Cyclicality of SME Lending and Government Involvement in Banks

Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan maturity, funding structure, liquidity, profitability, and credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit maximization and a sustainable provision of financial services to local customers. We find that banks with a public mandate are 25 percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks with high liquidity and stable deposit funding. Our findings have implications for the banking structure, financial stability and the finance-growth nexus in a local context.

Cyclicality of SME lending and government involvement in banks

Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan maturity, funding structure, liquidity, profitability, and credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit maximization and a sustainable provision of financial services to local customers. We find that banks with a public mandate are 25 percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks with high liquidity and stable deposit funding. Our findings have implications for the banking structure, financial stability and the finance-growth nexus in a local context.

Why banks want to be complex

We investigate whether and how bank complexity affects performance and systemic risk. We base the analysis on a complexity measure that captures diversification and diversity, controlling for size and other bank characteristics. We find that more complex banks exhibit a higher profitability, lower risk, and higher market share. Moreover, we show an inversely U-shaped relation between bank complexity and banks’ sensitivity to systemic shocks. The evidence challenges the view that higher bank complexity is per se bad and is consistent with theoretical models that show that diversity in the banking system is critical for financial stability.

Why join a carbon club?: a study of the banks participating in the Brazilian “Business for Climate Platform”

Why do firms that present low levels of (direct) carbon emissions participate in “carbon clubs”, which have the goal of managing and reducing greenhouse gas (GHG) emissions? In order to answer this question, we collected data from both primary and secondary sources from firms operating in the Brazilian banking sector, which are members of the Businesses for Climate Platform (Plataforma Empresas pelo Clima e EPC). We first looked for answers in the institutional theory and resource based view of the firm (RBV). By confronting the arguments presented by these streams of scientific enquiry with empirical data, we worked on theory testing. In particular, we analyzed the institutional pressures and resources and capabilities of the focus companies, in order to understand the rationales for proactive sustainability management. We found evidences of the arguments presented by both the institutional theory and the RBV. By studying an industry that is not a frequent subject to research on socio-environmental issues e for not being considered of high impact e in an emerging market economy, the research contributes to both the further development of the institutional theory and the advancement of sustainability management in corporations.

Biological aspects of the immature stages of Ceraeochrysa everes (Banks) (Neuroptera: Chrysopidae)

Para o estabelecimento de um programa de controle biológico, o conhecimento de alguns aspectos biológicos e de comportamento dos inimigos naturais é de extrema importância. Os aspectos biológicos do desenvolvimento larval e pupal do predador Ceraeochrysa everes (Banks) foram estudados. Larvas oriundas de adultos da geração F1 foram mantidas em laboratório a 25 ± 21°C, 70 ± 10 % UR e fotofase 14 horas, sendo alimentadas com ovos de Sitotroga cerealella (Olivier). A duração e viabilidade do período embrionário, estágios imaturos de desenvolvimento e o período de ovo a adulto foram avaliados. O período embrionário foi em média de 5,0 dias, enquanto que as durações médias para o primeiro, segundo e terceiro instares foram de 5,1 ± 0,03; 4,3 ± 0,05 e 4,5 ± 0,05 dias, respectivamente, com viabilidade superior a 90 %. Os estágios larval, pré-pupal e pupal apresentaram duração média de 13,9 ± 0,07; 5,7 ± 0,07 e 9,6 ± 0,12 dias, respectivamente. A duração do ciclo biológico foi de 34 ± 0,11 dias em média. Ovos de S. cerelella não foram adequados para a manutenção de C. everes em laboratório, por interferir no desenvolvimento do predador.

On fuzzy ideals and fuzzy filters of fuzzy lattices

In the literature there are several proposals of fuzzi cation of lattices and ideals concepts. Chon in (Korean J. Math 17 (2009), No. 4, 361-374), using the notion of fuzzy order relation de ned by Zadeh, introduced a new notion of fuzzy lattice and studied the level sets of fuzzy lattices, but did not de ne a notion of fuzzy ideals for this type of fuzzy lattice. In this thesis, using the fuzzy lattices de ned by Chon, we de ne fuzzy homomorphism between fuzzy lattices, the operations of product, collapsed sum, lifting, opposite, interval and intuitionistic on bounded fuzzy lattices. They are conceived as extensions of their analogous operations on the classical theory by using this de nition of fuzzy lattices and introduce new results from these operators. In addition, we de ne ideals and lters of fuzzy lattices and concepts in the same way as in their characterization in terms of level and support sets. One of the results found here is the connection among ideals, supports and level sets. The reader will also nd the de nition of some kinds of ideals and lters as well as some results with respect to the intersection among their families. Moreover, we introduce a new notion of fuzzy ideals and fuzzy lters for fuzzy lattices de ned by Chon. We de ne types of fuzzy ideals and fuzzy lters that generalize usual types of ideals and lters of lattices, such as principal ideals, proper ideals, prime ideals and maximal ideals. The main idea is verifying that analogous properties in the classical theory on lattices are maintained in this new theory of fuzzy ideals. We also de ne, a fuzzy homomorphism h from fuzzy lattices L and M and prove some results involving fuzzy homomorphism and fuzzy ideals as if h is a fuzzy monomorphism and the fuzzy image of a fuzzy set ~h(I) is a fuzzy ideal, then I is a fuzzy ideal. Similarly, we prove for proper, prime and maximal fuzzy ideals. Finally, we prove that h is a fuzzy homomorphism from fuzzy lattices L into M if the inverse image of all principal fuzzy ideals of M is a fuzzy ideal of L. Lastly, we introduce the notion of -ideals and - lters of fuzzy lattices and characterize it by using its support and its level set. Moreover, we prove some similar properties in the classical theory of - ideals and - lters, such as, the class of -ideals and - lters are closed under intersection. We also de ne fuzzy -ideals of fuzzy lattices, some properties analogous to the classical theory are also proved and characterize a fuzzy -ideal on operation of product between bounded fuzzy lattices L and M and prove some results.

Psychotria hoffmansegiana (Willd ex Roem. & Schult.) Mull. Arg. and Palicourea marcagravii st. Hil. (Rubiaceae): potential for forming soil seed banks in a brazilian Cerrado

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Biologia de Polyphagotarsonemus latus (Banks) (Acari: Tarsonemidae) em limão siciliano (Citrus limon Burm)

No estudo da biologia de Polyphagotarsonemus latus em limão Siciliano, foram utilizados potes plásticos circulares com capacidade de 250 ml, contendo areia esterilizada como suporte para dois frutos novos com aproximadamente 2,0 cm de diâmetro. O ensaio foi conduzido a 27,1 ± 0,5°C, umidade relativa de 67,6 ± 1,3% e fotofase contínua. O período de ovo a adulto durou 3,7 ± 0,1 dias para fêmeas e 3,6 ± 0,1 dias para machos, com sobrevivência de 100%. Após um período de pré-oviposição de 1,0 ± 0,2 dias, as fêmeas depositaram 5,6 ± 0,5 ovos por dia durante 10,5 ± 0,9 dias, totalizando 58,9 ± 6,7 ovos por fêmea. A longevidade foi de 13,4 ± 1,0 dias para fêmeas e 12,0 ± 2,4 dias para machos. A razão intrínseca de aumento (rm) foi de 0,359, a razão finita de aumento (l) de 1,43 indivíduos por fêmea por dia, o tempo médio de uma geração (T) de 10,34 dias e a taxa líquida de reprodução (Ro) de 41,0.

A tunable triode-MOSFET transconductor and its application to g(m)-C filters

A linear, tunable CMOS transconductance stage is introduced. Drain voltage of the input transistor operating in triode region is settled by a regulation loop and a first-order linear relationship between g(m) and a de bias voltage is achieved. In addition to easy tuning, this technique offers circuit simplicity, wide dynamic range, high input and output impedances and low consumption. The transconductor is presented on both single-ended and fully-differential versions. A 3rd-order elliptical low-pass g(m)-C filter with a nominal roll-off frequency of 2MHz is used as one example for the many applications of the proposed transconductor. SPICE data describe circuits performances and filter tunabilily Passband is tuned at a rate of 2.36KHz/mV and good linearity is indicated by a 0.89% THD for an 800mV(p-p) balanced-driven input.

Measurements of ambient ozone using indigo blue-coated filters

Ozone monitoring techniques utilize expensive instruments that are often large and heavy. These instruments are not easy to handle in the field, and their size also limits some sampling schemes, principally for indoor ozone determination. We have developed a lightweight, inexpensive, and sensitive method that offers flexibility to undertake measurements of ambient ozone in many environments, both indoor and outdoor. The method is based on the reaction of ozone with indigo blue dye. The indigo molecule contains 1 carbon double bond (C = C) that reacts with ozone and results in nearly colorless reaction products. During sample collection, 2 cellulose filters coated with 40 mu L of 1.0 x 10(-3) M indigo blue were used. The determinations were done spectrophotometrically at 250 and 600 nm. The analytical parameters studied were sampling time and flow rate. Analytical curves were constructed with concentrations ranging from 37 to 123 parts per billion by volume (ppbv) of standard ozone, at 0.4 L/min and 15 min sampling time. The detection limits achieved were 6 and 9 ppbv, respectively, at 250 and 600 nm. Considering interferences, measurements made at 250 nm gave more reliable and specific values for ozone.

Efficiency of geotextile filters in dewatering wastes (sludge) from water treatment works

This paper evaluates the efficiency of geotextile filters for sludge from a compact water treatment plant (WTP). The key aspects required in the methodology of selection and designing geotextile filters for sludge from dewatering was investigated based on laboratory tests results. The analyses were supported by the measured filtrated volume of water and turbidity resulting from variable head permeability tests carried out in two geotextiles and using the conventional granular filter (sand and gravel). The results of the present study showed that more than 75% of the dewatering sludge can be filtrated with low turbidity, which permits that this water can return to the treatment plan in order to be reuse in another cycle. The reduced volume of sludge retained by the geotextile that is transferred to the drying pound increases its efficiency by reducing the drying time. The low volume of the dry waste can be removed and the geotextile can be easily cleaned or replaced when needed. These procedures significantly reduce the volume of water needed in dewatering and also avoids waste discharges in the environment.

On designing linear tunable high-Q OTA-C filters with low sensitivity

This paper discusses a design approach for a high-Q low-sensitivity OTA-C biquad bandpass section. An optimal relationship is established between transconductances defining the differencebeta - gamma in the Q-factor denominator, setting the Q-sensitivity to tuning voltages around unity. A 30-MHz filter was designed based on a 0.35 mum CMOS process and V-DD=3.3 V. A range of circuit simulation supports the theoretical analysis. Q-factor spans from 20.5 to 60, while ensuring filter stability along the tuning range. Although a triode-operating OTA is used, the procedure can be extended to other types of transconductor.

A linearly tunable low-voltage CMOS transconductor with improved common-mode stability and its application to (gm)-C filters

A linearly tunable low-voltage CMOS transconductor featuring a new adaptative-bias mechanism that considerably improves the stability of the processed-signal common,mode voltage over the tuning range, critical for very-low voltage applications, is introduced. It embeds a feedback loop that holds input devices on triode region while boosting the output resistance. Analysis of the integrator frequency response gives an insight into the location of secondary poles and zeros as function of design parameters. A third-order low-pass Cauer filter employing the proposed transconductor was designed and integrated on a 0.8-mum n-well CMOS standard process. For a 1.8-V supply, filter characterization revealed f(p) = 0.93 MHz, f(s) = 1.82 MHz, A(min) = 44.08, dB, and A(max) = 0.64 dB at nominal tuning. Mined by a de voltage V-TUNE, the filter bandwidth was linearly adjusted at a rate of 11.48 kHz/mV over nearly one frequency decade. A maximum 13-mV deviation on the common-mode voltage at the filter output was measured over the interval 25 mV less than or equal to V-TUNE less than or equal to 200 mV. For V-out = 300 mV(pp) and V-TUNE = 100 mV, THD was -55.4 dB. Noise spectral density was 0.84 muV/Hz(1/2) @1 kHz and S/N = 41 dB @ V-out = 300 mV(pp) and 1-MHz bandwidth. Idle power consumption was 1.73 mW @V-TUNE = 100 mV. A tradeoff between dynamic range, bandwidth, power consumption, and chip area has then been achieved.