Information Disclosure, Market Discipline and the Management of Bank Capital: Evidence from the Chinese Financial Sector

Is there evidence that market forces effectively discipline risk management behaviour within Chinese financial institutions? This study analyses information from a comprehensive sample of Chinese banks over the 1998-2008 period. Market discipline is captured through the impact of four sets of factors namely, market concentration, interbank deposits, information disclosure, and ownership structure. We find some evidence of a market disciplining effect in that: (i) higher (lower) levels of market concentration lead banks to operate with a lower (higher) capital buffer; (ii) joint-equity banks that disclose more information to the public maintain larger capital ratios; (iii) full state ownership reduces the sensitivity of changes in a bank's capital buffer to its level of risk;(iv) banks that release more transparent financial information hold more capital against their non-performing loans. © 2010 Springer Science+Business Media, LLC.

Cultured responses: the production of social capital in faith based organisations

The theoretical concept of ‘social capital’ has been increasingly invoked in connection to religion by academics, policy makers, charities and Faith Based Organisations (FBOs). Drawing on the popularisation of the term by Robert Putnam, many in these groups have hailed the religious as one of the most productive generators of social capital in today’s societies. In this article, we examine this claim through ethnographic material relating to Faithworks, a national ‘movement’ of Christians who provide welfare services within their communities. We claim that to apply the term ‘social capital’ in a meaningful sociological manner to FBOs requires a return to Pierre Bourdieu’s use of the term in order to refuse to extricate it from the practices in which it is enmeshed.

Psychometric evaluation of a short measure of social capital at work

Background: Prior studies on social capital and health have assessed social capital in residential neighbourhoods and communities, but the question whether the concept should also be applicable in workplaces has been raised. The present study reports on the psychometric properties of an 8-item measure of social capital at work.

Workplace determinants of social capital:cross-sectional and longitudinal evidence from a finnish cohort study

To examine which contextual features of the workplace are associated with social capital.

Movement of Capital and Trade in Services:Distinguishing Myth from Reality Regarding the GATS and the Liberalization of the Capital Account

This article will analyze the interplay between capital movements and trade
in services as structured in World Trade Organization (WTO) law, and it will
assess the implications of the capital account liberalization for the freedom of
WTO Members to pursue their economic policies. Although the movement
of capital is largely confined to the domain of international financial or monetary
policy, it is regulated by WTO law due to its role in the process of
financial services liberalization, which generally requires liberalized capital
flows. From a legal perspective, the interplay between capital movements
and trade in services requires striking a delicate balance between the right
of market access and the parallel right of economic stability. Indeed, a liberalized
regime for capital movements could pose serious stability problems
during times of crisis. For this reason, it is necessary that Members are able
to derogate from their obligations and adopt emergency measures.
Regulating the movement of capital in the General Agreement on Trade in
Services (GATS) requires stretching the regulatory oversight of WTO law
over different aspects of international economic policy. Indeed, capital movements are a fundamental component of the balance of payments and have a
major role in shaping monetary, fiscal, and financial policies. This article will
analyze how the discipline provided by the GATS on capital movements will
affect not only trade in services, but also the Members’ policy space on
monetary and fiscal policy. The article will conclude that while the GATS offers enough policy space for the maintenance of financial stability, it does
not fully take into consideration the need of Members to control capital
movements in order to conduct monetary policies.

Lacertid lizards as bioindicators of agricultural contamination

Apesar do recente aumento no número de estudos, os lagartos persistem como um dos grupos menos estudados em ecotoxicologia e o desconhecimento em relação à sua resposta à contaminação ambiental é enorme. A nível europeu, os lacertídeos têm sido identificados como potenciais espécies modelo para a ecotoxicologia com répteis. O principal objectivo deste projecto era determinar se um lacertídeo abundante pertencente ao género Podarcis, podia ser utilizado como bioindicador de exposição e toxicidade em zonas agrícolas. Para atingir este objectivo, utilizámos uma estratégia integrada com três fases. Numa primeira fase realizou-se um estudo de campo para documentar o tipo de exposição e parâmetros populacionais de populações de lacertídeos que ocorrem em zonas de uso intenso de pesticidas e zonas de agricultura orgânica. A segunda fase consistiu num estudo de mesocosmo em que se expuseram juvenis a um conjunto de pesticidas em condições controladas durante um período de um ano. Finalmente, a terceira fase incluiu um estudo laboratorial sobre os efeitos do clorpirifos, um dos insecticidas mais utilizado a nível global, em lagartixas. No término de cada um dos estudos, analisaram-se diversos biomarcadores e parâmetros de exposição e toxicidade a pesticidas nos diferentes indivíduos. Este conjunto abrangente de parâmetros foi analisado em diferentes níveis de organização biológica, incluindo parâmetros populacionais, bem como comportamentais, fisiológicos, bioquímicos e histológicos. Em geral, detectaram-se poucas diferenças estatísticas significativas entre as populações dos campos expostos a pesticidas e populações referência. Confirmando a dificuldade que existe em isolar os efeitos de diferentes contaminantes sobre as populações de outros factores locais, ciclos sazonais ou eventos estocásticos. As populações de P. bocagei parecem ser capazes de lidar com o nível observado de exposição a pesticidas. No entanto, indivíduos que vivem em locais expostos a pesticidas parecem estar menos adaptados ecologicamente do que aqueles que vivem em locais referência, apresentando um estado de depleção nutricional e sinais de stress metabólico. Os resultados obtidos com os animais da experiência de mesocosmo parecem reforçar estes resultados. Os animais prosperaram relativamente bem em todos os mesocosmos, independentemente do tratamento ou não com pesticidas, apresentando uma ampla gama de comportamentos naturais. A abordagem laboratorial confirmou P. bocagei como um valioso indicador de exposição sub-letal a doses ambientalmente realistas de clorpirifos. De acordo, com o conjunto d resultados obtidos, P. bocagei parece ser um bioindicador adequado de exposição a pesticidas.

Electro-olfactograms in response to chromatographic fractions of food-related odorants in the Senegalese sole, Solea senegalensis

The Bohr effect, which can be most generally defined as the influence of pH on the oxygen binding affinity of proteins, is a common feature of respiratory pigments, ranging from the haemocyanins of molluscs and crustaceans to the haemoglobins of vertebrates. Its physiological role is generally seen in the facilitation of oxygen release from respiratory pigments during tissue acidosis. The magnitude of the effect can be influenced by a multitude of factors such as temperature, carbon dioxide, chloride ions, organic phosphates and the investigated pH range. Here we present data on the maximal alkaline Bohr effect in haemoglobins from a large number of species covering all vertebrate classes, obtained at physiological temperatures in the presence of 100 mM chloride ions and the absence of carbon dioxide and organic phosphates.