Why Didn’t Subprime Investors Demand a (Much Larger) Lemons Premium?

The subprime crisis would never have occurred had investors not been such enthusiastic consumers of subprime securities. The investors now say, somewhat self-servingly (but probably correctly), that they did not understand the securities -- securities for which they were willing to pay very high prices. Investors\u27 willingness to purchase these securities on terms that were favorable to the sellers, and unfavorable to them, presents a considerable puzzle. Investors do not want to miss out on the next big thing

The Future of Synthetic Securitization: A Comment on Bell & Dawson

Datorseende är ett snabbt växande, tvärvetenskapligt forskningsområde vars tillämpningar tar en allt mer framskjutande roll i dagens samhälle. Med ett ökat intresse för datorseende ökar också behovet av att kunna kontrollera kameror kopplade till datorseende system. Vid Linköpings tekniska högskola, på avdelningen för datorseende, har ramverket EDSDK++ utvecklats för att fjärrstyra digitala kameror tillverkade av Canon Inc. Ramverket är mycket omfattande och innehåller en stor mängd funktioner och inställningsalternativ. Systemet är därför till stor del ännu relativt oprövat. Detta examensarbete syftar till att utveckla ett demonstratorsystem till EDSDK++ i form av ett enkelt active vision system, som med hjälp av ansiktsdetektion i realtid styr en kameratilt, samt en kamera monterad på tilten, till att följa, zooma in och fokusera på ett ansikte eller en grupp av ansikten. Ett krav var att programbiblioteket OpenCV skulle användas för ansiktsdetektionen och att EDSDK++ skulle användas för att kontrollera kameran. Dessutom skulle ett API för att kontrollera kameratilten utvecklas. Under utvecklingsarbetet undersöktes bl.a. olika metoder för ansiktsdetektion. För att förbättra prestandan användes multipla ansiktsdetektorer, som med hjälp av multitrådning avsöker en bild parallellt från olika vinklar. Såväl experimentella som teoretiska ansatser gjordes för att bestämma de parametrar som behövdes för att kunna reglera kamera och kameratilt. Resultatet av arbetet blev en demonstrator, som uppfyllde samtliga krav.Computer vision is a rapidly growing, interdisciplinary field whose applications are taking an increasingly prominent role in today's society. With an increased interest in computer vision there is also an increasing need to be able to control cameras connected to computer vision systems. At the division of computer vision, at Linköping University, the framework EDSDK++ has been developed to remotely control digital cameras made by Canon Inc. The framework is very comprehensive and contains a large amount of features and configuration options. The system is therefore largely still relatively untested. This thesis aims to develop a demonstrator to EDSDK++ in the form of a simple active vision system, which utilizes real-time face detection in order to control a camera tilt, and a camera mounted on the tilt, to follow, zoom in and focus on a face or a group of faces. A requirement was that the OpenCV library would be used for face detection and EDSDK++ would be used to control the camera. Moreover, an API to control the camera tilt was to be developed. During development, different methods for face detection were investigated. In order to improve performance, multiple, parallel face detectors using multithreading, were used to scan an image from different angles. Both experimental and theoretical approaches were made to determine the parameters needed to control the camera and camera tilt. The project resulted in a fully functional demonstrator, which fulfilled all requirements

Why Did Anyone Listen to the Rating Agencies After Enron?

Enron was rated investment grade by Moody’s, Standard and Poor’s, and Fitch until four days before it declared bankruptcy - scarcely a ringing endorsement of the agencies’ acumen. Even before Enron, the rating agencies had come in for significant criticism. Yet many investors who lost considerable sums in the financial crisis are saying that they relied on the rating agencies. How can this reliance be reconciled with what preceded it? I argue that an adaptive trait - incorporating new data that potentially conflicts with one’s pre-existing worldview so as to preserve as much of that worldview as possible - proved to be maladaptive in this circumstance. There was a plausible story investors could tell themselves about why the rating agencies could ‘get it right’ about the complex securities at issue while having gotten it spectacularly wrong about Enron. It will be interesting to see how, and how much, the agencies’ recent failures affect investors’ beliefs and practices