Mortgage Prepayment Behavior in a Market with ARMs only

A study on the prepayment behavior of Hong Kong mortgage loans is conducted. With all of the loans as adjustable-rate mortgages (ARMs), we find that 1) Prepayment speeds up and then slows down as the mortgage seasons; 2) Prepayment speeds up as the rate markup decreases; 3) Prepayment speeds up as the interest rate increases; 4) Prepayment speeds up when the profitability ratio of the banks ( the prime-HIBOR spread) is higher; 5) Prepayment speeds up as the price of the property market falls; 6) Prepayment speed is faster for loans with a lower loan-to-value ratio; 7) Prepayment exhibits a seasonal pattern: people tend to prepay in the summer.Prepayment function, Adjustable-rate mortgages, Proportional-hazard model

Search for sterile neutrinos in holographic dark energy cosmology: Reconciling Planck observation with the local measurement of the Hubble constant

We search for sterile neutrinos in the holographic dark energy cosmology by using the latest observational data. To perform the analysis, we employ the current cosmological observations, including the cosmic microwave background temperature power spectrum data from the Planck mission, the baryon acoustic oscillation measurements, the type Ia supernova data, the redshift space distortion measurements, the shear data of weak lensing observation, the Planck lensing measurement, and the latest direct measurement of $H_0$ as well. We show that, compared to the $\Lambda$CDM cosmology, the holographic dark energy cosmology with sterile neutrinos can relieve the tension between the Planck observation and the direct measurement of $H_0$ much better. Once we include the $H_0$ measurement in the global fit, we find that the hint of the existence of sterile neutrinos in the holographic dark energy cosmology can be given. Under the constraint of the all-data combination, we obtain $N_{\rm eff}= 3.76\pm0.26$ and $m_{\nu,\rm sterile}^{\rm eff}< 0.215\,\rm eV$, indicating that the detection of $\Delta N_{\rm eff}>0$ in the holographic dark energy cosmology is at the $2.75\sigma$ level and the massless or very light sterile neutrino is favored by the current observations.Comment: 10 pages, 4 figures; typos corrected, published in PR

Neutrinos in the holographic dark energy model: constraints from latest measurements of expansion history and growth of structure

The model of holographic dark energy (HDE) with massive neutrinos and/or dark radiation is investigated in detail. The background and perturbation evolutions in the HDE model are calculated. We employ the PPF approach to overcome the gravity instability difficulty (perturbation divergence of dark energy) led by the equation-of-state parameter $w$ evolving across the phantom divide $w=-1$ in the HDE model with $c<1$. We thus derive the evolutions of density perturbations of various components and metric fluctuations in the HDE model. The impacts of massive neutrino and dark radiation on the CMB anisotropy power spectrum and the matter power spectrum in the HDE scenario are discussed. Furthermore, we constrain the models of HDE with massive neutrinos and/or dark radiation by using the latest measurements of expansion history and growth of structure, including the Planck CMB temperature data, the baryon acoustic oscillation data, the JLA supernova data, the Hubble constant direct measurement, the cosmic shear data of weak lensing, the Planck CMB lensing data, and the redshift space distortions data. We find that $\sum m_\nu<0.186$ eV (95\% CL) and $N_{\rm eff}=3.75^{+0.28}_{-0.32}$ in the HDE model from the constraints of these data.Comment: 18 pages, 5 figures; revised version accepted for publication in JCA