The Effect of Flash Duration on Spectral Color-Naming

The effect of flash durations of 5 milliseconds (msec.), 500 msec., and 5 seconds on a color naming technique was examined in a dark –field Maxwellian View optical system. Although the results showed variability among three subjects in most regions of the spectrum, all subjects were tested and showed to be part of the population for normal color perception. Graphical interpretation was made for the average of all subjects. There was little indication that color naming shifted, although there are indications of hue purity increases with flash duration. In portions of the spectrum there is an increase in saturation from 5 msec. to 500 msec. and a decrease in saturation from 500 msec. to 5 sec

AN ANALYSIS AND CRITIQUE OF THE BIS PROPOSAL ON CAPITAL ADEQUACY AND RATINGS

This paper has examined two specific aspects of stage 1 of the (BIS’s) Bank for International Settlement’s proposed reforms to the 8% risk-based capital ratio. We argue that relying on “traditional” agency ratings could produce cyclically lagging rather leading capital requirements, resulting in an enhanced rather than reduced degree of instability in the banking and financial system. Despite this possible shortcoming, we believe that sensible risk based weighting of capital requirements is a step in the right direction. The current risk based bucketing proposal, which is tied to external agency ratings, or possibly to internal bank ratings, however, lacks a sufficient degree of granularity. In particular, lumping A and BBB (investment grade corporate borrowers) together with BB and B (below investment grade borrowers) severely misprices risk within that bucket and calls, at a minimum, for that bucket to be split into two. We examine the default loss experience on corporate bonds for the period 1981-1999 and propose a revised weighting system which more closely resembles the actual loss experience on credit assets

AN ANALYSIS AND CRITIQUE OF THE BIS PROPOSAL ON CAPITAL ADEQUACY AND RATINGS

This paper has examined two specific aspects of stage 1 of the (BIS's) Bank for International Settlement's proposed reforms to the 8% risk-based capital ratio. We argue that relying on "traditional" agency ratings could produce cyclically lagging rather leading capital requirements, resulting in an enhanced rather than reduced degree of instability in the banking and financial system. Despite this possible shortcoming, we believe that sensible risk based weighting of capital requirements is a step in the right direction. The current risk based bucketing proposal, which is tied to external agency ratings, or possibly to internal bank ratings, however, lacks a sufficient degree of granularity. In particular, lumping A and BBB (investment grade corporate borrowers) together with BB and B (below investment grade borrowers) severely misprices risk within that bucket and calls, at a minimum, for that bucket to be split into two. We examine the default loss experience on corporate bonds for the period 1981-1999 and propose a revised weighting system which more closely resembles the actual loss experience on credit assets

Credit Ratings and the Bis Reform Agenda

The authors are the Max L. Heine and John M. Schiff Professors of Finance, Stern School of Business, NYU. This is an updated and revised paper from the authors’ report on "An Analysis and Critique of the BIS Proposal on Capital Adequacy and Ratings," (submitted to the BIS and published in the Journal of Banking & Finance, Vol. 25, #1, January, 2001). The authors wish to thank Sreedar Bharath for his computational assistance and Robyn Vanterpool of the NYU Salomon Center for her coordination. This paper was first prepared for the NYU Salomon Center/University of Maryland research project on "The Role of Credit Reporting Systems in the International Economy," sponsored by the Center for International Political Economy. It was prepared for the project’s conference in Washington D.C. on March 1-2, 2001 at the headquarters of the World Bank

Informational Efficiency Of Loans Versus Bonds: Evidence From Secondary Market Prices

This paper examines the informational efficiency of loans relative to bonds surrounding loan default dates and bond default dates. We examine this issue using a unique dataset of daily secondary market prices of loans over the 11/1999-06/2002 period. We find evidence consistent with a monitoring role of loans. Specifically, consistent with a view that the monitoring role of loans should be reflected in more precise expectations embedded in loan prices, we find that the price decline of loans is less adverse than that of bonds of the same borrower around loan and bond default dates. Additionally, we find evidence that the difference in price decline of loans versus bonds is amplified around loan default dates that are not preceded by a bond default date of the same company. Our results are robust to several alternative explanations, and to controlling for security-specific characteristics, such as seniority, collateral, covenants, and for multiple measures of cumulative abnormal returns. Overall, we find that the loan market is informationally more efficient than the bond market around loan default dates and bond default dates

Pharmacists in general medical practice: a case study of clinical commissioning groups

Pharmacists have been identified to address the increasing workload in United Kingdom (UK) general practice. A pilot has been commissioned by National Health Service England (NHSE) to upskill pharmacists for this purpose. Evaluation is underway and early reports indicate that there have been integration issues. The value of pharmacists working in general practice and the level of training required for the role are not fully understood. The research reported in this thesis was started before the NHSE pilot. It was conducted to understand the background of Clinical Commissioning Group (CCG) practice pharmacists (PPs), and their interactions with stakeholders. The rationale was to provide an insight into their working relationships and to generate recommendations to support the integration of pharmacists into general practice. The project was conducted in four CCGs in the West Midlands in 2014 using an interpretive/collective case study approach incorporating mixed methods for data collection. Quantitative data was collected on the background, employment and activities of PPs. Qualitative data was collected on stakeholders’ views of the CCG PP role from commissioners, general practitioners (GPs), and patients. Different commissioning models for PPs were studied to provide a deeper understanding of PPs’ interactions. The workload problems in general practice subsequently modified the focus of this thesis to determine the value of PPs to general practice, the level of training required and to propose a model for the integration of pharmacists into UK general practice. The thesis study identified some determinants of integration found in previously published studies but also discovered new areas specific to the integration of pharmacists into UK general practice. These areas can be grouped into three elements - the pharmacist’s skills and attributes, practice level facilitation and national level support. They are presented as a unique Model for the Successful Integration of Pharmacists into General Practice Teams

Semi-automated level design via auto-playtesting for handheld casual game creation

We provide a proof of principle that novel and engaging mobile casual games with new aesthetics, game mechanics and player interactions can be designed and tested directly on the device for which they are intended. We describe the Gamika iOS application which includes generative art assets; a design interface enabling the making of physics-based casual games containing multiple levels with aspects ranging from Frogger-like to Asteroids-like and beyond; a configurable automated playtester which can give feedback on the playability of levels; and an automated fine-tuning engine which searches for level parameterisations that enable the game to pass a battery of tests, as evaluated by the auto-playtester. Each aspect of the implementation represents a baseline with much room for improvement, and we present some experimental results and describe how these will guide the future directions for Gamika