Neural networks application to divergence-based passive ranging

The purpose of this report is to summarize the state of knowledge and outline the planned work in divergence-based/neural networks approach to the problem of passive ranging derived from optical flow. Work in this and closely related areas is reviewed in order to provide the necessary background for further developments. New ideas about devising a monocular passive-ranging system are then introduced. It is shown that image-plan divergence is independent of image-plan location with respect to the focus of expansion and of camera maneuvers because it directly measures the object's expansion which, in turn, is related to the time-to-collision. Thus, a divergence-based method has the potential of providing a reliable range complementing other monocular passive-ranging methods which encounter difficulties in image areas close to the focus of expansion. Image-plan divergence can be thought of as some spatial/temporal pattern. A neural network realization was chosen for this task because neural networks have generally performed well in various other pattern recognition applications. The main goal of this work is to teach a neural network to derive the divergence from the imagery

Velocity filtering applied to optical flow calculations

Optical flow is a method by which a stream of two-dimensional images obtained from a forward-looking passive sensor is used to map the three-dimensional volume in front of a moving vehicle. Passive ranging via optical flow is applied here to the helicopter obstacle-avoidance problem. Velocity filtering is used as a field-based method to determine range to all pixels in the initial image. The theoretical understanding and performance analysis of velocity filtering as applied to optical flow is expanded and experimental results are presented

Expansion-based passive ranging

This paper describes a new technique of passive ranging which is based on utilizing the image-plane expansion experienced by every object as its distance from the sensor decreases. This technique belongs in the feature/object-based family. The motion and shape of a small window, assumed to be fully contained inside the boundaries of some object, is approximated by an affine transformation. The parameters of the transformation matrix are derived by initially comparing successive images, and progressively increasing the image time separation so as to achieve much larger triangulation baseline than currently possible. Depth is directly derived from the expansion part of the transformation. To a first approximation, image-plane expansion is independent of image-plane location with respect to the focus of expansion (FOE) and of platform maneuvers. Thus, an expansion-based method has the potential of providing a reliable range in the difficult image area around the FOE. In areas far from the FOE the shift parameters of the affine transformation can provide more accurate depth information than the expansion alone, and can thus be used similarly to the way they have been used in conjunction with the Inertial Navigation Unit (INU) and Kalman filtering. However, the performance of a shift-based algorithm, when the shifts are derived from the affine transformation, would be much improved compared to current algorithms because the shifts--as well as the other parameters--can be obtained between widely separated images. Thus, the main advantage of this new approach is that, allowing the tracked window to expand and rotate, in addition to moving laterally, enables one to correlate images over a very long time span which, in turn, translates into a large spatial baseline resulting in a proportionately higher depth accuracy

Expansion-based passive ranging

A new technique of passive ranging which is based on utilizing the image-plane expansion experienced by every object as its distance from the sensor decreases is described. This technique belongs in the feature/object-based family. The motion and shape of a small window, assumed to be fully contained inside the boundaries of some object, is approximated by an affine transformation. The parameters of the transformation matrix are derived by initially comparing successive images, and progressively increasing the image time separation so as to achieve much larger triangulation baseline than currently possible. Depth is directly derived from the expansion part of the transformation. To a first approximation, image-plane expansion is independent of image-plane location with respect to the focus of expansion (FOE) and of platform maneuvers. Thus, an expansion-based method has the potential of providing a reliable range in the difficult image area around the FOE. In areas far from the FOE the shift parameters of the affine transformation can provide more accurate depth information than the expansion alone, and can thus be used similarly to the way they were used in conjunction with the Inertial Navigation Unit (INU) and Kalman filtering. However, the performance of a shift-based algorithm, when the shifts are derived from the affine transformation, would be much improved compared to current algorithms because the shifts - as well as the other parameters - can be obtained between widely separated images. Thus, the main advantage of this new approach is that, allowing the tracked window to expand and rotate, in addition to moving laterally, enables one to correlate images over a very long time span which, in turn, translates into a large spatial baseline - resulting in a proportionately higher depth accuracy

Obstacle detection by recognizing binary expansion patterns

This paper describes a technique for obstacle detection, based on the expansion of the image-plane projection of a textured object, as its distance from the sensor decreases. Information is conveyed by vectors whose components represent first-order temporal and spatial derivatives of the image intensity, which are related to the time to collision through the local divergence. Such vectors may be characterized as patterns corresponding to 'safe' or 'dangerous' situations. We show that essential information is conveyed by single-bit vector components, representing the signs of the relevant derivatives. We use two recently developed, high capacity classifiers, employing neural learning techniques, to recognize the imminence of collision from such patterns

Insider Ownership and Financial Analysts’ Information Environment: Evidence From Dual-Class Firms

We examine the association of insider ownership with financial analysts’ forecast accuracy and dispersion in a sample of U.S. dual-class firms. Insider ownership exerts two effects: a positive incentive effect and a negative entrenchment effect. The lack of significant findings in prior research regarding the association between insider ownership and forecast accuracy may be attributable to the offsetting forces of these two effects. Using a comprehensive hand-collected sample of U.S. firms that maintain more than one class of common stock, we are able to disentangle incentive and entrenchment effects which are confounded in single-class firms. We find that disproportionate insider control is negatively associated with forecast accuracy and positively associated with forecast dispersion. Moreover, insider cash flow rights (insider voting rights) are positively (negatively) associated with forecast accuracy and negatively (positively) associated with forecast dispersion, consistent with incentive-alignment and entrenchment effects of ownership affecting financial analysts’ forecasting environment in opposite directions

Computational Models of Auditory Scene Analysis: A Review

Auditory scene analysis (ASA) refers to the process(es) of parsing the complex acoustic input into auditory perceptual objects representing either physical sources or temporal sound patterns, such as melodies, which contributed to the sound waves reaching the ears. A number of new computational models accounting for some of the perceptual phenomena of ASA have been published recently. Here we provide a theoretically motivated review of these computational models, aiming to relate their guiding principles to the central issues of the theoretical framework of ASA. Specifically, we ask how they achieve the grouping and separation of sound elements and whether they implement some form of competition between alternative interpretations of the sound input. We consider the extent to which they include predictive processes, as important current theories suggest that perception is inherently predictive, and also how they have been evaluated. We conclude that current computational models of ASA are fragmentary in the sense that rather than providing general competing interpretations of ASA, they focus on assessing the utility of specific processes (or algorithms) for finding the causes of the complex acoustic signal. This leaves open the possibility for integrating complementary aspects of the models into a more comprehensive theory of ASA

Analysts' stock recommendations, earnings growth and risk

A key output of sell-side analysts is their recommendations to investors as to whether they should, buy, hold or sell a company's shares. However, relatively little is known regarding the determinants of those recommendations. This study considers this question, presenting results that suggest that recommendations are dependent on analysts’ short-term and long-term earnings growth forecasts, as well as on proxies for the analysts’ unobservable views on earnings growth in the more distant future and risk. Furthermore, analysts who appear to incorporate earnings growth beyond the long-term growth forecast horizons and risk into their recommendation decisions make more profitable stock recommendations

Identity Verification Using Speech and Face Information

This article first provides an review of important concepts in the field of information fusion, followed by a review of important milestones in audio–visual person identification and verification. Several recent adaptive and nonadaptive techniques for reaching the verification decision (i.e., to accept or reject the claimant), based on speech and face information, are then evaluated in clean and noisy audio conditions on a common database; it is shown that in clean conditions most of the nonadaptive approaches provide similar performance and in noisy conditions most exhibit a severe deterioration in performance; it is also shown that current adaptive approaches are either inadequate or utilize restrictive assumptions. A new category of classifiers is then introduced, where the decision boundary is fixed but constructed to take into account how the distributions of opinions are likely to change due to noisy conditions; compared to a previously proposed adaptive approach, the proposed classifiers do not make a direct assumption about the type of noise that causes the mismatch between training and testing conditions

The Effects of MiFID II on Sell-Side Analysts, Buy-Side Analysts, and Firms

This paper provides early but broad empirical evidence on a major new investor protection regulation in Europe, MiFID II, which requires investment firms to unbundle investment research from other costs they charge to clients. We predict that the price separation resulting from unbundling and a hard-dollar system leads to a shrinking of the market for sell-side investment research, manifested in lower quantity of sell-side coverage that is of higher quality than before the regulation. We test our predictions in difference-in-differences matched-sample research designs with firm fixed effects. We find a decrease in the number of sell-side analysts covering European firms after MiFID II implementation, particularly for firms that are less important to the sell-side. However, research quality improves; specifically, individual analyst forecasts are more accurate and stock recommendations garner greater market reactions. In addition, sell-side analysts seem to cater more to the buy-side after MiFID II by providing industry recommendations along with stock recommendations. Importantly, we predict and find evidence that buy-side investment firms turn to more in-house research after MiFID II implementation. Equally interesting, buy-side analysts increase their participation and engagement in earnings conference calls compared to the control group. Finally, we find some evidence that stock-market liquidity decreases post-MiFID II. Our findings have implications beyond Europe, as investors are currently pressuring the U.S. Securities and Exchange Commission to adopt a similar regulation