95,549 research outputs found
Credit default swaps:what are the social benefi ts and costs?
Credit default swaps (CDSs) are derivative contracts that allow agents to shift the risk of default on an underlying credit from a credit protection buyer to a credit protection seller. Like other derivatives they are standardised relative to the underlying cash markets and in this way can help promote market liquidity. This in turn can facilitate risk shifting and price discovery. In this way they may lead to accurate pricing of credit risk and ultimately to the reduced costs of borrowing. However, like other derivatives it is possible that CDS contracts could play a part in market manipulations, especially when the underlying cash market is not transparent. This is a potential cost of CDS trading that should be weighed against potential benefi ts of liquidity, risk shifting and price discovery. We discuss the balance of these trade-offs in the context of singlename corporate CDSs, index CDSs, sovereign CDSs and CDSs on structured credit product tranches. We also discuss other potential costs of CDS trading including that they âmake selling short too cheapâ and that they may create market instability by facilitating speculative attacks.
Bose Fluids Above Tc: Incompressible Vortex Fluids and "Supersolidity"
This paper emphasizes that non-linear rotational or diamagnetic
susceptibility is characteristic of Bose fluids above their superfluid Tcs, and
for sufficiently slow rotation or weak B-fields amounts to an incompressible
response to vorticity. The cause is a missing term in the conventionally
accepted model Hamiltonian for quantized vortices in the Bose fluid. The
resulting susceptibility can account for recent observations of Chan et al on
solid He, and Ong et al on cuprate superconductors
Vacuum Polarisation and the Black Hole Singularity
In order to investigate the effects of vacuum polarisation on mass inflation
singularities, we study a simple toy model of a charged black hole with cross
flowing radial null dust which is homogeneous in the black hole interior. In
the region we find an approximate analytic solution to the
classical field equations. The renormalized stress-energy tensor is evaluated
on this background and we find the vacuum polarisation backreaction corrections
to the mass function . Asymptotic analysis of the semiclassical mass
function shows that the mass inflation singularity is much stronger in the
presence of vacuum polarisation than in the classical case.Comment: 12 pages, RevTe
Particle-hole symmetry breaking in the pseudogap state of Pb0.55Bi1.5Sr1.6La0.4CuO6+d: A quantum-chemical perspective
Two Bi2201 model systems are employed to demonstrate how, beside the Cu-O
\sigma-band, a second band of purely O2p\pi character can be made to cross the
Fermi level owing to its sensitivity to the local crystal field. This result is
employed to explain the particle-hole symmetry breaking across the pseudo-gap
recently reported by Shen and co-workers, see M. Hashimoto et al., Nature
Physics 6, (2010) 414. Support for a two-bands-on-a-checkerboard candidate
mechanism for High-Tc superconductivity is claimed.Comment: 25 pages, 8 figure
Mobile radio alternative systems study. Volume 1: Traffic model
The markets for mobile radio services in non-urban areas of the United States are examined for the years 1985-2000. Three market categories are identified. New Services are defined as those for which there are different expressed ideas but which are not now met by any application of available technology. The complete fulfillment of the needs requires nationwide radio access to vehicles without knowledge of vehicle location, wideband data transmission from remote sites, one- and two way exchange of short data and control messages between vehicles and dispatch or control centers, and automatic vehicle location (surveillance). The commercial and public services market of interest to the study is drawn from existing users of mobile radio in non-urban areas who are dissatisfied with the geographical range or coverage of their systems. The mobile radio telephone market comprises potential users who require access to the public switched telephone network in areas that are not likely to be served by the traditional growth patterns of terrestrial mobile telephone services. Conservative, likely, and optimistic estimates of the markets are presented in terms of numbers of vehicles that will be served and the radio traffic they will generate
Improving fertiliser management: redefining the relationship between soil tests and crop responses for wheat in WA
Most soils in Western Australia (WA) are highly weathered with very low levels of phosphorus. WA soils initially contained adequate indigenous soil potassium for cropping but removal of potassium over time in harvested grain has gradually resulted in the some soils becoming potassium-deficient for grain production.
Fertiliser costs represent a significant part of the variable costs of growing crops in WA. Chen et al. (2009) identified the need for updated soil test interpretations due to substantial changes in farming systems, fertiliser practices and crop yield potential. The aims of this study were (1) to compile experimental data containing the standard soil test measurements and observed wheat crop yield responses for both nil and fertilised treatments across different soil types and seasons from published or unpublished sources, and (2) to critically analyse soil test-crop response relationships to derive better critical soil test values in soils and environments suitable for wheat grain production in WA
The origin of phase in the interference of Bose-Einstein condensates
We consider the interference of two overlapping ideal Bose-Einstein
condensates. The usual description of this phenomenon involves the introduction
of a so-called condensate wave functions having a definite phase. We
investigate the origin of this phase and the theoretical basis of treating
interference. It is possible to construct a phase state, for which the particle
number is uncertain, but phase is known. However, how one would prepare such a
state before an experiment is not obvious. We show that a phase can also arise
from experiments using condensates in Fock states, that is, having known
particle numbers. Analysis of measurements in such states also gives us a
prescription for preparing phase states. The connection of this procedure to
questions of ``spontaneously broken gauge symmetry'' and to ``hidden
variables'' is mentioned.Comment: 22 pages 4 figure
Semiclassical charged black holes with a quantized massive scalar field
Semiclassical perturbations to the Reissner-Nordstrom metric caused by the
presence of a quantized massive scalar field with arbitrary curvature coupling
are found to first order in \epsilon = \hbar/M^2. The DeWitt-Schwinger
approximation is used to determine the vacuum stress-energy tensor of the
massive scalar field. When the semiclassical perturbation are taken into
account, we find extreme black holes will have a charge-to-mass ratio that
exceeds unity, as measured at infinity. The effects of the perturbations on the
black hole temperature (surface gravity) are studied in detail, with particular
emphasis on near extreme ``bare'' states that might become precisely zero
temperature ``dressed'' semiclassical black hole states. We find that for
minimally or conformally coupled scalar fields there are no zero temperature
solutions among the perturbed black holes.Comment: 19 pages; 1 figure; ReVTe
Neutron irradiation of Am-241 effectively produces curium
Computer study was made on the production of multicurie amounts of highly alpha-active curium 242 from americium 241 irradiation. The information available includes curium 242 yields, curium composition, irradiation data, and production techniques and safeguards
Tridiagonalized GUE matrices are a matrix model for labeled mobiles
It is well-known that the number of planar maps with prescribed vertex degree
distribution and suitable labeling can be represented as the leading
coefficient of the -expansion of a joint cumulant of traces of
powers of an -by- GUE matrix. Here we undertake the calculation of this
leading coefficient in a different way. Firstly, we tridiagonalize the GUE
matrix in the manner of Trotter and Dumitriu-Edelman and then alter it by
conjugation to make the subdiagonal identically equal to . Secondly, we
apply the cluster expansion technique (specifically, the
Brydges-Kennedy-Abdesselam-Rivasseau formula) from rigorous statistical
mechanics. Thirdly, by sorting through the terms of the expansion thus
generated we arrive at an alternate interpretation for the leading coefficient
related to factorizations of the long cycle . Finally, we
reconcile the group-theoretical objects emerging from our calculation with the
labeled mobiles of Bouttier-Di Francesco-Guitter.Comment: 42 pages, LaTeX, 17 figures. The present paper completely supercedes
arXiv1203.3185 in terms of methods but addresses a different proble
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