Aging measurements with the gas electron multiplier (GEM)

Continuing previous aging measurements with detectors based on the Gas Electron Multiplier (GEM), a $31\times 31$cm$^2$ triple-GEM detector, as used in the small area tracking of the COMPASS experiment at CERN, was investigated. With a detector identical to those installed in the experiment, long-term, high-rate exposures to $8.9$keV X-ray radiation were performed to study its aging properties. In standard operation conditions, with Ar:CO$_2$ (70:30) filling and operated at an effective gain of $8.5\cdot 10^3$, no change in gain and energy resolution is observed after collecting a total charge of 7mC/mm$^2$, corresponding to seven years of normal operation. This observation confirms previous results demonstrating the relative insensitivity of GEM detectors to aging, even when manufactured with common materials

The risk‐taking channel in the United States : A GVAR approach

Using a panel of large U.S. banks, we examine banks' risk‐taking behaviour in response to monetary policy shocks. Our investigation provides support for the presence of a risk‐taking channel: banks' non‐performing loans increase in the medium to long‐run following an expansionary monetary policy shock. We also find that banks' capital structure plays an important role in explaining bank's risk‐taking appetite. Impulse response analysis shows that shocks emanating from larger banks spill over to the rest of the sector but no such effect is observed for smaller banks. These findings are confirmed for banks' Z‐score

THE COST STRUCTURE OF MICROFINANCE INSTITUTIONS IN EASTERN EUROPE AND CENTRAL ASIA

Microfinance institutions are important, particularly in developing countries, because they expand the frontier of financial intermediation by providing loans to those traditionally excluded from formal financial markets. This paper presents the first systematic statistical examination of the performance of MFIs operating in Eastern Europe and Central Asia. A cost function is estimated for MFIs in the region from 1999-2004. First, the presence of subsidies is found to be associated with higher MFI costs. When output is measured as the number of loans made, we find that MFIs become more efficient over time and that MFIs involved in the provision of group loans and loans to women have lower costs. However, when output is measured as volume of loans rather than their number, this last finding is reversed. This may be due to the fact that such loans are smaller in size; thus for a given volume more loans must be made.http://deepblue.lib.umich.edu/bitstream/2027.42/40195/3/wp809.pd

Triple GEM tracking detectors for COMPASS

The small area tracker of COMPASS, a high-luminosity fixed target experiment at CERN's SPS, includes a set of 20 large-size (31\times 31\,\cm^2) Gas Electron Multiplier (GEM) detectors. Based on gas amplification in three cascaded GEM foils, these devices permit to obtain high gain and good spatial resolution even at very high particle fluxes. A two-coordinate projective readout yields, for each track, highly correlated signal amplitudes on both projections, allowing to resolve multiple hits in high occupancy regions close to the central deactivated area of 5\,\cm diameter. At the same time the material exposed to the beam is minimized. Splitting the amplification in three cascaded stages permits to achieve a gain of $\sim 8000$, necessary for efficient ($>98\%$) detection of minimum ionizing particles on both coordinates, already at relatively moderate voltages across individual GEM foils. As a consequence, the probability of a gas discharge to occur when a heavily ionizing particle enters the detector volume, is reduced by more than an order of magnitude at a given gain compared to the initially foreseen double GEM structure. In conjunction with other strategies resulting from extensive R\&D on discharge phenomena, we were able to further reduce both the triggered by heavily ionizing particles entering the detector volume, this helped to drastically reduce both the energy and the probability of such breakdowns. In order to completely exclude permanent damage to the front-end chip by the rare event of a discharge fully propagating to the readout strips, an external electronic protection circuit is used. The operational characteristics of these detectors were examined both in the laboratory and in the beam, where a spatial resolution for minimum ionizing particles of (46\pm 3)\,\mum and a time resolution of \sim 15\,\ns were achieved. For the 2001 run of COMPASS, a total of 14 triple GEM detectors have been installed. First results from the commissioning phase in the high-intensity $\mu$ beam are presented

Construction, test and commissioning of the triple-GEM tracking detector for COMPASS

The Small Area Tracking system of the COMPASS experiment at CERN includes a set of 20 large area, fast position-sensitive Gas Electron Multiplier (GEM) detectors, designed to reliably operate in the harsh radiation environment of the experiment. We describe in detail the design, choice of materials, assembly procedures and quality controls used to manufacture the devices. The test procedure in the laboratory, the performance in test beams and in the initial commissioning phase in the experiment are presented and discussed

The Threat of Capital Drain: A Rationale for Public Banks?

This paper yields a rationale for why subsidized public banks may be desirable from a regional perspective in a financially integrated economy. We present a model with credit rationing and heterogeneous regions in which public banks prevent a capital drain from poorer to richer regions by subsidizing local depositors, for example, through a public guarantee. Under some conditions, cooperative banks can perform the same function without any subsidization; however, they may be crowded out by public banks. We also discuss the impact of the political structure on the emergence of public banks in a political-economy setting and the role of interregional mobility

Transverse Spin Structure of the Nucleon through Target Single Spin Asymmetry in Semi-Inclusive Deep-Inelastic (e,e′π±)(e,e^\prime \pi^\pm) Reaction at Jefferson Lab

Jefferson Lab (JLab) 12 GeV energy upgrade provides a golden opportunity to perform precision studies of the transverse spin and transverse-momentum-dependent structure in the valence quark region for both the proton and the neutron. In this paper, we focus our discussion on a recently approved experiment on the neutron as an example of the precision studies planned at JLab. The new experiment will perform precision measurements of target Single Spin Asymmetries (SSA) from semi-inclusive electro-production of charged pions from a 40-cm long transversely polarized $^3$He target in Deep-Inelastic-Scattering kinematics using 11 and 8.8 GeV electron beams. This new coincidence experiment in Hall A will employ a newly proposed solenoid spectrometer (SoLID). The large acceptance spectrometer and the high polarized luminosity will provide precise 4-D ($x$, $z$, $P_T$ and $Q^2$) data on the Collins, Sivers, and pretzelocity asymmetries for the neutron through the azimuthal angular dependence. The full 2$\pi$ azimuthal angular coverage in the lab is essential in controlling the systematic uncertainties. The results from this experiment, when combined with the proton Collins asymmetry measurement and the Collins fragmentation function determined from the e$^+$e$^-$ collision data, will allow for a quark flavor separation in order to achieve a determination of the tensor charge of the d quark to a 10% accuracy. The extracted Sivers and pretzelocity asymmetries will provide important information to understand the correlations between the quark orbital angular momentum and the nucleon spin and between the quark spin and nucleon spin.Comment: 23 pages, 13 figures, minor corrections, matches published versio

The COMPASS Experiment at CERN

The COMPASS experiment makes use of the CERN SPS high-intensitymuon and hadron beams for the investigation of the nucleon spin structure and the spectroscopy of hadrons. One or more outgoing particles are detected in coincidence with the incoming muon or hadron. A large polarized target inside a superconducting solenoid is used for the measurements with the muon beam. Outgoing particles are detected by a two-stage, large angle and large momentum range spectrometer. The setup is built using several types of tracking detectors, according to the expected incident rate, required space resolution and the solid angle to be covered. Particle identification is achieved using a RICH counter and both hadron and electromagnetic calorimeters. The setup has been successfully operated from 2002 onwards using a muon beam. Data with a hadron beam were also collected in 2004. This article describes the main features and performances of the spectrometer in 2004; a short summary of the 2006 upgrade is also given.Comment: 84 papes, 74 figure