In an environment of Over-The-Counter trading with asymmetric information about the quality of the counterparty, we study traders’ incentives to screen their counterparties under different clearing arrangements. When traders can choose the clearing arrangement, they decide which types of transactions to clear under each arrangement, with significant consequences for transparency and collateral ...

This article introduces actuaries to the concept of "copulas," a tool for understanding relationships among multivariate outcomes. A copula is a function that links univariate marginals to their full multivariate distribution. Copulas were introduced in 1959 in the context of probabilistic metric spaces. Recently, there has been a rapidly developing literature on the statistical properties and ...

1.1 Figure 1 of Annex A plots data for the 301 PCTs out of the 303 listed in the Department of Health’s document for which figures are available for both axes. The y-axis is the (presumably cumulative) surplus (negative if deficit) by the end of 2004-05, expressed as a percentage of the 2004-05 turnover. The x-axis is the PCT’s target index for the period 2003/6, defined as the (per capita) rat...

In scattering specimens, multiphoton excitation and nondescanned detection improve imaging depth by a factor of 2 or more over confocal microscopy; however, imaging depth is still limited by scattering. We applied the concept of clearing to deep tissue imaging of highly scattering specimens. Clearing is a remarkably effective approach to improving image quality at depth using either confocal or...

introduction: the aim of this study was to evaluate the apical and coronal sealing of endodontic fillings promoted by the associations of sealer 26/gutta-percha, endofill/gutta-percha and resilon/ epiphany. materials and methods: it was used 38 human canines, 10 teeth for each test group and 4 teeth for each control group. after teeth conventional endodontic treatment, they were immersed in sal...