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  • 1
    ISSN: 1573-0735
    Keywords: banking ; production ; risk ; efficiency ; agency problems.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We present and estimate a model that shifts the focus of modeling production from the traditional assumptions of profit maximization and cost minimization to a more general assumption of managerial utility maximization that can incorporate risk incentives into the analysis of production and recover value-maximizing technologies. We implement the model using the almost ideal demand system. In addition, we use the model to measure efficiency in a more general way that can incorporate a concern for the market value of firms’ assets and equity and identify value-maximizing firms. This shift in focus bridges the gap between the risk incentives literature in banking that ignores the microeconomics of production and the production literature that ignores the relationship between production decisions and risk. Our estimation of the model for a sample of U.S. commercial banks illustrates that results obtained from our generalized model can differ significantly from those obtained from the standard profit-maximization model, which ignores risk.
    Type of Medium: Electronic Resource
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  • 2
    Publication Date: 2019-07-19
    Description: The coalescence of two massive black holes produces gravitational waves (GWs) which can be detected by the space-based detector LISA. By measuring these waves, LISA can determine the various parameters which characterize the source. Measurements of the black hole masses and spins will provide information about the growth of black holes and their host galaxies over time. Measurements of a source's sky position and distance may help astronomers identify an electromagnetic counterpart to the GW event. The counterpart's redshift, combined with the GW-measured luminosity distance, can then be used to measure the Hubble constant and the dark energy parameter $w$. Because the potential science output is so high, it is useful to know in advance how well LISA can measure source parameters for a wide range of binaries. We calculate expected parameter estimation errors using the well-known Fisher matrix method. Our waveform model includes the physics of spin precession, as well as subleading harmonics. When these higher-order effects are not included, strong degeneracies between some parameters cause them to be poorly determined by a GW measurement. When precession and subleading harmonics are properly included, the degeneracies are broken, reducing parameter errors by one to several orders of magnitude.
    Keywords: Astrophysics
    Format: text
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  • 3
    Publication Date: 2019-07-13
    Description: We determine the distances to the z approximately equals 0.55 galaxy clusters MS 0451.6 - 0305 and Cl 0016 + 16 from a maximum-likelihood joint fit to interferometric Sunyaev-Zeldovich effect (SZE) and X-ray observations. We model the intracluster medium (ICM) using a spherical isothermal beta model. We quantify the statistical and systematic uncertainties inherent to these direct distance measurements, and we determine constraints on the Hubble parameter for three different cosmologies. For an Omega(sub M) = 0.3, Omega(sub lambda) = 0.7 cosmology, these distances imply a Hubble constant of 63(sup +12) (sub -9) (sup + 21) (sub -21) km/s Mp/c, where the uncertainties correspond to statistical followed by systematic at 68% confidence. The best-fit H(sub 0) is 57 km/s Mp/c for an open (Omega(sub M) = 0.3) universe and 52 km/s Mp/c for a flat (Omega(sub M) = 1) universe.
    Keywords: Astrophysics
    Type: Astrophysical Journal; 533; 38-49
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  • 4
    Publication Date: 2019-07-13
    Description: The most useful characterization of a gravitational wave detector's performance is the accuracy with which astrophysical parameters of potential gravitational wave sources can be estimated. One of the most important source types for the Laser Interferometer Space Antenna (LISA) is inspiraling binaries of black holes. LISA can measure mass and spin to better than 1% for a wide range of masses, even out to high redshifts. The most difficult parameter to estimate accurately is almost always luminosity distance. Nonetheless, LISA can measure luminosity distance of intermediate-mass black hole binary systems (total mass approx.10(exp 4) solar mass) out to z approx.10 with distance accuracies approaching 25% in many cases. With this performance, LISA will be able to follow the merger history of black holes from the earliest mergers of proto-galaxies to the present. LISA's performance as a function of mass from 1 to 10(exp 7) solar mass and of redshift out to z approx. 30 will be described. The re-formulation of LISA's science requirements based on an instrument sensitivity model and parameter estimation will be described.
    Keywords: Astrophysics
    Type: 7th Edoardo Amaldi Conference on Gravitational Waves; Jul 08, 2007 - Jul 14, 2007; Sydney; Australia
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  • 5
    Publication Date: 2019-07-13
    Description: We present multiwavelength observations of the Abell 1995 galaxy cluster. From an analysis of X-ray spectroscopy and imaging data, we derive the electron temperature, cluster core radius, and central electron number density. Using optical spectroscopy of 15 cluster members, we derive an accurate cluster redshift and velocity dispersion. Finally, the interferometric imaging of the Sunyaev-Zeldovich effect toward Abell 1995 at 28.5 GHz provides a measure of the integrated pressure through the cluster. The X-ray and Sunyaev-Zeldovich effect observations are combined to determine the angular diameter distance to the cluster of D(sub A) = 1294(sup +294 +438, sub -283 -458) Mpc (Statistical followed by systematic uncertainty), implying a Hubble constant of H(sub 0) = 52.2(sup +11.4 +18.5, sub -11.9 -17.7) km/s.Mpc for Omega(sub M) = 0.3 and Omega(sub lambda) = 0.7. We find a best-fit H(sub 0) of 46 km/s.Mpc for the Omega(sub M) = 1 and Omega(sub lambda) = 0 cosmology, and 48 km/s.Mpc for Omega(sub M) = 0.3 and Omega(sub lambda) = 0.0. The X-ray data are also used to derive a total cluster mass of M(sup HSE, sub tot)(r(sub 500)) = 5.18(sup +0.62, sub -0.48) x 10(exp 14)/h solar mass; the optical velocity dispersion yields an independent and consistent estimate of M(sup virial, sub tot)(r(sub 500)) = 6.35(sup +1.51, sub -1.19) X 10(exp 14) /h solar mass. Both of the total mass estimates are evaluated at a fiducial radius, r(sub 500) = 830 /h kpc, where the overdensity is 500 times the critical density. The total cluster mass is then combined with gas mass measurements to determine a cluster gas mass fraction of F(sub g) = 0.056(sup +0.010, sub -0.013) /h(sup 3/2) in combination with recent baryon density constraints, the measured gas mass fraction yields an upper limit on the mass density parameter of Omega(sub M) h(sup 1/2) 〈= 0.34(sup +/0.06, sub 0.05.
    Keywords: Astrophysics
    Type: Astrophysical Journal; 541; 37-48
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  • 6
    Publication Date: 2019-08-26
    Description: The interactions between plasma structures and neutral atom populations in interplanetary space can be effectively studied with energetic neutral atom imagers. For neutral atoms with energies less than 1 keV, the most efficient detection method that preserves direction and energy information is conversion to negative ions on surfaces. We have examined a variety of surface materials and conversion geometries in order to identify the factors that determine conversion efficiency. For chemically and physically stable surfaces smoothness is of primary importance while properties such as work function have no obvious correlation to conversion efficiency. For the noble metals, tungsten, silicon, and graphite with comparable smoothness, conversion efficiency varies by a factor of two to three. We have also examined the way in which surface conversion efficiency varies with the angle of incidence of the neutral atom and have found that the highest efficiencies are obtained at angles of incidence greater then 80deg. The conversion efficiency of silicon, tungsten and graphite were examined most closely and the energy dependent variation of conversion efficiency measured over a range of incident angles. We have also developed methods for micromachining silicon in order to reduce the volume to surface area over that of a single flat surface and have been able to reduce volume to surface area ratios by up to a factor of 60. With smooth micro-machined surfaces of the optimum geometry, conversion efficiencies can be increased by an order of magnitude over instruments like LENA on the IMAGE spacecraft without increase the instruments mass or volume.
    Keywords: Astrophysics
    Type: American Geophysical Union Meeting; Dec 12, 2008 - Dec 19, 2008; San Francisco, CA; United States
    Format: text
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