Credit Creation: Reconciling Legal and Regulatory Incentives

As international organizations adopt new legal standards to promote access to credit through the modernization of national secured transactions law, the lack of coordination with regulatory standards for banking institutions thwarts the effectiveness of these efforts. In recognizing the relevance of the problem, UNCITRAL - for the first time since its establishment - is currently considering how to coordinate secured transactions law reforms with the implementation of the Basel Accord. In a similar vein, the problem is currently approached by other international organisations. Although efforts at the national level to coordinate legal and regulatory standards are commendable, coordination between secured transactions law and capital requirements should be addressed at the highest level of the lawmaking process, i.e. when international soft-laws are defined. To advance this argument, the key functions of secured transactions law and capital requirements are isolated and a holistic understanding of the legal and regulatory rules governing the creation of credit is presented. The Article steers away from the idea that banks are mere intermediaries and offers a fresh understanding of the role of regulatory capital in controlling credit creation, through the management of risk. Within this context, the incentives created by secured transactions law and capital requirements are examined by comparing the capital charges for different credit protections, including credit derivatives and commercial loans to small business. First, it emerges that the implementation of new secured transactions law and the limited ability of security interests in personal property to reduce regulatory capital under the Basel Accords stimulate the creation of credit outside the banking system. Second, to control this phenomenon, the Article shows that it is essential to reconcile the incentive structures created by international legal and regulatory standards

Hydrodynamic Interactions in Protein Folding

We incorporate hydrodynamic interactions (HI) in a coarse-grained and structure-based model of proteins by employing the Rotne-Prager hydrodynamic tensor. We study several small proteins and demonstrate that HI facilitate folding. We also study HIV-1 protease and show that HI make the flap closing dynamics faster. The HI are found to affect time correlation functions in the vicinity of the native state even though they have no impact on same time characteristics of the structure fluctuations around the native state

Scales Set by the Cosmological Constant

The cosmological constant sets certain scales important in cosmology. We show that Lambda in conjunction with other parameters like the Schwarzschild radius leads to scales relevant not only for cosmological but also for astrophysical applications. Of special interest is the extension of orbits and velocity of test particles traveling over Mpc distances. We will show that there exists a lower and an upper cut-off on the possible velocities of test particles. For a test body moving in a central gravitational field Lambda enforces a maximal value of the angular momentum if we insist on bound orbits of the test body which move at a distance larger than the Schwarzschild radius.Comment: 15 pages, 2 figures, 1 table; one reference adde

Gravitational waves and electroweak baryogenesis in a global study of the extended scalar singlet model

We perform a global fit of the extended scalar singlet model with a fermionic dark matter (DM) candidate. Using the most up-to-date results from the $\mathit{Planck}$ measured DM relic density, direct detection limits from the XENON1T (2018) experiment, electroweak precision observables and Higgs searches at colliders, we constrain the 7-dimensional model parameter space. We also find regions in the model parameter space where a successful electroweak baryogenesis (EWBG) can be viable. This allows us to compute the gravitational wave (GW) signals arising from the phase transition, and discuss the potential discovery prospects of the model at current and future GW experiments. Our global fit places a strong upper $\mathit{and}$ lower limit on the second scalar mass, the fermion DM mass and the scalar-fermion DM coupling. In agreement with previous studies, we find that our model can simultaneously yield a strong first-order phase transition and saturate the observed DM abundance. More importantly, the GW spectra of viable points can often be within reach of future GW experiments such as LISA, DECIGO and BBO.Comment: 42 pages, 10 figures and 2 tables; v2: updated references, submitted to JHEP; v3: corrected typos and updated references, matches version published in JHE

Towards testing interacting cosmology by distant type Ia supernovae

We investigate the possibility of testing cosmological models with interaction between matter and energy sector. We assume the standard FRW model while the so called energy conservation condition is interpreted locally in terms of energy transfer. We analyze two forms of dark energy sectors: the cosmological constant and phantom field. We find a simple exact solution of the models in which energy transfer is described by a Cardassian like term in the relation of $H^{2}(z)$, where $H$ is Hubble's function and $z$ is redshift. The considered models have two additional parameters $(\Omega_{\text{int}},n)$ (apart the parameters of the $\Lambda$CDM model) which can be tested using SNIa data. In the estimation of the model parameters Riess et al.'s sample is used. We also confront the quality of statistical fits for both the $\Lambda$CDM model and the interacting models with the help of the Akaike and Bayesian informative criteria. Our conclusion from standard best fit method is that the interacting models explains the acceleration of the Universe better but they give rise to a universe with high matter density. However, using the tools of information criteria we find that the two new parameters play an insufficient role in improving the fit to SNIa data and the standard $\Lambda$CDM model is still preferred. We conclude that high precision detection of high redshift supernovae could supply data capable of justifying adoption of new parameters.Comment: RevTeX4, 14 pages, 7 figure

First Law of Black Saturn Thermodynamics

The physical version and equilibrium state version of the first law of thermodynamics for a black object consisting of n-dimensional charged stationary axisymmetric black hole surrounded by $a$ black rings, the so-called black Saturn was derived. The general setting for our derivation is n-dimensional dilaton gravity with p + 1 strength form fields.Comment: 9 pages, RevTex, to be published in Phys.Rev.D1

Phonon-assisted decoherence in the production of polarization-entangled photons in a single semiconductor quantum dot

We theoretically investigate the production of polarization-entangled photons through the biexciton cascade decay in a single semiconductor quantum dot. In the intermediate state the entanglement is encoded in the polarizations of the first emitted photon and the exciton, where the exciton state can be effectively ``measured'' by the solid state environment through the formation of a lattice distortion. We show that the resulting loss of entanglement becomes drastically enhanced if the phonons contributing to the lattice distortion are subject to elastic scatterings at the device boundaries, which might constitute a serious limitation for quantum-dot based entangled-photon devices.Comment: 4 pages, 3 figure, to appear in Physical Review Letter

Stratospheric cruise emission reduction program

A recently implemented NASA effort specifically aimed at reducing cruise oxides of nitrogen from high-altitude aircraft is discussed. The desired emission levels and the combustor technology required to achieve them are discussed. A brief overview of the SCERP operating plan is given. Lean premixed-prevaporized combustion and some of the potential difficulties that are associated with applying this technique to gas turbine combustors are examined. Base technology was developed in several key areas. These fundamental studies are viewed as a requirement for successful implementation of the lean premixed combustion technique