Banking reforms, performance and risk in China

We investigate the impact of the banking reform started from 2005 on ownership structures in China on commercial banks’ profitability, efficiency and risk over the period 2000–2012, providing comprehensive evidence on the impact of banking reform in China. We find that banks on average tend to have higher profitability, lower risk and lower efficiency after the reforms, and the results are robust with our difference-in-difference approach. Our results also show that the Big 5 state-owned banks (SOCB) underperform banks with other types of ownership when risk is measured by non-performing loans (NPLs) over the entire study period but tend to have fewer NPLs than other banks during the post-reform period. Our results provide some supporting evidence on the ongoing banking reforms in China, suggesting that attracting strategic foreign investors and listing SOCBs on stock exchanges appear to be effective ways to help SOCBs deal with the problem of NPLs and manage their risk

Universal Boundary Entropies in Conformal Field Theory: A Quantum Monte Carlo Study

Recently, entropy corrections on nonorientable manifolds such as the Klein bottle are proposed as a universal characterization of critical systems with an emergent conformal field theory (CFT). We show that entropy correction on the Klein bottle can be interpreted as a boundary effect via transforming the Klein bottle into an orientable manifold with nonlocal boundary interactions. The interpretation reveals the conceptual connection of the Klein bottle entropy with the celebrated Affleck-Ludwig entropy in boundary CFT. We propose a generic scheme to extract these universal boundary entropies from quantum Monte Carlo calculation of partition function ratios in lattice models. Our numerical results on the Affleck-Ludwig entropy and Klein bottle entropy for the $q$-state quantum Potts chains with $q=2,3$ show excellent agreement with the CFT predictions. For the quantum Potts chain with $q=4$, the Klein bottle entropy slightly deviates from the CFT prediction, which is possibly due to marginally irrelevant terms in the low-energy effective theory.Comment: 10 pages, 4 figures. Published versio

Kaon and pion parton distribution amplitudes to twist-three

We compute all kaon and pion parton distribution amplitudes (PDAs) to twist-three and find that only the pseudotensor PDA can reasonably be approximated by its conformal limit expression. At terrestrially accessible energy scales, the twist-two and pseudoscalar twist-three PDAs differ significantly from those functions commonly associated with their forms in QCD's conformal limit. In all amplitudes studied, SU(3) flavour-symmetry breaking is typically a 13% effect. This scale is determined by nonperturbative dynamics; namely, the current-quark-mass dependence of dynamical chiral symmetry breaking. The heavier-quark is favoured by this distortion, for example, support is shifted to the s-quark in the negative kaon. It appears, therefore, that at energy scales accessible with existing and foreseeable facilities, one may obtain reliable expectations for experimental outcomes by using these "strongly dressed" PDAs in formulae for hard exclusive processes. Following this procedure, any discrepancies between experiment and theory will be significantly smaller than those produced by using the conformal-limit PDAs. Moreover, the magnitude of any disagreement will either be a better estimate of higher-order, higher-twist effects or provide more realistic constraints on the Standard Model.Comment: 14 pages, 4 figures, 2 tables. arXiv admin note: text overlap with arXiv:1406.335

Genetic variation in eight Chinese cattle breeds based on the analysis of microsatellite markers

Genetic variability and genetic relationships were investigated among eight Chinese cattle breeds using 12 microsatellite markers. Three hundred and fifty-two alleles were detected and the average number of alleles per locus ranged from 8.33 ± 1.67 in the Jiaxian breed to 21.33 ± 5.60 in the Qinchuan breed with a mean value of 13.91. The total number of alleles per microsatellite ranged from 21 (INRA005, HEL1) to 40 (HEL13), with a mean of 29.33 per locus. The fixation indices at the 12 loci in the eight breeds were very low with a mean of 0.006. A principal components analysis and the construction of a neighborjoining tree showed that these eight Chinese cattle breeds cluster into three groups i.e. the Yanbian andChineseHolstein, theNanyang and Jiaxian, and the four remaining breeds.This clustering agrees with the origin and geographical distributions of these Chinese breeds