Commercial property prices and bank performance

We seek to assess the effect of changes in commercial property prices on bank behaviour and performance in a range of industrialised economies, extending the existing micro literature on bank performance. The results suggest that, consistent with macro-level studies, commercial property prices have a marked impact on the behaviour and performance of individual banks. The signs found are consistent with a view that commercial property provides important forms of collateral that are perceived by banks to reduce risk and encourage lending. Such an impact exists even when conventional independent variables determining bank performance are included. Moreover, there is evidence that the magnitude of this impact is related to the size of the bank, the direction of commercial property price movements, and regional factors. The results have implications for risk managers, regulators and monetary policy makers. Notably, they underline the crucial relevance of commercial property prices as a macroprudential variable that warrants close scrutiny by the authorities. They also highlight the need to develop indicators of individual bank exposure to the property market that could help to calibrate the potential impact of changes in prices in stress tests

Gravitational Lensing Statistics as a Probe of Dark Energy

By using the comoving distance, we derive an analytic expression for the optical depth of gravitational lensing, which depends on the redshift to the source and the cosmological model characterized by the cosmic mass density parameter $\Omega_m$, the dark energy density parameter $\Omega_x$ and its equation of state $\omega_x = p_x/\rho_x$. It is shown that, the larger the dark energy density is and the more negative its pressure is, the higher the gravitational lensing probability is. This fact can provide an independent constraint for dark energy.Comment: 9 pages, 2 figure

A flexible mandatory access control policy for XML databases

A flexible mandatory access control policy (MAC) for XML databases is presented in this paper. The label type and label access policy can be defined according to the requirements of applications. In order to preserve the integrity of data in XML databases, a constraint between a read access rule and a write access rule in label access policy is introduced. Rules for label assignment and propagation are proposed to alleviate the workload of label assignment. Also, a solution for resolving conflicts of label assignments is proposed. At last, operations for implementation of the MAC policy in a XML database are illustrated

Crystals for high-energy calorimetry in extreme environments

Crystals are used as a homogeneous calorimetric medium in many high-energy physics experiments. For some experiments, performance has to be ensured in very difficult operating conditions, like a high radiation environment, very large particle fluxes, high collision rates, placing constraints on response and readout time. An overview is presented of recent achievements in the field, with particular attention given to the performance of Lead Tungstate (PWO) crystals exposed to high particle fluxes.Comment: To be published in Proc. of the Meeting of the Division of Particles and Fields of the American Physical Society, DPF2004 (Riverside, USA, August 26th to 31st, 2004

On the convergence of autonomous agent communities

This is the post-print version of the final published paper that is available from the link below. Copyright @ 2010 IOS Press and the authors.Community is a common phenomenon in natural ecosystems, human societies as well as artificial multi-agent systems such as those in web and Internet based applications. In many self-organizing systems, communities are formed evolutionarily in a decentralized way through agents' autonomous behavior. This paper systematically investigates the properties of a variety of the self-organizing agent community systems by a formal qualitative approach and a quantitative experimental approach. The qualitative formal study by applying formal specification in SLABS and Scenario Calculus has proven that mature and optimal communities always form and become stable when agents behave based on the collective knowledge of the communities, whereas community formation does not always reach maturity and optimality if agents behave solely based on individual knowledge, and the communities are not always stable even if such a formation is achieved. The quantitative experimental study by simulation has shown that the convergence time of agent communities depends on several parameters of the system in certain complicated patterns, including the number of agents, the number of community organizers, the number of knowledge categories, and the size of the knowledge in each category

Systematic analysis of hadron spectra in p+p collisions using Tsallis distribution

Using the experimental data from the STAR, PHENIX, ALICE and CMS programs on the rapidity and energy dependence of the $p_T$ spectra in p+p collisions, we show that a universal distribution exists. The energy dependence of temperature $T$ and parameter $n$ of the Tsallis distribution are also discussed in detail. A cascade particle production mechanism in p+p collisions is proposed.Comment: 13 pages, 8 figure

Air-Coupled Surface Wave Transmission Measurement Across A Partially Closed Surface-Breaking Crack In Concrete

Previous researchers have demonstrated that the transmission of surface waves is effective to estimate the depth of a surface-breaking crack in solids. However, most of the results were obtained using a well-defined crack (or notch) in laboratory. In fact, there is a critical gap to apply the theory to surface-breaking cracks in concrete structures subjected to external loadings where the cracks are generally ill-defined, and partially closed. In this study, the authors investigated transmission coefficients of surface waves across a partially closed surface-breaking crack in concrete subjected to monotonically increasing compressive loadings. First, a concrete beam (0.5 X 0.154 X 2.1 m(3)) having two surface-breaking cracks with various crack widths was prepared in laboratory. Second, transmission coefficients of impact-induced surface waves were measured across a surface-breaking crack in the concrete beam with increasing compressive loadings from 0 to 140kN (10% of the ultimate compressive strength of the concrete beam). External post-tensioning was used to apply the compression. For comparison purpose, sensitivity of surface wave velocity to compressive loading was also investigated. As a result, observations in this study reveal that transmission coefficient is a more sensitive acoustic parameter than phase velocity to evaluate a surface-breaking cracking in concrete subjected to compressive loadings.Civil, Architectural, and Environmental Engineerin