A new family of modified Gaussian copulas for market consistent valuation of government guarantees

This paper deals with a copula-based stochastic dependence problem in the context of financial risks. We discuss the financial framework for assessing the theoretical up-front value of government guarantees on bank liabilities. EU States widely use these contracts to improve the financial system’s stability and manage the banking sector in crisis situations; in Italy, they have also been used to address the consequences of the Covid-19 emergency. From a market viewpoint, we deal with a defaultable guarantee contract where the State-guarantor and the bank-borrower are both subject to default risk, and their risks are interconnected. We show that the classical Gaussian copula is not satisfactory for modeling the dependence among the considered risks. Indeed, using the benchmark market model for credit risk portfolio management, we highlight some contradictory results observed for the up-front values of the guarantee when the default intensity of the guarantor is smaller than that of the borrower. Then, we introduce a new family of modified Gaussian copulas that overcomes the limitations of the standard approach, allowing to determine realistic results in terms of the guarantees “mark-to-model” value when the benchmark market model does not work. Numerical simulations validate the theoretical proposal

The 10th Biennial Hatter Cardiovascular Institute workshop: cellular protection—evaluating new directions in the setting of myocardial infarction, ischaemic stroke, and cardio-oncology

Due to its poor capacity for regeneration, the heart is particularly sensitive to the loss of contractile cardiomyocytes. The onslaught of damage caused by ischaemia and reperfusion, occurring during an acute myocardial infarction and the subsequent reperfusion therapy, can wipe out upwards of a billion cardiomyocytes. A similar program of cell death can cause the irreversible loss of neurons in ischaemic stroke. Similar pathways of lethal cell injury can contribute to other pathologies such as left ventricular dysfunction and heart failure caused by cancer therapy. Consequently, strategies designed to protect the heart from lethal cell injury have the potential to be applicable across all three pathologies. The investigators meeting at the 10th Hatter Cardiovascular Institute workshop examined the parallels between ST-segment elevation myocardial infarction (STEMI), ischaemic stroke, and other pathologies that cause the loss of cardiomyocytes including cancer therapeutic cardiotoxicity. They examined the prospects for protection by remote ischaemic conditioning (RIC) in each scenario, and evaluated impasses and novel opportunities for cellular protection, with the future landscape for RIC in the clinical setting to be determined by the outcome of the large ERIC-PPCI/CONDI2 study. It was agreed that the way forward must include measures to improve experimental methodologies, such that they better reflect the clinical scenario and to judiciously select combinations of therapies targeting specific pathways of cellular death and injury

Upper bound on the scale of Majorana-neutrino mass generation

We derive a model-independent upper bound on the scale of Majorana-neutrino mass generation. The upper bound is $4\pi v^2/\sqrt 3 m_\nu$, where $v \simeq 246$ GeV is the weak scale and $m_\nu$ is the Majorana neutrino mass. For neutrino masses implied by neutrino oscillation experiments, all but one of these bounds are less than the Planck scale, and they are all within a few orders of magnitude of the grand-unification scale.Comment: 6 pages, 3 figures; REVTeX; published versio

THE 18O + 12C FUSION-EVAPORATION REACTION

No abstract availabl

Search for New Physics in e-e- Scattering

Considering the physics potential of an e-e- collider in the TeV energy range, we indicate a few interesting examples for exotic processes and discuss the standard model backgrounds. Focussing on pair production of weak gauge bosons, we report some illustrative predictions.Comment: 11 LaTeX pages; axodraw.sty and 6 figures included as an uuencoded file; MPI-PhT/94-33 and LMU-09/9

Lepton-flavor violating decays as probes of quantum gravity?

Lepton flavor violating decays $Z \to \mu \tau$ and $J/\Psi, \Upsilon \to \mu \tau$ are considered. It is shown that these decays can reach sizeable magnitudes if some specific lepton-flavor violating 4-fermion operators are generated by low scale quantum gravity effects, or by some other new physics at a TeV scale.Comment: 18 pages, 1 figures, LaTeX, uses FEYNMAN package. New references adde

Single WRW_R Production in e−e−e^-e^- Collisions at the NLC

Single $W_R$ production in $e^-e^-$ collisions at the NLC can be used to probe the Majorana nature of the heavy neutrinos present in the Left-Right Symmetric Model below the kinematic threshold for their direct production. For colliders in the $\sqrt {s}=1-1.5$ TeV range, typical cross sections of order $1-10 fb$ are obtained, depending on the specific choice of model parameters. Backgrounds arising from Standard Model processes are shown to be small. This analysis greatly extends the kinematic range of previous studies wherein the production of an on-shell, like-sign pair of $W_R$'s at the NLC was considered.Comment: 13pp, 3 figures (available on request), LaTex, SLAC-PUB-647

SU(3) assignment and coupling of N*(1688)

A comparison of the two reactions γ + p → n + p and γ + p → π0 + p in the region of the third nucleon isobar N***(1688) has produced evidence that (1) N***(1688) is a member of a unitary octet, and (2) the D/F ratio, which relates the couplings N***N π and N***Nn, is similar to that which relates NN π and NNn

Production of qqQQ final states in ee collisions in the left-right symmetric model

We consider the reaction ee ->qqQQ as a test of lepton number non-conservation in the framework of the left-right-symmetric electroweak model. The main contributions to this process are due to Majorana neutrino exchange in t-channel and doubly charged Higgs (Delta{--}) exchange in s-channel with a pair of right-handed weak bosons (WR) as intermediate state. We show that in a linear ee collider with the collision energy of 1 TeV (1.5 TeV) the cross section of this process is 0.01 fb (1 fb), and it will, for the anticipated luminosity of 10**{35} cm**{-2}, be detectable below the WR threshold. We study the sensitivity of the reaction on the masses of the heavy neutrino, WR and Delta{--}.Comment: 24 pages, 9 eps figures, uses axodraw.st