Prepayment Behavior of Dutch Mortgagors: An Empirical Analysis

The booming Dutch mortgage market and the development of a promising secondary mortgage market in the Netherlands stress the need for an accurate mortgage prepayment model that incorporates typical Dutch market and contract characteristics.One of those typical Dutch features prescribes that each calendar year the mortgagor is allowed to prepay penalty-free 10 to 20 percent of the original loan amount.As a consequence, Dutch mortgagees suffer a loss when borrowers prepay their loans.This risk, once again, underlines the importance of a prepayment model that focuses on the Dutch market.To derive such model we use historical data on mortgages originated between January 1989 and June 1999.We estimate separate models for two popular redemption types: savings mortgages and interest-only mortgages.In both models we allow for suboptimal prepayment behaviour.The results clearly indicate that prepayment rates depend on interest rates and the age of the mortgage contract.Moreover, Dutch prepayment rates peak in the month December.mortgages;econometric models

Prepayment Behavior of Dutch Mortgagors:An Empirical Analysis

The booming Dutch mortgage market and the development of a promising secondary mortgage market in the Netherlands stress the need for an accurate mortgage prepayment model that incorporates typical Dutch market and contract characteristics.One of those typical Dutch features prescribes that each calendar year the mortgagor is allowed to prepay penalty-free 10 to 20 percent of the original loan amount.As a consequence, Dutch mortgagees suffer a loss when borrowers prepay their loans.This risk, once again, underlines the importance of a prepayment model that focuses on the Dutch market.To derive such model we use historical data on mortgages originated between January 1989 and June 1999.We estimate separate models for two popular redemption types: savings mortgages and interest-only mortgages.In both models we allow for suboptimal prepayment behaviour.The results clearly indicate that prepayment rates depend on interest rates and the age of the mortgage contract.Moreover, Dutch prepayment rates peak in the month December.

Numerical simulation of transitional flow on a wind turbine airfoil with RANS-based transition model

This paper presents a numerical investigation of transitional flow on the wind turbine airfoil DU91-W2-250 with chord-based Reynolds number Rec = 1.0 × 106. The Reynolds-averaged Navier–Stokes based transition model using laminar kinetic energy concept, namely the k − kL − ω model, is employed to resolve the boundary layer transition. Some ambiguities for this model are discussed and it is further implemented into OpenFOAM-2.1.1. The k − kL − ω model is first validated through the chosen wind turbine airfoil at the angle of attack (AoA) of 6.24° against wind tunnel measurement, where lift and drag coefficients, surface pressure distribution and transition location are compared. In order to reveal the transitional flow on the airfoil, the mean boundary layer profiles in three zones, namely the laminar, transitional and fully turbulent regimes, are investigated. Observation of flow at the transition location identifies the laminar separation bubble. The AoA effect on boundary layer transition over wind turbine airfoil is also studied. Increasing the AoA from −3° to 10°, the laminar separation bubble moves upstream and reduces in size, which is in close agreement with wind tunnel measurement

Helping to overcome intervention inertia in Bystander’s dilemmas: behavioral disinhibition can improve the greater good

Conventional wisdom holds that behavioral disinhibition has negative effects on what humans do. Behavioral disinhibition may indeed frequently have negative effects, but in the present paper we reveal some positive consequences as well: The disinhibition hypothesis proposed here states that people may feel inhibited to intervene in situations in which non-intervening bystanders are present and that, therefore, behavioral disinhibition may help to overcome the bystander effect. Findings presented here provide evidence supporting this prediction both inside and outside the psychology laboratory: In both real-life and controlled bystander situations, people were more likely and faster to provide help when (unrelated to the bystander situations) they had (vs. had not) been reminded about having acted with no inhibitions. These findings suggest that, in contrast with what various theories and worldviews dictate, behavioral disinhibition may have positive effects on helping behavior and hence can be conducive for the greater good

Adult Attachment and Personal Recovery in Clients With a Psychotic Disorder

Background: Personal recovery has become a key objective in the treatment of clients with a psychotic disorder. So far it has been established that the two attachment dimensions, ie, anxious and avoidant, are negatively associated with subjective well-being, self-esteem and hope. This study is the first to explore whether attachment styles are related to personal recovery in this population. Aims: To study the effects of anxious and avoidant attachment on personal recovery in a population with a psychotic disorder. Method: This cross-sectional study is part of the UP's multicenter cohort study on recovery from psychotic disorders, in which 265 participants are currently included. Attachment was assessed using the Psychosis Attachment Measure, including the anxious and avoidant attachment dimensions. Personal recovery was measured using the Recovering Quality of Life-10 (ReQOL-10) and the Individual Recovery Outcomes Counter (I.ROC). Regression analysis was used to investigate the effect of attachment on personal recovery. Results: We found negative effects of the anxious attachment style on the total scores of the ReQoL-10 (b = -4.54, SE = 0.69, β = β0.37) and the I.ROC (b = -5.21, SE = 0.89, β = -0.32). Although there were also negative effects of the avoidant attachment style on the total scores of the ReQoL-10 (b = -3.08, SE = 0.93, β = -0.18) and the I.ROC (b = -4.24, SE = 1.24, β = -0.19), these were less pronounced. Conclusion: Results show that both forms of insecure attachment (anxious and avoidant) are related to poorer personal recovery in clients with a psychotic disorder.</p

Aeroservoelastic design definition of a 20 MW common research wind turbine model

Wind turbine upscaling is motivated by the fact that larger machines can achieve lower levelized cost of energy. However, there are several fundamental issues with the design of such turbines, and there is little public data available for large wind turbine studies. To address this need, we develop a 20 MW common research wind turbine design that is available to the public. Multidisciplinary design optimization is used to define the aeroservoelastic design of the rotor and tower subject to the following constraints: blade‐tower clearance, structural stresses, modal frequencies, tip‐speed and fatigue damage at several sections of the tower and blade. For the blade, the design variables include blade length, twist and chord distribution, structural thicknesses distribution and rotor speed at the rated. The tower design variables are the height, and the diameter distribution in the vertical direction. For the other components, mass models are employed to capture their dynamic interactions. The associated cost of these components is obtained by using cost models. The design objective is to minimize the levelized cost of energy. The results of this research show the feasibility of a 20 MW wind turbine and provide a model with the corresponding data for wind energy researchers to use in the investigation of different aspects of wind turbine design and upscaling. Copyright © 2016 John Wiley & Sons, Ltd.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/134256/1/we1970.pdfhttp://deepblue.lib.umich.edu/bitstream/2027.42/134256/2/we1970_am.pd