Ökonomische Analyse europäischer Bankenregulierung: Verbriefung und Interbankenmarkt im Fokus

Die Bankenneuregulierung der Europäische Kommission sieht eine Beschränkung der Kreditvergabe im Interbankenmarkt auf 25 % des Eigenkapitals sowie einen Selbsteinbehalt des Originators in Höhe von 5 % am gesamten zu verbriefenden Forderungsportfolio vor. Eine starre Regulierung führt aber nicht zwingend zu einer dauerhaften Krisenprävention, wie die vorliegende Arbeit modelltheoretisch belegt. Eine starre Kreditvergabebeschränkung erreicht zwar eine Mindestdiversifikation und Eigenkapitalaufstockung im Bankensektor, wodurch das systemische Risiko gesenkt wird. Allerdings geht dies mit steigenden Transaktionskosten einher. Anhand eines Modells von Fender und Mitchell werden die Auswirkungen auf die Screening-Anstrengungen bei Verbriefungen mit komplettem Portfolioselbsteinbehalt, Einbehalt der Equity Tranche und Einbehalt eines vertikalen Anteils durch den Originator untersucht. Aus dem Modell wird ersichtlich, dass ein vertikaler Einbehalt kleiner 100 % des Forderungspools, wie er von der Europäischen Kommission vorgesehen ist, in keiner Situation zu einem optimalen Screening-Einsatz führt, sondern sogar teilweise eine Verschlechterung im Vergleich zum Einbehalt der Equity Tranche darstellt. Eine pauschale Regulierung ist deshalb abzulehnen und eine qualitative, dynamische Regulierung, die mehr Transparenz schafft, zu befürworten. -- The new regulation for banks by the European Commission contains a restriction to 25 % of the equity for credit allocation on the interbank market and an enduring participation of the originator in the whole receivables portfolio of 5 %. But an inflexible regulation does not permanently prevent the market from further financial crisis, which is theoretically analysed in the presented paper. Indeed an inflexible restriction of the equity for credit allocation achieves a minimum diversification and an equity increase on the banking sector, which reduces the systemic risk. Admittedly, this can only occur by acceptance of increasing transaction costs. By applying a model from Fender and Mitchell the impact of the screening efforts for securitizations with complete retention of the portfolio, the retention of the equity tranche and the retention of the vertical fraction by the originator is analysed. The model shows that a vertical retention smaller than 100 % of the pool of receivables, as proposed by the European Commission, does not lead to an optimal level of screening in any situation and might even cause a worsening in comparison to the retention of the equity tranche. Considering the complexity of the financial system, a sweeping regulation must be rejected and a qualitative, dynamic regulation that establishes a higher level of transparency is recommended.Bankenregulierung,Verbriefung,Selbstbehalt,Interbankenmarkt

Evaluation vertragsärztlicher und vertragszahnärztlicher Kooperationen mit Pflegeeinrichtungen gemäß § 119b SGB V: Untersuchung im Auftrag des Sächsischen Staatsministeriums für Soziales und Verbraucherschutz

Mit dem Ziel, die ärztliche und zahnärztliche Versorgung von Pflegeheimbewohnern zu verbessern und auszubauen, wurde im Jahr 2008 mit dem Gesetz zur strukturellen Weiterentwicklung der Pflegeversicherung (Pflege-Weiterentwicklungsgesetz) § 119b neu in das SGB V eingefügt. Vor diesem Hintergrund beauftragte das Sächsische Staatsministerium für Soziales und Verbraucherschutz (SMS) im Februar 2018 AGENON – Gesellschaft für Forschung und Entwicklung im Gesundheitswesen mbH mit der „Evaluation vertragsärztlicher und vertragszahnärztlicher Kooperationen mit Pflegeeinrichtungen gemäß § 119b SGB V“. Der Bericht präsentiert die Studienergebnisse und gibt Handlungsempfehlungen. Redaktionsschluss: 28.02.201

Residue concentrations of cloxacillin in milk after intramammary dry cow treatment considering dry period length

Dry cow treatment with an intramammary antibiotic is recommended to reduce the risk of mastitis at the beginning of the next lactation. The dry period may be shortened unintentionally, affecting antibiotic residue depletion and the time when residues reach concentrations below the maximum residue limit (MRL). The objective of this study was to evaluate residue depletion in milk after dry cow treatment with cloxacillin, considering dry periods of 14 (G14d), 21 (G21d), and 28 d (G28d). Overall, fifteen cows with 60 udder quarters were included in the study. For each cow, three of the udder quarters were treated with 1000 mg cloxacillin benzathine (2:1) on d 252, d 259, and d 266 of gestation; one quarter was left untreated. Milk samples were drawn until 20 DIM and milk composition, somatic cell count and cloxacillin residues were analyzed. The HPLC-MS/MS revealed different excretion kinetics for the compounds cloxacillin and cloxacillin benzathine (1:1). All cows showed a cloxacillin and cloxacillin benzathine (1:1) concentration below the MRL of 30 µg/kg after 5 d. In the udder quarters of G21d and G28d, the cloxacillin concentration was already below the MRL at first milking after calving. The cloxacillin benzathine (1:1) concentration in the milk of G28d, G21d, and G14d fell below 30 µg/kg on the 5th, 3rd, and 5th DIM, respectively. Shortening the dry period affects residue depletion after dry cow treatment with cloxacillin. The risk of exceeding the MRL, however, seems low, even with dry periods shorter than 14 d

Locality and Causality in Hidden Variables Models of Quantum Theory

Motivated by Popescu's example of hidden nonlocality, we elaborate on the conjecture that quantum states that are intuitively nonlocal, i.e., entangled, do not admit a local causal hidden variables model. We exhibit quantum states which either (i) are nontrivial counterexamples to this conjecture or (ii) possess a new kind of more deeply hidden irreducible nonlocality. Moreover, we propose a nonlocality complexity classification scheme suggested by the latter possibility. Furthermore, we show that Werner's (and similar) hidden variables models can be extended to an important class of generalized observables. Finally a result of Fine on the equivalence of stochastic and deterministic hidden variables is generalized to causal models.Comment: revised version, 21 pages, submitted to Physical Review

Infrared Photometry of Red Supergiants in Young Clusters in the Magellanic Clouds

We present broad-band infrared photometry for 52 late-type supergiants in the young Magellanic Clouds clusters NGC 330, NGC 1818, NGC 2004 and NGC 2100. Standard models are seen to differ in the temperature they predict for the red supergiant population on the order of 300K. It appears that these differences most probably due to the calibration of the mixing-length parameter, $\alpha_{P}$, in the outermost layers of the stellar envelope. Due to the apparent model dependent nature of $\alpha_{P}$ we do not quantitatively compare $\alpha_{P}$ between models. Qualitatively, we find that $\alpha_{P}$ decreases with increased stellar mass within standard models. We do not find evidence for a metallicity dependence of $\alpha_{P}$.Comment: 11 pages, 4 figures. AJ accepte

Relativistic entanglement of two particles driven by continuous product momenta

In this paper we explore the entanglement of two relativistic spin-1/2 particles with continuous momenta. The spin state is described by the Bell state and the momenta are given by Gaussian distributions of product form. Transformations of the spins are systematically investigated in different boost scenarios by calculating the orbits and concurrence of the spin degree of freedom. By visualizing the behavior of the spin state we get further insight into how and why the entanglement changes in different boost situations

Isotope Shift in the Dielectronic Recombination of Three-electron \u3csup\u3eA\u3c/sup\u3eNd⁵⁷⁺

Isotope shifts in dielectronic recombination spectra were studied for Li-like ANd57+ ions with A = 142 and A = 150. From the displacement of resonance positions energy shifts δE142 150(2s-2p1/2) = 40.2(3)(6) meV [(stat)(sys)] and δE142 150(2s - 2p3/2) = 42.3(12)(20)meV of 2s - 2pj transitions were deduced. An evaluation of these values within a full QED treatment yields a change in the mean-square charge radius of 142 150δ⟨ r2⟩ = -1.36(1)(3) fm2. The approach is conceptually new and combines the advantage of a simple atomic structure with high sensitivity to nuclear size

UBVI and Ha Photometry of the h & chi Persei cluster

UBVI and Ha photometry is presented for 17319 stars in vicinity of the young double cluster h & chi Persei. Our photometry extends over a 37arcmin x 1arcdeg field centered on the association. We construct reddening contours within the imaged field. We find that the two clusters share a common distance modulus of 11.75$\pm$0.05 and ages of log age(yr) = 7.1$\pm$0.1. From the V-Ha colour, a measure of the Ha emission strength, we conduct a survey for emission line objects within the association. We detect a sample of 33 Be stars, 8 of which are new detections. We present a scenario of evolutionary enhancement of the Be phenomenon to account for the peak in Be fraction towards the top of the main-sequence in the population of h & chi Persei and similar young clusters.Comment: 20 pages, 9 figures, AJ Jul

Classifying and scoring of molecules with the NGN: new datasets, significance tests, and generalization

<p>Abstract</p> <p/> <p>This paper demonstrates how a Neural Grammar Network learns to classify and score molecules for a variety of tasks in chemistry and toxicology. In addition to a more detailed analysis on datasets previously studied, we introduce three new datasets (BBB, FXa, and toxicology) to show the generality of the approach. A new experimental methodology is developed and applied to both the new datasets as well as previously studied datasets. This methodology is rigorous and statistically grounded, and ultimately culminates in a Wilcoxon significance test that proves the effectiveness of the system. We further include a complete generalization of the specific technique to arbitrary grammars and datasets using a mathematical abstraction that allows researchers in different domains to apply the method to their own work.</p> <p>Background</p> <p>Our work can be viewed as an alternative to existing methods to solve the quantitative structure-activity relationship (QSAR) problem. To this end, we review a number approaches both from a methodological and also a performance perspective. In addition to these approaches, we also examined a number of chemical properties that can be used by generic classifier systems, such as feed-forward artificial neural networks. In studying these approaches, we identified a set of interesting benchmark problem sets to which many of the above approaches had been applied. These included: ACE, AChE, AR, BBB, BZR, Cox2, DHFR, ER, FXa, GPB, Therm, and Thr. Finally, we developed our own benchmark set by collecting data on toxicology.</p> <p>Results</p> <p>Our results show that our system performs better than, or comparatively to, the existing methods over a broad range of problem types. Our method does not require the expert knowledge that is necessary to apply the other methods to novel problems.</p> <p>Conclusions</p> <p>We conclude that our success is due to the ability of our system to: 1) encode molecules losslessly before presentation to the learning system, and 2) leverage the design of molecular description languages to facilitate the identification of relevant structural attributes of the molecules over different problem domains.</p

Search for Branons at LEP

We search, in the context of extra-dimension scenarios, for the possible existence of brane fluctuations, called branons. Events with a single photon or a single Z-boson and missing energy and momentum collected with the L3 detector in e^+ e^- collisions at centre-of-mass energies sqrt{s}=189-209$ GeV are analysed. No excess over the Standard Model expectations is found and a lower limit at 95% confidence level of 103 GeV is derived for the mass of branons, for a scenario with small brane tensions. Alternatively, under the assumption of a light branon, brane tensions below 180 GeV are excluded