The determinants of the wealth effects of banks' expanded securities powers

After several unsuccessful attempts by Congress to repeal Glass-Steagall restrictions on banks, the Federal Reserve more than doubled the revenue that commercial banking organizations' securities subsidiaries may earn from certain securities activities. The wealth effects associated with this event for a sample of publicly traded banking organizations are examined. We find evidence that indicates the revenue limit resulted in a less-than-optimal mix of activities for securities subsidiaries. However, subsequent merger activity that could have been generated by the revenue increase was not viewed favorably by investors.Securities

Consolidation, technology, and the changing structure of banks' small business lending

The U.S. banking industry continues to consolidate, with large, complex banking organizations becoming more important. Traditionally, these institutions have not emphasized small business lending. On the other hand, technological advances, particularly credit scoring models, make it easier for banks to extend small business credit. To see what effects these influences might have generated on small business lending, David Ely and Kenneth Robinson explore the small business lending patterns at U.S. banks from 1994 through 1999. They find that larger banks are increasing their market share, most noticeably in the smallest segment of the small business loan market. The authors also present evidence that the size of the average small business loan has declined, especially at larger organizations, and that the gap in lending focus on the smallest small business loans has narrowed between small and large banks. These trends are consistent with increasing use of credit scoring models.Credit ; Credit scoring systems

Lost in hyperspace: Linearity versus exploration in the design of multimedia for independent learners

We are developing multimedia tutorials for independent learners based on a generic software shell. In doing so, one of the pedagogic issues we are addressing relates to navigation. This is a key factor in the effectiveness of multimedia teaching, since it affects how easy students find it to extract and integrate information. Multimedia tutorials tend to be either highly structured, with materials presented in a relatively linear fashion, or an encyclopedia-style explorative resource. The former is restrictive and provides the student with little freedom to study the materials in the order they choose; the latter makes systematic study difficult and students can easily become ‘lost’. Disorientation in explorative-style packages is a particular problem for Field Dependent people (Witkin et al., 1971). We have incorporated the best features of both linear and explorative packages in our shell and our tutorials, with the aim of supporting Field Dependent people as much as possible, while not denying those students who prefer to work in an explorative way the freedom to do so

A multimedia tutorial shell with qualitative assessment in biology

The project is developing methods to produce multimedia tutorials relatively quickly and cheaply, using a generic software shell suitable for any subject area. The shell is a version of one produced originally as part of the HEFC-funded TLTP initiative by the Biodiversity Consortium. Tutorials presented in the shell will provide the student with a structured learning experience that will allow their initial knowledge level or their knowledge acquisition and progress to be qualitatively and quantitatively assessed. Where areas of weakness are revealed by the assessment, students will be advised to study particular parts of the tutorial in order to improve their understanding

Stock returns and inflation: further tests of the proxy and debt- monetization hypotheses

Inflation (Finance) ; Stock - Prices

Public Perceptions of the Midwest’s Pavements - Wisconsin - Executive Summary

This report summarizes Wisconsin results of a five year, Pooled Fund study involving the Wisconsin, Iowa, and Minnesota DOTs designed to 1) assess the public\u27s perceptions of the departments’ pavement improvement strategies and 2) to develop customer-based thresholds of satisfaction with pavements on rural two lane highways in each state as related to the Departments’ physical indices, such as pavement ride and condition. The primary objective was to seek systematic customer input to improve the Departments’ pavement improvement policies by 1) determining how drivers perceive the departments’ pavements in terms of comfort and convenience but also in terms of other tradeoffs departments had not previously considered, 2) determining relationships between perceptions and measured pavement condition thresholds (including a general level of tolerance of winter ride conditions in two of the states, including Wisconsin), and 3) identifying important attributes and issues that may not have been considered in the past. Secondary objectives were 1) to provide a tool for systematic customer input in the future and 2) provide information which can help structure public information programs. A University of Wisconsin-Extension survey lab conducted the surveys under the direction of a multi-disciplinary team from Marquette University. Approximately 4500 drivers in the three states participated in the three phases of the project. Researchers conducted six focus groups in each state, approximately 400 statewide telephone interviews in each state and 700-800 targeted telephone interviews in each state. Approximately 400 winter ride interviews were conducted in Wisconsin and Minnesota. A summary of the method for each survey is included. In Phase I, focus groups were conducted with drivers to get an initial indication of what the driving public believes in regards to pavements and to frame issues for inclusion in the more representative state-wide surveys of drivers conducted in Phase II of the project. Phase II interviews gathered information about improvement policy trade-off issues and about preliminary thresholds of improvement in terms of physical pavement indices. In Phase III, a two step recruitment and post-drive interview procedure yielded thresholds of ride and condition index summarized for each state. Results show that, in general, the driving public is tolerant of a poorer ride in Winter and they understand the cause. The driving public wants longer lasting pavements and are willing to pay for them. They want to minimize construction delay, improve entire sections of highway at one time but they dislike detours, and prefer construction under traffic even if it stretches out construction time. Satisfaction with pavements does not correlate directly to a high degree with physical pavement indices, but was found instead to be a complex, multi-faceted phenomenon. A psychological model (after Fishbein/Ajzen) was applied to explain satisfaction to a respectable degree (R2 of .7) for the social sciences. Results also indicate a high degree of trust in the three DOTs which is enhanced when the public is asked for input on specific highway segments. Conclusions and recommendations include a three-step methodology for other state studies. Physical data thresholds based on both public satisfaction and the agreement to improve are presented for each state’s physical pavement indices (ride and condition). Recommended changes to the quality ranges of the physical indices where appropriate are also made

Public Perceptions of the Midwest’s Pavements - Iowa - Phase III

There are several objectives to this report. The first objective is to describe the sample with regard to the physical pavement data and three measures of driver satisfaction. In this section, the proportion of respondents who are satisfied with pavements on two-lane, rural, state highways will be examined and the distribution of pavement condition and roughness indices will be presented. The second objective will be a short description of the highway segments and any differences in satisfaction found between regions and pavement types. This was done in Phase II in each state and a letter sent showing the results in all three states. That letter sets forth the revised work plan and budget for Phase III of the project. The third objective is to describe the relationship between physical pavement characteristics and driver satisfaction. This will include a description of both the magnitude of relationship as well as identifying critical International Road Index (IRI) and Pavement Condition Index (PCI) cutoffs where a majority of the sample were satisfied. This will be done for comparative purposes with the Phase II approach, using the total sample to compute cumulative percentages responding to each of the three series of satisfaction questions

Public Perceptions of the Midwest\u27s Pavements - Iowa - Executive Summary

This report summarizes Iowa results of a five year, Pooled Fund study involving the Wisconsin, Iowa, and Minnesota DOTs designed to 1) assess the public\u27s perceptions of the departments’ pavement improvement strategies and 2) to develop customer-based thresholds of satisfaction with pavements on rural two lane highways in each state as related to the Departments’ physical indices, such as pavement ride and condition. The primary objective was to seek systematic customer input to improve the Departments’ pavement improvement policies by 1) determining how drivers perceive the departments’ pavements in terms of comfort and convenience but also in terms of other tradeoffs departments had not previously considered, 2) determining relationships between perceptions and measured pavement condition thresholds (including a general level of tolerance of winter ride conditions in two of the states), and 3) identifying important attributes and issues that may not have been considered in the past. Secondary objectives were 1) to provide a tool for systematic customer input in the future and 2) provide information which can help structure public information programs. A University of Wisconsin-Extension survey lab conducted the surveys under the direction of a multi-disciplinary team from Marquette University. Approximately 4500 drivers in the three states participated in the three phases of the project. Researchers conducted six focus groups in each state, approximately 400 statewide telephone interviews in each state and 700-800 targeted telephone interviews in each state. Approximately 400 winter ride interviews were conducted in Wisconsin and Minnesota. A summary of the method for each survey is included. In Phase I, focus groups were conducted with drivers to get an initial indication of what the driving public believes in regards to pavements and to frame issues for inclusion in the more representative state-wide surveys of drivers conducted in Phase II of the project. Phase II interviews gathered information about improvement policy trade-off issues and about preliminary thresholds of improvement in terms of physical pavement indices. In Phase III, a two step recruitment and post-drive interview procedure yielded thresholds of ride and condition index summarized for each state. Results show that, in general, the driving public wants longer lasting pavements and are willing to pay for them. They want to minimize construction delay, improve entire sections of highway at one time but they dislike detours, and prefer construction under traffic even if it stretches out construction time. Satisfaction with pavements does not correlate directly to a high degree with physical pavement indices, but was found instead to be a complex, multi-faceted phenomenon. A psychological model (after Fishbein/Ajzen) was applied to explain satisfaction to a respectable degree (R2 of .7) for the social sciences. Results also indicate a high degree of trust in the three DOTs which is enhanced when the public is asked for input on specific highway segments. Conclusions and recommendations include a three-step methodology for other state studies. Physical data thresholds based on both public satisfaction and the agreement to improve are presented for each state\u27s physical pavement indices (ride and condition). Recommendations for changes to the quality ranges of the physical indices where appropriate are also made

Earthshine as an Illumination Source at the Moon

Earthshine is the dominant source of natural illumination on the surface of the Moon during lunar night, and at locations within permanently shadowed regions that never receive direct sunlight. As such, earthshine may enable the exploration of areas of the Moon that are hidden from solar illumination. The heat flux from earthshine may also influence the transport and cold trapping of volatiles present in the very coldest areas. In this study, Earth's spectral radiance at the Moon is examined using a suite of Earth spectral models created using the Virtual Planetary Laboratory (VPL) three dimensional modeling capability. At the Moon, the broadband, hemispherical irradiance from Earth near 0 phase is approximately 0.15 watts per square meter, with comparable contributions from solar reflectance and thermal emission. Over the simulation timeframe, spanning two lunations, Earth's thermal irradiance changes less than a few mW per square meter as a result of cloud variability and the south-to-north motion of sub-observer position. In solar band, Earth's diurnally averaged light curve at phase angles < 60 degrees is well fit using a Henyey Greenstein integral phase function. At wavelengths > 0.7 microns, near the well known vegetation "red edge", Earth's reflected solar radiance shows significant diurnal modulation as a result of the longitudinal asymmetry in projected landmass, as well as from the distribution of clouds. A simple formulation with adjustable coefficients is presented for estimating Earth's hemispherical irradiance at the Moon as a function of wavelength, phase angle and sub-observer coordinates. It is demonstrated that earthshine is sufficiently bright to serve as a natural illumination source for optical measurements from the lunar surface.Comment: 27 pages, 15 figures, 1 tabl