Single-Name Credit Risk, Portfolio Risk, and Credit Rationing

This paper introduces non-diversifiable risk in the Stiglitz-Weiss adverse selection model, so that an increase in the average riskiness of the borrower pool causes higher portfolio risk. This opens up the possibility of equilibrium credit rationing. Comparative statics analysis shows that an increase in risk aversion turns a two-price equilibrium into a rationing equilibrium. A two-price equilibrium is more inefficient than a rationing equilibrium, and a usury law that rules out the higher of the two interest rates can be welfare-improving. Contrary to the common result, the equilibrium may be characterized by over-investment.asymmetric information; credit rationing

Constitutional Law - Freedom of Speech and Press - Prohibitions on the Publication or Distribution of Anonymous Campaign Literature

Defendant was charged under a federal statute\u27 with the publication and distribution of a pamphlet which concerned a candidate for United States Senator in a special senatorial election and which did not contain the name of the person or group responsible for its publication and distribution as required by the statute. The defendant alleged that his occupation as a farmer made him particularly subject to regulation by the federal government, and that he feared coercion or reprisals from the federal representatives with whom he dealt if he complied with the statute\u27s disclosure requirement. On motion to dismiss the information on the ground that the statute was in violation of the first amendment of the Constitution, held, motion denied. Congress has the power to punish the publication and distribution of unsigned pamphlets concerning announced candidates in federal elections because the value to the public in knowing the source and purpose of such materials when evaluating their content outweighs the asserted right to publish and distribute political literature anonymously. United States v. Scott, 195 F. Supp. 440 (D.N.D. 1961)

International Law- Criminal Law- Jurisdiction Over Aliens for Crimes Committed Abroad

Six alien defendants were convicted under a federal statute for knowingly making false statements before United States consular officials abroad in order to procure nonquota immigrant visas. Their motion to dismiss this count on the ground that the district court lacked jurisdiction to indict and try aliens for crimes committed outside the territorial limits of the United States was denied. On appeal, held, affirmed. As a necessary incident to its sovereignty, the United States is competent to punish aliens apprehended within the United States for acts against its sovereignty committed outside the country. Rocha v. United States, 288 F.2d 545 (9th Cir.), cert. denied, 366 U.S. 948 (1961)

Graded Hecke algebras for disconnected reductive groups

We introduce graded Hecke algebras H based on a (possibly disconnected) complex reductive group G and a cuspidal local system L on a unipotent orbit of a Levi subgroup M of G. These generalize the graded Hecke algebras defined and investigated by Lusztig for connected G. We develop the representation theory of the algebras H. obtaining complete and canonical parametrizations of the irreducible, the irreducible tempered and the discrete series representations. All the modules are constructed in terms of perverse sheaves and equivariant homology, relying on work of Lusztig. The parameters come directly from the data (G,M,L) and they are closely related to Langlands parameters. Our main motivation for considering these graded Hecke algebras is that the space of irreducible H-representations is canonically in bijection with a certain set of "logarithms" of enhanced L-parameters. Therefore we expect these algebras to play a role in the local Langlands program. We will make their relation with the local Langlands correspondence, which goes via affine Hecke algebras, precise in a sequel to this paper.Comment: Theorem 3.4 and Proposition 3.22 in version 1 were not entirely correct as stated. This is repaired in a new appendi

An Experimental Investigation into the Effect of Flap Angles for a Piezo-Driven Wing

This article presents a comparison of results from six degree of freedom force and moment measurements and Particle Image Velocimetry (PIV) data taken on the Air Force Institute of Technology\u27s (AFIT) piezoelectrically actuated, biomimetically designed Hawkmoth, Manduca Sexta, class engineered wing, at varying amplitudes and flapping frequencies, for both trimmed and asymmetric flapping conditions to assess control moment changes. To preserve test specimen integrity, the wing was driven at a voltage amplitude 50% below the maximum necessary to achieve the maximal Hawkmoth total stroke angle. 86 and 65 stroke angles were achieved for the trimmed and asymmetric tests respectively. Flapping tests were performed at system structural resonance, and at 10% off system resonance at a single amplitude, and PZT power consumption was calculated for each test condition. Two-dimensional PIV visualization measurements were taken transverse to the wing planform, recorded at the mid-span, for a single frequency and amplitude setting, for both trimmed and asymmetric flapping to correlate with the 6-DoF balance data. Linear velocity data was extracted from the 2-D PIV imagery at 1/2 and 1 chord locations above and below the wing, and the mean velocities were calculated for four separate wing phases during the flap cycle. The mean forces developed during a flap cycle were approximated using a modification of the Rankine-Froude axial actuator disk model to calculate the transport of momentum flux as a measure of vertical thrust produced during a static hover flight condition. Values of vertical force calculated from the 2-D PIV measurements were within 20% of the 6-DOF force balance experiments. Power calculations confirmed flapping at system resonance required less power than at off resonance frequencies, which is a critical finding necessary for future vehicle design considerations

On the elliptic nonabelian Fourier transform for unipotent representations of p-adic groups

In this paper, we consider the relation between two nonabelian Fourier transforms. The first one is defined in terms of the Langlands-Kazhdan-Lusztig parameters for unipotent elliptic representations of a split p-adic group and the second is defined in terms of the pseudocoefficients of these representations and Lusztig's nonabelian Fourier transform for characters of finite groups of Lie type. We exemplify this relation in the case of the p-adic group of type G_2.Comment: 17 pages; v2: several minor corrections, references added; v3: corrections in the table with unipotent discrete series of G

Instantaneous flow measurements in a supersonic wind tunnel using spectrally resolved Rayleigh scattering

Results of a feasibility study to apply laser Rayleigh scattering to non-intrusively measure flow properties in a small supersonic wind tunnel are presented. The technique uses an injection seeded, frequency doubled Nd:YAG laser tuned to an absorption band of iodine. The molecular Rayleigh scattered light is filtered with an iodine cell to block light at the laser frequency. The Doppler-shifted Rayleigh scattered light that passes through the iodine cell is analyzed with a planar mirror Fabry-Perot interferometer used in a static imaging mode. An intensified CCD camera is used to record the images. The images are analyzed at several subregions, where the flow velocity is determined. Each image is obtained with a single laser pulse, giving instantaneous measurements