Capital Regulation and Bank Risk-Taking Behavior: Evidence from Pakistan

In response to the global financial crisis of 2007–2009, risk-based capital requirements have been reinforced in the new Basel III Accord to counter excessive bank risk-taking behavior. However, prior theoretical as well as empirical literature that studies the impact of risk-based capital requirements on bank risk-taking behavior is inconclusive. The primary purpose of this paper is to examine the impact of risk-based capital requirements on bank risk-taking behavior, using a panel dataset of 21 listed commercial banks of Pakistan over the period 2005–2012. Purely regulatory measures of bank capital, capital adequacy ratio, and bank assets portfolio risk, risk-weighted assets to total assets ratio, are used for the main analysis. Recently developed small N panel methods (bias corrected least squares dummy variable (LSDVC) method and system GMM method with instruments collapse option) are used to control for panel fixed effects, dynamic dependent variables, and endogenous independent variables. Overall, the results suggest that commercial banks have reduced assets portfolio risk in response to stringent risk-based capital requirements. Results also confirm that all banks having risk-based capital ratios either lower or higher than the regulatory required limits, have decreased portfolio risk in response to stringent risk-based capital requirements. The results are robust to alternative proxies of bank risk-taking, alternative estimation methods, and alternative samples

Investigations of the g factors and local structure for orthorhombic Cu^{2+}(1) site in fresh PrBa_{2}Cu_{3}O_{6+x} powders

The electron paramagnetic resonance (EPR) g factors g_x, g_y and g_z of the orthorhombic Cu^{2+}(1) site in fresh PrBa_{2}Cu_{3}O_{6+x} powders are theoretically investigated using the perturbation formulas of the g factors for a 3d^9 ion under orthorhombically elongated octahedra. The local orthorhombic distortion around the Cu^{2+}(1) site due to the Jahn-Teller effect is described by the orthorhombic field parameters from the superposition model. The [CuO6]^{10-} complex is found to experience an axial elongation of about 0.04 {\AA} along c axis and the relative bond length variation of about 0.09 {\AA} along a and b axes of the Jahn-Teller nature. The theoretical results of the g factors based on the above local structure are in reasonable agreement with the experimental data.Comment: 6 pages, 1 figur

Nonequilibrium Phase Transitions of Vortex Matter in Three-Dimensional Layered Superconductors

Large-scale simulations on three-dimensional (3D) frustrated anisotropic XY model have been performed to study the nonequilibrium phase transitions of vortex matter in weak random pinning potential in layered superconductors. The first-order phase transition from the moving Bragg glass to the moving smectic is clarified, based on thermodynamic quantities. A washboard noise is observed in the moving Bragg glass in 3D simulations for the first time. It is found that the activation of the vortex loops play the dominant role in the dynamical melting at high drive.Comment: 3 pages,5 figure

Collection of Meteorites from Grove Mountains, East Antarctica.

第3回極域科学シンポジウム/第35回南極隕石シンポジウム 11月29日（木） 国立国語研究所 2階講

Semi-analytical approach for the Vaidya metric in double-null coordinates

We reexamine here a problem considered in detail before by Waugh and Lake: the solutions of spherically symmetric Einstein's equations with a radial flow of unpolarized radiation (the Vaidya metric) in double-null coordinates. This problem is known to be not analytically solvable, the only known explicit solutions correspond to the constant mass case (Schwarzschild solution in Kruskal-Szekeres form) and the linear and exponential mass functions originally discovered by Waugh and Lake. We present here a semi-analytical approach that can be used to discuss some qualitative and quantitative aspects of the Vaidya metric in double-null coordinates for generic mass functions. We present also a new analytical solution corresponding to $(1/v)$-mass function.Comment: 5 pages, 6 figure