Lending relationships and credit rationing: the impact of securitization

Do lending relationships mitigate credit rationing? Does securitization influence the impact of lending relationships on credit rationing? If so, is its impact differently in normal periods versus crisis periods? This paper combines several unique data sets to address these questions. Employing a disequilibrium model to identify credit rationing, we find that more intense lending relationships, measured through their length and lower number, considerable improve credit supply and reduce the degree of credit rationing. In general, we find that a relationship with a bank that is more involved in securitization activities relaxes credit constraints in normal periods; however, it also increases credit rationing during crisis periods. Finally, we study the impact of different types of securitization – covered bonds and mortgage-backed securities (MBS) – on credit rationing. While both types of securitization reduce credit rationing in normal periods, the issuance of MBS by a firm’s main bank aggravates these firm’s credit rationing in crisis periods.lending relationships;financial crisis;securitization

Quantum fluctuations of classical skyrmions in quantum Hall Ferromagnets

In this article, we discuss the effect of the zero point quantum fluctuations to improve the results of the minimal field theory which has been applied to study %SMG the skyrmions in the quantum Hall systems. Our calculation which is based on the semiclassical treatment of the quantum fluctuations, shows that the one-loop quantum correction provides more accurate results for the minimal field theory.Comment: A few errors are corrected. Accepted for publication in Rapid Communication, Phys. Rev.

Feasibility study and design concept for an orbiting ice-penetrating radar sounder to characterize in three-dimensions the Europan ice mantle down to (and including) any ice/ocean interface

This report presents a radar sounding model based on the range of current working hypotheses for the nature of Europa's icy shell.Institute for Geophysic

Final state effects on superfluid 4^{\bf 4}He in the deep inelastic regime

A study of Final State Effects (FSE) on the dynamic structure function of superfluid $^4$He in the Gersch--Rodriguez formalism is presented. The main ingredients needed in the calculation are the momentum distribution and the semidiagonal two--body density matrix. The influence of these ground state quantities on the FSE is analyzed. A variational form of $\rho_2$ is used, even though simpler forms turn out to give accurate results if properly chosen. Comparison to the experimental response at high momentum transfer is performed. The predicted response is quite sensitive to slight variations on the value of the condensate fraction, the best agreement with experiment being obtained with $n_0=0.082$. Sum rules of the FSE broadening function are also derived and commented. Finally, it is shown that Gersch--Rodriguez theory produces results as accurate as those coming from other more recent FSE theories.Comment: 20 pages, RevTex 3.0, 11 figures available upon request, to be appear in Phys. Rev.

Growing dynamics of Internet providers

In this paper we present a model for the growth and evolution of Internet providers. The model reproduces the data observed for the Internet connection as probed by tracing routes from different computers. This problem represents a paramount case of study for growth processes in general, but can also help in the understanding the properties of the Internet. Our main result is that this network can be reproduced by a self-organized interaction between users and providers that can rearrange in time. This model can then be considered as a prototype model for the class of phenomena of aggregation processes in social networks

Phase Separation Based on U(1) Slave-boson Functional Integral Approach to the t-J Model

We investigate the phase diagram of phase separation for the hole-doped two dimensional system of antiferromagnetically correlated electrons based on the U(1) slave-boson functional integral approach to the t-J model. We show that the phase separation occurs for all values of J/t, that is, whether $0 < J/t < 1$ or $J/t \geq 1$ with J, the Heisenberg coupling constant and t, the hopping strength. This is consistent with other numerical studies of hole-doped two dimensional antiferromagnets. The phase separation in the physically interesting J region, $0 < J/t \lesssim 0.4$ is examined by introducing hole-hole (holon-holon) repulsive interaction. We find from this study that with high repulsive interaction between holes the phase separation boundary tends to remain robust in this low $J$ region, while in the high J region, J/t > 0.4, the phase separation boundary tends to disappear.Comment: 4 pages, 2 figures, submitted to Phys. Rev.