Centralization Versus Decentralization in Credit Lending

This paper explores different organizational forms in terms of their ability to generate information about investment projects and allocate capital to these projects efficiently. A decentralized approach-with small, single-manager firms- is most likely to be attractive when information about individual projects is “non-verifiable” and cannot be credibly transmitted. Moreover, holding fixed firm size, non-verifiable information also favors flatter organizations with fewer layers of management. In contrast, large hierarchical firms with multiple layers of management are at comparative advantage when information can be costlessly “verified” and passed along within the hierarchy. As a concrete application of the theory, the paper discusses the consequences of consolidation in the banking industry. It has been documented that when large banks acquire small banks, there is a pronounced decline in lending to small businesses. To the extent that small-business lending relies heavily on non-verifiable information, this is exactly what the theory would lead one to expect.

A DAQ System for Linear Collider TPC Prototypes based on the ALEPH TPC Electronics

Within the international studies of a high energy linear electron positron collider, several groups are developing and testing prototypes for a Linear Collider TPC. This detector is planned to be used as a central part in the tracking system of a detector at such a machine. In this note we describe a DAQ system, which has been developed for the use in tests of TPC prototypes. It is based on electronics used at the ALEPH experiment at CERN.Comment: 15 pages, 4 figure

An experimental study of surface pressure fluctuations in a separating turbulent boundary layer

Measurements of streamwise velocity fluctuation and surface pressure fluctuation spectra and wavespeeds are reported for a well-documented separating turbulent boundary layer. Because a portion of the acoustic pressure fluctuations is the same across the nominally two-dimensional turbulent flow, it is possible to decompose two microphone signals and obtain directly the turbulent flow contributions to the surface pressure spectra. The rms surface pressure fluctuation p' and spectra phi(omega) increase through the adverse pressure gradient attached flow region and the detached flow zone and scale on the maximum turbulent shearing stress tau(M); p'/tau(M) increases to the detachment location and decreases downstream due to the rapid movement of the pressure-fluctuation-producing motions away from the wall after the beginning of intermittent backflow. At lower frequencies for the attached flow phi(omega) is approximately omega to the -0.7 while phi(omega) is approximately omega to the -3 at higher frequencies. After the beginning of intermittent backflow, phi(omega) varies with omega at low frequencies and omega to the -3 at high frequencies; farther downstream the lower frequency range varies with omega to the 2.4. The surface pressure fluctuation celerity for the attached flow increases with frequency and agrees with the semi-logarithmic overlap equation of Panton and Linebarger. After the beginning of the separation process, the wavespeed decreases because of the oscillation of the instantaneous wavespeed direction and the streamwise coherence decreases drastically

Engineering design and optical investigation of a concentrating collector: Case study of a parabolic trough concentrator

In this paper, an optical investigation study of a solar radiation collector has been treated through a precise model, which it has integrated all the geometrical characteristics of the concentrator to determine the optimal conditions of its operation. The type of solar collector chosen is the parabolic trough concentrator (PTC). This concentrator comprises a single mirror in the form of a half cylinder (cylindrical-parabolic) and a single receiver tube. A mathematical model has been introduced for the calculation the various optical factors, such as concentrator ratio “C”, intercept factor “γ” and incidence angle modifier factor “K (θ)”. The collector optical efficiency has exceeded 61 % with an external diameter of the receiver tube equal to 0.07 m, a focal distance equal to 3.76 m, a rim angle equal to 90° and a concentration ratio equal to 68.39.Keywords: solar energy; parabolic trough concentrator; optical factors; modeling

Radiation Hardness and Linearity Studies of CVD Diamonds

We report on the behavior of CVD diamonds under intense electromagnetic radiation and on the response of the detector to high density of deposited energy. Diamonds have been found to remain unaffected after doses of 10 MGy of MeV-range photons and the diamond response to energy depositions of up to 250 GeV/cm^3 has been found to be linear to better than 2 %. These observations make diamond an attractive detector material for a calorimeter in the very forward region of the detector proposed for TESLA.Comment: 4 pages, 5 figures; Proceeding for the topical Seminar on Innovative Particle and Radiation Detectors Siena, 21-24 October 2002; to appear in Nucl.Phys. B (Proceedings Supplement

Internal Capital Markets inside Financial Firms : Rent-Seeking Behavior Versus Cost of Capital

In this paper we build a two-tiered agency model of a financial firm that incorporates rent-seeking behavior from division managers, risk aversion from outside investors in a context of incomplete market and imperfect competition. We find no evidence for any socialism inside internal capital markets. Indeed we establish that divisions with better investment opportunities and high risk levels are allocated more capiral relatively to other divisions. Divisions with poor investment opportunities and low risk level are allocated more cash wage budget. We also establish a positive correlation between the size of the division and its risk level. This result suggests that large banks are more risky than small ones. This conclusion is in accordance with the idea claimed by many authors, that the wave of merger and acquisitions in the banking industry increases the systemic risk inside the financial system.Internal capital markets; Capital Budgeting; financial institutions

A numerical analysis of the energy behavior of a parabolic trough concentrator

The solar power is a clean and a durable energy; there are several techniques for using them. When necessary to elevated temperatures of heat transfer fluid, this energy must concentration. This paper presents the efficiencies study of a linear solar concentrator of a parabolic trough type. This study was conducted on the device in Guemar area, this region is located in the state of El-Oued, which it is found in the south-east of Algeria. Six typical days were selected to conduct the study in them. The solar collector has been studied optically and thermally. The optical study was using SolTrace. Matlab was used as device of programmation to solve the non-linear system of mathematical equations. The method of finite differences in the implicit case was used as way of solution. The thermal efficiencies of the concentrator are very acceptable, it have exceeded 82 %.Keywords: Solar energy; parabolic trough concentrator; modelisation; optical efficiency, thermal efficienc

Design and experimental study of a solar system for heating water utilizing a linear Fresnel reflector

This work presents a design and an experimental study of a linear Fresnel reflector solar with trapezoidal cavity. This prototype is used for heating the tap water. The reflector was designed, constructed and tested in mechanical engineering department, University of Blida 1, Algeria. Various combinations of reflecting mirrors were tried to achieve hot temperature at the concentration line. The absorber tube was made of copper; it was painted with black paint and covered by selective suitable surface. The quantity of heat available to the absorber tubes was evaluated and compared with 7, 9 and 11 mirrors. The experimental works on the concentrator were accomplished within two days in the winter of 2015. Water temperature reached a maximum of 74 °C with eleven reflective mirrors. The maximum value of the thermal efficiency is 29.21%. The results obtained are very encouraging for using linear Fresnel concentrator in the solar fields allocated to the domestics and industrial water-heaters.Keywords: Solar energy; design, linear Fresnel reflector; thermal efficiency; solarwater-heate

Discriminating spin through quantum interference

Many of the proposed solutions to the hierarchy and naturalness problems postulate new `partner' fields to the standard model particles. Determining the spins of these new particles will be critical in distinguishing among the various possible SM extensions, yet proposed methods rely on the underlying models. We propose a new model-independent method for spin measurements which takes advantage of quantum interference among helicity states. We demonstrate that this method will be able to discriminate scalar particles from higher spin states at the ILC, and discuss application to higher spins and possible uses at the LHC.Comment: 11 pages, 11 figure