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"Because illiquid bonds may be relatively poorly priced, the ability to infer investor perceptions of changes in a banking organization's financial health from such bonds may be obscured. To examine the time-series effect of trading frequency on subordinated debt spreads, we consider the liquidity of subordinated debt for large, complex U.S. banking organizations over the 1987:Q2 - 2002:Q4 period. Since trade volumes are unobservable, we construct various measures of weekly trading frequency from observed bond prices. Using these indirect liquidity measures, we find evidence that trading frequency does significantly affect observed subordinated debt spreads. We also provide estimates for the premium of illiquidity"--Abstract.
A substantial increase in the number of studies using the optical properties (absorbance and fluorescence) of dissolved organic matter (DOM) as a proxy for its chemical properties in estuaries and the coastal and open ocean has occurred during the last decade. We are making progress on finding the actual chemical compounds or phenomena responsible for DOM’s optical properties. Ultrahigh resolution mass spectrometry, in particular, has made important progress in making the key connections between optics and chemistry. But serious questions remain and the last major special issue on DOM optics and chemistry occurred nearly 10 years ago. Controversies remain from the non-specific optical prop...
A coloring book and hidden picture challenge featuring fun, eclectic, highly detailed illustrations that will appeal to tweens, teens, and adults.
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"This paper proposes a method for predicting the probability density of a variable of interest in the presence of model ambiguity. In the first step, each candidate parametric model is estimated minimizing the Kullback-Leibler 'distance' (KLD) from a reference nonparametric density estimate. Given that the KLD represents a measure of uncertainty about the true structure, in the second step, its information content is used to rank and combine the estimated models.
The Lloyd's Register of Shipping records the details of merchant vessels over 100 gross tonnes, which are self-propelled and sea-going, regardless of classification. Before the time, only those vessels classed by Lloyd's Register were listed. Vessels are listed alphabetically by their current name.
Awareness of mild traumatic brain injury and its potential long term effects has increased dramatically in recent years. Currently, there is a lack of computational methods for the evaluation of mild traumatic brain injury (mTBI) from magnetic resonance imaging (MRI). Further, the development of automated analyses has been hindered by the subtle nature of mTBI abnormalities, which appear as low contrast MR regions. In manual estimation a train operator must spend a copious amount of time locating and delineating the lesions. We have developed three innovations to aid in the analysis of mTBI by automatically detecting lesion in MR images. (1) A high level Bayesian network based contextual mod...