Precision Lattice Calculation of SU(2) 't Hooft loops

The [dual] string tension of a spatial 't Hooft loop in the deconfined phase of Yang-Mills theory can be formulated as the tension of an interface separating different Z_N deconfined vacua. We review the 1-loop perturbative calculation of this interface tension in the continuum and extend it to the lattice. The lattice corrections are large. Taking these corrections into account, we compare Monte Carlo measurements of the dual string tension with perturbation theory, for SU(2). Agreement is observed at the 2% level, down to temperatures O(10) T_c.Comment: 17 pages, 7 figures; reference added, typos correcte

't Hooft loops and perturbation theory

We show that high-temperature perturbation theory describes extremely well the area law of SU(N) spatial 't Hooft loops, or equivalently the tension of the interface between different Z_N vacua in the deconfined phase. For SU(2), the disagreement between Monte Carlo data and lattice perturbation theory for sigma(T)/T^2 is less than 2%, down to temperatures O(10) T_c. For SU(N), N>3, the ratios of interface tensions, (sigma_k/sigma_1)(T), agree with perturbation theory, which predicts tiny deviations from the ratio of Casimirs, down to nearly T_c. In contrast, individual tensions differ markedly from the perturbative expression. In all cases, the required precision Monte Carlo measurements are made possible by a simple but powerful modification of the 'snake' algorithm.Comment: presented at Lattice 2005 (topology and confinement), 6 pages, 7 figure

Does IT standardization help to boost cost and profit efficiency? Empirical evidence from German savings banks

This paper investigates the impact of IT standardization on bank performance based on a panel of 457 German savings banks over the period from 1996 to 2006. We measure IT standardization as the fraction of IT expenses for centralized services over banks' total IT expenses. Bank efficiency, in turn, is measured by traditional accounting performance indicators as well as by cost and profit efficiencies that are estimated by a stochastic frontier approach. Our results suggest that IT standardization is conducive to cost efficiency. The relation is positive and robust for small and medium-sized banks but vanishes for very large banks. Furthermore, our study confirms the often cited computer paradox by showing that total IT expenditures negatively impact cost efficiency and have no influence on bank profits. To the best of our knowledge, this paper is first to empirically explore whether IT standardization enhances efficiency by employing genuine data of banks' IT expenditures. JEL Classification: C23, G21 Keywords: IT standardization, cost and profit efficiency, savings bank

Does IT standardization help to boost cost and profit efficiency? Empirical evidence from German savings banks

This paper investigates the impact of IT standardization on bank performance based on a panel of 457 German savings banks over the period from 1996 to 2006. We measure IT standardization as the fraction of IT expenses for centralized services over banks' total IT expenses. Bank efficiency, in turn, is measured by traditional accounting performance indicators as well as by cost and profit efficiencies that are estimated by a stochastic frontier approach. Our results suggest that IT standardization is conducive to cost efficiency. The relation is positive and robust for small and medium-sized banks but vanishes for very large banks. Furthermore, our study confirms the often cited computer paradox by showing that total IT expenditures negatively impact cost efficiency and have no influence on bank profits. To the best of our knowledge, this paper is first to empirically explore whether IT standardization enhances efficiency by employing genuine data of banks' IT expenditures.

Creating Dignity, Not Dependence: Community Development & Food Security Implications of Mobile Food Vending

Abstract Despite the ostensible abundance of “cheap food” today, food insecurity remains a complex issue that impacts 12.7 percent of American households. This paper investigates the efficacy and sustainability of an innovative approach to addressing community food insecurity launched by the Chittenden Emergency Food Shelf of Burlington, Vermont. Known as the Good Food Truck, this program has capitalized on the cultural trend of mobile food vending to create an inclusive space for low-income individuals to enjoy free, chef-inspired meals crafted with locally produced ingredients donated by Vermont farmers, gleaning teams, and larger entities. This operation is novel because it provides free meals to all community meal attendees, and because it operates as a social enterprise model by catering various events for profit. Net profits are used to subsidize free meals at three locations each week. This study uses of mixed methods. Data was collected through surveys, observation, and interviews at community meals and vending events. Findings suggest that although the intervention does not eradicate chronic hunger, it complements existing social safety nets. Beyond a fresh, healthful meal, the truck provides a dignified space for all to engage in an increasingly popular dining experience, fosters social capital formation, provides experiential nutrition education through exposure to healthy, appealing foods, and transmits information about social services. Ultimately, the program is limited in scope due to resource constraints, but the model has the potential to target underlying causes of food insecurity with expanded programming and utilization of the truck as built capital

Bank Risk Proxies and the Crisis of 2007/09: A Comparison

Motivated by the variety of bank risk proxies, our analysis reveals that nonperforming assets are a well-suited complement to the Z-score in studies of bank risk

Einlagensicherungssysteme erhöhen das moralische Risiko von Banken

Einlagensicherungsmechanismen sind Bestandteil vieler Finanzsysteme und sollen in Krisenzeiten einen Ansturm der Sparer auf Banken und daraus resultierende Ansteckungseffekte verhindern. Jedoch bergen Sicherungssysteme zusätzliche Risikoanreize für Kreditinstitute, da eine solche Versicherung die Überwachungsanreize der Einlagengeber reduziert. Im Zuge der Finanzkrise von 2007 bis 2009 ist es in vielen Ländern zu Reformen hinsichtlich der Einlagensicherungssysteme gekommen. Dieser Artikel diskutiert die jüngste Anhebung der Einlagensicherungsgrenze in den USA von 100 000 auf 250 000 US-Dollar aus dem Jahr 2008 vor dem Hintergrund eines aktuellen Forschungsbeitrags. Dieser zeigt deutlich, dass durch die Erhöhung der Einlagensicherung in den USA das Risiko der Banken, die von der Erhöhung besonders profitierten, deutlich gestiegen ist, und gibt damit Hinweise auf den bekannten Zielkonflikt von Einlagensicherungssystemen: kurzfristige Stabilisierung während einer Krise gegenüber langfristigen Risikoanreizen für Banken

Bank bailouts and competition - Did TARP distort competition among sound banks?

This study investigates if the Troubled Asset Relief Program (TARP) distorted price competition in U.S. banking. Political indicators reveal bailout expectations after 2009, manifested as beliefs about the predicted probability of receiving equity support relative to failing during the TARP disbursement period. In addition, the TARP affected the competitive conduct of unsupported banks after the program stopped in the fourth quarter of 2009. The risk premium required by depositors was lower, and loan rates were higher for banks with higher bailout expectations. The interest margins of unsupported banks increased in the immediate aftermath of the TARP disbursement but not after 2010. These effects are economically very small though. No effects emerged for loan or deposit growth, which suggests that protected banks did not increase their market shares at the expense of less protected banks