A shape-based decomposition of the yield adjustment term in the arbitrage-free Nelson and Siegel (AFNS) model of the yield curve

The appealing feature of the arbitrage-free Nelson-Siegel model of the yield curve is the ability to capture movements in the yield curve through readily interpretable shifts in its level, slope or curvature, all within a dynamic arbitrage-free framework. To ensure that the level, slope and curvature factors evolve so as not to admit arbitrage, the model introduces a yield-adjustment term. This paper shows how the yield-adjustment term can also be decomposed into the familiar level, slope and curvature elements plus some additional readily interpretable shape adjustments. This means that, even in an arbitrage-free setting, it continues to be possible to interpret movements in the yield curve in terms of level, slope and curvature influences. © 2014 © 2014 Taylor & Francis.

Decomposition of the B2-type matrix

The microstructural stability of aluminide diffusion coatings, prepared by means of a two-stage pack-aluminization treatment on single-crystal nickel-base superalloy substrates, is considered in this article. Edge-on specimens of coated superalloy are studied using transmission electron microscopy (TEM). The effects of coating thickness and post-coating heat treatment (duration, temperature, and atmosphere) on coating microstructure are examined. The article discusses the partial transformation of the matrix of the coating, from a B2-type phase (nominally NiAl) to a L12 phase (nominally Ni3(Al, Ti)), during exposure at temperatures of 850 °C and 950 °C in air and in vacuum for up to 138 hours. Three possible processes that can account for decom- position of the coating matrix are investigated, namely, interdiffusion between the coating and the substrate, oxidation of the coating surface, and aging of the coating. Of these processes, aging of the coating is shown to be the predominant factor in the coating transformation under the conditions considered. © 1992 The Minerals, Metals and Materials Society, and ASM International.

A fast XPS study of sulphate promoted propene decomposition over Pt{111}

SO2 oxidation has been followed by Fast XPS over Pt{111}. Preadsorbed oxygen reduces the low temperature saturation coverage of SO2 with respect to the clean surface. Heating a mixed O2/SO2 adlayer results in efficient oxidation of both upright and flat-lying SO2 molecules to surface-bound SO4. Sulphate decomposes above room temperature liberating gas-phase SO2 and SO3. Propene adsorbs molecularly at 100 K over clean Pt{111} and dehydrogenates above 250 K to form a stable propylidyne adlayer, which in turn decomposes above 400 K to form graphitic carbon. Preadsorbed surface sulphate enhances the sticking probability of propene via formation of an alkyl-sulphate complex. Thermal decomposition of this complex accounts for low temperature propene combustion and is accompanied by atomic sulpur deposition. Propylidyne forms as on clean Pt but is less reactive undergoing partial oxidation above 450 K with residual surface oxygen.

A fast XPS study of propene decomposition over clean and sulphated Pt{111}

The thermal decomposition of propene over clean and sulphate precovered Pt{111} has been followed by Fast XPS. The saturation propene coverage over the clean surface is 0.21 mL at 90 K. Propene is stable up to 200 K, above which molecular desorption and dehydrogenation result in the formation of a stable propylidyne intermediate adlayer at 300 K. Propylidyne decomposes above 400 K eventually forming graphitic carbon above 800 K. Preadsorbed surface sulphate promotes room temperature propene combustion associated with the decomposition of a thermally unstable alkyl--sulphate complex. Propylidyne also forms as on clean Pt{111}, but is less reactive, its decomposition above 450 K triggering partial oxidation with residual surface oxygen to liberate gas phase CO.

Imagery in multi-modal object learning

Spatial objects may not only be perceived visually but also by touch. We report recent experiments investigating to what extent prior object knowledge acquired in either the haptic or visual sensory modality transfers to a subsequent visual learning task. Results indicate that even mental object representations learnt in one sensory modality may attain a multi-modal quality. These findings seem incompatible with picture-based reasoning schemas but leave open the possibility of modality-specific reasoning mechanisms.

Solar thermal decomposition of desalination reject brine for carbon dioxide removal and neutralisation of ocean acidity

Desalination plants could become net absorbers (rather than net emitters) of CO2. Thermal decomposition of salts in desalination reject brine can yield MgO which, added to the ocean, would take up CO2 through conversion to bicarbonate. The process proposed here comprises dewatering of brine followed by decomposition in a solar receiver using a heliostat field.

Recognizing Decomposition of a Partial Boolean Function

A hard combinatorial problem is investigated which has useful application in design of discrete devices: the two-block decomposition of a partial Boolean function. The key task is regarded: finding such a weak partition on the set of arguments, at which the considered function can be decomposed. Solving that task is essentially speeded up by the way of preliminary discovering traces of the sought-for partition. Efficient combinatorial operations are used by that, based on parallel execution of operations above adjacent units in the Boolean space.

State advances and private retreats? Evidence from the decomposition of the Chinese manufacturing aggregate productivity decomposition in China

This paper is motivated by the recent debate on the existence and scale of China's 'Guo Jin Min Tui' phenomenon, which is often translated as 'the state sector advances and the private sector retreats'. We argue that the profound implication of an advancing state sector is not the size expansion of the state ownership in the economy per se, but the likely retardation of the development of the already financially constrained private sector and the issues around the sustainability of the already weakening Chinese economy growth. Drawing on recent methodological advances, we provide a critical analysis of the contributions of the state and non-state sectors in the aggregate Total Factor Productivity and its growth over the period of 1998-2007 to verify the existence of GJMT and its possible impacts on Chinese economic growth. Overall, we find strong and consistent evidence of a systematic and worsening resource misallocation within the state sector and/or between the state sectors and private sectors over time. This suggests that non-market forces allow resources to be driven away from their competitive market allocation and towards the inefficient state sector. Crown Copyright © 2014.

Gender differences in the sensitivity to negative stimuli:cross-modal affective priming study

Background: There is evidence showing that men and women differ with regard to the processing of emotional information. However, the mechanisms behind these differences are not fully understood. Method: The sample comprised of 275 (167 female) right-handed, healthy participants, recruited from the community. We employed a customized affective priming task, which consisted of three subtests, differing in the modality of the prime (face, written word, and sound). The targets were always written words of either positive or negative valence. The priming effect was measured as reaction time facilitation in conditions where both prime and target were emotional (of the same positive or negative valence) compared with conditions where the emotional targets were preceded by neutral primes. Results: The priming effect was observed across all three modalities, with an interaction of gender by valence: the priming effect in the emotionally negative condition in male participants was stronger compared with females. This was accounted for by the differential priming effect within the female group where priming was significantly smaller in the emotionally negative conditions compared with the positive conditions. The male participants revealed a comparable priming effect across both the emotionally negative and positive conditions. Conclusion: Reduced priming in negative conditions in women may reflect interference processes due to greater sensitivity to negative valence of stimuli. This in turn could underlie the gender-related differences in susceptibility to emotional disorders.

Decomposition of Banach Space into a Direct Sum of Separable and Reflexive Subspaces and Borel Maps

* This paper was supported in part by the Bulgarian Ministry of Education, Science and Technologies under contract MM-506/95.

Decomposition of Boolean Functions – Recognizing a Good Solution by Traces

The problem of sequent two-block decomposition of a Boolean function is regarded in case when a good solution does exist. The problem consists mainly in finding an appropriate weak partition on the set of arguments of the considered Boolean function, which should be decomposable at that partition. A new fast heuristic combinatorial algorithm is offered for solving this task. At first the randomized search for traces of such a partition is fulfilled. The recognized traces are represented by some "triads" - the simplest weak partitions corresponding to non-trivial decompositions. After that the whole sought-for partition is restored from the discovered trace by building a track initialized by the trace and leading to the solution. The results of computer experiments testify the high practical efficiency of the algorithm.

Representing "Recursive" Default Logic in Modal Logic

The "recursive" definition of Default Logic is shown to be representable in a monotonic Modal Quantificational Logic whose modal laws are stronger than S5. Specifically, it is proven that a set of sentences of First Order Logic is a fixed-point of the "recursive" fixed-point equation of Default Logic with an initial set of axioms and defaults if and only if the meaning of the fixed-point is logically equivalent to a particular modal functor of the meanings of that initial set of sentences and of the sentences in those defaults. This is important because the modal representation allows the use of powerful automatic deduction systems for Modal Logic and because unlike the original "recursive" definition of Default Logic, it is easily generalized to the case where quantified variables may be shared across the scope of the components of the defaults.

Representing Reflective Logic in Modal Logic

The nonmonotonic logic called Reflective Logic is shown to be representable in a monotonic Modal Quantificational Logic whose modal laws are stronger than S5. Specifically, it is proven that a set of sentences of First Order Logic is a fixed-point of the fixed-point equation of Reflective Logic with an initial set of axioms and defaults if and only if the meaning of that set of sentences is logically equivalent to a particular modal functor of the meanings of that initial set of sentences and of the sentences in those defaults. This result is important because the modal representation allows the use of powerful automatic deduction systems for Modal Logic and because unlike the original Reflective Logic, it is easily generalized to the case where quantified variables may be shared across the scope of the components of the defaults thus allowing such defaults to produce quantified consequences. Furthermore, this generalization properly treats such quantifiers since all the laws of First Order Logic hold and since both the Barcan Formula and its converse hold.

Representing Default Logic in Modal Logic

The nonmonotonic logic called Default Logic is shown to be representable in a monotonic Modal Quantificational Logic whose modal laws are stronger than S5. Specifically, it is proven that a set of sentences of First Order Logic is a fixed-point of the fixed-point equation of Default Logic with an initial set of axioms and defaults if and only if the meaning or rather disquotation of that set of sentences is logically equivalent to a particular modal functor of the meanings of that initial set of sentences and of the sentences in those defaults. This result is important because the modal representation allows the use of powerful automatic deduction systems for Modal Logic and because unlike the original Default Logic, it is easily generalized to the case where quantified variables may be shared across the scope of the components of the defaults thus allowing such defaults to produce quantified consequences. Furthermore, this generalization properly treats such quantifiers since both the Barcan Formula and its converse hold.

Representing Autoepistemic Logic in Modal Logic

The nonmonotonic logic called Autoepistemic Logic is shown to be representable in a monotonic Modal Quantificational Logic whose modal laws are stronger than S5. Specifically, it is proven that a set of sentences of First Order Logic is a fixed-point of the fixed-point equation of Autoepistemic Logic with an initial set of axioms if and only if the meaning or rather disquotation of that set of sentences is logically equivalent to a particular modal functor of the meaning of that initial set of sentences. This result is important because the modal representation allows the use of powerful automatic deduction systems for Modal Logic and unlike the original Autoepistemic Logic, it is easily generalized to the case where quantified variables may be shared across the scope of modal expressions thus allowing the derivation of quantified consequences. Furthermore, this generalization properly treats such quantifiers since both the Barcan formula and its converse hold.