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We study the impact of higher capital requirements on banks’ balance sheets and its transmission to the real economy. The 2011 EBA capital exercise provides an almost ideal quasi-natural experiment, which allows us to identify the effect of higher capital requirements using a difference-in-differences matching estimator. We find that treated banks increase their capital ratios not by raising their levels of equity, but by reducing their credit supply. We also show that this reduction in credit supply results in lower firm-, investment-, and sales growth for firms which obtain a larger share of their bank credit from the treated banks.
This paper studies the role of the Community Reinvestment Act (CRA) in the recent US housing boom-bust cycle. Using a difference-in-differences matching estimation, I find that the enhancement of CRA enforcement in 1998 caused a 7.7 percentage points increase in annual growth rate of mortgage lending by CRA-regulated banks to CRA-eligible census tracts relative to a group of similar-income CRA-ineligible census tracts within the same state. Financial institutions which are not subject to the CRA, however, do not show any change in their mortgage supply between these two types of census tracts after 1998. I take advantage of this exogenous shift in mortgage supply within an instrumental variable framework to identify the causal effect of mortgage supply on housing prices. I find that every 1 percentage point higher annual growth rate of mortgage supply leads to 0.3 percentage points higher annual growth rate of housing prices. Reduced form regressions show that CRA-eligible neighborhoods experienced higher house price growth during the boom and sharper decline during the bust period. I use placebo tests to confirm that this effect is in fact channeled through the shift in mortgage supply by CRA-regulated banks and not by unobserved demand factors. Furthermore, my results indicate that CRA-induced mortgages went to borrowers with lower FICO scores, carried higher interest rates, and encountered more frequent delinquencies.
In order to better differentiate the drivers of corporations’ actions, in particular shareholder wealth and stakeholder interests, the paper explores the significance of the comply or explain-principle and its underlying enforcement mechanisms more generally. Against this background, compliance rates with specific provisions may shed a light on companies’ reasons for following the code. An analysis of these rates at the example of distinct provisions of the German Corporate Governance Code is therefore entered into. In light of the current corporate governance debate and the legitimacy problems that are raised, among the code provisions that exemplify these questions very well are those regulating incentive pay, severance pay caps, and age limits for supervisory board members. Their analysis will lay a basis for an answer to the question about what motivates companies to comply with the code. The motivation then paves the way to arrive at a further specification of the determinants of the regulatory evolution of the Code and the range of stakeholders and their concerns that enter into it.
owards their best performing products; and also extend the range of products sold to that market. We develop a theoretical model of multiproduct firms and derive the specific demand and cost conditions needed to generate these product-mix reallocations. Our theoretical model highlights how the increased competition from demand shocks in export markets - and the induced product mix reallocations - induce productivity changes within the firm. We then empirically test for this connection between the demand shocks and the productivity of multi-product firms exporting to those destinations. We find that the effect of those demand shocks on productivity are substantial - and explain an important share of aggregate productivity fluctuations for French manufacturing.
We use detailed data on exporters from Costa Rica, Ecuador and Uruguay as well as on their buyers to show that: aggregate exports are disproportionally driven by few multi-buyers exporters; and each multi-buyer exporter's foreign sales of any product are in turn accounted for by few dominant buyers. We propose an analytically solvable multi-country model of endogenous selection in which dominant exporters, dominant products and dominant buyers emerge in parallel as multi-product sellers with heterogeneous technologies compete for buyers with heterogeneous needs. The model not only provides an explanation of the existence of dominant buyers but also makes specific predictions on how the relative importance of dominant buyers should vary across export destinations depending on their market size and accessibility. We show that these predictions are borne out by our data and discuss their welfare implications in terms of gains from trade.
For the transport of high-intensity hadron beams in low-energy beam lines of linear accelerators, the compensation of space charge forces by the accumulation of particles of opposite charge is an important effect, reducing the required focusing strength and potentially the emittance growth due to space charge forces. In this thesis, space charge compensation was studied by including the secondary particles in particle-in-cell simulations.
For this purpose, a new electrostatic particle-in-cell code named bender was developed. The software was tested using known self-consistent solutions for an electron plasma confined in an external potential as well as for a KV distributed beam in a periodic focusing lattice. For the simulation of compensation, models for residual gas ionisation by proton and electron impact were implemented.
The compensation process was studied for a 120 keV, 100 mA proton beam transported through a short drift section. Various features in the particle distributions were identified, which can not explained by a uniform reduction in the electric field of the beam. These were tied to the presence of thermal electrons confined within the beam potential. Using the Poisson-Boltzmann equation, their distribution could be reproduced and their influence on the beam for a wider range of parameters studied. However, the observed temperatures show a significant numerical influence. The hypothesis was formed, that stochastical heating present in particle-in-cell simulations is the mechanism leading to the formation of the observed (partial) thermal equilibrium.
For the low-energy beam transport line of the Frankfurt neutron source FRANZ, bender was used to predict the pulse shaping in the novel ExB chopper system. The code was also used for the design and the study of an electron lens for the Integrable Optics Test Accelerator at Fermi National Accelerator Laboratory. Aberrations due to guiding center drifts and the strong electric field of the electron beam as well as the current limits in such a system were investigated.
This paper explores the impact of immigrants on the imports, exports and productivity of service- producing firms in the U.K. Immigrants may substitute for imported intermediate inputs (offshore production) and they may impact the productivity of the firm as well as its export behavior. The first effect can be understood as the re-assignment of offshore productive tasks to immigrant workers. The second can be seen as a productivity or cost cutting effect due to immigration, and the third as the effect of immigrants on specific bilateral trade costs. We test the predictions of our model using differences in immigrant inflows across U.K. labor markets, instrumented with an enclave-based instrument that distinguishes between aggregate and bilateral immigration, as well as immigrant diversity. We find that immigrants increase overall productivity in service-producing firms, revealing a cost cutting impact on these firms. Immigrants also reduce the extent of country-specific offshoring, consistent with a reallocation of tasks and, finally, they increase country-specific exports, implying an important role in reducing communication and trade costs for services.
In light of increasing division of labour in healthcare, the training and acquisition of both profession-specific and interprofessional competencies have been attributed growing significance, creating the need to test and establish specific teaching formats. Despite ever more complex and interconnected healthcare systems, an increase in patients’ active self-responsibility and innumerable pedagogical and technological innovations, educational systems have not reacted adequately to these new demands. Many authors, not lease the German Council of Science and Humanities, have therefore urged a rethinking of traditional medical education. Student-centred learning activities, such as problem-based and research-based learning, are becoming increasingly significant in view of the numbers of students achieving unsatisfactory levels of competence in critical thinking, communication and writing abilities and complex clinical decision making, for example. The Council of Science and Humanities arrived at a positive evaluation of the various model and reformed courses of study attempting to effectuate a comprehensive reorganisation of medical studies in content and structure as well as methods and didactics. The persistent pervasiveness of instructor-centred learning formats is not only to be found in medical education but in all of the health professions. Although alternative teaching and instruction formats have already been designed and their effectiveness deemed positive in empirical evaluation, the lecture remains the most practised means of transmitting knowledge. In its essence, however, learning is not a question of transmitting information but, moreover, a question of processing information. In traditional instruction units, referred to as “chalk and talk classes” by Becker and Watts, the teaching party presents material in the form of a lecture. As appropriate, questions may be permitted or short processing periods for the students may be integrated into the lecture. The knowledge-assimilating and most essential analysis of the lecture’s contents takes place in the subsequent self-instruction phase, in which the student works alone on concrete tasks. It is during the transfer of knowledge conveyed in the lectures, however, that most questions arise. Of further disadvantage in the traditional lecture is the low level of motivation among students to attend lectures as well as their often heterogeneous knowledge. The Inverted Classroom Model seems to be an eligible instrument for greater facilitation of student-centred and interprofessional learning.
Dieser Artikel beschreibt die Inverted-Classroom-Methode(ICM) im Sinne einer Einführung in die Thematik und soll als Praxisleitleitfaden für diejenigen dienen, die diese Methode in der medizinischen Aus-, Fort- und Weiterbildung einsetzen möchten. Es handelt sich bei der ICM um einen Blended-Learning-Methode, bei dem eine Selbstlernphase (individuelle Phase) vor die Präsenzunterrichtsphase gesetzt wird. In der Online-Phase wird Faktenwissen vermittelt, das als Grundlage für die Präsenzphase dient. Die Präsenzphase soll anschließend dafür genutzt werden, das erlernte Wissen zu vertiefen und anzuwenden. Dem gegenüber stehen die traditionellen Kurskonzepte, in denen das Faktenwissen beispielsweise in Vorlesungen oder in anderen Präsenzunterricht-Formaten vermittelt wird und die Vertiefung dieses Wissens durch die Studierenden im Anschluss daran im Selbststudium stattfinden soll. Das Ziel der ICM ist die Verschiebung des passiven Lernens hin zum aktivierenden Lernen, um das Lernen auf kognitiv anspruchvollen Ebenen wie Analyse, Synthese und Evaluation zu unterstützen. Dabei haben die gestiegene Produktion und Nutzung von Screencasts und Lernvideos, die „Bewegung“ der „Open Educational Resources“ und die verbreitete Nutzung von „Massive Open Online Courses“ (MOOCs) zu einer gestiegenen Verbreitung der Inverted-Classroom-Methode beigetragen. Der Artikel soll als Einführung in die Thematik dienen und dabei eine kurze Übersicht über wichtige Projekte und Forschungsergebnisse in der medizinischen Ausbildung und in weiteren Gesundheitsberufen geben. Außerdem werden die Vor- und Nachteile der Methode und ihr potentieller Nutzen für die zukünftige medizinische Aus- und Weiterbildung dargestellt.
Himaloaesalus gaoligongshanus Huang and Chen, new species (Coleoptera: Lucanidae: Aesalinae) is described from the Gaoligongshan Mts., Yunnan, China. It is the fi fth species of the genus Himaloaesalus Huang and Chen. This new species is similar to the Himalayan species Himaloaesalus himalayicus Kurosawa and H. saburoi Araya et al., from which it is distinguished. The male and female genitalia of all the known species of Himaloaesalus are illustrated. Dorcus yongreni Huang and Chen, new species (Coleoptera: Lucanidae: Lucaninae) is described from Ruili area, Yunnan, China. It belongs to the elegans group (Huang and Chen 2013). This new species is similar to the Indian species Dorcus apatani (Okuda and Maeda), new combination, originally described in Digonophorus Waterhouse. The male genitalia of both species are compared and illustrated.
El género Oogenius Solier, 1851, es revisado y ahora incluye siete especies: O. arrowi Gutiérrez (Argentina), O. castilloi Martínez y Peña (Chile), O. chilensis Ohaus (Chile), O. kuscheli Gutiérrez (Chile), O. lariosae Martínez (Argentina), O. penai Mondaca (Chile), y O. virens Solier (Chile). El género es redescrito, adultos macho y hembra de cada una de las especies son caracterizados, fotografi ados, y los caracteres morfológicos de valor diagnóstico ilustrados. Se incluye una clave de identifi cación, un mapa de distribución e información general sobre la biología de las especies. Basado en el estudio del material tipo, O. chilensis barrosi Gutiérrez, 1949, es considerado un nuevo sinónimo de O. chilensis Ohaus, 1905. Se designan lectotipos para Oogenius chilensis Ohaus, 1905 y Oogenius virens Solier, 1851.
Four species of the genus Enoclerus (Coleoptera: Cleridae) are reported to prey on chemically protected Coccinellidae in North America. The possibility that aposematically colored Enoclerus also mimic prey ladybird species is discussed, and the further possibility that clerid predators acquire chemical protection through sequestration of ladybird prey’s toxic alkaloids is suggested as an important avenue of investigation. The data presented are primarily based on photographs taken by non-specialists, discovered through Internet search. The crowdsourcing of natural history observations can reveal aspects of animal behavior heretofore unreported and even unsuspected.