Underpriced Default Spread Exacerbates Market Crashes

In this paper, we develop a specific observable symptom of a banking system that underprices the default spread in non-recourse asset-backed lending. Using three different data sets for 18 countries and property types, we find that, following a negative demand shock, the “underpricing” economies experience far deeper asset market crashes than economies in which the put option is correctly priced. Furthermore, only one of the countries in our sample continues to exhibit the underpricing symptom following a market crash. This indicates that market crashes have a cleansing effect and eliminate underpricing at least for a period of time. This makes investing in such markets safer following a negative demand shock.real estate bubble, lender optimism, disaster myopia, Asian financial crisis

Underpriced Default Spread Exacerbates Market Crashes

In this paper, we develop a specific observable symptom of a banking system that underprices the default spread in non-recourse asset-backed lending. Using three different data sets for 18 countries and property types, we find that, following a negative demand shock, the underpricing economies experience far deeper asset market crashes than economies in which the put option is correctly priced. Furthermore, only one of the countries in our sample continues to exhibit the underpricing symptom following a market crash. This indicates that market crashes have a cleansing effect and eliminate underpricing at least for a period of time. This makes investing in such markets safer following a negative demand shock.real estate bubble, lender optimism, disaster myopia, Asian financial crisis

Effective Hamiltonian Approach to Hyperon Beta Decay with Final-State Baryon Polarization

Using an effective Hamiltonian approach, we obtain expressions for hyperon beta decay final-state baryon polarization. Terms through second order in the energy release are retained. The resulting approximate expressions are much simpler and more compact than the exact expressions, and they agree closely with them.Comment: 1 Figure Will appear in Phys Rev D 60 Article 117505 (Dec 1, 1999

Dynamic Sulfur Tolerant Process and System with Inline Acid Gas-Selective Removal for Generating Hydrogen for Fuel Cells

This invention relates to a sulfur tolerant, dynamic, compact, lightweight fuel process and system that is capable of converting sulfur bearing carbonaceous fuels to hydrogen rich gases suitable for fuel cells or chemical processing applications. The process and system is based on the AHR and WGS reactions, followed by cleanup of byproduct sulfur-containing gases and carbon oxides that would otherwise poison the fuel cell electrocatalyst. Advantageously, this is accomplished via an ASMS and a methanator or an AWMR. The process and system preferably uses a special sulfur tolerant catalysts and hardware designs that enable the conversion in an energy efficient manner while maintaining desirable performance characteristics such as rapid start-stop and fast response to load change capabilities

Semileptonic Hyperon Decays and CKM Unitarity

Using a technique that is not subject to first-order SU(3) symmetry breaking effects, we determine the $V_{us}$ element of the CKM matrix from data on semileptonic hyperon decays. We obtain $V_{us}$ =0.2250(27). This value is of similar precision to the one derived from $K_{l3}$, but higher and in better agreement with the unitarity requirement, $|V_{ud}|^2+|V_{us}|^2+|V_{ub}|^2=1$.Comment: 3 pages, 1 tabl

Educational aspirations in inner city schools

The research aimed to assess the nature and level of pupils’ educational aspirations and to elucidate the factors that influence these aspirations. A sample of five inner city comprehensive secondary schools were selected by their Local Authority because of poor pupil attendance, below average examination results and low rates of continuing in full-time education after the age of 16. Schools were all ethnically mixed and co-educational. Over 800 pupils aged 12-14 completed a questionnaire assessing pupils’ experience of home, school and their peers. A sub-sample of 48 pupils selected by teachers to reflect ethnicity and ability levels in individual schools also participated in detailed focus group interviews. There were no significant differences in aspirations by gender or year group, but differences between ethnic groups were marked. Black African, Asian Other and Pakistani groups had significantly higher educational aspirations than the White British group, who had the lowest aspirations. The results suggest the high aspirations of Black African, Asian Other and Pakistani pupils are mediated through strong academic self-concept, positive peer support, a commitment to schooling and high educational aspirations in the home. They also suggest that low educational aspirations may have different mediating influences in different ethnic groups. The low aspirations of White British pupils seem to relate most strongly to poor academic self-concept and low educational aspirations in the home, while for Black Caribbean pupils disaffection, negative peers and low commitment to schooling appear more relevant. Interviews with pupils corroborated the above findings and further illuminated the factors students described as important in their educational aspirations. The results are discussed in relation to theories of aspiration which stress its nature as a cultural capacity

SUMMARY

California. Water samples showed no detects of fenoxycarb, hydramethylnon, pyriproxyfen, dimethoate, and methidathion. Bifenthrin was detected in two samples at 0.495 and 0.778 parts per billion (ppb) at nursery sites F and G, respectively. Chlorpyrifos was detected in one sample at 0.06 ppb. Diazinon was detected in two samples at 0.059 and 0.06 ppb at sites F and E, respectively. Malathion was detected in one sample of nursery runoff at 0.07 ppb. Toxicity was tested at San Diego Creek at Campus Drive, an integrated site. This site was not significantly toxic (5 % mortality) to Ceriodaphnia dubia in the water collected. Additional water and sediment samples were collected from a mitigation filter strip planted with Canna to mitigate offsite movement of insecticides and nitrates. Bifenthrin and chlorpyrifos were detected in all water samples with a general trend of declining concentrations as the water passed through the filter strip. Sediment samples were positive for bifenthrin and chlorpyrifos with detections ranging from 776 to 1470 ppb and 27 to 80 ppb, respectively. SCOPE OF THIS MEMORANDUM This memorandum reports results of water sampling conducted by the Department of Pesticide Regulation (DPR), under interagency agreement with the California Department of Food an

SUMMARY

California. Water samples showed no detects of fenoxycarb, hydramethylnon, pyriproxyfen, chlorpyrifos, dimethoate, and methidathion. Bifenthrin was detected in all samples ranging from 0.071 to 2.41 parts per billion (ppb). Diazinon was detected in three samples ranging from 0.055 to 0.187 ppb. Malathion was detected in three samples of nursery runoff ranging from 0.136 to 0.778 ppb. Toxicity was tested at San Diego Creek at Campus Dr., an integrated site. This site was significantly toxic (100 % mortality) to Ceriodaphnia dubia in the water collected. Sediment samples were collected from a mitigation filter strip. Samples were positive for bifenthrin and chlorpyrifos with detections ranging from 733 to 1340 ppb and 28 to 72 ppb, respectively. SCOPE OF THIS MEMORANDUM This memorandum reports results of water sampling conducted by the Department of Pesticide Regulation (DPR), under interagency agreement with the California Department of Food and Agriculture (CDFA), for the Red Imported Fire Ant (RIFA) control project. Data included here are from the February 28, 2001 monitoring, and encompass results from both chemical analyses and aquatic biotoxicity testing. This memorandum summarizes results for bifenthrin, fenoxycarb, hydramethylnon, pyriproxyfen, and five organophosphorus insecticides

Ipteks Penguatan Badan Penelitian dan Pengembangan Daerah Provinsi Sulawesi Utara Pasca Penerapan Peraturan Pemerintah Tentang Inovasi Daerah

Article 386 paragraph 1 of Law Number 23 Year 2014 concerning Regional Government which made for increasing the regional government's performance. The innovation that took place in the city of Manado in 2016 was a successful innovation in the region. After the issuance of Government Regulation Number 38 of 2017 concerning Regional Innovation, it's stated that regional innovation is organized by the head of the Research and Development Agency (R & D). Applying a qualitative approach through literature studies. It aims to contribute ideas about various efforts that can be done by R & D of Manado City institutions in carrying out their functions in Government Regulation Number 38 of 2017 concerning Regional Innovation. Agencies must be the organization responsible for regional innovation by providing solutions for regional innovation, becoming the Independent Team Coordinator to deal with problems that occur in these countries. Agencies must carry out additional budgets to support tasks to improve the Regional Innovation System