Rating assignments: Lessons from international banks

This paper estimates ordered logit and probit regression models for bank ratings which also include a country index to capture country-specific variation. The empirical findings provide support to the hypothesis that the individual international bank ratings assigned by Fitch Ratings are underpinned by fundamental quantitative financial analyses. Also, there is strong evidence of a country effect. Our model is shown to provide accurate predictions of bank ratings for the period prior to the 2007 – 2008 banking crisis based upon publicly available information. However, our results also suggest that quantitative models are not likely to be able to predict ratings with complete accuracy. Furthermore, we find that both quantitative models and rating agencies are likely to produce highly inaccurate predictions of ratings during periods of financial instability

A comparison of results from two simulators used for studies of astronaut maneuvering units

A comparison of the results from a fixed-base, six-degree-of -freedom simulator and a moving-base, three-degree-of-freedom simulator was made for a close-in, EVA-type maneuvering task in which visual cues of a target spacecraft were used for guidance. The maneuvering unit (the foot-controlled maneuvering unit of Skylab Experiment T020) employed an on-off acceleration command control system operated entirely by the feet. Maneuvers by two test subjects were made for the fixed-base simulator in six and three degrees of freedom and for the moving-base simulator in uncontrolled and controlled, EVA-type visual cue conditions. Comparisons of pilot ratings and 13 different quantitative parameters from the two simulators are made. Different results were obtained from the two simulators, and the effects of limited degrees of freedom and uncontrolled visual cues are discussed

Neutron irradiation of Am-241 effectively produces curium

Computer study was made on the production of multicurie amounts of highly alpha-active curium 242 from americium 241 irradiation. The information available includes curium 242 yields, curium composition, irradiation data, and production techniques and safeguards

Layering Transitions and Solvation Forces in an Asymmetrically Confined Fluid

We consider a simple fluid confined between two parallel walls (substrates), separated by a distance L. The walls exert competing surface fields so that one wall is attractive and may be completely wet by liquid (it is solvophilic) while the other is solvophobic. Such asymmetric confinement is sometimes termed a `Janus Interface'. The second wall is: (i) purely repulsive and therefore completely dry (contact angle 180 degrees) or (ii) weakly attractive and partially dry (the contact angle is typically in the range 160-170 degrees). At low temperatures, but above the bulk triple point, we find using classical density functional theory (DFT) that the fluid is highly structured in the liquid part of the density profile. In case (i) a sequence of layering transitions occurs: as L is increased at fixed chemical potential (mu) close to bulk gas--liquid coexistence, new layers of liquid-like density develop discontinuously. In contrast to confinement between identical walls, the solvation force is repulsive for all wall separations and jumps discontinuously at each layering transition and the excess grand potential exhibits many metastable minima as a function of the adsorption. For a fixed temperature T=0.56Tc, where Tc is the bulk critical temperature, we determine the transition lines in the L, mu plane. In case (ii) we do not find layering transitions and the solvation force oscillates about zero. We discuss how our mean-field DFT results might be altered by including effects of fluctuations and comment on how the phenomenology we have revealed might be relevant for experimental and simulation studies of water confined between hydrophilic and hydrophobic substrates, emphasizing it is important to distinguish between cases (i) and (ii).Comment: 16 pages, 13 figure

INITIAL WEIGHT LOSS OF PLASTICS IN A VACUUM AT TEMPERATURES FROM 80 DEG TO 500 DEG F

Initial weight loss of plastics in a vacuu

Multivariate Diophantine equations with many solutions

We show that for each n-tuple of positive rational integers (a_1,..,a_n) there are sets of primes S of arbitrarily large cardinality s such that the solutions of the equation a_1x_1+...+a_nx_n=1 with the x_i all S-units are not contained in fewer than exp((4+o(1))s^{1/2}(log s)^{-1/2}) proper linear subspaces of C^n. This generalizes a result of Erdos, Stewart and Tijdeman for m=2 [Compositio 36 (1988), 37-56]. Furthermore we prove that for any algebraic number field K of degree n, any integer m with 1<=m<n, and any sufficiently large s there are integers b_0,...,b_m in a number field which are linearly independent over the rationals, and prime numbers p_1,...,p_s, such that the norm polynomial equation |N_{K/Q}(b_0+b_1x_1+...+b_mx_m)|=p_1^{z_1}...p_s^{z_s} has at least exp{(1+o(1)){n/m}s^{m/n}(log s)^{-1+m/n}) solutions in integers x_1,..,x_m,z_1,..,z_s. This generalizes a result of Moree and Stewart [Indag. Math. 1 (1990), 465-472]. Our main tool, also established in this paper, is an effective lower bound for the number of ideals in a number field K of norm <=X composed of prime ideals which lie outside a given finite set of prime ideals T and which have norm <=Y. This generalizes a result of Canfield, Erdos and Pomerance [J. Number Th. 17 (1983), 1-28], and of Moree and Stewart (see above).Comment: 29 page

Adobe Flash as a medium for online experimentation: a test of reaction time measurement capabilities

Adobe Flash can be used to run complex psychological experiments over the Web. We examined the reliability of using Flash to measure reaction times (RTs) using a simple binary-choice task implemented both in Flash and in a Linux-based system known to record RTs with millisecond accuracy. Twenty-four participants were tested in the laboratory using both implementations; they also completed the Flash version on computers of their own choice outside the lab. RTs from the trials run on Flash outside the lab were approximately 20 msec slower than those from trials run on Flash in the lab, which in turn were approximately 10 msec slower than RTs from the trials run on the Linux-based system (baseline condition). RT SDs were similar in all conditions, suggesting that although Flash may overestimate RTs slightly, it does not appear to add significant noise to the data recorded

Solid state image sensor research, phase I

Solid state image sensor in infrared and visible region

Development of sprayed ceramic seal systems for turbine gas path sealing

A ceramic seal system is reported that employs plasma-sprayed graded metal/ceramic yttria stabilized zirconium oxide (YSZ). The performance characteristics of several YSZ configurations were determined through rig testing for thermal shock resistance, abradability, and erosion resistance. Results indicate that this type of sealing system offers the potential to meet operating requirements of future gas turbine engines