This is a PDF file of an unedited manuscript that has been accepted for publication. As a service to our customers we are providing this early version of the manuscript. ABSTRACTThis paper assesses the interrelationship between financial openness, bank risk and bank profit efficiency using a cross-country sample of 2,007 commercial banks covering 140 countries over the period 1999-2011. To establish whether the impact of financial openness on both bank risk and profit efficiency occurs directly or through each one of the two bank characteristics (efficiency and risk, respectively), we begin our analysis by investigating the potential reverse Granger causality between profit efficiency and risk using a dynamic simultaneous model via system GMM estimation. We then account explicitly for the role of bank risk in the estimation of bank profit efficiency using stochastic frontier analysis, allowing for the influence of different measures of financial openness and risk alongside other control variables. Our results indicate that financial openness reduces bank profit efficiency directly, not through changes in bank risk. We also find that financial openness increases bank risk indirectly, through the decreased bank profit efficiency channel. JEL Classification: G21; F36; C23; C24

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To compensate the beam-beam tune spread and beam-beam resonance driving terms in the polarized proton operation in the Relativistic Heavy Ion Collider (RHIC), we will introduce a low energy DC electron beam into each ring to collide head-on with the opposing proton beam. The device to provide the electron beam is called an electron lens. In this article, using a 6D weak-strong beam-beam interaction simulation model, we will investigate the effects of head-on beam-beam compensation with electron lenses on the proton beam dynamics for the RHIC 250 GeV polarized proton operation. Frequency maps, dynamic apertures, and proton beam loss rates are calculated for this study. Key beam parameters involved in this scheme are varied to search for the optimum compensation condition. The sensitivities of head-on beam-beam compensation to beam imperfections and beam offsets are also studied.

This paper investigates the impact of institutional difference on China's outward foreign direct investment (OFDI) through a gravity model. Our estimations are based on a large panel of 150 countries over the period 2003-2015. The results show that the institutional differences of government effectiveness and control of corruption between China and a host country have a statistically significant negative effect on China's OFDI. In addition, our empirical evidence suggests that the 'One Belt One Road' policy does not have the expected positive effect on China's OFDI. Consistent results are obtained from a set of robustness tests. Our findings provide a reasonable guideline for countries aiming to attract Chinese OFDI or seeking factors to boost it.

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