Does uncertainty matter for loan charge-offs?

International audienceUsing a stylized real options model, we show that discretion over the timing of charging off a non-performing loan could be economically justified when collateral values are uncertain and there is a chance of loan recovery. The implied hypothesis of an “uncertainty dependence” aspect in loan charge-offs is empirically tested and validated using a panel of European banks. A welfare-maximizing regulator might want to let banks pursue such discretionary loan charge-off behavior, with the problem of distinguishing it from alternative capital management and income smoothing objectives, while transparency-seeking accounting standards setters would presumably not

Perceptual Context in Cognitive Hierarchies

Cognition does not only depend on bottom-up sensor feature abstraction, but also relies on contextual information being passed top-down. Context is higher level information that helps to predict belief states at lower levels. The main contribution of this paper is to provide a formalisation of perceptual context and its integration into a new process model for cognitive hierarchies. Several simple instantiations of a cognitive hierarchy are used to illustrate the role of context. Notably, we demonstrate the use context in a novel approach to visually track the pose of rigid objects with just a 2D camera

Fast Scene Recognition and Camera Relocalisation for Wide Area Augmented Reality Systems

This paper focuses on online scene learning and fast camera relocalisation which are two key problems currently limiting the performance of wide area augmented reality systems. Firstly, we propose to use adaptive random trees to deal with the online scene learning problem. The algorithm can provide more accurate recognition rates than traditional methods, especially with large scale workspaces. Secondly, we use the enhanced PROSAC algorithm to obtain a fast camera relocalisation method. Compared with traditional algorithms, our method can significantly reduce the computation complexity, which facilitates to a large degree the process of online camera relocalisation. Finally, we implement our algorithms in a multithreaded manner by using a parallel-computing scheme. Camera tracking, scene mapping, scene learning and relocalisation are separated into four threads by using multi-CPU hardware architecture. While providing real-time tracking performance, the resulting system also possesses the ability to track multiple maps simultaneously. Some experiments have been conducted to demonstrate the validity of our methods

Accurate Single Image Multi-Modal Camera Pose Estimation

Abstract. A well known problem in photogrammetry and computer vision is the precise and robust determination of camera poses with respect to a given 3D model. In this work we propose a novel multi-modal method for single image camera pose estimation with respect to 3D models with intensity information (e.g., LiDAR data with reflectance information). We utilize a direct point based rendering approach to generate synthetic 2D views from 3D datasets in order to bridge the dimensionality gap. The proposed method then establishes 2D/2D point and local region correspondences based on a novel self-similarity distance measure. Correct correspondences are robustly identified by searching for small regions with a similar geometric relationship of local self-similarities using a Generalized Hough Transform. After backprojection of the generated features into 3D a standard Perspective-n-Points problem is solved to yield an initial camera pose. The pose is then accurately refined using an intensity based 2D/3D registration approach. An evaluation on Vis/IR 2D and airborne and terrestrial 3D datasets shows that the proposed method is applicable to a wide range of different sensor types. In addition, the approach outperforms standard global multi-modal 2D/3D registration approaches based on Mutual Information with respect to robustness and speed. Potential applications are widespread and include for instance multispectral texturing of 3D models, SLAM applications, sensor data fusion and multi-spectral camera calibration and super-resolution applications

Prey preference in a kleptoplastic dinoflagellate is linked to photosynthetic performance

Dinoflagellates of the family Kryptoperidiniaceae, known as “dinotoms”, possess diatom-derived endosymbionts and contain individuals at three successive evolutionary stages: a transiently maintained kleptoplastic stage; a stage containing multiple permanently maintained diatom endosymbionts; and a further permanent stage containing a single diatom endosymbiont. Kleptoplastic dinotoms were discovered only recently, in Durinskia capensis; until now it has not been investigated kleptoplastic behavior and the metabolic and genetic integration of host and prey. Here, we show D. capensis is able to use various diatom species as kleptoplastids and exhibits different photosynthetic capacities depending on the diatom species. This is in contrast with the prey diatoms in their free-living stage, as there are no differences in their photosynthetic capacities. Complete photosynthesis including both the light reactions and the Calvin cycle remain active only when D. capensis feeds on its habitual associate, the “essential” diatom Nitzschia captiva. The organelles of another edible diatom, N. inconspicua, are preserved intact after ingestion by D. capensis and expresses the psbC gene of the photosynthetic light reaction, while RuBisCO gene expression is lost. Our results indicate that edible but non-essential, “supplemental” diatoms are used by D. capensis for producing ATP and NADPH, but not for carbon fixation. D. capensis has established a species-specifically designed metabolic system allowing carbon fixation to be performed only by its essential diatoms. The ability of D. capensis to ingest supplemental diatoms as kleptoplastids may be a flexible ecological strategy, to use these diatoms as “emergency supplies” while no essential diatoms are available.Open Access funding enabled and organized by Projekt DEAL.We are grateful to Dr Benjamin Bailleul for discussing the photoactivity possibility of N. inconspicua, and to Prof Dieter Spiteller and Dr Adrien Lapointe for suggesting the feeding experiment of D. capensis with four selected diatoms. We also thank Dr Martin Stöckl, from the Bioimaging Centre at University of Konstanz, for technical support of the CLSM. Our thanks also go to Ms Selina Pucher and Mr Alexander H. Fürst for discussing the RT-qPCR data analyses and evaluation, and to Mr Niccolo Mosesso for discussing the TEM protocol improvement. This research was supported by the Bridging Stipend of University of Konstanz (No.638/20, granted to NY), the DFG Research Grant (No. YA 577/2-1, granted to NY), and the Symbiosis Model Systems Award (No. GBMF9360, granted to NY, RT, DGM, PGK) of the Gordon and Betty Moore Foundation. The CERCA Programme of Generalitat of Catalonia is also acknowledged. The Royal Botanic Garden Edinburgh is supported by the Scottish Government’s Rural and Environment Science and Analytical Services Division.info:eu-repo/semantics/publishedVersio

Learning Lightprobes for Mixed Reality Illumination

This paper presents the first photometric registration pipeline for Mixed Reality based on high quality illumination estimation by convolutional neural network (CNN) methods. For easy adaptation and deployment of the system, we train the CNN using purely synthetic images and apply them to real image data. To keep the pipeline accurate and efficient, we propose to fuse the light estimation results from multiple CNN instances, and we show an approach for caching estimates over time. For optimal performance, we furthermore explore multiple strategies for the CNN training. Experimental results show that the proposed method yields highly accurate estimates for photo-realistic augmentations

Maximally-localized Wannier functions for entangled energy bands

We present a method for obtaining well-localized Wannier-like functions (WFs) for energy bands that are attached to or mixed with other bands. The present scheme removes the limitation of the usual maximally-localized WFs method (N. Marzari and D. Vanderbilt, Phys. Rev. B 56, 12847 (1997)) that the bands of interest should form an isolated group, separated by gaps from higher and lower bands everywhere in the Brillouin zone. An energy window encompassing N bands of interest is specified by the user, and the algorithm then proceeds to disentangle these from the remaining bands inside the window by filtering out an optimally connected N-dimensional subspace. This is achieved by minimizing a functional that measures the subspace dispersion across the Brillouin zone. The maximally-localized WFs for the optimal subspace are then obtained via the algorithm of Marzari and Vanderbilt. The method, which functions as a postprocessing step using the output of conventional electronic-structure codes, is applied to the s and d bands of copper, and to the valence and low-lying conduction bands of silicon. For the low-lying nearly-free-electron bands of copper we find WFs which are centered at the tetrahedral interstitial sites, suggesting an alternative tight-binding parametrization.Comment: 13 pages, with 9 postscript figures embedded. Uses REVTEX and epsf macro

Host-specific competitiveness to form nodules in Rhizobium leguminosarum symbiovar viciae

Fabeae legumes such as pea and faba bean form symbiotic nodules with a large diversity of soil Rhizobium leguminosarum symbiovar viciae (Rlv) bacteria. However, bacteria competitive to form root nodules (CFN) are generally not the most efficient to fix dinitrogen, resulting in a decrease in legume crop yields. Here, we investigate differential selection by host plants on the diversity of Rlv. A large collection of Rlv was collected by nodule trapping with pea and faba bean from soils at five European sites. Representative genomes were sequenced. In parallel, diversity and abundance of Rlv were estimated directly in these soils using metabarcoding. The CFN of isolates was measured with both legume hosts. Pea/faba bean CFN were associated to Rlv genomic regions. Variations of bacterial pea and/or faba bean CFN explained the differential abundance of Rlv genotypes in pea and faba bean nodules. No evidence was found for genetic association between CFN and variations in the core genome, but variations in specific regions of the nod locus, as well as in other plasmid loci, were associated with differences in CFN. These findings shed light on the genetic control of CFN in Rlv and emphasise the importance of host plants in controlling Rhizobium diversity

Competition, efficiency and soundness in European life insurance markets

This paper provides cross-country evidence on the association between soundness and competition in the life insurance industry, where competition is measured by the Boone indicator. We analyze 10 European Union (EU) life insurance markets over the post-deregulation period 1999-2011. The results indicate that competition increases the soundness of the EU life insurance markets. Since the Boone indicator measures competition based on the reallocation of profits from inefficient insurers to efficient ones, our results suggest that efficiency is the mechanism through which competition contributes to insurer solvency. The soundness-enhancing effect of competition is greater for weak insurers than for healthy ones