Quantifier scope in sentence prosody? : A view from production

Logical scope interpretation and sentence prosody exhibit intricate, yet scarcely studied interrelations across a variety of languages and constructions. Despite these observable interrelations, it is not clear whether quantifier scope by itself is able to directly affect prosodic form. Information structure is a key potential confounding factor, as it appears to richly interact both with scope interpretation and with prosodic form. To address this complication, the current study investigates, based on data from Hungarian, whether quantifier scope is expressed prosodically if information structure is kept in check. A production experiment is presented that investigates grammatically scope ambiguous doubly quantified sentences with varied focus structures, while lacking a syntactically marked topic or focus. In contrast to the information structural manipulation, which is manifest in the analysis of the acoustic data, the results reveal no prosodic effect of quantifier scope, nor the interaction of scope with information structure. This finding casts doubt on the notion that logical scope can receive direct prosodic expression, and it indirectly corroborates the restrictive view instead that scope interpretation is encoded in prosody only in cases in which it is a free rider on information structure

Managing Mortgage Interest-Rate Risks in Forward, Futures, and Options Markets

This article reviews the Housing Commission's perspective and recommendations on management of interest-rate risks in housing finance, and considers the relative advantages of various techniques by which institutions on the supply side of mortgage markets can absorb or shift such risks. It is argued that exchange-based options can provide a more reliable way than cash forward contracting for originators or purchasers of mortgages to manage commitment-period risk, but that commitment fees charged household borrowers should not fully correspond to premiums for put options "traded" on the exchanges. It also is argued that exchange-based futures can provide a more effective and economical way than asset-liability maturity matching in cash markets for thrift institutions to manage portfolio interest-rate risks; in particular, futures trading can permit these institution to meet the maturity preferences of liquidity-conscious creditors and risk-averse borrowers, to reduce the risk associated with unexpected shifts of the yield curve, and to maintain a higher degree of asset quality. The capacity of futures markets to handle large-scale hedging by mortgage market participants will depend upon heavy participation by highly leveraged speculators who are willing to take long positions without the receipt of substantial risk premiums from hedgers. Copyright American Real Estate and Urban Economics Association.