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Us Community Development Capital Initiative (Cdci), Adam Kulam Nov 2021

Us Community Development Capital Initiative (Cdci), Adam Kulam

Journal of Financial Crises

The United States Department of the Treasury responded to the Global Financial Crisis with an economy-wide stimulus package called the Troubled Assets Relief Program (TARP). Within the portion of TARP’s budget dedicated to bank investments, about $570.1 million was disbursed to community development financial institutions (CDFIs)—specifically, banks and credit unions (depositories)—in a program called the Community Development Capital Initiative (CDCI). Through the CDCI, Treasury provided capital to CDFI depositories, encouraged them to lend to small businesses, and promoted other community-oriented goals. The CDFI depositories issued either preferred shares or unsecured subordinated debentures to Treasury at low (2%) interest rates for …

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Thailand Capital Support Facilities 1998, Adam Kulam Nov 2021

Thailand Capital Support Facilities 1998, Adam Kulam

Journal of Financial Crises

After the floatation of the baht on July 2, 1997, the Thai economy endured a financial crisis from massive currency devaluation, exchange rate losses, and non-performing loans (NPLs). In response, the Thai government employed two types of restructuring programs: (1) the alleviation of NPLs and distressed assets, (2) the correction of financial institution insolvency and capital inadequacy. To help recapitalize private institutions with public funds, the government introduced tier-1 and tier-2 capital support facilities. The tier-1 facility aimed to attract private capital, and the tier-2 facility aimed to stimulate lending and corporate debt restructuring. Capital injections took the form of …

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Malaysia: Danamodal Nasional Berhad (Danamodal), Devyn Jeffereis Nov 2021

Malaysia: Danamodal Nasional Berhad (Danamodal), Devyn Jeffereis

Journal of Financial Crises

The Malaysian economy was relatively well positioned at the beginning of the Asian Financial Crisis. However, the government’s response of tight fiscal and monetary policy, along with contagion from surrounding countries, had severe negative consequences. The banking industry became particularly vulnerable due to substantial loan growth preceding the crisis and exposure to volatile sectors, leading to an increase in NPLs and capital deterioration. As part of its approach to assist the ailing banking sector, the Bank Negara Malaysia created Danamodal Nasional Berhad (Danamodal) on August 10, 1998, as a wholly owned subsidiary aimed at recapitalizing banking institutions. Funding for Danamodal …

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Korean Capital Injections: Kdic 1997, Adam Kulam Nov 2021

Korean Capital Injections: Kdic 1997, Adam Kulam

Journal of Financial Crises

After the devaluation of the Thai baht in July 1997, international banks reduced their exposures to Korean financial institutions, rating agencies downgraded Korea’s sovereign rating, and the Korean won lost half its value. The government guaranteed all financial institution deposits and provided emergency liquidity support to the financial sector, but these measures did not restore market confidence. In December, Korea sought an International Monetary Fund (IMF) Stand-by Arrangement. As part of the IMF program, the Korean National Assembly consolidated financial sector supervision into a new Financial Supervisory Commission (FSC) and broadened the scope of the Korea Deposit Insurance Corporation (KDIC). …

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Financial Functions Stabilization Act, Vaasavi Unnava Nov 2021

Financial Functions Stabilization Act, Vaasavi Unnava

Journal of Financial Crises

In 1990, the asset-pricing bubble in Japan peaked and began a steady decline. Over the next seven years, a series of bank failures induced the Japanese government to introduce the first of a series of capital injections in 1998, 1999, and 2004. The capital injection of 1998, authorized by the Financial Functions Stabilization Act, made ¥13 trillion ($103 billion) available to financial institutions that applied. By the end of the injection window, 21 banks and trusts applied for and received ¥1.8 trillion ($13.5 billion) in subordinated debt and loans and preferred shares. While there were no limits on compensation for …

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Coresets For Time Series Clustering, Lingxiao Huang, K. Sudhir, Nisheeth Vishnoi Nov 2021

Coresets For Time Series Clustering, Lingxiao Huang, K. Sudhir, Nisheeth Vishnoi

Cowles Foundation Discussion Papers

We study the problem of constructing coresets for clustering problems with time series data. This problem has gained importance across many fields including biology, medicine, and economics due to the proliferation of sensors for real-time measurement and rapid drop in storage costs. In particular, we consider the setting where the time series data on N entities is generated from a Gaussian mixture model with autocorrelations over k clusters in Rd. Our main contribution is an algorithm to construct coresets for the maximum likelihood objective for this mixture model. Our algorithm is efficient, and, under a mild assumption on …

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Coresets For Regressions With Panel Data, Lingxiao Huang, K. Sudhir, Nisheeth Vishnoi Nov 2021

Coresets For Regressions With Panel Data, Lingxiao Huang, K. Sudhir, Nisheeth Vishnoi

Cowles Foundation Discussion Papers

This paper introduces the problem of coresets for regression problems to panel data settings. We first define coresets for several variants of regression problems with panel data and then present efficient algorithms to construct coresets of size that depend polynomially on 1/ε (where ε is the error parameter) and the number of regression parameters – independent of the number of individuals in the panel data or the time units each individual is observed for. Our approach is based on the Feldman-Langberg framework in which a key step is to upper bound the “total sensitivity” that is roughly the sum of …

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Organizational Structure And Pricing: Evidence From A Large U.S. Airline, Ali Hortaçsu, Olivia R. Natan, Hayden Parsley, Timothy Schwieg, Kevin R. Williams Nov 2021

Organizational Structure And Pricing: Evidence From A Large U.S. Airline, Ali Hortaçsu, Olivia R. Natan, Hayden Parsley, Timothy Schwieg, Kevin R. Williams

Cowles Foundation Discussion Papers

Although typically modeled as a centralized firm decision, pricing often involves multiple organizational teams that have decision rights over specific pricing inputs. We study team input decisions using comprehensive data from a large U.S. airline. We document that pricing at a sophisticated firm is subject to miscoordination across teams, uses persistently biased forecasts, and does not account for cross-price elasticities. With structural demand estimates derived from sales and search data, we find that addressing one team’s biases in isolation has little impact on market outcomes. We show that teams do not optimally account for biases introduced by other teams. We …

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Lessons Learned: Matthew Kabaker, Yasemin Esmen, Matthew Kabaker Nov 2021

Lessons Learned: Matthew Kabaker, Yasemin Esmen, Matthew Kabaker

Documents

Esmen, Yasemin (2021) "Lessons Learned: Matthew Kabaker," The Journal of Financial Crises: Vol. 3 : Iss. 3, 966-969.

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‘Jesus Is Not A Foreign God’: Baptist Music Making In Burma/Myanmar, Heather Maclachlan Oct 2021

‘Jesus Is Not A Foreign God’: Baptist Music Making In Burma/Myanmar, Heather Maclachlan

Yale Journal of Music & Religion

Christians in the Southeast Asian country of Burma, also known as Myanmar, make up approximately five percent of the national population. The Christian community of Burma includes both Catholics and Protestants, and Baptists predominate among the Protestants. In this article I argue that twenty-first century Protestant Burmese Christians fulfill both aspects of a “twofold legacy” bequeathed to them by Adoniram Judson, the first Baptist missionary to Burma, and that their fulfillment of this legacy is manifest in their musical practices. I further argue that it has been, and continues to be, to Burmese Christians’ advantage to emphasize both aspects of …

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Sankyoku Magazine And The Invention Of The Shakuhachi As Religious Instrument In Early 20th-Century Japan, Matt Gillan Oct 2021

Sankyoku Magazine And The Invention Of The Shakuhachi As Religious Instrument In Early 20th-Century Japan, Matt Gillan

Yale Journal of Music & Religion

The early 20th century was a period in which understandings of music, religion, and the nation-state underwent rapid change in Japan. In this article I examine Japanese cultural discourse from the first decades of the 20th century in which the shakuhachi, a Japanese bamboo flute, was frequently portrayed as a religious instrument. In some cases, this discourse referenced pre-20th century historical affiliations of the shakuhachi with the Fuke-sect, an organization that was loosely affiliated to Rinzai Zen Buddhism. But the article also explores how religio-musical discourse surrounding the shakuhachi intersected with developments in modern Japanese religious life, …

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Early Modern Scottish Metrical Psalmody: Origins And Practice, Timothy Duguid Oct 2021

Early Modern Scottish Metrical Psalmody: Origins And Practice, Timothy Duguid

Yale Journal of Music & Religion

Non-literate societies are often dependent on music for transmitting news and ideas because of music’s ability to enhance memory. Sixteenth-century reformers were aware of this, but they had to compete with secular and Roman Catholic music that often contradicted Reformed doctrine. Highly influenced by the Strasbourg-based Martin Bucer and the writings of Saint Augustine, John Calvin insisted that Biblical Psalms, set in vernacular poetry, were most appropriate for both corporate worship and private devotion. The result was a series of metrical psalters that were intended to be performable by everyone. Some editions had explicitly liturgical designs, but most were intended …

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Oig: Semiannual Report To Congress, Federal Reserve System: Board Of Governors: Office Of Inspector General, United States: Consumer Financial Protection Bureau (Cfpb) Oct 2021

Oig: Semiannual Report To Congress, Federal Reserve System: Board Of Governors: Office Of Inspector General, United States: Consumer Financial Protection Bureau (Cfpb)

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No abstract provided.

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Herding With Heterogeneous Ability: An Application To Organ Transplantation, Stephanie De Mel, Kaivan Munshi, Soenje Reiche, Hamid Sabourian Oct 2021

Herding With Heterogeneous Ability: An Application To Organ Transplantation, Stephanie De Mel, Kaivan Munshi, Soenje Reiche, Hamid Sabourian

Cowles Foundation Discussion Papers

There are many economic environments in which an object is offered sequentially to prospective buyers. It is often observed that once the object for sale is turned down by one or more agents, those that follow do the same. One explanation that has been proposed for this phenomenon is that agents making choices further down the line rationally ignore their own assessment of the object’s quality and herd behind their predecessors. Our research adds a new dimension to the canonical herding model by allowing agents to di er in their ability to assess the quality of the offered object. We …

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Estimation And Inference With Near Unit Roots, Peter C. B. Phillips Oct 2021

Estimation And Inference With Near Unit Roots, Peter C. B. Phillips

Cowles Foundation Discussion Papers

New methods are developed for identifying, estimating and performing inference with nonstationary time series that have autoregressive roots near unity. The approach subsumes unit root (UR), local unit root (LUR), mildly integrated (MI) and mildly explosive (ME) specifications in the new model formulation. It is shown how a new parameterization involving a localizing rate sequence that characterizes departures from unity can be consistently estimated in all cases. Simple pivotal limit distributions that enable valid inference about the form and degree of nonstationarity apply for MI and ME specifications and new limit theory holds in UR and LUR cases. Normalizing and …

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Limit Theory For Locally Flat Functional Coefficient Regression, Peter C. B. Phillips, Ying Wang Oct 2021

Limit Theory For Locally Flat Functional Coefficient Regression, Peter C. B. Phillips, Ying Wang

Cowles Foundation Discussion Papers

Functional coefficient (FC) regressions allow for systematic flexibility in the responsiveness of a dependent variable to movements in the regressors, making them attractive in applications where marginal effects may depend on covariates. Such models are commonly estimated by local kernel regression methods. This paper explores situations where responsiveness to covariates is locally flat or fixed. In such cases, the limit theory of FC kernel regression is shown to depend intimately on functional shape in ways that affect rates of convergence, optimal bandwidth selection, estimation, and inference. The paper develops new asymptotics that take account of shape characteristics of the function …

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On Multicointegration, Peter C. B. Phillips, Igor Kheifets Oct 2021

On Multicointegration, Peter C. B. Phillips, Igor Kheifets

Cowles Foundation Discussion Papers

A semiparametric triangular systems approach shows how multicointegration can occur naturally in an I(1) cointegrated regression model. The framework reveals the source of multicointegration as singularity of the long run error covariance matrix in an I(1) system, a feature noted but little explored in earlier work. Under such singularity, cointegrated I(1) systems embody a multicointegrated structure and may be analyzed and estimated without appealing to the associated I(2) system but with consequential asymptotic properties that can introduce asymptotic bias into conventional methods of cointegrating regression. The present paper shows how estimation of such systems may be accomplished under multicointegration without …

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Discrete Fourier Transforms Of Fractional Processes With Econometric Applications, Peter C. B. Phillips Oct 2021

Discrete Fourier Transforms Of Fractional Processes With Econometric Applications, Peter C. B. Phillips

Cowles Foundation Discussion Papers

The discrete Fourier transform (dft) of a fractional process is studied. An exact representation of the dft is given in terms of the component data, leading to the frequency domain form of the model for a fractional process. This representation is particularly useful in analyzing the asymptotic behavior of the dft and periodogram in the nonstationary case when the memory parameter d ≥ 1 2: Various asymptotic approximations are established including some new hypergeometric function representations that are of independent interest. It is shown that smoothed periodogram spectral estimates remain consistent for frequencies away from the origin in the nonstationary …

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Ypfs Lessons Learned Oral History Project: An Interview With Sandra Braunstein, Sandra Braunstein, Mary Anne Chute Lynch Oct 2021

Ypfs Lessons Learned Oral History Project: An Interview With Sandra Braunstein, Sandra Braunstein, Mary Anne Chute Lynch

Documents

No abstract provided.

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Ypfs Lessons Learned Oral History Project: An Interview With Veerathai Santiprabhob, Veerathai Santiprabhob, Maryann Haggerty, Rosalind Z. Wiggins Oct 2021

Ypfs Lessons Learned Oral History Project: An Interview With Veerathai Santiprabhob, Veerathai Santiprabhob, Maryann Haggerty, Rosalind Z. Wiggins

Documents

Suggested Citation Form: Santiprabhob, Veerathai, 2022. “Lessons Learned Interview by Maryann Haggerty and Rosalind Z. Wiggins, October 4, 2021.” Yale Program on Financial Stability Lessons Learned Oral History Project. Transcript. https://ypfs.som.yale.edu/library/ypfs-lesson-learned-oral-history-project-interview-veerathai-santiprabhob

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Tissue-Specific H2bub1 Is Required For Cardiomyocyte Development, Syndi Marissa Barish Oct 2021

Tissue-Specific H2bub1 Is Required For Cardiomyocyte Development, Syndi Marissa Barish

Yale Graduate School of Arts and Sciences Dissertations

Currently, the most common birth defect is congenital heart disease (CHD). Whole-exome sequencing of CHD patients identified variants affecting chromatin modifier genes, which contribute to 2.3% of CHD. De-novo mutations affecting the core complex (RNF20, RNF40 and UBE2B) required for the monoubiquitination of H2B on K120 (H2Bub1) are enriched in CHD patients. This complex has many cellular roles, such as stem cell differentiation, but no described role in cardiac morphogenesis. This body of work describes the role of H2Bub1 in heart development in vivo in mice and in vitro in human induced pluripotent stem cell (iPSC)-derived cardiomyocytes. The patient variant …

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A Quantum-Enhanced Search For Dark Matter Axions, Kelly Marie Backes Oct 2021

A Quantum-Enhanced Search For Dark Matter Axions, Kelly Marie Backes

Yale Graduate School of Arts and Sciences Dissertations

Almost a century after the dark matter problem was first posed, dark matter's expectedly minute experimental signature continues to elude direct detection and remains one of the most profound mysteries in fundamental physics. The QCD axion serves as a potential solution to the dark matter problem as well as an entirely unrelated problem in fundamental physics: the strong charge-parity (CP) problem of quantum chromodynamics. The detection of these dark matter axions is made difficult by their extremely feeble coupling to regular matter, specifically the photon. The axion-photon conversion power is dwarfed by quantum uncertainty, which manifests as a fundamental noise …

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The Development Of Mathematical Methods For Tackling Problems In Non-Perturbative Quantum Field Theory, Cosmology, And Gravity, Daniel Berkowitz Oct 2021

The Development Of Mathematical Methods For Tackling Problems In Non-Perturbative Quantum Field Theory, Cosmology, And Gravity, Daniel Berkowitz

Yale Graduate School of Arts and Sciences Dissertations

We have extended two recently developed theoretical methods, the Quantum Finite Elements (QFE) and the Euclidean-signature semi-classical method (ESSCM). The QFE is a technique for constructing lattice field theories (LFTs) on curved Riemannian manifolds. We extended the applicability of the QFE to formulating LFTs on certain three and four dimensional Riemannian manifolds such as $\mathbb{S}^{3}$ and $\mathbb{R} \cross \mathbb{S}^{3}$. This was done by first constructing a novel simplicial approximation to $\mathbb{S}^{3}$. Then, after correctly computing the weights of the links and vertices that make up this simplicial approximation, we defined a Laplacian on it, whose low lying spectrum was observed …

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Cognitive Mechanisms Supporting The Formation And Maintenance Of Social Judgments In Physical Aggression, Grace Marie Brennan Oct 2021

Cognitive Mechanisms Supporting The Formation And Maintenance Of Social Judgments In Physical Aggression, Grace Marie Brennan

Yale Graduate School of Arts and Sciences Dissertations

Physical aggression is a harmful yet ubiquitous form of human behavior. A large body of research has established that physical aggression is rooted in aberrations at the formation and maintenance stages of social cognition. At the formation stage, more physically aggressive individuals are more likely to interpret ambiguous social stimuli as threatening; at the maintenance stage, more physically aggressive individuals are more likely to “hold on” to interpretations of others as threatening. However, very little research has examined the cognitive mechanisms that contribute to these aberrations during online social decision-making. The three experimental studies that comprise this dissertation apply theory …

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The Role Of Post-Translational Modifications In The Fate Of Nascent Tail-Anchored Membrane Proteins, Jacob Andrew Culver Oct 2021

The Role Of Post-Translational Modifications In The Fate Of Nascent Tail-Anchored Membrane Proteins, Jacob Andrew Culver

Yale Graduate School of Arts and Sciences Dissertations

Membrane proteins contain hydrophobic transmembrane domains (TMDs) which reside in the nonpolar section of cellular membranes. The synthesis of the majority of membrane proteins in eukaryotes is routed through the co-translational insertion pathway. As they are translating nascent membrane proteins, ribosomes are delivered to the endoplasmic reticulum (ER) where the new membrane protein is co-translationally inserted directly into the membrane as it emerges from the ribosome exit tunnel. Thus, newly translated hydrophobic TMDs are never released into the aqueous cytosol. However, exceptions to the co-translational insertion route exist. Certain membrane proteins are released into the cytosol and must be captured …

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Determination And Application Of Hydrogen Transfer Thermochemistry: Studies Of Molecules, Nanoparticles, And Metallic Electrodes, Rishi Agarwal Oct 2021

Determination And Application Of Hydrogen Transfer Thermochemistry: Studies Of Molecules, Nanoparticles, And Metallic Electrodes, Rishi Agarwal

Yale Graduate School of Arts and Sciences Dissertations

From the surface of a platinized electrode in a hydrogen fuel cell to the oxygen-evolving complex in photosystem II, the binding and transfer of hydrogen is central to many important chemical transformations in our world. The core thermochemical and kinetic concepts which connect these proton-coupled electron transfers across a continuum of compound sizes, including small molecules, nanoparticles, and bulk materials, are explored. In Chapter 1, an introduction to the thermochemical basis for this thesis is presented, along with the underlying connections it enables for studying hydrogen transfer across thermochemical and electrochemical reactions, as well as gas and solution phase reactivity.Methods …

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Integrative Computational Methodologies On Single Cell Datasets, Wenxuan Deng Oct 2021

Integrative Computational Methodologies On Single Cell Datasets, Wenxuan Deng

Yale Graduate School of Arts and Sciences Dissertations

High throughput single cell sequencing has seen exciting developments in recent years. With its high resolution characterization of genetics, genomics, proteomics, and epigenomics features, single cell data offer more insights on the underlying biological processes than those from bulk sequencing data. The most well developed single cell technologies are single cell RNA-seq (scRNA-seq) on transcriptomics and flow cytometry on proteomics. Many multi-omics single cell sequencing platforms have also emerged recently, such as CITE-seq, which profiles both epitope and transcriptome simultaneously. But some well known limitations of single cell data, such as batch variations, shallow sequencing depth, and sparsity also present …

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Three-Wave Mixing In Superconducting Circuits: Stabilizing Cats With Snails, Nicholas Frattini Oct 2021

Three-Wave Mixing In Superconducting Circuits: Stabilizing Cats With Snails, Nicholas Frattini

Yale Graduate School of Arts and Sciences Dissertations

Three-wave mixing, by which a photon splits into two correlated photons and vice versa, is a powerful quantum process with many applications in fundamental quantum mechanics experiments and quantum information processing. However, in superconducting circuits, the predominant form of nonlinearity provided by a Josephson junction is only of even order, and thus symmetry forbids three-wave mixing. This Kerr nonlinearity is useful in its own right for engineering quantum operations, but it is accompanied by unavoidable frequency shifts that become especially problematic as the number of interacting electromagnetic modes, and therefore frequency crowding, increases. How then can we endow superconducting devices …

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Computational Principles Of Multiple-Task Learning In Humans And Artificial Neural Networks, Daniel Benjamin Ehrlich Oct 2021

Computational Principles Of Multiple-Task Learning In Humans And Artificial Neural Networks, Daniel Benjamin Ehrlich

Yale Graduate School of Arts and Sciences Dissertations

While humans can learn to perform many specific and highly specialized behaviors,perhaps what is most unique about human cognitive capabilities is their capacity to generalize, to share information across contexts and adapt to the myriad problems that can arise in complex environments. While it is possible to imagine agents who learn to deal with each challenge they experience separately, humans instead integrate new situations into the framework of the tasks they have experienced in their life, allowing them to reuse insight and strategies across them. Yet the precise forms of shared representations across tasks, as well as computational principles for …

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Ab Initio Insights Into Substrate Effects, Structural Identification, And Excitonic States In 2d Materials, Stephen Eltinge Oct 2021

Ab Initio Insights Into Substrate Effects, Structural Identification, And Excitonic States In 2d Materials, Stephen Eltinge

Yale Graduate School of Arts and Sciences Dissertations

The 21st century has seen enormous growth in the study of two-dimensional (2D) materials, beginning with the isolation of graphene but rapidly expanding to include a wide variety of other compounds. Due to their size, 2D materials have immediate appeal for applications in nanoscale electronics. At the same time, uniquely low-dimensional phenomena such as the quantum spin Hall effect, quantum confinement, and 2D superconductivity are of interest to basic physics researchers. This dissertation presents ab initio investigations of three 2D materials. First, we discuss the binding of stanene on various substrates. Stanene, the buckled monolayer form of tin, is predicted …

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