Bank Performance: Market Power or Efficient Structure?

Regulatory change not seen since the Great Depression swept the U.S. banking industry beginning in the early 1980s, culminating with the Interstate Banking and Branching Efficiency Act of 1994. Significant consolidations have occurred in the banking industry. This paper considers the market-power versus the efficient-structure theories of the positive correlation between banking concentration and performance on a state-by-state basis. Temporal causality tests imply that bank concentration leads bank profitability, supporting the market-power, rather than the efficient-structure, theory of that positive correlation. Our finding suggests that bank regulators, by focusing on local banking markets, missed the initial stages of an important structural change at the state level.

A SIMULATION STUDY OF THE SIZE AND POWER OF SOME TWO-SAMPLE TESTS FOR UNEQUALLY CENSORED SURVIVAL DATA (RANK TESTS, LOGRANK, PROPORTIONAL HAZARDS, WILCOXON TESTS, EXPONENTIAL DISTRIBUTION)

Sizes and power of selected two-sample tests of the equality of survival distributions are compared by simulation for small samples from unequally, randomly-censored exponential distributions. The tests investigated include parametric tests (F, Score, Likelihood, Asymptotic), logrank tests (Mantel, Peto-Peto), and Wilcoxon-Type tests (Gehan, Prentice). Equal sized samples, n = 18, 16, 32 with 1000 (size) and 500 (power) simulation trials, are compared for 16 combinations of the censoring proportions 0%, 20%, 40%, and 60%. For n = 8 and 16, the Asymptotic, Peto-Peto, and Wilcoxon tests perform at nominal 5% size expectations, but the F, Score and Mantel tests exceeded 5% size confidence limits for 1/3 of the censoring combinations. For n = 32, all tests showed proper size, with the Peto-Peto test most conservative in the presence of unequal censoring. Powers of all tests are compared for exponential hazard ratios of 1.4 and 2.0. There is little difference in power characteristics of the tests within the classes of tests considered. The Mantel test showed 90% to 95% power efficiency relative to parametric tests. Wilcoxon-type tests have the lowest relative power but are robust to differential censoring patterns. A modified Peto-Peto test shows power comparable to the Mantel test. For n = 32, a specific Weibull-exponential comparison of crossing survival curves suggests that the relative powers of logrank and Wilcoxon-type tests are dependent on the scale parameter of the Weibull distribution. Wilcoxon-type tests appear more powerful than logrank tests in the case of late-crossing and less powerful for early-crossing survival curves. Guidelines for the appropriate selection of two-sample tests are given. ^

Minerals, geochemistry and x-ray power characteristics at DSDP Sites 54-424, 60-458 and 60-459

Secondary minerals filling veins and vesicles in volcanic basement at Deep Sea Drilling Project Sites 458 and 459 indicate that there were two stages of alteration at each site: an early oxidative, probably hydrothermal, stage and a later, low-temperature, less oxidative stage, probably contemporaneous with faulting in the tectonically active Mariana forearc region. The initial stage is most evident in Hole 459B, where low-Al, high Fe smectites and iron hydroxides formed in vesicles in pillow basalts and low-Al palygorskite formed in fractures. Iron hydroxides and celadonite formed in massive basalts next to quartz-oligoclase micrographic intergrowths. Palygorskite was found in only one sample near the top of basement in Hole 458, but it too is associated with iron hydroxides. Palygorskite has previously been reported only in marine sediments in DSDP and other occurrences. It evidently formed here as a precipitate from fluids in which Si, Mg, Fe, and even some Al were concentrated. Experimental data suggest that the solutions probably had high pH and somewhat elevated temperatures. The compositions of associated smectites resemble those in hydrothermal sediments and in basalts at the Galapagos mounds geothermal field. The second stage of alteration was large-scale replacement of basalt by dioctahedral, trioctahedral, or mixed-layer clays and phillipsite along zones of intense fracturing, especially near the bottom of Holes 458 and 459B. The basalts are commonly slickensided, and there are recemented microfault offsets in overlying sediments. Native copper occurs in one core of Hole 458, but associated smectites are dominantly dioctahedral, unlike Hole 459B, where they are mainly trioctahedral, indicating nonoxidative alteration. The alteration in both holes is more intense than at most DSDP ocean crust sites and may have been augmented by water derived from subducting ocean crust beneath the fore-arc region.

Ex ante bargaining and ex post enforcement in trade credit supply: theory and evidence from China

If payment of goods is easily default, economic transaction may deeply suffer from the risk. This risky environment formed a mechanism that governs how economic transaction is realized, subsequently how trade credit is given. This paper distinguished ex ante bargaining and ex post enforcement, then modeled that bargaining power reduces trade credit ex ante, and ex post enforcement power and cash in hand of buyer can enhances both trade amount and trade credit in a presence of default risk. We modeled this relationship in order to organize findings from previous literature and from our original micro data on detailed transaction in China to consistently understand the mechanism governing trade credit. Then empirically tested a structure from the theoretical prediction with data. Results show that ex post enforcement power of seller mainly determines size of trade credit and trade amount, cash in hand of buyer can substitute with enforcement power; Bargaining power of seller is exercised to reduces trade credit and trade amount for avoiding default risk, but it simultaneously improves enforcement power as well. We found that ex post enforcement power consists of (ex ante) bargaining power on between two parties and intervention from the third party. However, its magnitude is far smaller than the direct impact to reduce trade credit and trade amount.

Use of calculus of variations to determine the shape of hovering rotors of minimum power and its application to micro air vehicles

In this paper, calculus of variations and combined blade element and momentum theory (BEMT) are used to demonstrate that, in hover, when neither root nor tip losses are considered; the rotor, which minimizes the total power (MPR), generates an induced velocity that varies linearly along the blade span. The angle of attack of every blade element is constant and equal to its optimum value. The traditional ideal twist (ITR) and optimum (OR) rotors are revisited in the context of this variational framework. Two more optimum rotors are obtained considering root and tip losses, the ORL, and the MPRL. A comparison between these five rotors is presented and discussed. The MPR and MPRL present a remarkable saving of power for low values of both thrust coefficient and maximum aerodynamic efficiency. The result obtained can be exploited to improve the aerodynamic behaviour of rotary wing micro air vehicles (MAV). A comparison with experimental results obtained from the literature is presented.

Reply to Comment on ``Towards a large deviation theory for strongly correlated systems''

The computational study commented by Touchette opens the door to a desirable generalization of standard large deviation theory for special, though ubiquitous, correlations. We focus on three interrelated aspects: (i) numerical results strongly suggest that the standard exponential probability law is asymptotically replaced by a power-law dominant term; (ii) a subdominant term appears to reinforce the thermodynamically extensive entropic nature of q-generalized rate function; (iii) the correlations we discussed, correspond to Q -Gaussian distributions, differing from Lévy?s, except in the case of Cauchy?Lorentz distributions. Touchette has agreeably discussed point (i), but, unfortunately, points (ii) and (iii) escaped to his analysis. Claiming the absence of connection with q-exponentials is unjustified.

Power density of a bare electrodynamic tether generator

The maximum performance of bare electrodynamic tethers as power generating systems under OML-theory is analyzed. Results show that best performance in terms of power density is achieved by designing the tether in such a way to increase ohmic impedance with respect to plasma contact impedance, hence favoring longer and thinner tethers. In such condition the corresponding optimal value of the load impedance is seen to approach the ohmic impedance of the conducting tether. At the other extreme, when plasma contact impedance dominates (which is not optimal but can be relevant for some applications) optimum power generation is found by matching the load impedance with an effective tether-plasma contact impedance whose expression is derived.

Design and analysis of ripple-based controls based on the discrete modeling and Floquet theory

Ripple-based controls can strongly reduce the required output capacitance in PowerSoC converter thanks to a very fast dynamic response. Unfortunately, these controls are prone to sub-harmonic oscillations and several parameters affect the stability of these systems. This paper derives and validates a simulation-based modeling and stability analysis of a closed-loop V 2Ic control applied to a 5 MHz Buck converter using discrete modeling and Floquet theory to predict stability. This allows the derivation of sensitivity analysis to design robust systems. The work is extended to different V 2 architectures using the same methodology.

Cooperative Multi-robot Patrolling: A study of distributed approaches based on mathematical models of game theory to protect infrastructures

El principio de Teoría de Juegos permite desarrollar modelos estocásticos de patrullaje multi-robot para proteger infraestructuras criticas. La protección de infraestructuras criticas representa un gran reto para los países al rededor del mundo, principalmente después de los ataques terroristas llevados a cabo la década pasada. En este documento el termino infraestructura hace referencia a aeropuertos, plantas nucleares u otros instalaciones. El problema de patrullaje se define como la actividad de patrullar un entorno determinado para monitorear cualquier actividad o sensar algunas variables ambientales. En esta actividad, un grupo de robots debe visitar un conjunto de puntos de interés definidos en un entorno en intervalos de tiempo irregulares con propósitos de seguridad. Los modelos de partullaje multi-robot son utilizados para resolver este problema. Hasta el momento existen trabajos que resuelven este problema utilizando diversos principios matemáticos. Los modelos de patrullaje multi-robot desarrollados en esos trabajos representan un gran avance en este campo de investigación. Sin embargo, los modelos con los mejores resultados no son viables para aplicaciones de seguridad debido a su naturaleza centralizada y determinista. Esta tesis presenta cinco modelos de patrullaje multi-robot distribuidos e impredecibles basados en modelos matemáticos de aprendizaje de Teoría de Juegos. El objetivo del desarrollo de estos modelos está en resolver los inconvenientes presentes en trabajos preliminares. Con esta finalidad, el problema de patrullaje multi-robot se formuló utilizando conceptos de Teoría de Grafos, en la cual se definieron varios juegos en cada vértice de un grafo. Los modelos de patrullaje multi-robot desarrollados en este trabajo de investigación se han validado y comparado con los mejores modelos disponibles en la literatura. Para llevar a cabo tanto la validación como la comparación se ha utilizado un simulador de patrullaje y un grupo de robots reales. Los resultados experimentales muestran que los modelos de patrullaje desarrollados en este trabajo de investigación trabajan mejor que modelos de trabajos previos en el 80% de 150 casos de estudio. Además de esto, estos modelos cuentan con varias características importantes tales como distribución, robustez, escalabilidad y dinamismo. Los avances logrados con este trabajo de investigación dan evidencia del potencial de Teoría de Juegos para desarrollar modelos de patrullaje útiles para proteger infraestructuras. ABSTRACT Game theory principle allows to developing stochastic multi-robot patrolling models to protect critical infrastructures. Critical infrastructures protection is a great concern for countries around the world, mainly due to terrorist attacks in the last decade. In this document, the term infrastructures includes airports, nuclear power plants, and many other facilities. The patrolling problem is defined as the activity of traversing a given environment to monitoring any activity or sensing some environmental variables If this activity were performed by a fleet of robots, they would have to visit some places of interest of an environment at irregular intervals of time for security purposes. This problem is solved using multi-robot patrolling models. To date, literature works have been solved this problem applying various mathematical principles.The multi-robot patrolling models developed in those works represent great advances in this field. However, the models that obtain the best results are unfeasible for security applications due to their centralized and predictable nature. This thesis presents five distributed and unpredictable multi-robot patrolling models based on mathematical learning models derived from Game Theory. These multi-robot patrolling models aim at overcoming the disadvantages of previous work. To this end, the multi-robot patrolling problem was formulated using concepts of Graph Theory to represent the environment. Several normal-form games were defined at each vertex of a graph in this formulation. The multi-robot patrolling models developed in this research work have been validated and compared with best ranked multi-robot patrolling models in the literature. Both validation and comparison were preformed by using both a patrolling simulator and real robots. Experimental results show that the multirobot patrolling models developed in this research work improve previous ones in as many as 80% of 150 cases of study. Moreover, these multi-robot patrolling models rely on several features to highlight in security applications such as distribution, robustness, scalability, and dynamism. The achievements obtained in this research work validate the potential of Game Theory to develop patrolling models to protect infrastructures.

Methodology for Dynamic Stability and Robustness Analysis of Commercial-Power-Module-Based DC-Distributed Systems

El propósito de esta tesis es presentar una metodología para realizar análisis de la dinámica en pequeña señal y el comportamiento de sistemas de alimentación distribuidos de corriente continua (CC), formados por módulos comerciales. Para ello se hace uso de un método sencillo que indica los márgenes de estabilidad menos conservadores posibles mediante un solo número. Este índice es calculado en cada una de las interfaces que componen el sistema y puede usarse para obtener un índice global que indica la estabilidad del sistema global. De esta manera se posibilita la comparación de sistemas de alimentación distribuidos en términos de robustez. La interconexión de convertidores CC-CC entre ellos y con los filtros EMI necesarios puede originar interacciones no deseadas que dan lugar a la degradación del comportamiento de los convertidores, haciendo el sistema más propenso a inestabilidades. Esta diferencia en el comportamiento se debe a interacciones entre las impedancias de los diversos elementos del sistema. En la mayoría de los casos, los sistemas de alimentación distribuida están formados por módulos comerciales cuya estructura interna es desconocida. Por ello los análisis presentados en esta tesis se basan en medidas de la respuesta en frecuencia del convertidor que pueden realizarse desde los terminales de entrada y salida del mismo. Utilizando las medidas de las impedancias de entrada y salida de los elementos del sistema, se puede construir una función de sensibilidad que proporciona los márgenes de estabilidad de las diferentes interfaces. En esta tesis se utiliza el concepto del valor máximo de la función de sensibilidad (MPC por sus siglas en inglés) para indicar los márgenes de estabilidad como un único número. Una vez que la estabilidad de todas las interfaces del sistema se han evaluado individualmente, los índices obtenidos pueden combinarse para obtener un único número con el que comparar la estabilidad de diferentes sistemas. Igualmente se han analizado las posibles interacciones en la entrada y la salida de los convertidores CC-CC, obteniéndose expresiones analíticas con las que describir en detalle los acoplamientos generados en el sistema. Los estudios analíticos realizados se han validado experimentalmente a lo largo de la tesis. El análisis presentado en esta tesis se culmina con la obtención de un índice que condensa los márgenes de estabilidad menos conservativos. También se demuestra que la robustez del sistema está asegurada si las impedancias utilizadas en la función de sensibilidad se obtienen justamente en la entrada o la salida del subsistema que está siendo analizado. Por otra parte, la tesis presenta un conjunto de parámetros internos asimilados a impedancias, junto con sus expresiones analíticas, que permiten una explicación detallada de las interacciones en el sistema. Dichas expresiones analíticas pueden obtenerse bien mediante las funciones de transferencia analíticas si se conoce la estructura interna, o utilizando medidas en frecuencia o identificación de las mismas a través de la respuesta temporal del convertidor. De acuerdo a las metodologías presentadas en esta tesis se puede predecir la estabilidad y el comportamiento de sistemas compuestos básicamente por convertidores CC-CC y filtros, cuya estructura interna es desconocida. La predicción se basa en un índice que condensa la información de los márgenes de estabilidad y que permite la obtención de un indicador de la estabilidad global de todo el sistema, permitiendo la comparación de la estabilidad de diferentes arquitecturas de sistemas de alimentación distribuidos. ABSTRACT The purpose of this thesis is to present dynamic small-signal stability and performance analysis methodology for dc-distributed systems consisting of commercial power modules. Furthermore, the objective is to introduce simple method to state the least conservative margins for robust stability as a single number. In addition, an index characterizing the overall system stability is obtained, based on which different dc-distributed systems can be compared in terms of robustness. The interconnected systems are prone to impedance-based interactions which might lead to transient-performance degradation or even instability. These systems typically are constructed using commercial converters with unknown internal structure. Therefore, the analysis presented throughout this thesis is based on frequency responses measurable from the input and output terminals. The stability margins are stated utilizing a concept of maximum peak criteria, derived from the behavior of impedance-based sensitivity function that provides a single number to state robust stability. Using this concept, the stability information at every system interface is combined to a meaningful number to state the average robustness of the system. In addition, theoretical formulas are extracted to assess source and load side interactions in order to describe detailed couplings within the system. The presented theoretical analysis methodologies are experimentally validated throughout the thesis. In this thesis, according to the presented analysis, the least conservative stability margins are provided as a single number guaranteeing robustness. It is also shown that within the interconnected system the robust stability is ensured only if the impedance-based minor-loop gain is determined at the very input or output of each subsystem. Moreover, a complete set of impedance-type internal parameters as well as the formulas according to which the interaction sensitivity can be fully explained and analyzed, is provided. The given formulation can be utilized equally either based on measured frequency responses, time-domain identified internal parameters or extracted analytic transfer functions. Based on the analysis methodologies presented in this thesis, the stability and performance of interconnected systems consisting of converters with unknown internal structure, can be predicted. Moreover, the provided concept to assess the least conservative stability margins enables to obtain an index to state the overall robust stability of distributed power architecture and thus to compare different systems in terms of stability.

Role Expectations and State Socialization: Germany's Rediscovery of the Use of Force 1990-1995

This dissertation engages the question of why German political elites accepted the use of force during the 1990s and started to commit the country's armed forces to multilateral peacekeeping missions. Previous governments of the Federal Republic had opposed foreign deployment of the military and Germany was characterized by a unique strategic culture in which the efficacy of military force was widely regarded as negative. The rediscovery of the use of force constituted a significant reorientation of German security policy with potentially profound implications for international relations. I use social role theory to explain Germany's security policy reorientation. I argue that political elites shared a national role conception of their country as a dependable and reliable ally. Role expectations of the international security environment changed as a result of a general shift to multilateral intervention as means to address emerging security problems after the Cold War. Germany's resistance to the use of force was viewed as inappropriate conduct for a power possessing the economic and military wherewithal of the Federal Republic. Elites from allied countries exerted social pressure to have Germany contribute commensurate with capabilities. German political elites adapted role behavior in response to external expectations in an effort to preserve the national role conception of a dependable and reliable ally. Security policy reorientation to maintain Germany's national role conception was pursued by conservative elites who acted as 'role entrepreneurs'. CDU/CSU politicians initiated a process of role adaptation to include the use of force for non-defensive missions. They persuaded Social Democrats and Alliance 90/Green party politicians that the maintenance of the country's role conception necessitated a reorientation in security policy to accommodate the changes in the security environment.

Monetary Effervescence: A Sociological Theory of Religion Applied to Money

This project attempts to answer the question "What holds the construction of money together?" by asserting that it is money's religious nature which provides the moral compulsion for people to use, and continue to uphold, money as a socially constructed concept. This project is primarily descriptive and focuses on the religious nature of money by employing a sociological theory of religion in viewing money as a technical concept. This is an interdisciplinary work between religious studies, economics, and sociology and draws heavily from Emile Durkheim's 'The Elementary Forms of Religious Life' as well as work related to heterodox theories of money developed by Geoffrey Ingham, A. Mitchell Innes, and David Graeber. Two new concepts are developed: the idea of monetary sacrality and monetary effervescence, both of which serve to recharge the religious saliency of money. By developing the concept of monetary sacrality, this project shows how money acts to interpret our economic relations while also obfuscating complex power dynamics in society, making them seem naturally occurring and unchangeable. The project also shows how our contemporary fractional reserve banking system contributes to money's collective effervescence and serves to animate economic acting within a monetary network. The project concludes by outlining multiple implications for religious studies, economics, sociology, and central banking.

Evidence for non-conservative current-induced forces in the breaking of Au and Pt atomic chains

This experimental work aims at probing current-induced forces at the atomic scale. Specifically it addresses predictions in recent work regarding the appearance of run-away modes as a result of a combined effect of the non-conservative wind force and a ‘Berry force’. The systems we consider here are atomic chains of Au and Pt atoms, for which we investigate the distribution of break down voltage values. We observe two distinct modes of breaking for Au atomic chains. The breaking at high voltage appears to behave as expected for regular break down by thermal excitation due to Joule heating. However, there is a low-voltage breaking mode that has characteristics expected for the mechanism of current-induced forces. Although a full comparison would require more detailed information on the individual atomic configurations, the systems we consider are very similar to those considered in recent model calculations and the comparison between experiment and theory is very encouraging for the interpretation we propose.

The Theory of Interhybridity: Socio-political Dimensions and Migration Experiences of Post-communist Western Balkan States

The Western Balkans integration within the EU has started a legal process which is the rejection of former communist legal/political approaches and the transformation of former communist institutions. Indeed, the EU agenda has brought vertical/horizontal integration and Europeanization of national institutions (i.e. shifting power to the EU institutions and international authorities). At this point, it is very crucial to emphasize the fact that the Western Balkans as a whole region has currently an image that includes characteristics of both the Soviet socialism and the European democracy. The EU foreign policies and enlargement strategy for Western Balkans have significant effects on four core factors (i.e. Schengen visa regulations, remittances, asylum and migration as an aggregate process). The convergence/divergence of EU member states’ priorities for migration policies regulate and even shape directly the migration dynamics in migrant sender countries. From this standpoint, the research explores how main migration factors are influenced by political and judicial factors such as; rule of law and democracy score, the economic liberation score, political and human rights, civil society score and citizenship rights in Western Balkan countries. The proposal of interhybridity explores how the hybridization of state and non-state actors within home and host countries can solve labor migration-related problems. The economical and sociopolitical labor-migration model of Basu (2009) is overlapping with the multidimensional empirical framework of interhybridity. Indisputably, hybrid model (i.e. collaboration state and non-state actors) has a catalyst role in terms of balancing social problems and civil society needs. Paradigmatically, it is better to perceive the hybrid model as a combination of communicative and strategic action that means the reciprocal recognition within the model is precondition for significant functionality. This will shape social and industrial relations with moral meanings of communication.

Combining the power of online crowdsourcing with creative writing user interfaces

The goal of this work was to provide professional and amateur writers with a new way of enhancing their productivity and mental well-being, by helping them overcoming writers block and being able to achieve a state of optimal experience while writing. Our approach is based on bringing together different components to create what we call a creative moment. A creative moment is composed by an image, a text, a mood, a location and a color. The color presented in the creative moment varied according to the mood that was associated to the creative moment. With the creative moments we hoped that our users could have a way to easily trigger their creativity and have a kick start in their work. The prototyping of a web crowdsourcing platform, named CreativeWall, and a Microsoft Word Add-In, that was used on the user study performed, is described and their implementations are discussed. The user study reveals that our approach does have a positive influence in the productivity of the participants when compared with another existing approach. The study also revealed that our approach can ease the process of achieving a state of optimal experience by enhancing one of the dimensions presented on the Flow Theory. At the end we present what we consider would be some possible future developments for the concept created during the development of this work.