, un modelo de ceguera, en animales que carecen de células fotorreceptoras-conos y bastones-funcionales. Resultados preliminares indicarían que la retina interna, y potencialmente las CGRs de estos animales conservarían la capacidad de responder a la luz regulando el reflejo pupilar y sincronizando los ritmos diarios de alimentación. La convergencia de osciladores y fotopigmentos en la población de CGRs podría contribuir al control temporal de la fisiología del organismo y regulación de funciones no-visuales. Son objetivos de este proyecto: a) Investigar el rol de las CGRs en el sistema circadiano estudiando: i- su habilidad para sintetizar melatonina y, su regulación por luz y dopamina; ii- su capacidad fotorreceptora intrínseca, investigando la presencia de fotopigmentos y componentes de la cascada de fototransducción fundamentalmente la vía de los fosfoinosítidos y la activación de PLC, mediante ensayos moleculares, bioquímicos y farmacológicos; b) Extender estos estudios a cultivos primarios de CGRs inmunopurificadas midiendo la respuesta a la luz sobre la síntesis de melatonina, y los niveles de los mensajeros 2rios Ca2+ y AMP cíclico, la inducción de genes tempranos y la regulación de la actividad NAT, enzima clave en la síntesis de melatonina; y c) Investigar la percepción de luz en pollos GUCY1*(ciegos), sobre distintas funciones no-visuales tales como el reflejo pupilar, la sincronización de los ritmos diarios de alimentación, la síntesis de melatonina y la expresión génica en animales expuestos a estimulación lumínica de distintas intensidades y longitudes de onda. Estos estudios permitirán construir el espectro de acción de la respuesta a la luz en los pollos ciegos a fin de identificar el/los fotopigmentos intervinientes en este fenómeno. Este proyecto profundizará el conocimiento sobre la capacidad fotorreceptora-no visual de la retina interna y particularmente de las CGRs, de la naturaleza de la cascada bioquímica que opera en las mismas y de los mecanismos de regeneración del cromóforo utilizado.

Percepción y uso de flora y fauna por parte de los pobladores del sistema Laguna Mar Chiquita - Bañados del Río Dulce y área de influencia: diagnóstico e implicaciones para la conservación. Perception and use of flora and fauna by people of the system "Laguna Mar Chiquita - Bañados del Río Dulce" and it influence area: diagnosis and conservation implications.

La percepción, consumo y manejo de recursos naturales forma parte del conocimiento tradicional de distintas poblaciones humanas e involucra diversidad de actividades (recolección de plantas, caza y pesca, etc). Entre los vegetales, el uso de plantas medicinales se destaca por su persistencia y ubicuidad. El recurso animal, a través de la caza y la pesca, es fundamental como fuente de alimento y empleo. El sistema Mar Chiquita-Bañados del Río Dulce se destaca por su biodiversidad y la existencia de prácticas tradicionales de uso. La presión por conversión de ambientes naturales a tierras dedicadas al cultivo es fuerte, afectando principalmente a los bosques autóctonos, y las especies animales que en él habitan. Además, la desaparición de ambientes naturales conlleva la pérdida de prácticas tradicionales de uso, con la consiguiente deculturación. El presente trabajo evaluará la percepción y utilización de recursos naturales por los pobladores del área de influencia de Bañados del Río Dulce y Laguna Mar Chiquita, centrándose en plantas medicinales, peces, aves y mamíferos, a la vez de indagar sobre la diversidad de percepciones y conductas de apropiación de los recursos, dado que en la región coexisten diferentes pautas socio-culturales de acuerdo al grupo de procedencia. Como metodología básica para la recolección de datos de percepción y uso se utilizarán encuestas semi-estructuradas. Sobre el origen étnico y lazos sociales se relevarán de fuentes escritas sobre procedencia, pautas de elección de pareja y formas de residencia. Los muestreos de fauna a campo se realizarán al azar estratificados en pastizal, bosque, y áreas relacionadas a humedales en busca de huellas, heces y señales de la presencia de especies animales focales, a la vez de prospección visual y auditiva. Los datos obtenidos acerca del conocimiento y uso del ambiente se presentarán y analizarán mediante técnicas específicas para análisis de datos antropológicos cualitativos y madiante ANOVA. Los datos sobre origen y lazos serán analizados según indicadores de endogamia geográfica e indicadores de endogamia reproductiva. Los datos de presencia de las especies se utilizarán para desarrollar modelos de distribución regional y de nicho ecológico. Se espera caracterizar en forma diferencial la percepción y uso del ambiente de acuerdo al origen o área de residencia, a la vez de generar mapas de distribución de especies focales. Asimismo, se propondrán acciones de conservación de la biodiversidad, tales como cartillas o talleres tendientes a reforzar y re-significar los conocimientos locales sobre el uso de flora y fauna.