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The transverse mass spectra of J/psi and psi' mesons and Omega hyperons produced in central Au+Au collisions at RHIC energies are discussed within a statistical model used successfully for the interpretation of the SPS results. The comparison of the presented model with the future RHIC data should serve as a further crucial test of the hypothesis of statistical production of charmonia at hadronization. Finally, in case of validity, the approach should allow to estimate the mean transverse flow velocity at the quark gluon plasma hadronization.
Experiment NA49 at the Cern SPS uses a large acceptance detector for a systematic study of particle yields and correlations in nucleus-nucleus, nucleon-nucleus and nucleon-nucleon collisions. Preliminary results for Pb+Pb collisions at 40, 80 and 158 A*GeV beam energy are shown and compared to measurements at lower and higher energies.
The energy dependence of hadron production in central Pb+Pb collisions is presented and discussed. In particular, midrapidity m_T-spectra for pi-, K-, K+, p, bar p, d, phi, Lambda and bar Lambda at 40, 80 and 158 AGeV are shown. In addition Xi and Omega spectra are available at 158 AGeV. The spectra allow to determine the thermal freeze-out temperature T and the transverse flow velocity beta_T at the three energies. We do not observe a significant energy dependence of these parameters; furthermore there is no indication of early thermal freeze-out of Xi and Omega at 158 AGeV. Rapidity spectra for pi-, K-, K+ and phi at 40, 80 and 158 AGeV are shown, as well as first results on Omega rapidity distributions at 158 AGeV. The chemical freeze-out parameters T and mu_B at the three energies are determined from the total yields. The parameters are close to the expected phase boundary in the SPS energy range and above. Using the total yields of kaons and lambdas, the energy dependence of the strangeness to pion ratio is discussed. A maximum in this ratio is found at 40 AGeV. This maximum could indicate the formation of deconfined matter at energies above 40 AGeV. A search for open charm in a large sample of 158 AGeV events is presented. No signal is observed. This result is compared to several model predictions.
Directed and elliptic flow of charged pions and protons in Pb + Pb collisions at 40 and 158 A GeV
(2003)
Directed and elliptic flow measurements for charged pions and protons are reported as a function of transverse momentum, rapidity, and centrality for 40 and 158A GeV Pb + Pb collisions as recorded by the NA49 detector. Both the standard method of correlating particles with an event plane, and the cumulant method of studying multiparticle correlations are used. In the standard method the directed flow is corrected for conservation of momentum. In the cumulant method elliptic flow is reconstructed from genuine 4, 6, and 8-particle correlations, showing the first unequivocal evidence for collective motion in A+A collisions at SPS energies.
New results from the energy scan programme of NA49, in particular kaon production at 30 AGeV and phi production at 40 and 80 AGeV are presented. The K+/pi+ ratio shows a pronounced maximum at 30 AGeV; the kaon slope parameters are constant at SPS energies. Both findings support the scenario of a phase transition at about 30 AGeV beam energy. The phi/pi ratio increases smoothly with beam energy, showing an energy dependence similar to K-/pi-. The measured particle yields can be reproduced by a hadron gas model, with chemical freeze-out parameters on a smooth curve in the T-muB plane. The transverse spectra can be understood as resulting from a rapidly expanding, locally equilibrated source. No evidence for an earlier kinetic decoupling of heavy hyperons is found.
Strange particle production in A+A interactions at 158 AGeV is studied by the CERN experiment NA49 as a function of system size and collision geometry. Yields of charged kaons, phi and Lambda are measured and compared to those of pions in central C+C, Si+Si and centrality-selected Pb+Pb reactions. An overall increase of relative strangeness production with the size of the system is observed which does not scale with the number of participants. Arguing that rescattering of secondaries plays a minor role in small systems the observed strangeness enhancement can be related to the space-time density of the primary nucleon-nucleon collisions.
The large acceptance and high momentum resolution as well as the significant particle identification capabilities of the NA49 experiment at the CERN SPS allow for a broad study of fluctuations and correlations in hadronic interactions. In the first part recent results on event-by-event charge and p_t fluctuations are presented. Charge fluctuations in central Pb+Pb reactions are investigated at three different beam energies (40, 80, and 158 AGeV), while for the p_t fluctuations the focus is put on the system size dependence at 158 AGeV. In the second part recent results on Bose Einstein correlations of h-h- pairs in minimum bias Pb+Pb reactions at 40 and 158 AGeV, as well as of K+K+ and K-K- pairs in central Pb+Pb collisions at 158 AGeV are shown. Additionally, other types of two particle correlations, namely pi p, Lambda p, and Lambda Lambda correlations, have been measured by the NA49 experiment. Finally, results on the energy and system size dependence of deuteron coalescence are discussed.
Rapidity distributions for $\Lambda$ and $\bar{\Lambda}$ hyperons in central Pb-Pb collisions at 40, 80 and 158 A$\cdot$GeV and for ${\rm K}_{s}^{0}$ mesons at 158 A$\cdot$GeV are presented. The lambda multiplicities are studied as a function of collision energy together with AGS and RHIC measurements and compared to model predictions. A different energy dependence of the $\Lambda/\pi$ and $\bar{\Lambda}/\pi$ is observed. The $\bar{\Lambda}/\Lambda$ ratio shows a steep increase with collision energy. Evidence for a $\bar{\Lambda}/\bar{\rm p}$ ratio greater than 1 is found at 40 A$\cdot$GeV.
To preserve the required beam quality in an e+/e- collider it is necessary to have a very precise beam position control at each accelerating cavity. An elegant method to avoid additional length and beam disturbance is the usage of signals from existing HOM-dampers. The magnitude of the displacement is derived from the amplitude of a dipole mode whereas the sign follows from the phase comparison of a dipole and a monopole HOM. To check the performance of the system, a measurement setup has been built with an antenna which can be moved with micrometer resolution to simulate the beam. Furthermore we have developed a signal processing to determine the absolute beam displacement. Measurements on the HOM-damper cell can be done in the frequency domain using a network analyser. Final measurements with the nonlinear time dependent signal processing circuit has to be done with very short electric pulses simulating electron bunches. Thus, we have designed a sub nanosecond pulse generator using a clipping line and the step recovery effect of a diode. The measurement can be done with a resolution of about 10 micrometers. Measurements and numerical calculations concerning the monitor design and the pulse generator are presented.
We present a detailed study of chemical freeze-out in nucleus-nucleus collisions at beam energies of 11.6, 30, 40, 80 and 158A GeV. By analyzing hadronic multiplicities within the statistical hadronization approach, we have studied the strangeness production as a function of centre of mass energy and of the parameters of the source. We have tested and compared different versions of the statistical model, with special emphasis on possible explanations of the observed strangeness hadronic phase space under-saturation. We show that, in this energy range, the use of hadron yields at midrapidity instead of in full phase space artificially enhances strangeness production and could lead to incorrect conclusions as far as the occurrence of full chemical equilibrium is concerned. In addition to the basic model with an extra strange quark non-equilibrium parameter, we have tested three more schemes: a two-component model superimposing hadrons coming out of single nucleon-nucleon interactions to those emerging from large fireballs at equilibrium, a model with local strangeness neutrality and a model with strange and light quark non-equilibrium parameters. The behaviour of the source parameters as a function of colliding system and collision energy is studied. The description of strangeness production entails a non-monotonic energy dependence of strangeness saturation parameter gamma_S with a maximum around 30A GeV. We also present predictions of the production rates of still unmeasured hadrons including the newly discovered Theta^+(1540) pentaquark baryon.
Bose-Einstein correlations of charged kaons were measured near mid-rapidity in central Pb+Pb collisions at 158 A GeV by the NA49 experiment at the CERN SPS. Source radii were extracted using the Yano-Koonin-Podgoretsky and Bertsch-Pratt parameterizations. The results are compared to published pion data. The measured m_perp dependence for kaons and pions is consistent with collective transverse expansion of the source and a freeze-out time of about 9.5 fm.
We study the behaviour of the effective temperature for K+ in several energy domains. For this purpose, we apply the recently developed SPheRIO code for hydrodynamics in 3+1 dimensions, using both Landau-type compact initial conditions and spatially more spread ones. We show that initial conditions given in small volume, like Landau-type ones, are unable to reproduce the effective temperature together with other data (multiplicities and rapidity distributions). These quantities can be reproduced altogether only when using a large initial volume with an appropriate velocity distribution.
We suggest that the fluctuations of strange hadron multiplicity could be sensitive to the equation of state and microscopic structure of strongly interacting matter created at the early stage of high energy nucleus-nucleus collisions. They may serve as an important tool in the study of the deconfinement phase transition. We predict, within the statistical model of the early stage, that the ratio of properly filtered fluctuations of strange to non-strange hadron multiplicities should have a non-monotonic energy dependence with a minimum in the mixed phase region.
The data on mT spectra of K0S K+ and K- mesons produced in all inelastic p + p and p + pbar interactions in the energy range sqrt(s)NN=4.7-1800GeV are compiled and analyzed. The spectra are parameterized by a single exponential function, dN/(m_T*dm_T)=C exp(-m_T/T), and the inverse slope parameter T is the main object of study. The T parameter is found to be similar for K0S, K+ and K- mesons. It increases monotonically with collision energy from T~30MeV at sqrt(s)NN=4.7GeV to T~220MeV at sqrt(s)NN=1800GeV. The T parameter measured in p+p and p+pbar interactions is significantly lower than the corresponding parameter obtained for central Pb+Pb collisions at all studied energies. Also the shape of the energy dependence of T is different for central Pb+Pb collisions and p+p(pbar) interactions.
The history and the main results of the energy scan program at the CERN SPS are reviewed. Several anomalies in energy dependence of hadron production predicted as signals of deconfinement phase transition are observed and they indicate that the onset of deconfinement is located at about 30 A GeV. For the first time we seem to have clear evidence for the existence of a deconfined state of matter in nature.
We propose a method to experimentally study the equation of state of strongly interacting matter created at the early stage of nucleus--nucleus collisions. The method exploits the relation between relative entropy and energy fluctuations and equation of state. As a measurable quantity, the ratio of properly filtered multiplicity to energy fluctuations is proposed. Within a statistical approach to the early stage of nucleus-nucleus collisions, the fluctuation ratio manifests a non--monotonic collision energy dependence with a maximum in the domain where the onset of deconfinement occurs.
Transverse activity of kaons and the deconfinement phase transition in nucleus-nucleus collisions
(2003)
We found that the experimental results on transverse mass spectra of kaons produced in central Pb+Pb (Au+Au) interactions show an anomalous dependence on the collision energy. The inverse slopes of the spectra increase with energy in the low (AGS) and high (RHIC) energy domains, whereas they are constant in the intermediate (SPS) energy range. We argue that this anomaly is probably caused by a modification of the equation of state in the transition region between confined and deconfined matter. This observation may be considered as a new signal, in addition to the previously reported anomalies in the pion and strangeness production, of the onset of deconfinement located in the low SPS energy domain.
Asset-backed securitization (ABS) has become a viable and increasingly attractive risk management and refinancing method either as a standalone form of structured finance or as securitized debt in Collateralized Debt Obligations (CDO). However, the absence of industry standardization has prevented rising investment demand from translating into market liquidity comparable to traditional fixed income instruments, in all but a few selected market segments. Particularly low financial transparency and complex security designs inhibits profound analysis of secondary market pricing and how it relates to established forms of external finance. This paper represents the first attempt to measure the intertemporal, bivariate causal relationship between matched price series of equity and ABS issued by the same entity. In a two-dimensional linear system of simultaneous equations we investigate the short-term dynamics and long-term consistency of daily secondary market data from the U.K. Sterling ABS/MBS market and exchange traded shares between 1998 and 2004 with and without the presence of cointegration. Our causality framework delivers compelling empirical support for a strong co-movement between matched price series of ABS-equity pairs, where ABS markets seem to contribute more to price discovery over the long run. Controlling for cointegration, risk-free interest and average market risk of corporate debt hardly alters our results. However, once we qualify the magnitude and direction of price discovery on various security characteristics, such as the ABS asset class, we find that ABS-equity pairs with large-scale CMBS/RMBS and credit card/student loan ABS reveal stronger lead-lag relationships and joint price dynamics than whole business ABS. JEL Classifications: G10, G12, G24
Although the commoditisation of illiquid asset exposures through securitisation facilitates the disciplining effect of capital markets on the risk management, private information about securitised debt as well as complex transaction structures could possibly impair the fair market valuation. In a simple issue design model without intermediaries we maximise issuer proceeds over a positive measure of issue quality, where a direct revelation mechanism (DRM) by profitable informed investors engages endogenous price discovery through auction-style allocation preference as a continuous function of perceived issue quality. We derive an optimal allocation schedule for maximum issuer payoffs under different pricing regimes if asymmetric information requires underpricing. In particular, we study how the incidence of uninformed investors at varying levels of valuation uncertainty and their function of clearing the market effects profitable informed investment. We find that the issuer optimises own payoffs at each valuation irrespective of the applicable pricing mechanism by awarding informed investors the lowest possible allocation (and attendant underpricing) that still guarantees profitable informed investment. Under uniform pricing the composition of the investor pool ensures that informed investors appropriate higher profit than uninformed types. Any reservation utility by issuers lowers the probability of information disclosure by informed investors and the scope of issuers to curtail profitable informed investment. JEL Classifications: D82, G12, G14, G23
Asset securitisation as a risk management and funding tool : what does it hold in store for SMES?
(2005)
The following chapter critically surveys the attendant benefits and drawbacks of asset securitisation on both financial institutions and firms. It also elicits salient lessons to be learned about the securitisation of SME-related obligations from a cursory review of SME securitisation in Germany as a foray of asset securitisation in a bank-centred financial system paired with a strong presence of SMEs in industrial production. JEL Classification: D81, G15, M20
As a sign of ambivalence in the regulatory definition of capital adequacy for credit risk and the quest for more efficient refinancing sources collateral loan obligations (CLOs) have become a prominent securitisation mechanism. This paper presents a loss-based asset pricing model for the valuation of constituent tranches within a CLO-style security design. The model specifically examines how tranche subordination translates securitised credit risk into investment risk of issued tranches as beneficial interests on a designated loan pool typically underlying a CLO transaction. We obtain a tranchespecific term structure from an intensity-based simulation of defaults under both robust statistical analysis and extreme value theory (EVT). Loss sharing between issuers and investors according to a simplified subordination mechanism allows issuers to decompose securitised credit risk exposures into a collection of default sensitive debt securities with divergent risk profiles and expected investor returns. Our estimation results suggest a dichotomous effect of loss cascading, with the default term structure of the most junior tranche of CLO transactions (“first loss position”) being distinctly different from that of the remaining, more senior “investor tranches”. The first loss position carries large expected loss (with high investor return) and low leverage, whereas all other tranches mainly suffer from loss volatility (unexpected loss). These findings might explain why issuers retain the most junior tranche as credit enhancement to attenuate asymmetric information between issuers and investors. At the same time, the issuer discretion in the configuration of loss subordination within particular security design might give rise to implicit investment risk in senior tranches in the event of systemic shocks. JEL Classifications: C15, C22, D82, F34, G13, G18, G20
Observation of an exotic S = -2, Q = -2 baryon resonance in proton-proton collisions at the CERN SPS
(2003)
Results of resonance searches in the Xi- pi-, Xi- pi+, antiXi+ pi- and antiXi+ pi+ invariant mass spectra in proton-proton collisions at sqrt s=17.2 GeV are presented. Evidence is shown for the existence of a narrow Xi- pi- baryon resonance with mass of 1.862+/-0.002 GeV/c^2 and width below the detector resolution of about 0.018 GeV/c^2. The significance is estimated to be 4.0 sigma. This state is a candidate for the hypothetical exotic Xi_(3/2)^-- baryon with S = -2, I = 3/2 and a quark content of (d s d s ubar). At the same mass a peak is observed in the Xi- pi+ spectrum which is a candidate for the Xi_(3/2)^0 member of this isospin quartet with a quark content of (d s u s dbar). The corresponding antibaryon spectra also show enhancements at the same invariant mass.
Results are presented on event-by-event fluctuations in transverse momentum of charged particles, produced at forward rapidities in p+p, C+C, Si+Si and Pb+Pb collisions at 158 AGeV. Three different characteristics are discussed: the average transverse momentum of the event, the Phi_pT fluctuation measure and two-particle transverse momentum correlations. In the kinematic region explored, the dynamical fluctuations are found to be small. However, a significant system size dependence of Phi_pT is observed, with the largest value measured in peripheral Pb+Pb interactions. The data are compared with predictions of several models. PACS numbers: 14.20.Jn, 13.75.Cs, 12.39.-x
Production of Lambda and Antilambda hyperons was measured in central Pb-Pb collisions at 40, 80, and 158 A GeV beam energy on a fixed target. Transverse mass spectra and rapidity distributions are given for all three energies. The Lambda/pi ratio at mid-rapidity and in full phase space shows a pronounced maximum between the highest AGS and 40 A GeV SPS energies, whereas the anti-Lambda}/pi ratio exhibits a monotonic increase. PACS numbers: 25.75.-q
Fluctuations of charged particle number are studied in the canonical ensemble. In the infinite volume limit the fluctuations in the canonical ensemble are different from the fluctuations in the grand canonical one. Thus, the well-known equivalence of both ensembles for the average quantities does not extend for the fluctuations. In view of a possible relevance of the results for the analysis of fluctuations in nuclear collisions at high energies, a role of the limited kinematical acceptance is studied.
A non-monotonic energy dependence of the K + / pi + ratio with a sharp maximum close to 30 A GeV is observed in central Pb+Pb collisions. Within a statistical model of the early stage, this is interpreted as a sign of the phase transition to a QGP, which causes a sharp change in the energy dependence of the strangeness to entropy ratio. This observation naturally motivates us to study the production of multistrange hyperons (Xi, Omega) as a function of the beam energy. Furthermore it was suggested that the kinematic freeze-out of Omega takes place directly at QGP hadronization. If this is indeed the case, the transverse momentum spectra of the Omega directly reflect the transverse expansion velocity of a hadronizing QGP. In this report we show preliminary NA49 results on Omega - and Omega + production in central Pb+Pb collisions at 40 and 158 A GeV and compare them to measurements of Xi - and Xi + production in central Pb+Pb collisions at 30, 40, 80 and 158 A GeV.
Report from NA49
(2004)
The most recent data of NA49 on hadron production in nuclear collisions at CERN SPS energies are presented. Anomalies in the energy dependence of pion and kaon production in central Pb+Pb collisions are observed. They suggest that the onset of deconfinement is located at about 30 AGeV. Large multiplicity and transverse momentum fluctuations are measured for collisions of intermediate mass systems at 158 AGeV. The need for a new experimental programme at the CERN SPS is underlined.
The transverse mass mt distributions for deuterons and protons are measured in Pb+Pb reactions near midrapidity and in the range 0<mt–m<1.0 (1.5) GeV/c2 for minimum bias collisions at 158A GeV and for central collisions at 40 and 80 A GeV beam energies. The rapidity density dn/dy, inverse slope parameter T and mean transverse mass <mt> derived from mt distributions as well as the coalescence parameter B2 are studied as a function of the incident energy and the collision centrality. The deuteron mt spectra are significantly harder than those of protons, especially in central collisions. The coalescence factor B2 shows three systematic trends. First, it decreases strongly with increasing centrality reflecting an enlargement of the deuteron coalescence volume in central Pb+Pb collisions. Second, it increases with mt. Finally, B2 shows an increase with decreasing incident beam energy even within the SPS energy range. The results are discussed and compared to the predictions of models that include the collective expansion of the source created in Pb+Pb collisions.
Preliminary results on pion-pion Bose-Einstein correlations in central Pb+Pb collisions measured by the NA49 experiment are presented. Rapidity as well as transverse momentum dependence of the HBT-radii are shown for collisions at 20, 30, 40, 80, and 158 AGeV beam energy. Including results from AGS and RHIC experiments only a weak energy dependence of the radii is observed. Based on hydrodynamical models parameters like lifetime and geometrical radius of the source are derived from the dependence of the radii on transverse momentum.
Event-by-event fluctuations of particle ratios in central Pb + Pb collisions at 20 to 158 AGeV
(2004)
In the vicinity of the QCD phase transition, critical fluctuations have been predicted to lead to non-statistical fluctuations of particle ratios, depending on the nature of the phase transition. Recent results of the NA49 energy scan program show a sharp maximum of the ratio of K+ to Pi+ yields in central Pb+Pb collisions at beam energies of 20-30 AGeV. This observation has been interpreted as an indication of a phase transition at low SPS energies. We present first results on event-by-event fluctuations of the kaon to pion and proton to pion ratios at beam energies close to this maximum.
Results are presented on event-by-event electric charge fluctuations in central Pb+Pb collisions at 20, 30, 40, 80 and 158 AGeV. The observed fluctuations are close to those expected for a gas of pions correlated by global charge conservation only. These fluctuations are considerably larger than those calculated for an ideal gas of deconfined quarks and gluons. The present measurements do not necessarily exclude reduced fluctuations from a quark-gluon plasma because these might be masked by contributions from resonance decays.
System-size dependence of strangeness production in nucleus-nucleus collisions at √sNN = 17.3 GeV
(2005)
Emission of pi, K, phi and Lambda was measured in near-central C+C and Si+Si collisions at 158 AGeV beam energy. Together with earlier data for p+p, S+S and Pb+Pb, the system-size dependence of relative strangeness production in nucleus-nucleus collisions is obtained. Its fast rise and the saturation observed at about 60 participating nucleons can be understood as onset of the formation of coherent partonic subsystems of increasing size. PACS numbers: 25.75.-q
Results are presented on Omega production in central Pb+Pb collisions at 40 and 158 AGeV beam energy. Given are transverse-mass spectra, rapidity distributions, and total yields for the sum Omega+Antiomega at 40 AGeV and for Omega and Antiomega separately at 158 AGeV. The yields are strongly under-predicted by the string-hadronic UrQMD model and are in better agreement with predictions from a hadron gas models. PACS numbers: 25.75.Dw
System size and centrality dependence of the balance function in A + A collisions at √sNN = 17.2 GeV
(2004)
Electric charge correlations were studied for p+p, C+C, Si+Si and centrality selected Pb+Pb collisions at sqrt s_NN = 17.2$ GeV with the NA49 large acceptance detector at the CERN-SPS. In particular, long range pseudo-rapidity correlations of oppositely charged particles were measured using the Balance Function method. The width of the Balance Function decreases with increasing system size and centrality of the reactions. This decrease could be related to an increasing delay of hadronization in central Pb+Pb collisions.
The hadronic final state of central Pb+Pb collisions at 20, 30, 40, 80, and 158 AGeV has been measured by the CERN NA49 collaboration. The mean transverse mass of pions and kaons at midrapidity stays nearly constant in this energy range, whereas at lower energies, at the AGS, a steep increase with beam energy was measured. Compared to p+p collisions as well as to model calculations, anomalies in the energy dependence of pion and kaon production at lower SPS energies are observed. These findings can be explained, assuming that the energy density reached in central A+A collisions at lower SPS energies is sufficient to force the hot and dense nuclear matter into a deconfined phase.
System size dependence of multiplicity fluctuations of charged particles produced in nuclear collisions at 158 A GeV was studied in the NA49 CERN experiment. Results indicate a non-monotonic dependence of the scaled variance of the multiplicity distribution with a maximum for semi-peripheral Pb+Pb interactions with number of projectile participants of about 35. This effect is not observed in a string-hadronic model of nuclear collision HIJING.
The hadronic final state of central Pb+Pb collisions at 20, 30, 40, 80, and 158 AGeV has been measured by the CERN NA49 collaboration. The mean transverse mass of pions and kaons at midrapidity stays nearly constant in this energy range, whereas at lower energies, at the AGS, a steep increase with beam energy was measured. Compared to p+p collisions as well as to model calculations, anomalies in the energy dependence of pion and kaon production at lower SPS energies are observed. These findings can be explained, assuming that the energy density reached in central A+A collisions at lower SPS energies is sufficient to transform the hot and dense nuclear matter into a deconfined phase.
Phase diagram of strongly interacting matter is discussed within the exactly solvable statistical model of the quark-gluon bags. The model predicts two phases of matter: the hadron gas at a low temperature T and baryonic chemical potential muB, and the quark-gluon gas at a high T and/or muB. The nature of the phase transition depends on a form of the bag mass-volume spectrum (its pre-exponential factor), which is expected to change with the muB/T ratio. It is therefore likely that the line of the 1st} order transition at a high muB/T ratio is followed by the line of the 2nd order phase transition at an intermediate muB/T, and then by the lines of "higher order transitions" at a low muB/T.
Asset-backed securitisation (ABS) is an asset funding technique that involves the issuance of structured claims on the cash flow performance of a designated pool of underlying receivables. Efficient risk management and asset allocation in this growing segment of fixed income markets requires both investors and issuers to thoroughly understand the longitudinal properties of spread prices. We present a multi-factor GARCH process in order to model the heteroskedasticity of secondary market spreads for valuation and forecasting purposes. In particular, accounting for the variance of errors is instrumental in deriving more accurate estimators of time-varying forecast confidence intervals. On the basis of CDO, MBS and Pfandbrief transactions as the most important asset classes of off-balance sheet and on-balance sheet securitisation in Europe we find that expected spread changes for these asset classes tends to be level stationary with model estimates indicating asymmetric mean reversion. Furthermore, spread volatility (conditional variance) is found to follow an asymmetric stochastic process contingent on the value of past residuals. This ABS spread behaviour implies negative investor sentiment during cyclical downturns, which is likely to escape stationary approximation the longer this market situation lasts.
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Deutsche Fassung: Rechtsentfremdungen: Zum gesellschaftlichen Mehrwert des zwölften Kamels. Zeitschrift für Rechtssoziologie 21, 2000, 189-215 und in Gunther Teubner (Hg.) Die Rückgabe des zwölften Kamels: Niklas Luhmann in der Diskussion über Gerechtigkeit. Lucius & Lucius, Stuttgart 2000, 189-215. Französische Fassung: Les multiples aliénations du droit : Sur la plus-value sociale du douzième chameau. Droit et Société 47, 2001, 75-100. Polnische Fassung: Sprawiedliwosc alienujaca : O dodatkowej wartosci dwunastego wielblada. Ius et Lex 1, 2002, 109-132. Italienische Fassung: Le molteplici alienazioni del diritto : Sul plusvalore sociale del dodicesimo camello. In: Annamaria Rufino und Gunther Teubner, Il diritto possibile: Funzioni e prospettive del medium giuridico. Guerini, Milano, 2005, 93-130.
Deutsche Fassung: Die Episteme des Rechts. Zu den erkenntnistheoretischen Grundlagen des reflexiven Rechts. In: Dieter Grimm (Hg.) Steigende Staatsaufgaben - sinkende Steuerungsfähigkeit des Rechts. Nomos, Baden-Baden 1990, 115-154. Französische Fassung: Pour une épistémologie constructiviste du droit. In Gunther Teubner, Droit et réflexivité. Librairie générale de droit et de jurisprudence, Paris 1994, 171-204. Veränderte Fassung in: Annales: Economies, Sociétés, Civilisations 1992, Paris, 1149-1169. Italienische Fassung: Il diritto come soggetto epistemico: Per una epistemologie giuridica "costruttivista," Rivista critica del diritto privato 8, 1990, 287-326.
By order of 29 November 1999 the Federal Court of Justice (Bundesgerichtshof) referred to the European Court of Justice (ECJ) for a preliminary ruling under Article 234 EC two questions regarding the interpretation of the "doorstep-selling directive", and the "consumer credit directive", which arose in the course of proceedings involving Mr and Mrs Heininger, who took out from the Bayerische Hypo- und Vereinsbank AG bank a loan to purchase a flat, secured by a charge on the property (Grundschuld). Five years later they sought to cancel the credit agreement, maintaining that an estate agent had called uninvited at their home and induced them to purchase the flat in question and - at the same time acting on a self-employed basis as agent for the bank - to enter into the loan agreement, without informing them of their right of cancellation. Article 1 para. 1 of the doorstep-selling directive provides that it applies to contracts under which a trader supplies goods or services to a consumer and which are concluded during a visit by a trader to the consumer's home where the visit does not take place at the express request of the consumer'. Article 3 para. 2 a) of that directive provides that the directive shall not apply to contracts for the construction, sale and rental of immovable property or contracts concerning other rights relating to immovable property. Article 4 of the directive provides that traders shall be required to give consumers written notice of their right of cancellation. Article 5 provides that the consumer shall have the right to cancel the contract within seven days from receipt by the consumer of the notice. Article 2 of the consumer credit directive provides that it shall not apply to credit agreements intended primarily for the purpose of acquiring or retaining property rights in land or in an existing or projected building, and that Article 1 a) and Articles 4 to 12 of the directive shall not apply to credit agreements, secured by mortgage on immovable property. The German legislation transposing the doorstep-selling directive (the "HWiG") provides for a right of cancellation by the consumer within a period of one week, if a transaction is entered into away from the trader's business premises. The cooling-off period does not start to run until the customer receives a notice in writing containing information on this right and if that notice is not given, the right of cancellation will not lapse until one month after both parties have performed their obligations under the agreement in full. Section 5 para. 2 of the HwiG provides that where the transaction also falls within the scope of the legislation transposing the consumer credit directive (the "VerbrKrG"), only the provisions of the latter are to apply. Section 3 para. 2 of the VerbrKrG, in setting out the exceptions to the scope of that law, provides that inter alia Section 7 (right of cancellation) shall not apply to credit agreements in which credit is subject to the giving of security by way of a charge on immovable property, and is granted on usual terms for credits secured by a charge on immovable property and the intermediate financing of the same. Given this legal framework it is obvious that the Heiningers could not cancel the credit agreement according to the VerbrKrG. Although the agreement constitutes a consumer credit under section 1 VerbrKrG, the right of revocation is excluded by section 3 para. 2 VerbrKrG, the exclusion of which is backed by the consumer credit directive. Although the credit agreement was entered into away from the banks business premises, they as well could not cancel it under the HWiG since this law is not applicable to consumer credit agreements. Thus, the claim of the Heiningers was denied by German courts until the Federal Court of Justice raised the question, if the subsidiarity clause in section 5 para. 2 of the HWiG constitutes a contradiction to the provisions of the door step selling directive.
In the early Nineties the Hague Conference on International Private Law on initiative of the United States started negotiations on a Convention on the Recognition and Enforcement of Foreign Judgments in Civil and Commercial Matters (the "Hague Convention"). In October 1999 the Special Commission on duty presented a preliminary text, which was drafted quite closely to the European Convention on Jurisdiction and Enforcement of Judgments in Civil and Commercial Matters (the "Brussels Convention"). The latter was concluded between the then 6 Member States of the EEC in Brussels in 1968 and amended several times on occasion of the entry of new Member States. In 2000, after the Treaty of Amsterdam altered the legal basis for judicial co-operation in civil matters in Europe, it was transformed into an EC Regulation (the "Brussels I Regulation"). The 1999 draft of the Hague Convention was heavily criticized by the USA and other states for its European approach of a double convention, regulating not only the recognition and enforcement of judgments, but at the same time the extent of and the limits to jurisdiction to adjudicate in international cases. During a diplomatic conference in June 2001 a second draft was presented which contained alternative versions of several articles and thus resembled more the existing dissent than a draft convention would. Difficulties to reach a consensus remained, especially with regard to activity based jurisdiction, intellectual property, consumer rights and employee rights. In addition, the appropriateness of the whole draft was questioned in light of the problems posed by the de-territorialization of relevant conduct through the advent of the Internet. In April 2002 it was decided to continue negotiations on an informal level on the basis of a nucleus approach. The core consensus as identified by a working group, however, was not very broad. The experts involved came to the conclusion that the project should be limited to choice of court agreements. In March 2004 a draft was presented which sets out its aims as follows: "The objective of the Convention is to make exclusive choice of court agreements as effective as possible in the context of international business. The hope is that the Convention will do for choice of court agreements what the New York Convention of 1958 has done for arbitration agreements." In April 2004 the Special Commission of the Hague Conference adopted a Draft "Convention on Exclusive Choice of Court Agreements", which according to its Art. 2 No. 1 a) is not applicable to choice of court agreements, to which a natural person acting primarily for personal, family or household purposes (a consumer) is a party". The broader project of a global judgments convention thus seems to be abandoned, or at least to be postponed for an unlimited time period. There are - of course - several reasons why the Hague Judgments project failed. Samuel Baumgartner has described an important one as the "Justizkonflikt" between the United States and Europe or, more specifically Germany. Within the context of the general topic of this conference, that is (international) jurisdiction for human rights, in the remainder of this presentation I shall elaborate on the socio-cultural aspects of the impartiality of judgments and their enforcement on a global scale.
In April 2003 I commented on the European Commission’s Action Plan on a More Coherent European Contract Law [COM(2003) 68 final] and the Green Paper on the Modernisation of the 1980 Rome Convention [COM(2002) 654 final].1 While the main argument of that paper, i.e. the common neglect of the inherent interrelation between both the further harmonisation of substantive contract law by directives or through an optional European Civil Code on the one hand and the modernisation of conflict rules for consumer contracts in Art. 5 Rome Convention on the other hand, remain pressing issues, and as the German Law Journal continues its efforts in offering timely and critical analysis on consumer law issues,2 there is a variety of recent developments worth noting.
The negative-pion multiplicity is measured for central collisions of 40Ar with KCl at eight energies from 0.36 to 1.8 GeV/nucleon and for 4He on KCl and 40Ar on BaI2 at 977 and 772 MeV/nucleon, respectively. A systematic discrepancy with a cascade-model calculation which fits proton- and pion-nucleus cross sections but omits potential-energy effects is used to derive the energy going into bulk compression of the system. A value of the incompressibility constant of K=240 MeV is extracted in a parabolic form of the nuclear-matter equation of state.
The parities of eleven J=1 levels in 208Pb were determined by nuclear resonance fluorescence scattering of linearly polarized photons. A new 1+ level at Ex=5.846 MeV with Gamma 02 / Gamma =1.2±0.4 eV was found. This level can probably be identified with the theoretically predicted isoscalar 1+ state in 208Pb. All other bound dipole states below 7 MeV with Gamma 02 / Gamma >1.5 eV have negative parity. The 1- assignment to the 4.842-MeV level is of special significance because of previous conflicting results about its parity.
The 16O ( gamma ,p0) reaction has been studied with linearly polarized bremsstrahlung photons in and below the giant E1 resonance. The parity of the absorbed radiation was determined from the observed azimuthal asymmetry of the emitted protons. Combined with unpolarized measurements the polarized results determine the proton decay amplitudes of the M1 resonance at Ex=16.2 MeV in 16O. The shape of the unpolarized 16O ( gamma ,p3) angular distribution in the giant E1 resonance was derived from the measured analyzing power. NUCLEAR REACTIONS 16O( gamma ,p), E=15-25 MeV; measured analyzing power theta =90° linearly polarized bremsstrahlung; 16O dipole levels deduced pi ; 16.2 MeV 1+ resonance deduced p0 decay amplitudes; 16O GEDR deduced p3 angular distribution.
The ultrarelativistic quantum molecular dynamics model (UrQMD) is used to study global observables in central reactions of Au+Au at sqrt[s]=200A GeV at the Relativistic Heavy Ion Collider (RHIC). Strong stopping governed by massive particle production is predicted if secondary interactions are taken into account. The underlying string dynamics and the early hadronic decoupling implies only small transverse expansion rates. However, rescattering with mesons is found to act as a source of pressure leading to additional flow of baryons and kaons, while cooling down pions.
11 262 keV 1+ state in 20Ne
(1983)
The excitation energy of the lowest 1+, T=1 state in 20Ne, which is important for parity nonconservation studies, has been determined in a photon scattering experiment to be 11 262.3 ± 1.9 keV. Values for the gamma -ray branching of this level to the ground state and to the first 2+ level in 20Ne are 84 ± 5% and 16 ± 5%, respectively. NUCLEAR REACTIONS 20Ne( gamma , gamma ), E gamma <18 MeV, bremsstrahlung; measured E gamma , gamma branching. Ne natural targets.
Proton emission in relativistic nuclear collisions is examined for events of low and high multiplicity, corresponding to large and small impact parameters. Peripheral reactions exhibit distributions of protons in agreement with spectator-participant decay modes. Central collisions of equal-size nuclei are dominated by the formation and decay of a fireball system. Central collisions of light projectiles with heavy targets exhibit an enhancement in sideward emission which is predicted by recent hydrodynamical calculations.
Angular distributions for elastic and inelastic transitions in 20Ne + 16O scattering have been measured at E(20Ne)=50 MeV. For the 0+, 2+, and 4+ members of the 20Ne ground-state rotational band, the angular distributions exhibit pronounced backward peaking characteristic of an alpha -cluster exchange mechanism. The analysis of the ground-state transition in the first-order elastic transfer model yields no satisfactory fit although microscopic cluster form factors and full recoil corrections are employed. A coupled channels calculation for the 0+, 2+, and 4+ transitions reveals very strong coupling effects, indicating that the coherent superposition of first-order optical model and distorted-wave Born-approximation amplitudes may not be an adequate model for these reactions. NUCLEAR REACTIONS 16O(20Ne, 16O) and 16O(20Ne, 20Ne), elastic and inelastic transfer; E=50MeV; measured sigma (Ef , theta ); optical model + DWBA, and CCBA analyses.
The elastic alpha scattering to backward angles has been studied for 40,42,44,48Ca between 40.7 and 72.3 MeV. The cross sections for 40Ca are larger than those for the higher isotopes up to the highest energies. They show backward increases that disappear above 50 MeV. The enhancement factor for 40Ca over 42,44Ca varies smoothly with energy. 48Ca does also show a backward cross-section enhancement over 42,44Ca. alpha -cluster rotational bands in the 44Ti compound state, four-nucleon correlations in 40Ca, and the l-dependent optical model are discussed as approaches to understand the anomaly. The rotator model appears to agree qualitatively with the experimental data. It involves rotational bands extending at least up to J=16 in 44Ti.
We present simulations with the Chemical Lagrangian Model of the Stratosphere (CLaMS) for the Arctic winter 2002/2003. We integrated a Lagrangian denitrification scheme into the three-dimensional version of CLaMS that calculates the growth and sedimentation of nitric acid trihydrate (NAT) particles along individual particle trajectories. From those, we derive the HNO3 downward flux resulting from different particle nucleation assumptions. The simulation results show a clear vertical redistribution of total inorganic nitrogen (NOy), with a maximum vortex average permanent NOy removal of over 5 ppb in late December between 500 and 550 K and a corresponding increase of NOy of over 2 ppb below about 450 K. The simulated vertical redistribution of NOy is compared with balloon observations by MkIV and in-situ observations from the high altitude aircraft Geophysica. Assuming a globally uniform NAT particle nucleation rate of 3.4·10−6 cm−3 h−1 in the model, the observed denitrification is well reproduced. In the investigated winter 2002/2003, the denitrification has only moderate impact (<=10%) on the simulated vortex average ozone loss of about 1.1 ppm near the 460 K level. At higher altitudes, above 600 K potential temperature, the simulations show significant ozone depletion through NOx-catalytic cycles due to the unusual early exposure of vortex air to sunlight.
Chlorine monoxide (ClO) plays a key role in stratospheric ozone loss processes at midlatitudes. We present two balloonborne in situ measurements of ClO conducted in northern hemisphere midlatitudes during the period of the maximum of total inorganic chlorine loading in the atmosphere. Both ClO measurements were conducted on board the TRIPLE balloon payload, launched in November 1996 in Le´on, Spain, and in May 1999 in Aire sur l’Adour, France. For both flights a ClO daylight and night time vertical profile could be derived over an altitude range of approximately 15–31 km. ClO mixing ratios are compared to model simulations performed with the photochemical box model version of the Chemical Lagrangian Model of the Stratosphere (CLaMS). Simulations along 24-h backward trajectories were performed to study the diurnal variation of ClO in the midlatitude lower stratosphere. Model simulations for the flight launched in Aire sur l’Adour 1999 show a good agreement with the ClO measurements. For the flight launched in Le´on 1996, a similar good agreement is found, except at around ~ 650 K potential temperature (~26km altitude). However, a tendency is found that for solar zenith angles greater than 86°–87° the simulated ClO mixing ratios substantially overestimate measured ClO by approximately a factor of 2.5 or more for both flights. Therefore we conclude that no indication can be deduced from the presented ClO measurements that substantial uncertainties exist in midlatitude chlorine chemistry of the stratosphere. An exception is the situation at solar zenith angles greater than 86°–87° where model simulations substantial overestimate ClO observations.
Back-angle enhancements of elastic alpha -scattering cross sections have been observed for nuclei at the ends of the 1p, 2s-1d, and f7 / 2 shells. Strong reduction of this enhancement occurs if excess neutrons enter the next open major shell. The results are discussed in terms of intermediate alpha structure.
Pion-production cross sections have been measured for the reaction 40Ar+40Ca--> pi ++X at a laboratory energy of 1.05 GeV/nucleon. A maximum in the pi + cross section occurs at mid-rapidity, which is anomalous relative to p+p and p+nucleus reactions and compared to many other heavy-ion reactions. Calculations based on cascade and thermal models fail to fit the data.
Inclusive energy spectra of protons, deuterons, and tritons were measured with a telescope of silicon and germanium detectors with a detection range for proton energies up to 200 MeV. Fifteen sets of data were taken using projectiles ranging from protons to 40Ar on targets from 27Al to 238U at bombarding energies from 240 MeV/nucleon to 2.1 GeV/nucleon. Particular attention was paid to the absolute normalization of the cross sections. For three previously reported reactions, He fragment cross sections have been corrected and are presented. To facilitate a comparison with theory the sum of nucleonic charges emitted as protons plus composite particles was estimated and is presented as a function of fragment energy per nucleon in the interval from 15 to 200 MeV/nucleon. For low-energy fragments at forward angles the protons account for only 25% of the nucleonic charges. The equal mass 40Ar plus Ca systems were examined in the center of mass. Here at 0.4 GeV/nucleon 40Ar plus Ca the proton spectra appear to be nearly isotropic in the center of mass over the region measured. Comparisons of some data with firestreak, cascade, and fluid dynamics models indicate a failure of the first and a fair agreement with the latter two. In addition, associated fast charged particle multiplicities (where the particles had energies larger than 25 MeV/nucleon) and azimuthal correlations were measured with an 80 counter array of plastic scintillators. It was found that the associated multiplicities were a smooth function of the total kinetic energy of the projectile. NUCLEAR REACTIONS U(20Ne,X), E / A=240 MeV/nucleon; U(40Ar,X), Ca(40Ar,X), U(20Ne,X), Au(20Ne,X), Ag(20Ne,X), Al(20Ne,X), U(4He,X), Al(4He,X), E / A=390 MeV/nucleon; U(40Ar,X), Ca(40Ar,X), U(20Ne,X), U(4He,X), U(p,X), E / A=1.04 GeV/nucleon; U(20Ne,X), E / A=2.1 GeV/nucleon; measured sigma (E, theta ), X=p,d,t.
Exclusive pi - and charged-particle production in collisions of Ar+KCl is studied at incident energies from 0.4 to 1.8 GeV/u. Complete disintegration of both nuclei is observed. The correlation between pi - and total charge multiplicity shows no islands of anomalous pion production. For constant numbers of proton participants the pi - multiplicity distributions are Poissons. For central collisions <n pi -> increases smoothly and to first order linearly with the c.m. energy. Disagreement with the firestreak model is found. Pacs numbers: 25.70.Hi, 24.10.Dp
Lambda 's produced in central collisions of 40Ar+KC1 at 1.8-GeV/u incident energy were detected in a streamer chamber by their charged-particle decay. For central collisions with impact parameters b<2.4 fm the Lambda production cross section is 7.6±2.2 mb. A calculation in which Lambda production occurs in the early stage of the collision qualitatively reproduces the results but underestimates the transverse momenta. An average Lambda polarization of -0.10±0.05 is observed. PACS numbers: 25.70 Bc
Pion production and charged-particle multiplicity selection in relativistic nuclear collisions
(1982)
Spectra of positive pions with energies of 15-95 MeV were measured for high energy proton, 4He, 20Ne, and 40Ar bombardments of targets of 27Al, 40Ca, 107,109Ag, 197Au, and 238U. A Si-Ge telescope was used to identify charged pions by dE / dx-E and, in addition, stopped pi + were tagged by the subsequent muon decay. In all, results for 14 target-projectile combinations are presented to study the dependence of pion emission patterns on the bombarding energy (from E / A=0.25 to 2.1 GeV) and on the target and the projectile masses. In addition, associated charged-particle multiplicities were measured in an 80-paddle array of plastic scintillators, and used to make impact parameter selections on the pion-inclusive data. NUCLEAR REACTIONS U(20Ne, pi +), E / A=250 MeV; U(40Ar, pi +), Ca(40Ar, pi +), U(20Ne, pi +), Au(20Ne, pi +), Ag(20Ne, pi +), Al(20Ne, pi +), U(4He, pi +), Al(4He, pi +). E / A=400 MeV; Ca(40Ar, pi +), U(20Ne, pi +), U(4He, pi +), U(p, pi +), E / A=1.05), GeV; U(20Ne, pi +), E / A=2.1 GeV; measured sigma (E, theta ), inclusive and selected on associated charged-particle multiplicity.
Energy spectra and angular distributions have been measured of 3He and 4He fragments emitted from Ag and U targets, bombarded with 2.7-GeV protons, and 1.05-GeV/nucleon alpha particles and 16O ions. All cross sections increase dramatically with projectile mass. No narrow peaks are found in the angular distributions or in the energy spectra.
Double-differential cross sections have been measured for high-energy p, d, t, 3He, and 4He particles emitted from uranium targets irradiated with 20Ne ions at energies of 250, 400, and 2100 MeV/nucleon and 4He ions at 400 MeV/nucleon. By using the shape and yield of the proton energy spectra, the shape and yield of the d, t, 3He, and 4He energy spectra can be deduced at all measured angles for all incident projectile energies by assuming that they are formed by a coalescence of cascade nucleons, using a model analogous to that of Butler and Pearson, and Schwarzschild and Zupancic-caron.
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.
This paper studies a setting in which a risk averse agent must be motivated to work on two tasks: he (1) evaluates a new project and, if adopted, (2) manages it. While a performance measure which is informative of an agent´s action is typically valuable because it can be used to improve the risk sharing of the contract, this is not necessarily the case in this two-task setting. I provide a sufficient condition under which a performance measure that is informative of the second task is worthless for contracting despite the agent being risk averse. This shows that information content is a necessary but not a sufficient condition for a performance measure to be valuable.
It is widely believed that the ideal board in corporations is composed almost entirely of independent (outside) directors. In contrast, this paper shows that some lack of board independence can be in the interest of shareholders. This follows because a lack of board independence serves as a substitute for commitment. Boards that are dependent on the incumbent CEO adopt a less aggressive CEO replacement rule than independent boards. While this behavior is inefficient ex post, it has positive ex ante incentive effects. The model suggests that independent boards (dependent boards) are most valuable to shareholders if the problem of providing appropriate incentives to the CEO is weak (severe).
Reflexive transnational law : the privatisation of civil law and the civilisation of private law
(2002)
The author examines the emergence of a transnational private law in alternative dispute resolution bodies and private norm formulating agencies from a reflexive law perspective. After introducing the concept of reflexive law he applies the idea of law as a communicative system to the ongoing debate on the existence of a New Law Merchant or lex mercatoria. He then discusses some features of international commercial arbitration (e.g. the lack of transparency) which hinder self-reference (autopoiesis) and thus the production of legal certainty in lex mercatoria as an autonomous legal system. He then contrasts these findings with the Domain Name Dispute Resolution System, which as opposed to Lex Mercatoria was rationally planned and highly formally organised by WIPO and ICANN, and which is allowing for self-reference and thus is designed as an autopoietic legal system, albeit with a very limited scope, i.e. the interference of abusive domain name registrations with trademarks (cybersquatting). From the comparison of both examples the author derives some preliminary ideas regarding a theory of reflexive transnational law, suggesting that the established general trend of privatisation of civil law need to be accompanied by a civilisation of private law, i.e. the constitutionalization of transnational private regimes by embedding them into a procedural constitution of freedom.
Wider participation in stockholding is often presumed to reduce wealth inequality. We measure and decompose changes in US wealth inequality between 1989 and 2001, a period of considerable spread of equity culture. Inequality in equity wealth is found to be important for net wealth inequality, despite equity's limited share. Our findings show that reduced wealth inequality is not a necessary outcome of the spread of equity culture. We estimate contributions of stockholder characteristics to levels and inequality in equity holdings, and we distinguish changes in configuration of the stockholder pool from changes in the influence of given characteristics. Our estimates imply that both the 1989 and the 2001 stockholder pools would have produced higher equity holdings in 1998 than were actually observed for 1998 stockholders. This arises from differences both in optimal holdings and in financial attitudes and practices, suggesting a dilution effect of the boom followed by a cleansing effect of the downturn. Cumulative gains and losses in stockholding are shown to be significantly influenced by length of household investment horizon and portfolio breadth but, controlling for those, use of professional advice is either insignificant or counterproductive. JEL Classification: E21, G11
We argue that the shape of the system-size dependence of strangeness production in nucleus-nucleus collisions can be understood in a picture that is based on the formation of clusters of overlapping strings. A string percolation model combined with a statistical description of the hadronization yields a quantitative agreement with the data at sqrt s_NN = 17.3 GeV. The model is also applied to RHIC energies.
A steep maximum occurs in the Wroblewski ratio between strange and non-strange quarks created in central nucleus-nucleus collisions, of about A=200, at the lower SPS energy square root s approximately equal to 7 GeV. By analyzing hadronic multiplicities within the grand canonical statistical hadronization model this maximum is shown to occur at a baryochemical potential of about 450 MeV. In comparison, recent QCD lattice calculations at finite baryochemical potential suggest a steep maximum of the light quark susceptibility, to occur at similar mu B, indicative of "critical fluctuation" expected to occur at or near the QCD critical endpoint. This endpoint hat not been firmly pinned down but should occur in the 300 MeV < mu c B < 700 MeV interval. It is argued that central collisions within the low SPS energy range should exhibit a turning point between compression/heating, and expansion/cooling at energy density, temperature and mu B close to the suspected critical point. Whereas from top SPS to RHIC energy the primordial dynamics create a turning point far above in epsilon and T, and far below in mu B. And at lower AGS energies the dynamical trajectory stays below the phase boundary. Thus, the observed sharp strangeness maximum might coincide with the critical square root s at which the dynamics settles at, or near the QCD endpoint.
Strangeness enhancement is discussed as a feature specific to relativistic nuclear collisions which create a fireball of strongly interacting matter at high energy density. At very high energy this is suggested to be partonic matter, but at lower energy it should consist of yet unknown hadronic degrees of freedom. The freeze-out of this high density state to a hadron gas can tell us about properties of fireball matter. The hadron gas at the instant of its formation captures conditions directly at the QCD phase boundary at top SPS and RHIC energy, chiefly the critical temperature and energy density.
Relativistic nucleus-nucleus collisions create a "fireball" of strongly interacting matter at high energy density. At very high energy this is suggested to be partonic matter, but at lower energy it should consist of yet unknown hadronic, perhaps coherent degrees of freedom. The freeze-out of this high density state to a hadron gas can tell us about properties of fireball matter. Date (v1): Thu, 19 Dec 2002 12:52:34 GMT (146kb) Date (revised v2): Thu, 16 Jan 2003 15:11:47 GMT (146kb) Date (revised v3): Wed, 14 May 2003 12:49:35 GMT (146kb)
With new data available from the SPS, at 40 and 80 GeV/A, I review the systematics of bulk hadron multiplicities, with prime focus on strangeness production. The classical concept of strangeness enhancement in central AA collisions is reviewed, in view of the statistical hadronization model which suggests to understand strangeness enhancement to arise chiefly in the transition from the canonical to the grand canonical version of that model. I. e. enhancement results from the fading away of canonical suppression. The model also captures the striking strangeness maximum observed in the vicinity of sqrt s approx 8 GeV. A puzzle remains in the understanding of apparent grand canonical order at the lower SPS, and at AGS energies.
Transverse momentum event-by-event fluctuations are studied within the string-hadronic model of high energy nuclear collisions, LUCIAE. Data on non-statistical pT fluctuations in p+p interactions are reproduced. Fluctuations of similar magnitude are predicted for nucleus-nucleus collisions, in contradiction to the preliminary NA49 results. The introduction of a string clustering mechanism (Firecracker Model) leads to a further, significant increase of pT fluctuations for nucleus-nucleus collisions. Secondary hadronic interactions, as implemented in LUCIAE, cause only a small reduction of pT fluctuations.
Attribution and detection of anthropogenic climate change using a backpropagation neural network
(2002)
The climate system can be regarded as a dynamic nonlinear system. Thus traditional linear statistical methods are not suited to describe the nonlinearities of this system which renders it necessary to find alternative statistical techniques to model those nonlinear properties. In addition to an earlier paper on this subject (WALTER et al., 1998), the problem of attribution and detection of the observed climate change is addressed here using a nonlinear Backpropagation Neural Network (BPN). In addition to potential anthropogenic influences on climate (CO2-equivalent concentrations, called greenhouse gases, GHG and SO2 emissions) natural influences on surface air temperature (variations of solar activity, volcanism and the El Niño/Southern Oscillation phenomenon) are integrated into the simulations as well. It is shown that the adaptive BPN algorithm captures the dynamics of the climate system, i.e. global and area weighted mean temperature anomalies, to a great extent. However, free parameters of this network architecture have to be optimized in a time consuming trial-and-error process. The simulation quality obtained by the BPN exceeds the results of those from a linear model by far; the simulation quality on the global scale amounts to 84% explained variance. Additionally the results of the nonlinear algorithm are plausible in a physical sense, i.e. amplitude and time structure. Nevertheless they cover a broad range, e.g. the GHG-signal on the global scale ranges from 0.37 K to 1.65 K warming for the time period 1856-1998. However the simulated amplitudes are situated within the discussed range (HOUGHTON et al., 2001). Additionally the combined anthropogenic effect corresponds to the observed increase in temperature for the examined time period. In addition to that, the BPN succeeds with the detection of anthropogenic induced climate change on a high significance level. Therefore the concept of neural networks can be regarded as a suitable nonlinear statistical tool for modeling and diagnosing the climate system.
Temporal changes in the occurrence of extreme events in time series of observed precipitation are investigated. The analysis is based on a European gridded data set and a German station-based data set of recent monthly totals (1896=1899–1995=1998). Two approaches are used. First, values above certain defined thresholds are counted for the first and second halves of the observation period. In the second step time series components, such as trends, are removed to obtain a deeper insight into the causes of the observed changes. As an example, this technique is applied to the time series of the German station Eppenrod. It arises that most of the events concern extreme wet months whose frequency has significantly increased in winter. Whereas on the European scale the other seasons also show this increase, especially in autumn, in Germany an insignificant decrease in the summer and autumn seasons is found. Moreover it is demonstrated that the increase of extreme wet months is reflected in a systematic increase in the variance and the Weibull probability density function parameters, respectively.
Hadronic yields and yield ratios observed in Pb+Pb collisions at the SPS energy of 158 GeV per nucleon are known to resemble a thermal equilibrium population at T=180 +/- 10 MeV, also observed in elementary e+ + e- to hadron data at LEP. We argue that this is the universal consequence of the QCD parton to hadron phase transition populating the maximum entropy state. This state is shown to survive the hadronic rescattering and expansion phase, freezing in right after hadronization due to the very rapid longitudinal and transverse expansion that is inferred from Bose-Einstein pion correlation analysis of central Pb+Pb collisions.
Simulation of global temperature variations and signal detection studies using neural networks
(1998)
The concept of neural network models (NNM) is a statistical strategy which can be used if a superposition of any forcing mechanisms leads to any effects and if a sufficient related observational data base is available. In comparison to multiple regression analysis (MRA), the main advantages are that NNM is an appropriate tool also in the case of non-linear cause-effect relations and that interactions of the forcing mechanisms are allowed. In comparison to more sophisticated methods like general circulation models (GCM), the main advantage is that details of the physical background like feedbacks can be unknown. Neural networks learn from observations which reflect feedbacks implicitly. The disadvantage, of course, is that the physical background is neglected. In addition, the results prove to be sensitively dependent from the network architecture like the number of hidden neurons or the initialisation of learning parameters. We used a supervised backpropagation network (BPN) with three neuron layers, an unsupervised Kohonen network (KHN) and a combination of both called counterpropagation network (CPN). These concepts are tested in respect to their ability to simulate the observed global as well as hemispheric mean surface air temperature annual variations 1874 - 1993 if parameter time series of the following forcing mechanisms are incorporated : equivalent CO2 concentrations, tropospheric sulfate aerosol concentrations (both anthropogenic), volcanism, solar activity, and ENSO (all natural). It arises that in this way up to 83% of the observed temperature variance can be explained, significantly more than by MRA. The implication of the North Atlantic Oscillation does not improve these results. On a global average, the greenhouse gas (GHG) signal so far is assessed to be 0.9 - 1.3 K (warming), the sulfate signal 0.2 - 0.4 K (cooling), results which are in close similarity to the GCM findings published in the recent IPCC Report. The related signals of the natural forcing mechanisms considered cover amplitudes of 0.1 - 0.3 K. Our best NNM estimate of the GHG doubling signal amounts to 2.1K, equilibrium, or 1.7 K, transient, respectively.
The climate system can be regarded as a dynamic nonlinear system. Thus, traditional linear statistical methods fail to model the nonlinearities of such a system. These nonlinearities render it necessary to find alternative statistical techniques. Since artificial neural network models (NNM) represent such a nonlinear statistical method their use in analyzing the climate system has been studied for a couple of years now. Most authors use the standard Backpropagation Network (BPN) for their investigations, although this specific model architecture carries a certain risk of over-/underfitting. Here we use the so called Cauchy Machine (CM) with an implemented Fast Simulated Annealing schedule (FSA) (Szu, 1986) for the purpose of attributing and detecting anthropogenic climate change instead. Under certain conditions the CM-FSA guarantees to find the global minimum of a yet undefined cost function (Geman and Geman, 1986). In addition to potential anthropogenic influences on climate (greenhouse gases (GHG), sulphur dioxide (SO2)) natural influences on near surface air temperature (variations of solar activity, explosive volcanism and the El Nino = Southern Oscillation phenomenon) serve as model inputs. The simulations are carried out on different spatial scales: global and area weighted averages. In addition, a multiple linear regression analysis serves as a linear reference. It is shown that the adaptive nonlinear CM-FSA algorithm captures the dynamics of the climate system to a great extent. However, free parameters of this specific network architecture have to be optimized subjectively. The quality of the simulations obtained by the CM-FSA algorithm exceeds the results of a multiple linear regression model; the simulation quality on the global scale amounts up to 81% explained variance. Furthermore the combined anthropogenic effect corresponds to the observed increase in temperature Jones et al. (1994), updated by Jones (1999a), for the examined period 1856–1998 on all investigated scales. In accordance to recent findings of physical climate models, the CM-FSA succeeds with the detection of anthropogenic induced climate change on a high significance level. Thus, the CMFSA algorithm can be regarded as a suitable nonlinear statistical tool for modeling and diagnosing the climate system.
Observed global and European spatiotemporal related fields of surface air temperature, mean-sea-level pressure and precipitation are analyzed statistically with respect to their response to external forcing factors such as anthropogenic greenhouse gases, anthropogenic sulfate aerosol, solar variations and explosive volcanism, and known internal climate mechanisms such as the El Niño-Southern Oscillation (ENSO) and the North Atlantic Oscillation (NAO). As a first step, a principal component analysis (PCA) is applied to the observed spatiotemporal related fields to obtain spatial patterns with linear independent temporal structure. In a second step, the time series of each of the spatial patterns is subject to a stepwise regression analysis in order to separate it into signals of the external forcing factors and internal climate mechanisms as listed above as well as the residuals. Finally a back-transformation leads to the spatiotemporally related patterns of all these signals being intercompared. Two kinds of significance tests are applied to the anthropogenic signals. First, it is tested whether the anthropogenic signal is significant compared with the complete residual variance including natural variability. This test answers the question whether a significant anthropogenic climate change is visible in the observed data. As a second test the anthropogenic signal is tested with respect to the climate noise component only. This test answers the question whether the anthropogenic signal is significant among others in the observed data. Using both tests, regions can be specified where the anthropogenic influence is visible (second test) and regions where the anthropogenic influence has already significantly changed climate (first test).
A selection of recent data referring to Pb+Pb collisions at the SPS CERN energy of 158 GeV per nucleon is presented which might describe the state of highly excited strongly interacting matter both above and below the deconfinement to hadronization (phase) transition predicted by lattice QCD. A tentative picture emerges in which a partonic state is indeed formed in central Pb+Pb collisions which hadronizes at about T = 185 MeV, and expands its volume more than tenfold, cooling to about 120 MeV before hadronic collisions cease. We suggest further that all SPS collisions, from central S+S onward, reach that partonic phase, the maximum energy density increasing with more massive collision systems.