Macroscopic and mesoscopic matter waves

It has been shown earlier that matter waves which are known to lie typically in the range of a few Angstrom, can also manifest in the macrodomain with a wave length of a few centimeters, for electrons propagating along a magnetic field. This followed from the predictions of a probability amplitude theory by the author in the classical macrodomain of the dynamics of charged particles in a magnetic field. It is shown in this paper that this case constitutes only a special case of a generic situation whereby composite systems such as atoms and molecules in their highly excited internal states,can exhibit matter wave manifestation in macro and mesodomains. The wave length of these waves is determined, not by the mass of the particle as in the case of the de Broglie wave, but by the frequency, associated with the internal state of excitation, and is given by a nonquantal expression, $\lambda =2\pi v/\omega$, $v$ being the velocity of the particle. For the electrons in a magnetic field the frequency corresponds to the gyrofrequency, $\Omega$ and the nonquantal wave length is given by $\lambda = 2\pi v_{\parallel}/\Omega$; $v_{\parallel}$ being the velocity of electrons along the magnetic field.Comment: 16 pages, LaTex, No figure

Securities Scam Genesis, Mechanics and Impact

The term "securities scam" refers to a diversion of funds to the tune of over Rs. 3500 crores from the banking system to various stockbrokers in a series of transactions (primarily in Government securities) during the period April 1991 to May 1992. The scam has for several months become a permanent feature of the front pages of the newspapers. Despite the massive media coverage of the scam, most readers found it hard to understand it particularly when they were confronted with arcane terms and acronyms like ready forward, double ready forward, SGL, PDO, BR, PMS etc. Nevertheless an understanding of the scam is a prerequisite for any meaningful analysis of policy alternatives to improve the functioning of the financial system. This paper presents a plausible reconstruction of how the scam originated, how it was perpetrated, and what would be its aftermath. The paper is expository in nature and the authors make no claims to omniscience. The paper goes on to discuss the response of the government to the scam in terms of 1) discovering and punishing the guilty, 2) recovering the money, and 3) reforming the system. While agreeing with the importance of discovering and punishing the guilty, the paper argues that the attempt of the government to recover the money by such measures as the tainted shares law which cause severe and unjustified hardship to genuine and innocent investors is misguided. Turning to the arena of reforms of the financial system, the paper argues that the origins of the scam lie in overregulation of our markets. It recommends that normal transactions must be allowed to be done openly and transparently, and the role of brokers as market makers must be recognized. The second lesson from the scam is that artificial insulation of closely related markets from each other is counterproductive in the long run. Artificial barriers between the money market and the capital market, between the market for corporate securities and the market for government securities and between the formal money market and the informal one must be eliminated.