Callable U.S. Treasury bonds: optimal calls, anomalies, and implied volatilities

Previous studies on interest rate derivatives have been limited by the relatively short history of most traded derivative securities. The prices for callable U.S. Treasury securities, available for the period 1926–95, provide the sole source of evidence concerning the implied volatility of interest rates over this extended period. Using the prices of callable, as well as non-callable, Treasury instruments, this paper estimates implied interest rate volatilities for the past seventy years. Our technique for estimating implied volatilities enables us to address two important issues concerning callable bonds: the apparent presence of negative embedded option values and the optimal policy for calling these, and similarly structured, deferred-exercise embedded option bonds. ; In examining the issue of negative option value callable bonds, our technique enables us to extend significantly both the sample period and sample breadth beyond those covered by other investigators of this phenomenon and to resolve the inconsistencies in their results. We show that the frequency of mispriced bonds is time-varying and that there also exist irrationally underpriced bonds. Critically, both anomalies are shown to be related to volatility-insensitive, away-from-the-money bonds. ; In contrast to the naive call decision rules suggested by previous authors, we develop the option-theoretic optimal call policy for deferred-exercised "Bermuda"-style options for which prior notification of intent to call is required. We do this by introducing the concept of "threshold volatility" to measure the point at which the time value of the embedded call option has been eroded to zero. By using this concept, we address the valuation of such bonds and document the frequent optimality of the Treasury's past call decisions for U.S. government obligations.Derivative securities ; Government securities

Tyler v. Cain: A Fork in the Path for Habeas Corpus or the End of the Road for Collateral Review?

Tyler v. Cain is the latest decision in the ongoing evolution of the retroactivity doctrine in habeas corpus proceedings. The main issue this note presents is whether a state or federal inmate may apply a new constitutional rule promulgated by the Supreme Court retroactively on collateral review through a second or successive petition for habeas corpus, even though the rule was not applicable to the inmate’s original case. Under English common law, all new rules applied retroactively on both direct and collateral review. However, a divergence has occurred under American jurisprudence as to when new constitutional rules announced by the Court apply retroactively. Because of the divergence in American law, the doctrine of retroactivity has gradually taken shape over the past forty years, with the Court solidifying its stance in Tyler v. Cain. This note explores the effect that Tyler v. Cain has on habeas corpus. More specifically, this note focuses on the Court’s interpretation of section 2244(b)(2)(A). Part II documents the evolution of the retroactivity doctrine. Next, Part III sets forth the facts, procedural history, and holding of Tyler v. Cain. Part IV, Sections A and B analyze the procedures inmates must follow under the Antiterrorism and Effective Death Penalty Act (AEDPA) to file petitions for habeas corpus and the effect Tyler v. Cain has on this procedure. Finally, Part IV, Sections C and D explore the constitutionality of Tyler v. Cain

Basal Reading Texts: Change in Sex Role Attributes? With a Survey of the Literature on Sex Roles

Domination in humans is more behavioral than innate. Socialization conditions the sexes to react differently to a given situation; behavioral differences metaphor dichotomy of the sexes. Extreme stereotypic behavior inhibits intellect. Males dominate most of the world\u27s societies. Humans generalize status and life styles from primary roles; perhaps males, as mobile hunters, perceive themselves worthier of power. Schools transmit cultural traits intact over generations, serving cultural lag. School environments and personnel often remained fixed in message. Media remains the variable to effect desirable changes. This study, designed to sample sex role attribute changes in readers between two periods, used questionnaires compiling frequencies of these. Four popular basals were samples, 228 stories of grade 1-3 level. Results reveal few changes; basal readers are not keeping pace with their culture

Ratite phylogeny and distribution with comments on evolutionary processes

 ABSTRACTThis paper explains the ubiquitous nature of character conflicts in a taxonomic group, and the ratites are a typical example. Convergence due to similar selection pressures is usually invoked to explain these contradictions. Two alternate mechanisms, orthogenesis and genetic drift, are proposed to explain contradictory distributions of derived characters. It begins with the premise that natural selection and organic change which follows can only occur once a genetic trait is expressed in a phenotype whereas either genetic drift or orthogenesis allows genetic change to proceed regardless of phenotypic expression. Genetic drift or orthogenesis when coupled with homeostasis point to alternate explanations of geographic distribution, a much older age of origin for taxonomic groups, and the explosion of diversity which occurs after major extinction events as well as at the beginning of the Cambrian. The non-concurrence between ratites' southern hemisphere distribution and the sequence of continental breakup are reconciled when assuming these alternate mechanisms are responsible. Characters currently used to test phyogenetic hypotheses are called into question as well as Occam's razor and assumptions used in Bayesian inference. The disparity between a taxon's first appearance in the fossil record and it's time of origin as determined by genetic clock studies is real and not the result of error.Running Head:  RATITE PHYLOGENY AND EVOLUTION

The Fantastic Short Story

The Fantastic Short Story Roundtable by Vicki Ronn. Tech Mod: Megan Abrahamson

FACE -ing RICO: A Remedy for Antiabortion Violence?

In Section I, this Comment examines the nature of the violence erupting out of protest activity at abortion clinics. Section II outlines the treatment of different types of federal lawsuits brought by clinics and pro-choice groups against both antiabortion groups and the leaders that spearhead the violent protest campaigns. Section III explores the use of RICO against such groups and individuals, and the imposition of an economic motivation requirement. Section IV discusses both the Seventh Circuit\u27s and the Supreme Court\u27s decisions in NOW v. Scheidler. Section V addresses the concerns surrounding the application of RICO to political protest activities. Section VI looks at Congress\u27 intervention with legislation aimed to protect reproductive health care providers and their patients from violence, blockades, threats, and destruction of property, while ensuring the right to speech and conduct protected by the First Amendment. And Section VII briefly describes the possibilities for application of the two statutes

FACE -ing RICO: A Remedy for Antiabortion Violence?

In Section I, this Comment examines the nature of the violence erupting out of protest activity at abortion clinics. Section II outlines the treatment of different types of federal lawsuits brought by clinics and pro-choice groups against both antiabortion groups and the leaders that spearhead the violent protest campaigns. Section III explores the use of RICO against such groups and individuals, and the imposition of an economic motivation requirement. Section IV discusses both the Seventh Circuit\u27s and the Supreme Court\u27s decisions in NOW v. Scheidler. Section V addresses the concerns surrounding the application of RICO to political protest activities. Section VI looks at Congress\u27 intervention with legislation aimed to protect reproductive health care providers and their patients from violence, blockades, threats, and destruction of property, while ensuring the right to speech and conduct protected by the First Amendment. And Section VII briefly describes the possibilities for application of the two statutes