This chapter extends the dynamic leverage ratio model of of Hui et al. to the two‐firm case so as to study the implications for default correlations and joint survival probabilities. The two‐firm ...model has been proposed by Zhou, who extends the one‐firm model of Black and Cox to the two‐firm situation. The chapter reviews the techniques used by the authors to solve the first‐passage‐time problem: the method of images and the time varying barrier technique for dealing with time‐dependent parameters. The chapter presents the numerical results for the impact on joint survival probabilities and default correlations across a range of different scenarios, for example, different correlation levels, drift rates, volatilities and initial leverage ratios.
To study the role of chromosomal aberration in the causation of recurrent spontaneous abortion (RSA) in Chinese population.
A total of 514 Chinese couples with 2 or more spontaneous abortions at less ...than 24 weeks of gestation were included. For each proband, a minimum of 13 metaphases were analyzed by G-banding. Additional cells (usually 50-100 cells) were screened when mosaicism was suspected. Chi 2 test was used to compare the number and frequency of couples with and without balanced translocation with respect to whether liveborn was present or absent. Chi 2 test for trend was used to show whether a correlation existed between the occurrence of balanced translocation and the number of spontaneous abortions at ascertainment.
The overall incidence of chromosome anomaly was 51 out of 514 (9.92%). Chi 2 test for trend analysis showed that the chance of one member of a couple being a balanced carrier increased with the number of spontaneous abortions. The chance of finding translocation in couples with liveborn was higher than that in couples without liveborn, but the difference was not statistically significant. We also found that pericentric inversion 9 did not play an important role in the causation of recurrent abortion.
Cytogenetic analysis is indicated in couples with 2 or more spontaneous abortions and the chance of finding chromosomal aberration increases with the number of abortions at the time of ascertainment.
This article provides a generalized two-firm model of default correlation, based on the structural approach that incorporates interest rate risk. In most structural models default is driven by the ...firms' asset dynamics. In this article, a two-firm model of default is instead driven by the dynamic leverage ratios, which combines the measure of risks of the firms' total liabilities and assets. This article investigates analytical methods and numerical tools to solve the two-dimensional first passage time problem with time-dependent parameters. We carry out a comparative analysis of the impact of model parameters and provide some insights of their effects on joint survival probabilities and default correlations.
This article presents a benchmarking model for the purpose of internal ratings-based (IRB) validation of probability of default (PD) estimates of publicly listed companies. In view of the capability ...of the structural credit risk models for capturing term structures of actual default rates, credit risk measures of listed companies can be obtained from the structural model developed by Hui et al 2005 without any specific calibration in this article. The benchmarking model assigns benchmark ratings and one-year PDs to companies by mapping the term structures of PDs of the companies generated by the chosen structural model to the term structures of default rates reported by S&P's. The empirical results show that the benchmark ratings could broadly track the S&P's ratings of the US sample companies. The results demonstrate that the benchmarking model has adequate discriminatory power of ranking the credit risk of the sample companies in terms of differentiating investment-rated and non-investment-rated companies. Benchmark PDs obtained from the model could thus be used as alternative external and independent PD estimates for comparison with banks' internal PD estimated of listed companies.
Background: The pattern and distribution of arterial lesions in a local Chinese population were studied to assess the feasibility of reconstruction and the possibility of avoiding major amputation of ...ischaemic limbs.
Method: Between March 1995 and August 1997, 90 consecutive patients with 100 severely ischaemic lower limbs and their arteriograms were analysed. There were 48 female and 42 male patients with a mean age of 72 years. All the patients were in fair general health, did not have foot pulses and were willing to undergo major arterial reconstruction. Ten patients had bilateral limb ischaemia and 94 of the ischaemic limbs were affected by rest pain with or without ulcer and/or gangrene. The remaining six patients had debilitating claudication. These lesions were classified into low‐grade (less than 50% stenosis), high‐grade (50–90% stenosis) and critical (> 90% stenosis to occlusion).
Results: Critically stenotic or occlusive lesions were present in 16% of aorto‐iliac segments; 76% of femoropopliteal arteries; and 82% of trifurcation and infrapopliteal segments. In at least 27 patients one of the two main foot arteries was also severely diseased. The present analysis suggested that 79 of these ischaemic limbs had reconstructable lesions. Sixteen were not suitable for intervention and in five patients the reconstructability was uncertain radiologically.
Conclusion: Contrary to local belief, the majority of patients in the Chinese community with severe lower limb ischaemia without foot pulses would have technically reconstructable arterial lesions and could benefit from a revascularization procedure.
Congenital infiltrating lipomatosis of the face comprises a subgroup of lipomatous tumors. While rare, it remains a definite clinical entity. Its etiology is unknown. The tumor is congenital in ...origin and occurs in infancy or early childhood. It is poorly enveloped and characterized by diffuse infiltration of mature adipose tissue over normal muscle fibers, rapid growth, associated osseous hyperplasia, and a high recurrence rate after surgical intervention. Due to its diffuse infiltration and involvement of important facial structures, complete surgical excision is often impossible. A total of 14 cases of congenital infiltrating lipomatosis of the face was found in a literature review. Herein we present an additional case who had both diffuse infiltrating lipomatosis and a well-encapsulated lipoma on her left cheek.
The 1999 District Councils Elections Lo, Shiu-hing; Yu, Wing-yat; Wan, Kwok-fai
Crisis and Transformation in China's Hong Kong,
2002
Book Chapter
The 1999 District Councils (DC) elections were characterized by a fierce tug of war between the pro-democracy camp and the patriotic forces. The pro-democracy camp is composed of the Democratic Party ...(DP), the Frontier (TF), the One Two Three Alliance (OTTA), the Citizens Party (CP), and the Association for Democracy and People's Livelihood (ADPL). The pro-Beijing patriotic camp comprises not only the Democratic Alliance for Betterment of Hong Kong (DAB), the Hong Kong Progressive Alliance (HKPA) and the Civil Force (CF) but also the relatively conservative or progovernment parties, such as the Liberal Party (LP) and the New Century Forum (NCF).
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The goal of this chapter is to analyze the performance and campaign strategies of the pro-democracy camp and the patriotic forces in the District Councils elections held on November 28, 1999. It will also explore the factors shaping the voters' decisions to support the pro-democracy camp or the patriotic forces.
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