Pricing Limited Partnerships in the Secondary Market

This study investigates the pattern of prices for multiple partnerships sold in the secondary market. In the model, the partnership buyer prefers to purchase the units sequentially since sellers have varying desires to sell. The benefit of a sequential purchase strategy is partially offset by rational sellers who demand higher prices in earlier sales since the possibility of future sales reduces the sellers’ eagerness to sell in earlier rounds. If this strategic component is sufficiently large, a pattern of decreasing prices should be observed. Using a panel dataset comprised of 52,679 transactions from eighteen real estate limited partnerships, and after controlling for performance characteristics, the study finds that prices decrease over time, thus indicating a significant strategic component in this market.

The Curtailment Mortgage: A Proposal to Benefit Homeowners

The Obama administration’s effort to encourage homeowners to refinance their mortgages under the Home Affordable Refinance Program (HARP) represents a reasonable approach at helping homeowners benefit from the current low mortgage rates. The HARP reduces the high costs of refinancing and in some cases makes refinancing possible for properties whose values have fallen below the mortgages’ values. While this will provide the intended benefit of increasing the homeowners’ income by reducing their mortgage payments, a closer inspection of the refinancing process in the US reveals that the current treatment of prepayment in US mortgages provides a disincentive for homeowners to accumulate equity in their houses. We propose a new mortgage contract, one which augments the terms of the existing conventional fixed-rate mortgage, which encourages homeowner equity accumulation thus leading to a more stable housing sector that can better weather future house price declines. From an economic policy perspective, the ability to reduce long term debt payments will have the same economic effect of increasing household’s permanent income which can provide a boost to the economy. This new mortgage proposal can be implemented by the government at little to no cost

A hybrid M-algorithm/sequential decoder for convolutional and trellis codes

The Viterbi Algorithm (VA) is optimum in the sense of being maximum likelihood for decoding codes with a trellis structure. However, since the VA is in fact an exhaustive search of the code trellis, the complexity of the VA grows exponentially with the constraint length upsilon. This limits its application to codes with small values of upsilon and relatively modest coding gains. The M-Algorithm (MA) is a limited search scheme which carries forward M paths in the trellis, all of the same length. All successors of the M paths are extended at the next trellis depth, and all but the best M of these are dropped. Since a limited search convolutional decoder will flounder indefinitely if one of the paths in storage is not the correct one, the data are usually transmitted in blocks. It has been shown that the performance of the MA approaches the VA at high signal to noise ratios (SNR's) with an M which is far less than the 2 sup upsilon states in the full trellis. Thus the MA can be used with larger values of upsilon, making larger coding gains possible at high SNR's. However, it still requires a relatively large fixed computational effort to achieve good performance

Ontogenetic shifts in perceptions of safety along structural complexity gradients in a territorial damselfish.

Age and body size can influence predation risk and hence habitat use. Many species undergo ontogenetic shifts in habitat use as individuals grow larger and have different age-specific predation pressures. On coral reefs, a number of fish species are more tolerant of threats in structurally complex habitats that contain more refuges than in less structurally complex habitats. However, we do not know how risk perception varies with age, and whether age interacts with habitat complexity. Adults and juveniles, because of their size, may face different risks in structurally simple versus complex habitats. We used flight initiation distance as a metric to analyze perceptions of risk in a species of damselfish Stegastes nigricans. All else being equal, fish fleeing at greater distances are inferred to perceive higher risk. We targeted juvenile and adult damselfish to assess whether there are ontogenetic shifts in perceptions of safety in relation to structural complexity, inferred based on percent coral cover and rugosity. We found that adult damselfish tolerated closer approach in more complex habitats as measured by percent coral cover, but not rugosity, whereas juvenile fish always allowed closer approach than adult fish regardless of complexity. This ontogenetic shift in habitat use may result from juvenile fish taking bigger risks to maximize growth, whereas older animals, who are closer to their maximum body size, can afford to take fewer risks and protect their assets

Foreclosure of Securitized Commercial Mortgages - A Model of the Special Servicer

The decision to foreclose on a CMBS mortgage is made by the special servicer. A mortgage loan is in special servicing when it is either delinquent or in a state of imminent default. A special servicer should represent the interests of the underlying CMBS bondholders by returning the highest possible value to the investors. In this paper, we show that a special servicer\u27s compensation structure results in an incentive for her to extend a loan beyond the time desired by its bondholders. We develop a model and demonstrate how compensation incentives interact and influence a special servicer\u27s foreclosure decisions. Our model takes into consideration the dynamic nature of such a decision by viewing is as a dynamic programming problem whereby foreclosure represents a discrete terminal state of an optimal stopping problem. This model thus captures the trade-off between continuation of a loan and termination and we use this model to determine how the stopping rule changes under various compensation structures

Bandwidth efficient CCSDS coding standard proposals

The basic concatenated coding system for the space telemetry channel consists of a Reed-Solomon (RS) outer code, a symbol interleaver/deinterleaver, and a bandwidth efficient trellis inner code. A block diagram of this configuration is shown. The system may operate with or without the outer code and interleaver. In this recommendation, the outer code remains the (255,223) RS code over GF(2 exp 8) with an error correcting capability of t = 16 eight bit symbols. This code's excellent performance and the existence of fast, cost effective, decoders justify its continued use. The purpose of the interleaver/deinterleaver is to distribute burst errors out of the inner decoder over multiple codewords of the outer code. This utilizes the error correcting capability of the outer code more efficiently and reduces the probability of an RS decoder failure. Since the space telemetry channel is not considered bursty, the required interleaving depth is primarily a function of the inner decoding method. A diagram of an interleaver with depth 4 that is compatible with the (255,223) RS code is shown. Specific interleaver requirements are discussed after the inner code recommendations

Age-associated reduction of cell spreading induces mitochondrial DNA common deletion by oxidative stress in human skin dermal fibroblasts: implication for human skin connective tissue aging

Abstract Background Reduced cell spreading is a prominent feature of aged dermal fibroblasts in human skin in vivo. Mitochondrial DNA (mtDNA) common deletion has been reported to play a role in the human aging process, however the relationship between age-related reduced cell spreading and mtDNA common deletion has not yet been reported. Results To examine mtDNA common deletion in the dermis of aged human skin, the epidermis was removed from full-thickness human skin samples using cryostat. mtDNA common deletion was significantly elevated in the dermis of both naturally aged and photoaged human skin in vivo. To examine the relationship between age-related reduced cell spreading and mtDNA common deletion, we modulated the shape of dermal fibroblasts by disrupting the actin cytoskeleton. Reduced cell spreading was associated with a higher level of mtDNA common deletion and was also accompanied by elevated levels of endogenous reactive oxygen species (ROS). Boosting cellular antioxidant capacity by using antioxidants was found to be protective against mtDNA common deletion associated with reduced cell spreading. Conclusion mtDNA common deletion is highly prevalent in the dermis of both naturally aged and photoaged human skin in vivo. mtDNA common deletion in response to reduced cell spreading is mediated, at least in part, by elevated oxidative stress in human dermal fibroblasts. These data extend current understanding of the mitochondrial theory of aging by identifying the connection between mtDNA common deletion and age-related reduction of cell spreading.http://deepblue.lib.umich.edu/bitstream/2027.42/112063/1/12929_2015_Article_167.pd

Dynamical Cluster Quantum Monte Carlo Study of the Single Particle Spectra of Strongly Interacting Fermion Gases

We study the single-particle spectral function of resonantly-interacting fermions in the unitary regime, as described by the three-dimensional attractive Hubbard model in the dilute limit. Our approach, based on the Dynamical Cluster Approximation and the Maximum Entropy Method, shows the emergence of a gap with decreasing temperature, as reported in recent cold-atom photoemission experiments, for coupling values that span the BEC-BCS crossover. By comparing the behavior of the spectral function to that of the imaginary time dynamical pairing susceptibility, we attribute the development of the gap to the formation of local bound atom pairs.Comment: 4 pages, 4 figures, accepted by PRA Rapid Communication