The effects of credit risk transfer on bank monitoring and firm financing

This paper examines the efects of the transfer of credit risk associated with bank loans. We are interested in (a) whether the transfer of credit risk has any impact on the intensity with which banks monitor their borrowers and (b) whether credit risk transfer infuences the amount of financing that is provided to firms in an economy. Our model first develops conditions under which bank finance is available to firrms, mainly in the spirit of Holmstrom/Tirole (1997). We then introduce projects with uncorrelated pay-offs and argue that one possible economic rationale for credit risk transfer is diversi¯cation. We analyze whether and how within this scenario the transfer of the credit risk of loans changes a bank's incentives to monitor its debtors. Finally we investigate whether and what kind of impact this may have on the amount of ¯nancing available to firms in an economy. Our results indicate that the monitoring incentives are being eroded indeed and that credit risk transfer can increase the overall amount of obtainable funds in an economy.

Alternative paths to Earth-Moon transfer

The planar, circular, restricted three-body problem predicts the existence of periodic orbits around the Lagrangian equilibrium point L1. Considering the Earth-lunar-probe system, some of these orbits pass very close to the surfaces of the Earth and the Moon. These characteristics make it possible for these orbits, in spite of their instability, to be used in transfer maneuvers between Earth and lunar parking orbits. The main goal of this paper is to explore this scenario, adopting a more complex and realistic dynamical system, the four-body problem Sun-Earth-Moon-probe. We defined and investigated a set of paths, derived from the orbits around L1, which are capable of achieving transfer between low-altitude Earth (LEO) and lunar orbits, including high-inclination lunar orbits, at a low cost and with flight time between 13 and 15 days.

D5.5 – First Version Scenario Arrangement Document – round 1

This deliverable outlines the implementation plan for each of the first-round studies of the RAGE pilots. The main goal of these pilots is to perform a small-scale test of the RAGE games with end-users and intermediary stakeholders in five different non-leisure domains to guide the further development of the games for the final validation studies. At the same time the pilots implement the pre-testing of the research instruments and methodology for answering the main evaluation questions in the five areas of investigation identified in D8.1: 1) usability, 2) game experience, 3) learning effectiveness, 4) transfer effect and 5) pedagogical costs and benefits. Finally, the pilots are aimed at collecting preliminary results for a first formative evaluation of the games and game technologies, with the goal of feeding back useful information to development for the final versions of games and assets. The results of the first pilot will be compared with the results of the final evaluation studies to demonstrate improvements of the game and game effects from first to final version. A revision of the deliverable will be done in the next few months to produce the final arrangement document (D5.1, due at M21).

Wireless Networks with Energy Harvesting and Power Transfer: Joint Power and Time Allocation

In this letter, we consider wireless powered communication networks which could operate perpetually, as the base station (BS) broadcasts energy to the multiple energy harvesting (EH) information transmitters. These employ “harvest then transmit” mechanism, as they spend all of their energy harvested during the previous BS energy broadcast to transmit the information towards the BS. Assuming time division multiple access (TDMA), we propose a novel transmission scheme for jointly optimal allocation of the BS broadcasting power and time sharing among the wireless nodes, which maximizes the overall network throughput, under the constraint of average transmit power and maximum transmit power at the BS. The proposed scheme significantly outperforms “state of the art” schemes that employ only the optimal time allocation. If a single EH transmitter is considered, we generalize the optimal solutions for the case of fixed circuit power consumption, which refers to a much more practical scenario.

Micropolar flow in a porous channel with high mass transfer

Two dimensional flow of a micropolar fluid in a porous channel is investigated. The flow is driven by suction or injection at the channel walls, and the micropolar model due to Eringen is used to describe the working fluid. An extension of Berman's similarity transform is used to reduce the governing equations to a set of non-linear coupled ordinary differential equations. The latter are solved for large mass transfer via a perturbation analysis where the inverse of the cross-flow Reynolds number is used as the perturbing parameter. Complementary numerical solutions for strong injection are also obtained using a quasilinearisation scheme, and good agreement is observed between the solutions obtained from the perturbation analysis and the computations.