Densely Entangled Financial Systems

In [1] Zawadoski introduces a banking network model in which the asset and counter-party risks are treated separately and the banks hedge their assets risks by appropriate OTC contracts. In his model, each bank has only two counter-party neighbors, a bank fails due to the counter-party risk only if at least one of its two neighbors default, and such a counter-party risk is a low probability event. Informally, the author shows that the banks will hedge their asset risks by appropriate OTC contracts, and, though it may be socially optimal to insure against counter-party risk, in equilibrium banks will {\em not} choose to insure this low probability event. In this paper, we consider the above model for more general network topologies, namely when each node has exactly 2r counter-party neighbors for some integer r>0. We extend the analysis of [1] to show that as the number of counter-party neighbors increase the probability of counter-party risk also increases, and in particular the socially optimal solution becomes privately sustainable when each bank hedges its risk to at least n/2 banks, where n is the number of banks in the network, i.e., when 2r is at least n/2, banks not only hedge their asset risk but also hedge its counter-party risk.Comment: to appear in Network Models in Economics and Finance, V. Kalyagin, P. M. Pardalos and T. M. Rassias (editors), Springer Optimization and Its Applications series, Springer, 201

Energy-Momentum Tensor of Particles Created in an Expanding Universe

We present a general formulation of the time-dependent initial value problem for a quantum scalar field of arbitrary mass and curvature coupling in a FRW cosmological model. We introduce an adiabatic number basis which has the virtue that the divergent parts of the quantum expectation value of the energy-momentum tensor are isolated in the vacuum piece of , and may be removed using adiabatic subtraction. The resulting renormalized is conserved, independent of the cutoff, and has a physically transparent, quasiclassical form in terms of the average number of created adiabatic `particles'. By analyzing the evolution of the adiabatic particle number in de Sitter spacetime we exhibit the time structure of the particle creation process, which can be understood in terms of the time at which different momentum scales enter the horizon. A numerical scheme to compute as a function of time with arbitrary adiabatic initial states (not necessarily de Sitter invariant) is described. For minimally coupled, massless fields, at late times the renormalized goes asymptotically to the de Sitter invariant state previously found by Allen and Folacci, and not to the zero mass limit of the Bunch-Davies vacuum. If the mass m and the curvature coupling xi differ from zero, but satisfy m^2+xi R=0, the energy density and pressure of the scalar field grow linearly in cosmic time demonstrating that, at least in this case, backreaction effects become significant and cannot be neglected in de Sitter spacetime.Comment: 28 pages, Revtex, 11 embedded .ps figure

Analytical approximation of the stress-energy tensor of a quantized scalar field in static spherically symmetric spacetimes

Analytical approximations for ${}$ and ${}$ of a quantized scalar field in static spherically symmetric spacetimes are obtained. The field is assumed to be both massive and massless, with an arbitrary coupling $\xi$ to the scalar curvature, and in a zero temperature vacuum state. The expressions for ${}$ and ${}$ are divided into low- and high-frequency parts. The contributions of the high-frequency modes to these quantities are calculated for an arbitrary quantum state. As an example, the low-frequency contributions to ${}$ and ${}$ are calculated in asymptotically flat spacetimes in a quantum state corresponding to the Minkowski vacuum (Boulware quantum state). The limits of the applicability of these approximations are discussed.Comment: revtex4, 17 pages; v2: three references adde

Structure, Transport and Magnetic properties in La2x_{2x}Sr2−2x_{2-2x}Co2x_{2x}Ru2−2x_{2-2x}O6_{6}

The perovskite solid solutions of the type La$_{2x}$Sr$_{2-2x}$Co$_{2x}$Ru$_{2-2x}$O$_{6}$ with 0.25 $\leq$ x $\leq$ 0.75 have been investigated for their structural, magnetic and transport properties. All the compounds crystallize in double perovskite structure. The magnetization measurements indicate a complex magnetic ground state with strong competition between ferromagnetic and antiferromagnetic interactions. Resistivity of the compounds is in confirmation with hopping conduction behaviour though differences are noted especially for $x$ = 0.4 and 0.6. Most importantly, low field (50Oe) magnetization measurements display negative magnetization during the zero field cooled cycle. X-ray photoelectron spectroscopy measurements indicate presence of Co$^{2+}$/Co$^{3+}$ and Ru$^{4+}$/Ru$^{5+}$ redox couples in all compositions except $x$ = 0.5. Presence of magnetic ions like Ru$^{4+}$ and Co$^{3+}$ gives rise to additional ferromagnetic (Ru-rich) and antiferromagnetic sublattices and also explains the observed negative magnetization.Comment: Accepted for publication in J. Magn. Magn. Mate

Low Temperature Neutron Diffraction Study of MnTe

Investigation of transport and magnetic properties of MnTe at low temperatures sInvestigation of transport and magnetic properties of MnTe at low temperatures showed anomalies like negative coefficient of resistance below 100K and a sharp rise in susceptibility at around 83K similar to a ferromagnetic transition. Low temperature powder neutron diffraction experiments were therefore carried out to understand the underlying phenomena responsible for such anomalous behavior. Our study indicates that the rise in susceptibility at low temperatures is due to strengthening of ferromagnetic interaction within the plane over the inter plane antiferromagnetic interactions.Comment: Appearing in J. Magn. Magn. Mate

Transcriptomic analysis of human astrocytes in vitro reveals hypoxia-induced mitochondrial dysfunction, modulation of metabolism, and dysregulation of the immune response

Hypoxia is a feature of neurodegenerative diseases, and can both directly and indirectly impact on neuronal function through modulation of glial function. Astrocytes play a key role in regulating homeostasis within the central nervous system, and mediate hypoxia-induced changes in response to reduced oxygen availability. The current study performed a detailed characterization of hypoxia-induced changes in the transcriptomic profile of astrocytes in vitro. Human astrocytes were cultured under normoxic (5% CO2, 95% air) or hypoxic conditions (1% O2, 5% CO2, 94% N2) for 24 h, and the gene expression profile assessed by microarray analysis. In response to hypoxia 4904 genes were significantly differentially expressed (1306 upregulated and 3598 downregulated, FC ≥ 2 and p ≤ 0.05). Analysis of the significant differentially expressed transcripts identified an increase in immune response pathways, and dysregulation of signalling pathways, including HIF-1 (p = 0.002), and metabolism, including glycolysis (p = 0.006). To assess whether the hypoxia-induced metabolic gene changes observed affected metabolism at a functional level, both the glycolytic and mitochondrial flux were measured using an XF bioanalyser. In support of the transcriptomic data, under physiological conditions hypoxia significantly reduced mitochondrial respiratory flux (p = 0.0001) but increased basal glycolytic flux (p = 0.0313). However, when metabolically stressed, hypoxia reduced mitochondrial spare respiratory capacity (p = 0.0485) and both glycolytic capacity (p = 0.0001) and glycolytic reserve (p < 0.0001). In summary, the current findings detail hypoxia-induced changes in the astrocyte transcriptome in vitro, identifying potential targets for modifying the astrocyte response to reduced oxygen availability in pathological conditions associated with ischaemia/hypoxia, including manipulation of mitochondrial function, metabolism, and the immune response

Method to compute the stress-energy tensor for the massless spin 1/2 field in a general static spherically symmetric spacetime

A method for computing the stress-energy tensor for the quantized, massless, spin 1/2 field in a general static spherically symmetric spacetime is presented. The field can be in a zero temperature state or a non-zero temperature thermal state. An expression for the full renormalized stress-energy tensor is derived. It consists of a sum of two tensors both of which are conserved. One tensor is written in terms of the modes of the quantized field and has zero trace. In most cases it must be computed numerically. The other tensor does not explicitly depend on the modes and has a trace equal to the trace anomaly. It can be used as an analytic approximation for the stress-energy tensor and is equivalent to other approximations that have been made for the stress-energy tensor of the massless spin 1/2 field in static spherically symmetric spacetimes.Comment: 34 pages, no figure

On the Computational Complexity of Measuring Global Stability of Banking Networks

Threats on the stability of a financial system may severely affect the functioning of the entire economy, and thus considerable emphasis is placed on the analyzing the cause and effect of such threats. The financial crisis in the current and past decade has shown that one important cause of instability in global markets is the so-called financial contagion, namely the spreading of instabilities or failures of individual components of the network to other, perhaps healthier, components. This leads to a natural question of whether the regulatory authorities could have predicted and perhaps mitigated the current economic crisis by effective computations of some stability measure of the banking networks. Motivated by such observations, we consider the problem of defining and evaluating stabilities of both homogeneous and heterogeneous banking networks against propagation of synchronous idiosyncratic shocks given to a subset of banks. We formalize the homogeneous banking network model of Nier et al. and its corresponding heterogeneous version, formalize the synchronous shock propagation procedures, define two appropriate stability measures and investigate the computational complexities of evaluating these measures for various network topologies and parameters of interest. Our results and proofs also shed some light on the properties of topologies and parameters of the network that may lead to higher or lower stabilities.Comment: to appear in Algorithmic

Special relativity constraints on the effective constituent theory of hybrids

We consider a simplified constituent model for relativistic strong-interaction decays of hybrid mesons. The model is constructed using rules of renormalization group procedure for effective particles in light-front quantum field theory, which enables us to introduce low-energy phenomenological parameters. Boost covariance is kinematical and special relativity constraints are reduced to the requirements of rotational symmetry. For a hybrid meson decaying into two mesons through dissociation of a constituent gluon into a quark-anti-quark pair, the simplified constituent model leads to a rotationally symmetric decay amplitude if the hybrid meson state is made of a constituent gluon and a quark-anti-quark pair of size several times smaller than the distance between the gluon and the pair, as if the pair originated from one gluon in a gluonium state in the same effective theory.Comment: 11 pages, 5 figure

Constructing Hybrid Baryons with Flux Tubes

Hybrid baryon states are described in quark potential models as having explicit excitation of the gluon degrees of freedom. Such states are described in a model motivated by the strong coupling limit of Hamiltonian lattice gauge theory, where three flux tubes meeting at a junction play the role of the glue. The adiabatic approximation for the quark motion is used, and the flux tubes and junction are modeled by beads which are attracted to each other and the quarks by a linear potential, and vibrate in various string modes. Quantum numbers and estimates of the energies of the lightest hybrid baryons are provided.Comment: 4 pages, RevTeX. Submitted to Physical Review Letter