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.

Studies on the food web structure of Lake Donghu using stable carbon and nitrogen isotope ratios

Food web structure was studied by using carbon and nitrogen isotope ratios in a hypereutrophic subtropical Chinese lake, Lake Donghu. High external nutrient loading and the presence of abundant detritus from submersed macrophytes were responsible for the high sediment delta(15)N and delta(13)C, respectively. C-13 was significantly higher in submersed macrophytes than in other macrophytes. The similar delta(13)C values in phytoplankton, zooplankton, zoobenthos, and planktivorous fish indicate that phytoplankton was the major food source for the consumers. By using a delta(15)N mass balance model, we estimate that the contributions of zooplankton to the diet of silver carp and bighead carp were 54% and 74%, respectively, which is in agreement with previous microscopic observations on intestinal contents of these fishes.

The influence of gender in the direction of Spanish cooperative societies on profitability and indebtedness: an empirical analysis

In this paper the claim for the market for a new business management to ensure the presence of women in decision -making to respond to new social needs addressed. Thus, this paper analyzes the influence of gender diversity of the directors on the profitability and the level of debt for a sample of 5,199 Spanish cooperatives. Unlike capitalist societies, these organizations have a number of peculiarities in their government, and that the partners are themselves major time, agents and customers. The study focuses on the Spanish context, where there is an open debate on the importance of women's business management, as in other countries, driven by the proliferation of legislation on gender equality, being, in addition, Spain, the pioneer in having specific legislation on Social Economy. The results show that cooperatives with greater female representation in theirs Boards have higher profitability. On the other hand, those Boards with a higher percentage of women show a lower level of indebtedness.

What if firms adjust their debt-equity ratios toward a target range?

We estimate optimal target-ranges of capital structure controlling for a series of firmspecific characteristics and accounting for the serial correlation that arises from the dynamic component of the leverage choice. Then, we empirically examine if firms adjust their leverages toward the estimated optimal ranges. Our analysis suggests that the observed behavior of firms is consistent with the notion of range-adjustment.

Growth temperature and V/III ratio effects on the morphology and crystal structure of InP nanowires

The effects of growth temperature and V/III ratio on the morphology and crystallographic phases of InP nanowires that are grown by metal organic chemical vapour deposition have been studied. We show that higher growth temperatures or higher V/III ratios promote the formation of wurtzite nanowires while zinc-blende nanowires are favourableat lower growth temperatures and lower V/III ratios. A schematic map of distribution of zinc-blende and wurtzite structures has been developed in the range of growth temperatures (400-510 °C) and V/III ratios (44 to 700) investigated in this study. © 2010 IOP Publishing Ltd.

Modeling trophic positions of the alpine meadow ecosystem combining stable carbon and nitrogen isotope ratios

Stable carbon and nitrogen isotope ratios of single tissues or whole bodies were analyzed to establish trophic positions of main consumers living at the alpine meadow ecosystem in the Tibetan Plateau. The results demonstrated that delta C-13 and delta N-15 values of vertebrates showed great variations and ranged from -26.83 to -22.51 parts per thousand and from 2.33 to 8.44 parts per thousand, respectively. Plateau pika, root vole, plateau hare, infants of rodents and hatchlings of passerine bird species had the lowest delta C-13 and delta N-15 values. delta C-13 and delta N-15 values of omnivorous and insectivorous birds and amphibians showed intermediate. Carnivorous species, steppe polecat and Upland buzzard, and omnivorous Robin accentor and White wagtail possessed extremely higher VC and delta N-15 values. Omnivorous birds captured in earlier year had significantly less negative delta C-13 and greater delta N-15 values than those captured later. Based on steady angular enrichment between trophic levels, an "alpha and vector model" combing delta C-13 and delta N-15 values was introduced to reveal trophic positions, the results indicated that Tibetan sheep, Tibetan yak, plateau pika, root vole, plateau hare, infants of small rodents showed the lowest trophic positions (TP 1.81-2.38). While omnivorous and insectivorous birds, their hatchlings and amphibians showed intermediate trophic positions (TP 2.06-2.89), carnivorous species steppe polecat and Upland buzzard, migrant birds possessed extremely higher trophic positions (TP 2.89-3.05). The isotopic investigation of organisms and the introduced "alpha and vector model" successfully demonstrated the same trophic positions and diet prediction of consumers as nitrogen enrichment model at the alpine meadow ecosystem. Besides of this information, the "alpha and vector model" can also be incorporated into multiple isotope signatures to infer trophic relationships. This angular enrichment model has the potential to address basic ecological questions, such as trophic structure, trophic dynamics, and energy flow in other terrestrial ecosystems of properly handled. (C) 2005 Elsevier B.V. All rights reserved.

Two-colour pulsed Raman studies of the lowest excited singlet state of tetraphenylporphyrin: band assignments and electronic structure

The resonance Raman spectra of the lowest lying singlet (S-1) state of free-base tetraphenylporphyrin and seven of its isotopomers were recorded under pump-and-probe conditions with a time delay of -2 ns between pump and probe laser pulses, In the S-1 spectra of the isotopomers, as in the ground state, there are dramatic splittings of what appear to be single bands in the natural isotopic abundance spectrum. The most structurally significant bands of the S-1 state were assigned on the basis of the isotope data, In some cases it was necessary to curve fit unresolved bands in the excited-state spectra in order to account for observed intensity ratios and to rationalize isotope shifts, The changes in band positions on excitation to the S-1 state were compared with those from earlier studies on the T-1 state. The changes in band positions were found to be similar For both excited states. Most notable was the similar shift in nu(2), the most widely used marker band for orbital character. The data are interpreted as implying that the lowest lying singlet state is a configuration interaction admixture of b(1u)b(2g) + a(u)b(3g) configurations with the coefficients weighted heavily in favour of b(1n)b(2g), which Is the configuration of the T-1 state. Copyright (C) 2000 John Wiley & Sons, Ltd.

Stable oxygen isotope and Mg/Ca ratios of planktonic foraminifera from the Holocene and the Last Glacial Maximum

We measured oxygen isotopes and Mg/Ca ratios in the surface-dwelling planktonic foraminifer Globigerinoides ruber (white s.s.) and the thermocline dweller Pulleniatina obliquiloculata to investigate upper ocean spatial variability in the Indo-Pacific Warm Pool (IPWP). We focused on three critical time intervals: the Last Glacial Maximum (LGM; 18-21.5 ka), the early Holocene (8-9 ka), and the late Holocene (0-2 ka). Our records from 24 stations in the South China Sea, Timor Sea, Indonesian seas, and western Pacific indicate overall dry and cool conditions in the IPWP during the LGM with a low thermal gradient between surface and thermocline waters. During the early Holocene, sea surface temperatures increased by ~3°C over the entire region, indicating intensification of the IPWP. However, in the eastern Indian Ocean (Timor Sea), the thermocline gradually shoaled from the LGM to early Holocene, reflecting intensification of the subsurface Indonesian Throughflow (ITF). Increased surface salinity in the South China Sea during the Holocene appears related to northward displacement of the monsoonal rain belt over the Asian continent together with enhanced influx of saltier Pacific surface water through the Luzon Strait and freshwater export through the Java Sea. Opening of the freshwater portal through the Java Sea in the early Holocene led to a change in the vertical structure of the ITF from surface- to thermocline-dominated flow and to substantial freshening of Timor Sea thermocline waters.

Stable carbon and oxygen isotope ratios of Paleogene planktonic foraminifera from the Maud Rise

The oxygen and carbon isotopic composition has been measured for numerous Paleogene planktonic foraminifer species from Maud Rise, Weddell Sea (ODP Sites 689 and 690), the first such results from the Antarctic. The results provide information about large-scale changes in the evolution of temperatures, seasonally, and structure of the upper water column prior to the development of a significant Antarctic cryosphere. The early Paleocene was marked by cooler surface-water conditions compared to the Cretaceous and possibly a less well developed thermocline. The late Paleocene and early Eocene saw the expansion of the thermocline as Antarctic surface waters became warm-temperate to subtropical. The late Paleocene to early Eocene thermal maximum was punctuated by two brief excursions during which time the entire Antarctic water column warmed and the meridional temperature gradient was reduced. The first of these excursions occurred at the Paleocene/Eocene boundary, in association with a major extinction in deep sea benthic foraminifers. The second excursion occurred within the early Eocene at ~54.0 Ma. These excursions are of global importance and represent the warmest intervals of the entire Cenozoic. The excursions were associated with fundamental changes in deep-water circulation and global heat transport. The thermal maximum of the early Eocene ended with the initiation of a long-term cooling trend at 52.0 Ma. This cooling trend was associated with reduced seasonality, and diminished structure and/or duration of the seasonal thermocline. The cooling trend was punctuated by three major cooling steps at 43.0, 40.0, and -36.0 Ma.

Mg/Ca, Sr/Ca and Ca isotope ratios in benthonic foraminifers of surface sediment samples

We analysed Mg/Ca, Sr/Ca and Ca isotope ratios of benthonic foraminifers from sediment core tops retrieved during several research cruises in the Atlantic Ocean, in order to improve the understanding of isotope fractionation and element partitioning resulting from biomineralisation processes and changes in ambient conditions. Species include foraminifers secreting tests composed of hyaline low magnesium calcite, porcelaneous high magnesium calcite as well as aragonite. Our results demonstrate systematic isotope fractionation and element partitioning patterns specific for these foraminiferal groups. Calcium isotope fractionation is similar in porcelaneous and hyaline calcite tests and both groups demonstrate the previously described anomaly with enrichment of heavy isotopes around 3 - 4 °C (Gussone and Filipsson, 2010). Calcium isotope ratios of the aragonitic species Hoeglundina elegans, on the other hand, are about 0.4 per mil lighter compared to the calcitic species, which is in general agreement with stronger fractionation in inorganic aragonite compared to calcite. However, the low and strongly variable Sr content suggests additional processes during test formation, and we propose that transmembrane ion transport or a precursor phase to aragonite may be involved. Porcelaneous tests, composed of high Mg calcite, incorporate higher amounts of Sr compared to hyaline low Mg calcite, in agreement with inorganic calcite systematics, but also porcelaneous tests with reduced Mg/Ca show high Sr/Ca. While calcium isotopes, Sr/Ca and Mg/Ca in benthonic foraminifers primarily appear to fractionate and partition with a dominant inorganic control, d44/40Ca temperature and growth rate dependencies of benthonic foraminifer tests favour a dominant contribution of light Ca by transmembrane transport relative to unfractionated seawater Ca to the calcifying fluid, thus controlling the formation of foraminiferal d44/40Ca and Sr/Ca proxy signals.

Stable isotope and Mg/Ca ratios of Paleogene benthic foraminifera in the western North Atlantic

Global cooling and the development of continental-scale Antarctic glaciation occurred in the late middle Eocene to early Oligocene (~38 to 28 million years ago), accompanied by deep-ocean reorganization attributed to gradual Antarctic Circumpolar Current (ACC) development. Our benthic foraminiferal stable isotope comparisons show that a large d13C offset developed between mid-depth (~600 meters) and deep (>1000 meters) western North Atlantic waters in the early Oligocene, indicating the development of intermediate-depth d13C and O2 minima closely linked in the modern ocean to northward incursion of Antarctic Intermediate Water. At the same time, the ocean's coldest waters became restricted to south of the ACC, probably forming a bottom-ocean layer, as in the modern ocean. We show that the modern four-layer ocean structure (surface, intermediate, deep, and bottom waters) developed during the early Oligocene as a consequence of the ACC.

Magnesium/calcium and stable isotope ratios of planktonic foraminifera from the Timor Sea

We present sea surface and upper thermocline temperature records (60-100 yr temporal resolution) spanning Marine Isotope Stage 3 (~24-62 kyr BP) from IMAGES Core MD01-2378 (121°47.27'E and 13°04.95'S; 1783 m water depth) located in the outflow area of the Indonesian Throughflow within the Timor Sea. Stable isotopes and Mg/Ca of the near surface dwelling planktonic foraminifer Globigerinoides ruber (white) and the upper thermocline dwelling Pulleniatina obliquiloculata reveal rapid changes in the thermal structure of the upper ocean during Heinrich Events. Thermocline warming and increased delta18Oseawater (P. obliquiloculata record) during Heinrich Events 3, 4, and 5 reflect weakening of the relatively cool and fresh thermocline flow and reduced export of less saline water from the North Pacific and Indonesian Seas to the tropical Indian Ocean. Three main factors influenced Indonesian Throughflow variability during Marine Isotope Stage 3: (1) global slow-down in thermohaline circulation during Heinrich Events triggered by northern hemisphere cooling; (2) increased freshwater export from the Java Sea into the Indonesian Throughflow controlled by rising sea level from ~60 to 47 ka and (3) insolation related changes in Australasian monsoon with associated migration of hydrological fronts between Indian Ocean and Indonesian Throughflow derived water masses at ~46-40 ka.

Radiocarbon dataing, stable oxygen isotopes, and Mg/Ca ratios in surface sediment samples of the tropical eastern Indian Ocean

Shell chemistry of planktic foraminifera and the alkenone unsaturation index in 69 surface sediment samples in the tropical eastern Indian Ocean off West and South Indonesia were studied. Results were compared to modern hydrographic data in order to assess how modern environmental conditions are preserved in sedimentary record, and to determine the best possible proxies to reconstruct seasonality, thermal gradient and upper water column characteristics in this part of the world ocean. Our results imply that alkenone-derived temperatures record annual mean temperatures in the study area. However, this finding might be an artifact due to the temperature limitation of this proxy above 28°C. Combined study of shell stable oxygen isotope and Mg/Ca ratio of planktic foraminifera suggests that Globigerinoides ruber sensu stricto (s.s.), G. ruber sensu lato (s.l.), and G. sacculifer calcify within the mixed-layer between 20 m and 50 m, whereas Globigerina bulloides records mixed-layer conditions at ~50 m depth during boreal summer. Mean calcifications of Pulleniatina obliquiloculata, Neogloboquadrina dutertrei, and Globorotalia tumida occur at the top of the thermocline during boreal summer, at ~75 m, 75-100 m, and 100 m, respectively. Shell Mg/Ca ratios of all species show a significant correlation with temperature at their apparent calcification depths and validate the application of previously published temperature calibrations, except for G. tumida that requires a regional Mg/Ca-temperature calibration (Mg/Ca = 0.41 exp (0.068*T)). We show that the difference in Mg/Ca-temperatures of the mixed-layer species and the thermocline species, particularly between G. ruber s.s. (or s.l.) and P. obliquiloculata, can be applied to track changes in the upper water column stratification. Our results provide critical tools for reconstructing past changes in the hydrography of the study area and their relation to monsoon, El Niño-Southern Oscillation, and the Indian Ocean Dipole Mode.