A Market Risk Approach to Liquidity Risk and Financial Contagion

According to traditional literature, liquidity risk in individual banks can turn into a system-wide ¯nancial crisis when either interbank credit exposures or bank runs are present. This paper shows that this phenomenon can also arise when individual liquidity risk trans- forms into system-wide market risk (even in the absence of bank runs and interbank credit networks). This happens when banks try to sell some portion of its assets in order to overcome a liquidity shortage (individual liquidity risk). These sales depress the market price of assets if demand is not perfectly elastic. Given the fact that banks mark to market the asset book, the fall of market price reduces the value of assets of every bank in the system (system-wide market risk), leaving them less suited for future liquidity shortages and therefore more prone to bankruptcies. The paper rationalizes this idea through the simulation of a model that tries to capture the behavior of a liq- uidity manager that faces shocks on bank deposits and loans. The main results suggest that the extent of ¯nancial contagion depends crucially on the size of the market for assets.liquidity manager, liquidity risk, market risk, systemic risk, financial contagion, mark-to-market

Value Alignment, Fair Play, and the Rights of Service Robots

Ethics and safety research in artificial intelligence is increasingly framed in terms of "alignment" with human values and interests. I argue that Turing's call for "fair play for machines" is an early and often overlooked contribution to the alignment literature. Turing's appeal to fair play suggests a need to correct human behavior to accommodate our machines, a surprising inversion of how value alignment is treated today. Reflections on "fair play" motivate a novel interpretation of Turing's notorious "imitation game" as a condition not of intelligence but instead of value alignment: a machine demonstrates a minimal degree of alignment (with the norms of conversation, for instance) when it can go undetected when interrogated by a human. I carefully distinguish this interpretation from the Moral Turing Test, which is not motivated by a principle of fair play, but instead depends on imitation of human moral behavior. Finally, I consider how the framework of fair play can be used to situate the debate over robot rights within the alignment literature. I argue that extending rights to service robots operating in public spaces is "fair" in precisely the sense that it encourages an alignment of interests between humans and machines

Prediction and near-field observation of skull-guided acoustic waves

Ultrasound waves propagating in water or soft biological tissue are strongly reflected when encountering the skull, which limits the use of ultrasound-based techniques in transcranial imaging and therapeutic applications. Current knowledge on the acoustic properties of the cranial bone is restricted to far-field observations, leaving its near-field properties unexplored. We report on the existence of skull-guided acoustic waves, which was herein confirmed by near-field measurements of optoacoustically-induced responses in ex-vivo murine skulls immersed in water. Dispersion of the guided waves was found to reasonably agree with the prediction of a multilayered flat plate model. It is generally anticipated that our findings may facilitate and broaden the application of ultrasound-mediated techniques in brain diagnostics and therapy.Comment: 7 pages, 5 figures, appendix with 2 figure

Simultaneous control of volumetric light distribution through turbid media using real-time three-dimensional optoacoustic feedback

Focusing light through turbid media presents a highly fascinating challenge in modern biophotonics. The unique capability of optoacoustics for high resolution imaging of light absorption contrast in deep tissues can provide a natural and efficient feedback to control light delivery in scattering medium. While basic feasibility of using optoacoustic readings as a feedback mechanism for wavefront shaping has been recently reported, the suggested approaches may require long acquisition times making them challenging to be translated into realistic tissue environments. In an attempt to significantly accelerate dynamic wavefront shaping capabilities, we present here a feedback-based approach using real-time three-dimensional optoacoustic imaging assisted with genetic-algorithm-based optimization. The new technique offers robust performance in the presence of noisy measurements and can simultaneously control the scattered wave field in an entire volumetric region.Comment: 4 pages, 3 figure

D-meson diffusion in hadronic matter

We present effective-field-theory results with unitarized interactions on the D-meson transport coefficients in a gas populated by light mesons and baryons at finite temperature and baryochemical potential. The Fokker-Planck equation is used to compute the drag force, the relaxation time and the diffusion coefficients of D mesons for collisions at FAIR. At finite baryochemical potential, the combined effect of net baryonic density and sizable meson-baryon interaction makes the D mesons to relax more efficiently than in the case at zero baryochemical potential. We also describe the connection with the quark-gluon plasma phase in adiabatic trajectories on the phase diagram at both zero and finite baryochemical potential.Comment: 5 pages, 4 figures. Contribution to the FAIRNESS 2013 - Workshop for young scientists with research interests focused on FAIR physics. 15-21 September 2013, Berlin (Germany

RELACIÓN ENTRE HÁBITOS DE ESTUDIO Y BIENESTAR PSICÓLÓGICO EN LA ESCUELA NORMAL DE TEJUPILCO

TESISEL OBJETIO DE LA INVESTGAIN FUE CORRELACIONAR LOS HABITOS DE ESTUDIO Y EL BIENESTAR PSICOLOGICO EN AL7UMNOS DE LA ESCUELA NORMAL DE TEJUPILCO. EXISTIENDO EN DICHA INSTITUCION 125 ALUMNOS, EN DONDE 89 DE ELLOS SO MUJERES Y EL 36 SON HOMBRES. QUE CUENTAN CON UN RANGO DE EDAD ENTRE 18 Y 23 AÑOS.sE CONCLUYE QUE NO HAY RELACION SIGNIFICATIVA ENTRE , SUGIRIENDO LA IMPLEMENTAION DE TALLERES DE MOTIVAION Y AUTOESTIMA.UNIVERSIDAD AUTONMA DEL ESTADO DE MEXIC

Análisis de oferta y demanda en los servicios de psiquiatría en el departamento de Risaralda, 2015

A nivel mundial, los servicios de salud mental enfrentan una difícil disponibilidad de recursos económicos y talento humano, siendo más grave en los países menos desarrollados, donde se centra la mirada en la atención de enfermos mentales y no en un sistema integrado de salud mental, que cuente con la planeación necesaria para atender la demanda de la población (Organización Mundial de la Salud s.f.). Una muestra de lo anterior es Latinoamérica, donde los sistemas de salud se caracterizan por su fragmentación y el enfoque en el tratamiento de las enfermedades, en lugar de la prevención de las mismas y la promoción de la salud (Organización Panamericana de la Salud 2010). Además, hay gran desconocimiento tanto clínico como gerencial, hasta el punto que no se sabe cuántos psiquiatras ni cuantas camas de psiquiatría hay, según las estadísticas sanitarias mundiales de la Organización Mundial de la Salud en 2012 (Organización Mundial de la Salud 2012)

Direito Penal 3: legislação especial

Divulgação dos SUMÁRIOS das obras recentemente incorporadas ao acervo da Biblioteca Ministro Oscar Saraiva do STJ. Em respeito à lei de Direitos Autorais, não disponibilizamos a obra na íntegra. STJ00081463 343(81) R741d