Search results for "temi"

Fall of Potential Measurement of the Earth Resistance in Urban Environments: Accuracy Evaluation

2019

Both Standards EN 50522 and IEEE 81 propose the fall of potential method (FPM) to carry out the measurement of the resistance to earth ( $R_{\text{ES}}$ ) of an earthing system (ES). However, in urban areas, the recommended distances between the ES and auxiliary electrodes are not easy to respect, due to the presence of buildings and tarmac. Furthermore, unknown buried metallic parts and interconnections among ESs could modify the earth potential profile of the area, affecting the measurement results. In this paper, the key-issues that influence the measured $R_{\text{ES}}$ when the FPM is used in an urban environment are presented. A parametric analysis, carried out with Comsol Multiphysic…

DelveFS - An Event-Driven Semantic File System for Object Stores

2020

Data-driven applications are becoming increasingly important in numerous industrial and scientific fields, growing the need for scalable data storage, such as object storage. Yet, many data-driven applications cannot use object interfaces directly and often have to rely on third-party file system connectors that support only a basic representation of objects as files in a flat namespace. With sometimes millions of objects per bucket, this simple organization is insufficient for users and applications who are usually only interested in a small subset of objects. These huge buckets are not only lacking basic semantic properties and structure, but they are also challenging to manage from a tec…

Themistii philosophi ... Orationes XIV : Harum sex posteriores, nouae, caeterae emendationes prodeunt : Cum latina interpretatione

1562

Sig. a-l8, m4 Capitals grav. Text en grec, notes al final en llatí. - Reclams al final de cada quadern

Empirical Analyses of Networks in Finance

2018

Abstract The recent global financial crisis has triggered a huge interest in the use of network concepts and network tools to better understand how instabilities can propagate through the financial system. The literature is today quite vast, covering both theoretical and empirical aspects. This review concentrates on empirical work, and associated methodologies, concerned with the evaluation of the fragility and resilience of financial and credit markets. The first part of the review examines the literature on systemic risk that arise from banks mutual exposures. These exposures stem primarily from interbank lending and derivative positions, but also, indirectly, from common holdings of oth…

Multi-Agent Financial Network (MAFN) Model of US Collateralized Debt Obligations (CDO)

2014

A database driven multi-agent model has been developed with automated access to US bank level FDIC Call Reports that yield data on balance sheet and off balance sheet activity, respectively, in Residential Mortgage Backed Securities (RMBS) and Credit Default Swaps (CDS). The simultaneous accumulation of RMBS assets on US banks’ balance sheets and also large counterparty exposures from CDS positions characterized the $2 trillion Collateralized Debt Obligation (CDO) market. The latter imploded at the end of 2007 with large scale systemic risk consequences. Based on US FDIC bank data, that could have been available to the regulator at the time, the authors investigate how a CDS negative carry …

Quantifying Structural Subsidy Values for Systemically Important Financial Institutions

2013

Abstract Claimants to Systemically Important Financial Institutions (SIFIs) would receive transfers when governments are forced into bailouts. Ex ante, this bailout expectation lowers SIFIs’ daily funding costs. The funding cost advantage reflects both the structural level of the government support and the time-varying market valuation for such a support. Based on a large worldwide sample of banks, we estimate the value of the structural subsidy, by exploiting expectations of state support embedded in credit ratings and by applying the long-run average value of the rating bonus. The value of the structural subsidy was already sizable, 60 basis points (bp), as of the end-2007, before the cri…

The impact of systemic and illiquidity risk on financing with risky collateral

2015

Abstract Repurchase agreements (repos) are one of the most important sources of funding liquidity for many financial investors and intermediaries. In a repo, some assets are given by a borrower as collateral in exchange of funding. The capital given to the borrower is the market value of the collateral, reduced by an amount termed as haircut (or margin). The haircut protects the capital lender from loss of value of the collateral contingent on the borrower׳s default. For this reason, the haircut is typically calculated with a simple Value at Risk estimation of the collateral for the purpose of preventing the risk associated to volatility. However, other risk factors should be included in th…

Managing Risk in the Financial System

2015

‘Too interconnected to fail’ financial network of US CDS market: Topological fragility and systemic risk

2012

A small segment of credit default swaps (CDS) on residential mortgage backed securities (RMBS) stand implicated in the 2007 financial crisis. The dominance of a few big players in the chains of insurance and reinsurance for CDS credit risk mitigation for banks' assets has led to the idea of too interconnected to fail (TITF) resulting, as in the case of AIG, of a tax payer bailout. We provide an empirical reconstruction of the US CDS network based on the FDIC Call Reports for off balance sheet bank data for the 4th quarter in 2007 and 2008. The propagation of financial contagion in networks with dense clustering which reflects high concentration or localization of exposures between few parti…

The Structure of Financial Networks

2010

We present here an overview of the use of networks in Finance and Economics. We show how this approach enables us to address important questions as, for example, the structure of control chains in financial systems, the systemic risk associated with them and the evolution of trade between nations. All these results are new in the field and allow for a better understanding and modelling of different economic systems.