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Implicit guarantees and bank stability : evidence from a quasi-natural experiment
Get PDFDo parent bank implicit guarantees enhance or diminish the stability of foreign subsidiaries? Using a quasi-natural experiment in the form of a regulatory intervention which removed parent banks' option to provide financial support to affiliated foreign subsidiaries, we find a substantial increase in the overall default risk of foreign subsidiaries. Less stringent private and supervisory oversight in host countries exacerbates the adverse impacts on risk. Overall, the results align with the notion that a loss in implicit guarantees implies a decline in reputational capital and franchise value. Beyond financial stability, the intervention likely has economic implications. Foreign subsidiaries increase lending and deposit funding, particularly those with stronger initial capitalization. These patterns are consistent with risk-compensating behavior where subsidiaries, following the loss of parental guarantees, expand balance sheets to sustain funding and market presence. Our findings inform ongoing policy debates regarding the merits of implicit guarantees for bank stability.Peer reviewe
Empagliflozin in patients admitted to hospital with COVID-19 (RECOVERY) : a randomised, controlled, open-label, platform trial
Get PDFFunding: UK Research and Innovation (Medical Research Council) and National Institute of Health Research (MC_PC_19056), and Wellcome Trust (222406/Z/20/Z).Background: Empagliflozin has been proposed as a treatment for COVID-19 on the basis of its anti-inflammatory, metabolic, and haemodynamic effects. The RECOVERY trial aimed to assess its safety and efficacy in patients admitted to hospital with COVID-19. Methods: In the randomised, controlled, open-label RECOVERY trial, several possible treatments are compared with usual care in patients hospitalised with COVID-19. In this analysis, we assess eligible and consenting adults who were randomly allocated in a 1:1 ratio to either usual standard of care alone or usual standard of care plus oral empagliflozin 10 mg once daily for 28 days or until discharge (whichever came first) using web-based simple (unstratified) randomisation with allocation concealment. The primary outcome was 28-day mortality; secondary outcomes were duration of hospitalisation and (among participants not on invasive mechanical ventilation at baseline) the composite of invasive mechanical ventilation or death. On March 3, 2023 the independent data monitoring committee recommended that the investigators review the data and recruitment was consequently stopped on March 7, 2023. The ongoing RECOVERY trial is registered with ISRCTN (50189673) and ClinicalTrials.gov (NCT04381936). Findings: Between July 28, 2021 and March 6, 2023, 4271 patients were randomly allocated to receive either empagliflozin (2113 patients) or usual care alone (2158 patients). Primary and secondary outcome data were known for greater than 99% of randomly assigned patients. Overall, 289 (14%) of 2113 patients allocated to empagliflozin and 307 (14%) of 2158 patients allocated to usual care died within 28 days (rate ratio 0·96 [95% CI 0·82-1·13]; p=0·64). There was no evidence of significant differences in duration of hospitalisation (median 8 days for both groups) or the proportion of patients discharged from hospital alive within 28 days (1678 [79%] in the empagliflozin group vs 1677 [78%] in the usual care group; rate ratio 1·03 [95% CI 0·96-1·10]; p=0·44). Among those not on invasive mechanical ventilation at baseline, there was no evidence of a significant difference in the proportion meeting the composite endpoint of invasive mechanical ventilation or death (338 [16%] of 2084 vs 371 [17%] of 2143; risk ratio 0·95 [95% CI 0·84-1·08]; p=0·44). Two serious adverse events believed to be related to empagliflozin were reported: both were ketosis without acidosis. Interpretation: In adults hospitalised with COVID-19, empagliflozin was not associated with reductions in 28-day mortality, duration of hospital stay, or risk of progressing to invasive mechanical ventilation or death so is not indicated for the treatment of such patients unless there is an established indication due to a different condition such as diabetes. Translations: For the Nepali, Hindi, Indonesian (Bahasa) and Vietnamese translations of the abstract see Supplementary Materials section.Peer reviewe
Nineteenth-century fiction and the search for meaning
No full textThis thesis reads nineteenth-century novels through the lens of Viktor Frankl’s theory of logotherapy, as articulated in Man’s Search for Meaning (1946). I link Frankl’s theory that the search for meaning is the fundamental human drive to the structure of nineteenth-century realist novels; the character moving through narrative resembles the individual’s quest for meaning. On this basis of this premise, I apply logotherapy to five novels: Jane Austen’s Sense and Sensibility (1811), Charlotte Brontë’s Villette (1853), Elizabeth Gaskell’s North and South (1855), George Eliot’s Middlemarch (1871), and in my conclusion, Margaret Oliphant’s Kirsteen (1890). Frankl’s theoretical framework introduces numerous thematic parallels with major nineteenth-century areas of debate: his emphasis on meaning as an individual responsibility intersects with questions of social responsibility, and his commitment to the individual’s agency in meaning-making highlights the nineteenth-century debates concerning human agency and materialism. I draw out these larger conceptual themes through character analysis. Linking character analysis with Frankl’s conception of the individual searching for meaning, I explore how novelists articulate meaning both through character arcs and on the larger scale of the narratives which encompass them. Each of my selected novels engages with questions associated with meaning, including the degree to which it is relational and the relative agency of the individual in working it out. The lens of Frankl’s theoretical framework of meaning highlights particular facets of narrative technique in each novel (particularly narrative voice), and I examine the way realist narratives develop across the century. I argue that the overarching trend of nineteenth-century narratives is pessimistic, in that the novel’s structure moves away from a unified and coherent meaning narrative toward a structure strained by multiple meaning narratives. Likewise, these narratives increasingly circumscribe individual agency with the shaping power of circumstance
The role of student and customer social identification on university students’ learning approaches and psychological well-being
Get PDFFunding: Open Access funding enabled and organized by CAUL and its Member InstitutionsIn an on-line format, the current research measured students’ (N = 453) social identifications as university students and as university customers to predict their self-reported engagement in deep and surface learning, attitudes toward cheating, intent to continue their studies, and their psychological well-being (e.g., affect, self-esteem). Also measured were students’ perceptions of deep- and surface-learning norms. Overall, students identified more strongly as students than as customers. More relevant to hypothesized social-psychological processes, social identification as a university student positively predicted their deep-learning approach and intent to continue, but negatively predicted their surface-learning approach and favorable attitudes toward cheating. Enhanced university-student social identification was also associated with favorable psychological well-being. In contrast, social identification as a customer positively predicted participants’ surface-learning approach and favorable attitudes toward cheating. It was only when students perceived high deep-learning norms that university-customer social identification yielded some favorable learning and well-being outcomes. Conceptually, these results provide further support for the application of the social identity approach to educational contexts. In application, the results reveal that social identification as a student offers far better learning and psychological well-being outcomes than social identification as a customer. However, if universities seek to embrace a transactional delivery of services and transform the student-as-customer metaphor into a reality, they have the additional responsibility to ensure there is a recognizable and acknowledged norm for deep learning.Peer reviewe
Development and characterisation of next-generation electrode materials for sodium-ion batteries
No full textIncreased global demand for efficient and sustainable energy storage solutions has pushed the search for battery technologies beyond Li-ion batteries. Sodium-ion batteries are an attractive alternative, utilising low-cost and abundant materials such as Mn/Fe-based layered oxides as positive electrodes and hard carbon materials as negative electrodes. However, these materials have inherent performance limitations. This thesis aims to develop materials with enhanced electrochemical performance and perform characterisation techniques to rationalise the observed performance.
Cu doping of P3-type Mn/Fe layered oxide is studied and shown to exhibit a reversible Fe redox process and migration to tetrahedral sites in the Na layer. The Cu-doped material has higher specific capacities and stable cycling over a large potential window. The anionic redox process is shown to be activated through a reductive coupling mechanism. Biphasic P2/P3 MnFeNiCu layered oxide is investigated and found to have an enhanced sodium diffusivity over the single-phase P2 and P3 materials, enhancing its rate performance. Cycling beyond 4.2 V vs Na⁺/Na, the material exhibited anionic redox process causing increased specific capacities on cycling.
Composites of hard carbon and sodium organic dicarboxylates were investigated, demonstrating synergistic effects of the individual components on electrochemical performance. The composite with an optimised ratio of the components exhibited improved rate performance, effectively overcoming the high-rate performance limitations of hard carbon. Compared to the organic dicarboxylate, the composite required reduced amounts of conductive carbon additive, achieved higher initial Coulombic efficiency, and demonstrated enhanced cycling stability. Additionally, the composite material exhibited excellent cyclability in a full-cell setup and was shown to be cost-effective through a high-level technoeconomic analysis. The potential of microwave-assisted synthesis as a sustainable method for producing these composites was also demonstrated.
This thesis addressed key performance limitations of existing electrode materials and demonstrated approaches for efficient, sustainable, and cost-effective sodium-ion battery electrode materials."This work was supported by the University of St Andrews Handsel Scholarship and the Faraday Institution’s NEXGENNA project."--Fundin
Mechanisms and genetics of winter dormancy in raspberry (Rubus idaeus L.)
Get PDFDormancy protects temperate plants from abiotic stress during the winter. Once it is established, plants become non-responsive to growth stimuli until they are exposed to a period of cold temperatures (‘chilling’). Climate change is threatening this mechanism by disrupting its environmental cues. Red raspberry (Rubus idaeus L.) crops are impacted by this issue, causing significant economic losses for the industry. This PhD project characterised the mechanisms and genes underpinning dormancy in two raspberry cultivars with contrasting responses, ‘Glen Ample’ and ‘Glen Dee’.
Historic phenology and meteorology data were integrated in mathematical models to identify and quantify the drivers of bud break in ‘Glen Ample’ and ‘Glen Dee’. The models identified optimum and suboptimum ranges of accumulated chill and time of application in ‘Glen Ample’. Bud break in ‘Glen Dee’ was found to be independent of cold exposure.
Genetic mechanisms underlying the different responses of ‘Glen Dee’ and ‘Glen Ample’ were analysed through transcriptomic profiling. The analysis produced a month-by-month overview of the processes occurring during dormancy in ‘Glen Ample’. Phenotypic and transcriptomic data suggested a misregulation of dormancy induction in ‘Glen Dee’. A VRN1-like gene, RiVRN1.1, was identified as a potential candidate.
Metabolic profiling was conducted over the same tissue samples. The results identified dormancy status as the main driver of variation in ‘Glen Ample’. This variation did not occur in ‘Glen Dee’, supporting the misregulation of dormancy observed in transcriptomic and phenotypic analysis.
QTL analysis identified loci associated with winter phenology traits in a population developed by crossing ‘Glen Ample’ and ‘Glen Dee’. 14 loci linked to spring vigour, duration of dormancy, time of senescence and bud break were identified.
The results of this study, and the tools and datasets developed provide a framework for molecular biology studies on winter phenology in raspberry
To hoard or not to hoard? : Political uncertainty and corporate cash holdings in emerging Asian economies
Get PDFThis study aims to examine the impact of political uncertainty on corporate cash holdings across eight Asian emerging economies from 1990 to 2023, using data on national elections and corporate financial data. We focus on two distinct electoral systems: a presidential or legislative electoral system (in Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand) and an assembly-elected presidential system (in the People’s Republic of China), to explore how these systems influence corporate cash holdings. Using fixed effects regressions, the study estimates the sensitivity of cash holdings to cash flows during election periods, showing that cash holdings vary not only by electoral system but also by firm size. The results show that firms in presidential or legislative systems exhibit higher cash flow sensitivity during elections, while firms in the assembly-elected system (China) show negative sensitivity. In addition, this study presents an in-depth examination of close election results and coup d’état events, studying their impacts on corporate cash-holding strategies. These findings show how elections shape corporate financial strategies, contributing to the literature on political uncertainty and its differential impacts on corporate behaviour across different political contexts.Peer reviewe
Parapēgmata and poleis : astrometeorological calendars in the Hellenistic city
Get PDFBetween the fifth and first century BC, calendars that compiled astronomical and meteorological information, known as parapēgmata, came to be used throughout the Greek-speaking world. In the course of the Hellenistic period, numerous such almanacs attributed to scientific authorities who operated in different regions were circulating, some of which emphasized distinct atmospheric phenomena. By ca. 100 BC at the latest, individuals and communities began combining astrometeorological parapēgmata to produce their own, including inscribed public versions. I argue that politically active citizens and doctors would have benefited from the use of these calendars within the context of the Hellenistic polis because weather was believed to have a direct impact on the collective food supply and health of communities and such documents were perceived as an invaluable tool for anticipating important atmospheric changes, determining when meteorological thresholds were crossed and building consensus for communal action taken in response.Peer reviewe
The legacy of the cod fishery collapse : understanding wind energy acceptance in Newfoundland through energy justice and place
Get PDFFunding: This work was supported by the Rothermere Foundation, the Social Science and Humanities Research Council of Canada, the Canadian Centennial Scholarship Fund, Santander Bank, and the School of Geography and Sustainable Development at the University of St Andrews.As renewable energy grows globally, understanding community acceptance of wind energy projects is crucial for ensuring a fair and equitable energy future. Procedural and distributional justice have been widely identified as central to shaping community acceptance. However, there are increasing calls to examine how local historical context plays a role not only in influencing acceptance but also in how residents rationalise their justice considerations. Drawing on energy justice and place attachment/disruption theory, this study investigates how historical experiences with resource development influence perceptions of fairness and acceptance of onshore wind energy in Newfoundland, Canada. Based on semi-structured interviews (n = 22) and surveys (n = 146) with residents living near existing wind projects, this study finds high acceptance of current projects (76–100 %), but a distinct pattern of ‘sceptical optimism’ toward future developments. On one hand, residents' attachment to their once-thriving communities and positive experiences with current wind projects contribute to support for future development. On the other, residents' optimism is tempered by hard-learned lessons from the previous resource developments. The findings underscore the need to integrate recognition justice and local historical context more fully into energy justice and acceptance frameworks, highlighting how past (in)justices inform both community support and the evolving understanding of fairness of energy transitions.Peer reviewe
Open Gromov-Witten invariants from the Fukaya category
Get PDFFunding: This work was partly supported by the Royal Society Research Grant for Research Fellows: RGFnR1n181009ERC, the European Research Council Starting Grant 850713 – HMS and Engineering and Physical Sciences Research Council Grant EP/W015749/1.This paper proposes a framework to show that the Fukaya category of a symplectic manifold X determines the open Gromov-Witten invariants of Lagrangians L ⊂ X. We associate to an object in an A∞-category an extension of the negative cyclic homology, called relative cyclic homology. We extend the Getzler-Gauss-Manin connection to relative cyclic homology. Then, we construct (under simplifying technical assumptions) a relative cyclic open-closed map, which maps the relative cyclic homology of a Lagrangian L in the Fukaya category of a symplectic manifold X to the S1-equivariant relative quantum homology of (X, L). Relative quantum homology is the dual to the relative quantum cohomology constructed by Solomon-Tukachinsky. This is an extension of quantum cohomology, and comes equipped with a connection extending the quantum connection. We prove that the relative open-closed map respects connections. As an application of this framework, we show, assuming a construction of the relative cyclic open-closed map in a broader technical setup, that the Fukaya category of a Calabi-Yau variety determines the open Gromov-Witten invariants with one interior marked point for any null-homologous Lagrangian brane. This in particular includes the open Gromov-Witten invariants of the real locus of the quintic threefold considered in [23]Peer reviewe
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