Cooperative heterogeneous facilitation: multiple glassy states and glass-glass transition

The formal structure of glass singularities in the mode-coupling theory (MCT) of supercooled liquids dynamics is closely related to that appearing in the analysis of heterogeneous bootstrap percolation on Bethe lattices, random graphs and complex networks. Starting from this observation one can build up microscopic on lattice realizations of schematic MCT based on cooperative facilitated spin mixtures. I discuss a microscopic implementation of the F13 schematic model including multiple glassy states and the glass-glass transition. Results suggest that our approach is flexible enough to bridge alternative theoretical descriptions of glassy matter based on the notions of quenched disorder and dynamic facilitation.Comment: 4 pages, 2 figure

Effects of a trapped vortex cell on thick wing profile

Experimental investigation on the effects originated from a trapped vortex cell on the NACA0024 airfoi

Contractual savings or stock market development - Which leads?

The authors study the relationship between the development of contractual savings (assets of pension funds, and life insurance companies) and non-life insurance, and, the development of stock markets (market capitalization and value traded). Their contribution lies in providing time-series evidence on a hypothesis that is very popular - but had not been substantiated - among supporters of fully funded pension systems in which funds invest large shares of their portfolios in tradable securities (equities, bonds). The literature is not clear on its assumption regarding causality between contractual savings, and capital market development. A one-way or two-way relationship is assumed, usually inter-changeably; the authors address the questions of which leads empirically. They present the evidence, including descriptive statistics, and the results of Granger causality tests, for OECD countries, and such countries as Chile, Malaysia, Singapore, South Africa, and Thailand. They do not present a theoretical framework, but do explain how the growth of the contractual savings sector, is thought to promote financial development. The authors find evidence in the data that causality between institutions, and markets either does not exist, or, if it exists, runs predominantly from institutions to markets. To a lesser extent, there is simultaneous causality between institutions, and markets. Furthermore, there is limited evidence that causality runsonly from markets to institutions (the only exception seems to be for non-life insurance in developing countries). Results seem to support the idea that the development of institutional investors, is likely to promote the growth of market capitalization, more than that of value traded. In developing countries, there seems to be no causality from pension funds to growth in value traded, while there is causality from life, and non-life insurance.International Terrorism&Counterterrorism,Economic Theory&Research,Banks&Banking Reform,Payment Systems&Infrastructure,Financial Intermediation,Financial Intermediation,Contractual Savings,Insurance Law,Economic Theory&Research,Banks&Banking Reform

The impact of contractual savings institutions on securities markets

The authors assess empirically the impact of contractual savings institutions portfolios (pension funds and life insurance companies) on securities markets, for example, depth and liquidity in the domestic stock market, and depth in the domestic bond market. They discuss how the institutionalization of savings can modify financial markets through the lengthening of securities'maturities. The results are the following: 1) An increase in assets of contractual savings institutions relative to domestic financial assets has a positive impact on the depth of stock and bond markets on average. 2) The impact on stock market depth and liquidity is nonlinear: it is stronger in countries where corporate information is more transparent. 3) There is evidence of a significant heterogeneity among countries: contractual savings have a stronger impact on securities markets in countries where the financial system is market based, pension fund contributions are mandatory, and international transactions in securities are lower. 4) The authors do not find that the impact of contractual savings institutions on securities markets is explained by the overall level of development, education, demographic structure or the legal environment.Economic Theory&Research,Insurance&Risk Mitigation,Banks&Banking Reform,Payment Systems&Infrastructure,Insurance Law,Insurance&Risk Mitigation,Banks&Banking Reform,Financial Intermediation,Economic Theory&Research,Insurance Law

Contractual savings, capital markets, and firms'financing choices

The authors analyze the relationship between the development and asset allocation of contractual savings and firms'capital structures. The authors develop a simple model of firms'leverage and debt maturity decisions. They illustrate the mechanisms through which contractual savings development may affect corporate financing patterns. In the empirical section, the authors show that the development and asset allocation of contractual savings have an independent impact on firms'financing choices. Different channels are identified. In market-based economies, an increase in the proportion of shares in the portfolio of contractual savings leads to a decline in firms'leverage. In bank-based economies, instead, an increase in the size of contractual savings is associated with an increase in leverage and debt maturity in the corporate sectorBanks&Banking Reform,Payment Systems&Infrastructure,International Terrorism&Counterterrorism,Economic Theory&Research,Financial Intermediation,Banks&Banking Reform,Economic Theory&Research,Financial Intermediation,Environmental Economics&Policies,International Terrorism&Counterterrorism