Credit exclusion in quantitative models of bankruptcy: does it matter?

Bankruptcy ; Credit

Changes in the size distribution of U.S. banks: 1960-2005

Banks and banking

Stationary states in Langevin dynamics under asymmetric L\'evy noises

Properties of systems driven by white non-Gaussian noises can be very different from these systems driven by the white Gaussian noise. We investigate stationary probability densities for systems driven by $\alpha$-stable L\'evy type noises, which provide natural extension to the Gaussian noise having however a new property mainly a possibility of being asymmetric. Stationary probability densities are examined for a particle moving in parabolic, quartic and in generic double well potential models subjected to the action of $\alpha$-stable noises. Relevant solutions are constructed by methods of stochastic dynamics. In situations where analytical results are known they are compared with numerical results. Furthermore, the problem of estimation of the parameters of stationary densities is investigated.Comment: 9 pages, 9 figures, 3 table

Dynamic Thermal Analysis of a Power Amplifier

This paper presents dynamic thermal analyses of a power amplifier. All the investigations are based on the transient junction temperature measurements performed during the circuit cooling process. The presented results include the cooling curves, the structure functions, the thermal time constant distribution and the Nyquist plot of the thermal impedance. The experiments carried out demonstrated the influence of the contact resistance and the position of the entire cooling assembly on the obtained results.Comment: Submitted on behalf of TIMA Editions (http://irevues.inist.fr/tima-editions

Currency quality and changes in the behavior of depository institutions

Banks and banking

Testing mundell's intuition of endogenous OCA theory

This paper presents an empirical assessment of the endogenous optimum currency area theory. Frankel and Rose (1998) study the endogeneity of a currency union through the lens of international trade flows. Our study extends Frankel and Rose's model by using FDI flows to test the original theory developed by Mundell in 1973. A gravity model is used to empirically assess the effectiveness of the convergence criteria by examining location specific advantages that guide multinational investment within the European Union. A fixed effects model based on a panel data of foreign direct investment (FDI) flows within the EU-15 shows that horizontal investment promotes the diffusion of the production process across the national border. Specifically, our results suggest that economic convergence ensured by belonging to the common currency area helps double FDI flows

Endogenous OCA Theory: Using the Gravity Model to Test Mundell's Intuition

This paper presents an empirical assessment of the endogenous optimum currency area theory. This study relies on the original intuition developed by Mundell in 1973. The gravity model is used to empirically assess the effectiveness of the convergence criteria by examining location specific advantages that guide multinational investment within the European Union. A fixed effects model based on a panel data of foreign direct investment (FDI) flows within the EU-15 shows that horizontal investment promotes the diffusion of the production process across the national border. Specifically, the examined Maastricht criteria suggest convergence in interest rate, government fiscal policy, and debt play a significant role in attracting multinational investment.

EFFECT OF MODE OF LOAD CARRIAGE ON POSTURAL SWAY

People commonly carry external loads for sport and recreational purposes; recently the safety of such practice has come into question. The purpose of this study was to evaluate balance under different load carriage conditions. Fifteen college-age individuals completed three blocks of quiet standing trials: unloaded, wearing a backpack, and wearing a shoulder bag. A-P sway amplitude was greater under the backpack condition than the unloaded condition (P = 0.013); however, A-P sway amplitude did not differ between the backpack and shoulder bag condition, nor did it differ between the unloaded and shoulder bag condition. M-L sway amplitude, sway area, peak sway velocity, and stance width were not dependent on load condition. This evidence suggests a backpack and shoulder bag are equally safe means of load carriage in college-age individuals

Two Algebraic Process Semantics for Contextual Nets

We show that the so-called 'Petri nets are monoids' approach initiated by Meseguer and Montanari can be extended from ordinary place/transition Petri nets to contextual nets by considering suitable non-free monoids of places. The algebraic characterizations of net concurrent computations we provide cover both the collective and the individual token philosophy, uniformly along the two interpretations, and coincide with the classical proposals for place/transition Petri nets in the absence of read-arcs

Escape driven by α\alpha-stable white noises

We explore the archetype problem of an escape dynamics occurring in a symmetric double well potential when the Brownian particle is driven by {\it white L\'evy noise} in a dynamical regime where inertial effects can safely be neglected. The behavior of escaping trajectories from one well to another is investigated by pointing to the special character that underpins the noise-induced discontinuity which is caused by the generalized Brownian paths that jump beyond the barrier location without actually hitting it. This fact implies that the boundary conditions for the mean first passage time (MFPT) are no longer determined by the well-known local boundary conditions that characterize the case with normal diffusion. By numerically implementing properly the set up boundary conditions, we investigate the survival probability and the average escape time as a function of the corresponding L\'evy white noise parameters. Depending on the value of the skewness $\beta$ of the L\'evy noise, the escape can either become enhanced or suppressed: a negative asymmetry $\beta$ causes typically a decrease for the escape rate while the rate itself depicts a non-monotonic behavior as a function of the stability index $\alpha$ which characterizes the jump length distribution of L\'evy noise, with a marked discontinuity occurring at $\alpha=1$. We find that the typical factor of ``two'' that characterizes for normal diffusion the ratio between the MFPT for well-bottom-to-well-bottom and well-bottom-to-barrier-top no longer holds true. For sufficiently high barriers the survival probabilities assume an exponential behavior. Distinct non-exponential deviations occur, however, for low barrier heights.Comment: 8 pages, 8 figure