Determinants of banks' engagement in loan securitization

This paper provides new insights into the nature of loan securitization. We analyze the use of collateralized loan obligation (CLO) transactions by European banks from 1997 to 2004 andtry to identify the influence that various firm-specific and macroeconomic factors may have on an institution's securitization decision. We find that not only regulatory capital arbitrage under Basel I has been driving the market. Rather, our results suggest that loan securitization is an appropriate funding tool for banks with high risk and low liquidity. It may also have been used by commercial banks to indirectly access investment-bank activities and the associated gains

Wearable Computing for Health and Fitness: Exploring the Relationship between Data and Human Behaviour

Health and fitness wearable technology has recently advanced, making it easier for an individual to monitor their behaviours. Previously self generated data interacts with the user to motivate positive behaviour change, but issues arise when relating this to long term mention of wearable devices. Previous studies within this area are discussed. We also consider a new approach where data is used to support instead of motivate, through monitoring and logging to encourage reflection. Based on issues highlighted, we then make recommendations on the direction in which future work could be most beneficial

Three Dimensional Raman Cooling using Velocity Selective Rapid Adiabatic Passage

We present a new and efficient implementation of Raman cooling of trapped atoms. It uses Raman pulses with an appropriate frequency chirp to realize a velocity selective excitation through a rapid adiabatic passage. This method allows to address in a single pulse a large number of non zero atomic velocity classes and it produces a nearly unity transfer efficiency. We demonstrate this cooling method using cesium atoms in a far-detuned crossed dipole trap. Three-dimensional cooling of $1 \times 10^{5}$ atoms down to $2 \mu$K is performed in 100 ms. In this preliminary experiment the final atomic density is $1.3\times 10^{12}$ at/cm$^3$ (within a factor of 2) and the phase-space density increase over the uncooled sample is 20. Numerical simulations indicate that temperatures below the single photon recoil temperature should be achievable with this method.Comment: OSA TOPS on Ultracold Atoms and BEC 7 (1997) 5

Determinants of European banks' engagement in loan securitization

We analyze collateralized loan obligation (CLO) transactions by European banks (1997 - 2004), trying to identify firm-specific and macroeconomic factors influencing an institution's securitization decision. CLO issuance seems to be an appropriate funding tool for large banks with high risk and low liquidity. However, risk transfer turns out to be limited in the extremes. Controlling for fixed effects, we find that fixed costs of securitization are surmountable also for smaller institutions. Interestingly, commercial banks seem to use loan securitization to access capital-market based businesses and the associated fee income. Regulatory capital arbitrage does not appear to have driven the market. -- Trotz des rasanten Wachstums des Marktes für Kreditrisikotransfer sind die Motive der Banken für die Verbriefung von Kreditportfolios noch nicht vollständig geklärt. Kreditverbriefungen führen zwar zu höherer Liquidität, einer Reduktion von Kredit- und Zinsrisiken, einer Steigerung von Provisionseinkommen, möglicherweise auch einer Verbesserung der Kapitalstruktur, jedoch entscheiden sich einige Banken trotzdem gegen eine Strukturierung und Weiterreichung ihrer Kreditportfolios. Unter den Nachteilen der Verbriefung werden unter anderem die relativ hohen fixen Kosten der erstmaligen Errichtung einer Verbriefungsstruktur sowie eventuelle Steuernachteile von nicht auf der Bilanz gehaltenen Krediten genannt. Weiterhin ermöglicht das neue Basel-II Regelwerk keine ?Arbitrage regulatorischen Eigenkapitals? via Kreditverbriefung mehr, anders als die weniger risikosensitive Eigenkapitalunterlegung unter den alten Basel-Richtlinien. Unsere Studie analysiert ?Collateralized Loan Obligation? (CLO) Transaktionen von Europäischen Banken in den Jahren 1997-2004. Ziel ist es, Faktoren zu isolieren, die die Entscheidung einer Bank, Kredite zu verbriefen, beeinflusst haben. Während wir einen Einfluss regulatorischer Arbitrage nicht vollkommen ausschließen können, zeigt unsere Studie, dass die wesentlichen Bestimmungsfaktoren vielmehr individuelle Faktoren der Banken sind. So ist die Wahrscheinlichkeit, dass eine Bank Kredite verbrieft, umso höher, je größer die Bank, je geringer ihre Liquidität und je höher ihr erwartetes Kreditrisiko ist. Kreditverbriefungen werden offensichtlich als Möglichkeit des Kreditrisikotransfers genutzt. Allerdings zeigt sich, dass Banken mit dem höchsten Kreditrisiko ihre Verbriefungsaktivitäten mit zunehmendem Risiko einstellen, so dass die Risikotransferfunktion nur begrenzt zu nutzen zu sein scheint. Für am Aktienmarkt notierte Banken treffen obige Aussagen noch stärker zu. Interessanterweise zeigt sich hier sogar ein ?negativer? regulatorischer Arbitrageeffekt : Banken mit niedrigem regulatorischem Eigenkapital verbriefen weniger Kredite als Banken mit höherem Eigenkapital. Die neuen Eigenkapitalrichtlinien nach Basel II sollten daher das zukünftige Wachstum des Kreditrisikotransfermarktes nicht beeinträchtigen. Bemerkenswerterweise scheint auch die Bankengröße eine weniger wichtige Rolle zu spielen als zunächst gedacht. Auch kleinere Banken sind somit in der Lage, die mit einer Kreditverbriefung verbundenen Fixkosten zu tragen. Es ist zu vermuten, dass gerade traditionelle Kreditbanken die Verbriefung von Kreditportfolios unter anderem auch nutzen, um indirekt dem ?investment-banking? verwandte Geschäftsbereiche und die entsprechenden Provisionseinkommen zu erschließen.Securitization,credit risk transfer,collateralized loan obligations

Anbau von Erbsen, Sommerweizen und -gerste in Reinsaaten und in Gemengen

Two varieties of peas and two species of cereals have been tested sole and inter-cropped during three years with respect to yield and weed competition on a fruitful soil in saxony. A randomized complete block design with four replications was used. Yield of grain was highest with sole cropped spring wheat and lowest with a variety of pea. Intercropping of peas with wheat or barley did not increase total grain yield signifi-cantly compared to the pure stands of cereals. In mixed crops grain yield of pea seed was low at harvest and weed competition was only slightly enhanced. Nitrogen yield was highest with sole cropped peas

Determinants of banks' engagement in loan securitization

This paper provides new insights into the use of loan securitization. We analyze collateralized loan obligation (CLO) transactions by European banks from 1997 to 2004 and try to identify the influence that various firm-specific and macroeconomic factors may have on an institution's securitization decision. Our results suggest that loan securitization is an appropriate funding tool for banks with high risk and low liquidity. It may also have been used by commercial banks to indirectly access investment-bank activities and the associated gains. Regulatory capital arbitrage under Basel I does not seem to have driven the market. --Securitization,credit risk transfer,collateralized loan obligations

Regeneration von Körnerleguminosen nach physikalischer Schädigung in der Jugendphase

Striegeln zur Unkrautregulierung im Nachauflauf von Körnerleguminosen ist mit dem Risiko von Kulturpflanzenausfällen verbunden. Mit sechs Feldversuchen wurde die Toleranz von Erbsen, Ackerbohnen und Blauen Lupinen auf gravierende physikalische Schädigung im Jugendstadium quantifiziert, um daraus Ableitungen für Striegeleinsätze in frühen Entwicklungsstadien zu treffen

Applications of Integrated Magnetic Microtraps

Lithographically fabricated circuit patterns can provide magnetic guides and microtraps for cold neutral atoms. By combining several such structures on the same ceramic substrate, we have realized the first ``atom chips'' that permit complex manipulations of ultracold trapped atoms or de Broglie wavepackets. We show how to design magnetic potentials from simple conductor patterns and we describe an efficient trap loading procedure in detail. Applying the design guide, we describe some new microtrap potentials, including a trap which reaches the Lamb-Dicke regime for rubidium atoms in all three dimensions, and a rotatable Ioffe-Pritchard trap, which we also demonstrate experimentally. Finally, we demonstrate a device allowing independent linear positioning of two atomic clouds which are very tightly confined laterally. This device is well suited for the study of one-dimensional collisions.Comment: 10 pages, 17 figure