Composition of Carnian to Norian sandstones from the Wombat Plateau (Table 1)

The Carnian to Norian sediments, as much as 600 m in total thickness, recovered from ODP Sites 759 and 760 on the Wombat Plateau, are generally represented by fluvial-dominated deltaic successions. In general, the Carnian to Norian sandstones are quartzose. The average ratio of monocrystalline quartz grains, total feldspar grains, and total lithic fragments (i.e., Qm:F:Lt ratio) is 71:22:7. This indicates that they were derived mainly from the transitional continental and cratonic interior provenance terranes, such as the Pilbara Precambrian block to the south of the Wombat Plateau. The upper Carnian sediments, however, are characterized by more feldspathic sandstone petrofacies. They typically contain some volcanic rock fragments with trachytic texture and indicate the onset of the incipient rift-related tectonic movement, such as uplift and subsequent abrupt basin subsidence, together with volcanism in the Gondwana continental block. Mixed siliciclastic and carbonate cycles are typically intercalated in the prodelta to delta front deposits that developed mainly in a lagoon-like, restricted marine environment. The restricted marine environment developed during transgressions as the outflow of shallow water was restricted by depositional barriers. Around the barriers and/or delta lobes, carbonate shoals/banks were probably developed and the allochemical components of the neritic limestones may have been transported into the restricted marine environment by overwash processes and/or storm waves. Siliciclastic detritus, on the other hand, was mainly derived accompanied by delta progradation dominated by fluvial processes in the restricted marine environment. Therefore, we interpret the mixed siliciclastic and carbonate cycles in the deltaic successions to be a result of transgression-regression cycles in a deltaic system during the Late Triassic.

Occurrence of tethyan radiolarian species in early Cretaceous sediments of ODP Hole 123-765C in the Northeast Indian Ocean (Fig. 4)

During ODP Leg 123, abundant and well-preserved Neocomian radiolarians were recovered at Site 765 (Argo Abyssal Plain) and Site 766 (lower Exmouth Plateau). Assemblages are characterized by the numerical dominance of a small number of non-tethyan forms and by the scarcity of tethyan taxa. Remarkable contrasts exist between radiolarian assemblages extracted from claystones of Site 765 and reexamined DSDP Site 261, and faunas recovered from radiolarian sand layers, only found at Site 765. Clay faunas are unusual in their low diversity of apparently ecologically tolerant (or solution resistant?), ubiquist species, whereas sand faunas are dominated by non-tethyan taxa. Comparisons with Sites 766 and 261, as well as sedimentological observations, lead to the conclusion that this faunal contrast resulted from a difference in provenance, rather than from hydraulic sorting or selective dissolution. The ranges of 27 tethyan taxa from Site 765 were compared to the tethyan radiolarian zonation by Jud ( 1992 ) by means of the Unitary Associations Method. This calculation allows to directly date the Site 765 assemblages and to estimate the amount of truncation of ranges for tethyan taxa. Over 70% of the already few tethyan species of Site 765, have truncated ranges during the Valanginian-Hauterivian. Radiolarian assemblages recovered from claystones at Sites 765 and 261 in the Argo Basin apparently reflect restricted oceanic conditions during the latest Jurassic-Barremian. Neither sedimentary facies nor faunal associations bear any resemblance to what we know from typical tethyan sequences. We conclude that the Argo Basin was paleoceanographically separated from the Tethys during the Late Jurassic and part of the Early Cretaceous by its position at higher paleolatitudes and/or by enclosing land masses. Assemblages recovered from radiolarian sand layers are dominated by non-tethyan species that are interpreted as circumantarctic. Their first appearance in the late Berriasian-early Valanginian predates the oceanization of the Indo-Australian breakup (M11, late Valanginian), but coincides with a sharp increase in margin-derived pelagic turbidites. The Indo-Australian rift zone and the adjacent margins must have been submerged deeply enough to allow an intermittent influx of circumantarctic cold water into the Argo Basin, creating increased bottom current activity. Cold-water radiolarians carried into the Argo Basin upwelled along the margin, died, and accumulated in radiolarite layers due to winnowing by bottom currents. High rates of faunal change and the sharp increase of bottom current activity are thought to be synchronous with possible pronounced late Berriasian-early Valanginian lowstands in sea level. Hypothetically, both phenomena might have been caused by a tendency to glaciation on the Antarctic-Australian continent, which was for the first time isolated from the rest of Gondwana by oceanic seaways as a result of Jurassic-Early Cretaceous sea-floor spreading. The absence of most typical tethyan radiolarian species during the Valanginian-Hauterivian is interpreted as reflecting a time of strong influx of circumantarctic cold water following oceanization (M 11) and rapid spreading between Southeast India and West Australia. The reappearance and gradual abundance/diversity increase of tethyan taxa, along with the still dominant circumantarctic species are thought to result from overall more equitable climatic conditions during the Barremian-early Aptian and from the establishment of an oceanic connection with the Tethys Ocean during the early Aptian.

Late Cretaceous-Early Neogene oxygen and carbon isotope record of the Indian Ocean

Stable isotopic data of calcareous nannofossil, monogeneric and monospecific planktic and benthic foraminifera from five Indian Ocean DSDP sites (212, 217, 220, 237, and 253), leads to the following paleoclimatic and paleoceanographic conclusions: - The latest Cretaceous oxygen isotopic record implies a cooling (3-4°C) during the Maastrichtian. At the Cretaceous/Tertiary boundary only a minor warming (about 2°C) has been recorded. The parallel delta13C decrease of more than 1? indicates a significant decrease in productivity. - During the latest Paleocene a positive delta13C excursion was detected in Sites 217 and 237. This transient enrichment in delta13C may be due to productivity changes on continents and/or a change in the storage rate of organic matter in marginal basins or shelf areas. - The most striking feature in the oxygen isotopic record is noted at the Early/Middle Eocene transition. The shift towards more positive values (which were probably enhanced to a certain extent by a preceding diagenetic alteration) delineates a dramatic climatic deterioration at high and mid latitudes during the earlier Tertiary. - Near the Eocene/Oligocene boundary a cooling is evident within the latest Eocene interval. During the earliest Oligocene time a hiatus at Sites 217 and 253 partially obscures the climatic record. - Several climatic fluctuations have been noted during the Oligocene: a cooling at the base of Zone NP 23, a warming at the top of Zone NP 23 through NP 24, and a cooling during Zone NP 25. - The Miocene oxygen isotopic record is dominated by changes in surface and bottom water environments during Zone NN5. The decreasing and then increasing delta18O values, together with the subsequent steepening of the vertical delta18O gradient, point towards major climatic instabilities. These events coincide with the Mid-Miocene build-up of Antarctic ice-sheets. During the latest Miocene to the earliest Pliocene the delta18O record of planktic foraminifera indicates a significant warming of the Indian Ocean at mid-latitudes. - The delta13C record during the Oligocene and Miocene reveals several cycles (delta13C enrichments: NP 24, NN2, NN5, NN9, and base NN 11) which are most likely related to changes in storage rates of organic matter and biological productivity due to climatic changes and transgression/regression cycles. In addition, changes in the circulation patterns may also have influenced the carbon isotopic record.

An empirical analysis on the efficiency of the microfinance investment market

This paper empirically analyzes the market efficiency of microfinance investment funds. For the empirical analysis, we use an index of the microfinance investment funds and apply two kinds of variance ratio tests to examine whether or not this index follows a random walk. We use the entire sample period from December 2003 to June 2010 as well as two sub-samples which divide the entire period before and after January 2007. The empirical evidence demonstrates that the index does not follow a random walk, suggesting that the market of the microfinance investment funds is not efficient. This result is not affected by changes in either empirical techniques or sample periods.

Risk sharing with Multilateral Financial Institutions in infrastructure and energy project financing : effect on capital relief for commercial banks

(Matsukawa and Habeck, 2007) analyse the main instruments for risk mitigation in infrastructure financing with Multilateral Financial Institutions (MFIs). Their review coincided with the global financial crisis of 2007-08, and is highly relevant in current times considering the sovereign debt crisis, the lack of available capital and the increases in bank regulation in Western economies. The current macroeconomic environment has seen a slowdown in the level of finance for infrastructure projects, as they pose a higher credit risk given their requirements for long term investments. The rationale for this work is to look for innovative solutions that are focused on the credit risk mitigation of infrastructure and energy projects whilst optimizing the economic capital allocation for commercial banks. This objective is achieved through risk-sharing with MFIs and looking for capital relief in project finance transactions. This research finds out the answer to the main question: "What is the impact of risk-sharing with MFIs on project finance transactions to increase their efficiency and viability?", and is developed from the perspective of a commercial bank assessing the economic capital used and analysing the relevant variables for it: Probability of Default, Loss Given Default and Recovery Rates, (Altman, 2010). An overview of project finance for the infrastructure and energy sectors in terms of the volume of transactions worldwide is outlined, along with a summary of risk-sharing financing with MFIs. A review of the current regulatory framework beneath risk-sharing in structured finance with MFIs is also analysed. From here, the impact of risk-sharing and the diversification effect in infrastructure and energy projects is assessed, from the perspective of economic capital allocation for a commercial bank. CreditMetrics (J. P. Morgan, 1997) is applied over an existing well diversified portfolio of project finance infrastructure and energy investments, working with the main risk capital measures: economic capital, RAROC, and EVA. The conclusions of this research show that economic capital allocation on a portfolio of project finance along with risk-sharing with MFIs have a huge impact on capital relief whilst increasing performance profitability for commercial banks. There is an outstanding diversification effect due to the portfolio, which is combined with risk mitigation and an improvement in recovery rates through Partial Credit Guarantees issued by MFIs. A stress test scenario analysis is applied to the current assumptions and credit risk model, considering a downgrade in the rating for the commercial bank (lender) and an increase of default in emerging countries, presenting a direct impact on economic capital, through an increase in expected loss and a decrease in performance profitability. Getting capital relief through risk-sharing makes it more viable for commercial banks to finance infrastructure and energy projects, with the beneficial effect of a direct impact of these investments on GDP growth and employment. The main contribution of this work is to promote a strategic economic capital allocation in infrastructure and energy financing through innovative risk-sharing with MFIs and economic pricing to create economic value added for banks, and to allow the financing of more infrastructure and energy projects. This work suggests several topics for further research in relation to issues analysed. (Matsukawa and Habeck, 2007) analizan los principales instrumentos de mitigación de riesgos en las Instituciones Financieras Multilaterales (IFMs) para la financiación de infraestructuras. Su presentación coincidió con el inicio de la crisis financiera en Agosto de 2007, y sus consecuencias persisten en la actualidad, destacando la deuda soberana en economías desarrolladas y los problemas capitalización de los bancos. Este entorno macroeconómico ha ralentizado la financiación de proyectos de infraestructuras. El actual trabajo de investigación tiene su motivación en la búsqueda de soluciones para la financiación de proyectos de infraestructuras y de energía, mitigando los riesgos inherentes, con el objeto de reducir el consumo de capital económico en los bancos financiadores. Este objetivo se alcanza compartiendo el riesgo de la financiación con IFMs, a través de estructuras de risk-sharing. La investigación responde la pregunta: "Cuál es el impacto de risk-sharing con IFMs, en la financiación de proyectos para aumentar su eficiencia y viabilidad?". El trabajo se desarrolla desde el enfoque de un banco comercial, estimando el consumo de capital económico en la financiación de proyectos y analizando las principales variables del riesgo de crédito, Probability of Default, Loss Given Default and Recovery Rates, (Altman, 2010). La investigación presenta las cifras globales de Project Finance en los sectores de infraestructuras y de energía, y analiza el marco regulatorio internacional en relación al consumo de capital económico en la financiación de proyectos en los que participan IFMs. A continuación, el trabajo modeliza una cartera real, bien diversificada, de Project Finance de infraestructuras y de energía, aplicando la metodología CreditMet- rics (J. P. Morgan, 1997). Su objeto es estimar el consumo de capital económico y la rentabilidad de la cartera de proyectos a través del RAROC y EVA. La modelización permite estimar el efecto diversificación y la liberación de capital económico consecuencia del risk-sharing. Los resultados muestran el enorme impacto del efecto diversificación de la cartera, así como de las garantías parciales de las IFMs que mitigan riesgos, mejoran el recovery rate de los proyectos y reducen el consumo de capital económico para el banco comercial, mientras aumentan la rentabilidad, RAROC, y crean valor económico, EVA. En escenarios económicos de inestabilidad, empeoramiento del rating de los bancos, aumentos de default en los proyectos y de correlación en las carteras, hay un impacto directo en el capital económico y en la pérdida de rentabilidad. La liberación de capital económico, como se plantea en la presente investigación, permitirá financiar más proyectos de infraestructuras y de energía, lo que repercutirá en un mayor crecimiento económico y creación de empleo. La principal contribución de este trabajo es promover la gestión activa del capital económico en la financiación de infraestructuras y de proyectos energéticos, a través de estructuras innovadoras de risk-sharing con IFMs y de creación de valor económico en los bancos comerciales, lo que mejoraría su eficiencia y capitalización. La aportación metodológica del trabajo se convierte por su originalidad en una contribución, que sugiere y facilita nuevas líneas de investigación académica en las principales variables del riesgo de crédito que afectan al capital económico en la financiación de proyectos.

Analysis of the operating efficiency of mobile operators during the 2002 to 2008 period

This article aims to quantify the efficiency of mobile operators in Spain and other European countries such as France and Germany. The period considered is from 2002 to 2008. Linear regression is used to analyze the relationship between growth in revenue and gross operating margin (EBITDA) generated by the relevant operators and the aggregate industry in each country. At the industry level, it is shown that (i) there is a strong correlation between revenue and margin; and (ii) this correlation weakens when competitive intensity grows. At the operator level, those which achieved larger increases in revenues did not sacrifice their margins, but offset the additional investments and costs required to achieve said growth through economies of scale.

Efficiency analysis of information technology and online social networks management : an integrated DEA-Model assessment

This paper analyses the relationship between productive efficiency and online-social-networks (OSN) in Spanish telecommunications firms. A data-envelopment-analysis (DEA) is used and several indicators of business ?social Media? activities are incorporated. A super-efficiency analysis and bootstrapping techniques are performed to increase the model?s robustness and accuracy. Then, a logistic regression model is applied to characterise factors and drivers of good performance in OSN. Results reveal the company?s ability to absorb and utilise OSNs as a key factor in improving the productive efficiency. This paper presents a model for assessing the strategic performance of the presence and activity in OSN.

Proliferation of multipotent hematopoietic cells controlled by a truncated erythropoietin receptor transgene.

The long-term efficacy of gene therapy using bone marrow transplantation requires the engraftment of genetically altered totipotent hematopoietic stem cells (THSCs). Ex vivo expansion of corrected THSCs is one way to increase the efficiency of the procedure. Similarly, selective in vivo expansion of the therapeutic THSCs rather than the endogenous THSCs could favor the transplant. To test whether a conferred proliferative advantage gene can facilitate the in vitro and in vivo expansion of hematopoietic stem cells, we have generated transgenic mice expressing a truncated receptor for the growth factor erythropoietin. These mice are phenotypically normal, but when treated in vivo with exogenous erythropoietin they exhibit a marked increase in multipotent, clonogenic hematopoietic cells [colony-forming units in the spleen (CFU-S) and CFUs that give rise to granulocytes, erythroid cells, macrophages, and megakaryocytes within the same colony (CFU-GEMM)] in comparison with the wild-type mice. In addition, long-term in vitro culture of tEpoR transgenic bone marrow in the presence of erythropoietin induces exponential expansion of trilineage hematopoietic stem cells not seen with wild-type bone marrow. Thus, the truncated erythropoietin receptor gene shows promise as a means for obtaining cytokine-inducible hematopoietic stem cell proliferation to facilitate the direct targeting of THSCs and to provide a competitive repopulation advantage for transplanted therapeutic stem cells.

Smoothed bootstrap Malmquist index based on DEA model to compute productivity of tax offices

This paper analyses the productivity growth of the SUMA tax offices located in Spain evolved between 2004 and 2006 by using Malmquist Index based on Data Envelopment Analysis (DEA) models. It goes a step forward by smoothed bootstrap procedure which improves the quality of the results by generalising the samples, so that the conclusions obtained from them can be applied in order to increase productivity levels. Additionally, the productivity effect is divided into two different components, efficiency and technological change, with the objective of helping to clarify the role played by either the managers or the level of technology in the final performance figures.

The German Constitutional Court’s decision about the European Central Bank’s OMT [Outright Monetary Transactions] mechanism: A masterpiece of judicial arrogance. European Policy Briefs No. 30, April 2014

The German Constitutional Court (BVG) recently referred different questions to the European Court of Justice for a preliminary ruling. They concern the legality of the European Central Bank’s Outright Monetary Transaction mechanism created in 2012. Simultaneously, the German Court has threatened to disrupt the implementation of OTM in Germany if its very restrictive analysis is not validated by the European Court of Justice. This raises fundamental questions about the future efficiency of the ECB’s monetary policy, the damage to the independence of the ECB, the balance of power between judges and political organs in charge of economic policy, in Germany and in Europe, and finally the relationship between the BVG and other national or European courts.

Deposit ceilings and the efficiency of financial intermediation : an invited working paper /

"August 1979."

[Reorganization and consolidation of the Illinois Dept. of Insurance, Illinois Office of Banks and Real Estate, Illinois Dept. of Professional Regulation, and the Illinois Dept. of Financial Institutions into the Illinois Dept. of Financial and Professional Regulation]

As part of the Governor's effort to streamline State government through improvements in the efficiency and effectiveness of operations, Executive Order 2004-06 ("EO6") provided for the reorganization (consolidation) of the Department of Insurance, Office of Banks and Real Estate, Department of Professional Regulation and Department of Financial Institutions. Through EO6 the four predecessor Agencies were abolished and a single new agency, The Department of Financial and Professional Regulation (hereafter referred to as "IDFPR") was created. The purpose of the consolidation of the four regulatory agencies was to allow for certain economies of scale to be realized primarily within the executive management and administrative functions. Additionally, the consolidation would increases the effectiveness of operations through the integration of certain duplicative functions within the four predecessor agencies without the denegration of the frontline functions. Beginning on or about July 1, 2004, the IDFPR began consolidation activities focusing primarily on the administrative functions of Executive Management, Fiscal and Accounting, General Counsel, Human Resources, Information Technology and Other Administrative Services. The underlying premise of the reorganization was that all improvements could be accomplished without the denegration of the frontline functions of the predecessor agencies. Accordingly, all powers, duties, rights, responsibilities and functions of the predecessor agencies migrated to IDFPR and the reorganization activities commenced July 1, 2004.

Forecasting with serially correlated regression models

In this article we investigate the asymptotic and finite-sample properties of predictors of regression models with autocorrelated errors. We prove new theorems associated with the predictive efficiency of generalized least squares (GLS) and incorrectly structured GLS predictors. We also establish the form associated with their predictive mean squared errors as well as the magnitude of these errors relative to each other and to those generated from the ordinary least squares (OLS) predictor. A large simulation study is used to evaluate the finite-sample performance of forecasts generated from models using different corrections for the serial correlation.

Improving the efficiency of wildlife monitoring by estimating detectability: a case study of foxes (Vulpes vulpes) on the Eyre Peninsula, South Australia

Demonstrating the existence of trends in monitoring data is of increasing practical importance to conservation managers wishing to preserve threatened species or reduce the impact of pest species. However, the ability to do so can be compromised if the species in question has low detectability and the true occupancy level or abundance of the species is thus obscured. Zero-inflated models that explicitly model detectability improve the ability to make sound ecological inference in such situations. In this paper we apply an occupancy model including detectability to data from the initial stages of a fox-monitoring program on the Eyre Peninsula, South Australia. We find that detectability is extremely low (< 18%) and varies according to season and the presence or absence of roadside vegetation. We show that simple methods of using monitoring data to inform management, such as plotting the raw data or performing logistic regression, fail to accurately diagnose either the status of the fox population or its trajectory over time. We use the results of the detectability model to consider how future monitoring could be redesigned to achieve efficiency gains. A wide range of monitoring programs could benefit from similar analyses, as part of an active adaptive approach to improving monitoring and management.

Optimal crossover designs for logistic regression models in pharmacodynamics

Pharmacodynamics (PD) is the study of the biochemical and physiological effects of drugs. The construction of optimal designs for dose-ranging trials with multiple periods is considered in this paper, where the outcome of the trial (the effect of the drug) is considered to be a binary response: the success or failure of a drug to bring about a particular change in the subject after a given amount of time. The carryover effect of each dose from one period to the next is assumed to be proportional to the direct effect. It is shown for a logistic regression model that the efficiency of optimal parallel (single-period) or crossover (two-period) design is substantially greater than a balanced design. The optimal designs are also shown to be robust to misspecification of the value of the parameters. Finally, the parallel and crossover designs are combined to provide the experimenter with greater flexibility.