The role of commercial real estate investments in the banking crisis of 1985-92

This article examines the role of commercial real estate investments in the banking crisis of 1985-92, an unprecedented period during which more than 1,300 banks failed. Bank failures are fundamentally important because of the unique role played by financial institutions in the provision of business credit. We discover three striking features of banks failing during this period. First, commercial real estate was only a factor in the bank failures of 1988-92. Second, construction loans played a much larger role in bank failures than permanent loans, and the relationship is strongest with construction loans booked during 1983-1985. Third, other ex ante risk measures are systematically related to banking failure throughout the sample period. These results suggest that risk-seeking banks brought about their own demise and commercial real estate, especially construction lending, was one of the vehicles.bank; bank failure; commercial bank; commercial real estate; construction lending; real estate

Summary of along-track data from the earth radiation budget satellite for several representative ocean regions

For several days in January and August 1985, the Earth Radiation Budget Satellite, a component of the Earth Radiation Budget Experiment (ERBE), was operated in an along-track scanning mode. A survey of radiance measurements taken in this mode is given for five ocean regions: the north and south Atlantic, the Arabian Sea, the western Pacific north of the Equator, and part of the Intertropical Convergence Zone. Each overflight contains information about the clear scene and three cloud categories: partly cloudy, mostly cloudy, and overcast. The data presented include the variation of longwave and shortwave radiance in each scene classification as a function of viewing zenity angle during each overflight of one of the five target regions. Several features of interest in the development of anisotropic models are evident, including the azimuthal dependence of shortwave radiance that is an essential feature of shortwave bidirectional models. The data also demonstrate that the scene classification algorithm employed by the ERBE results in scene classifications that are a function of viewing geometry

Airborne lidar measurements of ozone during the 1989 airborne Arctic stratospheric expedition

The NASA/NOAA Airborne Arctic Stratospheric Expedition (AASE) was conducted during the winter to study the conditions leading to possible ozone (O3) destruction in the wintertime Arctic stratosphere. As part of this experiment, the NASA-Langley airborne differential absorption lidar (DIAL) system was configured for operation on the NASA-Ames DS-8 aircraft to make measurements of O3 profiles from about 1 km above the aircraft to altitudes of 22 to 26 km. The airborne DIAL system remotely sensed O3 above the DC-8 by transmitting two laser beams at 10 Hz using wavelengths of 301.5 and 311 nm. Large scale distributions of O3 were obtained on 15 long range flights into the polar vortex during the AASE. Selected data samples are presented of O3 observed during these flights, general trends observed in O3 distributions, and correlations between these measurements and meteorological and chemical parameters. The O3 distribution observed on the first flight of the DC-8 into the polar vortex on Jan. 6 reflected the result of diabatic cooling of the air inside the vortex during the winter compared to the warmer air outside the vortex. On a potential temperature surface, the O3 mixing ratio generally increases when going from outside to inside the vortex

The Kervaire-Laudenbach conjecture and presentations of simple groups

The statement ``no nonabelian simple group can be obtained from a nonsimple group by adding one generator and one relator" 1) is equivalent to the Kervaire--Laudenbach conjecture; 2) becomes true under the additional assumption that the initial nonsimple group is either finite or torsion-free. Key words: Kervaire--Laudenbach conjecture, relative presentations, simple groups, car motion, cocar comotion. AMS MSC: 20E32, 20F05, 20F06.Comment: 20 pages, 13 figure

Spatial dependence of gain nonlinearities in InGaAs semiconductor optical amplifier

Counter-propagating sub-picosecond pulses are used to monitor gain saturation along the waveguide of an InGaAs superlattice semiconductor optical amplifier at 1550 nm wavelength. The functional form of the spatial dependence of gain saturation is found to depend on pulse energy. These observations are interpreted by combining the optical nonlinearities associated with interband carrier dynamics and carrier heating together and their respective time constants. We show that the results are consistent with the predictions of a propagation model. Implications for all-optical switching, particularly in the limit of full saturation across the whole amplifier, are discussed. (c) 2005 American Institute of Physics.</p

Comparison of clinical signs and outcomes between dogs with presumptive ischemic myelopathy and dogs with acute non compressive nucleus pulposus extrusion

Abstract OBJECTIVE To compare clinical signs and outcomes between dogs with presumptive ischemic myelopathy and dogs with presumptive acute noncompressive nucleus pulposus extrusion (ANNPE). DESIGN Retrospective study. ANIMALS 51 dogs with ischemic myelopathy and 42 dogs with ANNPE examined at 1 referral hospital. PROCEDURES Medical records and MRI sequences were reviewed for dogs with a presumptive antemortem diagnosis of ischemic myelopathy or ANNPE. Information regarding signalment, clinical signs at initial examination, and short-term outcome was retrospectively retrieved from patient records. Long-term outcome information was obtained by telephone communication with referring or primary-care veterinarians and owners. RESULTS Compared with the hospital population, English Staffordshire Bull Terriers and Border Collies were overrepresented in the ischemic myelopathy and ANNPE groups, respectively. Dogs with ANNPE were significantly older at disease onset and were more likely to have a history of vocalization at onset of clinical signs, have spinal hyperesthesia during initial examination, have a lesion at C1-C5 spinal cord segments, and be ambulatory at hospital discharge, compared with dogs with ischemic myelopathy. Dogs with ischemic myelopathy were more likely to have a lesion at L4-S3 spinal cord segments and have long-term fecal incontinence, compared with dogs with ANNPE. However, long-term quality of life and outcome did not differ between dogs with ischemic myelopathy and dogs with ANNPE. CONCLUSIONS AND CLINICAL RELEVANCE Results revealed differences in clinical signs at initial examination between dogs with ischemic myelopathy and dogs with ANNPE that may aid clinicians in differentiating the 2 conditions.</jats:p

Forecasting Equicorrelation

We study the out-of-sample forecasting performance of several time-series models of equicorrelation, which is the average pairwise correlation between a number of assets. Building on the existing Dynamic Conditional Correlation and Linear Dynamic Equicorrelation models, we propose a model that uses proxies for equicorrelation based on high-frequency intraday data, and the level of equicorrelation implied by options prices. Using state-of-the-art statistical evaluation technology, we find that the use of both realized and implied equicorrelations outperform models that use daily data alone. However, the out-of-sample forecasting benefits of implied equicorrelation disappear when used in conjunction with the realized measures.Equicorrelation, Implied Correlation, Multivariate GARCH, DCC

Summary of along-track data from the Earth radiation budget satellite for several major desert regions

For several days in January and August 1985, the Earth Radiation Budget Satellite, a component of the Earth Radiation Budget Experiment (ERBE), was operated in an along-track scanning mode. A survey of radiance measurements is given for four desert areas in Africa, the Arabian Peninsula, Australia, and the Sahel region of Africa. Each overflight provides radiance information for four scene categories: clear, partly cloudy, mostly cloudy, and overcast. The data presented include the variation of radiance in each scene classification as a function of viewing zenith angle during each overflight of the five target areas. Several features of interest in the development of anisotropic models are evident, including day-night differences in longwave limb darkening and the azimuthal dependence of short wave radiance. There is some evidence that surface features may introduce thermal or visible shadowing that is not incorporated in the usual descriptions of the anisotropic behavior of radiance as viewed from space. The data also demonstrate that the ERBE scene classification algorithms give results that, at least for desert surfaces, are a function of viewing geometry

The structure of one-relator relative presentations and their centres

Suppose that G is a nontrivial torsion-free group and w is a word in the alphabet G\cup\{x_1^{\pm1},...,x_n^{\pm1}\} such that the word w' obtained from w by erasing all letters belonging to G is not a proper power in the free group F(x_1,...,x_n). We show how to reduce the study of the relative presentation \^G= to the case n=1. It turns out that an "n-variable" group \^G can be constructed from similar "one-variable" groups using an explicit construction similar to wreath product. As an illustration, we prove that, for n>1, the centre of \^G is always trivial. For n=1, the centre of \^G is also almost always trivial; there are several exceptions, and all of them are known.Comment: 15 pages. A Russian version of this paper is at http://mech.math.msu.su/department/algebra/staff/klyachko/papers.htm . V4: the intoduction is rewritten; Section 1 is extended; a short introduction to Secton 5 is added; some misprints are corrected and some cosmetic improvements are mad

Evaluation of be-38 percent al alloy final report, 27 jun. 1964 - 28 feb. 1965

Mechanical properties, microstructural features, and general metallurgical quality of beryllium- aluminum allo