Bank Risk, Capitalization and Inefficiency

This paper employs a simultaneous equations approach to measuring the tradeoffs between risk, capitalization and measured inefficiencies in a sample of 254 large bank holding companies over the period 1986 through 1991. The results confirm the belief that these three variables are simultaneously determined. Furthermore, asymmetries were identified in the relationship between risk and inefficiencies. Support was found in the asset risk equations for the hypothesis that less efficient institutions took on more risk to off set this inefficiency, thereby transferring risk to the deposit insurance finds. Similarly, less efficient institutions tended to be less well capitalized, a result that may also be associated with differences in management quality. Finally, evidence is provided that risk averse managers tend to expend real resources to reduce asset risk, which makes them appear to be inefficient, when compared to efficiency measures derived under the assumption of risk neutrality. This paper was presented at the Financial Institutions Center's October 1996 conference on "

Advanced communications payload for mobile applications

An advanced satellite payload is proposed for single hop linking of mobile terminals of all classes as well as Very Small Aperture Terminal's (VSAT's). It relies on an intensive use of communications on-board processing and beam hopping for efficient link design to maximize capacity and a large satellite antenna aperture and high satellite transmitter power to minimize the cost of the ground terminals. Intersatellite links are used to improve the link quality and for high capacity relay. Power budgets are presented for links between the satellite and mobile, VSAT, and hub terminals. Defeating the effects of shadowing and fading requires the use of differentially coherent demodulation, concatenated forward error correction coding, and interleaving, all on a single link basis

Analytical method for designing grating compensated dispersion-managed soliton systems

This paper was published in Journal of Optical Society of America B and is made available as an electronic reprint with the permission of OSA. The paper can be found at the following URL on the OSA website: http://www.opticsinfobase.org/abstract.cfm?URI=JOSAB-21-4-706. Systematic or multiple reproduction or distribution to multiple locations via electronic or other means is prohibited and is subject to penalties under law. © 2004 The Optical Society.Peer reviewedPublisher PD

A 100-MIPS GaAs asynchronous microprocessor

The authors describe how they ported an asynchronous microprocessor previously implemented in CMOS to gallium arsenide, using a technology-independent asynchronous design technique. They introduce new circuits including a sense-amplifier, a completion detection circuit, and a general circuit structure for operators specified by production rules. The authors used and tested these circuits in a variety of designs

The informativeness of stochastic frontier and programming frontier efficiency scores: Cost efficiency and other measures of bank holding company performance

This paper examines the properties of the X-inefficiencies in U.S. bank holding companies derived from both stochastic and linear programming frontiers. This examination allows the robustness of results across methods to be compared. While we find that calculated programming inefficiency scores are two to three times larger than those estimated using a stochastic frontier, the patterns of the scores across banks and time are similar, and there is a relatively high correlation of the rankings of banks' efficiencies under the two methods. However, when we examine the "informativeness" of the efficiency measured by the two different techniques, we find some large differences. We find evidence that the stochastic frontier scores are more closely related to risk-taking behavior, managerial competence, and bank stock returns. Based on these findings, we conclude that while both methods produce informative efficiency scores, for this data set decision makers should put more weight on the stochastic frontier efficiency estimates.Bank holding companies ; Banks and banking - Costs

Insecurity of position-based quantum cryptography protocols against entanglement attacks

Recently, position-based quantum cryptography has been claimed to be unconditionally secure. In contrary, here we show that the existing proposals for position-based quantum cryptography are, in fact, insecure if entanglement is shared among two adversaries. Specifically, we demonstrate how the adversaries can incorporate ideas of quantum teleportation and quantum secret sharing to compromise the security with certainty. The common flaw to all current protocols is that the Pauli operators always map a codeword to a codeword (up to an irrelevant overall phase). We propose a modified scheme lacking this property in which the same cheating strategy used to undermine the previous protocols can succeed with a rate at most 85%. We conjecture that the modified protocol is unconditionally secure and prove this to be true when the shared quantum resource between the adversaries is a two- or three- level system

Secure Massive MIMO Communication with Low-resolution DACs

In this paper, we investigate secure transmission in a massive multiple-input multiple-output (MIMO) system adopting low-resolution digital-to-analog converters (DACs). Artificial noise (AN) is deliberately transmitted simultaneously with the confidential signals to degrade the eavesdropper's channel quality. By applying the Bussgang theorem, a DAC quantization model is developed which facilitates the analysis of the asymptotic achievable secrecy rate. Interestingly, for a fixed power allocation factor $\phi$, low-resolution DACs typically result in a secrecy rate loss, but in certain cases they provide superior performance, e.g., at low signal-to-noise ratio (SNR). Specifically, we derive a closed-form SNR threshold which determines whether low-resolution or high-resolution DACs are preferable for improving the secrecy rate. Furthermore, a closed-form expression for the optimal $\phi$ is derived. With AN generated in the null-space of the user channel and the optimal $\phi$, low-resolution DACs inevitably cause secrecy rate loss. On the other hand, for random AN with the optimal $\phi$, the secrecy rate is hardly affected by the DAC resolution because the negative impact of the quantization noise can be compensated for by reducing the AN power. All the derived analytical results are verified by numerical simulations.Comment: 14 pages, 10 figure

The dilemmas of modern working women in Hong Kong: Women’s use of Korean TV dramas

In this paper we describe our audience study of some career women’s viewing practices of Korean TV dramas in Hong Kong. Using the snowballing method (Brown, 1994) we have conducted individual, in-depth interviews with fifteen Korean TV drama fans in Hong Kong. In our data analysis, we attempt to understand women’s viewing pleasure and the ways in which Korean TV dramas might provide modern working women in Hong Kong with resources to negotiate real life tensions between some deep-rooted, Confucianist sociocultural values and new, modern working conditions in a rapidly westernizing and globalizing Hong Kong society. Implications for women’s TV drama viewing practices and the (re)production and negotiation of women’s femininities in rapidly modernizing, westernizing and globalizing Asian societies are discussed.postprin