Commercial mortgage backed securities (CMBS) are complex asset backed securities trading in markets that do not currently use derivatives pricing technology. This lack of usage is due to the complexity of the modeling exercise, and only the recent and costly availability of historical data. As such, CMBS markets provide a natural environment for the testing of market efficiency with respect to ...

This paper investigates the effects of mortgage-backed securities (MBS) hedging activity on interest-rate volatility and proposes a model that takes these effects into account. An empirical examination suggests that the inclusion of information about MBS considerably improves model performance in pricing interest-rate options and in forecasting future interest-rate volatility. The empirical res...

We introduce Large Scale Asset Purchases (LSAPs) in a New-Keynesian DSGE model that features distinct mortgage and corporate loan markets. We show that following a significant disruption of financial intermediation, central-bank purchases of mortgage-backed securities (MBS) are uniformly less effective at easing credit market conditions and stabilizing economic activity than outright purchases ...

The collateralised debt obligation (CDO) market has grown rapidly, both globally and in Australia, over recent years. CDOs are securities that are issued against a pool of assets that can include bonds, loans or asset-backed securities (ABS) including other CDOs.2 Increasingly, this exposure is being created synthetically by the use of derivatives written on these assets, rather than physically...

Proof of concept of a cavity backed slot antenna based on inverted microstrip gap ‎waveguide (IMGW) technology is presented. Since the antenna is operating based on the ‎first resonating mode of the cavity, it is more compact compared to the ordinary cavity ‎backed slot antennas in which the second cavity mode is used for radiation. Furthermore, ‎the proposed antenna element introduces lower lo...

circularly-polarized antenna is built based on new siw(substrate integrated waveguide)structure which contains cavity-backed resonator and a conventional polarized ring with twosquare slits in inner and outer ring that differ 90° at position and is proposed for right-handedcircular polarization (rhcp) and fabricated in two separate layers. a broadband impedancebandwidth of 13.9% and a rhcp axia...

Polyethylene wear increasingly has been blamed for osteolysis and granuloma formation after total joint arthroplasty. The authors evaluated the wear difference between bearing surfaces of stainless steel, cobalt chrome, and titanium alloy. They also compared cemented all-polyethylene molded cups with cemented metal-backed molded acetabular cups. These were compared with molded and machined poly...

We examined radiographic polyethylene wear in 233 cemented total hip arthroplasties (201 patients) with either a metal-backed or a non-metal-backed acetabular cup. All patients had identical cemented one-piece titanium femoral stems with a femoral head diameter of 28 mm. The mean linear wear rate was 0.11 mm/yr in metal-backed sockets and 0.08 mm/yr in non-metal-backed sockets (p = 0.0002). The...