Information acquisition and financial contagion.

This paper incorporates costly voluntary acquisition of information à la Nikitin and Smith (2007) [Nikitin, M., Smith, R.T., 2007. Information acquisition, coordination, and fundamentals in a financial crisis. Journal of Banking and Finance, in press, doi:10.1016/j.jbankfin.2007.04.031], in a framework similar to Allen and Gale (2000) [Allen, F., Gale, D., 2000. Financial contagion. Journal of Political Economy 108, 1–33], without relying on any unexpected shock to model contagion. In this framework, contagion and financial crises are the result of information gathering by depositors, weak fundamentals and an incomplete market structure of banks. It also shows how financial systems entering a recession can affect others with apparently stronger economic conditions (contagion). Finally, this is the first paper to investigate the effectiveness of the Contingent Credit Line procedures, introduced by the IMF at the end of the nineties, as a mechanism to prevent the propagation of crises.Central Bank; Contingent credit line; Financial contagion; Fundamentals; Verification equilibrium;

Don't Distract Me When I'm Media Multitasking: Toward a Theory for Raising Advertising Recall and Recognition

Media multitasking, such as using handheld devices like smartphones and tablets while watching TV, has become prevalent but its effect on the recall and recognition of advertising subject to limited academic research. We contend that the context in which multitasking takes place affects consumer memory for advertising delivered via the primary activity (e.g., watching television). Specifically, we identify the importance of the degree of (a) congruence between the primary and second screen activity and (b) social accountability of second screen activities. We test our typology empirically by examining the determinants of next day recall and recognition for billboard advertisers (perimeter board advertisements) of a televised football (soccer) match. In line with our theory, in most cases media multitasking leads to worse recall and recognition, however, in situations where there is congruence between primary and second screen activities and secondary activities have a higher level of social accountability attached to them, then advertising recall and recognition improves

Boundary-Layer-Ingesting Inlet Flow Control

An experimental study was conducted to provide the first demonstration of an active flow control system for a flush-mounted inlet with significant boundary-layer-ingestion in transonic flow conditions. The effectiveness of the flow control in reducing the circumferential distortion at the engine fan-face location was assessed using a 2.5%-scale model of a boundary-layer-ingesting offset diffusing inlet. The inlet was flush mounted to the tunnel wall and ingested a large boundary layer with a boundary-layer-to-inlet height ratio of 35%. Different jet distribution patterns and jet mass flow rates were used in the inlet to control distortion. A vane configuration was also tested. Finally a hybrid vane/jet configuration was tested leveraging strengths of both types of devices. Measurements were made of the onset boundary layer, the duct surface static pressures, and the mass flow rates through the duct and the flow control actuators. The distortion and pressure recovery were measured at the aerodynamic interface plane. The data show that control jets and vanes reduce circumferential distortion to acceptable levels. The point-design vane configuration produced higher distortion levels at off-design settings. The hybrid vane/jet flow control configuration reduced the off-design distortion levels to acceptable ones and used less than 0.5% of the inlet mass flow to supply the jets

Rapid identification of a Mycobacterium tuberculosis full genetic drug resistance profile through whole genome sequencing directly from sputum

INTRODUCTION: Resistance to second line tuberculosis drugs is common, but slow to diagnose with phenotypic drug sensitivity testing. Rapid molecular tests speed up diagnosis, but can only detect limited mutations. Whole genome sequencing (WGS) of culture isolates can generate a complete genetic drug resistance profile, but is delayed by the initial culture step. We previously successfully achieved WGS directly from sputum using targeted enrichment. CASE REPORT: A 29-year-old Nigerian lady was diagnosed with tuberculosis. Xpert MTB/RIF and Hain line probe assays identified rpoB and inhA mutations consistent with rifampicin and intermediate isoniazid resistance, and a further possible mutation conferring fluoroquinolone resistance. WGS directly from sputum identified a further inhA mutation consistent with high level isoniazid resistance and confirmed absence of fluoroquinolone resistance. Isoniazid was stopped and she has completed 18 months of a fluoroquinolone-based regimen without relapse. DISCUSSION: Compared to rapid molecular tests which can only examine a limited number of mutations, and WGS of culture isolates which requires a culture step, WGS directly from sputum can quickly generate a complete genetic drug resistance profile. In this case WGS altered clinical management of drug-resistant tuberculosis, and demonstrates potential to guide individualised drug treatment where second line drug resistance is common

Benefits of a marketing cooperative in transition agriculture: Mórakert purchasing and service co-operative

The paper analyses the potential benefits of marketing cooperatives in Hungary, employing a transaction cost economics framework. We found that the purchased quantity, the existence of contracts, flexibility and trust are the most important factors farmers consider when selling their products via a cooperative. The most striking result is that diversification has positive influences on the share of cooperatives in farmers’ sale. Furthermore, farmers with larger bargaining power have less willingness to sell their product to the cooperative. Surprisingly, asset specificity has rather negative effects on the share of cooperatives in members’ sales

Electrochemical oxidation of dihydronicotinamide adenine dinucleotide (NADH) : Comparison of highly oriented pyrolytic graphite (HOPG) and polycrystalline boron-doped diamond (pBDD) electrodes

The electro-oxidation of nicotinamide adenine dinucleotide (NADH) is studied at bare surfaces of highly oriented pyrolytic graphite (HOPG) and semi-metallic polycrystalline boron-doped diamond (pBDD). A comparison of these two carbon electrode materials is interesting because they possess broadly similar densities of electronic states that are much lower than most metal electrodes, but graphite has carbon sp2-hybridization, while in diamond the carbon is sp3-hybridised, with resulting major differences in bulk structure and surface termination. Using cyclic voltammetry (CV), it is shown that NADH oxidation is facile at HOPG surfaces but the reaction products tend to strongly adsorb, which causes rapid deactivation of the electrode activity. This is an important factor that needs to be taken into account when assessing HOPG and its intrinsic activity. It is also shown that NADH itself adsorbs at HOPG, a fact that has not been recognized previously, but has implications for understanding the mechanism of the electro-oxidation process. Although pBDD was found to be less susceptible to surface fouling, pBDD is not immune to deterioration of the electrode response, and the reaction showed more sluggish kinetics on this electrode. Scanning electrochemical cell microscopy (SECCM) highlights a significant voltammetric variation in electroactivity between different crystal surface facets that are presented to solution with a pBDD electrode. The electroactivity of different grains correlates with the local dopant level, as visualized by field emission-scanning electron microscopy. SECCM measurements further prove that the basal plane of HOPG has high activity towards NADH electro-oxidation. These new insights on NADH voltammetry are useful for the design of optimal carbon-based electrodes for NADH electroanalysis

Preliminary genetic evidence of two different populations of Opisthorchis viverrini in Lao PDR

Opisthorchis viverrini is a major public health concern in Southeast Asia. Various reports have suggested that this parasite may represent a species complex, with genetic structure in the region perhaps being dictated by geographical factors and different species of intermediate hosts. We used four microsatellite loci to analyze O. viverrini adult worms originating from six species of cyprinid fish in Thailand and Lao PDR. Two distinct O. viverrini populations were observed. In Ban Phai, Thailand, only one subgroup occurred, hosted by two different fish species. Both subgroups occurred in fish from That Luang, Lao PDR, but were represented to very different degrees among the fish hosts there. Our data suggest that, although geographical separation is more important than fish host specificity in influencing genetic structure, it is possible that two species of Opisthorchis, with little interbreeding, are present near Vientiane in Lao PDR

Belle II Technical Design Report

The Belle detector at the KEKB electron-positron collider has collected almost 1 billion Y(4S) events in its decade of operation. Super-KEKB, an upgrade of KEKB is under construction, to increase the luminosity by two orders of magnitude during a three-year shutdown, with an ultimate goal of 8E35 /cm^2 /s luminosity. To exploit the increased luminosity, an upgrade of the Belle detector has been proposed. A new international collaboration Belle-II, is being formed. The Technical Design Report presents physics motivation, basic methods of the accelerator upgrade, as well as key improvements of the detector.Comment: Edited by: Z. Dole\v{z}al and S. Un

Why do banks promise to pay par on demand?

We survey the theories of why banks promise to pay par on demand and examine evidence about the conditions under which banks have promised to pay the par value of deposits and banknotes on demand when holding only fractional reserves. The theoretical literature can be broadly divided into four strands: liquidity provision, asymmetric information, legal restrictions, and a medium of exchange. We assume that it is not zero cost to make a promise to redeem a liability at par value on demand. If so, then the conditions in the theories that result in par redemption are possible explanations of why banks promise to pay par on demand. If the explanation based on customers’ demand for liquidity is correct, payment of deposits at par will be promised when banks hold assets that are illiquid in the short run. If the asymmetric-information explanation based on the difficulty of valuing assets is correct, the marketability of banks’ assets determines whether banks promise to pay par. If the legal restrictions explanation of par redemption is correct, banks will not promise to pay par if they are not required to do so. If the transaction explanation is correct, banks will promise to pay par value only if the deposits are used in transactions. After the survey of the theoretical literature, we examine the history of banking in several countries in different eras: fourth-century Athens, medieval Italy, Japan, and free banking and money market mutual funds in the United States. We find that all of the theories can explain some of the observed banking arrangements, and none explain all of them