Estimation in the continuous time mover‐stayer model with an application to bond ratings migration

The usual tool for modelling bond ratings migration is a discrete, time‐homogeneous Markov chain. Such model assumes that all bonds are homogeneous with respect to their movement behaviour among rating categories and that the movement behaviour does not change over time. However, among recognized sources of heterogeneity in ratings migration is age of a bond (time elapsed since issuance). It has been observed that young bonds have a lower propensity to change ratings, and thus to default, than more seasoned bonds. The aim of this paper is to introduce a continuous, time‐non‐homogeneous model for bond ratings migration, which also incorporates a simple form of population heterogeneity. The specific form of heterogeneity postulated by the proposed model appears to be suitable for modelling the effect of age of a bond on its propensity to change ratings. This model, called a mover–stayer model, is an extension of a Markov chain. This paper derives the maximum likelihood estimators for the parameters of a continuous time mover–stayer model based on a sample of independent continuously monitored histories of the process, and develops the likelihood ratio statistic for discriminating between the Markov chain and the mover–stayer model. The methods are illustrated using a sample of rating histories of young corporate issuers. For these issuers the default probabilities predicted by the Markov chain and mover–stayer models are different. In particular for 1–4 years old bonds the mover–stayer model estimates substantially lower default probabilities from rating C than a Markov chain. Copyright © 2004 John Wiley & Sons, Ltd.     

Theoretical study of PO and PO−

The diatomic systems, PO and PO^– are studied, using numerical Hartree-Fock (NHF) and coupled-cluster calculations. The latter employs a hybrid NHF and Slater orbital basis set. Highly accurate CCSD methods predict bond lengths accurate to <0.004 Å and frequencies to 60 cm^–1. In addition the electron affinity of PO is computed to be 0.89 eV compared to an experimental value of 1.09±0.01. Comparisons are made with SCF and MBPT(2) results for PO⁺ using conventional basis sets.Dedicated to Professor J. Koutecký on the occasion of his 65th birthdayGuggenheim Fellow     

Determination of phenol and catechol concentrations with oxygen probes coated with immobilized enzymes or immobilized cells

The enzyme phenol 2-hydroxylase was immobilized on Sepharose and used in conjunction with an O₂ electrode for quantitating phenol. Similarly, catechol 1,2-oxygenase was used for quantitating catechol. A third probe was prepared by immobilization ofTrichosporon cutaneum cells rather than purified phenol 2-hydroxylase for phenol quantitation. The whole cell system gave results comparable to the immobilized enzyme system.     

Phase equilibria in the ternary system PbO−P2O5−PbCl2

Journal of Thermal Analysis and Calorimetry - In the ternary system PbO?P2O5?PbCl2, the partial ternary system Pb5Cl2O4?Pb3Cl2O2?Pb10(PO4)6Cl2 was examined by thermal,...     

Ortho effect in the mass spectrometric behaviour of N(pyrimidin-4-yl)aminobenzoic acids and their methyl esters

Ortho-. meta- and para-isomers of N-(pyrimidin-4-yl)aminobenzoic acid and their methyl esters were investigated by electron impact mass Spectrometry. Their fragmentation was found to be strongly dependent on the position of the substituent in the aminobenzoic moiety. Two different kinds of ortho effect were studied and confirmed with the aid of deuterium-labelled derivatives.     

Multicenter and multiparticle integrals for explicitly correlated cartesian gaussian-type functions

An analytical derivation of multicenter and multiparticle integrals for explicitly correlated Cartesian Gaussian-type cluster functions is demonstrated. The evaluation method is based on the application of raising operators that transform spherical cluster Gaussian functions into Cartesian Gaussian functions.     

The effect of UV-irradiation on composting of polyethylene modified by cellulose

LDPE and its blend with cellulose, obtained by extrusion, were UV-irradiated with different doses or biodegraded in soil up to 1 year. Simultaneously, the same samples were 1 year biodegraded after 20 h UV pre-irradiation in the same conditions. The course of photo- and biodegradation was monitored by estimation of average molecular weights and polydispersity, gel amount, changes of PE crystallinity and mechanical properties. Moreover, the biodegradation degree was calculated on the basis of carbon dioxide evolved and surface morphological changes were observed by SEM. It was found that biodegradation of PE + cellulose is hampered by intermolecular crosslinking of both components. Although, the rate of decomposition of PE + cellulose blends is low it is enough for disintegration of such materials in the natural environment.     

Komplexbildende Eigenschaften des 3,5-Dimethylpyrazols

Zusammenfassung 3,5-Dimethylpyrazol bildet in Anwesenheit von Rhodanid mit Kupfer(II) einen gefärbten Komplex, der in Chloroform leicht löslich ist. Diese Reaktion wurde zur photometrischen Bestimmung von 10 bis 100g Cu/5 ml verwendet.

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Summary A colored complex, that is readily soluble in chloroform, is formed by copper(II) with 3,5-dimethylpyrazole in the presence of thiocyanate. This reaction was employed for the photometric determination of 10 to 100g Cu/5 ml.

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Résumé Le diméthyl-3,5 pyrazol forme avec le cuivre-II en présence de thiocyanate, un complexe coloré, facilement soluble dans le chloroforme. On a utilisé cette réaction pour le dosage photométrique de 10 à 100g Cu/5 ml.

     

Basis set generation for the SCF calculation

A method for basis set generation for SCF calculations is proposed. Using SCF orbitals and orbital energies obtained in the extended basis set the Fock operator can be expressed as its spectral resolution. The sum of differences between occupied orbital energies and corresponding eigenvalues obtained by the diagonalization of this operator in the new smaller basis set is a criterion of the quality of this new set. The present method consists of the minimization of this sum by changing the parameters that determine the new basis functions. An example of the optimization of the different Gaussian basis sets for the LiH molecule is described.