The choice among non-callable bonds and make whole, claw back and otherwise ordinary callable bonds

This paper seeks to explain determinates of the choice and the pricing of various types of callable and non-callable bonds. We find that the popularity of different types of callable and non-callable bonds is significantly related to the economic environment. In addition, the popularity of claw back bonds appear to be driven by agency considerations, make whole bonds by the debt overhang problem, ordinary callable bonds by the need by banks to deal with interest rate changes and non-callable bonds by the need to raise funds as cheaply as possible. All else equal, firms pay a higher offer spread for the flexibility to call a claw back bond early via a new share offering whereas issuers of make whole bonds are rewarded with a lower offer spread for restricting calls to circumstances that does not expropriate bondholder wealth

User preferences on route instruction types for mobile indoor route guidance

Adaptive mobile wayfinding systems are being developed to ease wayfinding in the indoor environment. They present wayfinding information to the user, which is adapted to the context. Wayfinding information can be communicated by using different types of route instructions, such as text, photos, videos, symbols or a combination thereof. The need for a different type of route instruction may vary at decision points, for example because of its complexity. Furthermore, these needs may be different for different user characteristics (e.g., age, gender, level of education). To determine this need for information, an online survey has been executed where participants rated 10 different route instruction types at several decision points in a case study building. Results show that the types with additional text were preferred over those without text. The photo instructions, combined with text, generally received the highest ratings, especially from first-time visitors. 3D simulations were appreciated at complex decision points and by younger people. When text (with symbols) is considered as a route instruction type, it is best used for the start or end instruction

Deep Thermal Imaging: Proximate Material Type Recognition in the Wild through Deep Learning of Spatial Surface Temperature Patterns

We introduce Deep Thermal Imaging, a new approach for close-range automatic recognition of materials to enhance the understanding of people and ubiquitous technologies of their proximal environment. Our approach uses a low-cost mobile thermal camera integrated into a smartphone to capture thermal textures. A deep neural network classifies these textures into material types. This approach works effectively without the need for ambient light sources or direct contact with materials. Furthermore, the use of a deep learning network removes the need to handcraft the set of features for different materials. We evaluated the performance of the system by training it to recognise 32 material types in both indoor and outdoor environments. Our approach produced recognition accuracies above 98% in 14,860 images of 15 indoor materials and above 89% in 26,584 images of 17 outdoor materials. We conclude by discussing its potentials for real-time use in HCI applications and future directions.Comment: Proceedings of the 2018 CHI Conference on Human Factors in Computing System

Localist but Distributed Representations

A number of examples are given of how localist models may incorporate distributed representations, without the types of non-local interactions that often render distributed models implausible. The need to analyze the information that is encoded by these representations is also emphasized as a metatheoretical constraint on model plausibility

Existence of Kirillov-Reshetikhin crystals for near adjoint nodes in exceptional types

We prove that, in types $E_{6,7,8}^{(1)}$, $F_4^{(1)}$ and $E_6^{(2)}$, every Kirillov--Reshetikhin module associated with the node adjacent to the adjoint one (near adjoint node) has a crystal pseudobase, by applying the criterion introduced by Kang et.al. In order to apply the criterion, we need to prove some statements concerning values of a bilinear form. We achieve this by using the global bases of extremal weight modules.Comment: 39 pages. In version 1 the main theorem is proved in type $E_6^{(1)}$ only, but in version 2 and 3 we generalize the result in types $E_{6,7,8}^{(1)}$, $F_4^{(1)}$ and $E_6^{(2)}$. In version 3, some minor corrections are mad

Are subsets necessary in Martin-Lof type theory?

After introducing Martin-Lof's type theory, the paper introduces the rules proposed by various authors for adding subset types to the system, and the justification given for their addition. These justifications are examined, and it is argued that by a combination of lazy evaluation and transformation using the Axiom of Choice that subsets need not be added to the system to make it usable

Inferring a collective concept of research from the actions of the art and design research community

This article examines output types as manifestations of different concepts of research. We compare the UK academic scene to that of Brazil, identifying the former as responding ‘bottom-up’ to researcher needs and the latter determining ‘top-down’ what researchers can do. Taking the UK model as indicative of what researchers think they need, we undertook a detailed analysis of the output types used in RAE2008 across all subjects in order to see which types were used and by whom. We also undertook a further analysis of the use of traditional, text-based formats in art and design, and the use of non-traditional, non-textual output types in other subjects. We conclude that both the journal format and the exhibition format are expressive of the understanding each community has of the meaning of research as an activity. This is further reinforced by the national structures within which research is undertaken and evaluatedPeer reviewedSubmitted Versio

Eye-tracking analysis in landscape perception research : influence of photograph properties and landscape characteristics

The European Landscape Convention emphasises the need for public participation in landscape planning and management. This demands understanding of how people perceive and observe landscapes. This can objectively be measured using eye tracking, a system recording eye movements and fixations while observing images. In this study, 23 participants were asked to observe 90 landscape photographs, representing 18 landscape character types in Flanders (Belgium) differing in degree of openness and heterogeneity. For each landscape, five types of photographs were shown, varying in view angle. This experiment design allowed testing the effect of the landscape characteristics and photograph types on the observation pattern, measured by Eye-tracking Metrics (ETM). The results show that panoramic and detail photographs are observed differently than the other types. The degree of openness and heterogeneity also seems to exert a significant influence on the observation of the landscape