Does Corporate Governance Matter in Deposit Insurance? DI and Moral Hazard in Joint Stock and Mutual Financial Intermediaries

In this paper, we analyze the differences of effects of a deposit insurance schemes on financial cooperative and joint stock banks risk taking. We develop a methodology which includes the specifics of the utility function for the financial cooperative and we compare the results to a similar profit maximizing joint stock bank. We find that the introduction of deposit insurance does in fact increase optimal risk level for the financial cooperative but less so than the stock bank. Thus, corporate governance does matter in the level of risk exposure of a deposit insurance scheme. Further, like in joint stock banks, this moral hazard can be curbed through incentives such as risk adjusted premias, risk adjusted regulatory capital and possibly reserve requirements.

Pinsker estimators for local helioseismology

A major goal of helioseismology is the three-dimensional reconstruction of the three velocity components of convective flows in the solar interior from sets of wave travel-time measurements. For small amplitude flows, the forward problem is described in good approximation by a large system of convolution equations. The input observations are highly noisy random vectors with a known dense covariance matrix. This leads to a large statistical linear inverse problem. Whereas for deterministic linear inverse problems several computationally efficient minimax optimal regularization methods exist, only one minimax-optimal linear estimator exists for statistical linear inverse problems: the Pinsker estimator. However, it is often computationally inefficient because it requires a singular value decomposition of the forward operator or it is not applicable because of an unknown noise covariance matrix, so it is rarely used for real-world problems. These limitations do not apply in helioseismology. We present a simplified proof of the optimality properties of the Pinsker estimator and show that it yields significantly better reconstructions than traditional inversion methods used in helioseismology, i.e.\ Regularized Least Squares (Tikhonov regularization) and SOLA (approximate inverse) methods. Moreover, we discuss the incorporation of the mass conservation constraint in the Pinsker scheme using staggered grids. With this improvement we can reconstruct not only horizontal, but also vertical velocity components that are much smaller in amplitude

Helicity and alpha-effect by current-driven instabilities of helical magnetic fields

Helical magnetic background fields with adjustable pitch angle are imposed on a conducting fluid in a differentially rotating cylindrical container. The small-scale kinetic and current helicities are calculated for various field geometries, and shown to have the opposite sign as the helicity of the large-scale field. These helicities and also the corresponding $\alpha$-effect scale with the current helicity of the background field. The $\alpha$-tensor is highly anisotropic as the components $\alpha_{\phi\phi}$ and $\alpha_{zz}$ have opposite signs. The amplitudes of the azimuthal $\alpha$-effect computed with the cylindrical 3D MHD code are so small that the operation of an $\alpha\Omega$ dynamo on the basis of the current-driven, kink-type instabilities of toroidal fields is highly questionable. In any case the low value of the $\alpha$-effect would lead to very long growth times of a dynamo in the radiation zone of the Sun and early-type stars of the order of mega-years.Comment: 6 pages, 7 figures, submitted to MNRA

Self-similar solutions with fat tails for Smoluchowski's coagulation equation with locally bounded kernels

The existence of self-similar solutions with fat tails for Smoluchowski's coagulation equation has so far only been established for the solvable and the diagonal kernel. In this paper we prove the existence of such self-similar solutions for continuous kernels $K$ that are homogeneous of degree $\gamma \in [0,1)$ and satisfy $K(x,y) \leq C (x^{\gamma} + y^{\gamma})$. More precisely, for any $\rho \in (\gamma,1)$ we establish the existence of a continuous weak self-similar profile with decay $x^{-(1{+}\rho)}$ as $x \to \infty$

Energy Conversion Using New Thermoelectric Generator

During recent years, microelectronics helped to develop complex and varied technologies. It appears that many of these technologies can be applied successfully to realize Seebeck micro generators: photolithography and deposition methods allow to elaborate thin thermoelectric structures at the micro-scale level. Our goal is to scavenge energy by developing a miniature power source for operating electronic components. First Bi and Sb micro-devices on silicon glass substrate have been manufactured with an area of 1cm2 including more than one hundred junctions. Each step of process fabrication has been optimized: photolithography, deposition process, anneals conditions and metallic connections. Different device structures have been realized with different micro-line dimensions. Each devices performance will be reviewed and discussed in function of their design structure.Comment: Submitted on behalf of TIMA Editions (http://irevues.inist.fr/tima-editions

Determination of the interactions in confined macroscopic Wigner islands: theory and experiments

Macroscopic Wigner islands present an interesting complementary approach to explore the properties of two-dimensional confined particles systems. In this work, we characterize theoretically and experimentally the interaction between their basic components, viz., conducting spheres lying on the bottom electrode of a plane condenser. We show that the interaction energy can be approximately described by a decaying exponential as well as by a modified Bessel function of the second kind. In particular, this implies that the interactions in this system, whose characteristics are easily controllable, are the same as those between vortices in type-II superconductors.Comment: 8 pages, 8 figure

Brans-Dicke gravity and the capture of stars by black holes: some asymptotic results

In the context of star capture by a black hole, a new noticeable difference between Brans-Dicke theory and general relativity gravitational radiation is pointed out. This feature stems from the non-stationarity of the black hole state, barring Hawking's theorem.Comment: 4 pages. Submitted to Classical and Quantum Gravit

A randomised controlled study of high intensity exercise as a dishabituating stimulus to improve hypoglycaemia awareness in people with type 1 diabetes:a proof of concept study

Aims/hypothesis Approximately 25% of people with type 1 diabetes have suppressed counterregulatory hormonal and symptomatic responses to insulin-induced hypoglycaemia, which renders them at increased risk of severe, disabling hypoglycaemia. This is called impaired awareness of hypoglycaemia (IAH), the cause of which is unknown. We recently proposed that IAH develops through habituation, a form of adaptive memory to preceding hypoglycaemia. Consistent with this hypothesis, we demonstrated restoration of defective counterregulatory hormonal responses to hypoglycaemia (referred to as dishabituation) in a rodent model of IAH following introduction of a novel stress stimulus (high intensity training [HIT]). In this proof-of-concept study we sought to further test this hypothesis by examining whether a single episode of HIT would amplify counterregulatory responses to subsequent hypoglycaemia in people with type 1 diabetes who had IAH (assessed by Gold score ≥4, modified Clarke score ≥4 or Dose Adjustment For Normal Eating (DAFNE) hypoglycaemia awareness rating 2 or 3). The primary outcome was the difference in adrenaline response to hypoglycaemia following both a single episode of HIT and rest. Methods In this randomised, crossover study 12 participants aged between 18 and 55 years with type 1 diabetes for ≥5 years and an HbA1c < 75 mmol/mol (9%) were recruited. Individuals were randomised using computer generated block randomisation to start with one episode of HIT (4 × 30 s cycle sprints [2 min recovery] at 150% of maximum wattage achieved during V˙O2peak assessment) or rest (control). The following day they underwent a 90 min hyperinsulinaemic–hypoglycaemic clamp study at 2.5 mmol/l with measurement of hormonal counterregulatory response, symptom scores and cognitive testing (four-choice reaction time and digit symbol substitution test). Each intervention and subsequent clamp study was separated by at least 2 weeks. The participants and investigators were not blinded to the intervention or measurements during the study. The investigators were blinded to the primary outcome and blood analysis results. Results All participants (six male and six female, age 19–54 years, median [IQR] duration of type 1 diabetes 24.5 [17.3–29.0] years, mean [SEM] HbA1c 56 [3.67] mmol/mol; 7.3% [0.34%]) completed the study (both interventions and two clamps). In comparison with the rest study, a single episode of HIT led to a 29% increase in the adrenaline (epinephrine) response (mean [SEM]) (2286.5 [343.1] vs 2953.8 [384.9] pmol/l); a significant increase in total symptom scores (Edinburgh Hypoglycaemia Symptom Scale: 24.25 [2.960 vs 27.5 [3.9]; p < 0.05), and a significant prolongation of four-choice reaction time (591.8 [22.5] vs 659.9 [39.86] ms; p < 0.01] during equivalent hypoglycaemia induced the following day. Conclusions/interpretation These findings are consistent with the hypothesis that IAH develops in people with type 1 diabetes as a habituated response and that introduction of a novel stressor can restore, at least partially, the adapted counterregulatory hormonal, symptomatic and cognitive responses to hypoglycaemia.Output Status: Forthcoming/Available Onlin

Fluctuations of the Casimir-like force between two membrane inclusions

Although Casimir forces are inseparable from their fluctuations, little is known about these fluctuations in soft matter systems. We use the membrane stress tensor to study the fluctuations of the membrane-mediated Casimir-like force. This method enables us to recover the Casimir force between two inclusions and to calculate its variance. We show that the Casimir force is dominated by its fluctuations. Furthermore, when the distance d between the inclusions is decreased from infinity, the variance of the Casimir force decreases as -1/d^2. This distance dependence shares a common physical origin with the Casimir force itself.Comment: 5 pages, 3 figure