Basel II, External Ratings and Adverse Selection

This paper will describe and analyse the development of Basel II Capital Accord and will focus on the use of external ratings in the Standardized Approach in Basel II. Furthermore it will examine the problem of adverse selection which appears in Basel II as a result from the proposal for the use of external ratings in determining the risk weights in the standardized approach. The paper will also attempt to find possible solutions to the adverse selection problem by discussing two similar models, and derive implications from them.Basel II, external ratings, adverse selection, rating agencies, standardized approach

Algebraic Quantum Theory on Manifolds: A Haag-Kastler Setting for Quantum Geometry

Motivated by the invariance of current representations of quantum gravity under diffeomorphisms much more general than isometries, the Haag-Kastler setting is extended to manifolds without metric background structure. First, the causal structure on a differentiable manifold M of arbitrary dimension (d+1>2) can be defined in purely topological terms, via cones (C-causality). Then, the general structure of a net of C*-algebras on a manifold M and its causal properties required for an algebraic quantum field theory can be described as an extension of the Haag-Kastler axiomatic framework. An important application is given with quantum geometry on a spatial slice within the causally exterior region of a topological horizon H, resulting in a net of Weyl algebras for states with an infinite number of intersection points of edges and transversal (d-1)-faces within any neighbourhood of the spatial boundary S^2.Comment: 15 pages, Latex; v2: several corrections, in particular in def. 1 and in sec.

Microstructure and photocatalytic activity of suspension plasma sprayed TiO2 coatings on steel and glass substrates

In this study, TiO 2 coatings were deposited by suspension plasma spraying (SPS) from a commercial TiO 2 nanoparticle suspension on two different substrates: a standard stainless steel and a Pyrex glass. Coatings were sprayed on both substrates with an F4-MB monocathode torch; a Triplex Pro tricathode torch was also used to spray coatings just on the stainless steel substrates. Spraying distance and cooling were varied.The anatase content in the coatings, determined by XRD, ranged from 32 to 72 wt% A significant amount of anatase to rutile transformation was found to occur during cooling. Examination of the microstructure revealed that the coating microstructure was bimodal, involving a non-molten region consisting mainly of anatase nanoparticle agglomerates and a molten region. The glass substrate coatings displayed a segregated phase distribution, particularly when the surface to be coated was cooled. Photocatalytic activity was determined by a methylene blue test.The experimental data fitted well to a first-order kinetic. All the coatings exhibited high photocatalytic activity in comparison with that of a commercial sol-gel coating. However, unlike much of the previous research, photocatalytic activity did not correlate with the anatase content determined by XRD. © 2011 Elsevier B.V.This work has been supported by the Spanish Ministry of Science and Education (MAT2009-14144-C03-01), by the Spanish Ministry of Science and Innovation (PID-600200-2009-5) and by the European Commission in the frame of the Interreg IV B Sudoe programme (Eliare: SOE1/P1/F169).Bannier, E.; Darut, G.; Sánchez, E.; Denoirjean, A.; Bordes, M.; Salvador Moya, MD.; Rayón Encinas, E.... (2011). Microstructure and photocatalytic activity of suspension plasma sprayed TiO2 coatings on steel and glass substrates. Surface and Coatings Technology. 206(2):378-386. https://doi.org/10.1016/j.surfcoat.2011.07.039S378386206

Basel II, External Ratings and Adverse Selection

This paper will describe and analyse the development of Basel II Capital Accord and will focus on the use of external ratings in the Standardized Approach in Basel II. Furthermore it will examine the problem of adverse selection which appears in Basel II as a result from the proposal for the use of external ratings in determining the risk weights in the standardized approach. The paper will also attempt to find possible solutions to the adverse selection problem by discussing two similar models, and derive implications from them

Basel II, External Ratings and Adverse Selection

This paper will describe and analyse the development of Basel II Capital Accord and will focus on the use of external ratings in the Standardized Approach in Basel II. Furthermore it will examine the problem of adverse selection which appears in Basel II as a result from the proposal for the use of external ratings in determining the risk weights in the standardized approach. The paper will also attempt to find possible solutions to the adverse selection problem by discussing two similar models, and derive implications from them

Exhaled Breath Condensate in Childhood Asthma: A Review and Current Perspective

Exhaled breath condensate (EBC) was introduced more than two decades ago as a novel, non-invasive tool to assess airway inflammation. This review summarizes the latest literature on the various markers in EBC to predict asthma in children. Despite many recommendations and two comprehensive Task Force reports, there is still large heterogeneity in published data. The biggest issue remains a lack of standardization regarding EBC collection, preservation, processing, and analysis. As a result, published studies show mixed or conflicting results, questioning the reproducibility of findings. A joint, multicenter research study is urgently needed to address the necessary methodological standardization

Nanoindentation study of the mechanical and damage behaviour of suspension plasma sprayed TiO2 coatings

TiO2 coatings can be used as self-cleaning surfaces owing to their photocatalytic and hydrophilic properties. Suspension plasma spray (SPS) has proven to be a feasible and cheap technique for producing self-cleaning surfaces with acceptable photo-activity. This paper presents a nanoindentation study of the mechanical properties (hardness. Young's modulus and scratch resistance) of photoactive layers of suspension plasma sprayed TiO2 coatings applied on to glass substrates. Microstructure observation showed that the rutile grains were surrounded by fine anatase crystals. Under the same spraying conditions, the resulting anatase/rutile concentrations varied depending on the cooling rate (the substrate being either cooled with water or in air). The results showed that higher concentrations of anatase, which is softer than rutile, reduced the scratch damage and increased the friction coefficient. (C) 2011 Elsevier B.V. All rights reserved.The study was financially supported by the Spanish Ministry of Science and Innovation (PID-600200-2009-5 and MAT2009-14144-C03-01 -02).Rayón Encinas, E.; Bonache Bezares, V.; Salvador Moya, MD.; Bannier, E.; Sánchez, E.; Denoirjean, A.; Ageorges, H. (2012). Nanoindentation study of the mechanical and damage behaviour of suspension plasma sprayed TiO2 coatings. Surface and Coatings Technology. 206(10):2655-2660. doi:10.1016/j.surfcoat.2011.11.010S265526602061

Multiparticle azimuthal correlations for extracting event-by-event elliptic and triangular flow in Au + Au collisions at sNN =200 GeV

We present measurements of elliptic and triangular azimuthal anisotropy of charged particles detected at forward rapidity 1<|η|<3 in Au + Au collisions at sNN=200 GeV, as a function of centrality. The multiparticle cumulant technique is used to obtain the elliptic flow coefficients v2{2},v2{4},v2{6}, and v2{8}, and triangular flow coefficients v3{2} and v3{4}. Using the small-variance limit, we estimate the mean and variance of the event-by-event v2 distribution from v2{2} and v2{4}. In a complementary analysis, we also use a folding procedure to study the distributions of v2 and v3 directly, extracting both the mean and variance. Implications for initial geometrical fluctuations and their translation into the final-state momentum distributions are discussed

Pseudorapidity Dependence of Particle Production and Elliptic Flow in Asymmetric Nuclear Collisions of p+Al, p+Au, d+Au, and ^{3}He+Au at sqrt[s_{NN}]=200 GeV.

Asymmetric nuclear collisions of p+Al, p+Au, d+Au, and ^{3}He+Au at sqrt[s_{NN}]=200  GeV provide an excellent laboratory for understanding particle production, as well as exploring interactions among these particles after their initial creation in the collision. We present measurements of charged hadron production dN_{ch}/dη in all such collision systems over a broad pseudorapidity range and as a function of collision multiplicity. A simple wounded quark model is remarkably successful at describing the full data set. We also measure the elliptic flow v_{2} over a similarly broad pseudorapidity range. These measurements provide key constraints on models of particle emission and their translation into flow

Production of π0 and η mesons in Cu+Au collisions at sNN =200 GeV

Production of π0 and η mesons has been measured at midrapidity in Cu+Au collisions at sNN=200GeV. Measurements were performed in π0(η)→γγ decay channel in the 1(2)-20GeV/c transverse momentum range. A strong suppression is observed for π0 and η meson production at high transverse momentum in central Cu+Au collisions relative to the p+p results scaled by the number of nucleon-nucleon collisions. In central collisions the suppression is similar to Au+Au with comparable nuclear overlap. The η/π0 ratio measured as a function of transverse momentum is consistent with mT-scaling parametrization down to pT=2GeV/c, its asymptotic value is constant and consistent with Au+Au and p+p and does not show any significant dependence on collision centrality. Similar results were obtained in hadron-hadron, hadron-nucleus, and nucleus-nucleus collisions as well as in e+e- collisions in a range of collision energies sNN=3-1800 GeV. This suggests that the quark-gluon-plasma medium produced in Cu+Cu collisions either does not affect the jet fragmentation into light mesons or it affects the π0 and η the same way