This paper investigates original issuers of high yield bonds in Chapter bankruptcy to determine which factors a ect the length of time spent in Chapter In order to do this analysis we propose a exible new duration model the censored partial regression model This model allows us to consider the e ect of some variable on the duration using a nonparametric functional form We nd that the choice of ...

Probability theory is the standard economic representation of uncertainty, although it is not always an accurate one. Fuzzy logic is an alternative representation that does not require individual beliefs regarding the explicit functional form of uncertainty. This paper applies fuzzy logic to an oligopoly trigger pricing game. The fuzzy trigger pricing game reverses the standard cyclical price w...

Under the assumption of normally distributed returns, we analyze whether the Cumulative Prospect Theory of Tversky and Kahneman (1992) is consistent with the Capital Asset Pricing Model. We find that in every financial market equilibrium the Security Market Line Theorem holds. However, under the specific functional form suggested by Tversky and Kahneman (1992) financial market equilibria do not...

Pre/post contracts for higher-order functions, as proposed by Findler and Felleisen and provided in Racket, allow run-time verification and blame assignment of higher-order functions. However these contracts treat contracted functions as black boxes, allowing verification of only input and output. It turns out that many interesting concerns about the behaviour of a function require going beyond...

In this paper we study the structure of standard Einstein solvmanifolds of arbitrary rank. Also the validity of a variational method for finding standard Einstein solvmanifolds is proved.

A relationship between dislocation internal friction, microplastic and macroplastic behaviour of crystals has been considered. Main attention has been paid to the shape of the dislocation hysteresis responsible for the amplitude-dependent internal fiction (ADIF) and to a comparison between the macroyield stress c, and microyield stress G, evaluated &om the ADIF. It is shown that the same functi...

The oscillation behavior of solutions for higher-order delay dynamic equations of neutral type is investigated by making use of comparison with second-order dynamic equations. The method can be utilized to study other types of higher-order equations on time scales as well.

College Education and Wages in the U.K.: Estimating Conditional Average Structural Functions in Nonadditive Models with Binary Endogenous Variables We propose and implement an estimator for identifiable features of correlated random coefficient models with binary endogenous variables and nonadditive errors in the outcome equation. It is suitable, e.g., for estimation of the average returns to c...

Under the assumption of normally distributed returns, we analyze whether the Cumulative Prospect Theory of Tversky and Kahneman (1992) is consistent with the Capital Asset Pricing Model. We find that in every financial market equilibrium the Security Market Line Theorem holds. However, under the functional form for the utility index suggested by Tversky and Kahneman (1992) financial market equi...