Home equity release for long term care financing: an improved market structure and pricing approach

Home equity release products have been promoted as a potential solution to residential long term care costs for the elderly. Unexpectedly low utilization of home equity release loans has prompted efforts to better model and price the No-Negative-Equity-Guarantee (NNEG) built into the contracts, but loan rates are still widely perceived by homeowners as being unattractive.. We propose the introduction of a new adjustable rate loan based on a regional house price index, with the NNEG being borne by a specially created intermediary. The proposed approach allows us to directly address and separately price the basis risk between individual house price returns and index returns. Additionally, it offers the opportunity to create securities based on residential real estate that would be attractive to a wider class of investors. The alternative risk-sharing mechanism creates a more transparent and simple pricing structure for the loans. We then use house sales data to demonstrate the approach. We find in our sample that it would be possible to make higher loans than seen in previous literature using standard roll-up contracts. In the most favourable scenario for our simulations, the maximum loan is 89 per cent of the appraised home value if the loan is advanced as a lump sum and 95 per cent if the loan is advanced in instalments

Estimating the probability of informed trading: a Bayesian approach

The Probability of Informed Trading (PIN) is a widely used indicator of information asymmetry risk in the trading of securities. Its estimation using maximum likelihood algorithms has been shown to be problematic, resulting in biased or unavailable estimates, especially in the case of liquid and frequently traded assets. We provide an alternative approach to estimating PIN by means of a Bayesian method that addresses some of the shortcomings in the existing estimation strategies. The method leads to a natural quantification of the uncertainty of PIN estimates, which may prove helpful in their use and interpretation. We also provide an easy to use toolbox for estimating PIN

Effect of Nitrogen and Phosphorus Application on Productivity, Nutrient Uptake and Quality of Teosinte (\u3cem\u3eZea mexicana\u3c/em\u3e L.) Fodder

Teosinte (Zea mexicana L.) is popularly known as Makchari being a close relative of maize. It provides succulent, palatable and nutritive fodder during Kharif season for feeding the animals as green fodder or conserved fodder in the form of silage. Teosinte is an excellent multicut fodder which gives high yield of nutritious green lush fodder in 65-70 days with less inputs as compared to maize. Nitrogen is an essential component of proteins, nucleic acid, enzymes, coenzymes, chlorophyll and cell wall. Phosphorus plays a vital role in crop production as it is involved in CO2 fixation, sugar metabolism, energy storage and transfer. Nutrient deficiency along with imbalanced and non-judicious fertilizers use of the important limiting factor that may affect the yield and quality of teosinte forage. In India about 62% and 49% soils are deficient in nitrogen and phosphorus (Gibson, 2006). The application of nitrogen and phosphorus is considered to be the most important which improves the yield and quality of fodder. The present investigation was under taken to assess the effect of N and P application on productivity, nutrient uptake and quality of teosinte fodder

A world reconstructed : religion, ritual and community among the Sikhs, 1850-1901

The pluralistic paradigm of the Sikh faith for much of the nineteenth century allowed its adherents to belong to any one of the following traditions: U dasi, Nirmala, Suthresashi, Khalsa, Sangatsaihbie, Jitmalie, Bakhtatmlie, Mihansahie, Sahajdhari, Kuka and Sarvaria. Many of these Sikhs shaved their heads, freely smoked tobacco and hashish and were not particular about maintaing the five external symbols of the faith. In the absence of a centralized church and an attendant religious hierarchy, heterogeneity in religious beliefs, plurality of rituals, and diversity of life styles, were freely acknowledged. A pilgrimage to the Golden Temple could be supplemented with similar undertakings to the Ganges at Hardwar or the shrine of a Muslim saint. Attending seasonal festivals at Benares or Hardwar was in no way considered a transgression of prevailing Sikh doctrines, whatever teleological studies may like to assert today. Contemporary vehicles of knowledge - myths, texts, narratives, folklore and plays produced by non-Sikh authors - were accorded a firm place within the Sikh cosmology. Far from there being a 'single' Sikh identity, most Sikhs moved in and out of multiple identities, defining themselves at one moment as residents of this village, at another as members of that cult, at one moment as part of this lineage, at another as part of that caste, . and at yet another moment as belonging to a 'sect'. The boundaries between what could be seen as the centre of the Sikh tradition and its periphery were highly blurred and several competing definitions of what constituted a 'Sikh' were possible. By the closing decades of the nineteenth century, successive waves of Sikh reform movements like the Singh Sabha, its inheritor the Chief Khalsa Diwan, and the Akali combatants in the 1920s, had succeeded in purging the house of Sikhism of most of the older conventions and practices. In a Nietzschean vein they established a new vision of what it meant to be a Sikh: one who fully subscribed to the five K's; visited only what were exclusively Sikh shrines, considered Punjabi as the sacred language of the Sikhs, conducted his rites de passage according to the prescribed rituals, and abjured prohibited foods. A new cultural elite aggressively usurped the right to represent others within the comunity. Their ethnocentric logic subsumed other identities and dissolved alternate ideals like ascetisism, under a monolithic, codified and closed culture. It gained currency because its dominant characteristics represented an unchanging idiom in a period of flux and change. Henceforth, Sikhs would be required to conceive and speak through one language, that of the cultural elites. Those who deviated or refused to mould themselves according to the standards of this great tradition, were gradually displaced and consigned to the margins of the community. After considerable resistance, these marginalised groups fmally turned their backs on Sikhism and went their own way. The older Sanatanist paradigm of Sikhism was displaced for ever and replaced by what came to be known as the Tat Khalsa. In between the two cultures of the Sanatan Sikhs and the Tat Khalsa were the Kuka Sikhs. The image-breaking, cow-protecting and purity-obsessed Kukas exemplified many axioms of Sanatan Sikhism ( e.g. veneration of the cow), but simultaneously gave a foretaste of what was to follow ( e.g. rejection of idol worship). This thesis is a study of this transitional process: of how one paradigm or vision of the world was replaced by another. In studying this transition this work also raises fundamental issues in the analysis of culture and religion in South Asia: what influences self-perceptions, who defines them and how they gain ground. The theoretical concerns of this thesis are influenced by the intersection of anthropology and history

Study of prevalence of bacterial vaginosis in preterm and term labour patients

Background: Bacterial vaginosis (BV) is a clinical condition caused by replacement of the normal hydrogen peroxide producing Lactobacillus species with high concentrations of aerobic and anaerobic bacteria. Studies have shown that spontaneous abortion, preterm labour (PTL), premature birth, preterm premature rupture of membranes, amniotic fluid infection, and postpartum endometritis are increased because of infection with BV. In India, not many studies have been done to estimate the prevalence and association of BV with preterm labour, hence this study is being taken up to know the prevalence of BV in preterm and term labour patients and its relationship with preterm delivery, low birth weight of baby and puerperal sepsis.The objective of the present study was to observe the prevalence of bacterial vaginosis in women presenting with preterm and term labour, its impact on preterm and term delivery and to analyze the maternal and fetal complications associated with BV.Methods: An observational study involving 100 patients with preterm and term labour (50 patients in each group) was conducted at a BNMCCC, Government Medical College, Amritsar. Women fulfilling the Amsel’s criteria and/or a score of 7 or more on gram staining of vaginal smears (Nugent’s score) was considered to have bacterial vaginosis.Results: The proportion of patients, who fulfilled Amsel’s criteria and/or a Nugent’s score of 7 or more for the diagnosis of BV, was more in PTL group versus term labour group, and the difference was statistically significant. Prevalence of BV in preterm labour and term labour patients was 18(36%) versus 4(8%) respectively. In PTL group, 27.8% of low birth weight neonates were born to BV positive mothers versus 3.1% were born to BV negative mothers. Maternal postpartum complications observed were 33.3% with BV versus 6.25% without BV in PTL group.Conclusions: BV is major risk factor for PTL. Therefore, the testing and prompt treatment of BV may reduce the risk of PTL. This will also go a long way in the prevention of maternal morbidity and neonatal complications due to prematurity

Stage specific upregulation of antioxidant defence system in leaves for regulating drought tolerance in chickpea

Leaf is one of the early sensors for the drought stress and is important to study drought tolerance mechanism. Activities of antioxidative enzymes and status of malondialdehyde (MDA), hydrogen peroxide (H2O2), proline and total phenols were studied in leaves of drought tolerant (PDG 3 and PDG 4) and susceptible (PBG 1, GPF 2, PBG 5, L 550 and BG1053) chickpea cultivars under irrigated and rainfed conditions at different development stages. In general, with the age of plant, the activities of superoxide dismutase (SOD) and catalase (CAT) increased but the activities of glutathione reductase (GR), ascorbate peroxidase (APX) and peroxidase (POX) decreased in leaves. With some exceptions, in general, higher status of APX and POX in leaves at vegetative stage I (30 days after sowing) and II (60 days after sowing); GR at vegetative stage II and pre-flowering stage and SOD and CAT at seed filling stages in tolerant cultivars under drought stress reflected stage specific upregulation of antioxidant defence system in them. The relatively lower activities of APX and POX in old leaves during seed filling stage make them more prone to enhanced oxidative injury than the young leaves. Lower content of hydrogen peroxide and malondialdehyde in leaves of tolerant cultivars during seed filling reflects the impact of antioxidant defence system operative at that time. The higher accumulation of proline and total phenol in leaves of tolerant cultivars might be playing important role in drought stress tolerance. These results indicated the importance of upregulation of different antioxidant enzymes at variable stages of leaf development

Institutions, inequality and well-being in Latin America and Caribbean Countries

This paper focuses on the role of “institutions” in the fight against poverty and inequality. Our view of institutions encompasses formal rules designed by polity (including those in the legal and economics sphere such as rules of property rights, contracts and liabilities) as well as informal rules (usually labelled social capital) that have emerged over the history of one’s civilisation. The inclusion of health, nutrition, and literacy indicators in defining well-being (or, non-income poverty à la capability approach of Amartya Sen) allows a rich discussion of policy interventions. While both orientations as to the concepts of poverty, inequality and institutions are expounded on a priori reasoning, empirical analysis with LAC data prove rewarding. Quality of institutions (measured by a composite variable called institutional capital, IC) turns out to be a key factor explaining well-being. Further where the level of income is also important to the explanation, the quantitative role of the institutional factor dominates that of the income variable. Within IC, political stability (or lack of violence) appeared to provide the more precise estimates in every case. Consequently we argue that the foremost policy interventions ought to be in the areas of building both adequate formal institutions, as well as creating an enabling environment for the informal institutions (such as social capital) to flourish and find their own roots. The principal focus of the policy debate must centre on the mutual interaction of market as well as non-market institutions in reducing poverty broadly speaking