Rating Shopping and Rating Inflation: Empirical Evidence from Israel

The collapse of structured bond ratings during the 2007-2008 financial crisis called attention to the possibility of rating inflation due to lowered rating standards and rating shopping. Nevertheless, little empirical evidence has been offered for this prospect. The Israeli corporate credit rating market serves as solid ground for investigating this matter. In this study, we use data on corporate bond ratings assigned by two local rating agencies affiliated with S&P and Moody’s during the period 2004-2009. We show that while one agency (Midroog) systematically assigned higher ratings, the ratings of the other agency (S&P-Maalot) were inflated due to rating shopping. These conclusions are based on several findings: the presence of selection bias in dual ratings, the superior accounting features of firms rated by S&P-Maalot relative to those similarly rated by Midroog, and the greater tendency of single ratings by S&P-Maalot to be downgraded. We confirm the predictions of recent theoretical studies that rating inflation may occur even when the value of the rating agencies derives from their reputation.

Geographical and Historical Factors to be Considered for an Effective Misson Program in China

As an aim, this paper purposes to extract from ·the geography and history of China factors which have an influence upon a missionary program in that country. A careful consideration of these factors will be helpful in acquiring the proper attitude or perspective for the missionary already before he enters the country. Much time will be saved, for everything will not be new when he begins his work, for he already will have a foundation upon which he can build

Fiber-Optic Strain Sensing (FOSS): Shape and Load Measurement Demonstration Tests

Presentation documenting tests performed to demonstrate shape and load measurement using fiber optic strain sensors (FOSS

Testing of a Model to Estimate Vapor Concentration of Various Organic Chemicals

A model developed by Dr. Parker C. Reist to predict the build-up and decay rates of vapor concentrations following a chemical spill and clean-up was tested. The chemicals tested were: acetone, butyl acetate, ethyl acetate, hexane, methylene chloride, methyl ethyl ketone, and toluene. The evaporation rates of these chemicals were determined both by prediction, using a model developed by I. Kawamura and D. Mackay, and empirically and these rates were used in the Reist model. Chamber experiments were done to measure actual build-up and decay of vapor concentrations for simulated spills and simulated clean-up. The chamber experimental results were compared to the model's predicted results. The Reist model, used with the Kawamura-Mackay predicted evaporation rate, can be useful in estimating equilibrium concentration and the time required to reach the equilibrium concentration.Master of Science in Environmental Engineerin

NASA Johnson Space Center Aircraft Operations Division

This presentation provides a high-level overview of JSC aircraft and missions. The capabilities, including previous missions and support team, for the Super Guppy Transport (SGT) aircraft are highlighted

Shot noise limited detection of OH using the technique of laser induced fluorescence

Nearly shot-noise limited detection of OH using the technique of laser-induced fluorescence is reported. A LIDAR configuration is used to excite fluorescence in a large volume and a narrow-bandwidth interference filter provides spectral discrimination. This arrangement alleviates the effect of ozone interference and facilitates image processing at relatively close distances. The detection limit is determined mainly by the shot-noise of the solar background. Ground-based measurements in Dearborn indicate a detection limit of better than 1 x 10 to the 6th power OH/cubic cm over a forty-minute acquisition period. Under favorable conditions, a comparable detection limit was also observed for airborne measurements

Validation Tests of Fiber Optic Strain-Based Operational Shape and Load Measurements

No abstract availabl

Measurement of collision‐induced shift and broadening of the ultraviolet transitions of OH

Using a cw tunable laser, absorption measurements were made to determine for the first time the shift and broadening of the ultraviolet transitions of OH induced by collisions with molecular nitrogen and oxygen. Similar measurements were also made for collisions with air and inert gases He, Ne, Ar, and Kr. Both the shift and broadening due to these collisions were found to depend linearly upon pressures in the range from 50 Torr up to 1 atm. The homogeneous linewidth for the P1(2) transition of OH in ambient air is determined to be (0.20±0.005) cm−1. Results with Ar and Kr show contributions not accounted for by the polarizability of the colliding species.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/69793/2/JCPSA6-82-7-2877-1.pd

NASA Dryden: Flight Loads Lab Capabilities and Mass Properties Testing

This presentation covers the basic capabilities of the Dryden Flight Loads Lab. It also covers in detail the mass properties capabilities of the loads lab, focusing on the recent mass properties testing of the X-48B, and the recent tests of the Dynamic Inertia Measurement method (DIMM). Presentation focuses on the test methods and issues discovered during the mass properties testing of the X-48B leading to the requirement of new instrumentation on all conventional mass properties testing. Presentation also focuses on development of DIMM for replacement of conventional mass properties tests

Cryogenic Liquid Level Sensor Apparatus and Method

The invention proposed herein is a system and method for measuring the liquid level in a container that employs an optic fiber sensor which is heated using a simple power source and a wire and making an anemometry measurement. The heater wire is cycled between two levels of heat and the liquid level is obtained by measuring the heat transfer characteristics of the surrounding environment