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  • 1
    ISSN: 1573-0735
    Keywords: banking ; production ; risk ; efficiency ; agency problems.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We present and estimate a model that shifts the focus of modeling production from the traditional assumptions of profit maximization and cost minimization to a more general assumption of managerial utility maximization that can incorporate risk incentives into the analysis of production and recover value-maximizing technologies. We implement the model using the almost ideal demand system. In addition, we use the model to measure efficiency in a more general way that can incorporate a concern for the market value of firms’ assets and equity and identify value-maximizing firms. This shift in focus bridges the gap between the risk incentives literature in banking that ignores the microeconomics of production and the production literature that ignores the relationship between production decisions and risk. Our estimation of the model for a sample of U.S. commercial banks illustrates that results obtained from our generalized model can differ significantly from those obtained from the standard profit-maximization model, which ignores risk.
    Type of Medium: Electronic Resource
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  • 2
    Publication Date: 2019-07-13
    Description: We determine the distances to the z approximately equals 0.55 galaxy clusters MS 0451.6 - 0305 and Cl 0016 + 16 from a maximum-likelihood joint fit to interferometric Sunyaev-Zeldovich effect (SZE) and X-ray observations. We model the intracluster medium (ICM) using a spherical isothermal beta model. We quantify the statistical and systematic uncertainties inherent to these direct distance measurements, and we determine constraints on the Hubble parameter for three different cosmologies. For an Omega(sub M) = 0.3, Omega(sub lambda) = 0.7 cosmology, these distances imply a Hubble constant of 63(sup +12) (sub -9) (sup + 21) (sub -21) km/s Mp/c, where the uncertainties correspond to statistical followed by systematic at 68% confidence. The best-fit H(sub 0) is 57 km/s Mp/c for an open (Omega(sub M) = 0.3) universe and 52 km/s Mp/c for a flat (Omega(sub M) = 1) universe.
    Keywords: Astrophysics
    Type: Astrophysical Journal; 533; 38-49
    Format: text
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  • 3
    Publication Date: 2019-07-13
    Description: We present multiwavelength observations of the Abell 1995 galaxy cluster. From an analysis of X-ray spectroscopy and imaging data, we derive the electron temperature, cluster core radius, and central electron number density. Using optical spectroscopy of 15 cluster members, we derive an accurate cluster redshift and velocity dispersion. Finally, the interferometric imaging of the Sunyaev-Zeldovich effect toward Abell 1995 at 28.5 GHz provides a measure of the integrated pressure through the cluster. The X-ray and Sunyaev-Zeldovich effect observations are combined to determine the angular diameter distance to the cluster of D(sub A) = 1294(sup +294 +438, sub -283 -458) Mpc (Statistical followed by systematic uncertainty), implying a Hubble constant of H(sub 0) = 52.2(sup +11.4 +18.5, sub -11.9 -17.7) km/s.Mpc for Omega(sub M) = 0.3 and Omega(sub lambda) = 0.7. We find a best-fit H(sub 0) of 46 km/s.Mpc for the Omega(sub M) = 1 and Omega(sub lambda) = 0 cosmology, and 48 km/s.Mpc for Omega(sub M) = 0.3 and Omega(sub lambda) = 0.0. The X-ray data are also used to derive a total cluster mass of M(sup HSE, sub tot)(r(sub 500)) = 5.18(sup +0.62, sub -0.48) x 10(exp 14)/h solar mass; the optical velocity dispersion yields an independent and consistent estimate of M(sup virial, sub tot)(r(sub 500)) = 6.35(sup +1.51, sub -1.19) X 10(exp 14) /h solar mass. Both of the total mass estimates are evaluated at a fiducial radius, r(sub 500) = 830 /h kpc, where the overdensity is 500 times the critical density. The total cluster mass is then combined with gas mass measurements to determine a cluster gas mass fraction of F(sub g) = 0.056(sup +0.010, sub -0.013) /h(sup 3/2) in combination with recent baryon density constraints, the measured gas mass fraction yields an upper limit on the mass density parameter of Omega(sub M) h(sup 1/2) 〈= 0.34(sup +/0.06, sub 0.05.
    Keywords: Astrophysics
    Type: Astrophysical Journal; 541; 37-48
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