Prepayment Behavior of Dutch Mortgagors: An Empirical Analysis

The booming Dutch mortgage market and the development of a promising secondary mortgage market in the Netherlands stress the need for an accurate mortgage prepayment model that incorporates typical Dutch market and contract characteristics.One of those typical Dutch features prescribes that each calendar year the mortgagor is allowed to prepay penalty-free 10 to 20 percent of the original loan amount.As a consequence, Dutch mortgagees suffer a loss when borrowers prepay their loans.This risk, once again, underlines the importance of a prepayment model that focuses on the Dutch market.To derive such model we use historical data on mortgages originated between January 1989 and June 1999.We estimate separate models for two popular redemption types: savings mortgages and interest-only mortgages.In both models we allow for suboptimal prepayment behaviour.The results clearly indicate that prepayment rates depend on interest rates and the age of the mortgage contract.Moreover, Dutch prepayment rates peak in the month December.mortgages;econometric models

Bisimilarity of Open Terms in Stream GSOS

Stream GSOS is a specification format for operations and calculi on infinite sequences. The notion of bisimilarity provides a canonical proof technique for equivalence of closed terms in such specifications. In this paper, we focus on open terms, which may contain variables, and which are equivalent whenever they denote the same stream for every possible instantiation of the variables. Our main contribution is to capture equivalence of open terms as bisimilarity on certain Mealy machines, providing a concrete proof technique. Moreover, we introduce an enhancement of this technique, called bisimulation up-to substitutions, and show how to combine it with other up-to techniques to obtain a powerful method for proving equivalence of open terms

Mine and me: exploring the neural basis of object ownership.

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Numerical simulation of transitional flow on a wind turbine airfoil with RANS-based transition model

This paper presents a numerical investigation of transitional flow on the wind turbine airfoil DU91-W2-250 with chord-based Reynolds number Rec = 1.0 × 106. The Reynolds-averaged Navier–Stokes based transition model using laminar kinetic energy concept, namely the k − kL − ω model, is employed to resolve the boundary layer transition. Some ambiguities for this model are discussed and it is further implemented into OpenFOAM-2.1.1. The k − kL − ω model is first validated through the chosen wind turbine airfoil at the angle of attack (AoA) of 6.24° against wind tunnel measurement, where lift and drag coefficients, surface pressure distribution and transition location are compared. In order to reveal the transitional flow on the airfoil, the mean boundary layer profiles in three zones, namely the laminar, transitional and fully turbulent regimes, are investigated. Observation of flow at the transition location identifies the laminar separation bubble. The AoA effect on boundary layer transition over wind turbine airfoil is also studied. Increasing the AoA from −3° to 10°, the laminar separation bubble moves upstream and reduces in size, which is in close agreement with wind tunnel measurement