A triple-GEM telescope for the TOTEM experiment

The TOTEM experiment at LHC has chosen the triple Gas Electron Multiplier (GEM) technology for its T2 telescope which will provide charged track reconstruction in the rapidity range 5.3<|eta|<6.5 and a fully inclusive trigger for diffractive events. GEMs are gas-filled detectors that have the advantageous decoupling of the charge amplification structure from the charge collection and readout structure. Furthermore, they combine good spatial resolution with very high rate capability and a good resistance to radiation. Results from a detailed T2 GEM simulation and from laboratory tests on a final design detector performed at CERN are presented.Comment: To appear in the proceedings of 10th Topical Seminar on Innovative Particle and Radiation Detectors (IPRD06), Siena, Italy, October 1-5 200

Light multi-GEM detector for high-resolution tracking systems

Controlled etching of copper electrodes in Gas Electron Multiplier foils allows a reduction of the material budget by more than a factor of two for a triple-GEM detector. Detectors making use of thinned foils provide performances similar to those obtained with standard devices: a gain above 10^4 for a double-GEM, with energy resolution of 27 % fwhm for 5.9 keV X-rays.Comment: Submitted to Nucl.Instr.& Meth.

The risk‐taking channel in the United States : A GVAR approach

Using a panel of large U.S. banks, we examine banks' risk‐taking behaviour in response to monetary policy shocks. Our investigation provides support for the presence of a risk‐taking channel: banks' non‐performing loans increase in the medium to long‐run following an expansionary monetary policy shock. We also find that banks' capital structure plays an important role in explaining bank's risk‐taking appetite. Impulse response analysis shows that shocks emanating from larger banks spill over to the rest of the sector but no such effect is observed for smaller banks. These findings are confirmed for banks' Z‐score

THE COST STRUCTURE OF MICROFINANCE INSTITUTIONS IN EASTERN EUROPE AND CENTRAL ASIA

Microfinance institutions are important, particularly in developing countries, because they expand the frontier of financial intermediation by providing loans to those traditionally excluded from formal financial markets. This paper presents the first systematic statistical examination of the performance of MFIs operating in Eastern Europe and Central Asia. A cost function is estimated for MFIs in the region from 1999-2004. First, the presence of subsidies is found to be associated with higher MFI costs. When output is measured as the number of loans made, we find that MFIs become more efficient over time and that MFIs involved in the provision of group loans and loans to women have lower costs. However, when output is measured as volume of loans rather than their number, this last finding is reversed. This may be due to the fact that such loans are smaller in size; thus for a given volume more loans must be made.http://deepblue.lib.umich.edu/bitstream/2027.42/40195/3/wp809.pd

The Threat of Capital Drain: A Rationale for Public Banks?

This paper yields a rationale for why subsidized public banks may be desirable from a regional perspective in a financially integrated economy. We present a model with credit rationing and heterogeneous regions in which public banks prevent a capital drain from poorer to richer regions by subsidizing local depositors, for example, through a public guarantee. Under some conditions, cooperative banks can perform the same function without any subsidization; however, they may be crowded out by public banks. We also discuss the impact of the political structure on the emergence of public banks in a political-economy setting and the role of interregional mobility

The COMPASS Experiment at CERN

The COMPASS experiment makes use of the CERN SPS high-intensitymuon and hadron beams for the investigation of the nucleon spin structure and the spectroscopy of hadrons. One or more outgoing particles are detected in coincidence with the incoming muon or hadron. A large polarized target inside a superconducting solenoid is used for the measurements with the muon beam. Outgoing particles are detected by a two-stage, large angle and large momentum range spectrometer. The setup is built using several types of tracking detectors, according to the expected incident rate, required space resolution and the solid angle to be covered. Particle identification is achieved using a RICH counter and both hadron and electromagnetic calorimeters. The setup has been successfully operated from 2002 onwards using a muon beam. Data with a hadron beam were also collected in 2004. This article describes the main features and performances of the spectrometer in 2004; a short summary of the 2006 upgrade is also given.Comment: 84 papes, 74 figure