Determinants and Effects of Maturity Mismatches in Emerging Markets: Evidence from Bank Level Data

Despite the extensive work on currency mismatches, research on the determinants and effects of maturity mismatches is scarce. In this paper I show that emerging market maturity mismatches are negatively affected by capital inflows and price volatilities. Furthermore, I find that banks with low maturity mismatches are more profitable during crisis periods but less profitable otherwise. The later result implies that banks face a tradeoff between higher returns and risk, hence channeling short term capital into long term loans is caused by cronyism and implicit guarantees rather than the depth of the financial market. The positive relationship between maturity mismatches and price volatility, on the other hand, shows that the banks of countries with high exchange rate and interest rate volatilities can not, or choose not to hedge themselves. These results follow from a panel regression on a data set I constructed by merging bank level data with aggregate data. This is advantageous over traditional studies which focus only on aggregate data.

Financial stress and sovereign debt composition

"Published online: 19 Oct 2015"

Capital-account and counter-cyclical prudential regulations in developing countries

Includes bibliography

REPRODUCTIVE BIOLOGY AND FUNCTIONAL MATURITY IN FEMALES OF AEGLA FRANCA (DECAPODA: ANOMURA: AEGLIDAE)

We describe the reproductive period. fecundity, and average size at the onset of functional maturity of female Aegla franca, the northernmost distributed aeglid species. The reproductive period is markedly seasonal and takes place front May (austral mid-autumn) to August (late winter). Ovigerous females appear quite abruptly in the population by May, and this condition is observed in all adult females sampled regardless of their size. The average size at the onset of functional maturity in females, at which 50% of the females sampled during the reproductive period were considered adults, was 12.75 mm CL. The smallest post-ovigerous female measured 12.06 mm carapace length (CL). Mean fecundity (+/- S.D.) from 41 females bearing early and intermediate eggs was 129.1 +/- 32.2 and corresponded to a mean female CL of 14.11 mm. The elliptical-shaped eggs exhibited significant increase in size along the development stages. The third pair of pleopods bore higher number of eggs than the others. Compiled information regarding the reproductive period reported for aeglids revealed all increase in the breeding period length with latitude. The reproductive period tends to be shorter in localities under larger rainfall variation and smaller temperature variability than in sites with opposite climate conditions. Eggs tend to be fewer in number and larger in size towards lower latitudes. We present an hypothesis that stream water velocity might act as a major selective pressure during the early life history of fluvial aeglids with direct effect on the reproductive pattern.

ALLOMETRIC GROWTH, SEXUAL MATURITY, AND ADULT MALE CHELAE DIMORPHISM IN AEGLA FRANCA (DECAPODA: ANOMURA: AEGLIDAE)

Allometric growth analysis on chelac dimensions vs. carapace length (CL) was employed to estimate average size at the onset of morphometric maturity (= puberty molt) and sexual dimorphism regarding the pair of chelae in Aegla franca. Males attain morphometric maturity (12.15 mm of CL) at a larger size than females (10.93 mm of CL). After the puberty molt, an additional change in the allometry level regarding chelae dimensions was detected in adult males (average CL = 19.00 mm). As a result, two sequential morphotype groups of adult males, herein designated as morphotype I and morphotype II, were recognized according to the state of development of the pair of claws. We postulate that the second change in this allometry level is related to functional maturity in this sex, based on the following observations: 1) temporal variation in the proportion between the two morphotype groups reveals that morphotype II individuals make up most of adult males in the population at the beginning of the seasonal reproductive period of the species, and 2) morphotype II males show a more robust pair of claws as compared to the predecessor morphotype, which might represent an advantageous trait in reproductive competition. Males and females of Aegla franca are heterochelous with handedness preponderance of the left chela. Claw size is a distinct dimorphic trait in this species, being significantly larger in male specimens.

Debt Maturity: Is Long-Term Debt Optimal?

We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity premium, sustainability, and service smoothing. We use a dynamic-equilibrium model with tax distortions and government outlays uncertainty, and model maturity as the fraction of debt that needs to be rolled over every period. In the model, the benefits of defaulting are tempered by higher future interest rates. We then calibrate our artificial economy and solve for the optimal debt maturity for Brazil as an example of a developing country and the US as an example of a mature economy. We obtain that the calibrated costs from defaulting on long-term debt more than offset costs associated with short-term debt. Therefore, short-term debt implies higher welfare levels.

Sexual maturity and egg production in an unexploited population of the red squat lobster Pleuroncodes monodon (Decapoda, Galatheidae) from Central America

The squat lobster Pleuroncodes monodon is one of the most common and abundant galatheid species in the deepwater fishery of Pacific coast of America. In contrast with Peru and Chile, the red squat lobster is not commercially exploited in Costa Rica. Here we estimated the size of sexual maturity and analysed egg production in P. monodon from the Pacific of Costa Rica; the results might be important for an adequate management strategy when initiating a sustainable fishery of this resource in Costa Rica. Analyses of allometric growth revealed that females and males reached their morphological sexual maturity at 26.9 and 30.4 mm CL. respectively. The percentage of immature females captured in the present study (54%) suggests that almost half of females are able to reproduce before they are caught. Egg production was positively correlated with body size; females that measured between 24.1 and 29.0 mm CL contributed roughly 90% to the offspring production of the population. Females from Costa Rica had a considerably lower average egg volume (0.039 mm(3)) and higher fecundity (9810) than females from Chile. In comparison to other American galatheids P. monodon from Costa Rica produces numerous but small eggs, a typical strategy of species with a prolonged larval development. An analysis between our results and information published about P. monodon from Chile also revealed differences in the size-frequency distribution shape of both populations. The non-exploited character of the Costa Rican P. monodon population and a latitudinal (temperature-related) cline in body size might be associated with these differences. (C) 2010 Elsevier B.V. All rights reserved.

Use of pleopod morphology to determine sexual dimorphism and maturity in hermit crabs: Isocheles sawayai as a model

In the Anomura, studies on growth patterns are infrequent, possibly because the heterogeneity of the group, especially in terms of morphology, makes it difficult to construct generalized growth models. Particularly hermit crabs are an interesting group to evaluate aspects of growth, because of their unique body. Isocheles sawayai, a hermit crab found only in the western Atlantic Ocean, poorly known with respect to its sexual dimorphism and maturity, was investigated here based on morphometry. Monthly collections (July 2001 through June 2003) were made from a shrimp fishing boat in the Caraguatatuba region on the northern coast of the state of SA o pound Paulo, Brazil. The specimens were measured and weighed, and had their sex checked. Throughout the sampling period, 374 specimens of I. sawayai were collected (11.23% nonovigerous females, 6.69% ovigerous females, 79.41% males and 2.67% intersexes). The size at which morphological sexual maturity was reached by both sexes ranged from 4.0 to 4.3 mm shield length, according to the relative growth and the size of the smallest ovigerous female. Sexual dimorphism was shown by males, which were significantly larger than females, and by differences in growth pattern between the sexes, especially for relationships that involved the pleopods, which is related to their different functions in males and females. The present study is one of the first to use pleopod morphometry to determine sexual maturity and dimorphism in hermit crabs, especially for species with intersexuality such as I. sawayai.

Covariance functions for body weight from birth to maturity in Nellore cows

The objective of this study was to estimate (co)variance functions using random regression models on Legendre polynomials for the analysis of repeated measures of BW from birth to adult age. A total of 82,064 records from 8,145 females were analyzed. Different models were compared. The models included additive direct and maternal effects, and animal and maternal permanent environmental effects as random terms. Contemporary group and dam age at calving (linear and quadratic effect) were included as fixed effects, and orthogonal Legendre polynomials of animal age (cubic regression) were considered as random co-variables. Eight models with polynomials of third to sixth order were used to describe additive direct and maternal effects, and animal and maternal permanent environmental effects. Residual effects were modeled using 1 (i.e., assuming homogeneity of variances across all ages) or 5 age classes. The model with 5 classes was the best to describe the trajectory of residuals along the growth curve. The model including fourth- and sixth-order polynomials for additive direct and animal permanent environmental effects, respectively, and third-order polynomials for maternal genetic and maternal permanent environmental effects were the best. Estimates of (co) variance obtained with the multi-trait and random regression models were similar. Direct heritability estimates obtained with the random regression models followed a trend similar to that obtained with the multi-trait model. The largest estimates of maternal heritability were those of BW taken close to 240 d of age. In general, estimates of correlation between BW from birth to 8 yr of age decreased with increasing distance between ages.

Effect of fruit maturity on the response of 'Kensington' mango fruit to heat treatment

The effects of conditioning and hot water treatments on immature and mature 'Kensington' mangoes were examined. A hot water treatment of 47 degreesC fruit core temperature held for 15 min increased weight loss (50%), fruit softness (15%), disrupted starch hydrolysis and interacted with maturity to reduce the skin yellowness (40-51%) of early harvested fruit. Immature fruit were more susceptible to hot water treatment-induced skin scalding, starch layer and starch spot injuries and disease. Conditioning fruit at 40 degreesC for up to 16 h before hot water treatment accelerated fruit ripening, as reflected in higher total soluble solids and lower titratable acidity levels. As fruit maturity increased, the tolerance to hot water treatment-induced skin scalding and the retention of starch layers and starch spots increased and susceptibility to lenticel spotting decreased. A conditioning treatment of either 22 degrees or 40 degreesC before hot water treatment could prevent the appearance of cavities at all maturity levels. The 40 degreesC conditioning temperature was found to be more effective in increasing fruit heat tolerance than the 22 degreesC treatment; the longer the time of conditioning at 40 degreesC, the more effective the treatment (16 v. 4 h). For maximum fruit quality, particularly for export markets, it is recommended that mature fruit are selected and conditioned before hot water treatment to reduce the risk of heat damage.

Interaction of temperature and vegetative flush maturity influences shoot structure and development of lychee (Litchi chinensis Sonn.)

Potted lychee trees (cv. Tai so) of varying vegetative flush maturity were grown under a range of temperature regimes and monitored for subsequent shoot structure and development. A combination of low temperature (15/17 or 18/13 degreesC day/night) and high vegetative flush maturity was necessary for floral initiation to occur, Exposure to high temperatures (28/23 degreesC) invariably resulted in the production of vegetative shoots, irrespective of flush maturity. Strong floral initiation was marked by the emergence of terminal particles and accompanying axillary particles. A decrea,;e in vegetative flush maturity or increase in temperature (e.g. 23/18 degreesC) resulted in a decrease in axillary shoot formation and the production of several intermediate shoot structures. These included leafy particles, stunted particles, partially emerged buds and non-emergent swollen buds, often produced on the same tree. At 23/18 degreesC, closer synchronisation of initial flush maturity was required for the production of a consistent shoot-type. Trees with synchronised mature flushes (I-2) at 23/18 degreesC resulted in the production of swollen terminal buds. Healthy trees were maintained in this state for at least 11 months. These results indicate that both temperature and flush maturity can influence subsequent shoot structure of lychee. In the absence of either a strong floral temperature (18/13 degreesC) or strong vegetative temperature (28/23 degreesC), slight differences in initial flush maturity have gteater impact on the type of emerging shoot formed. (C) 2002 Elsevier Science B.V. All rights reserved.

An assessment of maturity from anthropometric measurements

Purpose: The range of variability between individuals of the same chronological age (CA) in somatic and biological maturity is large and especially accentuated around the adolescent growth spurt. Maturity assessment is an important consideration when dealing with adolescents, from both a research perspective and youth sports stratification. A noninvasive, practical method predicting years from peak height velocity (a maturity offset value) by using anthropometric variables is developed in one sample and cross-validated in two different samples. Methods: Gender specific multiple regression equations were calculated on a sample of 152 Canadian children aged 8-16 yr (79 boys; 73 girls) who were followed through adolescence from 1991 to 1997, The equations included three somatic dimensions (height, sitting height, and leg length), CA, and their interactions. The equations were cross-validated on a Combined sample of Canadian (71 boys, 40 girls measured from 1964 through 1973) and Flemish children (50 boys, 48 girls measured from 1985 through 1999). Results: The coefficient of determination (R2) for the boys' model was 0.92 and for the girls' model 0.91 the SEEs were 0.49 and 0.50, respectively, Mean difference between actual and predicted maturity offset for the verification samples was 0.24 (SD 0.65) yr in boys and 0,001 (SD 0.68) yr in girls. Conclusion: Although the cross-validation meets statistical standards or acceptance, caution 1, warranted with regard to implementation. It is recommended that maturity offset be considered as a categorical rather than a continuous assessment. Nevertheless, the equations presented are a reliable, noninvasive and a practical solution for the measure of biological maturity for matching adolescent athletes.

Longitudinal versus polar wrinkling of core-shell fibers with anisotropic size mismatches

We consider a fiber made of a soft elastic material, encased in a stiff elastic shell (core-shell geometry). If the core and shell dimensions are mismatched, e.g., because the core shrinks while the shell does not, but the two remain attached, then an elastic instability is triggered whereby wrinkles may appear on the shell. The wrinkle orientation may be longitudinal (along the fiber axis), polar (along the fiber perimeter), or a mixture of both, depending on the fiber's geometrical and material parameters. Here we investigate under what conditions longitudinal or polar wrinkling will occur.

Relationship between ISO 9001 certification maturity and EFQM business excellence model results

Purpose: This exploratory research evaluates if there is a relationship between the number of years since an organization has achieved ISO 9001 certification and the highest level of recognition received by the same organization with the EFQM Business Excellence Model. Methodology/Approach: After state of the art review a detailed comparison between both models was made. Fifty two Portuguese organizations were considered and Correlation coefficient Spearman Rho was used to investigate the possible relationships. Findings: Conclusion is that there is indeed a moderate positive correlation between these two variables, the higher the number of years of ISO 9001 certification, the higher the results of the organization EFQM model evaluation and recognition. This supports the assumption that ISO 9001 International Standard by incorporating many of the principles present in the EFQM Business Excellence Model is consistent with this model and can be considered as a step towards that direction. Research Limitation/implication: Due to the dynamic nature of these models that might change over time and the possible time delays between implementation and results, more in-depth studies like experimental design or a longitudinal quasi-experimental design could be used to confirm the results of this investigation. Originality/Value of paper: This research gives additional insights on conjunct studies of both models. The use of external evaluation results carried out by the independent EFQM assessors minimizes the possible bias of previous studies accessing the value of ISO 9001 certification.