Growth and seasonal recruitment of Octopus maya on Campeche Bank, Mexico

A study of growth and seasonal recruitment of the cephalopod Octopus maya on Campeche Bank, Mexico, was conducted, based on catch at size data sampled from 1983 to 1988. The parameters of a seasonally oscillating version of the von Bertalanffy growth function and total mortality estimates were obtained via the ELEFAN software. It was found that when recruitment occurs early in the year, the growth curve of the next year does not display seasonal oscillations, and conversely. Total mortality estimates ranged from Z = 2.6 to Z = 6.3/year.

Wadge Bank trawl fishery studies. Pt. 4. An analysis of the length frequency measurements of the sea bream (Lethrinus nebulosus) made in 1949 and 1953 to 1958

Length frequency distributions of the sea bream collected during the period 1953 to 1958 have been analysed. The increase in average sizes of the sea bream with depth suggests a movement to deeper waters with increase in size. By numbers, the sea bream is more abundant between 21 and 30 fathoms than in deeper areas. The recruitment was continuous and regular. There is no sign of entry or progression of a dominant brood throughout the period under study. Length frequency distribution shows three distinct modes. The first mode occurs regularly but does not progress beyond 40cm, recruitment being balanced by natural and fishing mortality. The other two which are not regular are probably the result of fishing outside regular areas. Short sections of “growth” lines which fit into one another when extrapolated, are evident. The larger lines obtained by extrapolation are parallel to one another. These tentative "growth lines" indicate that this species which enters the fishing grounds, when 15 cm or larger in length are exploited by the trawl fishery for a period of three to four years. This species appears to be six months old when it enters the fishing grounds and increases in length by about 37.5 cm in the next 30 months. Later growth slows down. The average size of the specimens sampled continued to get smaller from 1953 till 1957. It is shown that this reduction in size is due to increased fishing effort.

Reproduction, age and growth of the Indian mackerel, Rastrelliger kanagurta (Cuvier, 1816) from Sofala Bank, Mozambique

A compilation of all the available information on the main small pelagic fish resources of Mozambican waters is presented. Resource data on distribution areas, reproduction, age, growth and stock size are described. Actual catch and catch per unit of effort of the commercially exploited stocks are also given. Results of the preliminary assessment of the stocks of scad and mackerel and the problems involving the assessment of Kelee shad stock at Maputo Bay are discussed.

Reproduction, age and growth of the Russell's scad, Decapterus russellii (Rüppel, 1828)(Carangidae) from Sofala Bank, Mozambique

Age, growth and reproduction of D. russellii were studied. Most of the material used was caught by the commercial fishing fleet, operating in the Sofala Bank (Mozambique) area. A total of 68,000 fish were examined during the period 1979-1981. There were 2 main spawning periods each year, one in February-March and another in August-September. The sex ratio was about 1:1. Ageing was carried out using primary growth rings in the otoliths and analysis of size-frequency distributions. The parameters of the von Bertalanffy's growth equation were determined. Males and females grew at the same rate.

A preliminary assessment of the scad and mackerel stocks at Sofala Bank, Mozambique

Scads (Decapterus russellii, D. macrosoma, Selar crumenophthalmus), Indian mackerel (Rastrelliger kanagurta) and horse mackerel (Trachurus trachurus) are the main pelagic species caught in a bottom trawl fishery at Sofala Bank and at Boa Paz. Information on catch and effort is presented together with available data on distribution, spawning, size at first maturity, growth, mortality and biomass of the species. As the present catch and fishing mortality are low compared to the estimates of biomass and total mortality it is concluded that the fishery may be expanded further in the future.

The role of deposit insurance and bank’s asset size in the 2008 financial crisis

In this paper we analyze the role of deposit insurance in providing the market with liquidity in times of financial turmoil. To do so, we look at the variation in insured and uninsured deposits between 2005Q3 and 2011Q3, controlling for liquidity, solvency and capital adequacy indicators, and find evidence that deposit insurance does provide some confidence in keeping funds in banks in times of turmoil. Additionally we follow an event study methodology to assess the impact of deposit insurance oriented policies on bank holding companies stock market returns, and find a TBTF effect.

Perspectives of Urban Growth Management and Sustainable Development In West Bank, Hebron District as a case Study

The main objective of this PhD research study is to provide a perspective on the urban growth management and sustainable development in Palestine, and more specifically in Hebron district as a case study. Hebron is located 36 km south of Jerusalem, with an overall population size of around 600,000 people living in a total area around1246km2. Hebron is the biggest Palestinian district that has 16 municipalities and 154 localities. The research discusses and analyzes the urban planning system, economical and environmental policies and the solution required to manage and integrate the development elements to develop a sustainable development plan for Hebron. The research provides answers for fundamental questions such as what kind and definition of sustainable development are applicable to the Palestinian case?. What are the sustainability problems there and how the Israeli occupation and unstable political condition affect the sustainable development in Palestine? What are the urban growth management and sustainability policies and actions required from government, public and privets sector in Palestine? The fast urban growth in Palestine is facing many problems and challenges due to the increase in the population size and the resulting impact of this increase including, but not limited to, the demand of new houses, need for more infrastructure services, demands on new industrial, commercial, educational and health projects, which in turn reduces the area of agricultural lands and threatens the natural resources and environment. There are also other associated sustainability problems like the absence of effective plans or regulations that control urban expansion, the absence of sufficient sustainable development plans at the national levels for the district, new job requirements, Israeli restrictions and occupation for more than 60 years, existence of construction factories near residential areas, poor public awareness and poor governmental funds for service projects and development plans. The study consists of nine chapters. Chapter One includes an introduction, study objectives, problems and justifications, while Chapter Two has a theoretical background on sustainability topic and definitions of sustainability. The Palestinian urban planning laws and local government systems are discussed in Chapter Three and the methodology of research is detailed in Chapter Four. As for Chapter Five, it provides a general background on Hebron District including demographical and economical profiles, along with recommendations related to sustainable development for each profile Chapter Six addresses the urban environment, sustainability priorities and policies required. Chapter Seven discusses and analyzes infrastructure services including transportation, water and wastewater. As for Chapter Eight, it addresses the land use, housing and urban expansion beside the cultural heritage, natural heritage with relevant sustainable development polices and recommendations. Finally, Chapter Nine includes a conclusion and comprehensive recommendations integrating all of urban and sustainability event in one map. Hebron has a deep history including a rich cultural heritage aged by thousands of years, with 47% of Hebron district population under 14 years old. Being the biggest Palestinian district, Hebron has thousands of industrial and economical organizations beside a large agricultural sector at Palestine level. This gives Hebron a potential to play major roles in developing a national sustainability plan, as the current urban planning system in Palestine needs urgent reform and development to fulfill the sustainability requirement. The municipalities and ministers should find permanent financial aid for urban planning and development studies so as to face future challenges. The Palestinian government can benefit from available local human resources in development projects; hence Palestinian people have sufficient qualifications in most sectors. The Palestinian people also can invest in the privet sector in Palestine in case businessmen have been encouraged and clear investment laws and plans have been developed. The study provides recommendations associated to the sustainable development in Palestine in general and Hebron, as a case study, in specific. Recommendations include increasing the privet sector as well as the public involvement in urban growth management, and stopping unplanned urban expansion, subjecting granting building permits of new projects to the no-harm environmental impact assessment, increasing the coordination and cooperation between localities and central bodies, protection and renovation of old cites and green areas, increasing the quality and quantity of infrastructure services, establishing district urban planning department to coordinate and organize urban planning and sustainable development activities. Also, among recommendations come dividing Hebron into three planning and administrative areas (north, central and south), and dividing the sustainable development and implementation period (2010 to 2025) into three main phases. Finally, the study strongly recommends benefiting from the same urban development plans in similar districts at national and international levels, also to use new technologies and information systems in urban planning process.

Corporate governance and bank performance: evidence from Bangladesh

This study investigates the relationship between the corporate governance structure and performance of listed banks in Bangladesh. We find that board independence and board size have a significant positive impact on performance. However, female directors appear to have no impact on performance. Our evidence indicates that the extent of the managerial ownership level has a significant negative impact on bank performance. These results suggest that better corporate governance mechanisms are imperative for every banking company and should be encouraged for the interest of the investors and other stakeholders.

Ownership structure, corporate governance and bank performance: Evidence from gcc countries

The paper examines the effect of ownership structure and board characteristics on bank performance of GCC counties. Evidence indicates that the extent of the foreign ownership level has a significant positive association with the bank performance. However, concentrated ownership does appear to have a significant negative impact on performance and institutional ownership does not have any significant effect on performance. Other governance variables such as CEO duality and board size appear insignificant impact on performance. These results suggest a need to strengthen the internal control mechanisms within banks of GCC countries.

Money with Bank Networks

Rio de Janeiro

Bank dividends and signaling to information-sensitive depositors

Esta tese investiga se a composição do endividamento dos bancos afeta sua política de dividendos. Identificou-se que investidores sensíveis a informações (investidores institucionais) são alvos de sinalização através de dividendos por parte dos bancos. Utilizando uma base de dados exclusiva de bancos brasileiros, foi possível identificar vários tipos de credores, especificamente, investidores institucionais, empresas não financeiras e pessoas físicas, que são alvos potenciais de sinalização por dividendos. Adicionalmente, a existência de vários bancos de capital fechado, controlados e geridos por um pequeno grupo de acionistas, em que a sinalização direcionada a acionistas é implausível, permite inferir que bancos que utilizam mais fundos de investidores sensíveis a informações (institucionais) pagam mais dividendos, controlando por diversas características. Durante a crise financeira, este comportamento foi ainda mais pronunciado. Esta relação reforça o papel dos dividendos como uma forma custosa e crível de comunicar sobre a qualidade dos ativos dos bancos. A hipótese de que os dividendos podem ser utilizados como uma forma de expropriação dos depositantes por parte dos acionistas é refutada, uma vez que, se fosse esse o caso, observar-se-ia esse maiores dividendos em bancos com depositantes menos sensíveis a informação. Além disso, foi verificada uma relação negativa entre o pagamento de dividendos e o custo de captação (juros pagos em certificados de depósito bancário) e uma relação positiva de dividendos com o tamanho e com os lucros passados, e que os bancos de capital fechado pagam mais dividendos do que os de capital aberto, uma descoberta que também se alinha com a ideia de que os depositantes seriam os alvos da sinalização por dividendos. Finalmente, encontrou-se também uma relação negativa entre dividendos e adequação de capital do bancos, o que indica que pressões regulatórias podem induzir os bancos a pagar menos dividendos e que o pagamento de dividendos é negativamente relacionado com o crescimento da carteira de crédito, o que é consistente com a ideia de que os bancos com maiores oportunidades de investimento retêm seus lucros para aumentar seu patrimônio líquido e sua capacidade de conceder crédito.

Central bank balance sheet concerns and credible optimal escape from the Liquidity trap

I show that when a central bank is financially independent from the treasury and has balance sheet concerns, an increase in the size or a change in the composition of the central bank's balance sheet (quantitative easing) can serve as a commitment device in a liquidity trap scenario. In particular, when the short-term interest rate is up against the zero lower bound, an open market operation by the central bank that involves purchases of long-term bonds can help mitigate the deation and a large negative output gap under a discretionary equilibrium. This is because such an open market operation provides an incentive to the central bank to keep interest rates low in future in order to avoid losses in its balance sheet.

Removal of clay by stingless bees: load size and moisture selection

Some organisms disperse energy, associated with the transportation of resource, which is not necessarily food. Stingless bees of Central Amazonia (Melipona flavolineata and M. lateralis) collect clay in banks along streams for nest building. The moisture of the clay varies along the bank, and bees collect clay from specific location, indicating that there is some sort of preference regarding their selection. This study aims at identifying: if larger bees carry more clay; if there is a preference for moisture of substrates; and if bees are less efficient accumulating and transporting clay when it is wet. In order to do so, I measured the size of the bees and of the pellets of clay found in the corbicula. I set up a field experiment to test substrate preferences. The amount of clay transported, increased exponentially in accordance to the size of the bee, and the preferred substrate was the driest clay. The amount and the efficiency of removal of clay were not affected by the moisture of the substrate. Despite the wet clay being denser, it does not reduce the efficiency of exploitation of the resource, but suggests that bees spend more energy to carry the same quantity of wet clay, which may be the underlying mechanism explaining their preference for removing drier clay.

Essays on Bank Risk

This PhD Thesis is composed of three chapters, each discussing a specific type of risk that banks face. The first chapter talks about Systemic Risk and how banks get exposed to it through the Interbank Funding Market. Exposures in the said market have Systemic Risk implications because the market creates linkages, where the failure of one party can affect the others in the market. By showing that CDS Spreads, as bank risk indicators, are positively related to their Net Interbank Funding Market Exposures, this chapter establishes the above Systemic Risk Implications of Interbank Funding. Meanwhile, the second chapter discusses how banks may handle Illiquidity Risk, defined as the possibility of having sudden funding needs. Illiquidity Risk is embodied in this chapter through Loan Commitments as they oblige banks to lend to its clients, up to a certain amount of funds at any time. This chapter points out that using Securitization as funding facility, could allow the banks to manage this Illiquidity Risk. To make this case, this chapter demonstrates empirically that banks having an increase in Loan Commitments, may experience an increase in risk profile but such can be offset by an accompanying increase in Securitization Activity. Lastly, the third chapter focuses on how banks manage Credit Risk also through Securitization. Securitization has a Credit Risk management property by allowing the offloading of risk. This chapter investigates how banks use such property by looking at the effect of securitization on the banks’ loan portfolios and overall risk and returns. The findings are that securitization is positively related to loan portfolio size and the portfolio share of risky loans, which translates to higher risk and returns. Thus, this chapter points out that Credit Risk management through Securitization may be have been done towards higher risk taking for high returns.

Validity of an automatic measure protocol in distal femur for allograft selection from a three-dimensional virtual bone bank system

Osteoarticular allograft is one possible treatment in wide surgical resections with large defects. Performing best osteoarticular allograft selection is of great relevance for optimal exploitation of the bone databank, good surgery outcome and patient’s recovery. Current approaches are, however, very time consuming hindering these points in practice. We present a validation study of a software able to perform automatic bone measurements used to automatically assess the distal femur sizes across a databank. 170 distal femur surfaces were reconstructed from CT data and measured manually using a size measure protocol taking into account the transepicondyler distance (A), anterior-posterior distance in medial condyle (B) and anterior-posterior distance in lateral condyle (C). Intra- and inter-observer studies were conducted and regarded as ground truth measurements. Manual and automatic measures were compared. For the automatic measurements, the correlation coefficients between observer one and automatic method, were of 0.99 for A measure and 0.96 for B and C measures. The average time needed to perform the measurements was of 16 h for both manual measurements, and of 3 min for the automatic method. Results demonstrate the high reliability and, most importantly, high repeatability of the proposed approach, and considerable speed-up on the planning.