6,736 research outputs found
The Anatomy of an Entrepreneur: Are Successful Women Entrepreneurs Different From Men?
Compares characteristics of successful entrepreneurs by gender, including education, motives for becoming entrepreneurs, views on the role of prior experience, the importance of human and social capital, sources of financial capital, and challenges
A Cat Bond Premium Puzzle?
Catastrophe Bonds whose payoffs are tied to the occurrence of natural disasters offer insurers the ability to hedge event risk through the capital markets that could otherwise leave them insolvent if concentrated solely on their own balance sheets. At the same time, they offer investors a unique opportunity to enhance their portfolios with an asset that provides an attractive return that is uncorrelated with typical financial securities Despite its attractiveness, spreads in this market remain considerably higher than the spreads for comparable speculative grade debt. This paper uses results from behavior economics to suggest why cat bonds have not been more attractive to the investment community at current prices. In particular, the authors suggest that "ambiguity aversion", "loss aversion", and "uncertainty avoidance" may account for the reluctance of investment managers to invest in these products. In addition, since Catastrophe Bonds are a new type of investment, investors must invest time and money up front in order to educate themselves about the legal and technical complexities of the Cat Bond market before that investor can make a "to-buy or not-to-buy" decision. Such a transaction cost may reduce the attractiveness of the new bonds to the point where the investor would prefer to stay out of the market. The bulk of the paper consists of quantitative assessments of each of these hypotheses, along with a demonstration that Cat Bonds are indeed much more attractive than high yield bonds in terms of their Sharpe ratios (the ratio of the "excess return" over the risk free rate to the standard deviation of returns on the bonds). This is accomplished by simulating potential losses for hypothetical Cat Bonds under a wide variety of hurricane scenarios for the Miami/Dade county are. These findings lead the authors to suggest that issuers of Cat Bonds could themselves take steps to lower the cost of placing risk in this manner. Specifically, issuers might standardize a simple structure of terms to decrease the investor's cost of education. In addition issuers could better quantify and reduce pricing uncertainty. These steps will should increase demand for these instruments and produce a concomitant reduction in price.
s pairing near a Lifshitz transition
Observation of robust superconductivity in some of the iron based
superconductors in the vicinity of a Lifshitz point where a spin density wave
instability is suppressed as the {hole} band drops below the Fermi energy raise
questions for spin-fluctuation theories. Here we discuss spin-fluctuation
pairing for a bilayer Hubbard model, which goes through such a Lifshitz
transition. We find s pairing with a transition temperature that peaks
beyond the Lifshitz point and a gap function that has essentially the same
magnitude but opposite sign on the incipient hole band as it does on the
electron band that has a Fermi surface.Comment: 4 pages, 5 figure
Meson Masses and Mixing Angles in 2+1 Flavor Polyakov Quark Meson Sigma Model and Symmetry Restoration Effects
The meson masses and mixing angles have been calculated for the scalar and
pseudoscalar sector in the framework of the generalized 2+1 flavor Polyakov
loop augmented quark meson linear sigma model. We have given the results for
two different forms of the effective Polyakov loop potential. The comparison of
results with the existing calculations in the bare 2+1 quark meson linear sigma
model, shows that the restoration of chiral symmetry becomes sharper due to the
influence of the Polyakov loop potential. We find that inclusion of the
Polyakov loop in quark meson linear sigma model together with the presence of
axial anomaly, triggers an early and significant melting of the strange
condensate. We have examined how the inclusion of the Polyakov loop
qualitatively and quantitatively affects the convergence in the masses of the
chiral partners in pseudoscalar (, , , ) and scalar
(, , ,) meson nonets as the temperature is varied on
the reduced temperature scale. The role of anomaly in determining the
isoscalar masses and mixing angles for the pseudoscalar ( and )
and scalar ( and )meson complex, has also been investigated in the
Polyakov quark meson linear sigma model. The interplay of chiral symmetry
restoration effects and the setting up of restoration trend has been
discussed and analyzed in the framework of the presented model calculations.Comment: 15 pages, 8 figures, 4 table
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