Subprime mortgages and the housing bubble

This paper explores the link between the house-price expectations of mortgage lenders and the extent of subprime lending. It argues that bubble conditions in the housing market are likely to spur subprime lending, with favorable price expectations easing the default concerns of lenders and thus increasing their willingness to extend loans to risky borrowers. Since the demand created by subprime lending feeds back onto house prices, such lending also helps to fuel an emerging housing bubble. The paper, however, focuses on the reverse causal linkage, where subprime lending is a consequence rather than a cause of bubble conditions. These ideas are illustrated in a theoretical model, and empirical work tests for a connection between price expectations and the extent of subprime lending.Subprime mortgage ; Global financial crisis

Investigation of a direction sensitive sapphire detector stack at the 5 GeV electron beam at DESY-II

Extremely radiation hard sensors are needed in particle physics experiments to instrument the region near the beam pipe. Examples are beam halo and beam loss monitors at the Large Hadron Collider, FLASH or XFEL. Currently artificial diamond sensors are widely used. In this paper single crystal sapphire sensors are considered as a promising alternative. Industrially grown sapphire wafers are available in large sizes, are of low cost and, like diamond sensors, can be operated without cooling. Here we present results of an irradiation study done with sapphire sensors in a high intensity low energy electron beam. Then, a multichannel direction-sensitive sapphire detector stack is described. It comprises 8 sapphire plates of 1 cm^2 size and 525 micro m thickness, metallized on both sides, and apposed to form a stack. Each second metal layer is supplied with a bias voltage, and the layers in between are connected to charge-sensitive preamplifiers. The performance of the detector was studied in a 5 GeV electron beam. The charge collection efficiency measured as a function of the bias voltage rises with the voltage, reaching about 10 % at 950 V. The signal size obtained from electrons crossing the stack at this voltage is about 22000 e, where e is the unit charge. The signal size is measured as a function of the hit position, showing variations of up to 20 % in the direction perpendicular to the beam and to the electric field. The measurement of the signal size as a function of the coordinate parallel to the electric field confirms the prediction that mainly electrons contribute to the signal. Also evidence for the presence of a polarisation field was observed.Comment: 13 pages, 7 figures, 3 table

Ternary cluster decay within the liquid drop model

Longitudinal ternary and binary fission barriers of $^{36}$Ar, $^{56}$Ni and $^{252}$Cf nuclei have been determined within a rotational liquid drop model taking into account the nuclear proximity energy. For the light nuclei the heights of the ternary fission barriers become competitive with the binary ones at high angular momenta since the maximum lies at an outer position and has a much higher moment of inertia.Comment: Talk presented at the 9th International Conference on Clustering Aspects of Nuclear Structure and Dynamics (CLUSTERS'07

Future Foam

We study pocket universes which have zero cosmological constant and non-trivial boundary topology. These arise from bubble collisions in eternal inflation. Using a simplified dust model of collisions we find that boundaries of any genus can occur. Using a radiation shell model we perform analytic studies in the thin wall limit to show the existence of geometries with a single toroidal boundary. We give plausibility arguments that higher genus boundaries can also occur. In geometries with one boundary of any genus a timelike observer can see the entire boundary. Geometries with multiple disconnected boundaries can also occur. In the spherical case with two boundaries the boundaries are separated by a horizon. Our results suggest that the holographic dual description for eternal inflation, proposed by Freivogel, Sekino, Susskind and Yeh, should include summation over the genus of the base space of the dual conformal field theory. We point out peculiarities of this genus expansion compared to the string perturbation series.Comment: 23 pages, 6 figure

Nano-Size Layered Manganese-Calcium Oxide as an Efficient and Biomimetic Catalyst for Water Oxidation Under Acidic Conditions: Comparable To Platinum

Inspired by Nature's catalyst, a nano-size layered manganese-calcium oxide showed a low overvoltage for water oxidation in acidic solutions, which is comparable to platinum.Institute for Advanced Studies in Basic Sciences and the National Elite FoundationUS Department of Energy, Office of Basic Energy Sciences, Division of Chemical, Geochemical and Biological Sciences DE-FG02-86ER13622, DE-FG0209ER16119Russian Foundation for Basic Research 11-04-01389a, 12-0492101a, 13-04-92711aMolecular and Cell Biology Programs of the Russian Academy of SciencesCenter for Electrochemistr

SEPARATION OF EPIDERMAL LAYERS OF THE NEWBORN RAT

A method is presented for the separation of epidermal strata by the successive elimination of either the basal or basal and spinous cells with 0.24 M NH4Cl at pH 9.5. Histologic evidence suggests that the residual epidermal strata obtained after incubation of the skin with NH4Cl are reproducible; hence, this technique circumvents loss of granular layer histidine-rich protein inherent with trypsin separation and provides an effective procedure for biochemical analysis of arginine-rich and lysine-rich proteins in the various differentiating epidermal cells

On the informational content of wage offers

This article investigates signaling and screening roles of wage offers in a single-play matching model with two-sided unobservable characteristics. It generates the following predictions as matching equilibrium outcomes: (i) “good” jobs offer premia if “high-quality” worker population is large; (ii) “bad” jobs pay compensating differentials if the proportion of “good” jobs to “low-quality” workers is large; (iii) all firms may offer a pooling wage in markets dominated by “high-quality” workers and firms; or (iv) Gresham’s Law prevails: “good” types withdraw if “bad” types dominate the population. The screening/signaling motive thus has the potential of explaining a variety of wage patterns