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.

Abrasive Jet Machining - Process variables and current applications

brusive Jet Machining (AJM) or Micro Blast Machining is a non-traditional machining process, wherein material removal is effected by the erosive action of a high velocity jet of a gas, carrying fine-grained abrasive particles, impacting the work surface. The AJM process differs from conventional sand blasting in that the abrasive is much finer and the process parameters and cutting action are carefully controlled. The process is particularly suitable to cut intricate shapes in hard and brittle materials which are sensitive to heat and have a tendency to chip easily. In other words, AJM can handle virtually any hard or brittle material. Already the process has found its ways Into dozens of applications; sometimes replacing conventional alternatives often doing jobs that could not be done in any other way. This paper reviews the current status of this non-conventional machining process and discusses the unique advantages and possible applications.

Design of fully rotatable, roller-crank-driven, cam mechanisms for arbitrary motion specifications

The design of a non-traditional cam and roller-follower mechanism is described here. In this mechanism, the roller-crank rather than the cam is used as the continuous input member, while both complete a full rotation in each revolution and remain in contact throughout. It is noted that in order to have the cam fully rotate for every full rotation of the roller-crank, the cam cannot be a closed profile, rather the roller traverses the open cam profile twice in each cycle. Using kinematic analysis, the angular velocity of the cam when the roller traverses the cam profile in one direction, is related to the angular velocity of the cam when the roller retraces its path on the cam in the other direction. Thus, one can specify any arbitrary function relating the motion of the cam to the motion of the roller-crank for only 180 degrees of rotation in the angular velocity space. The motion of the cam in the remaining portion is then automatically determined. In specifying the arbitrary motion, many desirable characteristics such as multiple dwells, low acceleration and jerk, etc., can be obtained. Useful design equations are derived for this purpose. Using the kinematic inversion technique, the cam profile is readily obtained once the motion is specified in the angular velocity space. The only limitation to the arbitrary motion specification is making sure that the transmission angle never gets too low, so that the force will be transmitted efficiently from roller to cam. This is addressed by incorporating a transmission index into the motion specification in the synthesis process. Consequently, in this method we can specify any arbitrary motion within a permissible rone, such that the transmission index is higher than the specified minimum value. Single-dwell, double-dwell and a long hesitation motion are used as examples to demonstrate the ffectiveness of the design method. Force closure using an optimally located spring and quasi-kinetostatic analysis are also discussed. (C) 2001 Elsevier Science Ltd. All rights reserved.

The question of ethical decision in marketing and ethics

Resumen: Mientras que el marketing está asociado con prácticas negativas que involucran la explotación y la deshonestidad, Anton Jamnik afirma la necesidad de crear una teoría ética para éste. El artículo intenta brindar, por un lado, un breve bosquejo de las principales corrientes de la literatura de la ética del marketing y, por otro, participar de su desarrollo. El autor analiza los desafíos éticos que sur girán en el futuro, provenientes de tres fuentes distintas: las innovaciones tecnológicas, la influencia de la competencia global y la expansión de las actividades de mercado en áreas no tradicionales. Esto requerirá el desarrollo de una ética normativa realista. Para concluir, explica que la ética del marketing debería analizar hasta qué punto ha sido exitosa a la hora de resolver los desafíos éticos del mundo actual.

Aquiculture and Marketing of the Florida Bay Scallop in Crystal River, Florida

The overall goal of this study was to develop a new fishery resource product through open-water aquaculture for the west coast of Florida that would compete as a non-traditional product through market development. Specific objectives were as follows: I. To grow a minimum of 50, 000 juvenile scallops to a minimum market size of40 mm in a cage and float system in the off-shore waters of Crystal River, Florida. 2. To determine the growth rate, survival, and time to market size for the individuals in this system and area to other similar projects like Virginia. 3. To introduce local fishermen and the aquaculture students at Crystal River High School to the hatchery, nursery, and grow-out techniques. 4. To determine the economic and financial characteristics of bay scallop culture in Florida and assess the sensitivity of projected costs and earnings to changes in key technical, managerial, and market related parameters. 5. To determine the market acceptability and necessary marketing strategy for whole bay scallop product in Florida. (PDF has 99 pages)

Aquaculture and marketing of the Florida Bay Scallop in Crystal River, Florida

The overall goal of this study was to develop a new fishery resource product through open-water aquaculture for the west coast of Florida that would compete as a non-traditional product through market development. Specific objectives were as follows: I. To grow a minimum of 50, 000 juvenile scallops to a minimum market size of40 mm in a cage and float system in the off-shore waters of Crystal River, Florida. 2. To determine the growth rate, survival, and time to market size for the individuals in this system and area to other similar projects like Virginia. 3. To introduce local fishermen and the aquaculture students at Crystal River High School to the hatchery, nursery, and grow-out techniques. 4. To determine the economic and financial characteristics of bay scallop culture in Florida and assess the sensitivity of projected costs and earnings to changes in key technical, managerial, and market related parameters. 5. To determine the market acceptability and necessary marketing strategy for whole bay scallop product in Florida. (PDF has 99 pages.)

Política Externa Brasileira para a Amazônia: imperativos, atores e políticas (1964-2002)

A presente dissertação demonstra as mudanças introduzidas na formulação de política externa para a Amazônia com a entrada de novos atores com interesses variados na área. Ao longo do texto é mostrado como a diversidade de atores que participa desse processo mostra-se diferenciada com relação ao de outras regiões do Brasil. A dissertação tem como objetivo ampliar o debate acerca do papel de atores não-tradicionais nessa área de estudos, inserindo-os em uma corrente de pensamento que olha a política externa tanto a partir de seus constrangimentos internos quanto pelo viés das forças profundas que atuam no cenário internacional. A importância desse estudo para as pesquisas envolvendo a Amazônia deve-se, principalmente, em função da área possuir uma variedade de atores com caráter doméstico, internacional ou transnacional que atuam através de lobbies e redes políticas na tentativa de influenciar as políticas domésticas e externas para o espaço. Apresenta então a discussão do surgimento das principais preocupações da política externa no que tange o espaço brasileiro da floresta em decorrência da maior atenção verificada na arena internacional com o meio ambiente, o que traz mudanças políticas importantes durante o período autoritário (1964-1985). Como consequência da redemocratização (1985-2002) e do aumento dos fluxos intra e interpaíses, o espaço amazônico devido a suas riquezas potenciais voltou ao cerne dos debates de meio ambiente, o que teve impactos diretos no rearranjo político doméstico. Mais atores passaram a atuar na discussão pública sobre a floresta o que gerou novas formas de promoção da política externa do país nesse campo por meio de grupos e novas condutas na sua história diplomática, porém em acordo com seu principal formulador de política externa: o Itamaraty.

A paternidade em famílias urbanas: uma análise da participação do pai na creche-escola e nos cuidados com o filho

Este estudo parte dos pressupostos de que o desenvolvimento humano em todos os seus aspectos depende de um outro social, de que a família é o primeiro ambiente socializador da criança, e suas práticas são essenciais para que a criança se desenvolva. Pressupõe-se também que: os bebês compartilham características universais, interações são constitutivas do desenvolvimento, o investimento parental é característica da espécie, e o formato que cada um desses aspectos assume está diretamente relacionado ao contexto sociocultural. A partir desses pressupostos pode-se pensar nas mudanças nos papéis sociais exigidas pelo sistema econômico da sociedade urbana ocidental, em que a mulher cada vez mais tem trabalhos remunerados, necessitando muitas vezes deixar os filhos em creches e levando o pai a ganhar espaço em relação aos cuidados com os filhos, inclusive tendo uma participação nestas instituições. Desta forma, o presente trabalho pretendeu investigar os diversos aspectos do envolvimento paterno com seus filhos, inclusive a sua participação na creche,, buscando compreendê-lo através da abordagem sociocultural. Fizeram parte da pesquisa empírica nesta tese três estudos distintos com pais e mães de crianças de 0 a 5 anos, incluindo entrevistas, aplicação do instrumento Estilo Paterno e análise da participação paterna em eventos e atividades escolares, com o intuito de investigar o nível de satisfação paterno e materno com o envolvimento do pai com os filhos e identificando em que aspectos essa participação é mais ou menos freqüente nos cuidados cotidianos, incluindo a escola. Os resultados encontrados indicam que, embora haja uma tendência dos pais em um maior engajamento nas atividades voltadas para o entretenimento com os filhos, estes se mostram cada vez mais disponíveis para o engajamento nas demais atividades diárias. Na creche há uma tendência de maior participação paterna quanto menor a idade do filho e enquanto não prevalecem os aspectos pedagógicos. Os pais participantes de uma forma geral estão satisfeitos com o seu exercício da paternidade, mas consideram que as mães, não só incentivam a sua participação, como desejam um maior engajamento dos pais. Ao término deste estudo podemos afirmar que, as famílias participantes desta amostra brasileira na cidade do Rio de Janeiro, tendem a não ter como prática o exercício da paternidade tradicional, porém ainda não vivem plenamente o exercício da paternidade não tradicional.

A report on frame and catch assessment surveys on Nabugabo lakes, north west, Lake Victoria Basin, Uganda

The Nabugabo lakes are an important source of affordable protein food in the form of fish, income, water for domestic and commercial purposes (aquaculture farm and Hotels), handcraft materials (mats, hats, roof thatch) and fishing floats and rafts. Nabugabo lakes provide employment, income and export earnings to Uganda that flow from the act of harvesting the fish. In Uganda the fisheries sector directly employs 350,000 people and indirectly 1.2 million people. In 2005, it is estimated that about 370,000 mt fish export (97-98% Nile perch) earned Uganda US $ 143 Million up from US $ 103 million in 2004 .and up from US $ 45 million in 1996. , making it almost become the first non' traditional export commodity. The Nabugabo lakes are also import for cultural values and fish species from these lakes are important in evolutionary studies. The fishery sector is therefore very important in Uganda's socio-economic life. Despite the above values to the communities and global biodiversity roles, the amount of fish caught and the number fishing fleets operating on the Nabugabo lakes to guide management of the lake are lacking. The fishery that exists in these lakes is largely for subsistence and commercial purposes specific for Lake Nabugabo based on introduced species (Nile perch and Nile Tilapia). The fish is caught using mainly gill nets and long line hooks.

Client-based Logging: A New Paradigm of Distributed Transaction Management

The proliferation of inexpensive workstations and networks has created a new era in distributed computing. At the same time, non-traditional applications such as computer-aided design (CAD), computer-aided software engineering (CASE), geographic-information systems (GIS), and office-information systems (OIS) have placed increased demands for high-performance transaction processing on database systems. The combination of these factors gives rise to significant challenges in the design of modern database systems. In this thesis, we propose novel techniques whose aim is to improve the performance and scalability of these new database systems. These techniques exploit client resources through client-based transaction management. Client-based transaction management is realized by providing logging facilities locally even when data is shared in a global environment. This thesis presents several recovery algorithms which utilize client disks for storing recovery related information (i.e., log records). Our algorithms work with both coarse and fine-granularity locking and they do not require the merging of client logs at any time. Moreover, our algorithms support fine-granularity locking with multiple clients permitted to concurrently update different portions of the same database page. The database state is recovered correctly when there is a complex crash as well as when the updates performed by different clients on a page are not present on the disk version of the page, even though some of the updating transactions have committed. This thesis also presents the implementation of the proposed algorithms in a memory-mapped storage manager as well as a detailed performance study of these algorithms using the OO1 database benchmark. The performance results show that client-based logging is superior to traditional server-based logging. This is because client-based logging is an effective way to reduce dependencies on server CPU and disk resources and, thus, prevents the server from becoming a performance bottleneck as quickly when the number of clients accessing the database increases.

Connection Scheduling in Web Servers

Under high loads, a Web server may be servicing many hundreds of connections concurrently. In traditional Web servers, the question of the order in which concurrent connections are serviced has been left to the operating system. In this paper we ask whether servers might provide better service by using non-traditional service ordering. In particular, for the case when a Web server is serving static files, we examine the costs and benefits of a policy that gives preferential service to short connections. We start by assessing the scheduling behavior of a commonly used server (Apache running on Linux) with respect to connection size and show that it does not appear to provide preferential service to short connections. We then examine the potential performance improvements of a policy that does favor short connections (shortest-connection-first). We show that mean response time can be improved by factors of four or five under shortest-connection-first, as compared to an (Apache-like) size-independent policy. Finally we assess the costs of shortest-connection-first scheduling in terms of unfairness (i.e., the degree to which long connections suffer). We show that under shortest-connection-first scheduling, long connections pay very little penalty. This surprising result can be understood as a consequence of heavy-tailed Web server workloads, in which most connections are small, but most server load is due to the few large connections. We support this explanation using analysis.

The Many Faces of Paul Hindemith

The purpose of this project is to present selected violin pieces by Paul Hindemith (1895-1963) against a backdrop of the diverse styles and traditions that he integrated in his music. For this dissertation project, selected violin sonatas by Hindemith were performed in three recitals alongside pieces by other German and Austro-German composers. These recitals were also recorded for archival purposes. The first recital, performed with pianist David Ballena on December 10, 2005, in Gildenhorn Recital Hall at the University of Maryland, College Park, included Violin Sonata Op.11, No. 1 (1918) by Paul Hindemith, Sonatina in D Major, Op. 137 (1816) by Franz Schubert, and Sonata in E-flat Major, Op.18 (1887) by Richard Strauss. The second recital, performed with pianist David Ballena on May 9, 2006, in Gildenhorn Recital Hall at the University of Maryland, included Sonata in E Minor, KV 304 (1778) by Wolfgang Amadeus Mozart, Sonata in E (1935) by Paul Hindemith, Romance for Violin and Orchestra No.1 in G Major (1800-1802) by Ludwig Van Beethoven, and Sonata for Violin and Piano in A minor, Op. 105 (1851) by Robert Schumann. The third recital, performed with David Ballena and Kai-Ching Chang on November 10, 2006 in Ulrich Recital Hall at the University of Maryland, included Violin Sonata Op.12 No.1 in D Major (1798) by Ludwig Van Beethoven, Sonata for Violin and Harpsichord No.4 in C Minor BWV 1017 (1720) by J.S. Bach, and Violin Sonata Op.11 No.2 (1918) by Paul Hindemith. For each of my dissertation recitals, I picked a piece by Hindemith as the core of the program then picked pieces by other composers that have similar key, similar texture, same number of movements or similar feeling to complete my program. Although his pieces used some classical methods of composition, he added his own distinct style: extension of chromaticism; his prominent use of interval of the fourth; his chromatic alteration of diatonic scale degrees; and his non-traditional cadences. Hindemith left behind a legacy of multi-dimensional, and innovative music capable of expressing both the old and the new aesthetics.

Investigation and Development of a Fully 3D Tilt Capable Hybrid SPECT - CT System for Dedicated Breast Imaging

X-ray mammography has been the gold standard for breast imaging for decades, despite the significant limitations posed by the two dimensional (2D) image acquisitions. Difficulty in diagnosing lesions close to the chest wall and axilla, high amount of structural overlap and patient discomfort due to compression are only some of these limitations. To overcome these drawbacks, three dimensional (3D) breast imaging modalities have been developed including dual modality single photon emission computed tomography (SPECT) and computed tomography (CT) systems. This thesis focuses on the development and integration of the next generation of such a device for dedicated breast imaging. The goals of this dissertation work are to: [1] understand and characterize any effects of fully 3-D trajectories on reconstructed image scatter correction, absorbed dose and Hounsifeld Unit accuracy, and [2] design, develop and implement the fully flexible, third generation hybrid SPECT-CT system capable of traversing complex 3D orbits about a pendant breast volume, without interference from the other. Such a system would overcome artifacts resulting from incompletely sampled divergent cone beam imaging schemes and allow imaging closer to the chest wall, which other systems currently under research and development elsewhere cannot achieve.

The dependence of x-ray scatter radiation on object shape, size, material composition and the CT acquisition trajectory, was investigated with a well-established beam stop array (BSA) scatter correction method. While the 2D scatter to primary ratio (SPR) was the main metric used to characterize total system scatter, a new metric called ‘normalized scatter contribution’ was developed to compare the results of scatter correction on 3D reconstructed volumes. Scatter estimation studies were undertaken with a sinusoidal saddle (±15° polar tilt) orbit and a traditional circular (AZOR) orbit. Clinical studies to acquire data for scatter correction were used to evaluate the 2D SPR on a small set of patients scanned with the AZOR orbit. Clinical SPR results showed clear dependence of scatter on breast composition and glandular tissue distribution, otherwise consistent with the overall phantom-based size and density measurements. Additionally, SPR dependence was also observed on the acquisition trajectory where 2D scatter increased with an increase in the polar tilt angle of the system.

The dose delivered by any imaging system is of primary importance from the patient’s point of view, and therefore trajectory related differences in the dose distribution in a target volume were evaluated. Monte Carlo simulations as well as physical measurements using radiochromic film were undertaken using saddle and AZOR orbits. Results illustrated that both orbits deliver comparable dose to the target volume, and only slightly differ in distribution within the volume. Simulations and measurements showed similar results, and all measured dose values were within the standard screening mammography-specific, 6 mGy dose limit, which is used as a benchmark for dose comparisons.

Hounsfield Units (HU) are used clinically in differentiating tissue types in a reconstructed CT image, and therefore the HU accuracy of a system is very important, especially when using non-traditional trajectories. Uniform phantoms filled with various uniform density fluids were used to investigate differences in HU accuracy between saddle and AZOR orbits. Results illustrate the considerably better performance of the saddle orbit, especially close to the chest and nipple region of what would clinically be a pedant breast volume. The AZOR orbit causes shading artifacts near the nipple, due to insufficient sampling, rendering a major portion of the scanned phantom unusable, whereas the saddle orbit performs exceptionally well and provides a tighter distribution of HU values in reconstructed volumes.

Finally, the third generation, fully-suspended SPECT-CT system was designed in and developed in our lab. A novel mechanical method using a linear motor was developed for tilting the CT system. A new x-ray source and a custom made 40 x 30 cm2 detector were integrated on to this system. The SPECT system was nested, in the center of the gantry, orthogonal to the CT source-detector pair. The SPECT system tilts on a goniometer, and the newly developed CT tilting mechanism allows ±15° maximum polar tilting of the CT system. The entire gantry is mounted on a rotation stage, allowing complex arbitrary trajectories for each system, without interference from the other, while having a common field of view. This hybrid system shows potential to be used clinically as a diagnostic tool for dedicated breast imaging.

Counter-terrorism, anti-extremism, armed conflict and human rights: using a Russian case study

This paper critically examines Russia’s compliance with human rights obligations and the rule of law in its ‘war on terror’. It seeks to draw wider parallels with respect for human rights in the framework of the fight against ‘new global terrorism’. Threats to due process, the discriminatory application of the forces of law and order specifically against perceived “non-traditional” Muslim communities, and a ratcheting up of fear of an Islamist threat can be traced following the war in Chechnya and the handling of the Dubrovka Theatre and Beslan school sieges. To what extent are there commonalities with UK complicity in the practice of extraordinary rendition, with atrocities perpetrated in Iraq and Afghanistan, and abuses in Abu Ghraib and Guantanamo? Are the impact of these reflected in domestic security policy and British minority ethnic community relations? [From the Author]

Vergilius Redivivus: Studies in Joseph Addison's Latin Poetry

J.W. Binns, Modern Language Review 101.2 (2006), 504-5:
‘This book is an important contribution to the study of Anglo-Latin poetry in the late seventeenth and early eighteenth centuries … ’Haan provides an able and authoritative account …, setting the poems in their contexts, and providing for each a very clear and penetrating analysis which traces the classical well-springs that lie behind much of Addison’s Latin writing, and also calls attention to non-traditional elements’.