Commercial Mortgage Prepayments Under Heterogeneous Prepayment Penalty Structures

Much of the literature on pricing commercial mortgages and commercial mortgage-backed securities has assumed homogeneity in prepayment penalty structure. In this paper, we provide evidence that such an assumption is inappropriate and examine the effect of penalty structures observed in actual contracts. After conducting preliminary simulations, we present hazard models estimated from data on 1,165 multifamily mortgage loans to show how empirical prepayment rates vary with alternative penalty structures. While yield maintenance and lockout provisions are relatively more effective than fixed or step down structures in reducing or postponing prepayment, none completely eliminates the risk. Our empirical results generally confirm the theoretical findings of Kelly and Slawson (2001).

Switching the magnetic configuration of a spin valve by current induced domain wall motion

We present experimental results on the displacement of a domain wall by injection of a dc current through the wall. The samples are 1 micron wide long stripes of a CoO/Co/Cu/NiFe classical spin valve structure. The stripes have been patterned by electron beam lithography. A neck has been defined at 1/3 of the total length of the stripe and is a pinning center for the domain walls, as shown by the steps of the giant magnetoresistance curves at intermediate levels (1/3 or 2/3) between the resistances corresponding to the parallel and antiparallel configurations. We show by electric transport measurements that, once a wall is trapped, it can be moved by injecting a dc current higher than a threshold current of the order of magnitude of 10^7 A/cm^2. We discuss the different possible origins of this effect, i.e. local magnetic field created by the current and/or spin transfer from spin polarized current.Comment: 3 pages, 3 figure

Thermal Effects on the Magnetic Field Dependence of Spin Transfer Induced Magnetization Reversal

We have developed a self-aligned, high-yield process to fabricate CPP (current perpendicular to the plane) magnetic sensors of sub 100 nm dimensions. A pinned synthetic antiferromagnet (SAF) is used as the reference layer which minimizes dipole coupling to the free layer and field induced rotation of the reference layer. We find that the critical currents for spin transfer induced magnetization reversal of the free layer vary dramatically with relatively small changes the in-plane magnetic field, in contrast to theoretical predictions based on stability analysis of the Gilbert equations of magnetization dynamics including Slonczewski-type spin-torque terms. The discrepancy is believed due to thermal fluctuations over the time scale of the measurements. Once thermal fluctuations are taken into account, we find good quantitative agreement between our experimental results and numerical simulations.Comment: 14 pages, 4 figures, Submitted to Appl. Phys. Lett., Comparison of some of these results with a model described by N. Smith in cond-mat/040648

Chiral nature of magnetic monopoles in artificial spin ice

Micromagnetic properties of monopoles in artificial kagome spin ice systems are investigated using numerical simulations. We show that micromagnetics brings additional complexity into the physics of these monopoles that is, by essence, absent in spin models: besides a fractionalized classical magnetic charge, monopoles in the artificial kagome ice are chiral at remanence. Our simulations predict that the chirality of these monopoles can be controlled without altering their charge state. This chirality breaks the vertex symmetry and triggers a directional motion of the monopole under an applied magnetic field. Our results also show that the choice of the geometrical features of the lattice can be used to turn on and off this chirality, thus allowing the investigation of chiral and achiral monopoles.Comment: 10 pages, 4 figure

Sparse aperture masking at the VLT II. Detection limits for the eight debris disks stars β\beta Pic, AU Mic, 49 Cet, η\eta Tel, Fomalhaut, g Lup, HD181327 and HR8799

Context. The formation of planetary systems is a common, yet complex mechanism. Numerous stars have been identified to possess a debris disk, a proto-planetary disk or a planetary system. The understanding of such formation process requires the study of debris disks. These targets are substantial and particularly suitable for optical and infrared observations. Sparse Aperture masking (SAM) is a high angular resolution technique strongly contributing to probe the region from 30 to 200 mas around the stars. This area is usually unreachable with classical imaging, and the technique also remains highly competitive compared to vortex coronagraphy. Aims. We aim to study debris disks with aperture masking to probe the close environment of the stars. Our goal is either to find low mass companions, or to set detection limits. Methods. We observed eight stars presenting debris disks ( $\beta$ Pictoris, AU Microscopii, 49 Ceti, $\eta$ Telescopii, Fomalhaut, g Lupi, HD181327 and HR8799) with SAM technique on the NaCo instrument at the VLT. Results. No close companions were detected using closure phase information under 0.5 of separation from the parent stars. We obtained magnitude detection limits that we converted to Jupiter masses detection limits using theoretical isochrones from evolutionary models. Conclusions. We derived upper mass limits on the presence of companions in the area of few times the diffraction limit of the telescope around each target star.Comment: 7 pages, All magnitude detection limits maps are only available in electronic form at the CDS via anonymous ftp to cdsarc.u-strasbg.fr (130.79.128.5

A giant planet imaged in the disk of the young star Beta Pictoris

Here we show that the ~10 Myr Beta Pictoris system hosts a massive giant planet, Beta Pictoris b, located 8 to 15 AU from the star. This result confirms that gas giant planets form rapidly within disks and validates the use of disk structures as fingerprints of embedded planets. Among the few planets already imaged, Beta Pictoris b is the closest to its parent star. Its short period could allow recording the full orbit within 17 years.Comment: 4 pages, 2 figures. Published online 10 June 2010; 10.1126/science.1187187. To appear in Scienc