Residential property loans and performance during property price booms: evidence from European

Understanding the performance of banks is of the u tmost importance due to the impact the sector may have on economic growth and financial stability. Residential mortgage loans constitute a large proportion of the portfolio of many banks and are one of the key assets in the determination of performance. Using a dynamic panel model , we analyse the impact of res idential mortgage loans on bank profitability and risk , based on a sample of 555 banks in the European Union ( EU - 15 ) , over the period from 1995 to 2008. We find that banks with larger weight s in residential mortgage loans display lower credit risk in good market conditions . This result may explain why banks rush to lend on property during b ooms due to the positive effect it has on credit risk . The results also show that credit risk and profitability are lower during the upturn in the residential property cy cle. Furthermore, t he results reveal the existence of a non - linear relationship ( U - shaped marginal effect), as a function of bank’s risk, between profitability and residential mortgage exposure . For those banks that have high er credit risk, a large exposur e to residential loans is associated with increased risk - adjusted profitability, through a reduction in risk. For banks with a moderate to low credit risk, the impact of higher exposure are also positive on risk - adjusted profitability.

Solving MPCC problem with the hyperbolic penalty function

The main goal of this work is to solve mathematical program with complementarity constraints (MPCC) using nonlinear programming techniques (NLP). An hyperbolic penalty function is used to solve MPCC problems by including the complementarity constraints in the penalty term. This penalty function [1] is twice continuously differentiable and combines features of both exterior and interior penalty methods. A set of AMPL problems from MacMPEC [2] are tested and a comparative study is performed.

Solving a signalized traffic intersection problem with an hyperbolic penalty function

Mathematical Program with Complementarity Constraints (MPCC) finds many applications in fields such as engineering design, economic equilibrium and mathematical programming theory itself. A queueing system model resulting from a single signalized intersection regulated by pre-timed control in traffic network is considered. The model is formulated as an MPCC problem. A MATLAB implementation based on an hyperbolic penalty function is used to solve this practical problem, computing the total average waiting time of the vehicles in all queues and the green split allocation. The problem was codified in AMPL.

Comportamento motor do tronco e membro superior, num sistema de posicionamento rígido e dinâmico, durante atividade

A funcionalidade dos indivíduos com Paralisia Cerebral está muitas vezes comprometida devido às alterações do movimento e do controlo postural. Dadas estas alterações, a posição de sentado oferece uma maior estabilidade sendo muitas das atividades de vida diária desempenhadas nesta posição. O objetivo mais importante de intervenção é obter o máximo de funcionalidade na posição de sentado, particularmente do membro superior. Este objectivo, na maioria das vezes, só pode ser atingido com o uso de sistemas de posicionamento que tentam colmatar as alterações posturais e do movimento. Assim, o objetivo deste estudo de caso é verificar se existem diferenças no comportamento motor do tronco e do membro superior, com um sistema de posicionamento rígido e com um sistema de posicionamento dinâmico, numa jovem com Paralisia Cerebral, aquando da ativação manual de um switch. Foi realizado um estudo de caso único em que foi feita uma análise cinemática do movimento do tronco e membro superior na ativação de um switch BigMack, em três posições de teste com distâncias diferentes. Simultaneamente mediu-se a distribuição do peso durante o movimento, através do mapa de pressão e foi registada, bilateralmente a atividade dos músculos trapézio (porção média), longuíssimo, recto abdominal e oblíquo externo. Os resultados obtidos apontam, neste caso em particular, para uma melhoria na qualidade do movimento e da distribuição de peso, com o sistema de posicionamento dinâmico, sem diferenças entre os dois sistemas relativamente à ativação muscular.

Association between birth weight and neuromotor performance: a twin study

The development of neonatal intensive care has led to an increase in the prevalence of children with low birth weight and associated morbidity. The objectives of this study are to verify (1) The association between birth weight (BW) and neuromotor performance? (2) Is the neuromotor performance of twins within the normal range? (3) Are intra-pair similarities in neuromotor development of Monozygotic (MZ) and Disygotic (DZ) twins of unequal magnitude? The sample consisted of 191 children (78 MZ and 113 DZ), 8.9+3.1 years of age and with an average BW of 2246.3+485.4g. In addition to gestational characteristics, sports participation and Zurich Neuromotor Assessment (ZNA) were observed at childhood age. The statistical analysis was carried out with software SPSS 18.0, the STATA 10 and the ZNA performance scores. The level of significance was 0.05. For the neuromotor items high intra and inter-investigator reliabilities were obtained (0.793

Efficient computation of min and max sensor values in multihop networks

Consider a wireless sensor network (WSN) where a broadcast from a sensor node does not reach all sensor nodes in the network; such networks are often called multihop networks. Sensor nodes take individual sensor readings, however, in many cases, it is relevant to compute aggregated quantities of these readings. In fact, the minimum and maximum of all sensor readings at an instant are often interesting because they indicate abnormal behavior, for example if the maximum temperature is very high then it may be that a fire has broken out. In this context, we propose an algorithm for computing the min or max of sensor readings in a multihop network. This algorithm has the particularly interesting property of having a time complexity that does not depend on the number of sensor nodes; only the network diameter and the range of the value domain of sensor readings matter.

Efficient aggregate computations in large-scale dense WSN

We focus on large-scale and dense deeply embedded systems where, due to the large amount of information generated by all nodes, even simple aggregate computations such as the minimum value (MIN) of the sensor readings become notoriously expensive to obtain. Recent research has exploited a dominance-based medium access control(MAC) protocol, the CAN bus, for computing aggregated quantities in wired systems. For example, MIN can be computed efficiently and an interpolation function which approximates sensor data in an area can be obtained efficiently as well. Dominance-based MAC protocols have recently been proposed for wireless channels and these protocols can be expected to be used for achieving highly scalable aggregate computations in wireless systems. But no experimental demonstration is currently available in the research literature. In this paper, we demonstrate that highly scalable aggregate computations in wireless networks are possible. We do so by (i) building a new wireless hardware platform with appropriate characteristics for making dominance-based MAC protocols efficient, (ii) implementing dominance-based MAC protocols on this platform, (iii) implementing distributed algorithms for aggregate computations (MIN, MAX, Interpolation) using the new implementation of the dominance-based MAC protocol and (iv) performing experiments to prove that such highly scalable aggregate computations in wireless networks are possible.

Exploiting a prioritized MAC protocol to efficiently compute min and max in multihop networks

Consider a wireless sensor network (WSN) where a broadcast from a sensor node does not reach all sensor nodes in the network; such networks are often called multihop networks. Sensor nodes take sensor readings but individual sensor readings are not very important. It is important however to compute aggregated quantities of these sensor readings. The minimum and maximum of all sensor readings at an instant are often interesting because they indicate abnormal behavior, for example if the maximum temperature is very high then it may be that a fire has broken out. We propose an algorithm for computing the min or max of sensor reading in a multihop network. This algorithm has the particularly interesting property of having a time complexity that does not depend on the number of sensor nodes; only the network diameter and the range of the value domain of sensor readings matter.

Penalty fuzzy function for derivative-free optimization

Penalty and Barrier methods are normally used to solve Nonlinear Optimization Problems constrained problems. The problems appear in areas such as engineering and are often characterised by the fact that involved functions (objective and constraints) are non-smooth and/or their derivatives are not know. This means that optimization methods based on derivatives cannot net used. A Java based API was implemented, including only derivative-free optimizationmethods, to solve both constrained and unconstrained problems, which includes Penalty and Barriers methods. In this work a new penalty function, based on Fuzzy Logic, is presented. This function imposes a progressive penalization to solutions that violate the constraints. This means that the function imposes a low penalization when the violation of the constraints is low and a heavy penalisation when the violation is high. The value of the penalization is not known in beforehand, it is the outcome of a fuzzy inference engine. Numerical results comparing the proposed function with two of the classic penalty/barrier functions are presented. Regarding the presented results one can conclude that the prosed penalty function besides being very robust also exhibits a very good performance.

Fitness function evaluation through fractional algorithms

This paper proposes a Genetic Algorithm (GA) for the design of combinational logic circuits. The fitness function evaluation is calculated using Fractional Calculus. This approach extends the classical fitness function by including a fractional-order dynamical evaluation. The experiments reveal superior results when comparing with the classical method.

Fractional describing function of systems with nonlinear friction

This paper studies the describing function (DF) of systems consisting in a mass subjected to nonlinear friction. The friction force is composed in three components namely, the viscous, the Coulomb and the static forces. The system dynamics is analyzed in the DF perspective revealing a fractional-order behaviour. The reliability of the DF method is evaluated through the signal harmonic content and the limit cycle prediction.

Describing function of two masses with backlash

This paper analyzes the dynamical properties of systems with backlash and impact phenomena based on the describing function method. It is shown that this type of nonlinearity can be analyzed in the perspective of the fractional calculus theory. The fractional dynamics is compared with that of standard models.

Fractional describing function of systems with Coulomb friction

This paper studies the describing function (DF) of systems constituted by a mass subjected to nonlinear friction. The friction force is decomposed into two components, namely, the viscous and the Coulomb friction. The system dynamics is analyzed in the DF perspective revealing a fractional-order behavior. The reliability of the DF method is evaluated through the signal harmonic contents.