22,225 research outputs found

    Credit Cycle and Adverse Selection Effects in Consumer Credit Markets – Evidence from the HELOC Market

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    We empirically study how the underlying riskiness of the pool of home equity line of credit originations is affected over the credit cycle. Drawing from the largest existing database of U.S. home equity lines of credit, we use county-level aggregates of these loans to estimate panel regressions on the characteristics of the borrowers and their loans, and competing risk hazard regressions on the outcomes of the loans. We show that when the expected unemployment risk of households increases, riskier households tend to borrow more. As a consequence, the pool of households that borrow on home equity lines of credit worsens along both observable and unobservable dimensions. This is an interesting example of a type of dynamic adverse selection that can worsen the risk characteristics of new lending, and suggests another avenue by which the precautionary demand for liquidity may affect borrowing.Home equity loan;adverse selection;liquidity;consumption;housing finance

    Class of near-perfect coded apertures

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    Coded aperture imaging of gamma ray sources has long promised an improvement in the sensitivity of various detector systems. The promise has remained largely unfulfilled, however, for either one of two reasons. First, the encoding/decoding method produces artifacts, which even in the absence of quantum noise, restrict the quality of the reconstructed image. This is true of most correlation-type methods. Second, if the decoding procedure is of the deconvolution variety, small terms in the transfer function of the aperture can lead to excessive noise in the reconstructed image. It is proposed to circumvent both of these problems by use of a uniformly redundant array (URA) as the coded aperture in conjunction with a special correlation decoding method

    Deformation processes in forging ceramics Progress report, 19 Jun. - 19 Sep. 1969

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    Deformation processes involved in forging of polycrystalline oxide ceramic

    Improving the toughness of refractory compounds

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    Composition and processing studies were conducted on silicon nitride and silicon carbide materials. Charpy mode impact testing to 2415 F established the effectiveness of higher purity silicon nitride powder sources in reducing the scatter of measurements and in improving short time bend strengths as well as bend stress rupture properties. Stabilized zirconia additions in particular were observed to dramatically enhance low and high temperature bend strengths and stress rupture properties for all grades of silicon nitride powder. Silicon carbide samples showed relatively poor impact resistance, although the maxima in stress rupture behavior was exhibited by this material

    A Direct Comparison of Lyman-Alpha and Neutral Hydrogen Morphologies

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    The Lyman-Alpha Reference Sample (LARS) and its extension (eLARS) represent an exhaustive campaign to reverse-engineer galaxies. The main goal is to understand how \lya radiation is transported within galaxies: what fraction of it escapes, and what physical properties affect the \lya morphology and radiative transport (e.g., dust and gas content, metallicity, kinematics, properties of the producing and underlying stellar populations). Two galaxies from the sample, LARS02 and LARS09, were observed using the B and C configurations of the Very Large Array to examine the neutral hydrogen emission, which can be used to determine a galaxy\u27s neutral hydrogen (HI) structure and kinematics. Images of the \HI mass surface density and of the intensity weighted \HI velocity field were created at angular scales of \sim8 arcseconds, which corresponds to \sim5 kpc for LARS02 and \sim8 kpc for LARS09. Extended \HI gas is detected at high significance up to \sim30 kpc from the optical body of LARS02. LARS09 has a severely disturbed optical morphology; our new \HI observations reveal that LARS09 is interacting with the nearby field galaxy SDSS J082353.65+280622.2. By combining these moment maps with direct imaging of the \lya morphology from the Hubble Space Telescope, this program has produced the first direct comparison of \lya and \HI morphologies. These observations demonstrate concept for a significant observational campaign to produce similar comparisons in the remaining 40 LARS and eLARS galaxies

    The Algebra of Strand Splitting. I. A Braided Version of Thompson's Group V

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    We construct a braided version of Thompson's group V.Comment: 27 page

    Fixation of virgin lunar surface soil

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    Two systems are shown to be suitable for fixing loose particulate soils with a polymer film, without visually detectable disturbance of the soil particle spatial relationships. A two-component system is described, which uses a gas monomer condensible at the soil temperature and a gas phase catalyst acting to polymerize the monomer. A one-component system using a monomer which polymerizes spontaneously on and within the top few millimeters of the soil is also considered. The two-component system employs a simpler apparatus, but it operates over a narrower temperature range (approximately -40 to -10 C). Other two-component systems were identified which may operate at soil temperatures as high as +100 C, at relatively narrow temperature ranges of approximately 30 C. The one-component system was demonstrated to operate successfully with initial soil temperatures from -70 C or lower to +150 C
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