scholarly journals Modelling the liquidity premium on corporate bonds

2015 ◽  
Vol 9 (2) ◽  
pp. 264-289 ◽  
Author(s):  
Paul R.F. van Loon ◽  
Andrew J.G. Cairns ◽  
Alexander J. McNeil ◽  
Alex Veys
Keyword(s):  
Corporate Bonds ◽  
Daily Basis ◽  
Credit Spread ◽  
Model Parameters ◽  
Liquidity Premium ◽  
Specific Level ◽  
Liquidity Premia ◽  
Individual Bond ◽  
The Individual ◽  
Few Data

AbstractThe liquidity premium on corporate bonds has been high on the agenda of Solvency regulators owing to its potential relationship to an additional discount factor on long-dated insurance liabilities. We analyse components of the credit spread as a function of standard bond characteristics during 2003–2014 on a daily basis by regression analyses, after introducing a new liquidity proxy. We derive daily distributions of illiquidity contributions to the credit spread at the individual bond level and find that liquidity premia were close to zero just before the financial crisis. We observe the time-varying nature of liquidity premia as well as a widening in the daily distribution in the years after the credit crunch. We find evidence to support higher liquidity premia, on average, on bonds of lower credit quality. The evolution of model parameters is economically intuitive and brings additional insight into investors’ behaviour. The frequent and bond-level estimation of liquidity premia, combined with few data restrictions makes the approach suitable for ALM modelling, especially when future work is directed towards arriving at forward-looking estimates at both the aggregate and bond-specific level.

Chemical Bonds Properties and Spontaneous Polarization of Orthogonal SrBi2Ta2O9 Crystals

2016 ◽  
Vol 848 ◽  
pp. 688-695
Author(s):  
Xiao Hong Xiao ◽  
Shi Chun Li
Keyword(s):  
Spontaneous Polarization ◽  
Cluster Structure ◽  
Chemical Bonds ◽  
Local Cluster ◽  
Valence Electron Density ◽  
Effective Valence ◽  
Individual Bond ◽  
Atomic Coordination ◽  
Experimental Values ◽  
The Individual

The bonds structure, atomic coordination situation and local cluster structure in SrBi2Ta2O9 were analyzed by means of the Atomic Environment Calculation (AEC), and then the SrBi2Ta2O9 crystal was decomposed into 20 pseudo-binary crystals with the crystal decomposition method. The chemical bonds properties, such as effective valence electron density and iconicity of the individual bond were calculated by the dielectric chemical bonds theory. And the correlation between chemical bonds properties and spontaneous polarization of the bismuth layered ferroelectrics was established. Finally, the spontaneous polarization in ferroelectric SrBi2Ta2O9 and other relevant ferroelectrics were calculated, which are in good agreement with the experimental values and other theoretical calculated values.

scholarly journals Lack of association in acne and salivary testosterone

2018 ◽  
Vol 4 (1) ◽  
pp. 1-5
Author(s):  
David Fresnais ◽  
Edvin Ingberg ◽  
Elvar Theodorsson ◽  
Jakob O Ström
Keyword(s):  
Acne Vulgaris ◽  
Daily Basis ◽  
Enzyme Linked Immunosorbent Assay ◽  
Weak Correlation ◽  
Salivary Testosterone ◽  
Weak Association ◽  
The Individual ◽  
Actual Relation ◽  
Facial Acne ◽  
Monotonic Relation

The pathogenesis of acne vulgaris has only been partially elucidated. Various hormones, especially androgens, are likely to play a role, but results of studies are still inconclusive. The objective of the current study was to investigate whether day to day variation in salivary testosterone correlates with acne in males. Saliva samples were collected for 120 consecutive days from each of the 40 males. Salivary testosterone concentrations were measured by enzyme-linked immunosorbent assay (ELISA). Facial acne lesions were assessed on a daily basis by photography by the participating males. Potential confounders’ (sexual intercourse, masturbation, physical exercise and disease) were also registered every day by the participants. A significant but weak association between salivary testosterone and acne was found (n = 4602, r = 0.031, P = 0.034). Elevated testosterone concentrations were associated with an increase in acne, but when testosterone concentrations were above twice the individual average, acne lesions paradoxically decreased. The current results indicate that daily fluctuations in salivary testosterone levels in males are associated with acne patterns, but the weak correlation suggests that the effect is too small to be of clinical significance. The analysis in the current study was complicated by a large number of days on which the participants had no acne, as well as the seemingly non-monotonic relation between testosterone and acne. This may indicate that the actual relation is stronger than concluded here.

scholarly journals El reto de la prevención del blanqueo de capitales en un mundo globalizado

2013 ◽  
Author(s):  
José Antonio Mateos Martín
Keyword(s):  
Money Laundering ◽  
Well Being ◽  
Daily Basis ◽  
Collateral Damage ◽  
Contemporary World ◽  
Macroeconomic Impact ◽  
The Individual ◽  
Drug Traffic ◽  
Global World ◽  
Medios De Comunicacion

El blanqueo de capitales es uno de los fenómenos de mayor impacto social del mundo contemporáneo. Esta repercusión social es debida, en parte, al ruido mediático del que se hacen eco diariamente los medios de comunicación mundial y a la repercusión económica que tiene este fenómeno en las economías mundiales, minando el amplio abanico que va desde las cuentas de un Estado, hasta la moral individual de las personas, o lo que es lo mismo, afectando tanto a aspectos macroeconómicos como a los microeconómicos. Desde que en los años 80, y unido al tráfico de estupefacientes comenzó a considerarse un problema para los Estados, el blanqueo de capitales ha sido tratado de diversas formas. En un principio se le consideró como un daño colateral, sin dotarle de la capacidad destructiva que verdaderamente tiene, siendo en los últimos veinte años cuando se le ha considerado como una verdadera amenaza para el orden económico establecido. A partir de ese momento un enjambre de leyes, resoluciones, órdenes, instrucciones, etc, emanan de los poderes legislativos de los Estados, que viéndose superados, en muchas ocasiones por sus fronteras físicas y por las facilidades de la globalización, intentan acordar la mejor manera de combatir, con una sola voz, este fenómeno delictivo.The impact of money laundering in the contemporary world is impressive. In part, media attention has contributed to this impact since world media informs on a daily basis of money laundering cases; at the same time, its economic impact plays a role in the relevance citizens put in this phenomenon. It affects the State accounts as well as the individual well-being of particular subjetcs, not to mention its macroeconomic impact. Money laundering has been treated, together with drug traffic, since the early eighties as a problem for the individual State. At first it was considered a collateral damage, without realizing the really destructive capacity it holds. In the last twenty years its dangers have been realized and a constellation of laws, resolutions, instructions, etc, have been produced by the States. But Status are oftenly unable to fight a phenomenon that trascends fisical borders in a global world.

scholarly journals Three-dimensional data-tracking simulations of sprinting using a direct collocation optimal control approach

PeerJ ◽  
2021 ◽  
Vol 9 ◽  
pp. e10975
Author(s):  
Nicos Haralabidis ◽  
Gil Serrancolí ◽  
Steffi Colyer ◽  
Ian Bezodis ◽  
Aki Salo ◽  
...  
Keyword(s):  
Experimental Data ◽  
Reaction Force ◽  
Three Dimensional ◽  
Contact Model ◽  
Model Parameters ◽  
Ground Contact ◽  
Control Approach ◽  
Average Percentage ◽  
Data Tracking ◽  
The Individual

Biomechanical simulation and modelling approaches have the possibility to make a meaningful impact within applied sports settings, such as sprinting. However, for this to be realised, such approaches must first undergo a thorough quantitative evaluation against experimental data. We developed a musculoskeletal modelling and simulation framework for sprinting, with the objective to evaluate its ability to reproduce experimental kinematics and kinetics data for different sprinting phases. This was achieved by performing a series of data-tracking calibration (individual and simultaneous) and validation simulations, that also featured the generation of dynamically consistent simulated outputs and the determination of foot-ground contact model parameters. The simulated values from the calibration simulations were found to be in close agreement with the corresponding experimental data, particularly for the kinematics (average root mean squared differences (RMSDs) less than 1.0° and 0.2 cm for the rotational and translational kinematics, respectively) and ground reaction force (highest average percentage RMSD of 8.1%). Minimal differences in tracking performance were observed when concurrently determining the foot-ground contact model parameters from each of the individual or simultaneous calibration simulations. The validation simulation yielded results that were comparable (RMSDs less than 1.0° and 0.3 cm for the rotational and translational kinematics, respectively) to those obtained from the calibration simulations. This study demonstrated the suitability of the proposed framework for performing future predictive simulations of sprinting, and gives confidence in its use to assess the cause-effect relationships of technique modification in relation to performance. Furthermore, this is the first study to provide dynamically consistent three-dimensional muscle-driven simulations of sprinting across different phases.

scholarly journals Soft X-ray nanospectroscopy for quantification of X-ray linear dichroism on powders

2021 ◽  
Vol 28 (4) ◽  
Author(s):  
Selwin Hageraats ◽  
Mathieu Thoury ◽  
Stefan Stanescu ◽  
Katrien Keune
Keyword(s):  
Fresnel Zone ◽  
Dipole Moments ◽  
Fundamental Property ◽  
Linear Dichroism ◽  
Model Parameters ◽  
Transition Dipole ◽  
X Ray ◽  
Zno Powders ◽  
The Individual ◽  
Absorption Features

X-ray linear dichroism (XLD) is a fundamental property of many ordered materials that can for instance provide information on the origin of magnetic properties and the existence of differently ordered domains. Conventionally, measurements of XLD are performed on single crystals, crystalline thin films, or highly ordered nanostructure arrays. Here, it is demonstrated how quantitative measurements of XLD can be performed on powders, relying on the random orientation of many particles instead of the controlled orientation of a single ordered structure. The technique is based on a scanning X-ray transmission microscope operated in the soft X-ray regime. The use of a Fresnel zone plate allows X-ray absorption features to be probed at ∼40 nm lateral resolution – a scale small enough to probe the individual crystallites in most powders. Quantitative XLD parameters were then retrieved by determining the intensity distributions of certain diagnostic dichroic absorption features, estimating the angle between their transition dipole moments, and fitting the distributions with four-parameter dichroic models. Analysis of several differently produced ZnO powders shows that the experimentally obtained distributions indeed follow the theoretical model for XLD. Making use of Monte Carlo simulations to estimate uncertainties in the calculated dichroic model parameters, it was established that longer X-ray exposure times lead to a decrease in the amplitude of the XLD effect of ZnO.

Modelling the individual and collective dynamics of the propensity to offend

2010 ◽  
Vol 21 (4-5) ◽  
pp. 421-440 ◽  
Author(s):  
J.-P. NADAL ◽  
M. B. GORDON ◽  
J. R. IGLESIAS ◽  
V. SEMESHENKO
Keyword(s):  
Crime Rate ◽  
Developed Countries ◽  
Wide Distribution ◽  
Deterrent Effect ◽  
Model Parameters ◽  
Self Organized ◽  
Interacting Agents ◽  
Composite Parameter ◽  
Two Phases ◽  
The Individual

We introduce a general framework for modelling the dynamics of the propensity to offend in a population of (possibly interacting) agents. We consider that each agent has an ‘honesty index’ which parameterizes his probability of abiding by the law. This probability also depends on a composite parameter associated to the attractiveness of the crime outcome and of the crime setting (the context which makes a crime more or less likely to occur, such as the presence or not of a guardian). Within this framework we explore some consequences of the working hypothesis that punishment has a deterrent effect, assuming that, after a criminal act, an agent's honesty index may increase if he is caught and decrease otherwise. We provide both analytical and numerical results. We show that in the space of parameters characterizing the probability of punishment, there are two ‘phases’: one corresponding to a population with a low crime rate and the other to a population with a large crime rate. We speculate on the possible existence of a self-organized state in which, due to the society reaction against crime activities, the population dynamics would be stabilized on the critical line, leading to a wide distribution of propensities to offend in the population. In view of empirical works on the causes of the recent evolution of crime rates in developed countries, we discuss how changes of socio-economic conditions may affect the model parameters, and hence the crime rate in the population. We suggest possible extensions of the model that will allow us to take into account more realistic features.

Prosthodontics

2019 ◽  
Author(s):  
Nicholas Longridge ◽  
Pete Clarke ◽  
Raheel Aftab ◽  
Tariq Ali
Keyword(s):  
Treatment Planning ◽  
Clinical Skills ◽  
Treatment Plan ◽  
Work Load ◽  
Daily Basis ◽  
Digital Dentistry ◽  
Production Methods ◽  
Black And White ◽  
Reading Key ◽  
The Individual

Prosthodontics comprises most of the routine restorative treatments that practitioners perform on a daily basis. Much restorative work re¬sults from the impact of caries and periodontal disease. However, the prevalence of toothwear is dramatically increasing and can be expected to form a more prominent feature of the modern practitioner’s work¬load. There is a considerable theory base in prosthodontics, covering all aspects of fixed and removable treatments, both conventional and contemporary. Although the individual management of teeth can be tricky, a challenge many new practitioners struggle with is treatment planning on a patient level. Treatment planning is rarely black and white, with considerable variations in opinion among clinicians, even for more simple cases. The staging of treatment planning is fairly consistent across the profession (e.g. relief of pain first, then investigatory phase, etc.), but in complex cases, a second opinion may be warranted. Not only is treatment plan¬ning a difficult skill, but so is the execution. It takes practice to become adept at the variety of clinical skills in prosthodontics and the staging of treatment, but this makes for a rewarding and fascinating discipline. Modern dentistry has a much greater focus on minimal invasive treat-ment, relying on dentine bonding and adhesive dentistry to limit the need for aggressive preparations of teeth and protect the vitality of the pulp. Moreover, the progression in digital dentistry is exponential, with newer production methods and clinical techniques becoming increasingly accurate and ever more accessible. As such, the modern practitioner needs to have a good understanding of both conventional concepts and modern alternatives in order to be able to apply the material and tech¬nique of choice to achieve an optimal outcome. The questions in the chapter aim to cover a wide range of topics, testing conventional concepts in both fixed and removable prostho¬dontics, whilst touching on contemporary materials and production methods. It is hoped that the reader will be challenged and the more difficult questions will promote wider reading. Key topics include: ● Diagnosis and treatment planning ● Occlusion ● Toothwear ● Complete dentures ● Removable dentures (including denture design principles) ● Direct restorations ● Crown and bridge ● Implant restorations ● Laboratory processes ● Digital dentistry.

Monitoring Players’ Readiness Using Predicted Heart-Rate Responses to Soccer Drills

2018 ◽  
Vol 13 (10) ◽  
pp. 1273-1280 ◽  
Author(s):  
Mathieu Lacome ◽  
Ben Simpson ◽  
Nick Broad ◽  
Martin Buchheit
Keyword(s):  
Heart Rate ◽  
Global Positioning System ◽  
Daily Basis ◽  
Internal Load ◽  
Individual Level ◽  
Multiple Stepwise Regression Analysis ◽  
Global Positioning ◽  
Fitness Criterion ◽  
The Difference ◽  
The Individual

Purpose: To examine the ability of multivariate models to predict the heart-rate (HR) responses to some specific training drills from various global positioning system (GPS) variables and to examine the usefulness of the difference in predicted vs actual HR responses as an index of fitness or readiness to perform. Method: All data were collected during 1 season (2016–17) with players’ soccer activity recorded using 5-Hz GPS and internal load monitored using HR. GPS and HR data were analyzed during typical small-sided games and a 4-min standardized submaximal run (12 km·h−1). A multiple stepwise regression analysis was used to identify which combinations of GPS variables showed the largest correlations with HR responses at the individual level (HRACT, 149 [46] GPS/HR pairs per player) and was further used to predict HR during individual drills (HRPRED). Then, HR predicted was compared with actual HR to compute an index of fitness or readiness to perform (HRΔ, %). The validity of HRΔ was examined while comparing changes in HRΔ with the changes in HR responses to a submaximal run (HRRUN, fitness criterion) and as a function of the different phases of the season (with fitness being expected to increase after the preseason). Results: HRPRED was very largely correlated with HRACT (r = .78 [.04]). Within-player changes in HRΔ were largely correlated with within-player changes in HRRUN (r = .66, .50–.82). HRΔ very likely decreased from July (3.1% [2.0%]) to August (0.8% [2.2%]) and most likely decreased further in September (−1.5% [2.1%]). Conclusions: HRΔ is a valid variable to monitor elite soccer players’ fitness and allows fitness monitoring on a daily basis during normal practice, decreasing the need for formal testing.

(Il)liquidity Premium in Credit Markets: A Myth?

2019 ◽  
Keyword(s):  
Cross Section ◽  
Risk Premium ◽  
Credit Markets ◽  
Corporate Bonds ◽  
Credit Spreads ◽  
Limited Evidence ◽  
Liquidity Premium ◽  
Multiple Measures ◽  
The Cross ◽  
Sharpe Ratios

Across multiple measures of “liquidity” and a variety of methods to control for correlated characteristics of more- (less-) liquid bonds, the authors find only limited evidence of a liquidity premium in the cross section of corporate bonds. Specifically, although illiquid bonds have slightly higher credit spreads and directionally higher average returns, portfolios that tilt toward (away from) less (more) liquid bonds exhibit considerably higher levels of volatility. Economically, the low Sharpe ratios of illiquidity factor–mimicking portfolios are hard to justify for an investor. This is puzzling, as theory suggests investors should demand a risk premium for holding less-liquid assets.

scholarly journals Localization of Vehicle Back-Up Alarms by Users of Level-Dependent Hearing Protectors under Industrial Noise Conditions Generated at a Forge

2019 ◽  
Vol 16 (3) ◽  
pp. 394 ◽  
Author(s):  
Rafal Mlynski ◽  
Emil Kozlowski
Keyword(s):  
Auditory Information ◽  
Danger Signal ◽  
Passive Mode ◽  
Specific Level ◽  
Alarm Signal ◽  
Hearing Protectors ◽  
Continuous Noise ◽  
The Individual ◽  
The Impact ◽  
Selection Of

The use of hearing protectors in various noisy workplaces is often necessary. For safety reasons, auditory information may be required to correctly localize the direction of an auditory danger signal. The purpose of this study was to verify if the selection of a specific level-dependent hearing protector may be important for the ability to localize a vehicle back-up alarm signal. The laboratory conditions reflected industrial conditions, under which an impulse noise was emitted against a background of continuous noise. A passive mode and a level-dependent mode (maximum and incomplete amplification) were considered. Four different models of level-dependent earmuffs and one model of level-dependent earplugs were included in the tests. The tests enabled differentiation between the individual hearing protectors. The use of earplugs in level-dependent mode did not significantly affect the ability to correctly localize the back-up alarm signal. For the earmuffs, the global assessment of the impact of a mode change revealed that, depending on the model of the earmuffs, the impact may be insignificant, but may also result in considerable impairment of the ability to localize the back-up alarm signal.

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