Systemic risk determinants in the European banking industry during financial crises, 2006-2012

The recent financial turmoil has stimulated a rich debate in banking and financial literature on the identification of systemic risk determinants and devices to forecast and prevent crises. This paper explores the contribution of corporate variables to systemic risk using the CoVaR approach (Adrian and Brunnermeier, 2016). Using balanced panel data on 141 European banks from 24 countries, which were listed from 2006Q1 to 2012Q4, we investigated the impact of corporate variables during the three regimes that characterised the European banking sector-the subprime crisis (2007Q3-2008Q3), the European Great Financial Depression (2008Q4-2010Q2), and the sovereign debt crisis (2010Q3-2012Q4). Our results show that size did not play a significant role in spreading systemic risk, while maturity mismatch did. However, the nature and intensity of these two determinants varied across the three regimes

Shot noise in resonant tunneling structures

We propose a quantum mechanical approach to noise in resonant tunneling structures, that can be applied in the whole range of transport regimes, from completely coherent to completely incoherent. In both limiting cases, well known results which have appeared in the literature are recovered. Shot noise reduction due to both Pauli exclusion and Coulomb repulsion, and their combined effect, are studied as a function of the rate of incoherent processes in the well (which are taken into account by means of a phenomenological relaxation time), and of temperature. Our approach allows the study of noise in a variety of operating conditions (i.e., equilibrium, sub-peak voltages, second resonance voltages), and as a function of temperature, explaining experimental results and predicting interesting new results.Comment: RevTeX file, 26 pages, 3 Postscript figures, uses epsf.sty. submitted to Phys. Rev.

Non Markovian Quantum Repeated Interactions and Measurements

A non-Markovian model of quantum repeated interactions between a small quantum system and an infinite chain of quantum systems is presented. By adapting and applying usual pro jection operator techniques in this context, discrete versions of the integro-differential and time-convolutioness Master equations for the reduced system are derived. Next, an intuitive and rigorous description of the indirect quantum measurement principle is developed and a discrete non Markovian stochastic Master equation for the open system is obtained. Finally, the question of unravelling in a particular model of non-Markovian quantum interactions is discussed.Comment: 22 page

A Sample of OB Stars That Formed in the Field

We present a sample of 14 OB stars in the Small Magellanic Cloud that meet strong criteria for having formed under extremely sparse star-forming conditions in the field. These stars are a minimum of 28 pc in projection from other OB stars, and they are centered within symmetric, round HII regions. They show no evidence of bow shocks, implying that the targets are not transverse runaway stars. Their radial velocities relative to local HI also indicate that they are not line-of-sight runaway stars. A friends-of-friends analysis shows that 9 of the objects present a few low-mass companion stars, with typical mass ratios for the two highest-mass stars of around 0.1. This further substantiates that these OB stars formed in place, and that they can and do form in extremely sparse conditions. This poses strong constraints on theories of star formation and challenges proposed relations between cluster mass and maximum stellar mass.Comment: Accepted to ApJ, 12 page

Effects of tidal interactions on the gas flows of elliptical galaxies

During a Hubble time, cluster galaxies may undergo several mutual encounters close enough to gravitationally perturb their hot, X-ray emitting gas flows. We ran several 2D, time dependent hydrodynamical models to investigate the effects of such perturbations on the gas flow inside elliptical galaxies. In particular, we studied in detail the modifications occurring in the scenario proposed by D'Ercole et al. (1989), in which the galactic interstellar medium produced by the aging galactic stellar population, is heated by SNIa at a decreasing rate. We find that, although the tidal interaction in our models lasts less than 1 Gyr, its effect extends over several Gyrs. The tidally induced turbulent flows create dense filaments which cool quickly and accrete onto the galactic center, producing large spikes in the global Lx. Once this mechanism starts, it is fed by gravity and amplified by SNIa. In cooling flow models without supernovae the amplitude of the Lx fluctuations due to the tidal interaction is substantially reduced. We conclude that, if SNIa significantly contribute to the energetics of the gas flows in ellipticals, then the observed spread in the Lx-Lb diagram may be caused, at least in part, by this mechanism. On the contrary, tidal interactions cannot be responsible for the observed spread if the pure cooling flow scenario applies (abridged).Comment: 21 pages, 8 figures, to be published in ApJ (main journal

Abundances of s-process elements in planetary nebulae: Br, Kr & Xe

We identify emission lines of post-iron peak elements in very high signal-to-noise spectra of a sample of planetary nebulae. Analysis of lines from ions of Kr and Xe reveals enhancements in most of the PNe, in agreement with the theories of s-process in AGB star. Surprisingly, we did not detect lines from Br even though s-process calculations indicate that it should be produced with Kr at detectable levels.Comment: 2 pages, 1 figure, to be published in the Proceedings of the IAU Symposium 234: Planetary Nebulae in Our Galaxy and Beyond, eds. M.J. Barlow, R.H. Mende

Association between Resistin Levels and All-Cause and Cardiovascular Mortality: A New Study and a Systematic Review and Meta-Analysis.

CONTEXT: Studies concerning the association between circulating resistin and mortality risk have reported, so far, conflicting results. OBJECTIVE: To investigate the association between resistin and both all-cause and cardiovascular (CV) mortality risk by 1) analyzing data from the Gargano Heart Study (GHS) prospective design (n=359 patients; 81 and 58 all-cause and CV deaths, respectively); 2) performing meta-analyses of all published studies addressing the above mentioned associations. DATA SOURCE AND STUDY SELECTION: MEDLINE and Web of Science search of studies reporting hazard ratios (HR) of circulating resistin for all-cause or CV mortality. DATA EXTRACTION: Performed independently by two investigators, using a standardized data extraction sheet. DATA SYNTHESIS: In GHS, adjusted HRs per one standard deviation (SD) increment in resistin concentration were 1.28 (95% CI: 1.07-1.54) and 1.32 (95% CI: 1.06-1.64) for all-cause and CV mortality, respectively. The meta-analyses included 7 studies (n=4016; 961 events) for all-cause mortality and 6 studies (n=4,187: 412 events) for CV mortality. Pooled HRs per one SD increment in resistin levels were 1.21 (95% CI: 1.03-1.42, Q-test p for heterogeneity<0.001) and 1.05 (95% CI: 1.01-1.10, Q-test p for heterogeneity=0.199) for all-cause and CV mortality, respectively. At meta-regression analyses, study mean age explained 9.9% of all-cause mortality studies heterogeneity. After adjusting for age, HR for all-cause mortality was 1.24 (95% CI: 1.06-1.45). CONCLUSIONS: Our results provide evidence for an association between circulating resistin and mortality risk among high-risk patients as are those with diabetes and coronary artery disease

Photoassociative spectroscopy at long range in ultracold strontium

We report photoassociative spectroscopy of $^{88}$Sr$_2$ in a magneto-optical trap operating on the ${^1S_0}\to{^3P_1}$ intercombination line at 689 nm. Photoassociative transitions are driven with a laser red-detuned by 600-2400 MHz from the ${^1S_0}\to{^1P_1}$ atomic resonance at 461 nm. Photoassociation takes place at extremely large internuclear separation, and the photoassociative spectrum is strongly affected by relativistic retardation. A fit of the transition frequencies determines the ${^1P_1}$ atomic lifetime ($\tau=5.22 \pm 0.03$ ns) and resolves a discrepancy between experiment and recent theoretical calculations.Comment: 4 pages, 4 figures, submitte