Relationship banking: does it lower information asymmetry or increase lender monopoly power?

A literatura teórica sobre economia bancária aponta que o relacionamento duradouro entre um emprestador e uma firma tomadora pode revelar informações sobre a qualidade de crédito da firma. Entretanto, trabalhos teóricos preveem diferentes resultados do efeito do relacionamento bancário sobre a taxa de juros e volume ofertado do empréstimo. De acordo com Diamond (1991) e outros, se o relacionamento bancário for revelar a todos os credores a qualidade de crédito da firma, espera-se como efeitos o aumento do volume dos empréstimos e redução na taxa de juros. Por outro lado, se o relacionamento bancário revelar as informações de crédito da firma apenas para o fornecedor principal, então se pode não ter os efeitos de aumento do volume e redução na taxa de juros. Este trabalho demonstra empiricamente quais são os efeitos das informações públicas e privadas geradas pelo relacionamento bancário no montante do empréstimo e na taxa de juros cobrada pelas instituições financeiras para as firmas. Usamos como medida de informação pública o tempo de relacionamento entre o banco e tomador, que pode ser encontrado em bureaux externos como Serasa Experian e Serviço Central de Proteção ao Crédito (SCPC) ou no Sistema de Informação do Banco Central (SISBACEN). Usamos como modelo de informação privada medidas que indicam o pagamento do débito em atraso por parte do tomador, o qual é de conhecimento apenas de cada credor. De acordo com a teoria, espera-se que a informação pública de tempo de relacionamento bancário indicará a qualidade do credor e resultará em maior volume de empréstimo e taxa de juros menores. As informações privadas sobre pagamentos em atraso, por ser exclusiva do credor principal, não terão efeitos sobre o montante do empréstimo e sobre a taxa de juros. No teste empírico, foram analisados dois mil setecentos e oitenta e cinco empréstimos do produto capital de giro concedidos a cinquenta e três empresas, fornecidos por uma instituição financeira do Estado do Espírito Santo. Utilizando o modelo econométrico dados em painel com efeito fixo de firma, encontramos que o tempo de relacionamento bancário é positivamente correlacionado ao valor do principal do empréstimo e é negativamente correlacionado ao spread bancário. Ambos os efeitos são estatisticamente significantes ao nível de 5,00%. Resultados similares ao encontrado por Berger e Udell (1995). Os resultados mostram que um relacionamento duradouro entre firmas e instituições financeiras reduz a assimetria de informação, gerando benefícios para as firmas. Para testar o feito da informação privada, foram utilizadas informações de atraso das firmas com a instituição financeira. Esses dados foram usados internamente, não divulgados em bureaux de crédito. As variáveis testadas foram número de parcelas pagas em atraso no mês anterior, a soma das parcelas pagas em atraso, flag se já efetuou pagamento em atraso e meses desde o último pagamento em atraso. Não têm efeito as informações privadas sobre o spread e o valor do principal do empréstimo. Resultados similares aos encontrados por Sharpe (1990).

Maximal power output during incremental cycling test is dependent on the curvature constant of the power-time relationship

The aim of this study was to investigate whether the maximal power output (Pmax) during an incremental test was dependent on the curvature constant (W') of the power-time relationship. Thirty healthy male subjects (maximal oxygen uptake = 3.58 ± 0.40 L·min(-1)) performed a ramp incremental cycling test to determine the maximal oxygen uptake and Pmax, and 4 constant work rate tests to exhaustion to estimate 2 parameters from the modeling of the power-time relationship (i.e., critical power (CP) and W'). Afterwards, the participants were ranked according to their magnitude of W'. The median third was excluded to form a high W' group (HIGH, n = 10), and a low W' group (LOW, n = 10). Maximal oxygen uptake (3.84 ± 0.50 vs. 3.49 ± 0.37 L·min(-1)) and CP (213 ± 22 vs. 200 ± 29 W) were not significantly different between HIGH and LOW, respectively. However, Pmax was significantly greater for the HIGH (337 ± 23 W) than for the LOW (299 ± 40 W). Thus, in physically active individuals with similar aerobic parameters, W' influences the Pmax during incremental testing.

Electrical Power Fluctuations in a Network of DC/AC inverters in a Large PV Plant: relationship between correlation, distance and time scale

This paper analyzes the correlation between the fluctuations of the electrical power generated by the ensemble of 70 DC/AC inverters from a 45.6 MW PV plant. The use of real electrical power time series from a large collection of photovoltaic inverters of a same plant is an impor- tant contribution in the context of models built upon simplified assumptions to overcome the absence of such data. This data set is divided into three different fluctuation categories with a clustering proce- dure which performs correctly with the clearness index and the wavelet variances. Afterwards, the time dependent correlation between the electrical power time series of the inverters is esti- mated with the wavelet transform. The wavelet correlation depends on the distance between the inverters, the wavelet time scales and the daily fluctuation level. Correlation values for time scales below one minute are low without dependence on the daily fluctuation level. For time scales above 20 minutes, positive high correlation values are obtained, and the decay rate with the distance depends on the daily fluctuation level. At intermediate time scales the correlation depends strongly on the daily fluctuation level. The proposed methods have been implemented using free software. Source code is available as supplementary material.

Group membership, power and social rules: A study of doctor-nurse relationship

The purposes of this research are: (1) to compare the similarides and differences in intra-group and inter-group social rules of hospital doctors and nurses; (2) to compare rule following, rule breaking & tolerance of rule breaking of doctors and nurses with respect to different work reladonships. Professional discipline and idendficadon, ingroup-outgroup membership and reladve status were used as predictors. In-depth interview of 20 doctors and 20 nurses were conducted to elicit social rules and goals. In the second study, 30 rules and 10 goals with high consensus were selected from study one and developed into a quesdonnaire which measured their applicadon to four different work reladonships, namely, padents, peers, seniors and doctors/nurses. Forty-three doctors and one hundred and seven nurses completed this questionnaire. In the third study, the frequency and goals of violation and tolerance of violation of five different social rules were measured. One hundred and thirty-six doctors and one hundred and sixty-six nurses completed the questionnaire.

"Rentier States" or the Relationship between Regime Stability and Exercising Power in Post-Soviet Central Asia

The paper intends to give an insight into the relations of the economic and political systems of the Central Asian republics using the theoretical framework of the "rentier economy" and "rentier state" approach. The main findings of the paper are that two (Kazakhstan and Turkmenistan) of the five states examined are commodity export dependent “full-scale” rentier states. The two political systems are of a stable neo-patrimonial regime character, while the Kyrgyz Republic and Tajikistan, poor in natural resources but dependent on external rents, may be described as "semi-rentier" states or "rentier economies". They are politically more instable, but have an altogether authoritarian, oligarchical “clan-based” character. Uzbekistan with its closed economy, showing tendencies of economic autarchy, is also a potentially politically unstable clan-based regime. Thus, in the Central Asian context, the rentier state or rentier economy character affects the political stability of the actual regimes rather than having a direct impact on whether power is exercised in an autocratic or democratic way.

Reliability and discriminatory power of methods for dental plaque quantification

OBJECTIVE: This in situ study evaluated the discriminatory power and reliability of methods of dental plaque quantification and the relationship between visual indices (VI) and fluorescence camera (FC) to detect plaque. MATERIAL AND METHODS: Six volunteers used palatal appliances with six bovine enamel blocks presenting different stages of plaque accumulation. The presence of plaque with and without disclosing was assessed using VI. Images were obtained with FC and digital camera in both conditions. The area covered by plaque was assessed. Examinations were done by two independent examiners. Data were analyzed by Kruskal-Wallis and Kappa tests to compare different conditions of samples and to assess the inter-examiner reproducibility. RESULTS: Some methods presented adequate reproducibility. The Turesky index and the assessment of area covered by disclosed plaque in the FC images presented the highest discriminatory powers. CONCLUSION: The Turesky index and images with FC with disclosing present good reliability and discriminatory power in quantifying dental plaque.

Relationship Between Surface Topography and Energy Density Distribution of Er,Cr:YSGG Beam on Irradiated Dentin: An Atomic Force Microscopy Study

Objective: The aim of this study was to assess by atomic force microscopy (AFM) the effect of Er,Cr:YSGG laser application on the surface microtopography of radicular dentin. Background: Lasers have been used for various purposes in dentistry, where they are clinically effective when used in an appropriate manner. The Er, Cr: YSGG laser can be used for caries prevention when settings are below the ablation threshold. Materials and Methods: Four specimens of bovine dentin were irradiated using an Er, Cr:YSGG laser (lambda = 2.78 mu m), at a repetition rate of 20 Hz, with a 750-mu m-diameter sapphire tip and energy density of 2.8 J/cm(2) (12.5 mJ/pulse). After irradiation, surface topography was analyzed by AFM using a Si probe in tapping mode. Quantitative and qualitative information concerning the arithmetic average roughness (Ra) and power spectral density analyses were obtained from central, intermediate, and peripheral areas of laser pulses and compared with data from nonirradiated samples. Results: Dentin Ra for different areas were as follows: central, 261.26 (+/- 21.65) nm; intermediate, 83.48 (+/- 6.34) nm; peripheral, 45.8 (+/- 13.47) nm; and nonirradiated, 35.18 (+/- 2.9) nm. The central region of laser pulses presented higher ablation of intertubular dentin, with about 340-760 nm height, while intermediate, peripheral, and nonirradiated regions presented no difference in height of peritubular and interperitubular dentin. Conclusion: According to these results, we can assume that even when used at a low-energy density parameter, Er, Cr: YSGG laser can significantly alter the microtopography of radicular dentin, which is an important characteristic to be considered when laser is used for clinical applications.

Non-exhaustive tests for critical power estimation

Objective. - The aim of this study was to propose a new method that allows for the estimation of critical power (CP) from non-exhaustive tests using ratings of perceived exertion (RPE). Methods. - Twenty-two subjects underwent two practice trials for ergometer and Borg 15-point scale familiarization, and adaptation to severe exhaustive exercise. After then, four exercise bouts were performed on different days for the estimation of CP and anaerobic work capacity (AWC) by linear work-time equation, and CP(15), CP(17), AWC(15) and AWC(17) were estimated using the work and time to attainment of RPE15 and RPE17 based on the Borg 15-point scale. Results. - The CP, CP(15) and CP(17) (170-177W) were not significantly different (P>0.05). However, AWC, AWC(15) and AWC(17) were all different from each other. The correlations between CP(15) and CP(17), with CP were strong (R=0.871 and 0.911, respectively), but the AWC(15) and AWC(17) were not significantly correlated with AWC. Conclusion. - Sub-maximal. RPE responses can be used for the estimation of CP from non-exhaustive exercise protocols. (C) 2009 Elsevier Masson SAS. All rights reserved.

The critical power function is dependent on the duration of the predictive exercise tests chosen

The linear relationship between work accomplished (W-lim) and time to exhaustion (t(lim)) can be described by the equation: W-lim = a + CP.t(lim). Critical power (CP) is the slope of this line and is thought to represent a maximum rate of ATP synthesis without exhaustion, presumably an inherent characteristic of the aerobic energy system. The present investigation determined whether the choice of predictive tests would elicit significant differences in the estimated CP. Ten female physical education students completed, in random order and on consecutive days, five art-out predictive tests at preselected constant-power outputs. Predictive tests were performed on an electrically-braked cycle ergometer and power loadings were individually chosen so as to induce fatigue within approximately 1-10 mins. CP was derived by fitting the linear W-lim-t(lim) regression and calculated three ways: 1) using the first, third and fifth W-lim-t(lim) coordinates (I-135), 2) using coordinates from the three highest power outputs (I-123; mean t(lim) = 68-193 s) and 3) using coordinates from the lowest power outputs (I-345; mean t(lim) = 193-485 s). Repeated measures ANOVA revealed that CPI123 (201.0 +/- 37.9W) > CPI135 (176.1 +/- 27.6W) > CPI345 (164.0 +/- 22.8W) (P < 0.05). When the three sets of data were used to fit the hyperbolic Power-t(lim) regression, statistically significant differences between each CP were also found (P < 0.05). The shorter the predictive trials, the greater the slope of the W-lim-t(lim) regression; possibly because of the greater influence of 'aerobic inertia' on these trials. This may explain why CP has failed to represent a maximal, sustainable work rate. The present findings suggest that if CP is to represent the highest power output that an individual can maintain for a very long time without fatigue then CP should be calculated over a range of predictive tests in which the influence of aerobic inertia is minimised.

The relationship between plasma lactate parameters, W-peak and 1-h cycling performance in women

Purpose: The relationship between six descriptors of lactate increase, peak (V) over dot O-2,W-peak, and 1-h cycling performance were compared in 24 trained, female cyclists (peak (V) over dot O-2 = 48.11 +/- 6.32 mL . kg(-1) . min(-1)). Methods: The six descriptors of lactate increase were: 1) lactate threshold (LT; the power output at which plasma lactate concentration begins to increase above the resting level during an incremental exercise test), 2) LT1 (the power output at which plasma lactate increases by 1 mM or more), 3) LTD (the lactate threshold calculated by the D-max method), 4) LTMOD (the lactate threshold calculated by a modified D-max method), 5) L4 (the power output at which plasma lactate reaches a concentration of 4 mmol-L-1), and 6) LTLOG (the power output at which plasma lactate concentration begins to increase when the log([La-]) is plotted against the log (power output)). Subjects first completed a peak (V) over dot O-2 test on a cycle ergometer. Finger-tip capillary blood was sampled within 30 s of the end of each 3-min stage for analysis of plasma lactate. Endurance performance was assessed 7 d later using a 1-h cycle test (OHT) in which subjects were directed to achieve the highest possible average power output. Results: The mean power output (W) for the OHT (+/- SD) was 183.01 +/- 18.88, and for each lactate variable was: LT (138.54 +/- 46.61), LT1 (179.17 +/- 27.25), LTLOG (143.97 +/- 45.74), L4 (198.09 +/- 33.84), LTD (178.79 +/- 24.07), LTMOD (212.28 +/- 31.75). Average power output during the OHT was more strongly correlated with all plasma lactate parameters (0.61 < r < 0.84) and W-peak (r = 0.81) than with peak (V) over dot O-2 (r = 0.55). The six lactate parameters were strongly correlated with each other (0.54 < r < 0.91) and of the six lactate parameters, LTD correlated best with endurance performance (r = 0.84). Conclusions: It was concluded that plasma lactate parameters and W-peak provide better indices of endurance performance than peak (V) over dot O-2 and that, of the six descriptors of lactate increase measured in this study, LTD is most strongly related to 1-h cycling performance in trained, female cyclists.

Effect of frother type and concentration on the water recovery and entrainment recovery relationship

A study was undertaken to determine the effects of five industrial frothers on the relationship between entrainment recovery and water recovery. The experiments were conducted using a Batequip rectangular 60-L steel flotation cell that was run in parallel with the first cell in a copper/silver prefloat rougher circuit. The concentration of the frothers ranged from 2.5 to 8.4 g/t. The experiments were repeated at three different froth depths. A power function was found to fit this relationship with no discontinuity in the relationship caused by the changes in frother type and concentration and froth depth.

Spatial and temporal patterns in Australian wheat yield and their relationship with ENSO

Spatial and temporal variability in wheat production in Australia is dominated by rainfall occurrence. The length of historical production records is inadequate, however, to analyse spatial and temporal patterns conclusively. In this study we used modelling and simulation to identify key spatial patterns in Australian wheat yield, identify groups of years in the historical record in which spatial patterns were similar, and examine association of those wheat yield year groups with indicators of the El Nino Southern Oscillation (ENSO). A simple stress index model was trained on 19 years of Australian Bureau of Statistics shire yield data (1975-93). The model was then used to simulate shire yield from 1901 to 1999 for all wheat-producing shires. Principal components analysis was used to determine the dominating spatial relationships in wheat yield among shires. Six major components of spatial variability were found. Five of these represented near spatially independent zones across the Australian wheatbelt that demonstrated coherent temporal (annual) variability in wheat yield. A second orthogonal component was required to explain the temporal variation in New South Wales. The principal component scores were used to identify high- and low-yielding years in each zone. Year type groupings identified in this way were tested for association with indicators of ENSO. Significant associations were found for all zones in the Australian wheatbelt. Associations were as strong or stronger when ENSO indicators preceding the wheat season (April-May phases of the Southern Oscillation Index) were used rather than indicators based on classification during the wheat season. Although this association suggests an obvious role for seasonal climate forecasting in national wheat crop forecasting, the discriminatory power of the ENSO indicators, although significant, was not strong. By examining the historical years forming the wheat yield analog sets within each zone, it may be possible to identify novel climate system or ocean-atmosphere features that may be causal and, hence, most useful in improving seasonal forecasting schemes.

Application of the Williams-Landel-Ferry model to the viscosity-temperature relationship of Australian honeys

The rheological behaviour of nine unprocessed Australian honeys was investigated for the applicability of the Williams-Landel-Ferry (WLF) model. The viscosity of the honeys was obtained over a range of shear rates (0.01-40 s(-1)) from 2degrees to 40 degreesC, and all the honeys exhibited Newtonian behaviour with viscosity reducing as the temperature was increased. The honeys with high moisture were of lower viscosity, The glass transition temperatures of the honeys, as measured with a differential scanning calorimeter (DSC), ranged from -40degrees to -46 degreesC, and four models (WLF. Arrhenius, Vogel-Tammann-Fulcher (VTF), and power-law) were investigated to describe the temperature dependence of the viscosity. The WLF was the most suitable and the correlation coefficient averaged 0.999 +/- 0.0013 as against 0.996 +/- 0.0042 for the Arrhenius model while the mean relative deviation modulus was 0-12% for the WLF model and 10-40% for the Arrhenius one. With the universal values for the WLF constants, the temperature dependence of the viscosity was badly predicted. From non-linear regression analysis, the constants of the WLF models for the honeys were obtained (C-1 = 13.7-21.1: C-2 = 55.9-118.7) and are different from the universal values. These WLF constants will be valuable for adequate modeling of the rheology of the honeys, and they can be used to assess the temperature sensitivity of the honeys. (C) 2002 Elsevier Science Ltd. All rights reserved.