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Duration matching

Xem 1-7 trên 7 kết quả Duration matching
  • This paper examines episodes of banking sector distress for a large sample of countries, highlighting the experience of Japan. We estimate a model that links the onset of banking problems to a set of macroeconomic variables and institutional characteristics. The model predicts a high probability of banking sector distress in Japan in the early 1990s, matching actual developments closely, and suggests that the Japanese episode fits a well-established pattern characterizing banking sector problems elsewhere.

    pdf29p duypha 15-07-2009 148 19   Download

  • Consistent with this logic, the pension plan assets of Boots, the U.K. pharmaceutical retailer, were made up of 75% stocks and 25% bonds at yearend 1999. But between the spring of 2000 and July 2001, the company’s pension plan sold all its equities and invested the proceeds in duration-matched bonds. Security analysts, accountants, and actuaries were critical of Boots’s new strategy. The lower expected returns from bonds, they charged, would force Boots to increase its contributions to the plan in future years, thereby reducing expected future earnings and presumably firm value.

    pdf7p taisaocothedung 12-01-2013 38 3   Download

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  • Interest rate risk remains high for banks because of a duration mis- match between deposits relative to banks’ holdings of government securities and certain housing loans. Exchange rate risk is less of a concern as banks have only a small net foreign exchange position and hedges are generally considered to be with strong institutions. In addition, large Turkish corporates have high foreign-exchange (FX) liabilities, often to foreign lenders, more willing to provide financing as markets stabilised after the crisis in 2001.

    pdf9p quaivatxanh 30-11-2012 46 4   Download

  • Both temporary and permanent hair reduction can be achieved safely and effectively with the LightSheer Diode Laser. By matching pulse duration and fluence to specific hair color, skin color and type, the laser can effectively treat a broad range of patients with excellent results. Eighty-nine percent of patients studied experienced permanent hair reduction, and 100% had short-term hair loss. These results were achieved with few, if any, adverse side effects.

    pdf11p giamdocamnhac 06-04-2013 26 3   Download

  • Miscommunication in speech recognition systems is unavoidable, but a detailed characterization of user corrections will enable speech systems to identify when a correction is taking place and to more accurately recognize the content of correction utterances. In this paper we investigate the adaptations of users when they encounter recognition errors in interactions with a voice-in/voice-out spoken language system.

    pdf7p bunrieu_1 18-04-2013 33 2   Download

  • We describe the modification of a grammar to take advantage of prosodic information provided by a speech recognition system. This initial study is limited to the use of relative duration of phonetic segments in the assignment of syntactic structure, specifically in ruling out alternative parses in otherwise ambiguous sentences. Taking advantage of prosodic information in parsing can make a spoken language system more accurate and more efficient, if prosodicsyntactic mismatches, or unlikely matches, can be pruned. ...

    pdf6p bungio_1 03-05-2013 24 1   Download

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