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Our previous results suggest that high LTVs were used for risky borrowers (e.g. temporal workers) and by risky banks (the rescued ones).
As temporal workers are the ones that mainly went unemployed in the crisis period, these results suggest not only ex-ante high risk, but also ex-post.
Those with a temporary job were receiving loans with a substantial smaller LTV ratio compared to those with a permanent contract.16 As temporal workers went massively into unemployment in the crisis, as compared to permanent workers, then loan defaults will be higher and, hence, not only ex-ante, but also ex-post bank risk has to be higher.
Controlling for other key borrower variables such as income, workers with temporal contracts get in the boom the same LTVs (both statistically and economically speaking) as workers with permanent contracts in the crisis, instead, temporal workers obtain less LTVs and pay substantially more spreads.
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Cell division was observed in mushroom bodies, primarily at the start of metamorphosis, exhibiting temporal differences among workers, queens and males.
Moreover, there are papers analyzing mortgage loans in other countries; in particular, Besley et al. (2013) analyze UK mortgages, but do not compare lending standards in boom versus bust nor analyze key borrowers' risk characteristics such as temporal or inactive workers (see Peydró 2012), which is our first main contribution to the literature.
Harrison [32] was the first to investigate the temporal polyethism of workers concerning active heat production of individual bees for the maintenance of thermal homeostasis.
The number of incident cases by month for employers A1 and A2 combined was associated with the average worker count onsite (Spearman ρ = 0.62; p<0.01), indicating that individual workers' temporal risk for infection was relatively constant.
Worker caste determination is not random, however, as Polistes colonies are characterized by a temporal pattern in which workers precede non-workers of the same generation [9], [16], [17], although both early non-workers [18] and late workers [19], [20] may occur at low frequencies [9], [21].
We suggested that selection on this network enabled, or reinforced, a temporal differentiation between worker bees so they first labor inside the nest and later forage [22].
Without such environmental variation the temporal course of worker numbers would always be monotonically increasing (until the optimal switching time is reached) and thus, the beneficial effect of nest closure (decreased mortality) can never outbalance the effect of productivity loss due to the wastage of time.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com