Asset portfolio securitizations and cyclicality of regulatory capital

This paper analyzes the level and cyclicality of regulatory bank capital for asset portfolio securitizations in relation to the cyclicality of capital requirements for the underlying loan portfolio as under Basel II/III. We find that the cyclicality of capital requirements is higher for (i) asset portfolio securitizations relative to primary loan portfolios, (ii) Ratings Based Approach (RBA) relative to the Supervisory Formula Approach, (iii) given the RBA for a point-in-time rating methodology relative to a rate-and-forget rating methodology, and (iv) under the passive reinvestment rule relative to alternative rules. Capital requirements of the individual tranches reveal that the volatility of aggregated capital charges for the securitized portfolio is triggered by the most senior tranches. This is due to the fact that senior tranches are more sensitive to the macroeconomy. An empirical analysis provides evidence that current credit ratings are time-constant and that economic losses for securitizations have exceeded the required capital in the recent financial crisis.     

Self-reported voice problems among three groups of professional singers

A vocal health questionnaire was administered to three groups of professional singers and a “friendship-matched” group of nonsingers in Melbourne, Australia. The responses of 79 opera, 57 musical theatre and 31 contemporary (excluding rock) singers and 86 nonsingers were analysed. The questionnaire solicited information regarding biographical data speaking and singing voice-use behaviours, and vocal health over the previous 12 months in terms of experiences of vocal impairment, vocal disability, and handicap. Significant differences between singers and nonsingers in the prevalence and nature of voice problems were reported. Of the singers, 44% reported one or more occurrences of a diagnosed vocal condition compared to 21% of nonsingers and 69% of singers experienced vocal disability compared to only 41% of nonsingers, over the previous 12 months. In contrast, no significant differences were found between the three different styles of singers in their experience of vocal impairment, disability or handicap.     

基于高光谱技术建筑反射隔热涂料光谱特征减损规律的分析

受太阳辐射、气象等外界不可控因素的影响,建筑反射隔热涂料的反射隔热性能会逐渐减损。建筑反射隔热涂料性能在时间维度的变化是评价建筑在特定时段内节能效果的关键基础数据,明确建筑反射隔热涂料性能在时间维度的减损规律具有重要的现实与理论意义。建筑反射隔热涂料的反射、吸收特征是其性能的直观体现,借助高光谱技术定量分析涂料反射、吸收特征可正确揭示涂料性能在时间尺度的变化特征。为研究分析建筑反射隔热涂料性能在时间尺度上的减损规律,该研究利用高光谱技术,联合进行室内与外置实验采集涂料样本不同时期的光谱数据,并结合吸收峰深度、图谱分析法等光谱处理方法,定量分析涂料光谱反射特征、吸收特征在时间维度的变化特征,以研究分析涂料光谱反射率在外界环境影响下的减损规律。研究结论如下：(1)在350～2 250 nm波段区间内,建筑反射隔热涂料的光谱反射率随时间的增加而降低;光谱反射率的降低幅度在1月—5月内呈增加趋势,而在5月—10月内呈递减规律,且光谱反射率在可见光区间的降低幅度明显高于近红外区域。(2)建筑反射隔热涂料的吸收峰深度随时间的增加而降低,降低幅度在0～0.163范围内。(3)涂料厚度对涂料光谱反射率...