Decentralized credtor-led corporate restructuring - cross-country experience

Countries that have experienced banking crises have adopted oneof two distinct approaches toward the resolution of non-performing assets-a centralized or a decentralized solution. A centralized approach entails setting up a government agency-an asset management company-with the full responsibility for acquiring, restructuring, and selling of the assets. A decentralized approach relies on banks and other creditors to manage and resolve non-performing assets. The authors study banking crises where governments adopted a decentralized, creditor-led workout strategy following systemic crises. They use a case study approach and analyze seven banking crises in which governments mainly relied on banks to resolve non-performing assets. The study suggests that out of the seven cases, only Chile, Norway, and Poland successfully restructured their corporate sectors with companies attaining viable financial structures. The analysis underscores that as in the case of a centralized strategy the prerequisites for a successful decentralized restructuring strategy are manifold. The successful countries significantly improved the banking system's capital position, enabling banks to write down loan losses; banks as well as corporations had adequate incentives to engage in corporate restructuring; and ownership links between banks and corporations were limited or severed during crises.Financial Intermediation,Financial Crisis Management&Restructuring,Payment Systems&Infrastructure,Banks&Banking Reform,International Terrorism&Counterterrorism,Banks&Banking Reform,Financial Crisis Management&Restructuring,Financial Intermediation,International Terrorism&Counterterrorism,Banking Law

Sommerfeld Enhancements for Thermal Relic Dark Matter

The annihilation cross section of thermal relic dark matter determines both its relic density and indirect detection signals. We determine how large indirect signals may be in scenarios with Sommerfeld-enhanced annihilation, subject to the constraint that the dark matter has the correct relic density. This work refines our previous analysis through detailed treatments of resonant Sommerfeld enhancement and the effect of Sommerfeld enhancement on freeze out. Sommerfeld enhancements raise many interesting issues in the freeze out calculation, and we find that the cutoff of resonant enhancement, the equilibration of force carriers, the temperature of kinetic decoupling, and the efficiency of self-interactions for preserving thermal velocity distributions all play a role. These effects may have striking consequences; for example, for resonantly-enhanced Sommerfeld annihilation, dark matter freezes out but may then chemically recouple, implying highly suppressed indirect signals, in contrast to naive expectations. In the minimal scenario with standard astrophysical assumptions, and tuning all parameters to maximize the signal, we find that, for force-carrier mass m_phi = 250 MeV and dark matter masses m_X = 0.1, 0.3, and 1 TeV, the maximal Sommerfeld enhancement factors are S_eff = 7, 30, and 90, respectively. Such boosts are too small to explain both the PAMELA and Fermi excesses. Non-minimal models may require smaller boosts, but the bounds on S_eff could also be more stringent, and dedicated freeze out analyses are required. For concreteness, we focus on 4 mu final states, but we also discuss 4 e and other modes, deviations from standard astrophysical assumptions and non-minimal particle physics models, and we outline the steps required to determine if such considerations may lead to a self-consistent explanation of the PAMELA or Fermi excesses.Comment: 31 pages, published versio

Challenging GRB models through the broadband dataset of GRB060908

Context: Multiwavelength observations of gamma-ray burst prompt and afterglow emission are a key tool to disentangle the various possible emission processes and scenarios proposed to interpret the complex gamma-ray burst phenomenology. Aims: We collected a large dataset on GRB060908 in order to carry out a comprehensive analysis of the prompt emission as well as the early and late afterglow. Methods: Data from Swift-BAT, -XRT and -UVOT together with data from a number of different ground-based optical/NIR and millimeter telescopes allowed us to follow the afterglow evolution from about a minute from the high-energy event down to the host galaxy limit. We discuss the physical parameters required to model these emissions. Results: The prompt emission of GRB060908 was characterized by two main periods of activity, spaced by a few seconds of low intensity, with a tight correlation between activity and spectral hardness. Observations of the afterglow began less than one minute after the high-energy event, when it was already in a decaying phase, and it was characterized by a rather flat optical/NIR spectrum which can be interpreted as due to a hard energy-distribution of the emitting electrons. On the other hand, the X-ray spectrum of the afterglow could be fit by a rather soft electron distribution. Conclusions: GRB060908 is a good example of a gamma-ray burst with a rich multi-wavelength set of observations. The availability of this dataset, built thanks to the joint efforts of many different teams, allowed us to carry out stringent tests for various interpretative scenarios showing that a satisfactorily modeling of this event is challenging. In the future, similar efforts will enable us to obtain optical/NIR coverage comparable in quality and quantity to the X-ray data for more events, therefore opening new avenues to progress gamma-ray burst research.Comment: A&A, in press. 11 pages, 5 figure

Variable polarization in the optical afterglow of GRB 021004

We present polarimetric observations of the afterglow of gamma-ray burst (GRB) 021004, obtained with the Nordic Optical Telescope (NOT) and the Very Large Telescope (VLT) between 8 and 17 hours after the burst. Comparison among the observations shows a 45 degree change in the position angle from 9 hours after the burst to 16 hours after the burst, and comparison with published data from later epochs even shows a 90 degree change between 9 and 89 hours after the burst. The degree of linear polarization shows a marginal change, but is also consistent with being constant in time. In the context of currently available models for changes in the polarization of GRBs, a homogeneous jet with an early break time of t_b ~ 1 day provides a good explanation of our data. The break time is a factor 2 to 6 earlier than has been found from the analysis of the optical light curve. The change in the position angle of the polarization rules out a structured jet model for the GRB.Comment: 5 pages, 2 figures. Published in A&A letter

The Afterglow and Environment of the Short GRB111117A

We present multi-wavelength observations of the afterglow of the short GRB111117A, and follow-up observations of its host galaxy. From rapid optical and radio observations we place limits of r \gtrsim 25.5 mag at \deltat \approx 0.55 d and F_nu(5.8 GHz) < 18 \muJy at \deltat \approx 0.50 d, respectively. However, using a Chandra observation at t~3.0 d we locate the absolute position of the X-ray afterglow to an accuracy of 0.22" (1 sigma), a factor of about 6 times better than the Swift-XRT position. This allows us to robustly identify the host galaxy and to locate the burst at a projected offset of 1.25 +/- 0.20" from the host centroid. Using optical and near-IR observations of the host galaxy we determine a photometric redshift of z=1.3 (+0.3,-0.2), one of the highest for any short GRB, and leading to a projected physical offset for the burst of 10.5 +/- 1.7 kpc, typical of previous short GRBs. At this redshift, the isotropic gamma-ray energy is E_{gamma,iso} \approx 3\times10^51 erg (rest-frame 23-2300 keV) with a peak energy of E_{pk} \approx 850-2300 keV (rest-frame). In conjunction with the isotropic X-ray energy, GRB111117A appears to follow our recently-reported E_x,iso-E_gamma,iso-E_pk universal scaling. Using the X-ray data along with the optical and radio non-detections we find that for a blastwave kinetic energy of E_{K,iso} \approx E_{gamma,iso}, the circumburst density is n_0 \sim 3x10^(-4)-1 cm^-3 (for a range of epsilon_B=0.001-0.1). Similarly, from the non-detection of a break in the X-ray light curve at t<3 d, we infer a minimum opening angle for the outflow of theta_j> 3-10 degrees (depending on the circumburst density). We conclude that Chandra observations of short GRBs are effective at determining precise positions and robust host galaxy associations in the absence of optical and radio detections.Comment: ApJ accepted versio

Measurement of triple gauge boson couplings from W⁺W⁻ production at LEP energies up to 189 GeV

A measurement of triple gauge boson couplings is presented, based on W-pair data recorded by the OPAL detector at LEP during 1998 at a centre-of-mass energy of 189 GeV with an integrated luminosity of 183 pb⁻¹. After combining with our previous measurements at centre-of-mass energies of 161–183 GeV we obtain κ = 0.97_{-0.16}^{+0.20}, g_{1}^{z} = 0.991_{-0.057}^{+0.060} and λ = -0.110_{-0.055}^{+0.058}, where the errors include both statistical and systematic uncertainties and each coupling is determined by setting the other two couplings to their Standard Model values. These results are consistent with the Standard Model expectations

Measurement of the hadronic photon structure function F_{2}^{γ} at LEP2

The hadronic structure function of the photon F_{2}^{γ} (x, Q²) is measured as a function of Bjorken x and of the photon virtuality Q² using deep-inelastic scattering data taken by the OPAL detector at LEP at e⁺e⁻ centre-of-mass energies from 183 to 209 GeV. Previous OPAL measurements of the x dependence of F_{2}^{γ} are extended to an average Q² of 〈Q²〉=780 GeV² using data in the kinematic range 0.15<x<0.98. The Q² evolution of F_{2}^{γ} is studied for 12.1<〈Q²〉<780 GeV² using three ranges of x. As predicted by QCD, the data show positive scaling violations in F_{2}^{γ} with F_{2}^{γ} (Q²)/α = (0.08±0.02⁺⁰·⁰⁵_₀.₀₃) + (0.13±0.01⁺⁰·⁰¹_₀.₀₁) lnQ², where Q² is in GeV², for the central x region 0.10–0.60. Several parameterisations of F_{2}^{γ} are in qualitative agreement with the measurements whereas the quark-parton model prediction fails to describe the data

GRB Fireball Physics: Prompt and Early Emission

We review the fireball shock model of gamma-ray burst prompt and early afterglow emission in light of rapid follow-up measurements made and enabled by the multi-wavelength Swift satellite. These observations are leading to a reappraisal and expansion of the previous standard view of the GRB and its fireball. New information on the behavior of the burst and afterglow on minutes to hour timescales has led, among other results, to the discovery and follow-up of short GRB afterglows, the opening up of the z>6 redshift range, and the first prompt multi-wavelength observations of a long GRB-supernova. We discuss the salient observational results and some associated theoretical issues.Comment: 23 pages. Published in the New Journal of Physics Focus Issue, "Focus on Gamma-Ray Bursts in the Swift Era" (Eds. D. H. Hartmann, C. D. Dermer & J. Greiner). V2: Minor change

Effects of replacing soybean meal with xylose-treated soybean meal on performance of nursing Awassi ewes and fattening lambs

Two experiments were conducted to evaluate the effect of replacing soybean meal with xylose-treated soybean meal (soypass meal; SPM) on performance of nursing Awassi ewes and fattening lambs. In Experiment 1, lasting for eight weeks, 39 Awassi ewes and their lambs were randomly assigned to three diets. Diets were formulated by replacing soybean meal from the basal diet (CON-SBM; n=13) with 50% (50% SPM; n=13) and 100% (100% SPM; n=13) SPM. Initial and final weights of the ewes were not different (P>0.55) among diets. Total gain and average daily gain (ADG) of lambs were similar (P=0.44) among diets. Ewes fed the CON-SBM diet tended (P<0.09) to have lower milk yields than those fed the 50% SPM and 100% SPM diets. No differences (P>0.38) in milk component percentages among diets were observed. In Experiment 2, lasting for 63 days, twenty weaned lambs were used to determine the effects of replacing soybean meal with SPM on growth performance. Diets were either soybean meal (SBM; n=10) or SPM (SPM; n=10). Nutrient intake and digestibility were not different between diets. However, rumen undegradable protein intake was greater (P<0.05) for the SPM diet than for the SBM diet. Final body weight, ADG and the feed conversion ratio were similar (P>0.05) between the diets. Results suggest that replacement of soybean meal with soypass meal is not likely to produce any production benefits in nursing Awassi ewes and fattening lambs except for the slight improvement of milk yield

The complex light-curve of the afterglow of GRB071010A

We present and discuss the results of an extensive observational campaign devoted to GRB071010A, a long-duration gamma-ray burst detected by the Swift satellite. This event was followed for almost a month in the optical/near-infrared (NIR) with various telescopes starting from about 2min after the high-energy event. Swift-XRT observations started only later at about 0.4d. The light-curve evolution allows us to single out an initial rising phase with a maximum at about 7min, possibly the afterglow onset in the context of the standard fireball model, which is then followed by a smooth decay interrupted by a sharp rebrightening at about 0.6d. The rebrightening was visible in both the optical/NIR and X-rays and can be interpreted as an episode of discrete energy injection, although various alternatives are possible. A steepening of the afterglow light curve is recorded at about 1d. The entire evolution of the optical/NIR afterglow is consistent with being achromatic. This could be one of the few identified GRB afterglows with an achromatic break in the X-ray through the optical/NIR bands. Polarimetry was also obtained at about 1d, just after the rebrightening and almost coincident with the steepening. This provided a fairly tight upper limit of 0.9% for the polarized-flux fraction.Comment: 11 pages, 3 figures, MNRAS, in pres