Commercial property prices and bank performance

We seek to assess the effect of changes in commercial property prices on bank behaviour and performance in a range of industrialised economies, extending the existing micro literature on bank performance. The results suggest that, consistent with macro-level studies, commercial property prices have a marked impact on the behaviour and performance of individual banks. The signs found are consistent with a view that commercial property provides important forms of collateral that are perceived by banks to reduce risk and encourage lending. Such an impact exists even when conventional independent variables determining bank performance are included. Moreover, there is evidence that the magnitude of this impact is related to the size of the bank, the direction of commercial property price movements, and regional factors. The results have implications for risk managers, regulators and monetary policy makers. Notably, they underline the crucial relevance of commercial property prices as a macroprudential variable that warrants close scrutiny by the authorities. They also highlight the need to develop indicators of individual bank exposure to the property market that could help to calibrate the potential impact of changes in prices in stress tests

Gravitational Lensing Statistics as a Probe of Dark Energy

By using the comoving distance, we derive an analytic expression for the optical depth of gravitational lensing, which depends on the redshift to the source and the cosmological model characterized by the cosmic mass density parameter $\Omega_m$, the dark energy density parameter $\Omega_x$ and its equation of state $\omega_x = p_x/\rho_x$. It is shown that, the larger the dark energy density is and the more negative its pressure is, the higher the gravitational lensing probability is. This fact can provide an independent constraint for dark energy.Comment: 9 pages, 2 figure

A flexible mandatory access control policy for XML databases

A flexible mandatory access control policy (MAC) for XML databases is presented in this paper. The label type and label access policy can be defined according to the requirements of applications. In order to preserve the integrity of data in XML databases, a constraint between a read access rule and a write access rule in label access policy is introduced. Rules for label assignment and propagation are proposed to alleviate the workload of label assignment. Also, a solution for resolving conflicts of label assignments is proposed. At last, operations for implementation of the MAC policy in a XML database are illustrated

Crystals for high-energy calorimetry in extreme environments

Crystals are used as a homogeneous calorimetric medium in many high-energy physics experiments. For some experiments, performance has to be ensured in very difficult operating conditions, like a high radiation environment, very large particle fluxes, high collision rates, placing constraints on response and readout time. An overview is presented of recent achievements in the field, with particular attention given to the performance of Lead Tungstate (PWO) crystals exposed to high particle fluxes.Comment: To be published in Proc. of the Meeting of the Division of Particles and Fields of the American Physical Society, DPF2004 (Riverside, USA, August 26th to 31st, 2004

On the convergence of autonomous agent communities

This is the post-print version of the final published paper that is available from the link below. Copyright @ 2010 IOS Press and the authors.Community is a common phenomenon in natural ecosystems, human societies as well as artificial multi-agent systems such as those in web and Internet based applications. In many self-organizing systems, communities are formed evolutionarily in a decentralized way through agents' autonomous behavior. This paper systematically investigates the properties of a variety of the self-organizing agent community systems by a formal qualitative approach and a quantitative experimental approach. The qualitative formal study by applying formal specification in SLABS and Scenario Calculus has proven that mature and optimal communities always form and become stable when agents behave based on the collective knowledge of the communities, whereas community formation does not always reach maturity and optimality if agents behave solely based on individual knowledge, and the communities are not always stable even if such a formation is achieved. The quantitative experimental study by simulation has shown that the convergence time of agent communities depends on several parameters of the system in certain complicated patterns, including the number of agents, the number of community organizers, the number of knowledge categories, and the size of the knowledge in each category

Electroencephalogram evidence for the activation of human mirror neuron system during the observation of intransitive shadow and line drawing actions

This article is available open access from the NCBI website at the link below. Copyright 2013 © Neural Regeneration Research. This is an open-access article distributed under the terms of the Creative Commons Attribution-Noncommercial-Share Alike 3.0 Unported, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.Previous studies have demonstrated that hand shadows may activate the motor cortex associated with the mirror neuron system in human brain. However, there is no evidence of activity of the human mirror neuron system during the observation of intransitive movements by shadows and line drawings of hands. This study examined the suppression of electroencephalography mu waves (8–13 Hz) induced by observation of stimuli in 18 healthy students. Three stimuli were used: real hand actions, hand shadow actions and actions made by line drawings of hands. The results showed significant desynchronization of the mu rhythm (“mu suppression”) across the sensorimotor cortex (recorded at C3, Cz and C4), the frontal cortex (recorded at F3, Fz and F4) and the central and right posterior parietal cortex (recorded at Pz and P4) under all three conditions. Our experimental findings suggest that the observation of “impoverished hand actions”, such as intransitive movements of shadows and line drawings of hands, is able to activate widespread cortical areas related to the putative human mirror neuron system.The National Natural Science Foundation of China and the Research Fund for the Doctoral Program of Higher Education of China

Systematic analysis of hadron spectra in p+p collisions using Tsallis distribution

Using the experimental data from the STAR, PHENIX, ALICE and CMS programs on the rapidity and energy dependence of the $p_T$ spectra in p+p collisions, we show that a universal distribution exists. The energy dependence of temperature $T$ and parameter $n$ of the Tsallis distribution are also discussed in detail. A cascade particle production mechanism in p+p collisions is proposed.Comment: 13 pages, 8 figure