The history of Sandford and Merton : a work intended for the use of children : three volumes in one /

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The history of Sandford and Merton.

The engravings are by Anderson.

The history of Sandford and Merton.

Mode of access: Internet.

The history of Sandford and Merton : intended for the use of children.

Mode of access: Internet.

Merton's true self and the psychology of the dialogical self

Thomas Merton pursued a life-long quest to grasp the nature of the “true self.” This is the self that lives in and through Christ. Opposed to this is the false self that is expressive of infidelity. It is argued that the interaction between the true and false selves constitutes a dialogical process. The thesis of the essay is that this interaction expresses the dynamics associated with what some psychologists refer to as the “dialogical self.” The dialogical self is a model of the inner life that draws attention to the interpretive process required to deal with the many voices that get internalized in an engagement with the world.

Mba v Mayor and Burgesses of London Borough of Merton 2012

Case law report - online

La idea de América en las cartas de Thomas Merton a escritores argentinos

Este artículo, que forma parte de una investigación sobre la poética de traducción y las ideas americanistas de Thomas Merton, explora estos temas a través del análisis de la correspondencia de Thomas Merton con sus cuatro corresponsales argentinos: Victoria Ocampo, Miguel Grinberg, Rafael Squirru y Alejandro Vignati. Si bien en las cartas intercambiadas con estos cuatro actores culturales argentinos los intereses particulares son variados, subyace en todas el ideal americanista que Merton manifiesta a lo largo de sus escritos y su percepción de la poesía sudamericana.

La idea de América en las cartas de Thomas Merton a escritores argentinos

Este artículo, que forma parte de una investigación sobre la poética de traducción y las ideas americanistas de Thomas Merton, explora estos temas a través del análisis de la correspondencia de Thomas Merton con sus cuatro corresponsales argentinos: Victoria Ocampo, Miguel Grinberg, Rafael Squirru y Alejandro Vignati. Si bien en las cartas intercambiadas con estos cuatro actores culturales argentinos los intereses particulares son variados, subyace en todas el ideal americanista que Merton manifiesta a lo largo de sus escritos y su percepción de la poesía sudamericana.

Corporate credit risk prediction under stochastic volatility and jumps

This paper examines the impact of allowing for stochastic volatility and jumps (SVJ) in a structural model on corporate credit risk prediction. The results from a simulation study verify the better performance of the SVJ model compared with the commonly used Merton model, and three sources are provided to explain the superiority. The empirical analysis on two real samples further ascertains the importance of recognizing the stochastic volatility and jumps by showing that the SVJ model decreases bias in spread prediction from the Merton model, and better explains the time variation in actual CDS spreads. The improvements are found particularly apparent in small firms or when the market is turbulent such as the recent financial crisis.

Application of nonlinear filtering to credit risk

Merton's model views equity as a call option on the asset of the firm. Thus the asset is partially observed through the equity. Then using nonlinear filtering an explicit expression for likelihood ratio for underlying parameters in terms of the nonlinear filter is obtained. As the evolution of the filter itself depends on the parameters in question, this does not permit direct maximum likelihood estimation, but does pave the way for the `Expectation-Maximization' method for estimating parameters. (C) 2010 Elsevier B.V. All rights reserved.

Pricing Defaultable Bonds in a Markov Modulated Market

We address the problem of pricing defaultable bonds in a Markov modulated market. Using Merton's structural approach we show that various types of defaultable bonds are combination of European type contingent claims. Thus pricing a defaultable bond is tantamount to pricing a contingent claim in a Markov modulated market. Since the market is incomplete, we use the method of quadratic hedging and minimal martingale measure to derive locally risk minimizing derivative prices, hedging strategies and the corresponding residual risks. The price of defaultable bonds are obtained as solutions to a system of PDEs with weak coupling subject to appropriate terminal and boundary conditions. We solve the system of PDEs numerically and carry out a numerical investigation for the defaultable bond prices. We compare their credit spreads with some of the existing models. We observe higher spreads in the Markov modulated market. We show how business cycles can be easily incorporated in the proposed framework. We demonstrate the impact on spreads of the inclusion of rare states that attempt to capture a tight liquidity situation. These states are characterized by low risk-free interest rate, high payout rate and high volatility.

Consumption and portfolio rules whit stochastic hyperbolic discounting

We extend the classic Merton (1969, 1971) problem that investigates the joint consumption-savings and portfolio-selection problem under capital risk by assuming sophisticated but time-inconsistent agents. We introduce stochastic hyperbolic preferences as in Harris and Laibson (2013) and find closed-form solutions for Merton's optimal consumption and portfolio selection problem in continuous time. We find that the portfolio rule remains identical to the time-consistent solution with power utility and no borrowing constraints. However,the marginal propensity to consume out of wealth is unambiguously greater than the time-consistent, exponential case and,importantly, it is also more responsive to changes in risk. These results suggest that hyperbolic discounting with sophisticated agents offers promise for contributing to explaining important aspects of asset market data.

Effects of the Cessation of Sewage Sludge Dumping at the 12-Mile Site: Proceedings of the 12-Mile Dumpsite Symposium, Ocean Place Hilton Hotel, Long Branch, New Jersey, 18-19 June 1991

This study owes its inception to the wisdom and experience of the staff of the Northeast Fisheries Science Center who, after several decades of surveys in the New York Bight, recognized a unique opportunity to capitalize on the decision to stop ocean dumping of sewage sludge and designed an innovative field study to evaluate effects on living marine resources and their habitats. For decades ocean dumping was viewed as a cheap and effective means for disposal of wastes generated by urbanized coastal areas. Even after the 12-mile site was closed, sewage sludge continued to be dumped at Deepwater Dumpsite 106. The 6-mile site off the NewJersey coast is still used as a dumpsite for dredged material from New York Harbor areas. Discussions continue on the propriety of using the deep ocean spaces for disposal of a variety of material including low level radioactive wastes. Consequently, managers are still faced with critical decisions in this area. It is to be hoped that the results from the 12-mile study will provide the necessary information on which these managers can evaluate future risks associated with ocean waste disposal. (PDF file contains 270 pages.)