Photoproduction of the Eta-Prime Mesons as a New Tool to Probe Baryon Resonances

We examine eta prime photoproduction, as a novel tool to study baryon resonances around 2 GeV, of particular interest to the quark shell model, which predicts a number of them. We find important roles of the form factors at the strong vertices, and show that the N^*(2080) can be probed efficiently by this reaction.Comment: Will be published in Phys. Rev.

Turnout and Closeness: Evidence from 60 Years of Bavarian Mayoral Elections

One prediction of the calculus of voting is that electoral closeness positively affects turnout via a higher probability of one vote being decisive. I test this theory with data on all mayoral elections in the German state of Bavaria between 1946 and 2009. Importantly, I use constitutionally prescribed two-round elections to measure electoral closeness and thereby improve on existing work that mostly uses ex- post measures that are prone to endogeneity. The results suggest that electoral closeness matters: A one standard deviation increase in close- ness increases turnout by 1.68 percentage points, which corresponds to 1 6 of a standard deviation in this variable. I also evaluate how other factors like electorate size or rain on election day affect turnout differentially depending on the closeness of the race

Extension of the Chiral Perturbation Theory Meson Lagrangian to Order P6P^6

We have derived the most general chirally invariant Lagrangian ${\cal L}_6$ for the meson sector at order $p^6$. The result provides an extension of the standard Gasser-Leutwyler Lagrangian ${\cal L}_4$ to one higher order, including as well all the odd intrinsic parity terms in the Lagrangian. The most difficult part of the derivation was developing a systematic strategy so as to get all of the independent terms and eliminate the redundant ones in an efficient way. The 'equation of motion' terms, which are redundant in the sense that they can be transformed away via field transformations, are separated out explicitly. The resulting Lagrangian has been separated into groupings of terms contributing to increasingly more complicated processes, so that one does not have to deal with the full result when calculating $p^6$ contributions to simple processes.Comment: 59 pages in LaTex, using RevTex macro, TRIUMF preprint TRI-PP-94-6

Volatility Patterns of CDs, Bond and Stock Markets Before and During the Financial Crisis: Evidence from Major Financial Institutions

This study is motivated by the development of credit-related instruments and signals of stock price movements of large banks during the recent financial crisis. What is common to most of the empirical studies in this field is that they concentrate on modeling the conditional mean. However, financial time series exhibit certain stylized features such as volatility clustering. But very few studies dealing with credit default swaps account for the characteristics of the variances. Our aim is to address this issue and to gain insights on the volatility patterns of CDS spreads, bond yield spreads and stock prices. A generalized autoregressive conditional heteroscedasticity (GARCH) model is applied to the data of four large US banks over the period ranging from January 01, 2006, to December 31, 2009. More specifically, a multivariate GARCH approach fits the data very well and also accounts for the dependency structure of the variables under consideration. With the commonly known shortcomings of credit ratings, the demand for market-based indicators has risen as they can help to assess the creditworthiness of debtors more reliably. The obtained findings suggest that volatility takes a significant higher level in times of crisis. This is particularly evident in the variances of stock returns and CDS spread changes. Furthermore, correlations and covariances are time-varying and also increased in absolute values after the outbreak of the crisis, indicating stronger dependency among the examined variables. Specific events which have a huge impact on the financial markets as a whole (e.g. the collapse of Lehman Brothers) are also visible in the (co)variances and correlations as strong movements in the respective series

A Constitutional Economics Perspective on Soft Paternalism

Using a framework that distinguishes short-term consumer preferences, individual reflective preferences and political preferences, we discuss from a constitutional economics perspective whether individuals find it in their common constitutional interest to endow representatives and bureaucrats with the competence to impose soft paternalist policies. The focus is specifically on soft paternalist policies, because these often work with non-transparent 'nudges' that are considered as manipulative in some contributions to the literature. We show that those soft paternalist policies that are manipulative indeed collide with three criteria of consumer sovereignty, reflective sovereignty and citizen sovereignty that can be argued to represent common constitutional interest of citizens. On the other hand, we argue that the set of paternalist policies that is deemed acceptable on the constitutional level is restricted to non-manipulative instruments, and their application as government policies is limited to cases with stable and very homogenous preferences. However, we also argue that competitive markets are capable of supplying many mechanisms that allow individuals to cope with problems in their decision-making processes on a private level.In diesem Papier wird untersucht, ob und in welchem Umfang paternalistische politische Maßnahmen gerechtfertigt werden können, sofern diese nicht mit klaren Regeln arbeiten, sondern Schwachpunkte individueller Entscheidungsprozesse nutzen, wie sie aus der Verhaltensökonomik bekannt sind. Die zur Beurteilung herangezogenen Kriterien sind aus der verfassungsökonomischen Theorie abgeleitet. Im Ergebnis zeigt sich, dass der sogenannte 'weiche' Paternalismus nur in sehr seltenen Fällen verallgemeinerbaren Interessen der Bürger entspricht, nämlich dann, wenn seine Instrumente vollständig transparent und nicht manipulativ sind, sowie die Entscheidungsautonomie des Einzelnen gewahrt bleibt