A book of miscellanies, 1770

A legal commonplace book by kept by Henry Wells of Worcester, Mass. Focuses on such topics as libel of a man to his wife, common recovery in writs and deeds, pleadings, trover, damages and costs, imprisonment, leases, mortgages, covenants, and ejectment. Also contains a number of miscellaneous entries touching on abridgements of law texts, minutes of court proceedings, kings of England, and biblical quotes. Five-page index located at the end of the work.

Asset-backed securities: The key to unlocking Europe's credit markets? Bruegel Policy Contribution 2014/07, 24 July 2014

The European market for asset-backed securities (ABS) has all but closed for business since the start of the economic and financial crisis. ABS (see Box 1) were in fact the first financial assets hit at the onset of the crisis in 2008. The subprime mortgage meltdown caused a deterioration in the quality of collateral in the ABS market in the United States, which in turn dried up overall liquidity because ABS AAA notes were popular collateral for inter-bank lending. The lack of demand for these products, together with the Great Recession in 2009, had a considerable negative impact on the European ABS market. The post-crisis regulatory environment has further undermined the market. The practice of slicing and dicing of loans into ABS packages was blamed for starting and spreading the crisis through the global financial system. Regulation in the post-crisis context has thus been relatively unfavourable to these types of instruments, with heightened capital requirements now necessary for the issuance of new ABS products. And yet policymakers have recently underlined the need to revitalise the ABS market as a tool to improve credit market conditions in the euro area and to enhance transmission of monetary policy. In particular, the European Central Bank and the Bank of England have jointly emphasised that: “a market for prudently designed ABS has the potential to improve the efficiency of resource allocation in the economy and to allow for better risk sharing... by transforming relatively illiquid assets into more liquid securities. These can then be sold to investors thereby allowing originators to obtain funding and, potentially, transfer part of the underlying risk, while investors in such securities can diversify their portfolios... . This can lead to lower costs of capital, higher economic growth and a broader distribution of risk” (ECB and Bank of England, 2014a). In addition, consideration has started to be given to the extent to which ABS products could become the target of explicit monetary policy operations, a line of action proposed by Claeys et al (2014). The ECB has officially announced the start of preparatory work related to possible outright purchases of selected ABS1. In this paper we discuss how a revamped market for corporate loans securitised via ABS products, and how use of ABS as a monetary policy instrument, can indeed play a role in revitalising Europe’s credit market. However, before using this instrument a number of issues should be addressed: First, the European ABS market has significantly contracted since the crisis. Hence it needs to be revamped through appropriate regulation if securitisation is to play a role in improving the efficiency of resource allocation in the economy. Second, even assuming that this market can expand again, the European ABS market is heterogeneous: lending criteria are different in different countries and banking institutions and the rating methodologies to assess the quality of the borrowers have to take these differences into account. One further element of differentiation is default law, which is specific to national jurisdictions in the euro area. Therefore, the pool of loans will not only be different in terms of the macro risks related to each country of origination (which is a ‘positive’ idiosyncratic risk, because it enables a portfolio manager to differentiate), but also in terms of the normative side, in case of default. The latter introduces uncertainties and inefficiencies in the ABS market that could create arbitrage opportunities. It is also unclear to what extent a direct purchase of these securities by the ECB might have an impact on the credit market. This will depend on, for example, the type of securities targeted in terms of the underlying assets that would be considered as eligible for inclusion (such as loans to small and medium-sized companies, car loans, leases, residential and commercial mortgages). The timing of a possible move by the ECB is also an issue; immediate action would take place in the context of relatively limited market volumes, while if the ECB waits, it might have access to a larger market, provided steps are taken in the next few months to revamp the market. We start by discussing the first of these issues – the size of the EU ABS market. We estimate how much this market could be worth if some specific measures are implemented. We then discuss the different options available to the ECB should they decide to intervene in the EU ABS market. We include a preliminary list of regulatory steps that could be taken to homogenise asset-backed securities in the euro area. We conclude with our recommended course of action.

Lightweight Internet Traffic Classification - A Subject Based Solution with Word Embeddings

Internet traffic classification is a relevant and mature research field, anyway of growing importance and with still open technical challenges, also due to the pervasive presence of Internet-connected devices into everyday life. We claim the need for innovative traffic classification solutions capable of being lightweight, of adopting a domain-based approach, of not only concentrating on application-level protocol categorization but also classifying Internet traffic by subject. To this purpose, this paper originally proposes a classification solution that leverages domain name information extracted from IPFIX summaries, DNS logs, and DHCP leases, with the possibility to be applied to any kind of traffic. Our proposed solution is based on an extension of Word2vec unsupervised learning techniques running on a specialized Apache Spark cluster. In particular, learning techniques are leveraged to generate word-embeddings from a mixed dataset composed by domain names and natural language corpuses in a lightweight way and with general applicability. The paper also reports lessons learnt from our implementation and deployment experience that demonstrates that our solution can process 5500 IPFIX summaries per second on an Apache Spark cluster with 1 slave instance in Amazon EC2 at a cost of $ 3860 year. Reported experimental results about Precision, Recall, F-Measure, Accuracy, and Cohen's Kappa show the feasibility and effectiveness of the proposal. The experiments prove that words contained in domain names do have a relation with the kind of traffic directed towards them, therefore using specifically trained word embeddings we are able to classify them in customizable categories. We also show that training word embeddings on larger natural language corpuses leads improvements in terms of precision up to 180%.

The U.S. General Services Administration's fiscal year 2003 Capital Investment Program : hearing before the Subcommittee on Economic Development, Public Buildings, and Emergency Management of the Committee on Transportation and Infrastructure, House of Representatives, One Hundred Seventh Congress, second session, June 5, 2002.

"107-83."

Outer continental shelf sale 40--inadequate data used to select and evaluate lands to lease, Department of the Interior : report to the Congress /

"B-118678."

Proposed 1985 Outer Continental Shelf oil and gas lease sale offshore the south Atlantic states : OCS sale no. 90 : draft environmental impact statement /

"MMS 84-0007"--Cover.

Code of ethics, to establish better relations between ranchers and land-owners and oil and gas companies in carrying on explorations and development operations in southeastern New Mexico (Chaves, Eddy, Lea and Roosevelt counties)

"This Code ... shall be known as the Southeastern New Mexico Code of Ethics." Cf. p. 6.

Draft environmental statement : proposed 1977 outer continental shelf oil and gas lease sale, offshore the North-Atlantic States, OCS sale no. 42 /

At head of title: United States Department of the Interior.

Proposed 1983 Outer Continental Shelf oil and gas lease sale offshore central California : OCS sale no. 73 /

Mode of access: Internet.

Final report : Air quality analysis of the Southern California Bight in relation to potential impact of offshore oil and gas development /

Mode of access: Internet.

Outer Continental Shelf oil & gas leasing program : 2007-2012 : draft environmental impact statement.

"OCS EIS/EA MMS 2006-004."

Oil and gas lease applications of the Los Padres National Forest : draft environmental assessment.

"Los Padres National Forest."

Space available for lease in postal buildings.

Shipping list no.: 86-645-P.