Availability of Credit and Loan Default: A Look at the Commercial Mortgage Supply Cycle

This study uses a structural equation approach to assess the presence of a credit supply effect in the commercial mortgage market and the lenders' ability to incorporate expectations about this effect into their lending policies. A credit supply effect is defined as the effect of mortgage supply on the level of loan defaults. The empirical analysis shows two important results. First, changes in loan defaults appear to be followed by changes in commercial mortgage supply with a lag of approximately four to five years. Second, lenders tend to behave myopically, failing to incorporate expectations about the credit supply effect into their lending policies. Additionally, a simulation suggests that adequate timing of the mortgage supply cycle is crucial in limiting the incidence of mortgage default.

Inter-Center Retail Externalities

This paper empirically examines inter-center externalities in regional shopping centers. Specifically, we use a non-linear retail share model to measure the impact that department store size and image in subject and competitive centers have on subject center in-line retail sales. Our findings reveal that department store size and image attributes have a significant and non-linear impact on subject center sales. More importantly, the results show that the effect of department store fashion image dominates that of department store size

Stability of toroidal magnetic fields in stellar interiors

We present 3D MHD simulations of purely toroidal and mixed poloidal-toroidal magnetic field configurations to study the behavior of the Tayler instability. For the first time the simultaneous action of rotation and magnetic diffusion are taken into account and the effects of a poloidal field on the dynamic evolution of unstable toroidal magnetic fields is included. In the absence of diffusion, fast rotation (rotation rate compared to Alfv\'en frequency) is able to suppress the instability when the rotation and magnetic axes are aligned and when the radial field strength gradient p < 1.5. When diffusion is included, this system turns unstable for diffusion dominated and marginally diffusive dominated regions. If the magnetic and rotation axes are perpendicular to each other the stabilizing effect induced by the Coriolis force is scale dependent and decreases with increasing wavenumber. In toroidal fields with radial field gradients bigger than p > 1.5, rapid rotation does not suppress the instability but instead introduces a damping factor to the growth rate in agreement with the analytic predictions. For the mixed poloidal-toroidal fields we find an unstable axisymmetric mode, not predicted analytically, right at the stability threshold for the non-axisymmetric modes; it has been argued that an axisymmetric mode is necessary for the closure of the Tayler-Spruit dynamo loop.Comment: 12 pages, 12 figures. Accepted for publication in A&

Transport properties of a modified Lorentz gas

We present a detailed study of the first simple mechanical system that shows fully realistic transport behavior while still being exactly solvable at the level of equilibrium statistical mechanics. The system under consideration is a Lorentz gas with fixed freely-rotating circular scatterers interacting with point particles via perfectly rough collisions. Upon imposing a temperature and/or a chemical potential gradient, a stationary state is attained for which local thermal equilibrium holds for low values of the imposed gradients. Transport in this system is normal, in the sense that the transport coefficients which characterize the flow of heat and matter are finite in the thermodynamic limit. Moreover, the two flows are non-trivially coupled, satisfying Onsager's reciprocity relations to within numerical accuracy as well as the Green-Kubo relations . We further show numerically that an applied electric field causes the same currents as the corresponding chemical potential gradient in first order of the applied field. Puzzling discrepancies in higher order effects (Joule heating) are also observed. Finally, the role of entropy production in this purely Hamiltonian system is shortly discussed.Comment: 16 pages, 16 figures, submitted to J. Stat. Phy

First passages for a search by a swarm of independent random searchers

In this paper we study some aspects of search for an immobile target by a swarm of N non-communicating, randomly moving searchers (numbered by the index k, k = 1, 2,..., N), which all start their random motion simultaneously at the same point in space. For each realization of the search process, we record the unordered set of time moments \{\tau_k\}, where \tau_k is the time of the first passage of the k-th searcher to the location of the target. Clearly, \tau_k's are independent, identically distributed random variables with the same distribution function \Psi(\tau). We evaluate then the distribution P(\omega) of the random variable \omega \sim \tau_1/bar{\tau}, where bar{\tau} = N^{-1} \sum_{k=1}^N \tau_k is the ensemble-averaged realization-dependent first passage time. We show that P(\omega) exhibits quite a non-trivial and sometimes a counterintuitive behaviour. We demonstrate that in some well-studied cases e.g., Brownian motion in finite d-dimensional domains) the \textit{mean} first passage time is not a robust measure of the search efficiency, despite the fact that \Psi(\tau) has moments of arbitrary order. This implies, in particular, that even in this simplest case (not saying about complex systems and/or anomalous diffusion) first passage data extracted from a single particle tracking should be regarded with an appropriate caution because of the significant sample-to-sample fluctuations.Comment: 35 pages, 18 figures, to appear in JSTA

Quantum and classical echoes in scattering systems described by simple Smale horseshoes

We explore the quantum scattering of systems classically described by binary and other low order Smale horseshoes, in a stage of development where the stable island associated with the inner periodic orbit is large, but chaos around this island is well developed. For short incoming pulses we find periodic echoes modulating an exponential decay over many periods. The period is directly related to the development stage of the horseshoe. We exemplify our studies with a one-dimensional system periodically kicked in time and we mention possible experiments.Comment: 7 pages with 6 reduced quality figures! Please contact the authors ([email protected]) for an original good quality pre-prin

Nonequlibrium particle and energy currents in quantum chains connected to mesoscopic Fermi reservoirs

We propose a model of nonequilibrium quantum transport of particles and energy in a system connected to mesoscopic Fermi reservoirs (meso-reservoir). The meso-reservoirs are in turn thermalized to prescribed temperatures and chemical potentials by a simple dissipative mechanism described by the Lindblad equation. As an example, we study transport in monoatomic and diatomic chains of non-interacting spinless fermions. We show numerically the breakdown of the Onsager reciprocity relation due to the dissipative terms of the model.Comment: 5pages, 4 figure

Spectroscopic Interpretation: The High Vibrations of CDBrClF

We extract the dynamics implicit in an algebraic fitted model Hamiltonian for the deuterium chromophore's vibrational motion in the molecule CDBrClF. The original model has 4 degrees of freedom, three positions and one representing interbond couplings. A conserved polyad allows in a semiclassical approach the reduction to 3 degrees of freedom. For most quantum states we can identify the underlying motion that when quantized gives the said state. Most of the classifications, identifications and assignments are done by visual inspection of the already available wave function semiclassically transformed from the number representation to a representation on the reduced dimension toroidal configuration space corresponding to the classical action and angle variables. The concentration of the wave function density to lower dimensional subsets centered on idealized simple lower dimensional organizing structures and the behavior of the phase along such organizing centers already reveals the atomic motion. Extremely little computational work is needed.Comment: 23 pages, 6 figures. Accepted for publication in J. Chem. Phy