P11 Resonances with Dubna-Mainz-Taipei Dynamical Model for pi-N Scattering and Pion Electromagnetic Production

We present the results on P11 resonances obtained with Dubna-Mainz-Taipei (DMT) dynamical model for pion-nucleon scattering and pion electromagnetic production. The extracted values agree well, in general, with PDG values. One pole is found corresponding to the Roper resonance and two more resonances are definitely needed in DMT model. We further find indication for a narrow P11 resonance at around 1700 MeV with a width of around 50 MeV in both pi-N and gamma-pi reactions.Comment: Contribution to the Proceedings of NSTAR 2011 - The 8th International Workshop on the Physics of Excited Nucleons, May 17-20, 2011, Thomas Jefferson National Accelerator Facility, Newport News, Virginia US

The shadow banking system: implications for fi nancial regulation

The current financial crisis has highlighted the changing role of financial institutions and the growing importance of the “shadow banking system” that grew on the back of the securitisation of assets and the integration of banking with capital market developments. This trend has been most pronounced in the United States, but has had a profound influence for the global financial system as a whole. In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are closely tied to the fluctuations of leverage of market-based fi nancial intermediaries. Balance sheet growth of market-based financial intermediaries provides a window on liquidity in the sense of availability of credit, while contractions of balance sheets have tended to precede the onset of financial crises. Securitisation was intended as a way to disperse credit risk to those who were better able to absorb losses, but instead securitisation served to increase the fragility of the financial system as a whole by allowing banks and other intermediaries to leverage up by buying each others’ securities. In the new, post-crisis financial system, the role of securitisation is likely to be held in check by more stringent financial regulation and the recognition of the importance of preventing excessive leverage and maturity mismatch in undermining financial stability.

Liquidity and financial contagion.

There is an apparent puzzle at the heart of the 2007 credit crisis. The subprime mortgage sector is small relative to the financial system as a whole and the exposure was widely dispersed through securitization. Yet the crisis in the credit market has been potent. Traditionally, financial contagion has been viewed through the lens of defaults, where if A has borrowed from B and B has borrowed from C, then the default of A impacts B, which then impacts C, etc. However, in a modern market-based financial system, the channel of contagion is through price changes and the measured risks and marked-to-market capital of financial institutions. When balance sheets are marked to market, asset price changes show up immediately on balance sheets and elicit response from financial market participants. Even if exposures are dispersed widely throughout the financial system, the potential impact of a shock can be amplified many-fold through market price changes.

Enhanced toluene removal using granular activated carbon and a yeast strain candida tropicalis in bubble-column bioreactors

The yeast strain Candida tropicalis was used for the biodegradation of gaseous toluene. Toluene was effectively treated by a liquid culture of C. tropicalis in abubble-column bioreactor, and the tolueneremoval efficiency increased with decreasing gas flow rate. However, toluene mass transfer from the gas-to-liquid phase was a major limitation for the uptake of toluene by C. tropicalis. The tolueneremoval efficiency was enhanced when granularactivatedcarbon (GAC) was added as a fluidized material. The GAC fluidized bioreactor demonstrated tolueneremoval efficiencies ranging from 50 to 82% when the inlet toluene loading was varied between 13.1 and 26.9 g/m3/h. The yield value of C. tropicalis ranged from 0.11 to 0.21 g-biomass/g-toluene, which was substantially lower than yield values for bacteria reported in the literature. The maximum elimination capacity determined in the GAC fluidized bioreactor was 172 g/m3/h at atoluene loading of 291 g/m3/h. Transient loading experiments revealed that approximately 50% of the toluene introduced was initially adsorbed onto the GAC during an increased loading period, and then slowly desorbed and became available to the yeast culture. Hence, the fluidized GAC mediated in improving the gas-to-liquid mass transfer of toluene, resulting in a high tolueneremoval capacity. Consequently, the GAC bubble-column bioreactor using the culture of C. tropicalis can be successfully applied for the removal of gaseous toluene