Stress testing banks' profitability: the case of French banks

We build a stress testing framework to evaluate the sensitivity of banks’ profitability to plausible but severe adverse macroeconomic shocks. Specifically, we test the resilience of French banks using supervisory data over the period 1993-2009. First, we identify the macroeconomic and financial variables (GDP growth, interest rate maturity spread, stock market’s volatility) and bank-specific variables (size, capital ratio, ratio of non interest income to assets) that significantly affect French banks’ profitability. Second, our macroeconomic stress testing exercises based on a simulation of macroeconomic variables show that French banks’ profitability is resilient to major adverse macroeconomic scenarios. Specifically, our findings highlight that even severe recessions would leave the French banking system profitable.bank profitability, dynamic panel estimation, stress test.

Tip vortex computer code SRATIP. User's guide

This User's Guide applies to the three dimensional viscous flow forward marching analysis, PEPSIG, as used for the calculation of the helicopter tip vortex flow field. The guide presents a discussion of the program flow and subroutines, as well as a list of sample input and output

Axial Anomaly and the Nucleon Spin

In this letter, we have taken a particular Lagrangian, which was introduced to resolve U(1) problem, as an effective QCD Lagrangian, and have derived a formula of the quark content of the nucleon spin. The difference between quark content of the proton (\Delta\Sigma_p) and that of the neutron (\Delta\Sigma_n) is evaluated by this formula. Neglecting the higher-order isospin corrections, this formula can reduce to Efremov's results in the large N_c limit.Comment: (1) A few changes and corrections made following Referee. (2) The difference between quark content of the proton (\Delta\Sigma_p) and that of the neutron (\Delta\Sigma_n) is evaluated. Neglecting the higher-order isospin corrections, this formula can reduce to Efremov's results in the large N_c limi

Multiband effects on the conductivity for a multiband Hubbard model

The newly discovered iron-based superconductors have attracted lots of interests, and the corresponding theoretical studies suggest that the system should have six bands. In this paper, we study the multiband effects on the conductivity based on the exact solutions of one-dimensional two-band Hubbard model. We find that the orbital degree of freedom might enhance the critical value $U_c$ of on-site interaction of the transition from a metal to an insulator. This observation is helpful to understand why undoped High-$T_c$ superconductors are usually insulators, while recently discovered iron-based superconductors are metal. Our results imply that the orbital degree of freedom in the latter cases might play an essential role.Comment: 4 pages, 5 figure

Numerical solutions of 2-D multi-stage rotor/stator unsteady flow interactions

The Rai method of single-stage rotor/stator flow interaction is extended to handle multistage configurations. In this study, a two-dimensional Navier-Stokes multi-zone approach was used to investigate unsteady flow interactions within two multistage axial turbines. The governing equations are solved by an iterative, factored, implicit finite-difference, upwind algorithm. Numerical accuracy is checked by investigating the effect of time step size, the effect of subiteration in the Newton-Raphson technique, and the effect of full viscous versus thin-layer approximation. Computer results compared well with experimental data. Unsteady flow interactions, wake cutting, and the associated evolution of vortical entities are discussed

Simulation of radial expansion of an electron beam injected into a background plasma

A 2-D electrostatic particle code was used to study the beam radial expansion of a nonrelativistic electron beam injected from an isolated equipotential conductor into a background plasma. The simulations indicate that the beam radius is generally proportional to the beam electron gyroradius when the conductor is charged to a large potential. The simulations also suggest that the charge buildup at the beam stagnation point causes the beam radial expansion. From a survey of the simulation results, it is found that the ratio of the beam radius to the beam electron gyroradius increases with the square root of beam density and decreases inversely with beam injection velocity. This dependence is explained in terms of the ratio of the beam electron Debye length to the ambient electron Debye length. These results are most applicable to the SEPAC electron beam injection experiments from Spacelab 1, where high charging potential was observed

Probability of undetected error after decoding for a concatenated coding scheme

A concatenated coding scheme for error control in data communications is analyzed. In this scheme, the inner code is used for both error correction and detection, however the outer code is used only for error detection. A retransmission is requested if the outer code detects the presence of errors after the inner code decoding. Probability of undetected error is derived and bounded. A particular example, proposed for NASA telecommand system is analyzed

Performance analysis of the word synchronization properties of the outer code in a TDRSS decoder

A self-synchronizing coding scheme for NASA's TDRSS satellite system is a concatenation of a (2,1,7) inner convolutional code with a (255,223) Reed-Solomon outer code. Both symbol and word synchronization are achieved without requiring that any additional symbols be transmitted. An important parameter which determines the performance of the word sync procedure is the ratio of the decoding failure probability to the undetected error probability. Ideally, the former should be as small as possible compared to the latter when the error correcting capability of the code is exceeded. A computer simulation of a (255,223) Reed-Solomon code as carried out. Results for decoding failure probability and for undetected error probability are tabulated and compared