Production study of gadolinium-153

Production of gadolinium-153 for use in atmospheric density gages based on gamma backscatter measurement

Mortgage Default Risk and Real Estate Prices: The Use of Index-Based Futures and Options in Real Estate

Evidence is shown, using US foreclosure data by state 1975-93, that periods of high default rates on home mortgages strongly tend to follow real estate price declines or interruptions in real estate price increase. The relation between price decline and foreclosure rates is modelled using a distributed lag. Using this model, holders of residential mortgage portfolios could hedge some of the risk of default by taking positions in futures or options markets for residential real estate prices, were such markets to be established.

The problem of mitotic recombination in Neurospora

The problem of mitotic recombination in Neurospor

A method for obtaining double mutants within single genes or gene clusters

Method for double mutants within genes or gene cluster

Index-Based Futures and Options Markets in Real Estate

Most institutional and individual portfolios are very undiversified in real estate: many hold no real estate at all, many have holdings highly concentrated in certain regions or types of real estate. The risk of these concentrated holdings is not hedged. We propose here that cash-settled futures and options markets be opened on real estate to better allow diversification and hedging, and show that these markets solve problems that have hampered other real estate hedging media in the past. Related institutions, such as home equity insurance, might develop around the futures and options markets. The establishment of these markets is likely to increase the quantity of reproducible real estate, and lower rents on real estate. It may also reduce the amplitude of speculative real estate price movements and dampen the business cycle

Mortgage Default Risk and Real Estate Prices: The Use of Index-Based Futures and Options in Real Estate

Evidence is shown, using US foreclosure data by state 1975-93, that periods of high default rates on home mortgages strongly tend to follow real estate price declines or interruptions in real estate price increase. The relation between price decline and foreclosure rates is modelled using a distributed lag. Using this model, holders of residential mortgage portfolios could hedge some of the risk of default by taking positions in futures or options markets for residential real estate prices, were such markets to be established

Mortgage Default Risk and Real Estate Prices: The Use of Index-Based Futures and Options in Real Estate

Evidence is shown, using US foreclosure data by state 1975-93, that periods of high default rates on home mortgages strongly tend to follow real estate price declines or interruptions in real estate price increase. The relation between price decline and foreclosure rates is modelled using a distributed lag. Using this model, holders of residential mortgage portfolios could hedge some of the risk of default by taking positions in futures or options markets for residential real estate prices, were such markets to be established.

Index-Based Futures and Options Markets in Real Estate

Most institutional and individual portfolios are very undiversified in real estate: many hold no real estate at all, many have holdings highly concentrated in certain regions or types of real estate. The risk of these concentrated holdings is not hedged. We propose here that cash-settled futures and options markets be opened on real estate to better allow diversification and hedging, and show that these markets solve problems that have hampered other real estate hedging media in the past. Related institutions, such as home equity insurance, might develop around the futures and options markets. The establishment of these markets is likely to increase the quantity of reproducible real estate, and lower rents on real estate. It may also reduce the amplitude of speculative real estate price movements and dampen the business cycle.Real estate, prices, portfolio choice

General flux to a trap in one and three dimensions

The problem of the flux to a spherical trap in one and three dimensions, for diffusing particles undergoing discrete-time jumps with a given radial probability distribution, is solved in general, verifying the Smoluchowski-like solution in which the effective trap radius is reduced by an amount proportional to the jump length. This reduction in the effective trap radius corresponds to the Milne extrapolation length.Comment: Accepted for publication, in pres

Record-setting Cosmic-ray Intensities in 2009 and 2010

We report measurements of record-setting intensities of cosmic-ray nuclei from C to Fe, made with the Cosmic Ray Isotope Spectrometer carried on the Advanced Composition Explorer in orbit about the inner Sun-Earth Lagrangian point. In the energy interval from ~70 to ~450 MeV nucleon^(–1), near the peak in the near-Earth cosmic-ray spectrum, the measured intensities of major species from C to Fe were each 20%-26% greater in late 2009 than in the 1997-1998 minimum and previous solar minima of the space age (1957-1997). The elevated intensities reported here and also at neutron monitor energies were undoubtedly due to several unusual aspects of the solar cycle 23/24 minimum, including record-low interplanetary magnetic field (IMF) intensities, an extended period of reduced IMF turbulence, reduced solar-wind dynamic pressure, and extremely low solar activity during an extended solar minimum. The estimated parallel diffusion coefficient for cosmic-ray transport based on measured solar-wind properties was 44% greater in 2009 than in the 1997-1998 solar-minimum period. In addition, the weaker IMF should result in higher cosmic-ray drift velocities. Cosmic-ray intensity variations at 1 AU are found to lag IMF variations by 2-3 solar rotations, indicating that significant solar modulation occurs inside ~20 AU, consistent with earlier galactic cosmic-ray radial-gradient measurements. In 2010, the intensities suddenly decreased to 1997 levels following increases in solar activity and in the inclination of the heliospheric current sheet. We describe the conditions that gave cosmic rays greater access to the inner solar system and discuss some of their implications