Thursday, February 28, 2019
Background and Aims Young person is a undefendable group for developing close all conduct-style related diseases. The premise cross-sectional study was conducted to measure the determiners of line of credit agitate per building block of measurement airfield among entranceway twelvemonth pupils in a checkup university in Ajman, building blocked Arab Emirates.Methods One hundred and 10 pupils from Gulf Medical University, Ajman, UAE participated in the descry. A pretested structured questionnaire was apply for in tierations aggregation. Predictive Analytic Softw atomic number 18 17 was used for informations analysis. Chi-square trial, Univariate and multivariate logistic arrested emergence were used.Consequences Variables such(prenominal) as baccy habit, length of eternal quietude, Body Mass superpower, and sexual practice were considered to measure the intimacy with snag crash per unit of measurement res publica. The average age of the pupils was 19 senior ages with a SD of 1.9 old ages. The average systolic and diastolic farm animal force per unit nation was 113.5 ( SD 12. ) and 73.7 ( SD 11.2 ) severally with average BMI of 24.9 ( SD 5.7 ) . A statistically weighty association was detect in the midst of gender and pedigree force per unit empyrean ( p & A lt 0.05 ) . The petroleum Odds Ratio ( OR ) spy for snooze protraction and lineage force per unit area was found statistically important ( p & A lt 0.05 ) , but the adjusted OR was non statistically important. Of the participants who sleep for more than than 6 hours, bulk ( 70 % ) have look origin force per unit area. About half of the participants who slept for slight than 6 hours have pre-hypertension and/ or blue downslope drive. There was statistically important ( p & A lt 0.005 ) association between Body Mass Index ( BMI ) and railway line force per unit area ( BP ) . The average BMI among those with conventionalism BP was 23.25 kg/m2 with a SD of 4 .6 and those with pre-hypertension and/ or lavishly-pitched up simple eye insisting was 27.6 kg/m2with a SD of 6.5.Decision Gender and BMI are the important factors associated with kin force per unit area. The findings whitethorn be used to make schemes to leave consciousness of the dangers of increase course force per unit area among corpulent and non corpulent pupils.Introduction naughty roue cart is a major public wellness hypothesize of concern across the universe because of its association with increase bet on of cardiovascular diseases. Youth ( 15 to 24 old ages ) is an of import period of growing and ripening, and most of the alterations that occur during this period are continued into adulthood1.Essential game origin pressure whitethorn hold its beginnings in early manners and its co-morbidities are surely a major load on resources, and they curve down the productiveness of those affected with hypertension2. Prospective surveies have established increase lef t ventricular mass and peripheral opposition, with high blood force per unit area in childhood3-4. Raised BP in childhood has been recognised as one of the most of import soothsayers of grownup high blood pressure. This has generated an involvement among research workers to look into the form of blood force per unit area and its determiners in childhood and adolescence5-6.Several surveies have shown that the score and form of blood force per unit area among kids and striplings vary from population to population7. emergence patterns, age and gender have strong influence on blood pressure7. It has been estimated that by 2010, 1.2 billion people will endure from high blood pressure worldwide8. The prevalence of high blood pressure norms 26 % and it affects some 125 million persons, in the Eastern Mediterranean Region9.The United Arab Emirates ( UAE ) is in a period of passage. Equally tardily as the 1960s winding Bedouin Arabs were the population of UAE. The find of oil in 1970s has made a dramatic alteration in the demographic profile with exiles re present tenseing more than 80 % of the population and in the life style of its people. Now the UAE is a modern, soused society, to a great extent influenced by Western life forms, including a sedentary life style with high Cardiovascular Diseases ( CVD ) risk of infection profiles10. Indeed, CVDs are known to be the taking cause of morbidity and mortality in the UAE among both the subjects and expatriates11. Of peculiar concern is the prevalence of fleshiness, which reaches about 24 % among medical students12 with account high emphasis degrees ( 65 % ) , unhealthy diets ( 50 % ) and humbled degrees of physical activity ( 77 % ) which is possibly attributable to cultural and climatic restrictions13. Smoking has increased among men14-16. High blood pressure is excessively earthy with a account prevalence of 19-25 % 17, 15.3 % in urban and 10.6 % rural population 18. The 15-24 old ages age is an of import d evelopmental phase in the life span of persons as it is a passage period to maturity.In Ajman, on that point is a deprivation of informations about determiners of high blood pressure among schoolgirlish person. This information is of import in be aftering life manner alterations. Therefore, the present survey was an effort to measure the determiners of blood force per unit area such as gender, academic programme in which enrolled, baccy usage, figure of repasts and BMI among pupils in a medical university in Ajman, United Arab Emirates.MethodologyThis survey was conducted among entry twelvemonth pupils in a Medical University of Ajman, United Arab Emirates. Students enrolled in Medicine, dental Medicine, and Allied ( Pharmacy and Physical Therapy ) academic programmes during the twelvemonth 2009-2010 were included in the survey. Among clx entry degree pupils 110 pupils participated in the survey with a reponse rate of 69 % . Verbal consent was finded from the participants befor e the survey. A self-administered questionnaire was distributed among them to obtain information on socio-demographic features, physical activity, wonts, diet memorial, day-to-day kiping wonts and household history of metabolic upsets. Their stature, weight and blood force per unit area were recorded. The tallness was measured on a perpendicular graduated table with heels, natess, and occiput against the hem in and caput in Frankfurt plane, to the nearest 0.5 centimeter. Weight was measured on a weighing graduated table with regulation pooh-pooh trammel vesture to the nearest 0.5 kilogram. Body Mass Index was calculated utilizing the building weight ( in kilogram. ) divided by height2 ( in mtr. ) . bodification of BMI was through with(p) based on the World Health Organisation ( WHO ) criteria into three classs normal ( BMI = 18.5-24.9 kg m-2 ) , fleshy ( BMI = 25-29.9 kg m-2 ) and corpulent ( BMI i? 30 kg m-2 ) . fund force per unit area was measured by similar squad and interpreted as per the blood force per unit area guidelines, issued in 2003 by the National Heart, Lung, and Blood Institute as shown below19.ClassSystolic Blood Pressure millimeter of HgDiastolic Blood Pressure in millimeter of HgNormal120 less than80 less thanPrehypertension139-12089-801stage High blood pressure159-14099-902Hypertension phase160 more than100 more thanDescriptive statistics such as agencies, standard divergence were used to center of attention up the quantitative changeables. Proportions and per centums were used to sum up categorical variables. Chi-square trial examined the relationship between biological variables such as corpulence, fleshiness and non-biological factors. A p-value? 0.05 was considered as statistically important.ConsequencesTable-1Distribution of Blood Pressure harmonizing to different variablesVariablesGroupBlood PressureEntiremeaningNormalPre/HypertensionNo.%No.%GenderFemale5970.22529.884& A lt 0.05Male1038.51661.526ProgramMBBS2854.92345.1 51 atomic number 7Allied2477.4722.631Doctor of dental medicine1760.71139.328Sleep continuation& A lt 6 hour2050.02050.040& A lt 0.05& A gt =6 hrs4970.02130.070Tobacco usageYes337.5562.58NitrogenNo6664.73635.3102Number of repasts2 repasts3561.42238.657Nitrogen& A gt 2 repasts3464.21935.853Body mass index& A lt =306368.52931.592& A lt 0.005& A gt 30633.31266.718Table 1 shows the distribution of blood force per unit area harmonizing to different variables. With respect to gender, 29.8 % females and 61.5 % males were either pre-hypertensive or hypertensive. There was a statistically important association between gender and blood force per unit area ( p & A lt 0.05 ) . The association between continuance of slumber and blood force per unit area was found to be statistically important ( p & A lt 0.05 ) . 70 % of those who slept for 6 hours or more and 50 % of those who slept for less than 6 hours had normal blood force per unit area. There was no statistically important digression in the blood force per unit area of pupils from the different academic programmes. Tobacco usage and figure of repasts consumed besides did non demo statistically important association with blood force per unit area. However, there were unless eight baccy users of whom louver had pre-hypertension or high blood pressure while among the non users, three were attribute pre-hypertension or high blood pressure. Among the participants with BMI & A gt 30, 66.7 % had pre-hypertension or high blood pressure whereas among those with BMI & A lt 30, that 31.5 % were pre-hypertensive or hypertensive. The association between BMI and blood force per unit area was statistically important ( p & A lt 0.005 ) . The average BMI among those with normal BP was 23.25 with a SD of 4.6, while among those with pre-hypertension or high blood pressure was 27.6 with a SD of 6.5.Table 2Multivariate logistic arrested development analysis of factors associated with high blood pressureFactors GroupNumberAdjusted Oddss Ratio95 % CIP valueBody mass index1101.141.05 1.23& A lt 0.002GenderFemale841Male263.301.24 8.78& A lt 0.02Sleep continuance& A gt 6 hour701& A lt 6 hour401.900.78 4.64NitrogenFor farther analysis, the important variables from the chi-square trial such as BMI, gender, and sleep continuance were included. Logistic arrested development analysis was performed to happen the petroleum and adjusted betting odds ratio ( OR ) . BMI was taken every bit uninterrupted variable and gender and sleep continuance as categorical variables. The adjusted odds ratio for BMI was 1.14 which was statistically important. There is 14 % increased hazard for acquiring pre-hypertension or high blood pressure for a unit assenting in BMI. Among the male gender, the adjusted odds ratio was 3.3 which was statistically important. The opportunity of acquiring pre-hypertension and/ or high blood pressure for male gender was 3.3 times more compared to female gender. The petrole um odds ratio for sleep continuance was 2.3 and was statistically important but when adjusted with other factors it was non statistically important. Table 2 shows the inside informations of logistic arrested development analysis.DiscussionSurveies have reported sex differences in BP with males holding higher BP than females during stripling and early adulthood20-21. smith and Rinderknecht study that fourth-year male childs have significantly higher BP than girls22. Kusuma et Al and Schall observed that work forces possess higher BP degrees than females23-24. The present survey besides supports the reflection made by other writers in this regard. Gender difference in the infective mechanisms in indispensable high blood pressure is available in the literature. The high prevalence of high blood pressure in unripeneder work forces compared to adult females is explained on the footing of the deficiency of endogenous estrogen. Evidence suggests that estrogen may modulate vascular endo thelial map, doing vasodilatation. This may be one ground for adult females holding lower blood force per unit area compared to men25.Previous surveies demonstrated that high blood pressure increased significantly as BMI increased26-29. Srinivasan et al reported that BMI or cardinal adiposeness are the cardinal determiners of high blood force per unit area which appear at an early age. The survey besides emphasizes the function of weight decrease in the bar of hypertension30. A survey conducted among striplings observed that BMI is associated with arterial hypertension31. Reich et al. study that BMI is a strong forecaster of high blood pressure than waist-hip ratio32. Study by Berenson et Al. observed high BMI as one of the strongest hazard factors for hypertension33. The present survey besides supports the observation made by other writers with respect to BMI. Presently, there is small grade grounds to explicate the function of fleshiness in high blood pressure. Davy and Hall poin t out that high BP in corpulent worlds may be due to higher degree of adiposity34. BMI measures fleshiness and is associated with increased arterial stiffness and assorted hemodynamic alterations that may lend to hypertension35-38.Jervase et Al. reported differences in BP between males and females, with males holding higher systolic and diastolic BP than the females. The survey besides observed that gender and BMI were the important determiners of high blood pressure among university students39. A survey by Chirinos et Al. reported that increasing BMI was associated with a significantly increased hazard of high blood pressure and the Odds Ratio for high blood pressure, for every 5-unit addition in BMI, was 1.58. The survey concluded that younger individuals with high blood pressure were more likely to be corpulent compared with older individuals with hypertension40. In the present survey OR for high blood pressure was 1.14, which revealed that for every one unit addition in BMI, the opportunity of high blood pressure is 14 % more, which is similar to the findings of Chirinos et Al.In the present survey, when analyzing the association between BMI and high blood pressure, physical activity may be a contradictory factor, but physical activity was non taken in to account in this survey. There was no association between blood force per unit area and other hazard factors like baccy usage and sleep continuance. With respect to kip continuance, before seting to other mistake variables, the petroleum odds ratio of 2.33 was observed, but the adjusted OR observed was non statistically important. Gangwisch et al41 reported that less sleep continuance significantly increased the hazard of high blood pressure in topics 32 to 59 old ages of age. Gottlieb et al42 observed that sleep continuance per dark is associated with an increased hazard of high blood pressure, which is non supported by the findings of the present survey. This consequence may non be representative of all university pupils as the present survey involves merely one university and the little sample size. This probe highlights the demand for a comprehensive survey among young person.DecisionThe consequences of this survey provide an penetration into the apprehension of the association between gender, BMI and blood force per unit area among our entry degree pupils. The consequences may be used to develop messages to raise consciousness about the dangers of high blood force per unit area and its determiners among pupils. This consequence may non be representative of all university pupils as the present survey involves merely one university. This probe highlights the demand for a countrywide survey among young person.
pecuniary Crises and cashbox still state Creation Allen N. Berger and Christa H. S. Bouwman October 2008 Financial crises and rely smooth de however be often connected. We shew this connection from twain perspectives. First, we dissect the immix runniness state inst completelyation of brims onward, during, and after(prenominal)(prenominal)ward five major(ip) fiscal crises in the U. S. from 1984Q1 to 2008Q1. We unc everyw present numerous inte sculptural reliefing patterns, such(prenominal)(prenominal) as a significant build-up or retrogress of irregular liquidness origin beforehand to each one crisis, where defective is defined relative to a cartridge clip sheer and seasonal worker concomitantors. cashboxing and grocery place- connect crises differ in that savings lingoing concerning crises were preceded by irregular positive runniness substructure, plot of ground commercialised messageise place-re new-fangledd crises were gener altogeth ery preceded by ab popular negative fluidness earth. confide liquid institution has twain(prenominal) decr comfortablenessd and adjoin during crises, credibly both exacerbating and ameliorating the passel up of crises. Off-balance main cerement guarantees such as im take leave commitments moved often(prenominal) than on-balance tab as gravels such as mortgages and communi vomit upion stemma l give the sack during curseing crises.Second, we demonstrate the center of pre-crisis wedge great ratios on the free-enterprise(a) coifs and gainfulness of individual(a) lingos during and after each crisis. The evidence suggests that elevated smashing served rotund hopes well n primal asserting crises they improved their liquidness substructure securities industry distri neverthelesse and profit baron during these crises and were able to hold on to their improved performance afterwards. In addition, h cardinals- peachy listed shores enjoyed significan tly highschooler(prenominal) subnormal transmit returns than low- bully listed borders during deponeing crises.These benefits did non hold or held to a lesser degree al more or less commercializerelated crises and in normal quantify. In contrast, high capital ratios show up to wee helped teeny cusss improve their runniness domain market sh atomic number 18 during bounding crises, market-related crises, and normal epochs alike, and the gains in market lot were sustained afterwards. Their gainfulness improved during 2 crises and subsequent to or so every crisis. Similar results were observed during normal quadth dimensions for midget jargons. University of to the south Carolina, Wharton Financial Institutions Center, and CentER Tilburg University.Contact en salient Moore School of Business, University of South Carolina, 1705 College Street, Columbia, SC 29208. Tel 803-576-8440. autotype 803-777-6876. E-mail emailprotected sc. edu. Case Western Reserve U niversity, and Wharton Financial Institutions Center. Contact details Weatherhead School of Management, Case Western Reserve University, 10900 Euclid Avenue, 362 PBL, Cleveland, OH 44106. Tel. 216-368-3688. Fax 216-368-6249. E-mail christa. emailprotected edu. Keywords Financial Crises, fluidness Creation, and edgeing. JEL Classifi purgeion G28, and G21.The authors thank Asani Sarkar, Bob DeYoung, Peter Ritchken, Greg Udell, and participants at presentations at the Summer Research Conference 2008 in Finance at the ISB in Hyderabad, the International Mo dischargeary Fund, the University of Kansas Southwind Finance Conference, and Erasmus University for utiliseful comments. Financial Crises and Bank liquid state Creation 1. Introduction Over the past force century, the U. S. has see a number of pecuniary crises. At the heart of these crises ar often issues skirt fluidity provision by the cashboxing empyrean and pecuniary markets (e. . , Acharya, clamber, and Yorulmazer 2 007). For example, in the veritable subprime l remove crisis, runniness everyplacehear the appearance _or_ semblances to collapse dried up as banks come out less forgeting to l give the sack to individuals, firms, former(a) banks, and capital market participants, and bring securitization appears to be significantly depressed. This appearance of banks is summarized by the Economist Although bankers argon invariably stingier in a downturn, lots of banks said they had excessively cut sanction alter because of a slide in their authentic or pass judgment capital and liquid. 1 The practical importance of liquidness during crises is buttressed by pecuniary intermediation theory, which indi framees that the intro of liquid is an important reason wherefore banks exist. 2 Early contributions lay out that banks create liquidness by fiscal backing relatively illiquid assets such as business bestows with relatively liquid liabilities such as operations deposits (e. g. , Bryant 1980, diamond and Dybvig 1983). More recent contributions suggest that banks likewise create runniness off the balance rag week through lend commitments and uniform claims to liquid funds (e. g. Holmstrom and Tirole 1998, Kashyap, Rajan, and stein 2002). 3 The instauration of fluidity makes banks fragile and susceptible to runs (e. g. , b exclusively(a) field and Dybvig 1983, Chari and Jagannathan 1988), and such runs can lead to crises via contagion cause. Bank liquid state being can likewise withstand authentic takes, in particular if a monetary crisis ruptures the grounding of fluidness (e. g. , dingleAriccia, Detragiache, and Rajan 2008). 4 Exploring the relationship mingled with financial crises and bank liquid state asylum can thus yield potenti aloney interesting stinting insights and whitethorn gift important policy implications.The tendencys of this paper ar twofold. The runner is to quiz the sum fluidness earth of 1 The relianc e crisis Financial railway locomotive disaster The Economist, February 7, 2008. According to the theory, a nonher central role of banks in the rescue is to transform recognize risk (e. g. , Diamond 1984, Ramakrishnan and Thakor 1984, Boyd and Prescott 1986). Recently, Coval and Thakor (2005) theorize that banks whitethorn alike arise in response to the behavior of irrational agents in financial markets. 3James (1981) and Boot, Thakor, and Udell (1991) endogenize the give commitment draw due to cultivational frictions. The give commitment contract is subsequently utilise in Holmstrom and Tirole (1998) and Kashyap, Rajan, and Stein (2002) to show how banks can deliver fluidness to borrowers. 4 Acharya and Pedersen (2005) show that liquid risk as well affects the pass judgment returns on stocks. 2 1 banks or so five financial crises in the U. S. everywhere the past quarter century. 5 The crises complicate two banking crises (the realization compression of the e arly 1990s and the subprime bestow crisis of 2007 ? and three crises that can be viewed as primarily market-related (the 1987 stock market crash, the Russian debt crisis plus the semipermanent Capital Management meltdown in 1998, and the bursting of the dot. com babble out plus the folk 11 terrorist attack of the early 2000s). This examination is intended to shed wild on whether there are each connections between financial crises and gist liquidness establishment, and whether these vary base on the nature of the crisis (i. e. , banking versus market-related crisis). A keen nderstanding of the behavior of bank runniness man slightly financial crises is also important to shed light on whether banks create also superficial or besides much fluidness, and whether bank behavior exacerbates or ameliorates the transactions of crises. We document the empirical regularities related to these issues, so as to raise superfluous interesting questions for further empirical and theoretical examinations. The second goal is to try the effect of pre-crisis equity capital ratios on the free-enterprise(a) positions and favourableness of individual banks near each crisis.Since bank capital affects fluidity launching (e. g. , Diamond and Rajan 2000, 2001, Berger and Bouwman forthcoming), it is likely that banks with different capital ratios be meet differently during crises in term of their runniness humanity responses. Specifically, we ask are high-capital banks able to gain market partake in in terms of fluidness universe of discourse at the expense of low-capital banks during a crisis, and does such enhanced market share translate into higher advantageousness? If so, are the high-capital banks able to sustain their improved belligerent positions after the financial crisis is over?The recent acquisitions of Countrywide, Bear Stearns, and Washington Mutual lead interesting case studies in this regard. All three firms ran low on capital and had to be bailed out by banks with ardenter capital positions. Bank of the States (Countrywides acquirer) and J. P. Morgan get behind (acquirer of Bear-Stearns and Washington Mutuals banking operations) had capital ratios high enough to enable them to buy their rivals at a dinky figure of what they were worth a form before, thereby gaining a potential free-enterprise(a) advantage. 6 The recent experience of IndyMac Bank translates 5Studies on the behavior of banks around financial crises contain typically pointed on commercial and ac book of factsed estate lending (e. g. , Berger and Udell 1994, Hancock, Laing, and Wilcox 1995, DellAriccia, Igan, and La level off 2008). We steering on the more well-rounded flavor of bank fluidity humankind. 6 On Sunday, March 16, 2008, J. P. Morgan Chase agreed to pay $2 a share to buy all of Bear Stearns, less than onetenth of the firms share price on Friday and a abject fraction of the $170 share price a year before. On March 24, 2008, i t increase its bid to $10, and completed the transaction on May 30, 2008.On January 11, Bank of America announced it would pay $4 gazillion for Countrywide, after Countrywides market capitalization had plummeted 85% during the preceding 12 months. The transaction was completed on July 1, 2008. afterward a $16. 4 billion ten-day bank 2 another interesting example. The FDIC seized IndyMac Bank after it suffered substantive losses and depositors had started to run on the bank. The FDIC intends to take the bank, prior as a single entity but if that does not work, the bank will be sold off in pieces.Given the way the regulatory thanksgiving process for bank acquisitions works, it is likely that the acquirer(s) will have a strong capital base. 7 A financial crisis is a natural detail to establish how capital affects the competitive positions of banks. During normal clips, capital has numerous set up on the bank, some of which counteract each other, making it difficult to instr uct much. For example, capital helps the bank cope more effectively with risk,8 but it also strangles the regard as of the deposit insurance put option (Merton 1977). During a crisis, risks rifle elevated and the risk-absorption capacity of capital becomes par tot up.Banks with high capital, which are better buffered against the shocks of the crisis, may thus gain a potential advantage. To examine the behavior of bank liquidity inception around financial crises, we mastermind the marrow of liquidity created by the banking sector utilise Berger and Bouwmans (forthcoming) preferent liquidity creation totality of money. This assess captures into account the fact that banks create liquidity both on and off the balance woodworking plane and is take a craped apply a three-step procedure. In the low gear step, all bank assets, liabilities, equity, and off-balance tab activities are sort out as liquid, semi-liquid, or illiquid.This is done base on the ease, cost, and car tridge holder for customers to obtain liquid funds from the bank, and the ease, cost, and time for banks to dispose of their obligations in order to trifle these liquidity demands. This variety process uses information on both ware socio-economic class and matureness for all activities other than loans due to entropy limitations, loans are classified based solely on year (cat). Thus, residential mortgages are classified as more liquid than business loans regardless of maturity because it is broadly speaking easier to securitize and sell such mortgages than business loans.In the second step, w octette-spots are assigned to these activities. The weights are consistent with the theory in that maximum liquidity is created when illiquid assets (e. g. , business loans) are transformed into liquid liabilities (e. g. , transactions deposits) and maximum liquidity is destroyed when liquid assets (e. g. , treasuries) are transformed into illiquid liabilities walk, Washington Mutual wa s placed into the receivership of the FDIC on September 25, 2008. J. P. Morgan Chase purchased the banking business for $1. 9 billion and re-opened the bank the nigh day.On September 26, 2008, the prop company and its remaining subsidiary filed for bankruptcy. Washington Mutual, the sixth- erectst bank in the U. S. before its collapse, is the sizablest bank failure in the U. S. financial history. 7 After peaking at $50. 11 on May 8, 2006, IndyMacs shares lost 87% of their value in 2007 and another 95% in 2008. Its share price closed at $0. 28 on July 11, 2008, the day before it was seized by the FDIC. 8 There are numerous papers that argue that capital enhances the risk-absorption capacity of banks (e. g. , Bhattacharya and Thakor 1993, Repullo 2004, Von Thadden 2004). (e. g. , subordinated debt) or equity. In the deuce-ace step, a cat goten out liquidity creation placard is constructed, where fat refers to the inclusion of off-balance sheet activities. Although Berger and B ouwman construct four different liquidity creation measures, they indicate that cat fat is the preferred measure. They argue that to assess the get of liquidity creation, the ability to securitize or sell a particular loan family is more important than the maturity of those loans, and the inclusion of off-balance sheet activities is critical. We dupe the cat fat liquidity creation measure to every quarter data on almost all U. S. commercial and course credit posting banks from 1984Q1 to 2008Q1. Our measurement of mass liquidity creation by banks allows us to examine the behavior of liquidity created preceding(prenominal) to, during, and after each crisis. The popular press has appropriated anecdotal accounts of liquidity drying up during some financial crises as well as excessive liquidity provision at other times that led to credit refinement erupts (e. g. , the subprime lending crisis).We attempt to give empirical content to these notions of in like manner little(a) a nd too much liquidity created by banks. Liquidity creation has quadrupled in authoritative terms over the smack period and appears to have seasonal components (as documented below). Since no theories exist that apologize the intertemporal behavior of liquidity creation, we take an essentially empirical come to the problem and focus on how further liquidity creation lies preceding(prenominal) or below a time trend and seasonal factors. 10 That is, we focus on deviant liquidity creation.The use of this measure rests on the supposition that some normal measuring rod of liquidity creation exists, acknowledging that at any point in time, liquidity creation may be too much or too little in clam terms. Our main results regarding the behavior of liquidity creation around financial crises are as follows. First, prior to financial crises, there seems to have been a significant build-up or drop-off of kinky liquidity creation. Second, banking and market-related crises differ in two r espects.The banking crises (the credit crunch of 1990-1992 and the current subprime lending crisis) were preceded by deviant positive liquidity creation by banks, whereas the market-related crises were generally preceded by kinky negative liquidity creation. In addition, the banking crises themselves seemed to depart the trajectory of nub liquidity creation, while the market-related crises did not appear to do so. Third, 9 Their alternative measures allow in cat nonfat, mat fat, and mat nonfat. The nonfat measures forefend offbalance sheet activities, and the mat measures severalize loans by maturity rather than by product category. 0 As alternative approaches, we use the dollar amount of liquidity creation per capita and liquidity creation divide by gain domestic product and obtain alike(p) results (see piece 4. 2). 4 liquidity creation has both descendd during crises (e. g. , the 1990-1992 credit crunch) and increased during crises (e. g. , the 1998 Russian debt cri sis / LTCM bailout). Thus, liquidity creation likely both exacerbated and ameliorated the effects of crises. Fourth, off-balance sheet illiquid guarantees (primarily loan commitments) moved more than semi-liquid assets (primarily mortgages) and illiquid assets (primarily business loans) during banking crises.Fifth, the current subprime lending crisis was preceded by an unusually high positive abnormal amount of aggregate liquidity creation, possibly caused by lax lending standards that led banks to extend falsify magnitude amounts of credit and off-balance sheet guarantees. This suggests a contingent puritanical side of bank liquidity creation. objet dart financial daintiness may be needed to induce banks to create liquidity (e. g. , Diamond and Rajan 2000, 2001), our analysis raises the intriguing possibility that the antecedent may also be drive awayd in the sense that too much liquidity creation may lead to financial fragility.We then turn to the second goal of the paper examining whether banks pre-crisis capital ratios affect their competitive positions and profitability around financial crises. To examine the effect on a banks competitive position, we regress the agitate in its market share of liquidity creation measured as the clean market share of aggregate liquidity creation during the crisis (or over the eight quarters after the crisis) minus the norm market share over the eight quarters before the crisis, show as a proportion of the banks fair pre-crisis market share on its number pre-crisis capital ratio and a set of control variables. 1 Since the analyses in the first half of the paper demote a great deal of heterogeneity in crises, we run these regressions on a per-crisis basis, rather than pooling the data crossways crises. The control variables include bank size of it, bank risk, bank holding company membership, local anaesthetic market arguing,12 and proxies for the economic circumstances in the local markets in which the bank operates. Moreover, we examine large and small banks as two separate groups since the results in Berger and Bouwman (forthcoming) indicate that the effect of capital on liquidity creation differs across large and small banks. 13 11Defining market share this way is a sack from previous research (e. g. , Laeven and Levine 2007), in which market share relates to the banks weighted-average local market share of total deposits. 12 While our focus is on the change in banks competitive positions measured in terms of their aggregate liquidity creation market shares, we control for local market competition measured as the bank-level Her governahl office based on local market deposit market shares. 13 Berger and Bouwman use three size categories large, medium, and small banks. We combine the large and medium bank categories into one large bank category. 5One potential concern is that differences in bank capital ratios may scarcely reflect differences in bank risk. Banks that hold hig her capital ratios because their investiture portfolios are riskier may not improve their competitive positions around financial crises. Our empirical design takes this into account. The inclusion of bank risk as a control variable is critical and ensures that the measured effect of capital on a banks market share is net of the effect of risk. We find evidence that high-capital large banks improved their market share of liquidity creation during the two banking crises, but not during the market-related crises.After the credit crunch of the early 1990s, high-capital large banks held on to their improved competitive positions. Since the current subprime lending crisis was not over at the end of the ensample period, we cannot yet tell whether highcapital large banks will also hold on to their improved competitive positions after this crisis. In contrast to the large banks, high-capital small banks seemed to enhance their competitive positions during all crises and held on to their im proved competitive positions after the crises as well.Next, we focus on the effect of pre-crisis bank capital on the profitability of the bank around each crisis. We run regressions that are similar to the ones described above with the change in return on equity ( roe) as the dependent variable. We find that high-capital large banks improved their ROE in those cases in which they enhanced their liquidity creation market share the two banking crises and were able to hold on to their improved profitability after the credit crunch. profitability after the market-related crises. They also increased theirIn contrast, for high-capital small banks, profitability improved during two crises, and subsequent to nigh every crisis. As an supernumerary analysis, we examine whether the improved competitive positions and profitability of high-capital banks translated into better stock return performance. To perform this analysis, we focus on listed banks and bank holding companies (BHCs). If mu ltiple banks are part of the equal listed BHC, their financial statements are added together to create pro-forma financial statements of the BHC.The results confirm the earlier change in performance findings of large banks listed banks with high capital ratios enjoyed significantly larger abnormal returns than banks with low capital ratios during banking crises, but not during market-related crises. Our results are based on a five-factor asset pricing model that includes the three Fama-French (1993) factors, momentum, and a delegate for the slope of the yield curve. 6 We also check whether high capital provided similar advantages distant crisis periods, i. e. , during normal times.We find that large banks with high capital ratios did not enjoy either market share or profitability gains over the other large banks, whereas for small banks, results are similar to the smallbank findings discussed above. Moreover, outside banking crises, high capital was not associated with high stock returns. Combined, the results suggest that high capital ratios serve large banks well, particularly around banking crises. In contrast, high capital ratios appear to help small banks around banking crises, marketrelated crises, and normal times alike. The remainder of this paper is organized as follows. partitioning 2 discusses the related literary works. Section 3 explains the liquidity creation measures and our sample based on data of U. S. banks from 1984Q1 to 2008Q1. Section 4 describes the behavior of aggregate bank liquidity creation around five financial crises and draws some general conclusions. Section 5 discusses the tests of the effects of precrisis capital ratios on banks competitive positions and profitability around financial crises and normal times. This divide also examines the stock returns of high- and low-capital listed banking organizations during each crisis and during normal times. Section 6 concludes. 2. Related lit This paper is related to two literature s. The first is the literature on financial crises. 14 One margin in this literature has focused on financial crises and fragility. well-nigh papers have tumbled contagion. Contributions in this area suggest that a small liquidity shock in one area may have a contagious effect throughout the economy (e. g. , Allen and Gale 1998, 2000). Other papers have focused on the determinants of financial crises and the policy implications (e. g. Bordo, Eichengreen, Klingebiel, and Martinez-Peria 2001, Demirguc-Kunt, Detragiache, and Gupta 2006, Lorenzoni 2008, Claessens, Klingebiel, and Laeven forthcoming). A second strand examines the effect of financial crises on the genuinely sector (e. g. , Friedman and Schwarz 1963, Bernanke 1983, Bernanke and Gertler 1989, DellAriccia, Detragiache, and Rajan 2008, Shin forthcoming). These papers find that financial crises increase the cost of financing and reduce credit, which adversely affects corporate investment and may lead to reduced 14Allen and Gale (2007) provide a detailed overview of the causes and consequences of financial crises. 7 growth and recessions. That is, financial crises have independent real effects (see DellAriccia, Detragiache, and Rajan 2008). In contrast to these papers, we examine how the amount of liquidity created by the banking sector behaved around financial crises in the U. S. , and explore systematic patterns in the data. The second literature to which this paper is related focuses on the strategic use of leverage in product-market competition for non-financial firms (e. g. , Brander and Lewis 1986, Campello 2006, Lyandres 2006).This literature suggests that financial leverage can affect competitive dynamics. While this literature has not focused on banks, we analyze the effects of crises on the competitive positioning and profitability of banks based on their pre-crisis capital ratios. Our hypothesis is that in the case of banks, the competitive implications of capital are likely to be most pron ounced during a crisis when a banks capitalization has a major influence on its ability to survive the crisis, particularly in light of regulatory discretion in closing banks or differently resolving problem institutions.Liquidity creation may be a channel through which this competitive advantage is gained or lost. 15 3. Description of the liquidity creation measure and sample We exercise the dollar amount of liquidity created by the banking sector using Berger and Bouwmans (forthcoming) preferred cat fat liquidity creation measure. In this section, we explain briefly what this acronym stands for and how we construct this measure. 16 We then describe our sample. All financial values are explicit in real 2007Q4 dollars using the implicit GDP price deflator. 3. 1. Liquidity creation measureTo construct a measure of liquidity creation, we follow Berger and Bouwmans three-step procedure (see Table 1). Below, we briefly discuss these three steps. In feel 1, we classify all bank activ ities (assets, liabilities, equity, and off-balance sheet activities) as liquid, semi-liquid, or illiquid. For assets, we do this based on the ease, cost, and time for banks to dispose of their obligations in order to fill up these liquidity demands. For liabilities and equity, we do this 15 Allen and Gale (2004) analyze how competition affects financial stability. We reverse the causality and examine the effect of financial crises on competition. 6 For a more detailed discussion, see Berger and Bouwman (forthcoming). 8 based on the ease, cost, and time for customers to obtain liquid funds from the bank. We follow a similar approach for off-balance sheet activities, classifying them based on functionally similar on-balance sheet activities. For all activities other than loans, this classification process uses information on both product category and maturity. Due to data restrictions, we classify loans ideally by category (cat). 17 In smell 2, we assign weights to all the bank ac tivities classified in Step 1.The weights are consistent with liquidity creation theory, which argues that banks create liquidity on the balance sheet when they transform illiquid assets into liquid liabilities. We therefore apply positive weights to illiquid assets and liquid liabilities. Following similar logic, we apply negative weights to liquid assets and illiquid liabilities and equity, since banks destroy liquidity when they use illiquid liabilities to pay liquid assets. We use weights of ? and -? , because only half of the total amount of liquidity created is ascribable to the source or use of funds alone.For example, when $1 of liquid liabilities is used to finance $1 in illiquid assets, liquidity creation equals ? * $1 + ? * $1 = $1. In this case, maximum liquidity is created. However, when $1 of liquid liabilities is used to finance $1 in liquid assets, liquidity creation equals ? * $1 + -? * $1 = $0. In this case, no liquidity is created as the bank holds items of appr oximately the same liquidity as those it gives to the nonbank public. Maximum liquidity is destroyed when $1 of illiquid liabilities or equity is used to finance $1 of liquid assets. In this case, liquidity creation equals -? $1 + -? * $1 = -$1. An intermediate weight of 0 is use to semi-liquid assets and liabilities. Weights for off-balance sheet activities are assigned using the same principles. In Step 3, we combine the activities as classified in Step 1 and as weighted in Step 2 to construct Berger and Bouwmans preferred cat fat liquidity creation measure. This measure classifies loans by category (cat), while all activities other than loans are classified using information on product category and maturity, and includes off-balance sheet activities (fat).Berger and Bouwman construct four liquidity creation measures by alternatively classifying loans by category or maturity, and by alternatively including or excluding off-balance sheet activities. However, they argue that cat fat is the preferred measure since for liquidity creation, banks ability to securitize or sell loans is more important than loan maturity, and banks do create liquidity both on the balance sheet and off the balance sheet. 17 Alternatively, we could classify loans by maturity (mat).However, Berger and Bouwman argue that it is preferable to classify them by category since for loans, the ability to securitize or sell is more important than their maturity. 9 To obtain the dollar amount of liquidity creation at a particular bank, we multiply the weights of ? , -? , or 0, respectively, times the dollar amounts of the corresponding bank activities and add the weighted dollar amounts. 3. 2. Sample description We include nearly all commercial and credit card banks in the U. S. in our study. 18 For each bank, we obtain quarterly Call Report data from 1984Q1 to 2008Q1.We occur a bank if it 1) has commercial real estate or commercial and industrial loans outstanding 2) has deposits 3) has an equi ty capital ratio of at least 1% 4) has earthy total assets or GTA (total assets plus allowance for loan and lease losses and the allocated carry risk reserve) exceeding $25 million. We end up with data on 18,134 distinct banks, yielding 907,159 bank-quarter observations over our sample period. For each bank, we calculate the dollar amount of liquidity creation using the process described in Section 3. 1.The amount of liquidity creation and all other financial values are put into real 2007Q4 dollars using the implicit GDP price deflator. When we explore aggregate bank liquidity creation around financial crises, we focus on the real dollar amount of liquidity creation by the banking sector. To obtain this, we aggregate the liquidity created by all banks in each quarter and end up with a sample that contains 97 inflation-adjusted, quarterly liquidity creation amounts. In contrast, when we examine how capital affects the competitive positions of banks, we focus on the amount of liquid ity created by individual banks around each crisis.Given documented differences between large and small banks in terms of portfolio composition (e. g. , Kashyap, Rajan, and Stein 2002, Berger, Miller, Petersen, Rajan, and Stein 2005) and the effect of capital on liquidity creation (Berger and Bouwman forthcoming), we split the sample into large banks (between 330 and 477 observations, depending on the crisis) and small banks (between 5556 and 6343 observations, depending on the crisis), and run all change in market share and profitability regressions each for these two sets of banks.Large banks have gross total assets (GTA) exceeding $1 billion at the end of the quarter before a crisis 18 Berger and Bouwman (forthcoming) include only commercial banks. We also include credit card banks to avoid an artificial $0. 19 meg drop in bank liquidity creation in the fourth quarter of 2006 when Citibank N. A. moved its credit-card lines to Citibank South Dakota N. A. , a credit card bank. 10 and small banks have GTA up to $1 billion at the end of that quarter. 19,20 4.The behavior of aggregate bank liquidity creation around financial crises This section focuses on the first goal of the paper examining the aggregate liquidity creation of banks across five financial crises in the U. S. over the past quarter century. The crises include the 1987 stock market crash, the credit crunch of the early 1990s, the Russian debt crisis plus long-run Capital Management (LTCM) bailout of 1998, the bursting of the dot. com blather and the Sept. 11 terrorist attacks of the early 2000s, and the current subprime lending crisis. We first provide succinct statistics and explain our empirical approach.We then discuss alternative measures of abnormal liquidity creation. Next, we describe the behavior of bank liquidity creation before, during, and after each crisis. Finally, we draw some general conclusions from these results. 4. 1. Summary statistics and empirical approach get wind 1 pl ug-in A shows the dollar amount of liquidity created by the banking sector, calculated using the cat fat liquidity creation measure over our sample period. As shown, liquidity creation has increased square(p)ly over time it has more than quadrupled from $1. 369 cardinal in 1984Q1 to $5. 06 trillion in 2008Q1 (in real 2007Q4 dollars). We want to examine whether liquidity creation by the banking sector is high, low, or at a normal level around financial crises. Since no theories exist that explain the intertemporal behavior of liquidity creation or generate numerical estimates of normal liquidity creation, we need a middling empirical approach. At first blush, it may seem that we could simply calculate the average amount of bank liquidity creation over the complete sample period and view amounts above this sample average as high and amounts below the average as low. However, check 1 Panel A havely shows that this approach would cause us to classify the spotless second half of the sample period (1996Q1 2008Q1) as high and the entire first half of the sample period (1984Q1 1995Q4) as low. We therefore do not 19 As noted before, we combine Berger and Bouwmans large and medium bank categories into one large bank category. Recall that all financial values are expressed in real 2007Q4 dollars. 20 GTA equals total assets plus the allowance for loan and lease losses and the allocated transfer risk reserve.Total assets on Call Reports deduct these two reserves, which are held to perceive potential credit losses. We add these reserves back to measure the rise value of the loans financed and the liquidity created by the bank on the asset side. 11 use this approach. The approach we take is aimed at calculating the abnormal amount of liquidity created by the banking sector based on a time trend. It focuses on whether liquidity creation lies above or below this time trend, and also deseasonalizes the data to ensure that we do not base our conclusions on mere seas onal effects.We detrend and deseasonalize the data by regressing the dollar amount of liquidity creation on a time index and three quarterly dummies. The residuals from this regression measure the abnormal dollar amount of liquidity creation in a particular quarter. That is, they measure how far (deseasonalized) liquidity creation lies above or below the trend line. If abnormal liquidity creation is greater than (smaller than) $0, the dollar amount of liquidity created by the banking sector lies above (below) the time trend.If abnormal liquidity creation is high (low) relative to the time trend and seasonal factors, we will interpret this as liquidity creation being too high (too low). physique 1 Panel B shows abnormal liquidity creation over time. The amount of liquidity created by the banking sector was high (yet declining) in the mid-1980s, low in the mid-1990s, and high (and mostly rising) in the most recent old age. 4. 2. Alternative measures of abnormal liquidity creation We considered several alternative approaches to measuring abnormal liquidity creation. One possibility is to scale the dollar amount of liquidity creation by total population.The idea behind this approach is that a normal amount of liquidity creation may exist in per capita terms. The average amount of liquidity creation per capita over our sample period could potentially serve as the normal amount and deviations from this average would be viewed as abnormal. To calculate per capita liquidity creation we obtain yearbook U. S. population estimates from the U. S. census Bureau. discover 2 Panel A shows per capita liquidity creation over time. The conniption reveals that per capita liquidity creation more than tripled from $5. 8K in 1984Q1 to $18. 8K in 2008Q1.Interestingly, the usher looks very similar to the one shown in Panel A, perhaps because the annual U. S. population growth rate is low. For reasons similar to those in our earlier analysis, we calculate abnormal per capita liq uidity creation by detrending and deseasonalizing the data like we did in the previous section. Figure 2 Panel B shows abnormal per capita liquidity creation over time. 12 Another possibility is to scale the dollar amount of liquidity creation by GDP. Since liquidity creation by banks may causally affect GDP, this approach seems less appropriate.Nonetheless, we show the results for completeness. Figure 2 Panel C shows the dollar amount of liquidity creation divided up by GDP. The picture reveals that bank liquidity creation has increased from 19. 9% of GDP in 1984Q1 to 40. 4% of GDP in 2008Q1. While liquidity creation more than quadrupled over the sample period, GDP doubled. Importantly, the picture looks similar to the one shown in Panel A. Again, for reasons similar to those in our earlier analysis, we detrend and deseasonalize the data to obtain abnormal liquidity creation divided by GDP.Figure 2 Panel D shows abnormal liquidity creation divided by GDP over time. Since these alt ernative approaches yield results that are similar to those shown in Section 4. 1, we focus our discussions on the abnormal amount of liquidity creation (rather than the abnormal amount of per capita liquidity creation or the abnormal amount of liquidity creation divided by GDP) around financial crises. 4. 3. Abnormal bank liquidity creation before, during, and after five financial crises We now examine how abnormal bank liquidity creation behaved efore, during, and after five financial crises. In all cases, the pre-crisis and post-crisis periods are defined to be eight quarters long. 21 The one exception is that we do not examine abnormal bank liquidity creation after the current subprime lending crisis, since this crisis was still ongoing at the end of the sample period. Figure 3 Panels A E show the graphs of the abnormal amount of liquidity creation for the five crises. This subsection is a fact-finding effort and for the most part descriptive. In Section 4. , we will combine t he evidence gathered here and interpret it to draw some general conclusions. Financial crisis 1 furrow market crash (1987Q4) On Monday, October 19, 1987, the stock market crashed, with the S&P500 index falling nearly 20%. During the years before the crash, the level of the stock market had increased dramatically, causing some 21 As a result of our choice of two-year pre-crisis and post-crisis periods, the post-Russian debt crisis period overlaps with the bursting of the dot. com bubble, and the pre-dot. com bubble period overlaps with the Russian debt crisis.For these two crises, we redo our analyses using six-quarter pre-crisis and post-crisis periods and obtain results that are qualitatively similar to the ones documented here. 13 concern that the market had become overvalued. 22 A a few(prenominal) days before the crash, two events occurred that may have helped settle the crash 1) legislation was enacted to eliminate certain tax benefits associated with financing mergers and 2) information was released that the trade deficit was above expectations. Both events seemed to have added to the selling pressure sensation and a record trading volume on Oct. 9, in part caused by program trading, overwhelmed many systems. Figure 3 Panel A shows abnormal bank liquidity creation before, during, and after the stock market crash. Although this financial crisis seems to have originated in the stock market rather than the banking system, it is clear from the graph that abnormal liquidity creation by banks was high ($0. 5 trillion above the time trend) two years before the crisis. It had already dropped substantially before the crisis and continued to drop until well after the crisis, but was still above the time trend even a year after the crisis.Financial crisis 2 Credit crunch (1990Q1 1992Q4) During the first three years of the 1990s, bank commercial and industrial lending even outd in real terms, particularly for small banks and for small loans (see Berger, Kash yap, and Scalise 1995, Table 8, for details). The ascribed causes of the credit crunch include a fall in bank capital from the loan loss experiences of the late 1980s (e. g. , Peek and Rosengren 1995), the increases in bank leverage requirements and implementation of Basel I risk-based capital standards during this time period (e. g. Berger and Udell 1994, Hancock, Laing, and Wilcox 1995, Thakor 1996), an increase in supervisory gruffness evidenced in worse examination ratings for a given bank condition (e. g. , Berger, Kyle, and Scalise 2001), and reduced loan demand because of macroeconomic and regional recessions (e. g. , Bernanke and Lown 1991). To some extent, the research supports virtually all of these hypotheses. Figure 3 Panel B shows how abnormal liquidity creation behaved before, during, and after the credit crunch. The graph shows that liquidity creation was above the time trend before the crisis, but declining.After a temporary increase, it dropped markedly during the crisis by roughly $0. 6 trillion, and the decline even extended a bit beyond the crunch period. After having reached a noticeably low level in the post-crunch period, liquidity creation behind started to bottom out. This evidence suggests that the 22 E. g. , Raging bull, stock markets surge is puzzling investors When will it end? on page 1 of the Wall Street Journal, Jan. 19, 1987. 14 banking sector created (slightly) positive abnormal liquidity before the crisis, but created significantly negative abnormal liquidity during and fter the crisis, representing behavior by banks that may have further fueled the crisis. Financial crisis 3 Russian debt crisis / LTCM bailout (1998Q3 1998Q4) Since its inception in March 1994, hedge fund Long-Term Capital Management (LTCM) followed an arbitrage strategy that was avowedly market neutral, designed to make money regardless of whether prices were rising or falling. When Russia defaulted on its self-reliant debt on August 17, 1998, investors fled from other government paper to the safe oasis of U. S. treasuries.This flight to liquidity caused an unexpected widening of spreads on supposedly low-risk portfolios. By the end of August 1998, LTCMs capital had dropped to $2. 3 billion, less than 50% of its December 1997 value, with assets standing at $126 billion. In the first three weeks of September, LTCMs capital dropped further to $600 million without shrinking the portfolio. Banks began to doubt its ability to meet margin calls. To prevent a potential systemic meltdown triggered by the collapse of the worlds largest hedge fund, the federal Reserve Bank of New York organized a $3. billion bail-out by LTCMs major creditors on September 23, 1998. In 1998Q4, many large banks had to take substantial write-offs as a result of losses on their investments. Figure 3 Panel C shows abnormal liquidity creation around the Russian debt crisis and LTCM bailout. The pattern shown in the graph is very different from the ones we have se en so far. Liquidity creation was abnormally negative before the crisis, but increasing. Liquidity creation increased further during the crisis, countercyclical behavior by banks that may have alleviated the crisis, and continued to grow after the crisis.This suggests that liquidity creation may have been too low entering the crisis and returned to normal levels a few quarters after the end of the crisis. Financial crisis 4 Bursting of the dot. com bubble and Sept. 11 terrorist attack (2000Q2 2002Q3) The dot. com bubble was a speculative stock price bubble that was built up during the mid to late 1990s. During this period, many internet-based companies, commonly referred to as dot. coms, were founded. Rapidly increasing stock prices and widely available venture capital created an environment in which 15 any of these companies seemed to focus largely on increasing market share. At the height of the boom, it seemed possible for dot. coms to go public and raise substantial amounts of money even if they had never take in any profits, and in some cases had not even earned any revenues. On March 10, 2000, the Nasdaq composite index peaked at more than double its value just a year before. After the bursting of the bubble, many dot. coms ran out of capital and were acquired or filed for bankruptcy (examples of the latter include WorldCom and Pets. com). The U. S. economy started to slow down and business nvestments began falling. The September 11, 2001 terrorist attacks may have exacerbated the stock market downturn by adversely affecting investor sentiment. By 2002Q3, the Nasdaq index had fallen by 78%, wiping out $5 trillion in market value of mostly technology firms. Figure 3 Panel D shows how abnormal liquidity creation behaved before, during, and after the bursting of the dot. com bubble and the Sept. 11 terrorist attacks. The graph shows that before the crisis period, liquidity creation moved from displaying a negative abnormal value to displaying a positive a bnormal value at the time the bubble burst.During the crisis, liquidity creation declined somewhat and hovered around the time trend by the time the crisis was over. After the crisis, liquidity creation slowly started to pick up again. Financial crisis 5 Subprime lending crisis (2007Q3 ? ) The subprime lending crisis has been characterized by turmoil in financial markets as banks have experienced difficulty in selling loans in the syndicated loan market and in securitizing loans. Banks also seem to be reluctant to provide credit they appear to have cut back their lending to firms and individuals, and have also been self-effacing to lend to each other.Risk premia have increased as evidenced by a higher premium over treasuries for mortgages and other bank products. Some banks have experienced massive losses in capital. For example, Citicorp had to raise about $40 billion in equity to cover subprime lending and other losses. Massive losses at Countrywide resulted in a coup by Bank o f America. Bear Stearns suffered a fatal loss in confidence and was sold at a fire-sale price to J. P. Morgan Chase with the Federal Reserve guaranteeing $29 billion in potential losses. Washington Mutual, the sixth-largest bank, became the biggest bank failure in the U.S. financial history. J. P. Morgan Chase purchased the banking business while the rest of the organization filed for bankruptcy. The Federal Reserve intervened in some 16 rare ways in the market, extending its safety-net privileges to investment banks. In addition to lowering the subtraction rate sharply, it also began holding mortgage-backed securities and lending directly to investment banks. Subsequently, IndyMac Bank was seized by the FDIC after it suffered substantive losses and depositors had started to run on the bank. This failure is expected to cost the FDIC $4 billion $8 billion.The FDIC intends to sell the bank. carnal knowledge also recently passed legislation to provide Freddie Mac and Fannie Mae with unlimited credit lines and possible equity injections to prop up these troubled organizations, which are considered too big to fail. Figure 3 Panel E shows abnormal liquidity creation before and during the first part of the subprime lending crisis. The graph suggests that liquidity creation displayed a high positive abnormal value that was increasing before the crisis hit, with abnormal liquidity creation around $0. 0 trillion entering the crisis, decreasing substantially after the crisis hit. A striking fact about this crisis compared to the other crises is the relatively high build-up of positive abnormal liquidity creation prior to the crisis. 4. 4. Behavior of some liquidity creation components around the two banking crises It is of particular interest to examine the behavior of some selected components of liquidity creation around the banking crises. As discussed above (Section 4. 3), numerous papers have focused on the credit crunch, examining lending behavior.These studies g enerally find that mortgage and business lending started to decline significantly during the crisis. Here we contrast the credit crunch experience with the current subprime lending crisis, and expand the components of liquidity creation that are examined. Rather than focusing on mortgages and business loans, we examine the two liquidity creation components that include these items semi-liquid assets (primarily mortgages) and illiquid assets (primarily business loans). In addition, we analyze two other components of liquidity creation.We examine the behavior of liquid assets to address whether a decrease (increase) in semi-liquid assets and / or illiquid assets tended to be accompanied by an increase (decrease) in liquid assets. We also analyze the behavior of illiquid off-balance sheet guarantees (primarily loan commitments) to address whether illiquid assets and illiquid off-balance sheet guarantees move in tandem around banking crises and whether changes in one are more pronounce d than the other. Figure 4 Panels A and B show the abnormal amount of four liquidity creation components around 17 he credit crunch and the subprime lending crisis, respectively. For ease of comparison, the components are not weighted by weights of +? (illiquid assets and illiquid off-balance sheet guarantees), 0 (semiliquid assets), and ? (liquid assets). The abnormal amounts are obtained by detrending and deseasonalizing each liquidity creation component. Figure 4 Panel A shows that abnormal semi-liquid assets decreased slightly during the credit crunch, while abnormal illiquid assets and particularly abnormal illiquid guarantees dropped significantly and turned negative.This picture suggests that these components brute(a) increasingly below the trendline. The dramatic drop in abnormal illiquid assets and abnormal illiquid off-balance sheet guarantees (which carry positive weights) helps explain the significant decrease in abnormal liquidity creation during the credit crunch sho wn in Figure 3 Panel B. Figure 4 Panel B shows that these four components of abnormal liquidity creation were above the trendline before and during the subprime lending crisis.Illiquid assets and especially off-balance sheet guarantees move further and further above the trendline before the crisis, which helps explain the dramatic buildup in abnormal liquidity creation before the subprime lending crisis shown in Figure 3 Panel E. All four components of abnormal liquidity creation continued to increase at the beginning of the crisis. After the first quarter of the crisis, illiquid off-balance sheet guarantees showed a significant decrease, which helps explain the decrease in abnormal liquidity creation in Figure 3 Panel E.On the balance sheet, during the final quarter of the sample period (the third quarter of the crisis), abnormal semi-liquid and illiquid assets declined, while abnormal liquid assets increased. 4. 5. General conclusions from the results What do we learn from the var ious graphs in the previous analyses that indicate intertemporal patterns of liquidity creation and selected liquidity creation components around five financial crises? First, across all the financial crises, there seems to have been a significant build-up or drop-off of abnormal liquidity creation before the crisis.This is consistent with the notion that crises may be preceded by either too much or too little liquidity creation, although at this stage we offer this as dubitable food for thought rather than as a conclusion. Second, there seem to be two main differences between banking crises and market-related crises. 18 The banking crises, namely the credit crunch and the subprime lending crisis, were both preceded by positive abnormal liquidity creation by banks, while two out of the three market-related crises were preceded by negative abnormal liquidity creation.In addition, during the two banking crises, the crises themselves seem to have exerted a noticeable influence on the pattern of aggregate liquidity creation by banks. Just prior to the credit crunch, abnormal liquidity creation was positive and had started to trend upward, but reversed course and plunged quite substantially to become negative during and after the crisis. Just prior to the subprime lending crisis, aggregate liquidity creation was again abnormally positive and trending up, but began to decline during the crisis, although it remains abnormally high by historical standards.The other crises, which are less directly related to banks, did not seem to exhibit such noticeable impact. Third, liquidity creation has both decreased during crises (e. g. , the 1990-1992 credit crunch) and increased during crises (e. g. , the 1998 Russian debt crisis / LTCM bailout). Thus, liquidity creation likely both exacerbated and ameliorated the effects of crises. Fourth, off-balance sheet illiquid guarantees (primarily loan commitments) moved more than semi-liquid assets (primarily mortgages) and illiquid assets (primarily business loans) during banking crises.Fifth, while liquidity creation is generally thought of as a financial intermediation wait on with positive economic value at the level of the individual bank and individual borrower (see Diamond and Rajan 2000, 2001), our analysis hints at the existence of a dark side to liquidity creation. Specifically, it may be more than coincidence that the subprime lending crisis was preceded by a very high level of positive abnormal aggregate liquidity creation by banks relative to historical levels.The notion that this may have contributed to the subprime lending crisis is consistent with the findings that banks adopted lax credit standards (see DellAriccia, Igan, and Laeven 2008, Keys, Mukherjee, Seru, and Vig 2008), which in turn could have led to an increase in credit availability and off-balance sheet guarantees. Thus, while Diamond and Rajan (2000, 2001) argue that financial fragility is needed to create liquidity, our analysis of fers the intriguing possibility that the causality may be reversed as well too much liquidity creation may lead to financial fragility. 9 5. The effect of capital on banks competitive positions and profitability around financial crises This section focuses on the second goal of the paper examining how bank capital affects banks competitive positions and profitability around financial crises. We first explain our methodology and provide summary statistics. We then present and discuss the empirical results. In an additional check, we examine whether the stock return performance of high- and low-capital listed banks is consistent with the competitive position and profitability results for large banks.In another check, we generate some fake crises to analyze whether our findings hold during normal times as well. 5. 1. Empirical approach To examine whether banks with high capital ratios improve their competitive positions and profitability during financial crises, and if so, whether the y are able to hold on to this improved performance after these crises, we focus on the behavior of individual banks rather than that of the banking sector as a whole.Because our analysis of aggregate liquidity creation by banks shows substantial differences across crises, we do not pool the data from all the crises but sort of analyze each crisis separately. Our findings below that the coefficients of interest differ substantially across crises tend to justify this separate treatment of the different crises. We use the adjacent regression specification for each of the five crises ? PERFi,j = ? + ? 1 * EQRATi,j + B * Zi,j (1) where ?PERFi,j is the change in bank is performance around crisis j, EQRATi,j is the banks average capital ratio before the crisis, and Zi,j includes a set of control variables averaged over the pre-crisis period. All of these variables are discussed in Section 5. 2. Since we use a cross-sectional regression model, bank and year fixed effects are not included. In all regressions, t-statistics are based on robust standard errors. Given documented differences between large and small banks in terms of portfolio composition (e. g. Kashyap, Rajan, and Stein 2002, Berger, Miller, Petersen, Rajan, and Stein 2005) and the effect of capital on liquidity creation (Berger and Bouwman forthcoming), we split the sample into large and small banks, and run all regressions separately for these two sets of banks. Large banks have gross total assets (GTA) exceeding $1 billion at the end of the quarter preceding the crisis and small banks have GTA up to 20 $1 billion at the end of that quarter. 5. 2. Variable descriptions and summary statistics We use two measures of a banks performance competitive position and profitability.The banks competitive position is measured as the banks market share of overall liquidity creation, i. e. , the dollar amount of liquidity created by the bank divided by the dollar amount of liquidity created by the industry. Our focus on the share of liquidity creation is a departure from the traditional focus on a banks market share of deposits. Liquidity creation is a more comprehensive measure of banking activities since it does not just consider one funding item but instead is based on all the banks on-balance sheet and off-balance sheet activities.To establish whether banks improve their competitive positions during the crisis, we define the change in liquidity creation market share, ? LCSHARE, as the banks average market share during the crisis minus its average market share over the eight quarters before the crisis, normalized by its average pre-crisis market share. To examine whether these banks hold on to their improved performance after the crisis, we also measure each banks average market share over the eight quarters after the crisis minus its average market share over the eight quarters before the crisis, again normalized by its average market share before the crisis.The second performance measure i s the banks profitability, measured as the return on equity (ROE), i. e. , net income divided by stockholders equity. 23 To examine whether a bank improves its profitability during a crisis, we focus on the change in profitability, ? ROE, measured as the banks average ROE during the crisis minus the banks average ROE over the eight quarters before the crisis. 24 To analyze whether the bank is able to hold on to improved profitability, we focus on the banks average ROE over the eight quarters after the crisis minus its average ROE over the eight quarters before the crisis.To mitigate the influence of outliers, ? LCSHARE and ? ROE are winsorized at the 3% level. Furthermore, to ensure that average values are calculated based on a sufficient number of quarters, we 23 We use ROE, the banks net income divided by equity, rather than return on assets (ROA), net income divided by assets, since banks may have substantial off-balance sheet portfolios. Banks must allocate capital against every offbalance sheet activity they control in. Hence, net income and equity both reflect the banks on-balance sheet and off-balance sheet activities.In contrast, ROA divides net income earned based on on-balance sheet and off-balance sheet activities merely by the size of the on-balance sheet activities. 24 We do not divide by the banks ROE before the crisis since ROE itself is already a scaled variable. 21 require that at least half of a banks pre-crisis / crisis / post-crisis observations are available for both performance measures around a crisis. Since the subprime lending crisis was still ongoing at the end of the sample period, we require that at least half of a banks pre-subprime crisis observations and all three quarters of its subprime crisis observations are available.The hear exogenous variable is EQRAT, the banks capital ratio averaged over the eight quarters before the crisis. EQRAT is the ratio of equity capital to gross total assets, GTA. 25 The control variables inclu de bank size, bank risk, bank holding company membership, local market competition, and proxies for the economic environment. Bank size is controlled for by including lnGTA, the log of GTA, in all regressions. In addition, we run regressions separately for large and small banks. We include the z-score to control for bank risk. 26 The z-score indicates the banks distance from default (e. g. Boyd, Graham, and Hewitt 1993), with higher values indicating that a bank is less likely to default. It is measured as a banks return on assets plus the equity capital/GTA ratio divided by the standard deviation of the return on assets over the eight quarters before the crisis. To control for bank holding company status, we include D-BHC, a dummy variable that equals 1 if the bank was part of a bank holding company. Bank holding company membership may affect a banks competitive position because the holding company is required to act as a source of long suit to all the banks it owns, and may also i nject equity voluntarily when needed.In addition, other banks in the holding company provide cross-guarantees. Furthermore, Houston, James, and Marcus (1997) find that bank loan growth depends on BHC membership. We control for local market competition by including HERF, the bank-level HerfindahlHirschman index of deposit concentration for the markets in which the bank is p
Wednesday, February 27, 2019
Employee benefits are one of the nigh important factors in the property of registered nurses where the threat of turnover is very high. Often, RNs set offs a infirmary for another because it offers better compensation and attractive benefits. Kennedy Hospital has offers an attractive benefits parcel of land but many other hospitals may offer much more. To square how Kennedy compares to its competition an analysis of the components in its benefits package is presented. The benefits package compared are those of Kennedy, Virtua, Lourdes and Genesis.In terms of health insurance, all hospitals offered multiple plans to choose from but it is Kennedy but that includes prescription coverage, plot of land Genesis and Kennedy has covers vision and all of them has dental consonant insurance. For manner insurance benefits, Kennedy, Virtua, Lourdes and Genesis all offers basic life, supplemental life and shortsighted term hindrance, still Kennedy does not have long term disability insu rance while the other three hospitals have victual for it. Kennedy and Lourdes however provides kid and spouse life insurance.Kennedys paid leave benefits is the most comprehensive compared to the other hospitals, it covers personal, extended sick leave, bereavement, family/medical and military leave as well as paid time off for vacations, Virtua too provided the same paid leaves while Lourdes and Genesis had less. Kennedy does not have 401k plans, provisions for elder care, on-site child care, pardon basic health care, pull back century club, relocation assistance and series/savings bond. Virtua and Lourdes, has on-site child care and only Virtua offers free basic health care while Virtua and Genesis has 401k.On the other hand, Kennedy has 403b plans, has a credit union, and invests on intragroup career development, adequate parking and referral bonuses, as well as foreshorten on bonus, transfer opportunities, a wellness program and workers compensation. In sum, Kennedy has a very attractive benefits program, what it does not offer can be equilibrize by the other benefits that they provide, for example they do not have free basic health care, but their health insurance coverage is from vision, dental and medicines. Virtuas benefits package is comparable to Kennedy while Lourdes and Genesis have less benefits.
The move of the air inst either(prenominal)ings to Punta Langosteira ( the go forth closely user interface ) ordain enable a complete, original and functional re-thinking of the infinite make available. The bing industrial carriage?s reformation childbed aims at bettering the sea nominal head by presenting a mob of originative and heathen industries ( ethnical tail ) in the urban center nub, as a accelerator for the urban center and the trio puts of the port.From this make up belt down superlative the thought is to recycle place down that up to now was reserved for the port s industrial activities and do it companionable for occupants to bask as parvenu leisure countries. Commercial and cultur all toldy lead, park corridors and wide streets lead all be projected to surrender nation come into direct contact with the sea.The lay is Battery Quay, Calvo Sotelo compass north and southerly Quay, at the southerly terminal of the gardens M & A eacute ndez N & A uacute & A ntilde ez and the Rosa leada, cut offd from them by the adjoining constructions. The reconstructing foreseen exit open the gardens up to the sea and result enable concourse to bye freely up to the weewee s border, turning the l unrivaled dock that is perpendicular to the capital s frontage into a brilliant screening calculate.Brief Outline of exploiter RequirementsTaking into history the whole of the docks, the Port of A Coru & A ntilde a has as a whole 219.6 estates for the different services. Due to the graduated knock back of the port, the procedure of mutation has been divided into three different stages.stage unrivalled Battery Quay, Calvo Sotelo northward and southwesterly Quay ( 22 estates ) flesh Two San Diego Quay ( 98.8 estates )Phase Three Fishing basins, Marina and Anted & A aacute rsena basins ( 98.8 estates )The company sum total pull up stakes be c befully thought out on the maestro program for as to where it testament be fix ed, and so the remainder of the edifices give be lay consequently and unite to do a ethnic pull out ( 22 estates ) . The Cultural Quarter pull up stakes incorporate a normal shopping center, a semipublic library, an exhi agencyion infinite, a commercialisedized marrow squash, a hotel, a sport Centre, and a market topographic point.The traffic patternalism focus ons will be the important edifice to the Cultural Quarter with adequate undo infinite to boniface public and hugger-mugger relate and social events for its environing existence country, and offer novel chances to bare-assed(prenominal) consults about Galicia and Spain. Enough floor country, and talk abi saltations, will be postd to suit some(prenominal) thousand attendants and rent infinite for meetings such as corporate conferences, exertion trade shows, amusements, an depiction infinite and a concert hall.Proposed LocationBattery Quay, Calvo Sotelo North and South QuayOutside Advisers/client s to be used as beginnings of MentionLa Coru & A ntilde a city council, and Port authorizationIntroductionSince the job of the young Outer Port Facilities in Punta Langosteira, will be end in 2012, all bing industrial activities in the port of A Coru & A ntilde a will be maneuverred during 2010 onto the new outer port, get pop with Battery Quay, Calvo Sotelo North and South Quay, hence turn ining extra cut back to the city Centre.The port of A Coru & A ntilde a, as focal point of the whole City, is critical to the publicity of European City aims. matchless var. of the European manner of civilisation is the concentration of civic, ethnical and commercial behavior in seat of government essences, in a mode and manner link to the respective(prenominal) and non to the auto.The port will make a prosaic amiable heathen iodin- quaternityth, and consolidate its place as a service and concern hub, which will go a oasis for tourers, concern work forces and with new u tilizations for citizens. The environing country about the port contains a al i soulfulnessity and compositors case with a contrast between new and old architecture. The graduated dodge and localisation of function of the port in relation to the capital withal highlights its brilliance and provides a safe and usurp milieu and contri stilled to turning A Coru & A ntilde a into a cosmopolite and forward-thinking seat of government.ContextOver the centuries, the coastline of A Coru & A ntilde a, a metropolis that odors out bang-up onto the Atlantic Ocean, exerted an resistless attractive force on Celts, Phoenicians and Romans. In the second century, they built the Tower of Hercules, today the creation s lone working Roman beacon, the pride of the metropolis and decl atomic number 18d as a World Heritage Site.In the ninth century, the metropolis suffered unbowed moving ridges of onslaughts by the Norman pirates. During the in-between Ages the population settled on th e rate that today is known as the Old Town. In 1208, Coru & A ntilde a received its metropolis charter from King Alfonso IX, who excessively conferred a series of royal privileges on the metropolis.A twelvemonth after the Spanish Armada called in at the Port of A Coru & A ntilde a on its manner to occupy England, the Barbary pirate Francis Drake, a loyal retainer of king Elizabeth I of England attacked the metropolis, which was valorously defended by the people of A Coru & A ntilde a, led by the local heroine Mar & A iacute a Pita. During the Gallic invasion, A Coru & A ntilde a was the lone metropolis that stood up to the invading soldiers personnels. Particularly worthy of reference is the Battle of Elvi & A ntilde a, which took topographic point on 16 January 1809 and during which General Sir John Moore was fa be hurt whilst reenforcement the metropolis. Today his remains ar buried in San Carlos Gardens.The 17th and eighteenth centuries were marked by intense tr ading activity with America and innkeeper Spanish and European ports.The nineteenth century was a clip quick economic, cultural and urban development, reflected in the picture picture gallery windows that line Avenida de la Marina, the Modernist edifices and the Kiosco Alfonso in the twentieth century, the metropolis became a hive of activity, concentrating on civilization, advancement and the hereinafter.The sea, a changeless anatomy in the history of the metropolis of A Coru & A ntilde a, is the first thing that strikes you when geting in the metropolis by sea, land and curiously by air. The arresting positions of the tidal estuary atomic number 18 genuinely unforget circuit card, but thither is much to a enceinteer extent to detect.Old TownAs in every metropolis, the Old Town is an infinite must. Corners rich in history, squ ars where clip seems to stock stood still, such as Las B & A aacute rbaras or Azc & A aacute rraga, lined with ancient trees you can besi des look up to glorious illustrations of Romanesque art in the churches dotted around this twenty- five dollar bill percent.Churchs like the Collegiate Church of Santa Mar & A iacute a del Campo, a brilliant illustration of the Ogival Romanesque manner the churches of Santiago, San Francisco, the convents of Las B & A aacute rbaras and Santo Domingo argon all true objectts of art symbolic streets named after antediluvian clubs that transport us back in clip to a medieval and Baroque metropolis.In the Old Town you will happen absorbing antique stores, situated in a alone location wholly in maintaining with the objects they sell, every grab good as handed-down tap houses and delicious eating houses. When dark falls this country is transformed into one of the hubs of the metropolis s night life.From the Sea PromenadeThe Sea Promenade is the ideal point from which to get down researching the metropolis. It s more than 13.5 kilometres, which make this the longest stroll in Eu rope, encircling the metropolis from San Ant & A oacute n Castle to El Porti & A ntilde o. It has a bike lane, trolley car, route and prosaic pass. Get drink from San Ant & A oacute n Castle, you will be able to look up to the marina with its mooringing positions and services, every bit good as the yachts and traveling ships that take a crap a colourful sight all twelvemonth unit of ammunition.A metropolis to require merriment inA Coru & A ntilde a has ever been noted for its crush and extravert character. Locals love to acquire out and about, basking an eventide amble, a obtain trip, traveling for tappa or meeting friends for a drink at the street caf & A eacute s in winter every bit good as in summer. In maintaining with Spain s long-standing tradition of societal assemblages in caf & A eacute s, the metropolis s occupants love to run into to rattle on the fat and discourse mundane events.The metropolis of deoxyephedrineIt s good merit taking the clip to r esearch the metropolis Centre. Leave your auto and bask a amble around the streets, because this is a metropolis that is made for walking.The Centre forms the hub of the metropolis s economic, commercial and cultural activity, with its busy port and sail line commence dock. The perfect get downing point and an direct must on every visitant s path is topographic point de Mar & A iacute a Pita, state of affairs of the City Hall and watched all over by the statue of local heroine Mar & A iacute a Pita and the ceaseless fire.Yet possibly A Coru & A ntilde a is best-known for its glass fa & A ccedil ade that looks out onto the sea in Avenida de La Marina, gallery Windowss which be likely the finest illustration of this typical component of Galician architecture. The colonnades offer innkeeper street caf & A eacute s and eating houses.Back to the seaA alone location -a peninsula position expedition out into the olympian sea- has provided this metropolis with its oldti mer beginning of wealth the port, one of the most of import in Europe. Yet the port has non hardly determined the economic development of this metropolis, but has besides contributed to organizing its exposed, tolerant character, and the welcoming nature of its dwellers.The freshest fish and shellfish heterosexual from the Galician tidal estuaries, much appreciated throughout Spain, are delivered daily at first transparent shaft of light to A Coru & A ntilde a s fish market. Fishermans and shellfish gatherers take portion in the auction a complex lingual chat and signaling system, crates of fish, a odor of salt, fish and shellfish. Voices are raised in an effort to acquire the best monetary value. Sightss and sounds that are decidedly non to be missed.Several mottos have been used to specify A Coru & A ntilde a the City of Glass the City where no 1 is a alien Balcony over the Atlantic but possibly the 1 that best sums up the kernel of this metropolis is A Coru & A ntilde a a metropolis to come back to .Site ( physical context )Site pick whole the docks cover a clear country of 219.6 estates, including metropolis, sportfishing and industrial maps. at that place is a clear role between the north docks, forelandly for urban exercise, and the south docks, which are more focussed on unsound premiss usage. Due to the graduated table of the port, the procedure of regeneration has been divided into three different stages.Phase One Battery Quay, Calvo Sotelo North and South Quay ( 22 estates )Phase Two San Diego Quay ( 98.8 estates )Phase Three Fishing basins, Marina and Anted & A aacute rsena basins ( 98.8 estates )The selected internet siteThe location of the site is on stage one, which is of the topmost importance to the regeneration of the port, a cardinal get downing point for A Coru & A ntilde a, to going a European metropolis, by presenting a accelerator ( cultural one- quartetth ) for the metropolis and succeeding(prenominal) communities.The location net incomes from brilliant permeableness and connectivity. The Rosaleda and Mendez Nu & A ntilde ez gardens rest beside the next listed and political edifices on the battery Quay. The edifices are the authorities deputation office, the marine multitude bid caput quarters, imposts nous office, the constabulary caput one-fourth, and Galicia s port authorization caput quarters.Site informationThe site is besides located between the transatlantic quay where big sails Moor ( 54.575 riders last twelvemonth ) and Linares Quay ( 950 fishing boats last twelvemonth ) which holds A Coru & A ntilde a?s fish market which opens at 5am, at this clip of twenty-four hours the site gathers a peculiar and traditional odor of salt, fish and shellfish.The site is composed by three quays, Battery, Calvo Sotelo North and Calvo Sotelo South Quays all quays have rail paths.Battery quay is 277m long, with a bill of exchange of 11m and with deuce breadths of 23-55m. Its usa ge is for oecumenic goods, majorities and contains a roll-on/roll-off incline, with installings for the affix of water and electricity. The burden and download installings are antecedentitised for pneumatic fluidnesss of cement and aluminum which are stored in seven cylindrical outfit chip vehicles. The quay besides holds three commercial edifices Uni & A oacute n Fenosa Sub lay, Cement Silos Tudela Vegu & A iacute n and Aluminium Silos Alcoa Inespal and volt official governmental edifices.Calvo Sotelo North Quay is 220m long, with a draft of 11-13m and a breadth of 20m. Its usage is besides for general goods, with both electrical gateway put outs of 6tm and one electrical gateway Crane of 16tm. There are maritime and fishing installings an functionary edifice which is the Port Authority Vigilance Service and one commercial edifice, Tide graph of the Geographic and Property Values Institute.Calvo Sotelo South Quay is 420m long, with a draft of 7-10m and a breadth of 40m . Its usage is besides for general goods, with four electrical gateway Cranes of 6tm and one electrical gateway Crane of 16tm. There are besides maritime and fishing installings with a Cold-store harvest-festival Terminal Installations for the supply of H2O and electricity. The burden and download installings are prioritised for Pneumatic fluidnesss of cement, oils and fats pumping and vegetational oils pumps which are stored in 13 cylindrical armored combat vehicles. The site has two big warehouses and five commercial edifices Cement silos, oil silos, Oils and fats silos, Transformation house of brotherhood FENOSA and Port authorization transmutation House. all in all the belongingss ( except the listed governmental edifices ) along the three quays are prefabricated warehouses from for each one one person edifice will be dismantled and taken over to the new outer port by the terminal of 2010. The lone staying edifices on the site will be the five listed authorities edifices, f our cylindrical armored combat vehicles and six Cranes of 6tm.Ocular impactsThe confederacy of all three quays creates an impressive visual impact due to the sheer size of the site. There are several(prenominal) optical impacts between the graduated table of the edifices in the metropolis Centre and the narrow streets in relation to the huge broad plane along the site with big freak grammatical constructions such as the Cranes and oil oilers, and vass that berth along the quays. When walking along the metropolis you feels warm, sheltered, and safe but when you walk along the quays it s wholly the antonym you feel intimidated by the milieus, entirely, atomic, cold, and lost when confronting towards the Atlantic Ocean. These feelings are all generated by the symptomatic dish aerial of the site, such impressive feelings caused due to the different graduated tables and huge ocular spreads towards the metropolis, port and the Atlantic Ocean.Designation of any bing jeopardiesLand c onditions and jeopardiesAll three quays were built in 1927, a fixed platform, on piles. Since the intent of the quays are for storage countries with warehouses, and its aim is to enter and reload vass every bit rapidly as possible, the site is unbroken in good conditions, and any fixs are dealt with every bit in brief as possible, to cut down holds during the burden and unloading of the vass.TidesMaximum tidal apparent movement/range 4,50 mQuay walls with regard to the 0 of the maximal tidal tally 6.50mSignificant moving ridge height with a return flowing of 50 old ages 11 mIf there were moving ridges of up to 11m in the harbour country, moving ridges would be a jeopardy on the site. Since there was a little possibility of any tidal jeopardies, the quays were constructed with a little joust from the Centre of the quay towards the H2O border to coerce the H2O to run off back into the Atlantic Ocean.Given the contemporary usage of the port is industrial the current air tone of voice, noise, and light pollution are somewhat high. Although most of the noise pollution created on site are inside the warehouses, with 80+ dubnium ( A ) the chief route that runs along the back of the site with 65 dubnium ( A ) and the countries where they load and download goods with 55 dubnium ( A ) and some countries with less than 45db ( A ) . The site creates no waste of residues, and little sums of light pollution since plants are done during the twenty-four hours. The air symbol is somewhat higher since the fish market is following to the site.Environmental FactorsClimateWind formPredominating N.E. predominant Second.The site?s clime is temperate maritime and to a great extent determined by the Atlantic Ocean nevertheless it does chance on some features of a Mediterranean clime. Autumn and winter are oft unsettled with temperature norms of 13 & A deg breaker point Celsiuss and up to 19 & A deg degree Celsiuss and unpredictable, with strong air currents and abund ant rainwater off up to 600mm, coming from Atlantic depressions and it is frequently cloud-covered. The ocean supports temperatures mild, and hoar and snow are rare. In summer, it is rather dry and cheery with lone occasional rainfall temperatures are warm off up to 22 & A deg degree Celsiuss but seldom uncomfortably hot due to the sea s cooling influence during the twenty-four hours. Spring is normally cool and slightly composures.The site is to a great extent influenced by the clime, Sun visible radiation and twenty-four hours light since there are no next edifices for shelter or cut downing the strong air currents that perforate the site freely from the South or north E.Design factors and chances and restrictions of the siteConservationThe site will incorporate 5 class 1 listed edifices, 4 grade 2 listed cylindrical armored combat vehicles, the rail paths and 6 Cranes which will be left one time all the bing installings are moved to the outer port. All listed edifices conta in private gardens environing the belongings, consent will be needful to integrate their land to the site and let a ocular and prosaic permeableness on the site. Urban excogitation policies in the Local developing Frame Work ( LDF ) will be taken into history during the calculative phase.MaterialsThe glass galleries on the Marina Avenue run perpendicular to the site, this architectural linguistic communication will play an of import function inside my design. The frontage intervention will implement different combinations of nothingnesss, solids, coloring material, and texture to immix itself with the bing linguistic communication of the metropolis. Galicia?s have ever said that Windowss are picture frames.Site AccessAt the minute the site has a restricted entree for vehicles unless you are an employee, but prosaic entree is allowed on the port except the countries which are in private ain by companies, such as warehouses.The site contains two chief entree roads one is locate d on Lineras Rivas Avenue for big lorries, Cranes, and trucks and the other entree point is on the transatlantic quay for private vehicles.There is an bing rail paths that runs through the whole of the port and into each single quay, which is presently used to travel the Cranes along the quays and to transport transporting containers, and goods straight to the goods pose of RENFE in San Diego ( the station inside the port ) . From this station variegate the two available lines to Madrid ( Santiago-Ourense-Zamora and Lugo-Le & A oacute n-Palencia ) , with connexions to Ferrol, Vigo and Portugal.The chief train station of A Coru & A ntilde a is San Cristobal a 10 min drive by coach ( line1 ) from the port and has regular long-distance lines to Madrid, Barcelona, Bilbao and Ir & A uacute n, besides regional connexions to the remainder of Galicia.The seaport entryway is orientated to the North, with a breadth of 800m and a deepness of 21m and a maximal registered current of 0 kn ots.Pedestrian entree is located every 300m through electronic Gatess the Gatess are unfastened every twenty-four hours from 5am boulder clay 5pm. All the Gatess along the port have bus Michigans with line 1 which takes you around the metropolis Centre bus frequence is every 20 min to supply easy entree to the port.The site is merely 20m off from the ferry/ journey terminus direct entree is possible by auto and walking.The port besides has its ain fire station, police caput quarters, gasoline station and a little infirmary.BriefAn lineation briefThe move of the port installings to Punta Langosteira ( the outer port ) will enable a complete, original and functional re-thinking of the infinite made available. The bing industrial port?s reformation undertaking aims at bettering the sea forepart by presenting a bunch of originative and cultural industries ( cultural one-fourth ) in the metropolis Centre, as a accelerator for the metropolis and the three stages of the port.From this g et downing point the thought is to recycle land that up to now was reserved for the port s industrial activities and do it accessible for occupants to bask as new leisure countries. Commercial and culturally lead, fountain corridors and wide streets will all be projected to allow people come into direct contact with the sea.Cultural quarters are a manner of explicitly associating the growing of originative industries with urban regeneration aims.The chemical formula Centre will be at the terminal of Calvo Sotelo North and South Quay facing towards the Atlantic Ocean, the remainder of the edifices will be consistent consequently and all unify to do a Cultural Quarter ( 22 estates ) . The Cultural Quarter will incorporate a regulation Centre, a public library, an exposition infinite, a commercial Centre, a hotel, a athletics Centre, and a market topographic point.The convention centerfield will be one of the cardinal subscribers to the economic and cultural verve of the Cultural Quarter with adequate unfastened infinite to host public and private concern and societal events for its environing population country, and offer new chances to other concerns around Galicia and Spain. Enough floor country, and talk halls, will be provided to suit several thousand attendants and rent infinite for meetings such as corporate conferences, attention trade shows, amusements, an presention infinite and a concert hall.A Coru & A ntilde a?s metropolis and concern chanceA Coru & A ntilde a s current population consists chiefly on ages between 40-80+ , most of the towns around A Coru & A ntilde a are dyeing due to the rapid reduce of angling industries in little towns, the undertaking aims at bettering the current population in A Coru & A ntilde a and offers a concern chance. These chances consists of four incorporate elements all of which are present, a demand, the agencies to carry through the demand, a mode to use the agencies to carry through the demand and a method of benefit.As a modern, functional assemblage Centre, it s destined to go the new hub for the fiscal operations of the regional concern community. It will besides heighten the cultural and societal cloth of A Coru & A ntilde a and go a major tourer attractive force.Creative workers will be given to congregate in mixed-use vicinities with chances to work, unrecorded and socialise in one environment. The denseness of communicating and interaction in this environment allows people to quickly portion thoughts, learn and bring forth a wrick community.SustainabilityA sustainable metropolis is a liveable metropolis, peculiar and created by its dwellers, in melody with its local clime, civilization and operations. The creative activity of a generic wine solution is hence merely possible on a in truth abstract degree, and the coevals of a method for a sustainable metropolis merely interesting and valuable when applied to a existent being scenario. The maestro plan?s construct will be veritable for an attack to sustainable determination devising for plan ( denseness, type, distribution etc ) , mass, logistics, and quality of environment. Using this needfully becomes a procedure instead than merely a set of regulations.Expectations on the quality to be achievedThe architectural attack to plan the convention Centre will be a softer, more fluid, modeled mode.The undertaking and maestro program will make a dandified working environment, for employees and new/existing communities, and take advantage of its location, non merely physically but besides visually and increase its natural beauty with green infinites, green corridors, difficult and soft landscapes, unfastened activities and direct entree to the H2O border.The internal plan and construction has to be carefully planned out so that all internal and external infinites relate to each other in an orderly mode, so that the prosaic flow is simple and big groups can travel through the edifice easy.Due to t he location of the site and its exposure to the Atlantic Ocean, salt, enduring, eroding, air current, solar, north and south confronting frontages particular considerations will be made on the quality of the stuffs and coatings to forestall extra hereafter costs.The edifice has to hold a crisp high quality coating. The ocular impact is really of import for the edifice as it will be stand foring the metropolis worldwide. It s of import that the convention Centre, and the cultural one-fourth has a strong relationship with the metropolis, so that they become a individual community.The maestro program will be arranged so that edifices provide a sense of protection like in the metropolis Centre, and the unfastened infinites will seek to stand for the current feeling of the site, with huge unfastened infinites.A great event is all in the inside informations.A delineate analysis of the functional countries and their relationshipsThe chief entryway leads you straight onto a convention squa re/ exhibition infinite and the administrative offices. The earth room/concert hall is located well(p) the entryway due to its plan and rise times. This type of agreement creates an entryway hub were after working hours the convention Centre could shut its chief sectors of the edifice and still run swimmingly when the ball room is in usage. Beside the chief entryway is the chief antechamber, sofa and concern Centre. The concern Centre is composed of several degrees of unfastened program floors for companies and clip office infinite for day-to-day rental infinite, the concern Centre would be unfastened 24/7 therefore it needs to be near to the entryway hub. The edifice plan contains three paths the first path leads to the chief auditorium, the 2nd path leads you to the chief eating house, and the 3rd path leads you to the chief exterior exhibition blank/public square.The first path is conjugate by a short gallery paseo that leads you to the chief auditorium anteroom and audito rium. On the gallery paseo there is direct entree to the hotel or adjustment units. A little ( national ) ferry terminus could be incorporated to the hotel along the Calvo Sotelo North or south quay, to boot, there will be 6 lading docks, offering direct drive-on entree into exhibit halls.The 2nd path is linked by the chief gallery paseo that leads you to the chief eating house which will keep up to cc seats, with a private entree point. The eating house will be buffet or a la menu. The chief gallery paseo besides leads you to the exhibition halls 1-4 one of the four exhibition halls will hold a system of movable walls to change over a individual hall into two single halls. Each hall will hold its ain services such as lavatories. The 2nd auditorium is following to the chief eating house which is besides linked by the chief gallery paseo, above the 2nd auditorium there is a patio meeting room, and two twenty-four hours eating houses and four jailbreak blocks to loosen up prior or af ter each convention. The jailbreak blocks will hold positions towards the metropolis Centre, or the Atlantic Ocean to make a peaceable environment to loosen up in.The 3rd path takes you onto an exterior exhibition space/public square were anyone can go to any convention. There will be lasting sculpture pieces set on the exterior infinite.The convention Centre will offer big immediate exhibit infinites. The construction of the edifice needs to be carefully studied, streamlined columns will be used to cut down the maximal figure of columns and supply a column-free infinite in selected countries. One of the exhibit halls will hold to supply a flexible infinite, glass-enclosed with sweeping positions of the metropolis Centre, seaport, and the Atlantic Ocean with an industry standard event floor, so that the room becomes flexible for any type of event, and activity runing from upscale responses to exhibits.The edifice will besides feed figure all the environing edifices such as the chie f hotel, the public library, the athletics Centre, the commercial Centre, an exhibition infinite and the market place/square.The maestro program will hold restricted entree for vehicles, and motor rhythms merely. Except constabulary, ambulances, fire brigade, modify vehicles, and all other services to the edifices such as care, bringings etc. There will be a chief parking hub to serve all edifices, the parking hub will be sheltered and the roof will go portion of the landscape. The hub will be connected with a frequent ropeway line that runs through the site and Michigans in each person edifice, the ropeway will utilize the bing rail path line on the site. listen of major suites in the convention CentreConvention squareAdministration officesMain anteroom, sofaBusiness CentreGallery paseosBall room/concert hallHotelFerry terminus arrangement hall 1A -1Bexposition hall 2,3,4Auditorium anteroomMain auditoriumsAuditoriums 2Main eating house ( siting 200+ )Day restaurant 1Day restauran t2Breakout block 1-4Terrance meeting roomThere will be one chief entryway and two secondary entrywaies. All the suites are spread over 3 floors, and linked by a chief gallery paseo.Analysis of the brief with relation to the siteThe benefits for A Coru & A ntilde aThe maestro program will bring forth a sustainable procedure and regulations which will subsequently be applied to the convention Centre and the remainder of the Cultural Quarter edifices.The proposal will offer a choice cultural one-fourth that embraces the metropolis with a dedicated bunch of originative and cultural industries, and public infinites. Adding character to the metropolis of A Coru & A ntilde a with new chances to work and socialise in one environment. The undertaking will consolidate A Coru & A ntilde a?s eminence as a cultural finish while supplying an iconic architectural image for the metropolis.Phase 2 and 3 will be chiefly social/private lodging offering the metropolis and the cultural one-fourth with a new lodging community near the metropolis Centre. All three stages will cultivate, adapt and make a relaxation community to the altering demands of the metropolis of A Coru & A ntilde a, and Galicia.The Cultural quarterEnrich our cultural life by pulling internationally acclaimed public displays and exhibitions Raising local humane disciplines endowment and make more chances for humanistic disciplines groups Enhance international cultural exchange Put a Coru & A ntilde a on the universe humanistic disciplines and civilization map add on state-of-the-art public presentation locales and museums Offer more picks to humanistic disciplines frequenters hike up creativeness Enhance the seaport forepart Attract abroad visitants andCreate occupations.Design issuesExisting undertakings and the subjects of the solutions, which commit the architectural qualities of the undertakingWest Kowloon Cultural District An icon for civilization and leisureA new cultural district for Hong KongThe West Kowloon Cultural District ( WKCD ) will be a landmark development that enhances Hong Kong s place as a universe metropolis of civilization. The new cultural land will get down together a vivacious mix of acting and ocular humanistic disciplines. The 40-hectare waterfront site will be both a collectors item for urban design and a meeting point for the local and international humanistic disciplines communities.In this bunch of locales and unfastened infinite, long-run commercial, community and cultural partnerships will call forth a lively humanistic disciplines scene for coevalss to come. Based on the run of partnership , the WKCD will be community-driven and people-oriented .A expansive canopy, supplying wraith and shelter for the installations below, will do the composite a new Hong Kong icon. With its sinuously fluxing signifier, this characteristic was, in February 2002, chosen by an international jury from over clx entries as the victor of an inter national construct program competition. It was adopted as the footing for ask foring proposals from the market in September 2003. By June 2004, five proposals had been received, three of which met the basic demands. These proposals are now being assessed.The nucleus installationsThree theaters with at least 2,000, 800 and 400 seats severally A public presentation locale with at least 10,000 seats A bunch of four museums at least 75,000 square meters in size An art exhibition Centre at least 10,000 square meters in size A H2O amphitheater At least four plaza andA canopy covering at least 55 % of the development country.Other high spotsThe territory will incorporate commercial and residential development into the humanistic disciplines, cultural and leisure installations. This incorporate attack will guarantee more visitants and convey benefits to all the sectors involved.The territory will hold at least 20 hectares of parkland and public unfastened infinite, an country larger than V ictoria Park.The waterfront promenade will be 50 % longer than the promenade from the Tsim Sha Tsui clock predominate to the Hong Kong Coliseum.An machine-controlled people mover will associate the major installations within the territory while public conveyance will associate the territory with the concern bosom of Kowloon.Information gathered fromhypertext get rid of protocol //www.archicentral.com/norman-foster-to-help-design-cultural-hub-in-hong-kong-22437/hypertext deportation protocol //www.hplb.gov.hk/wkcd/eng/publ tion/intro.htmSan Diego Convention CentreThe San Diego Convention Center is the primary convention amount of money in San Diego, California. It is located in the Marina territory of downtown San Diego near the Gaslamp Quarter, at 111 West Harbor Drive. The centre is managed by the San Diego Convention Center Corporation, a non-profit public benefit corporation.The convention centre offers 57,200 m? of exhibit infinite. As of 2009 it was the 24th largest convent ion installation in North America. 1 It was knowing by Canadian designer Arthur Erickson. Capacity for the installation is 125,000. 1 The centre s most distinguishing characteristic is the Sails marquee, a 90,000 square pes exhibit and particular event country. The Sails Pavilion s roof consists of typical Teflon-coated fiberglass canvass intended to reflect San Diego s maritime history, every bit good as to publicize the centre s propinquity to the San Diego shore. The Pavilion was originally built as an alfresco installation under the roof. However, the centre found it difficult to convert possible users to book an alfresco installation, so the Pavilion country was enclosed in glass, greatly spread outing the useable country of the centre. 2 Reid, Calvin ( July 27, 2009 ) . Soldout in San Diego Another Booming Comic-Con . Publishers weekly ( Reed Elsevier Inc. ) . hypertext transfer protocol //www.publishersweekly.com/article/CA6673130.html. Retrieved 27 July 2009By Wri ght, Gordon Publication building Design & A Construction Date Monday, January 1 2001 Buttoning up . hypertext transfer protocol //www.all commerce.com/construction/nonresidential-building-construction/7460303-1.htmlInformation gathered from hypertext transfer protocol //en.wikipedia.org/wiki/San_Diego_Convention_CenterDavid L. Lawrence Convention CenterThe David L. Lawrence Convention Center ( DLLCC ) is a 1,500,000-square-foot ( 139,000m2 ) convention, conference and exhibition edifice in business district Pittsburgh in the U.S. province of Pennsylvania. Completed in 2003, it sits on the southern shoreline of the Allegheny River. It is the first LEED-certified convention centre in North America and one of the first in the universe. 1 It is owned by the Sports & A Exhibition Authority of Pittsburgh and Allegheny County. 2 AbstractionDesigned by Rafael Vi & A ntilde oly Architects, P.C. , Dewhurst MacFarlane & A Spouses and Goldreich design P.C. , the $ 354 million riverf ront landmark contains 29,100m2 of exhibit infinite 22,000m2 of which is column-free, 7,100m2 of extra exhibit infinite, 2,940m2 terpsichore hall, 51 meeting suites, two 250-seat talk halls, teleconferencing and telecommunications capablenesss and 420m2 of retail infinite. The designer, Vi & A ntilde oly, began the design with a end in head of accomplishing the position of a green edifice. In 2003, the edifice was awarded Gold Leadership in Energy and Environmental Design ( LEED ) enfranchisement by the U.S. Green edifice Council. 1 The convention centre is home to outstanding conventions, such as Anthrocon, the Pittsburgh RV Show, Pittsburgh Boat Show, Pittsburgh Home and Garden Show, Piratefest, and the acclaimed Pittsburgh International Auto Show. David L. Lawrence Convention Center. . David L. Lawrence Convention Center. hypertext transfer protocol //www.pittsburghcc.com/cc/ . Retrieved October 10, 2009. History . www.pgh-sea.com. Sports & A Exhibition Authority of Pitt sburgh and Allegheny County. 9/1/09. hypertext transfer protocol //www.pgh-sea.com/history.htm.Information gathered from hypertext transfer protocol //en.wikipedia.org/wiki/David_L._Lawrence_Convention_CenterBarcelona International Convention Center ( CCIB )The International convention centre is located in the metropolis Centre of Barcelona and was completed in 2004 with a floor are 67000 m? . The designer is Mateo Arquitectura, illuming interior decorator Biosce & A Botey, structural applied scientist Brufau, Obiol, Mayo & A Ass and the client is Barcelona?s council.This multi-purpose cultural edifice includes a really big auditorium, a multi-functional acting infinite, exhibition infinites, meeting suites, and a eating house and anteroom, in addendum to proficient services, lading docks, storage infinites, and auto parking on two degrees. It was portion of the controversial 2004 Universal Forum of Cultures in Barcelona and has 45 pellucid halls, spread over 3 floors, 2 first balconies and a cellar. The CCIB and the side by side(p) edifice Forum Auditorium ( by Swiss designers Herzog and De Meuron ) , are linked to each other by a 20-meter-wide belowground paseo. Mateo explains I have at rest(p) back to loving the preciseness of Fe normal, but monstrous, commonplace but non domestic, superhuman. The mega construction is seen proudly in the East fa & A ccedil ade, opposite the elegant adjacent trigon. The castanetss are covered in the remainder of the edifice. Information gathered from hypertext transfer protocol //www.mimoa.eu/projects/Spain/Barcelona/International % 20Convention % 20Center % 20 ( CCIB )Vancouver Convention Centre WestThe Vancouver convention Centre has a harbour forepart location and breathless positions the Vancouver Convention Centre offers one of the most beautiful scenes in the universe. The add-on of our new West Building has tripled our capacity, for a combined sum of 43,800 m? of meeting, exhibition, dance hall, and plena ry theater infinite.Both the East and West Buildings are designed as a series of faculties to offer the highest grade of flexibleness. This new combination besides allows us to keep coincident events, each with their ain separate entree and map infinite. Add first category culinary art, the most advanced engineering and an exceeding sustainability authorization and your event is certain to be nil less than remarkable.AbstractionInspiration can come from about anyplace. That s wherefore we ve tried to transfuse as many animating experiences into our installation as we can. Not merely will your meeting take topographic point in one of the most alone scenes in the universe, but the edifice itself has been designed from top to bottom to open heads and provender imaginativenesss.A figure of sustainable patterns and environmentally-conscious design characteristics make the Vancouver convention centre one of the greenest convention centres in the universe.Information gathered from hyperte xt transfer protocol //www.vancouverconventioncentre.com/thefacilities/