A neural network model to forecast and describe bond ratings

Neural Network;Bond Ratings;accountancy

The Reed Elsevier stock price gap

This is the report of a limited study on the structural stock price differences between Reed and Elsevier. The purpose of this study is to provide an overview of the problem area and to formulate and discuss several hypotheses regarding the causes of this gap. The research was performed by interviewing bankers, financial analysts, academics and the Director Corporate Finance of Reed-Elsevier. Statistical evaluation was not the primary goal. A solution of the gap problem is not yet found.Mergers;Share Prices;Elsevier;Reed;business economics

Application of Neural Networks to House Pricing and Bond Rating

Feed forward neural networks receive a growing attention as a data modelling tool in economic classification problems. It is well-known that controlling the design of a neural network can be cumbersome. Inaccuracies may lead to a manifold of problems in the application such as higher errors due to local optima, overfitting and ill-conditioning of the network, especially when the number of observations is small. In this paper we provide a method to overcome these difficulties by regulating the flexibility of the network and by rendering measures for validating the final network. In particular a method is proposed to equilibrate the number of hidden neurons and the value of the weight decay parameter based on 5 and 10-fold cross-validation. In the validation process the performance of the neural network is compared with a linear model with the same input variables. The degree of monotonicity with respect to each explanatory variable is calculated by numerical differentiation. The outcomes of this analysis is compared to what is expected from economic theory. Furthermore we propose a scheme for the application of monotonic neural networks to problems where monotonicity with respect to the explanatory variables is known a priori. The methods are illustrated in two case studies: predicting the price of housing in Boston metropolitan area and the classification of bond ratings.Classification;error estimation;monotonicity;finance;neural-network models

Patriarchy and Gender Law in Ancient Rome and Colonial America

Roman Antiquity and Colonial America shared much in common regarding limits on women’s legal rights and the role of gender in law. Gendered stereotypes regarding women’s ability and place in society are reflected in the patria potestas and manus of Ancient Roman law, as well as through the patriarchal and pious Puritan laws of New England society during the American Colonial period. Both male-dominated social and legal systems were based on the notion of women’s innate inferiority and female submission to male authority. Gender expectations and biases are also present, not only in family law, but also in law governing sexual behavior and partnerships. While Roman law punishes sodomy and male same-sex relationships on the grounds of contradicting the concept of the pater familias, Puritan New England relied on Christian morals and religious teachings to govern their sodomy laws. However, such gender disparities in the law are also subject to social status and race, leading men who did not reflect the respective society’s preferable identity to face harsher punishments as a result. Regarding the concept of gender and male superiority, family law and the societal expectations that both shaped and were shaped by such laws reflect an ever-present patriarchal structure throughout the Early American and Ancient Roman legal systems. The gendered attitudes toward marriage, rape, sex, and consent in both Roman and Early American society are reflected in the laws that governed the lives of women and gender non-conforming minorities in both societies

Involutivity of integrals for sine-Gordon, modified KdV and potential KdV maps

Closed form expressions in terms of multi-sums of products have been given in \cite{Tranclosedform, KRQ} of integrals of sine-Gordon, modified Korteweg-de Vries and potential Korteweg-de Vries maps obtained as so-called $(p,-1)$-traveling wave reductions of the corresponding partial difference equations. We prove the involutivity of these integrals with respect to recently found symplectic structures for those maps. The proof is based on explicit formulae for the Poisson brackets between multi-sums of products.Comment: 24 page

Effects of Heartwood Inhabiting Fungi on Thujaplicin Content and Decay Resistance of Western Redcedar (Thuja Plicata Donn.)

Western redcedar (Thuja plicata Donn.) outer heartwood blocks from a mature and an immature tree, inoculated with fungi commonly isolated from stained heartwood, had a thujaplicin content of less than 6% and a hot water solubility of about one-half that of controls after 10 weeks of exposure. Decay resistance of blocks from the mature tree was greatly reduced following exposure to the staining fungi. Naturally stained heartwood also had low thujaplicin content, but its decay resistance remained high in the same test

The effects of dust evolution on disks in the mid-IR

In this paper, we couple together the dust evolution code two-pop-py with the thermochemical disk modelling code ProDiMo. We create a series of thermochemical disk models that simulate the evolution of dust over time from 0.018 Myr to 10 Myr, including the radial drift, growth, and settling of dust grains. We examine the effects of this dust evolution on the mid-infrared gas emission, focussing on the mid-infrared spectral lines of C2H2, CO2, HCN, NH3, OH, and H2O that are readily observable with Spitzer and the upcoming E-ELT and JWST. The addition of dust evolution acts to increase line fluxes by reducing the population of small dust grains. We find that the spectral lines of all species except C2H2 respond strongly to dust evolution, with line fluxes increasing by more than an order of magnitude across the model series as the density of small dust grains decreases over time. The C2H2 line fluxes are extremely low due to a lack of abundance in the infrared line-emitting regions, despite C2H2 being commonly detected with Spitzer, suggesting that warm chemistry in the inner disk may need further investigation. Finally, we find that the CO2 flux densities increase more rapidly than the other species as the dust disk evolves. This suggests that the flux ratios of CO2 to other species may be lower in disks with less-evolved dust populations.Comment: 13 pages, 9 figures, accepted in A&

Attentional processes of high-skilled soccer players with congenital hemiparesis: Differences related to the side of the hemispheric lesion

Contains fulltext : 72909.pdf (publisher's version ) (Closed access)We investigated attentional processes that support the performance of high-skilled soccer players with hemiparetic cerebral palsy. Participants (N = 10) dribbled a slalom course as quickly and accurately as possible under two attentional-focus manipulation conditions. In the task-relevant focus condition, they attended to the foot that was in contact with the ball, whereas in the task-irrelevant focus condition, they monitored a series of words played on a tape. The time taken to complete the slalom course was registered. Performances of individuals with left and right hemiparesis were compared to explore differential effects of hemispheric lesion. The high-skilled players with congenital hemiparesis showed similar attentional-focus effects as those previously reported in the literature for high-skilled players without neurological disorders (Beilock et al., 2002; Ford et al., 2005). Task-relevant focus increased dribbling time, whereas a task-irrelevant focus did not result in a significant change in dribbling time. These findings generalized to each of the five participants with left hemiparesis (i.e., damage to the right hemisphere). By contrast, the effects of a task-relevant focus were less consistent for participants with right hemiparesis (i.e., left-hemisphere damage). This corroborates suggestions that the reinvestment of procedural knowledge is a left-lateralized function. The implications for the training of individuals with congenital brain damage are discussed

Modally Resolved Fabry-Perot Experiment with Semiconductor Waveguides

Based on the interaction between different spatial modes, semiconductor Bragg-reflection waveguides provide a highly functional platform for non-linear optics. Therefore, the control and engineering of the properties of each spatial mode is essential. Despite the multimodeness of our waveguide, the well-established Fabry-Perot technique for recording fringes in the optical transmission spectrum can successfully be employed for a detailed linear optical characterization when combined with Fourier analysis. A prerequisite for the modal sensitivity is a finely resolved transmission spectrum that is recorded over a broad frequency band. Our results highlight how the features of different spatial modes, such as their loss characteristics and dispersion properties, can be separated from each other allowing their comparison. The mode-resolved measurements are important for optimizing the performance of such multimode waveguides by tailoring the properties of their spatial modes.Comment: 8 pages, 7 figure