Corporate Governance in European Banks: Essays on Bank Ownership

Banks are important as they have a central role in the financial system, where funds are channelled either through financial intermediaries, such as banks, or through financial markets, hence promoting growth in any economy. Recently, we have been reminded of the drawbacks of the central role of banks. The current financial crisis, which started out as a sub-prime mortgage crisis in the US, has become a global financial crisis with substantial impact on the real economy in many countries. Some of the roots to the current financial crisis can be sought in the changing role of banks and in bank corporate governance. Moreover, the substantial revitalising measures taken have been justified by the central role of banks. Not only are banks important, they are also very special. The fact that banks are regulated in conjunction with greater opacity, make bank corporate governance different from corporate governance in non-bank companies. Surprisingly little is, however, known about bank corporate governance, in particularly, in a European setting. Hence, the objective of this doctoral thesis is to provide new insights in this research area by examining banks from 37 different European countries. Each of the three essays included in the doctoral thesis examines a particular aspect of bank corporate governance. In the first essay the interaction between the regulatory environment a bank operates in and its ownership structure is explored. Indicators of the severity of the moral hazard problem induced by the deposit insurance system and implicit too-big-to-fail government guarantee, particular features of deposit insurance systems as well as legal protection of shareholders, legal origin of a country and level of integration to the European community are used in the analysis. The empirical findings confirm previous findings on the link between legal protection of shareholders and ownership structure. Moreover, they show that differences in deposit insurance system features can explain some of the differences in ownership structure across European banks. In the second essay the impact of management and board ownership on the profitability of banks with different strategy is examined. The empirical findings suggest that the efficiency of these two particular corporate governance mechanisms varies with the characteristics of the agency problem faced by the bank. More specifically, management ownership is important in opaque non-traditional banks, whereas board ownership is important in traditional banks, where deposit insurance reduces the monitoring incentives of outsiders. The higher profitability does, however, go together with higher risk. In the third essay the profitability and risk of commercial, savings and cooperative banks are compared. The empirical findings suggest that distinct operational and ownership characteristics rather than only the mere fact that a bank is a commercial, savings or cooperative bank explain the profitability and risk differences. The main insight from the three essays is that a number of different aspects should be addressed simultaneously in order to give the complexity of bank corporate governance justice.

Language independent automated segmentation of speech using Bach scale filter-banks

This correspondence describes a method for automated segmentation of speech. The method proposed in this paper uses a specially designed filter-bank called Bach filter-bank which makes use of 'music' related perception criteria. The speech signal is treated as continuously time varying signal as against a short time stationary model. A comparative study has been made of the performances using Mel, Bark and Bach scale filter banks. The preliminary results show up to 80 % matches within 20 ms of the manually segmented data, without any information of the content of the text and without any language dependence. The Bach filters are seen to marginally outperform the other filters.

Evaluación de cinco tratamientos para el manejo del ácaro (Polyphagotarsonemus latus, banks) en el cultivo de chiltoma (Capsicum annum, L.)

Este ensayo se estableció en la localidad de Surco Muerto, Municipio de Sebaco, Departamento de Matagalpa, en la época de postrera (Junio-Octubre) del 2003. El presente trabajo se realizó con el objetivo de identificar el efecto de cinco tratamientos para manejo del acaro (Polyphagotarsonemus latus, Banks) en el cultivo de chiltoma (Capsicum annum,L.). Los tratamientos evaluados fueron: Diazinon, Caldo Sulfocálcico A, Caldo sulfocálcico B, Cobre Penta hidratado y un testigo sin aplicación. El genotipo evaluado corresponde a la variedad criolla tres cantos liberada por el INTA Centro Norte. Se utilizó un diseño de bloques completos al azar, el cual estuvo constituido por cinco tratamientos y cuatro bloques. Al realizar el análisis estadístico de los datos ANDEVA, no se registraron diferencias estadísticas entre los tratamientos, el compuesto Caldo Sulfocálcico B mostró el menor número de ácaros por hojas a los 33, 43 y 47 días después del transplante. En la variable de altura a los 65 días después del transplante, las plantas tratadas con Caldo Sulfocálcico B presentaron el mayor promedio. Para rendimiento el mayor promedio lo mostró el tratamiento Caldo Sulfocálcico A, seguido por el tratamiento Diazinon, aunque no se encontró diferencias significativa entre los tratamientos. En cuanto al análisis económico que es preponderante en este trabajo se ha demostrado que el tratamiento con Caldo sulfocálcico A resultó ser él más rentable presentando una tasa de retorno marginal del 18.84%.

Evaluación de cinco productos botánicos para el manejo del ácaro blanco (Polyphagotarsonemus latus, Banks.)en chiltoma (Capsicum annuum L.), en Tisma Masaya

Con el objetivo de evaluar cinco productos botánicos para el manejo del ácaro blanco de la chiltoma, se realizó un estudio en el Municipio de Tisma, Masaya en el período comprendido de Septiembre a Noviembre del año 2014. Las alternativas evaluadas fueron: Eucalipto, Neem, Crisantemo, Madero Negro y Chile+Ajo+Jabón en comparación con el testigo que fue solamente aplicación de agua. Las variables evaluadas fueron: Número de ácaro blanco por planta, porcentaje de severidad del daño de ácaro blanco por planta, número de mosca blanca, Halticus, Diabrótica y Minador por planta, y numero de hormigas y arañas por planta, además de algunas variables económicas como el rendimiento en kg/ha por tratamiento evaluado, análisis de presupuesto parcial, análisis de dominancia y tasa de retorno marginal mediante la metodología CIMMYT. Los resultados obtenidos en el estudio determinan que los tratamientos Madero Negro y Chile+Ajo+Jabón fueron los que presentaron el mejor efecto de control del ácaro blanco, el tratamiento madero negro presentó el mejor control de Mosca Blanca, Halticus, Minador de la hoja y Diabrótica, los tratamientos que tuvieron el menor efecto sobre los organismos benéficos fueron Neem, Eucalipto y Chile+Ajo+Jabón , los mejores rendimientos comerciales lo obtuvieron los tratamientos madero negro y Chile+Ajo+Jabón, las mejores tasas de retorno marginal fueron obtenidas en los tratamientos madero negro seguido del Chile+Ajo+Jabón.

Ocurrencia poblacional del ácaro blanco (Polyphagotarsonemus latus, Banks) (Acarina: Tarsonemidae) y otros artrópodos plagas y benéficos en chiltoma (Capsicum annuum L.) en policultivo y monocultivo en Tisma, Masaya, Septiembre - Noiembre, 2014

El estudio se realizó en el municipio Tisma, Masaya en la finca “El Cha güit e” en los meses de Septiembre a Noviembre del 2014 , con el objetivo de estudiar el efecto de dos sistemas de siembra , monocultivo y policultivo, sobre la o currencia poblacional de artrópodos plagas y benéficos y severidad del ataque de l á caro blanco en el cultivo de c hiltoma . Para el desarrollo de la investigación se estableciero n cuatro parcelas, una con el arreglo en poli cultivos de chiltoma, maíz, tomate , y uca y quequisque; y los restantes se establecieron con monocultivo de chiltom a, maíz y tomate . Las variab les evaluadas semanalmente fuero n la o currencia poblacional de artrópodos plagas y benéficos , o currencia y se veridad del ácaro blanco y el rendimiento obteni do en los cultivos de chiltoma, maíz y tomate para el análisis del uso equivalente de la tierra ( LER ) . Los datos obtenidos se analizaro n a través de medias, error estándar de la media, análisis de varianza y separación de medias por Tukey a un nivel de con fianza del 95%, utilizando el programa InfoStat versión 2015 . El sistema de siembra policultivo presentó menor o currencia de plagas (0.95 individuos por planta) , menor densi d ad poblacional de ácaro blanco (1.77 individuos por planta) , menor severi dad en el ataque de ácaro blanco (74.33%) , mayor densidad poblacional de artrópodos benéfico s (0.06 individuos por planta) y un mejor aprovechamient o de la tierra por unidad de área

Flower Garden Banks National Marine Sanctuary: A rapid assessment of coral, fish, and algae using the AGRRA Protocol

The Flower Garden Banks are topographic features on the edge of the continental shelf in the northwest Gulf of Mexico. These banks are approximately 175 km southeast of Galveston, Texas at 28° north latitude and support the northernmost coral reefs on the North American continental shelf. The East and West Flower Garden Banks (EFG and WFG) and Stetson Bank, a smaller sandstone bank approximately 110 km offshore, are managed and protected as the Flower Garden Banks National Marine Sanctuary (FGBNMS). As part of a region-wide initiative to assess coral reef condition, the benthic and fish communities of the EFG and WFG were assessed using the Atlantic and Gulf Rapid Reef Assessment (AGRRA) protocol. The AGRRA survey was conducted during a week-long cruise in August 1999 that was jointly sponsored by the FGBNMS and the Reef Environmental Education Foundation (REEF). A total of 25 coral transects, 132 algal quadrats, 24 fish transects, and 26 Roving Diver (REEF) surveys were conducted. These surveys revealed reefs with high coral cover, dominated by large, healthy corals, little macroalgae, and healthy fish populations. The percent live coral cover was 53.9 and 48.8 at the WFG and EFG, respectively, and the average colony diameter was 93 and 81 cm. Fish diversity was lower than most Caribbean reefs, but large abundances and size of many species reflected the low fishing pressure on the banks. The benthic and fish assemblages at the EFG and WFG were similar. Due to its near pristine conditions, the FGB data will prove to be a valuable component in the AGRRA database and its resulting scale of reef condition for the region. (PDF contains 22 pages.)

Deep reef fish surveys by submersible on Alderdice, McGrail, and Sonnier Banks in the Northwestern Gulf of Mexico

Submersible surveys at numerous reefs and banks in the northwestern Gulf of Mexico (NWGOM) were conducted as part of the Sustainable Seas Expedition (SSE) during July/August 2002 to identify reef fish communities, characterize benthic habitats, and identify deep coral reef ecosystems. To identify the spatial extent of hard bottom reef communities, the Flower Garden Banks National Marine Sanctuary (FGBNMS) and the U.S. Geological Survey (USGS) mapped approximately 2000 km2 of the Northwestern Gulf of Mexico (NWGOM) continental shelf during June 2002 with high-resolution multibeam bathymetry. Previous investigations conducted on the features of interest (with the exceptions of East and West Flower Garden and Sonnier Banks, accessible by SCUBA) had not been conducted since the 1970s and 1980s, and did not have the use of high-resolution maps to target survey sites. The base maps were instrumental in navigating submersibles to specific features at each study site during the Sustainable Seas Expedition (SSE)—a submersible effort culminating from a partnership between the National Atmospheric and Oceanic Administration (NOAA) and the National Geographic Society (NGS). We report the initial findings of our submersible surveys, including habitat and reef fish diversity at McGrail, Alderdice, and Sonnier Banks. A total of 120 species and 40,724 individuals were identified from video surveys at the three banks. Planktivorous fishes constituted over 87% by number for the three banks, ranging from 81.4% at Sonnier Banks to 94.3% at Alderdice Bank, indicating a direct link to pelagic prey communities, particularly in the deep reef zones. High numbers of groupers, snappers, jacks, and other fishery species were observed on all three features. These sites were nominated as Habitat Areas of Particular Concern (HAPC) by the Gulf of Mexico Fishery Council in March 2004. Data obtained during this project will contribute to benthic habitat characterization and assessment of the associated fish communities through future SCUBA, ROV, and submersible missions, and allow comparisons to other deep reef ecosystems found throughout the Gulf of Mexico and western Atlantic Ocean.

Competitive issue of money & abolition of central banks

The aim of this work is to analyze the main characteristics of the current financial system and to investigate the arising of critical voices with respect this system. In particular, we analyze some historical facts that have been important in the creation of this financial order. We analyze the new digital currency, known as Bitcoin, as the basic ingredient in the formation of a new alternative and decentralized international financial system. In 10 years Bitcoin has expanded its influence to many economic activities. We also analyzed briefly the classic liberal theory that criticizes the intervention of governments in the markets. Finally, we consider relevant the arising of a group of countries (BRICS) that may challenge the current system where the position of USA is privileged.

Benthic invertebrates that form habitat on deep banks off southern California, with special reference to deep sea coral

There is increasing interest in the potential impacts that fishing activities have on megafaunal benthic invertebrates occurring in continental shelf and slope ecosystems. We examined how the structure, size, and high-density aggregations of invertebrates provided structural relief for fishes in continental shelf and slope ecosystems off southern California. We made 112 dives in a submersible at 32−320 m water depth, surveying a variety of habitats from high-relief rock to flat sand and mud. Using quantitative video transect methods, we made 12,360 observations of 15 structure-form-ing invertebrate taxa and 521,898 individuals. We estimated size and incidence of epizoic animals on 9105 sponges, black corals, and gorgonians. Size variation among structure-form-ing invertebrates was significant and 90% of the individuals were <0.5 m high. Less than 1% of the observations of organisms actually sheltering in or located on invertebrates involved fishes. From the analysis of spatial associations between fishes and large invertebrates, six of 108 fish species were found more often adjacent to invertebrate colonies than the number of fish predicted by the fish-density data from transects. This finding indicates that there may be spatial associations that do not necessarily include physical contact with the sponges and corals. However, the median distances between these six fish species and the invertebrates were not particularly small (1.0−5.5 m). Thus, it is likely that these fishes and invertebrates are present together in the same habitats but that there is not necessarily a functional relationship between these groups of organisms. Regardless of their associations with fishes, these invertebrates provide structure and diversity for continental shelf ecosystems off southern California and certainly deserve the attention of scientists undertaking future conservation efforts.