The Legal Environment and the Choice of Default Resolution Alternatives: An Empirical Analysis

In addition to standard foreclosure, three other methods of resolution for mortgage defaults are available: bankruptcy protection, surrender of deed to the lender, and pre-foreclosure sale. This paper develops a model that specifies the choice of resolution method as a function of the state-specific legal environment and local area economic conditions. A large national data set is used to estimate a multinomial logit choice model for the 1987 to 1991 period. The results indicate that the choice of default resolution alternative is sensitive to the legal environment. The results imply that selected legal reforms will tend to improve the efficiency of the default resolution process.

Generation of measures on the torus with good sequences of integers

Let $S= (s_1<s_2<\dots)$ be a strictly increasing sequence of positive integers and denote $\mathbf{e}(\beta)=\mathrm{e}^{2\pi i \beta}$. We say $S$ is good if for every real $\alpha$ the limit $\lim_N \frac1N\sum_{n\le N} \mathbf{e}(s_n\alpha)$ exists. By the Riesz representation theorem, a sequence $S$ is good iff for every real $\alpha$ the sequence $(s_n\alpha)$ possesses an asymptotic distribution modulo 1. Another characterization of a good sequence follows from the spectral theorem: the sequence $S$ is good iff in any probability measure preserving system $(X,\mathbf{m},T)$ the limit $\lim_N \frac1N\sum_{n\le N}f\left(T^{s_n}x\right)$ exists in $L^2$-norm for $f\in L^2(X)$. Of these three characterization of a good set, the one about limit measures is the most suitable for us, and we are interested in finding out what the limit measure $\mu_{S,\alpha}= \lim_N\frac1N\sum_{n\le N} \delta_{s_n\alpha}$ on the torus can be. In this first paper on the subject, we investigate the case of a single irrational $\alpha$. We show that if $S$ is a good set then for every irrational $\alpha$ the limit measure $\mu_{S,\alpha}$ must be a continuous Borel probability measure. Using random methods, we show that the limit measure $\mu_{S,\alpha}$ can be any measure which is absolutely continuous with respect to the Haar-Lebesgue probability measure on the torus. On the other hand, if $\nu$ is the uniform probability measure supported on the Cantor set, there are some irrational $\alpha$ so that for no good sequence $S$ can we have the limit measure $\mu_{S,\alpha}$ equal $\nu$. We leave open the question whether for any continuous Borel probability measure $\nu$ on the torus there is an irrational $\alpha$ and a good sequence $S$ so that $\mu_{S,\alpha}=\nu$.Comment: 44 page

Planetary Radio Interferometry and Doppler Experiment (PRIDE) Technique: a Test Case of the Mars Express Phobos Fly-by. 2. Doppler tracking: Formulation of observed and computed values, and noise budget

Context. Closed-loop Doppler data obtained by deep space tracking networks (e.g., NASA's DSN and ESA's Estrack) are routinely used for navigation and science applications. By "shadow tracking" the spacecraft signal, Earth-based radio telescopes involved in Planetary Radio Interferometry and Doppler Experiment (PRIDE) can provide open-loop Doppler tracking data when the dedicated deep space tracking facilities are operating in closed-loop mode only. Aims. We explain in detail the data processing pipeline, discuss the capabilities of the technique and its potential applications in planetary science. Methods. We provide the formulation of the observed and computed values of the Doppler data in PRIDE tracking of spacecraft, and demonstrate the quality of the results using as a test case an experiment with ESA's Mars Express spacecraft. Results. We find that the Doppler residuals and the corresponding noise budget of the open-loop Doppler detections obtained with the PRIDE stations are comparable to the closed-loop Doppler detections obtained with the dedicated deep space tracking facilities

The Effect of Relative Pricing on the Fixed-Rate Mortgage Term Decision

This paper analyzes determinants of the fifteen- versus thirty-year fixed-rate mortgage (FRM) loan term decision. Because the thirty-year FRM may be converted (by partial prepayment) to the shorter term, the thirty-year instrument provides the implicit option to extend repayment. Relative rates measure the price (cost) of this option to the consumer. The results indicate that the term decision of consumers is highly sensitive to relative rates: probit estimates using data from a large national lending institution for the 1987 to 1990 period indicate that a 1% increase in the ratio of fifteen- to thirty-year rates lowers the probability of fifteen-year term choice by 20%. The results also indicate that expected housing price appreciation, which measures investment determinants of housing demand, is negatively related to the fifteen-year FRM term choice.

Unsung heroes: who supports social work students on placement?

Since the introduction of the three year degree programme in 2003, social work education has undergone a number of significant changes. The time students spend on placement has been increased to two hundred days, and the range of placement opportunities and the way in which these placements have been configured has significantly diversified. A consistent feature over the years, however, has been the presence of a Practice Educator (PE) who has guided, assessed and taught the student whilst on placement. Unsurprisingly, the role of the PE and the pivotal relationship they have with the student has been explored in the past and features in social work literature. This paper, however, concentrates on a range of other relationships which are of significance in providing support to students on placement. In particular it draws on research to discuss the role of the university contact tutor, the place of the wider team in which the student is sited, and the support offered by family, friends and others. Placements and the work undertaken by PE’s will continue to be integral to the delivery of social work education. It is, however, essential to recognise and value the often over looked role of others in providing support to students on placement

Unexpected Scaling of the Performance of Carbon Nanotube Transistors

We show that carbon nanotube transistors exhibit scaling that is qualitatively different than conventional transistors. The performance depends in an unexpected way on both the thickness and the dielectric constant of the gate oxide. Experimental measurements and theoretical calculations provide a consistent understanding of the scaling, which reflects the very different device physics of a Schottky barrier transistor with a quasi-one-dimensional channel contacting a sharp edge. A simple analytic model gives explicit scaling expressions for key device parameters such as subthreshold slope, turn-on voltage, and transconductance.Comment: 4 pages, 4 figure

Confucian Principles: A Study of Chinese Americans’ Interpersonal Relationships in Selected Children’s Picturebooks

[[abstract]]There has not been enough critical analysis of children’s literature by and about Chinese Americans, especially when compared to other minority groups in the United States. In particular, Chinese American historical books lack extensive analysis. It is important to reflect cultural accuracy in literature and to help children develop clear concepts of self and others by providing precise cultural and physical characteristics of people. While cultural authenticity allows children the opportunity to see a reflection of real experiences within a book instead of seeing stereotypes or misrepresentations, obtaining correct information about a certain time period can help children to see images of immigration accurately represented in literature. Using the Confucian delineation of interpersonal relationships as the major criterion of cultural authenticity, this article examines three currently available children’s picturebooks set in the historical period between 1848 and 1885. In addition to exploring how Chinese Americans’ interpersonal relationships are portrayed in these children’s historical books, this article argues for more proactive inclusion of the diversity in selection of picturebooks.[[notice]]補正完

Venus Express radio occultation observed by PRIDE

Context. Radio occultation is a technique used to study planetary atmospheres by means of the refraction and absorption of a spacecraft carrier signal through the atmosphere of the celestial body of interest, as detected from a ground station on Earth. This technique is usually employed by the deep space tracking and communication facilities (e.g., NASA's Deep Space Network (DSN), ESA's Estrack). Aims. We want to characterize the capabilities of the Planetary Radio Interferometry and Doppler Experiment (PRIDE) technique for radio occultation experiments, using radio telescopes equipped with Very Long Baseline Interferometry (VLBI) instrumentation. Methods. We conducted a test with ESA's Venus Express (VEX), to evaluate the performance of the PRIDE technique for this particular application. We explain in detail the data processing pipeline of radio occultation experiments with PRIDE, based on the collection of so-called open-loop Doppler data with VLBI stations, and perform an error propagation analysis of the technique. Results. With the VEX test case and the corresponding error analysis, we have demonstrated that the PRIDE setup and processing pipeline is suited for radio occultation experiments of planetary bodies. The noise budget of the open-loop Doppler data collected with PRIDE indicated that the uncertainties in the derived density and temperature profiles remain within the range of uncertainties reported in previous Venus' studies. Open-loop Doppler data can probe deeper layers of thick atmospheres, such as that of Venus, when compared to closed-loop Doppler data. Furthermore, PRIDE through the VLBI networks around the world, provides a wide coverage and range of large antenna dishes, that can be used for this type of experiments

Development of a stochastic computational fluid dynamics approach for offshore wind farms

In this paper, a method for stochastic analysis of an offshore wind farm using computational fluid dynamics (CFD) is proposed. An existing offshore wind farm is modelled using a steady-state CFD solver at several deterministic input ranges and an approximation model is trained on the CFD results. The approximation model is then used in a Monte-Carlo analysis to build joint probability distributions for values of interest within the wind farm. The results are compared with real measurements obtained from the existing wind farm to quantify the accuracy of the predictions. It is shown that this method works well for the relatively simple problem considered in this study and has potential to be used in more complex situations where an existing analytical method is either insufficient or unable to make a good prediction