The light and dark side of TARP

This paper empirically investigates the impact of the first announcement of TARP, the announcement of revised TARP, respective capital infusions under TARP-CPP and capital repayments on changes in shareholder value and the risk exposure of supported U.S. banks. Our analysis reveals a light and a dark side of TARP. While announcements as well as capital repayments may provoke positive wealth effects and a decrease in bank risk, equity capital injections to banks are observed to be a severe impediment to restore market confidence and financial stability. Furthermore, while TARP announcements and capital injections may increase systemic risk, no significant effect on systemic risk is found for capital repayments

Banken unter Druck: Gibt es Auswege aus der neuen Bankenkrise?

Durch die globale Finanz- und Wirtschaftskrise geraten Europas Banken immer mehr unter Druck. So hat die desolate Verfassung der Staatsfinanzen der südeuropäischen Länder nach Ansicht von Stephan Paul und Christian Farruggio, Ruhr-Universität Bochum, die Krise in den Bankensektor »zurückgebracht«, denn diese halten immer noch in großem Umfang öffentliche Schuldtitel. Die von der Politik favorisierten Vorschläge zur Beseitigung der Bankenkrise lösen aber leider nicht die derzeitigen Probleme, da sie sich vor allem auf die Höhe des regulatorischen Eigenkapitals von Banken beziehen. Stattdessen müsse im Rahmen einer proaktiven Kontrolle der Aufsicht intensiver geprüft werden, welche Risiken Banken eingehen. Gerhard Schick und Jan Weder, Bündnis 90/Die Grünen, sehen es als wichtig an, die Banken- und Schuldenkrisen separat zu lösen, wobei die Stabilisierung der Banken hierfür ein elementarer Baustein sei. Leider habe es die Politik versäumt, sich neue Optionen zwischen den beiden Extremen »Retten« und »Nicht-Retten« zu verschaffen. Jochen Zimmermann, Universität Bremen, möchte an den Anreizstrukturen und dem Geschäftsmodell der großen Privatbanken ansetzen, und zwar in mehrfacher Hinsicht: durch die Trennung von Staat und Kreditwirtschaft, durch weiträumige Verbote derivativer Geschäfte und die Stärkung des Zusammenhangs von Handlung und Haftung. Harald Hau, Universität Genf und Swiss Finance Institute, und Bernd Lucke, Indiana University, Bloomington, und Universität Hamburg, sehen Europa vor der Wahl zwischen hoher Infla­tion oder dem möglichen Staatsbankrott einzelner Staaten der Eurozone.Bankenkrise, Finanzmarkt, Eigenkapital, Bankrisiko, Konjunkturpolitik, Inflation, Staatsbankrott, Europa

Banken unter Druck: Gibt es Auswege aus der neuen Bankenkrise?

Durch die globale Finanz- und Wirtschaftskrise geraten Europas Banken immer mehr unter Druck. So hat die desolate Verfassung der Staatsfinanzen der südeuropäischen Länder nach Ansicht von Stephan Paul und Christian Farruggio, Ruhr-Universität Bochum, die Krise in den Bankensektor »zurückgebracht«, denn diese halten immer noch in großem Umfang öffentliche Schuldtitel. Die von der Politik favorisierten Vorschläge zur Beseitigung der Bankenkrise lösen aber leider nicht die derzeitigen Probleme, da sie sich vor allem auf die Höhe des regulatorischen Eigenkapitals von Banken beziehen. Stattdessen müsse im Rahmen einer proaktiven Kontrolle der Aufsicht intensiver geprüft werden, welche Risiken Banken eingehen. Gerhard Schick und Jan Weder, Bündnis 90/Die Grünen, sehen es als wichtig an, die Banken- und Schuldenkrisen separat zu lösen, wobei die Stabilisierung der Banken hierfür ein elementarer Baustein sei. Leider habe es die Politik versäumt, sich neue Optionen zwischen den beiden Extremen »Retten« und »Nicht-Retten« zu verschaffen. Jochen Zimmermann, Universität Bremen, möchte an den Anreizstrukturen und dem Geschäftsmodell der großen Privatbanken ansetzen, und zwar in mehrfacher Hinsicht: durch die Trennung von Staat und Kreditwirtschaft, durch weiträumige Verbote derivativer Geschäfte und die Stärkung des Zusammenhangs von Handlung und Haftung. Harald Hau, Universität Genf und Swiss Finance Institute, und Bernd Lucke, Indiana University, Bloomington, und Universität Hamburg, sehen Europa vor der Wahl zwischen hoher Infla­tion oder dem möglichen Staatsbankrott einzelner Staaten der Eurozone

Direct/indirect protective effects elicited by anti-vascular endothelial growth factor drugs on retinal pigment epithelium cells (ARPE-19 cell line)

The Age-Related Macular Degeneration (AMD) is the leading cause of irreversible loss of vision. In the mechanisms of action of the anti-VEGF agents the involvement of nitric oxide (NO), the mitochondria function and apoptosis have not been examined. In the present study, in order to analyze the cross-talk between retinal pigment epithelium (RPE; ARPE-19) cells and endothelial cells, we conducted co-culture experiments between RPE and human umbilical vascular endothelial cells (HUVEC). RPE and HUVEC/RPE co-culture, were exposed to Ranibizumab/Aflibercept in the absence/presence of NO synthase (NOS) inhibitor, phosphatidylinositol 3′-kinase (PI3K), extracellular signal regulated kinases 1/2 (ERK1/2) and p38 mitogen-activated protein kinase (p38 MAPK) blockers. Specific kits were used for cell viability, NO, ROS detection, apoptosis and mitochondrial membrane potential measurement. Western blot was performed for apoptosis markers, NOS isoforms, and other kinases detection. Cell migration was measured by wound healing assay and cell proliferation was analyzed by using xCELLigence. In RPE alone or in co-culture with HUVEC, Aflibercept/Ranibizumab increased NO release in a dose and time-dependent way, in physiologic conditions. Opposite results were obtained in RPE pretreated with hydrogen peroxide. Both anti-VEGF drugs were able to prevent the fall of cell viability and of mitochondrial membrane potential. Those effects were reduced by inhibitors of NOS, PI3K, ERK1/2 and p38MAPK. Both drugs were able to increase cell viability and migration. Finally, Aflibercept/Ranibizumab counteracted the changes of apoptosis markers, NOS expression/activation, protein kinase B (PKB or Akt) and ERK1/2 activation caused by peroxidation. This study has shown for the first time new mechanisms involving NO and mitochondria, in the actions of Aflibercept/Ranibizumab in RPE

"Embodied"

My show is meant to bring up topics that usually would not just be brought up in everyday conversations. This room encourages viewers to face the reality that a feminine body is not something that should be shamed and covered up, but rather embraced. I noticed that my work encourages people to bring up subjects like feminism, purity, sexuality, and gender. These feminine shapes say more to the audience than just a naked body; standing in front of these pieces makes people relate to their own body and how it's perceived to others. If a whole room was full of naked masculine bodies then there would be a whole different interpretation. Since men's bodies are always more accepted when exposed, it doesn't give the same sense of impurity that the feminine bodies do.Purchase College SUNYSculptureBachelor of Fine ArtsBowen, Nanc

Preparing bilingual teachers on the U.S./Mexico border: including the voices of emergent bilinguals

Language policies in the U.S., including matters relating to bilingual education, are tangled up with political tensions and ideology. All too often, the dialogue among educators and policymakers about what constitutes best practices for people learning English – for whom we will use the term emergent bilinguals (EBs) (Garcia, Kleifgen and Falchi 2008) – fails to include the voices of those they serve. The Rio Grande Valley (RGV) of South Texas provides a uniquely valuable laboratory in which to study bilingual education because of its location, demographic makeup, and migration patterns. In this study, a pedagogical intervention was made with a cohort of teacher candidates studying at a university in South Texas; the participants had themselves experienced bilingual education, as children, in RGV public schools. The implications of this study can be extended to teacher preparation for other minority communities receiving majority language instruction. The analysis based on transcripts of focus group discussions and asynchronous online discussions among 26 teacher candidates, of Mexican origin or descent, applies LatCrit theory and illustrates the development of a critical awareness of the hegemonic forces impacting the linguistic development of EB students such as themselves

The Economic Value of Solar Photovoltaic Electricity in the US Midwest

Economic and environmental effectiveness of solar power is particularly dependent on local weather conditions and energy infrastructure. Study of past performance is vital to planning arrays which maximize their potential. The value of solar electricity is determined by the value of electricity power not purchased from the grid as a result of production. The daily cycle of marginal power cost fluctuations allows the average value of array production, which occurs mainly during daylight hours, to differ from a twenty-four hour energy price average. We here calculate the price of electricity offset by a recently commissioned solar array in central Illinois and find that it exceeds the average price of grid electricity by 16.2%. We also calculate the avoided capacity charge and find that it varies from almost negligible to comparable in size with the price of electricity, depending on the capacity price. The implications of these findings on future installation choices is briefly discussed.Ope

Control of serine integrase recombination directionality by fusion with the directionality factor

Bacteriophage serine integrases are extensively used in biotechnology and synthetic biology for assembly and rearrangement of DNA sequences. Serine integrases promote recombination between two different DNA sites, attP and attB, to form recombinant attL and attR sites. The ‘reverse’ reaction requires another phage-encoded protein called the recombination directionality factor (RDF) in addition to integrase; RDF activates attL × attR recombination and inhibits attP × attB recombination. We show here that serine integrases can be fused to their cognate RDFs to create single proteins that catalyse efficient attL × attR recombination in vivo and in vitro, whereas attP × attB recombination efficiency is reduced. We provide evidence that activation of attL × attR recombination involves intra-subunit contacts between the integrase and RDF moieties of the fusion protein. Minor changes in the length and sequence of the integrase–RDF linker peptide did not affect fusion protein recombination activity. The efficiency and single-protein convenience of integrase–RDF fusion proteins make them potentially very advantageous for biotechnology/synthetic biology applications. Here, we demonstrate efficient gene cassette replacement in a synthetic metabolic pathway gene array as a proof of principle

Effects of Calf Birth Weight, Sex, and Number of Calvings on Assigned Maternal Disposition Scores

Little work has been conducted to compare maternal disposition scores assigned to a heifer/cow after calving, and if these scores remain stable over consecutive calvings. The objective of this trial was to determine if calf birth weight, sex, and the number of calvings affects the cows maternal disposition scores. The fall data set included observations from 406 calvings, which were pure Angus (n = 316), pure Simmental (n = 75), or crosses of the two breeds (n = 43). The spring data set included observations from 550 calvings, which were Angus (n = 253) or Simmental (n = 338). All calvings occurred on pasture. The data set included date and time of birth, birth weight (kg), sex of the calf, and a maternal disposition score. The maternal disposition score was based on the cow’s reaction to both the calf and human interaction. The scale used to score cows ranged from one through five and was created at the ISU beef farm. Data was analyzed using PROC GLIMMIX. There were no observed differences for disposition score in either season when cows birthed heavier calves (P \u3e 0.86), if the cow had a bull versus a heifer (P \u3e 0.50) or the number of calvings that they experienced (P \u3e 0.76). In conclusion, using this particular maternal disposition scoring, no observed changes in disposition score occurred with calf birth weight, calf sex or the number of calvings

Devaluación monetaria, costos y expectativas empresariales en organizaciones comercializadoras de reses bovinas del municipio Maracaibo

El presente estudio de investigación tiene como objetivo primordial analizar la devaluación monetaria, los costos y las expectativas empresariales en organizaciones comercializadoras de reses bovinas del municipio Maracaibo. Se clasifica como un estudio descriptivo, transaccional, de campo y no experimental. Atendiendo los postulados teóricos de López y Correa (2007), Osorio (2005) y Contreras (2005), entre otros, se analizaron cinco personas relacionadas con el manejo interno de los costos empresariales. Se utilizó como técnica de recolección de datos una encuesta tipo cuestionario bajo la escala dicotómica, aplicado a las empresas Farruggio, C.A. y Disprocar, C.A. Allí se obtuvo un coeficiente de 0,93 por medio de la aplicación del K20 de Kuder-Richardson. Para el estudio de los resultados se utilizó una frecuencia absoluta y relativa, encontrándose que en las empresas objeto de estudio se afecta el ciclo operativo y económico-financiero, por la imposición de devaluaciones de la moneda, regulaciones en precios y control de divisas por parte del Estado, lo cual afecta los costos. Se concluye que las empresas se someten a los cambios económicos, lo que origina limitantes en el desarrollo operativo financiero por la dificultad de controlar los costos. Por lo tanto, se recomienda la aplicación de estrategias para el manejo de la devaluación monetaria para el cumplimientode las expectativas empresariales que permitan disminuir los efectos generados por la devaluación monetaria y las expectativas empresariales.This research study aims primarily to analyze the currency devaluation, costsand business expectations in marketing organizations bovines MaracaiboMunicipality. It is classified as a non-transactional experimental descriptivestudy field. Considering the theoretical postulates of López and Correa (2007),Osorio (2005) and Contreras (2005), among others. A survey questionnaireunder the Likert type scale was used as data collection technique, applied tocompanies Farruggio, CA and Disprocar, C.A. Was obtained, a coefficient of0.93 by the application of Cronbach’s alpha. To study the results absolute andrelative frequency was used and found to be in companies operating understudy and business cycle affects - financial, by the imposition of currencydevaluations, price regulations and currency control by State, which affectscosts. We conclude that companies undergoing economic change, whichcauses limitations in the operating business development by the difficulty ofcontrolling costs. Therefore, the implementation of strategies for managingcurrency devaluation to fulfill business expectations that may decrease theeffects generated by the currency devaluation and business expectations isrecommended