Black holes with asymptotic anisotropic scaling are conjectured to be gravity
duals of condensed matter system close to quantum critical points with
non-trivial dynamical exponent z at finite temperature. A holographic
renormalization procedure is presented that allows thermodynamic potentials to
be defined for objects with both electric and magnetic charge in such a way
that standard thermodynamic relations hold. Black holes in asymptotic Lifshitz
spacetimes can exhibit paramagnetic behavior at low temperature limit for
certain values of the critical exponent z, whereas the behavior of AdS black
holes is always diamagnetic.Comment: 26 pages, 4 figure