Efficient Mortgage Default Option Exercise: Evidence from Loss Severity

This paper extends options-based mortgage default theory to include transaction costs. When transaction costs are considered, the rational borrower will default only when the value of the collateral falls below the mortage value by an amount equal to the net transaction costs. Since, for most borrowers, net transaction costs are positive, standard measures of equity may be significantly negative by the time the rational borrower exercises the default option. This research shows theoretically and empirically the effects of frictions on the individual strike price. The addition of transaction costs to the theory provides several testable implications for equity loss severity. First, the longer the foreclosure process and the period of free rent to the borrower, the lower the severity. Second, severity will be smaller when bankruptcy has been declared. Third, severity is decreasing in the contract decreasing function of the probability of a deficiency judgment. The empirical results, using servicing and foreclosure data from a large northeastern thrift, support the theoretical model.

Reporting Mistreatment of Older Adults: The Role of Physicians

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/111194/1/j.1532-5415.1996.tb05640.x.pd

Using conditional kernel density estimation for wind power density forecasting

Of the various renewable energy resources, wind power is widely recognized as one of the most promising. The management of wind farms and electricity systems can benefit greatly from the availability of estimates of the probability distribution of wind power generation. However, most research has focused on point forecasting of wind power. In this paper, we develop an approach to producing density forecasts for the wind power generated at individual wind farms. Our interest is in intraday data and prediction from 1 to 72 hours ahead. We model wind power in terms of wind speed and wind direction. In this framework, there are two key uncertainties. First, there is the inherent uncertainty in wind speed and direction, and we model this using a bivariate VARMA-GARCH (vector autoregressive moving average-generalized autoregressive conditional heteroscedastic) model, with a Student t distribution, in the Cartesian space of wind speed and direction. Second, there is the stochastic nature of the relationship of wind power to wind speed (described by the power curve), and to wind direction. We model this using conditional kernel density (CKD) estimation, which enables a nonparametric modeling of the conditional density of wind power. Using Monte Carlo simulation of the VARMA-GARCH model and CKD estimation, density forecasts of wind speed and direction are converted to wind power density forecasts. Our work is novel in several respects: previous wind power studies have not modeled a stochastic power curve; to accommodate time evolution in the power curve, we incorporate a time decay factor within the CKD method; and the CKD method is conditional on a density, rather than a single value. The new approach is evaluated using datasets from four Greek wind farms

Isotropic, Nematic and Smectic A Phase Behaviour in a Fictitious Field

Phase behaviours of liquid crystals under external fields, conjugate to the nematic order and smectic order, are studied within the framework of mean field approximation developed by McMillan. It is found that phase diagrams, of temperature vs interaction parameter of smectic A order, show several topologically different types caused by the external fields. The influences of the field conjugate to the smectic A phase, which is fictitious field, are precisely discussed.Comment: To be published in J. Phys. Soc. Jpn. vol.73 No.

State Differentiation by Transient Truncation in Coupled Threshold Dynamics

Dynamics with a threshold input--output relation commonly exist in gene, signal-transduction, and neural networks. Coupled dynamical systems of such threshold elements are investigated, in an effort to find differentiation of elements induced by the interaction. Through global diffusive coupling, novel states are found to be generated that are not the original attractor of single-element threshold dynamics, but are sustained through the interaction with the elements located at the original attractor. This stabilization of the novel state(s) is not related to symmetry breaking, but is explained as the truncation of transient trajectories to the original attractor due to the coupling. Single-element dynamics with winding transient trajectories located at a low-dimensional manifold and having turning points are shown to be essential to the generation of such novel state(s) in a coupled system. Universality of this mechanism for the novel state generation and its relevance to biological cell differentiation are briefly discussed.Comment: 8 pages. Phys. Rev. E. in pres

Confucian Principles: A Study of Chinese Americans’ Interpersonal Relationships in Selected Children’s Picturebooks

[[abstract]]There has not been enough critical analysis of children’s literature by and about Chinese Americans, especially when compared to other minority groups in the United States. In particular, Chinese American historical books lack extensive analysis. It is important to reflect cultural accuracy in literature and to help children develop clear concepts of self and others by providing precise cultural and physical characteristics of people. While cultural authenticity allows children the opportunity to see a reflection of real experiences within a book instead of seeing stereotypes or misrepresentations, obtaining correct information about a certain time period can help children to see images of immigration accurately represented in literature. Using the Confucian delineation of interpersonal relationships as the major criterion of cultural authenticity, this article examines three currently available children’s picturebooks set in the historical period between 1848 and 1885. In addition to exploring how Chinese Americans’ interpersonal relationships are portrayed in these children’s historical books, this article argues for more proactive inclusion of the diversity in selection of picturebooks.[[notice]]補正完

Influence of Homeotropic Anchoring Walls upon Nematic and Smectic Phases

McMillan liquid crystal model sandwiched between strong homeotropic anchoring walls is studied. Phase transitions between isotropic, nematic, and smectic A phases are investigated for wide ranges of an interaction parameter and of the system thickness. It is confirmed that the anchoring walls induce an increase in transition temperatures, dissappearance of phase transitions, and an appearance of non-spontaneous nematic phase. The similarity between influence of anchoring walls and that of external fields is discussed.Comment: 5 pages, 6 figure

Electron-Phonon Scattering in Metallic Single-Walled Carbon Nanotubes

Electron scattering rates in metallic single-walled carbon nanotubes are studied using an atomic force microscope as an electrical probe. From the scaling of the resistance of the same nanotube with length in the low and high bias regimes, the mean free paths for both regimes are inferred. The observed scattering rates are consistent with calculations for acoustic phonon scattering at low biases and zone boundary/optical phonon scattering at high biases.Comment: 4 pages, 5 figure

The efficacy of silver diamine fluoride in arresting caries in children

Data sourcesPubMed, Scopus, Web of Science, the Latin American and Caribbean Health Sciences Literature database (LILACS), the Brazilian Library in Dentistry (BBO), Cochrane Library and grey literature.Study selectionTwo reviewers selected randomised clinical trials (RCTs) that compared the efficacy of SDF application with other active treatments or placebo in arresting carious lesions.Data extraction and synthesisThree authors extracted data using customised extraction forms, and risk of bias was assessed by two independent reviewers. Meta-analyses were performed on studies classified at 'low' or 'unclear' risk of bias, where similar outcomes were recorded in primary teeth, and that compared SDF to active treatments.ResultsEleven studies were included; five studies were at 'low', two at 'unclear' and four studies at 'high' risk of bias. Eight were conducted with primary teeth, two with permanent first molars and one conducted on both. Six studies used 38% SDF, two 30% SDF, one 12% SDF, one compared 38% SDF to 12% SDF and one used Nano Silver Fluoride (NSF).ConclusionsSDF is more effective than active treatments or placebo for carious lesion arrest in primary teeth. The body of evidence was of high quality for primary teeth. However, there was not enough high quality evidence to draw conclusions about carious lesion arrest in first permanent molars

Venus Express radio occultation observed by PRIDE

Context. Radio occultation is a technique used to study planetary atmospheres by means of the refraction and absorption of a spacecraft carrier signal through the atmosphere of the celestial body of interest, as detected from a ground station on Earth. This technique is usually employed by the deep space tracking and communication facilities (e.g., NASA's Deep Space Network (DSN), ESA's Estrack). Aims. We want to characterize the capabilities of the Planetary Radio Interferometry and Doppler Experiment (PRIDE) technique for radio occultation experiments, using radio telescopes equipped with Very Long Baseline Interferometry (VLBI) instrumentation. Methods. We conducted a test with ESA's Venus Express (VEX), to evaluate the performance of the PRIDE technique for this particular application. We explain in detail the data processing pipeline of radio occultation experiments with PRIDE, based on the collection of so-called open-loop Doppler data with VLBI stations, and perform an error propagation analysis of the technique. Results. With the VEX test case and the corresponding error analysis, we have demonstrated that the PRIDE setup and processing pipeline is suited for radio occultation experiments of planetary bodies. The noise budget of the open-loop Doppler data collected with PRIDE indicated that the uncertainties in the derived density and temperature profiles remain within the range of uncertainties reported in previous Venus' studies. Open-loop Doppler data can probe deeper layers of thick atmospheres, such as that of Venus, when compared to closed-loop Doppler data. Furthermore, PRIDE through the VLBI networks around the world, provides a wide coverage and range of large antenna dishes, that can be used for this type of experiments