Systemic risk determinants in the European banking industry during financial crises, 2006-2012

The recent financial turmoil has stimulated a rich debate in banking and financial literature on the identification of systemic risk determinants and devices to forecast and prevent crises. This paper explores the contribution of corporate variables to systemic risk using the CoVaR approach (Adrian and Brunnermeier, 2016). Using balanced panel data on 141 European banks from 24 countries, which were listed from 2006Q1 to 2012Q4, we investigated the impact of corporate variables during the three regimes that characterised the European banking sector-the subprime crisis (2007Q3-2008Q3), the European Great Financial Depression (2008Q4-2010Q2), and the sovereign debt crisis (2010Q3-2012Q4). Our results show that size did not play a significant role in spreading systemic risk, while maturity mismatch did. However, the nature and intensity of these two determinants varied across the three regimes

Shot noise in resonant tunneling structures

We propose a quantum mechanical approach to noise in resonant tunneling structures, that can be applied in the whole range of transport regimes, from completely coherent to completely incoherent. In both limiting cases, well known results which have appeared in the literature are recovered. Shot noise reduction due to both Pauli exclusion and Coulomb repulsion, and their combined effect, are studied as a function of the rate of incoherent processes in the well (which are taken into account by means of a phenomenological relaxation time), and of temperature. Our approach allows the study of noise in a variety of operating conditions (i.e., equilibrium, sub-peak voltages, second resonance voltages), and as a function of temperature, explaining experimental results and predicting interesting new results.Comment: RevTeX file, 26 pages, 3 Postscript figures, uses epsf.sty. submitted to Phys. Rev.

Non Markovian Quantum Repeated Interactions and Measurements

A non-Markovian model of quantum repeated interactions between a small quantum system and an infinite chain of quantum systems is presented. By adapting and applying usual pro jection operator techniques in this context, discrete versions of the integro-differential and time-convolutioness Master equations for the reduced system are derived. Next, an intuitive and rigorous description of the indirect quantum measurement principle is developed and a discrete non Markovian stochastic Master equation for the open system is obtained. Finally, the question of unravelling in a particular model of non-Markovian quantum interactions is discussed.Comment: 22 page

Effects of tidal interactions on the gas flows of elliptical galaxies

During a Hubble time, cluster galaxies may undergo several mutual encounters close enough to gravitationally perturb their hot, X-ray emitting gas flows. We ran several 2D, time dependent hydrodynamical models to investigate the effects of such perturbations on the gas flow inside elliptical galaxies. In particular, we studied in detail the modifications occurring in the scenario proposed by D'Ercole et al. (1989), in which the galactic interstellar medium produced by the aging galactic stellar population, is heated by SNIa at a decreasing rate. We find that, although the tidal interaction in our models lasts less than 1 Gyr, its effect extends over several Gyrs. The tidally induced turbulent flows create dense filaments which cool quickly and accrete onto the galactic center, producing large spikes in the global Lx. Once this mechanism starts, it is fed by gravity and amplified by SNIa. In cooling flow models without supernovae the amplitude of the Lx fluctuations due to the tidal interaction is substantially reduced. We conclude that, if SNIa significantly contribute to the energetics of the gas flows in ellipticals, then the observed spread in the Lx-Lb diagram may be caused, at least in part, by this mechanism. On the contrary, tidal interactions cannot be responsible for the observed spread if the pure cooling flow scenario applies (abridged).Comment: 21 pages, 8 figures, to be published in ApJ (main journal

DEVELOPMENT AND VALIDATION OF A SYSTEM FOR POLING FORCE MEASUREMENT IN CROSS-COUNTRY SKIING AND NORDIC WALKING

The purpose of this study was to describe and validate a force transducer system specifically designed to measure the force exerted through the poles in cross-country skiing and Nordic walking. It is constituted by a custom built load cell and by a mounting system that allow to minimise cross talk effects. The system is applicable to standard carbon racing shafts to ensure the standard stiffness of the pole. The reliability of the system has been tested performing different static and dynamic tests. The comparison with the reference load cell has shown a good measurement linearity in the range of typical values for poling propulsion and a sensitivity only to the force axially applied to the shaft. The test performed on a 2D platform and with a motion capture system for the measurement of pole inclination, demonstrated the possibility to obtain a reliable measure of the vertical, longitudinal and lateral components of the force exerted by the subject. The accuracy, the portability of the system and their applicability to different shafts allow evaluation of poling action in both laboratory and field conditions, providing important information in cross-country skiing and Nordic walking biomechanical research

Abundances of s-process elements in planetary nebulae: Br, Kr & Xe

We identify emission lines of post-iron peak elements in very high signal-to-noise spectra of a sample of planetary nebulae. Analysis of lines from ions of Kr and Xe reveals enhancements in most of the PNe, in agreement with the theories of s-process in AGB star. Surprisingly, we did not detect lines from Br even though s-process calculations indicate that it should be produced with Kr at detectable levels.Comment: 2 pages, 1 figure, to be published in the Proceedings of the IAU Symposium 234: Planetary Nebulae in Our Galaxy and Beyond, eds. M.J. Barlow, R.H. Mende