Incentives to Issue Low-Quality Securitized Products in the OTD Business Model

We consider an economy in which a lender finances loans to borrowers by issuing a securitized product to investors and in which the credit quality of the product can depend on whether the lender screens borrowers. In the presence of asymmetric information between the lender and investors regarding the credit quality of potential borrowers, overvaluation from the lender's perspective can occur for low-quality securitized products, which inefficiently induces the lender not to screen borrowers and hence to issue the securitized products of low credit quality. This is likely to occur when the probability of being in a bad state (i.e., the presence of low-quality borrowers) is low, or when the seeds of recession begin emerging in a booming economy.Originate-to-distribute, Securitization, Asymmetric information, Screening, Verification

When should a CAT index futures be created?

Traditionally, insurance risks are borne in reinsurance markets. In 1990s, however, after the sequence of huge natural disasters and huge insurance payments, the reinsurance markets reduced its capability to bear risks, especially those related to catastrophic natural disasters. Catastrophe-Linked Securities (CLS) were invented in order to fill the need for additional reinsurance capacity by transferring insurance risks to the capital markets. The CAT (catastrophe) index futures is one of the several types of CLS's. This paper investigates conditions under which the index derivatives, such as the CAT index futures, of the insurance risks can be traded by the non-insurance investors and is beneficial from the insurers' and the exchange's viewpoints

Detrimental Effects of Retention Regulation: Incentives for Loan Screening in Securitization under Asymmetric Information

We consider an economy in which a lender finances his loans to borrowers by issuing a securitized product to investors, and where the credit quality of the product may depend on whether the lender screens the borrowers. In the presence of asymmetric information between the lender and the investors about the credit quality of potential borrowers, overvaluation of the low-quality securitized product may occur, inducing lender to not screen the borrowers and hence to issue a securitized product of low credit quality. This is likely to occur when the investors finds it difficult to distinguish the good state from the bad state, or when the seed of recession creeps toward the booming economy. A retention regulation that requires the lender to hold a minimum ratio of his own securitized products is not necessarily effective in solving this incentive problem. Even worse, in a certain situation, the retention regulation discourages the lender's screening effort and reduces welfare.originate-to-distribute, securitization, asymmetric information, financial regulation, screening, verification, retention

Recent topics of candidate antigens for immunological control of ixodid ticks

Ticks have been recognized as harmful parasite since ancient times. At present immunological protection of host against ticks is the most practical and sustainable tick control method, which is more suitable to natural environment compared to the current use of acaricides. Recently, focuses on the development of anti-tick vaccine are the identification, molecular cloning and in vitro production of recombinant protein, responsible for executing key roles in regulating physiology, modulation of host immune response and pathogen transmission via ticks. Among several works, serine protease inhibitors have been thought as one of the most interest vaccine candidates, because serine protease inhibitors are mainly involved in the maintenance of homeostasis. In the current review, we would like to introduce selected examples covering aspects of tick vaccine antigen identification and analyses, because advances in vector molecular biology open new possibilities for vaccine development. In dealing with this subject, contents were mainly divided into tick salivary gland associated molecules (exposed antigens) injected into the host during tick feeding and no salivary gland molecules (concealed antigens). While emerging the fact that serine protease inhibitors belong to either exposed or concealed antigens, the utility of serine protease inhibitors for the candidate vaccine have been discussed separately because of the importance of serine protease inhibitors in the physiology of several organisms including ticks. Advances in tick vaccine development and related subjects are regularly reviewed and in this paper, referred citations of excellence are suggested as additional reading

Photodissociation Dynamics of Benzene Trimer Ion

第13回化学反応討論会, 1997年5月28日-30日, 北陸先端大学・石川ハイテク交流センター(金沢

Photodissociation Dynamics of Benzene Trimer Ion

第13回化学反応討論会, 1997年5月28日-30日, 北陸先端大学・石川ハイテク交流センター(金沢

Infrared Photodissociation Spectra of Benzene Trimer Ions. Switching of Dimer Ion Core in Vibrationally Excited States.

New Aspects of Photochemistry and Reaction Dynamics, 1997年7月20日-23日, 木更津(千葉

ベンゼン－トルエン混合クラスターイオンのLocal Excitation Bandの観測 : 混合クラスターイオンの電荷分布の検証

1995年分子構造総合討論会, 1995年9月22日-25日, 東北大学(仙台), 2C0

ベンゼン3量体イオンの紫外～赤外スペクトル : クラスター内電荷の静的・動的挙動

1997年分子構造総合討論会, 1997年10月2日-5日, 名古屋大学(名古屋), 3D0