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

Análise e medida de fatores que afetam as curvaturas retardadas em porcelanato

Os revestimentos cerâmicos de porcelanato, tanto os esmaltados como os não esmaltados, apresentam um fenômeno conhecido como “curvaturas retardadas”, que consiste na mudança de curvatura das peças depois da saída do forno. Este fenômeno é mais problemático a medida de aumentam as dimensões das peças. Neste trabalho se quantificou a variação da curvatura ao longo do tempo em peças industriais de porcelanato esmaltado, observando-se que a curvatura parece apresentar uma evolução em um sentido (habitualmente em direção ao sentido côncavo, ou em forma de barco) para, após transcorrido certo tempo, inverter esta tendência. A cinética deste processo foi parametrizada considerando que existem dois mecanismos, simultâneos e antagônicos, com cinéticas diferentes.As análises teóricas apontam que somente existem dois fatores que podem produzir curvaturas retardadas: as tensões residuais e a expansão dos suportes. Em ambos os casos é necessário condições adicionais para que as curvaturas efetivamente se manifestem: Deste modo, por exemplo, a presença de tensões residuais não é sinônimo de curvaturas retardadas, mais sim um mecanismo adicional que permita a liberação progressiva destas tensões; este mecanismo é chamado de fluência. Além disso é necessário que o perfil de tensões residuais não seja simétrico em relação ao plano central da peça. No que diz respeito a expansão dos suportes, também são necessárias condições especiais para que estas possam provocar curvaturas retardadas; em particular, é necessário que estas sejam diferentes nas duas faces da peça (face lisa e tardoz). Uma expansão uniforme provocaria uma leve mudança dimensional, mas não uma curvatura retardada, nem mesmo para peças esmaltadas. A medida dos fatores que influenciam sobre as curvaturas retardadas é complexa pois requer o emprego de técnicas diferentes das habitualmente empregadas para a caracterização de revestimentos cerâmicos. Foram criados, especialmente para este trabalho, procedimentos para a medida dos diferentes fatores que produzem as curvaturas retardadas e se estudou a influencia de algumas variáveis sobre estes fatoresGlazed and unglazed porcelain tiles exhibit a phenomenon known as delayed curvatures, which consists of the change in tile curvature after the tiles leave the kiln. This phenomenon becomes more problematic as tile size increases. In this study, the variation of curvature in time has been quantified in industrial glazed porcelain tiles. It was observed that the curvature usually displays an evolution in one direction (customarily in a concave direction or vessel shape) which, after a certain time has elapsed, reverses this trend. The kinetics of this process has been parameterised, assuming there are two simultaneous, opposing mechanisms, with different kinetics. Theoretical analyses indicate that only two factors can produce delayed curvatures: residual stresses and expansion of the tile body. In both cases, additional circumstances need to occur for delayed curvatures to appear; thus, for example, the presence of residual stresses is not synonymous with delayed curvatures, but an additional mechanism is needed that allows progressive release of these stresses, a mechanism known as creep. In addition, the condition that the stress profile is not symmetrical with respect to the centre plane of the tile also needs to be obeyed. In regard to the expansion of the bodies, special conditions must also occur for these to cause delayed curvatures. In particular, it is necessary for the expansion at the tile fair face and at the rib face to be different. Uniform expansion would cause a slight dimensional change, but not a delayed curvature, not even in the presence of glaze. The measurement of the factors that influence delayed curvatures is complex because different techniques from those typically used in characterising ceramic tiles are required. Procedures have been fine-tuned to measure the different factors that give rise to delayed curvatures, and the influence of certain variables on these factors has been studiedVersió editoria

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

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

In-Medium Effects on K0 Mesons in Relativistic Heavy-Ion Collisions

We present the transverse momentum spectra and rapidity distributions of $\pi^{-}$ and K$^0_S$ in Ar+KCl reactions at a beam kinetic energy of 1.756 A GeV measured with the spectrometer HADES. The reconstructed K$^0_S$ sample is characterized by good event statistics for a wide range in momentum and rapidity. We compare the experimental $\pi^{-}$ and K$^0_S$ distributions to predictions by the IQMD model. The model calculations show that K$^0_S$ at low tranverse momenta constitute a particularly well suited tool to investigate the kaon in-medium potential. Our K$^0_S$ data suggest a strong repulsive in-medium K$^0$ potential of about 40 MeV strength.Comment: 10 pages, 10 figures, accepted by Phys. Rev.

Hyperon production in Ar+KCl collisions at 1.76A GeV

We present transverse momentum spectra, rapidity distribution and multiplicity of Lambda-hyperons measured with the HADES spectrometer in the reaction Ar(1.76A GeV)+KCl. The yield of Xi- is calculated from our previously reported Xi-/(Lambda+Sigma0) ratio and compared to other strange particle multiplicities. Employing a strangeness balance equation the multiplicities of the yet unmeasured charged Sigma hyperons can be estimated. Finally a statistical hadronization model is used to fit the yields of pi-, K+, K0s, K-, phi, Lambda and Xi-. The resulting chemical freeze-out temperature of T=(76+-2) MeV is compared to the measured slope parameters obtained from fits to the transverse mass distributions of the particles

Beam Energy and Centrality Dependence of Direct-Photon Emission from Ultrarelativistic Heavy-Ion Collisions.

The PHENIX collaboration presents first measurements of low-momentum (0.41  GeV/c) direct-photon yield dN_{γ}^{dir}/dη is a smooth function of dN_{ch}/dη and can be well described as proportional to (dN_{ch}/dη)^{α} with α≈1.25. This scaling behavior holds for a wide range of beam energies at the Relativistic Heavy Ion Collider and the Large Hadron Collider, for centrality selected samples, as well as for different A+A collision systems. At a given beam energy, the scaling also holds for high p_{T} (>5  GeV/c), but when results from different collision energies are compared, an additional sqrt[s_{NN}]-dependent multiplicative factor is needed to describe the integrated-direct-photon yield