The non-bank financial institution Greensill Capital pioneered platform-based supply chain financing and the securitisation of debt, then controversially extended business to lending funds firms in productive economy based on anticipated future invoices. By rolling over these supposedly short-term liquid loans, this mechanism provided unsecured long-term funding risky businesses. article examin...

This study examines the level of unsecured borrowing done by the firms that would ultimately rescue Long-Term Capital Management in the days leading up to the hedge fund’s rescue. Although there is some evidence that these banks borrowed less at the height of the crisis, further examination reveals that this reduction in borrowing was demand-driven and did not result from rationing on the part ...

In the process of numerical studies, stress-strain state rock massif around mine working driven at a depth 600 m was determined. The article presents analysis distribution total vertical and horizontal stresses isolines in roof, as well ratio residual strength rocks to initial. influence roof bolting on displacement contour established. Dangerous zones near-contour preparatory were identified. ...

The study of the convergence to equilibrium of solutions to FokkerPlanck type equations with linear diffusion and super-linear drift leads in a natural way to a minimization problem for an energy functional (entropy) which relies on a sub-linear convex function. In many cases, conditions linked both to the non-linearity of the drift and to the space dimension allow the equilibrium to have a sin...

It is shown that a large class of solutions in two-degree-of-freedom Hamiltonian systems of billiard type can be described by slowly varying one-degree-of-freedom Hamiltonian systems. Under some non-degeneracy conditions such systems are found to possess a large set of quasiperiodic solutions filling out two dimensional tori, which correspond to caustics in the classical billiard. This provides...

Cognitive jammers are able to deploy advanced strategies that degrade the performance of cognitive radio user communications. In this paper, we study the problem of power allocation in cognitive radio user and jammer games, over parallel Gaussian channels. We model the interaction between a communicator (a transmitter-receiver pair) and a jammer using zero-sum games with continuous action sets;...

The notion of center of mass for an isolated system has been previously encoded in the definition of the so called nice sections. In this article we present a generalization of the proof of existence of solutions to the linearized equation for nice sections, and formalize a local existence proof of nice sections relaxing the radiation condition. We report on the differentiable and non-self-cros...

In the present paper we consider one class of zero-sum games with discontinuous payoffs which may have no solutions in the sets of pure or mixed strategies. We show that, however, the solution always exists in the set of so-called R-mixed strategies which are the elements of the space R of distributions with discontinuous test functions. The advantages of the new space of distributions (in comp...

Electronic archives are increasingly being used to store information that needs to be available for a long time such as land register information and medical records. In order for the data in such archives to remain useful, their integrity and authenticity must be protected over their entire life span. Also, in many cases it must be possible to prove that the data existed at a certain point in ...