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A simple model is proposed for the emission of nucleons with velocities intermediate between those of the target and projectile. In this model, the nucleons which are mutually swept out from the target and projectile form a hot quasiequilibrated fireball which decays as an ideal gas. The overall features of the proton-inclusive spectra from 250- and 400-MeV/nucleon 20Ne ions and 400-MeV/nucleon 4He ions interacting with uranium are fitted without any adjustable parameters.
The energy spectra of protons and light nuclei produced by the interaction of 4He and 20Ne projectiles with Al and U targets have been investigated at incident energies ranging from 0.25 to 2.1 GeV per nucleon. Single fragment inclusive spectra have been obtained at angles between 25° and 150°, in the energy range from 30 to 150 MeV/nucleon. The multiplicity of intermediate and high energy charged particles was determined in coincidence with the measured fragments. In a separate study, fragment spectra were obtained in the evaporation energy range from 12C and 20Ne bombardment of uranium. We observe structureless, exponentially decaying spectra throughout the range of studied fragment masses. There is evidence for two major classes of fragments; one with emission at intermediate temperature from a system moving slowly in the lab frame, and the other with high temperature emission from a system propagating at a velocity intermediate between target and projectile. The high energy proton spectra are fairly well reproduced by a nuclear fireball model based on simple geometrical, kinematical, and statistical assumptions. Light cluster emission is also discussed in the framework of statistical models. NUCLEAR REACTIONS U(20Ne,X), E=250 MeV/nucl.; U(20Ne,X), U(α,X) E=400 MeV/nucl.; U(20Ne,X), Al(20Ne,X), E=2.1 GeV/nucl.; measured σ(E,θ), X=p, d, t, 3He,4He. U(20Ne,X), U(α,X), E=400 MeV/nucl.; U(20Ne,X), E=2.1 GeV/nucl.; measured σ(E, θ), Li to O. U(20Ne,X), U(12C,X), E=2.1 GeV/nucl.; measured σ(E, 90°), 4He to B. Nuclear fireballs, coalescence, thermodynamics of light nuclei production.
Results are presented from a search for the decays D0 -> K min pi plus and D0 bar -> K plus pi min in a sample of 3.8x10^6 central Pb-Pb events collected with a beam energy of 158A GeV by NA49 at the CERN SPS. No signal is observed. An upper limit on D0 production is derived and compared to predictions from several models.
Particle production in central Pb+Pb collisions was studied with the NA49 large acceptance spectrometer at the CERN SPS at beam energies of 20, 30, 40, 80, and 158 GeV per nucleon. A change of the energy dependence is observed around 30A GeV for the yields of pions and strange particles as well as for the shapes of the transverse mass spectra. At present only a reaction scenario with onset of deconfinement is able to reproduce the measurements.
The transverse mass spectra of Omega hyperons and phi mesons measured recently by STAR Collaboration in Au+Au collisions at sqrt(s_NN) = 130 GeV are described within a hydrodynamic model of the quark gluon plasma expansion and hadronization. The flow parameters at the plasma hadronization extracted by fitting these data are used to predict the transverse mass spectra of J/psi and psi' mesons.
Efficient systems for the securities transaction industry : a framework for the European Union
(2003)
This paper provides a framework for the securities transaction industry in the EU to understand the functions performed, the institutions involved and the parameters concerned that shape market and ownership structure. Of particular interest are microeconomic incentives of the industry players that can be in contradiction to social welfare. We evaluate the three functions and the strategic parameters - the boundary decision, the communication standard employed and the governance implemented - along the lines of three efficiency concepts. By structuring the main factors that influence these concepts and by describing the underlying trade-offs among them, we provide insight into a highly complex industry. Applying our framework, the paper describes and analyzes three consistent systems for the securities transaction industry. We point out that one of the systems, denoted as 'contestable monopolies', demonstrates a superior overall efficiency while it might be the most sensitive in terms of configuration accuracy and thus difficult to achieve and sustain.
Despite a lot of re-structuring and many innovations in recent years, the securities transaction industry in the European Union is still a highly inefficient and inconsistently configured system for cross-border transactions. This paper analyzes the functions performed, the institutions involved and the parameters concerned that shape market and ownership structure in the industry. Of particular interest are microeconomic incentives of the main players that can be in contradiction to social welfare. We develop a framework and analyze three consistent systems for the securities transaction industry in the EU that offer superior efficiency than the current, inefficient arrangement. Some policy advice is given to select the 'best' system for the Single European Financial Market.
In recent years stock exchanges have been increasingly diversifying their operations into related business areas such as derivatives trading, post-trading services and software sales. This trend can be observed most notably among profit-oriented trading venues. While the pursuit for diversification is likely to be driven by the attractiveness of these investment opportunities, it is yet an open question whether certain integration activities are also efficient, both from a social welfare and from the exchanges' perspective. Academic contributions so far analyzed different business models primarily from the social welfare perspective, whereas there is only little literature considering their impact on the exchange itself. By employing a panel data set of 28 stock exchanges for the years 1999-2003 we seek to shed light on this topic by comparing the factor productivity of exchanges with different business models. Our findings suggest three conclusions: (1) Integration activity comes at the cost of increased operational complexity which in some cases outweigh the potential synergies between related activities and therefore leads to technical inefficiencies and lower productivity growth. (2) We find no evidence that vertical integration is more efficient and productive than other business models. This finding could contribute to the ongoing discussion about the merits of vertical integration from a social welfare perspective. (3) The existence of a strong in-house IT-competence seems to be beneficial to overcome.
Academic contributions on the demutualization of stock exchanges so far have been predominantly devoted to social welfare issues, whereas there is scarce empirical literature referring to the impact of a governance change on the exchange itself. While there is consensus that the case for demutualization is predominantly driven by the need to improve the exchange's competitiveness in a changing business environment, it remains unclear how different governance regimes actually affect stock exchange performance. Some authors propose that a public listing is the best suited governance arrangement to improve an exchange's competitiveness. By employing a panel data set of 28 stock exchanges for the years 1999-2003 we seek to shed light on this topic by comparing the efficiency and productivity of exchanges with differing governance arrangements. For this purpose we calculate in a first step individual efficiency and productivity values via DEA. In a second step we regress the derived values against variables that - amongst others - map the institutional arrangement of the exchanges in order to determine efficiency and productivity differences between (1) mutuals (2) demutualized but customer-owned exchanges and (3) publicly listed and thus at least partly outsider-owned exchanges. We find evidence that demutualized exchanges exhibit higher technical efficiency than mutuals. However, they perform relatively poor as far as productivity growth is concerned. Furthermore, we find no evidence that publicly listed exchanges possess higher efficiency and productivity values than demutualized exchanges with a customer-dominated structure. We conclude that the merits of outside ownership lie possibly in other areas such as solving conflicts of interest between too heterogeneous members.