Malmquist Indices of Pre and Post-Deregulation Productivity, Efficiency and Technological Change in the Singaporean Banking Sector

By the end of the 1990s, the Singaporean government had recognised the need to open up its banking sector so as to remain competitive in the global economy. The Monetary Authority of Singapore thus began deregulation of the banking sector in 1999 to strengthening the competitiveness of local banks relative to their foreign competition through mergers. This paper employs a nonparametric Malmquist productivity index to provide measure of productivity, technological change and efficiency gains over the period 1995-2005. The findings reveal some total factor productivity growth associated with deregulation and scale efficiency improvement largely from mergers amongst the local banks.Efficiency, productivity; deregulation; Malmquist indices; banking

The XMM Newton and INTEGRAL observations of the supergiant fast X-ray transient IGR J16328-4726

The accretion mechanism producing the short flares observed from the Supergiant Fast X-ray Transients (SFXT) is still highly debated and forms a major part in our attempts to place these X-ray binaries in the wider context of the High Mass X-ray Binaries. We report on a 216 ks INTEGRAL observation of the SFXT IGR J16328-4726 (August 24-27, 2014) simultaneous with two fixed-time observations with XMM Newton (33ks and 20ks) performed around the putative periastron passage, in order to investigate the accretion regime and the wind properties during this orbital phase. During these observations, the source has shown luminosity variations, from 4x10^{34} erg/s to 10^{36} erg/s, linked to spectral properties changes. The soft X-ray continuum is well modeled by a power law with a photon index varying from 1.2 up to 1.7 and with high values of the column density in the range 2-4x10^{23}/cm^2. We report on the presence of iron lines at 6.8-7.1 keV suggesting that the X-ray flux is produced by accretion of matter from the companion wind characterized by density and temperature inhomogeneities

Questioning the validity of non-extensive thermodynamics for classical Hamiltonian systems

We examine the non-extensive approach to the statistical mechanics of Hamiltonian systems with $H=T+V$ where $T$ is the classical kinetic energy. Our analysis starts from the basics of the formalism by applying the standard variational method for maximizing the entropy subject to the average energy and normalization constraints. The analytical results show (i) that the non-extensive thermodynamics formalism should be called into question to explain experimental results described by extended exponential distributions exhibiting long tails, i.e. $q$-exponentials with $q>1$, and (ii) that in the thermodynamic limit the theory is only consistent in the range $0\leq q\leq1$ where the distribution has finite support, thus implying that configurations with e.g. energy above some limit have zero probability, which is at variance with the physics of systems in contact with a heat reservoir. We also discuss the ($q$-dependent) thermodynamic temperature and the generalized specific heat.Comment: To appear in EuroPhysics Letter

The Rayleigh-Brillouin Spectrum in Special Relativistic Hydrodynamics

In this paper we calculate the Rayleigh-Brillouin spectrum for a relativistic simple fluid according to three different versions available for a relativistic approach to non-equilibrium thermodynamics. An outcome of these calculations is that Eckart's version predicts that such spectrum does not exist. This provides an argument to question its validity. The remaining two results, which differ one from another, do provide a finite form for such spectrum. This raises the rather intriguing question as to which of the two theories is a better candidate to be taken as a possible version of relativistic non-equilibrium thermodynamics. The answer will clearly require deeper examination of this problem.Comment: 13 pages, no figures. Accepted for publication in Phys. Rev.

A repulsive reference potential reproducing the dynamics of a liquid with attractions

A well-known result of liquid state theory is that the structure of dense fluids is mainly determined by repulsive forces. The WCA potential, which cuts intermolecular potentials at their minima, is therefore often used as a reference. However, this reference gives quite wrong results for the viscous dynamics of the Kob-Andersen binary Lennard-Jones liquid [Berthier and Tarjus, Phys. Rev. Lett. 103, 170601 (2009)]. We show that repulsive inverse-power law potentials provide a useful reference for this liquid by reproducing its structure, dynamics, and isochoric heat capacity

Solidity of viscous liquids. IV. Density fluctuations

This paper is the fourth in a series exploring the physical consequences of the solidity of highly viscous liquids. It is argued that the two basic characteristics of a flow event (a jump between two energy minima in configuration space) are the local density change and the sum of all particle displacements. Based on this it is proposed that density fluctuations are described by a time-dependent Ginzburg-Landau equation with rates in k-space of the form $\Gamma_0+Dk^2$ with $D\gg\Gamma_0a^2$ where $a$ is the average intermolecular distance. The inequality expresses a long-wavelength dominance of the dynamics which implies that the Hamiltonian (free energy) may be taken to be ultra local. As an illustration of the theory the case with the simplest non-trivial Hamiltonian is solved to second order in the Gaussian approximation, where it predicts an asymmetric frequency dependence of the isothermal bulk modulus with Debye behavior at low frequencies and an $\omega^{-1/2}$ decay of the loss at high frequencies. Finally, a general formalism for the description of viscous liquid dynamics, which supplements the density dynamics by including stress fields, a potential energy field, and molecular orientational fields, is proposed

Breakdown of Hydrodynamic Transport Theory in the Ordered Phase of Helimagnets

It is shown that strong fluctuations preclude a hydrodynamic description of transport phenomena in helimagnets, such as MnSi, at T>0. This breakdown of hydrodynamics is analogous to the one in chiral liquid crystals. Mode-mode coupling effects lead to infinite renormalizations of various transport coefficients, and the actual macroscopic description is nonlocal. At T=0 these effects are weakened due to the fluctuation-dissipation theorem, and the renormalizations remain finite. Observable consequences of these results, as manifested in the neutron scattering cross-section, are discussedComment: 4pp., 1 eps figur

Nearshore and surf-zone morphodynamics : a global environmental model for predicting hazards and changes

The long-term goal of the project has been to develop improved, accurate predictability of nearshore, surf zone, and beach hydrodynamic and morphologic assemblages, based on lucidation of the universal principles governing nearshore and surf zone morphodynamic behavior

Baseline elevation and reduction in cardiac electrical instability assessed by quantitative T-wave alternans in patients with drug-resistant epilepsy treated with vagus nerve stimulation in the AspireSR E-36 trial

Objective: Reports of cardiac arrhythmias and cardiac pathology at postmortem examination of patients with epilepsy suggest a possible cardiac component of risk for sudden unexpected death in epilepsy (SUDEP). T-wave alternans (TWA) is an established marker of cardiac electrical instability and risk for sudden death in patients with cardiovascular disease. We determined the TWA level before vagus nerve stimulation (VNS) system implantation and subsequently the effect of VNS on TWA in patients with drug-resistant epilepsy. Methods: Patients (n = 28) from the Seizure Detection and Automatic Magnet Mode Performance Study (E-36), a clinical trial of the AspireSR (R) VNS Therapy System (R) (NCT01325623), were monitored with ambulatory electrocardiograms (ECGs) similar to 2 weeks before de novo VNS system implantation and following 2- to 4-week VNS titration during a protocol-specified 3- to 5-day epilepsy monitoring unit stay with concurrent EEG/ECG recordings. The TWA level was assessed interictally by the Modified Moving Average (MMA) method. Results: At preimplantation baseline, TWA was elevated above the 47-mu V abnormality cutpoint in 23 (82%) patients with drug-resistant epilepsy. In 16 (70%) patients, TWA level was reduced during VNS treatment to <47 mu V, thereby converting positive TWA test results to negative. Peak TWA level in all 28 patients improved (group mean, 43%, from 72 +/- 4.3 to 41 +/- 2.3 mu V; p < 0.0001). Vagus nerve stimulation was not associated with reduced heart rate (77 +/- 1.4 to 75 +/- 1.4 beats/min; p = 0.18). Heart rate variability was unchanged. Significance: These findings suggest significant interictal cardiac electrical instability in this population of patients with drug-resistant epilepsy and suggest that VNS may be a novel approach to reducing risk