Does uncertainty matter for loan charge-offs?

International audienceUsing a stylized real options model, we show that discretion over the timing of charging off a non-performing loan could be economically justified when collateral values are uncertain and there is a chance of loan recovery. The implied hypothesis of an “uncertainty dependence” aspect in loan charge-offs is empirically tested and validated using a panel of European banks. A welfare-maximizing regulator might want to let banks pursue such discretionary loan charge-off behavior, with the problem of distinguishing it from alternative capital management and income smoothing objectives, while transparency-seeking accounting standards setters would presumably not

Vibrational spectrum of Ar-3(+) and relative importance of linear and perpendicular isomers in its photodissociation

The photodissociation dynamics of the argon ionized trimer Ar 3+ is revisited in the light of recent experimental results of Lepère et al. [J. Chem. Phys. 134, 194301 (2009)], which show that the fragment with little kinetic energy is always a neutral one, thus the available energy is shared by a neutral and ionic fragments as in Ar 2+. We show that these results can be interpreted as the photodissociation of the linear isomer of the system. We perform a 3D quantum computation of the vibrational spectrum of the system and study the relative populations of the linear (trimer-core) and perpendicular (dimer-core) isomers. We then show that the charge initially located on the central atom in the ground electronic state of the linear isomer migrates toward the extreme ones in the photoexcitation process such that photodissociation of the linear isomer produces a neutral central atom at rest in agreement with measured product state distributions

Functional heterogeneity of the fucoxanthins and fucoxanthin-chlorophyll proteins in diatom cells revealed by their electrochromic response and fluorescence and linear dichroism spectra

In this work, by analyzing the electrochromic transient spectra, the 77 K fluorescence emission and excitation, as well as the linear dichroism (LD) and circular dichroism (CD) spectra of low-light (LL) and high-light (HL) grown Phaeodactylum tricornutum cells, we show that the fucoxanthins (Fx) and fucoxanthin-chlorophyll proteins (FCP) exhibit marked functional heterogeneity. Electrochromic transients reveal that LL and HL cells differ substantially in their relative contents of two Fx forms, which absorb at 501 and 550 nm; they exhibit distinct LD signals but are CD silent. Fluorescence emission and excitation spectra at 77 K reveal that although both forms efficiently transfer excitation energy to Chl a, the red form feeds somewhat more energy to photosystem II than to photosystem I. Similar data obtained in Cyclotella meneghiniana cells suggest that the heterogeneity of the FCP pool, with different Fx forms, plays a role in the regulation of energy utilization in FCP-containing organisms. © 2010 Elsevier B.V. All rights reserved

Structurally flexible macro-organization of the pigment-protein complexes of the diatom Phaeodactylum tricornutum

By means of circular dichroism (CD) spectroscopy, we have characterized the organization of the photosynthetic complexes of the diatom Phaeodactylum tricornutum at different levels of structural complexity: in intact cells, isolated thylakoid membranes and purified fucoxanthin chlorophyll protein (FCP) complexes. We found that the CD spectrum of whole cells was dominated by a large band at (+)698 nm, accompanied by a long tail from differential scattering, features typical for psi-type (polymerization or salt-induced) CD. The CD spectrum additionally contained intense (-)679 nm, (+)445 nm and (-)470 nm bands, which were also present in isolated thylakoid membranes and FCPs. While the latter two bands were evidently produced by excitonic interactions, the nature of the (-)679 nm band remained unclear. Electrochromic absorbance changes also revealed the existence of a CD-silent long-wavelength (∼545 nm) absorbing fucoxanthin molecule with very high sensitivity to the transmembrane electrical field. In intact cells the main CD band at (+)698 nm appeared to be associated with the multilamellar organization of the thylakoid membranes. It was sensitive to the osmotic pressure and was selectively diminished at elevated temperatures and was capable of undergoing light-induced reversible changes. In isolated thylakoid membranes, the psi-type CD band, which was lost during the isolation procedure, could be partially restored by addition of Mg-ions, along with the maximum quantum yield and the non-photochemical quenching of singlet excited chlorophyll a, measured by fluorescence transients. © 2007 Springer Science+Business Media B.V

Elastic and magnetic effects on the infrared phonon spectra of MnF2

We measured the temperature dependent infrared reflectivity spectra of MnF2 between 4 K and room temperature. We show that the phonon spectrum undergoes a strong renormalization at TN. The ab-initio calculation we performed on this compound accurately predict the magnitude and the direction of the phonon parameters changes across the antiferromagnetic transition, showing that they are mainly induced by the magnetic order. In this material, we found that the dielectric constant is mostly from phonon origin. The large change in the lattice parameters with temperature seen by X-ray diffraction as well as the A2u phonon softening below TN indicate that magnetic order induced distortions in MnF2 are compatible with the ferroelectric instabilities observed in TiO2, FeF2 and other rutile-type fluorides. This study also shows the anomalous temperature evolution of the lower energy Eu mode in the paramagnetic phase, which can be compared to that of the B1g one seen by Raman spectroscopy in many isostructural materials. This was interpreted as being a precursor of a phase transition from rutile to CaCl2 structure which was observed under pressure in ZnF2.Comment: 8 pages, 8 figures, updated version accepted in PR

Augmented reality applications for cultural heritage using Kinect

AbstractThis paper explores the use of data from the Kinect sensor for performing augmented reality, with emphasis on cultural heritage applications. It is shown that the combination of depth and image correspondences from the Kinect can yield a reliable estimate of the location and pose of the camera, though noise from the depth sensor introduces an unpleasant jittering of the rendered view. Kalman filtering of the camera position was found to yield a much more stable view. Results show that the system is accurate enough for in situ augmented reality applications. Skeleton tracking using Kinect data allows the appearance of participants to be augmented, and together these facilitate the development of cultural heritage applications.</jats:p

Proton Zemach radius from measurements of the hyperfine splitting of hydrogen and muonic hydrogen

While measurements of the hyperfine structure of hydrogen-like atoms are traditionally regarded as test of bound-state QED, we assume that theoretical QED predictions are accurate and discuss the information about the electromagnetic structure of protons that could be extracted from the experimental values of the ground state hyperfine splitting in hydrogen and muonic hydrogen. Using recent theoretical results on the proton polarizability effects and the experimental hydrogen hyperfine splitting we obtain for the Zemach radius of the proton the value 1.040(16) fm. We compare it to the various theoretical estimates the uncertainty of which is shown to be larger that 0.016 fm. This point of view gives quite convincing arguments in support of projects to measure the hyperfine splitting of muonic hydrogen.Comment: Submitted to Phys. Rev.

Accurate Single Image Multi-Modal Camera Pose Estimation

Abstract. A well known problem in photogrammetry and computer vision is the precise and robust determination of camera poses with respect to a given 3D model. In this work we propose a novel multi-modal method for single image camera pose estimation with respect to 3D models with intensity information (e.g., LiDAR data with reflectance information). We utilize a direct point based rendering approach to generate synthetic 2D views from 3D datasets in order to bridge the dimensionality gap. The proposed method then establishes 2D/2D point and local region correspondences based on a novel self-similarity distance measure. Correct correspondences are robustly identified by searching for small regions with a similar geometric relationship of local self-similarities using a Generalized Hough Transform. After backprojection of the generated features into 3D a standard Perspective-n-Points problem is solved to yield an initial camera pose. The pose is then accurately refined using an intensity based 2D/3D registration approach. An evaluation on Vis/IR 2D and airborne and terrestrial 3D datasets shows that the proposed method is applicable to a wide range of different sensor types. In addition, the approach outperforms standard global multi-modal 2D/3D registration approaches based on Mutual Information with respect to robustness and speed. Potential applications are widespread and include for instance multispectral texturing of 3D models, SLAM applications, sensor data fusion and multi-spectral camera calibration and super-resolution applications