Over the past few years, three nagging problems have bedeviled Zambia's health sector: the country is falling off-track from reaching the Millennium Development Goals (MDGs), it is facing severe financing constraints on the government front, and the health and HIV/AIDS sector is increasingly...

type="main" <title type="main">ABSTRACT</title> <p>We offer the first empirical evidence on the adverse effect of credit default swap (CDS) coverage on subprime mortgage defaults. Using a large database of privately securitized mortgages, we find that higher defaults concentrate in mortgage pools with concurrent CDS...</p>

We develop computational mechanisms for intelligently simulating nonlinear control systems. These mechanisms enhance numerical simulations with deep domain knowledge of dynamical systems theory and control theory, a qualitative phase-space representation of dynamical systems, symbolic and...

The empirical pricing kernels estimated from index options are non-monotone (Rosenberg and Engle, 2002; Bakshi, Madan, and Panayotov, 2010) and the corresponding risk-aversion functions can be negative (Aït-Sahalia and Lo, 2000; Jackwerth, 2000). We show theoretically that these and several other...

The performance of photo microbial fuel cells (photo-MFCs) with Desmodesmus sp. A8 as cathodic microorganism under different light intensities (0, 1500, 2000, 2500, 3000, 3500lx) was investigated. The results showed that illumination enhanced the output of the photo-MFC three-fold. When light...

Most existing dynamic term structure models assume that interest rate derivatives are redundant securities and can be perfectly hedged using solely bonds. We find that the quadratic term structure models have serious difficulties in hedging caps and cap straddles, even though they capture bond...

Using 3 years of interest rate caps price data, we provide a comprehensive documentation of volatility smiles in the caps market. To capture the volatility smiles, we develop a multifactor term structure model with stochastic volatility and jumps that yields a closed-form formula for cap prices....