State Ownership and Banks Information Rents: Evidence from China

In a lending relationship, a bank with an information advantage regarding its client tends to hold up the borrower and charge higher interest rates. We conjecture that state-owned enterprises (SOEs), with worse information asymmetry, are subject to greater informationrents. State-owned banks place less emphasis on information production and hence extract lower rents compared to profit maximizing private banks. We use the decline of loan interest rates around the borrowers’ equity initial public offerings (IPOs) as the proxy of banks’ information rents. We find SOEs in China experiencelarger declines in loan interest rates around their IPOs; the central government-controlled Big Four banks exhibit smaller declines in rates they charge, and their rate declines concentrate on loans made to SOEs

Hawking radiation-quasinormal modes correspondence for large AdS black holes

It is well-known that the non-strictly thermal character of the Hawking radiation spectrum generates a natural correspondence between Hawking radiation and black hole quasinormal modes. This main issue has been analyzed in the framework of Schwarzschild black holes, Kerr black holes and nonextremal Reissner-Nordstrom black holes. In this paper, by introducing the effective temperature, we reanalysis the non-strictly thermal character of large AdS black holes. The results show that the effective mass corresponding to the effective temperature is approximatively the average one in any dimension. And the other effective quantities can also be obtained. Based on the known forms of frequency in quasinormal modes, we reanalysis the asymptotic frequencies of the large AdS black hole in three and five dimensions. Then we get the formulas of the Bekenstein-Hawking entropy and the horizon's area quantization with functions of the quantum "overtone" number $n$.Comment: 6 page

Quantum network teleportation for quantum information distribution and concentration

We investigate the schemes of quantum network teleportation for quantum information distribution and concentration which are essential in quantum cloud computation and quantum internet. In those schemes, the cloud can send simultaneously identical unknown quantum states to clients located in different places by a network like teleportation with a prior shared multipartite entangled state resource. The cloud first perform the quantum operation, each client can recover their quantum state locally by using the classical information announced by the cloud about the measurement result. The number of clients can be beyond the number of identical quantum states intentionally being sent, this quantum network teleportation can make sure that the retrieved quantum state is optimal. Furthermore, we present a scheme to realize its reverse process, which concentrates the states from the clients to reconstruct the original state of the cloud. These schemes facilitate the quantum information distribution and concentration in quantum networks in the framework of quantum cloud computation. Potential applications in time synchronization are discussed.Comment: 7 pages, 1 figur

A multi-criteria decision-making method based on single-valued trapezoidal neutrosophic preference relations with complete weight information

Single-valued trapezoidal neutrosophic numbers (SVTNNs) have a strong capacity to depict uncertain, inconsistent, and incomplete information about decisionmaking problems. Preference relations represent a practical tool for presenting decision makers’ preference information regarding various alternatives