Multirating decision model validation: the relevance of the quality of the securitization issues

Rating enables the information asymmetry existing in the issuer-investor relationship to be reduced, particularly for issues with a high degree of complexity, as is the case of securitizations. However, there may be a serious conflict of interest between the issuer’s choice and remuneration of the agency and the credit rating awarded, resulting in lower quality and information power of the published rating. In this paper, we propose an explicative model of the number of ratings requested, by analyzing the relevance of the number of ratings to measure the reliability, where multirating is shown to be associated to the quality, size, liquidity and the degree of information asymmetry relating to the issue. Thus, we consider that the regulatory changes that foster the widespread publication of simultaneous ratings could help to alleviate the problem of rating model arbitrage and the crisis of confidence in credit ratings in general and in the securitization issues, in particular.

Behavioral, neurochemical and morphological changes induced by the overexpression of munc18-1a in brain of mice: relevance to schizophrenia

Overexpression of the mammalian homolog of the unc-18 gene (munc18-1) has been described in the brain of subjects with schizophrenia. Munc18-1 protein is involved in membrane fusion processes, exocytosis and neurotransmitter release. A transgenic mouse strain that overexpresses the protein isoform munc18-1a in the brain was characterized. This animal displays several schizophrenia-related behaviors, supersensitivity to hallucinogenic drugs and deficits in prepulse inhibition that reverse after antipsychotic treatment. Relevant brain areas (that is, cortex and striatum) exhibit reduced expression of dopamine D-1 receptors and dopamine transporters together with enhanced amphetamine-induced in vivo dopamine release. Magnetic resonance imaging demonstrates decreased gray matter volume in the transgenic animal. In conclusion, the mouse overexpressing brain munc18-1a represents a new valid animal model that resembles functional and structural abnormalities in patients with schizophrenia.

Extending Distance-based Ranking Models In Estimation of Distribution Algorithms

Recently, probability models on rankings have been proposed in the field of estimation of distribution algorithms in order to solve permutation-based combinatorial optimisation problems. Particularly, distance-based ranking models, such as Mallows and Generalized Mallows under the Kendall’s-t distance, have demonstrated their validity when solving this type of problems. Nevertheless, there are still many trends that deserve further study. In this paper, we extend the use of distance-based ranking models in the framework of EDAs by introducing new distance metrics such as Cayley and Ulam. In order to analyse the performance of the Mallows and Generalized Mallows EDAs under the Kendall, Cayley and Ulam distances, we run them on a benchmark of 120 instances from four well known permutation problems. The conducted experiments showed that there is not just one metric that performs the best in all the problems. However, the statistical test pointed out that Mallows-Ulam EDA is the most stable algorithm among the studied proposals.

The Relevance of Relative Position in Ultimatum Games

This paper investigates the effect of focal points and initial relative position in the outcome of a bargaining process. We conduct two on-line experiments. In the first experiment we attempt to replicate Güth, Huck and Müller's (2001) results about the relevance of equal splits. In our second experiment, we recover the choices of participants in forty mini-ultimatum games. This design allows us to test whether the equal split or any other distribution or set of distributions are salient. Our data provide no support for a focal-point explanation but we find support for an explanation based on relative position. Our results confirm that there is a norm against hyper-fair offers. Proposers are expected to behave selfishly when the unselfish distribution leads to a change in the initial relative position.

Bilingual Lexicography:Relevance of Corpora. The Example of German-Basque as Language Pair

Presentation for the 5th International Conference on Corpus Linguistics (CILC 2013), V Congreso Internacional de Lingüistica de Corpus.