Banks, Lies and Bricks: The Determinants of Home Value Inflation in Spain during the Housing Boom

During the first decade of this century, Spain experienced the most important economic and housing boom in its recent history. This situation led the lending industry to dramatically expand through the mortgage market. The high competition among lenders caused a dramatic lowering of credit standards. During this period, lenders operating in the Spanish mortgage market artificially inflated appraised home values in order to draw larger mortgages. By doing this, lenders gave financially constrained households access to mortgage credit. In this paper, we analyze this phenomenon for this first time. To do so, we resort to a unique dataset of matched mortgage-dwelling-borrower characteristics covering the period 2004–2010. Our data allow us to construct an unbiased measure of property’s over-appraisal, since transaction prices in our data also includes any potential side payment in the transactions. Our findings indicate that i) in Spain, appraised home values were inflated on average by around 30% with respect to transaction prices; ii) creditconstrained households were more likely to be involved in mortgages with inflated house values; and iii) a regional indicator of competition in the lending market suggests that inflated appraisal values were also more likely to appear in more competitive regional mortgage markets. Keywords: Housing demand, appraisal values, house prices, housing bubble, credit constraints, mortgage market. JEL Classification: R21, R31

Letter to Boyd and Schurr from S.D. Woodruff regarding some damaged bricks

Letter to Boyd and Schurr from S.D. Woodruff regarding some damaged bricks, July 24, 1875.

Letter from Brush Brothers of Buffalo, New York for delivery of bricks and request for remittance

Letter from Brush Brothers of Buffalo, New York for delivery of bricks and request for remittance. This was signed in receipt of materials by S.D. Woodruff on Sept. 10, 1874, Sept. 8, 1875.

Letter to S.D. Woodruff that bricks have been sent by Brush Brothers of Buffalo, New York

Letter to S.D. Woodruff that bricks have been sent by Brush Brothers of Buffalo, New York, Sept. 28, 1875.

LEGO® bricks as building blocks for centimeter-scale biological environments

LEGO bricks are commercially available interlocking pieces of plastic that are conventionally used as toys. We describe their use to build engineered environments for cm-scale biological systems, in particular plant roots. Specifically, we take advantage of the unique modularity of these building blocks to create inexpensive, transparent, reconfigurable, and highly scalable environments for plant growth in which structural obstacles and chemical gradients can be precisely engineered to mimic soil.

Bricks vs clicks: entrepreneurial online banking behaviour and relationship banking

Purpose – Little research has been conducted on the effects of information technology on financing entrepreneurial businesses or small and medium sized enterprises (SMEs). The purpose of this paper is to examine the impacts of entrepreneurial online banking and relationship banking on the severity of financial problems perceived by entrepreneurs and their interactive effect. It also investigates how characteristics of individual businesses and entrepreneurial demographics influence SMEs’ financial situation. Design/methodology/approach – An ordered logistic model is used on a UK dataset to empirically test the hypotheses derived in this paper. The empirical evidence is drawn from the 2004 UK survey of SME finances, which contains a sample of 2,500 firms. Findings – This paper finds that both entrepreneurial online banking behaviour and relationship banking alleviates the severity of financial problems perceived by entrepreneurs. The relationship affect is less evident for entrepreneurs who most frequently use an online approach to communicate with their banks than for those using traditional methods. Business and entrepreneur characteristics also have a strong impact on the severity of the financial problems suffered by SMEs. Originality/value – This paper provides evidence supporting the favourable impacts of the application of information technology on entrepreneurial finance from the perspective of entrepreneur/business. It also identifies a substitute relationship between entrepreneurial online banking behaviour and relationship banking, a relationship which contradicts existing evidence.

TL, OSL and C-14 dating results of the sediments and bricks from mummified nuns' grave

Este artigo apresenta os resultados de datação por TL e OSL de solos, e fragmentos de tijolos de um túmulo, que foi ocupado por duas freiras mumificadas encontradas no Mosteiro da Luz, localizado no Estado de São Paulo, Brasil. As idades encontradas por TL e OSL foram comparadas às obtidas a partir de C-14 dos colágenos contidos em amostras de osso das múmias. A maioria das idades obtidas são do século XVIII. A espectroscopia de radiação-gama foi utilizada para avaliar concentrações de radioisótopos naturais nas amostras e para calcular as taxas de dose anual que resultaram em 3,0 a 5,3 Gy/kano. As concentrações radioativas são próximas daquelas obtidas através de Análise por Ativação de Nêutrons. Os conteúdos de elementos U, Th e Ce são superiores aos encontrados na maioria dos sedimentos.

The influence of B4C and MgB2 additions on the behavior of MgO-C bricks

Carbon-containing refractory materials have received great attention over the last years due to their importance in the steelmaking process. The oxidation of carbon present in refractory materials at temperatures above 500 degrees C is usually accompanied by the decrease of their mechanical strength and chemical resistance. Aiming to improve the oxidation resistance of carbon-oxide refractories, the use of materials known as antioxidants has been extensively studied. In this work we evaluated the performance of MgB2 and B4C antioxidants when incorporated into MgO-C bricks. We observed that the co-addition of metallic antioxidants and B4C or MgB2 leads to refractory bricks with enhanced hot modulus of rupture and resistance against oxidation and slag corrosion. However, the excessive addition of these antioxidants could impair the performance of the obtained bricks. Thus, when determining the optimum concentration of MgB2 and B4C to be added into MgO-C refractories, one must take into consideration this behavior. (c) 2012 Elsevier Ltd and Techna Group S.r.l. All rights reserved.

TL, OSL and C-14 dating results of the sediments and bricks from mummified nuns' grave

This paper presents the results of TL and OSL dating of soil and fragments of bricks from a grave, which was occupied by two mummified nuns, found at "Luz" Monastery, located in the state of São Paulo, Brazil. The TL and OSL ages were compared to C-14 dating ones obtained from bone collagens of the mummies. The majority of the ages is related to the eighteenth century. The gamma-ray spectroscopy was used to evaluate natural radioisotope concentrations in the samples, and by using these concentrations the annual dose rates, from 3.0 to 5.3 Gy/kyr, were obtained. Neutron activation analysis was performed and the radioisotope contents results are in agreement with those obtained by gamma-ray spectroscopy. The contents of U, Th and Ce elements were higher than those found in usual sediments.

Electron identification and reconstruction with the OPERA ECC bricks and search for muon neutrino to electron neutrino oscillations

The procedure for event location in OPERA ECC has been optimazed for penetrating particles while is less efficient for electrons. For this reason new procedure has been defined in order to recover event with an electromagnetic shower in its final state not located with the standard one. The new procedure include the standard procedure during which several electromagnetic shower hint has been defined by means of the available data. In case the event is not located, the presence of an electromagnetic shower hint trigger a dedicated procedure. The old and new location procedure has been then simulated in order to obtain the standard location efficiency and the possible gain due to the new one for the events with electromagnetic shower. Finally a Data-MC comparison has been performed for the 2008 and 2009 runs for what concern the NC in order to validate the Monte Carlo. Then the expected electron neutrino interactions for the 2008 and 2009 runs has been evaluated and compared with the available data.

New designs of the ceramic bricks of horizontal hexagonal hollow

This article is intended to state that Technical Drawing is a multiple tool of expression and communication essential to develop inquiry processes, the scientifically basis and comprehension of drawings and technological designs that can be manufactured. We demonstrate graphically and analytically that spatial vision and graphic thinking allow us to identify graphically real life problems, develop proposals of solutions to be analysed from different points of view, plan and develop the project, provide information needed to make decisions on objects and technological processes. From the knowledge of Technical Drawing and CAD tools we have developed graphic analyses to improve and optimize our proposed modification of the geometry of the rectangular cells of conventional bricks by hexagonal cells, which is protected by a Spanish patent owned by the Polytechnic University of Madrid. This new internal geometry of the bricks will improve the efficiency and the acoustic damping of walls built with the ceramic bricks of horizontal hollow, maintaining the same size of the conventional bricks, without increasing costs either in the manufacture and the sale. A single brick will achieve the width equivalent to more than FOUR conventional bricks.

Mechanical properties of adobe bricks in ancient constructions

A study of the mechanical properties of adobe bricks collected from houses and land dividing walls in Aveiro district, Portugal, representative of existing traditional constructions, was conducted. Cylindrical adobe specimens were subjected to simple compression and splitting tests. From these tests it was possible to evaluate the strength capacity, stiffness and deformation evolution for increasing loading. Correlations between the evaluated properties were determined, and the results obtained for houses and land dividing walls were compared. This study contributes for the characterization of adobes traditionally used in Aveiro district, and provides reference values that can be considered in rehabilitation processes