Background. The need to use permutation decoding tools in radio communication systems is explained by the increased error correction capabilities of this method. In this case, complex matrix ...calculations during the search for equivalent codes according to the classical scheme of permutation decoding are replaced by a list of ready-made solutions. These solutions are calculated a priori and entered into the cognitive cards of the decoder processor, which makes the method a convenient tool in the procedure for ensuring information reliability when controlling, for example, unmanned vehicles via radio channels. In fact, matrix calculations on board are replaced by searching the list of cognitive maps for the right solution corresponding in real time to the current permutation of reliable character numerators. However, data processing in the decoder’s cognitive map requires a special description. Aim. The study of methods for identifying permutations of character numerators of code vectors in order to effectively transform them in a system of cognitive maps of a permutation decoder. Methods. The paper reveals the subtle structure of cognitive maps of productive and unproductive permutations of numerators, which allows on a regular basis to obtain an alternative solution for switching to a set of productive permutations when the receiver receives an unproductive permutation, thereby excluding the use of trial and error. Results. The efficiency of the permutation decoder increases due to the implementation of permutations that were originally included in a set of solutions introduced into the cognitive map of unproductive permutations. Conclusion. A family of microcontrollers is proposed to implement the principle of interaction of cognitive maps with a system of alternative solutions.
En este trabajo nos centraremos en un análisis crítico de tres aspectos vinculados a la procedencia y aplicación de la excepción de contrato no cumplido: la exigibilidad de las obligaciones ...bilaterales y, dentro de este tópico, la posibilidad de oponer, con alcance general, la excepción de contrato no cumplido en casos de incumplimiento previsibles; el incumplimiento que hace procedente la exceptio, lo que necesariamente implica tomar partido acerca de la necesidad de gravedad del mismo para que pueda prosperar y, finalmente, la prueba de la excepción de contrato no cumplido. Tangencialmente, además, precisaremos algunos aspectos vinculados a sus efectos. Para esto nos centraremos principalmente en la jurisprudencia nacional, para sentar criterios y/o proponer, lo que nos parece, una adecuada interpretación a partir de los problemas que se suscitan, de cara al fundamento y naturaleza de esta institución y acudiremos, de forma complementaria, a la doctrina nacional y comparada.
Purpose
The purpose of this paper is to analyze the securitization of rental streams, a new investment and finance product introduced in the USA in 2013 that enables fundraising from large ...residential portfolios owned by major investment funds and investment banking. The securities are made up of non-performance loans as well as real estate portfolios of financial entities.
Design/methodology/approach
An academic analysis of the European securitization market is performed, as well as a broad overview of the state of the art of the rental housing market and investment property market. Moreover, a market study of Real Estate Owned (hereinafter, REOs) and Real Estate Debts is carried out to determine both the present framework and future trends. Various financial entities and real estate management companies are examined through interviews and data collection to assess the reality of distressed assets and residential portfolios owned by major investors. It introduced the Broker’s Price Opinion concept, de loan-to-value concept and the London Interbank Offered Rate.
Findings
REO-to-rental securitization is a step forward toward the democratization of finance through the globalization of the residential market, improving risk sharing for major and retail investors. The securitization of rental streams in Europe has not taken off, despite several issuances in the USA since 2013 with significant success where first tranches obtained a credit qualification of triple-A from the majority of the main rating agencies.
Originality/value
At the end of 2013, a global investment firm launched an innovative finance and investment vehicle that securitized the cash flows originating from leased residential properties. That issue resulted in considerable success and in the development of a new alternative and innovative financing source for real estate activity. Taking into account that housing is a primary need of our society, there is a strong motivation for improving the residential market, and thus, REO-to-rental securitization could help take a step forward in making the housing market more efficient.
This award-winning book is a comprehensive and timely examination of remedies for breach of contract. It analyses and challenges fundamental aspects of English law contractual remedies, drawing upon ...comparative study of French law and with particular focus on recent developments in both jurisdictions. It also makes suggestions as to how contractual remedies in England might be strengthened.
The reform of the Civil code of the Russian Federation has significantly changed the provisions governing the obligations also through review of the main approaches to the compensation of damages. In ...Russia the applicability of such a sanction as compensation for damages has been unreasonably narrowed for a long time. This paper analyzes the general approaches and principles of the updated legislation and judicial practice concerning the proof and compensation of damages in civil and arbitration proceedings.
U članku se daje usporednopravni prikaz rješenja u Austrijskom građanskom zakoniku (ABGB) i Zakonu o obveznim odnosima Republike Hrvatske (ZOO RH) koja se odnose na raskid ugovora. Težište rada je na ...analizi rješenja o raskidu ugovora do kojeg dolazi zbog potpunog ili djelomičnog neispunjenja ugovornih obveza, sporazumom suugovaratelja, i jednostrano, voljom samo jedne strane. Posebna pozornost posvećena je analizi paragrafa 919., 920. i 1444. ABGB-a te članaka 360. – 368. ZOO-a RH.
Las cláusulas de exoneración de responsabilidad son complicadas de negociar en el ámbito internacional, al quedar cuestionada su validez. La mayor parte de la doctrina considera que el comercio ...internacional necesita de la validez de estas cláusulas para fomentar la celebración de contratos que, en caso contrario, supondría un riesgo contractual demasiado elevado. Desde una visión comparada, comprobamos que los ordenamientos nacionales han desarrollado controles específicos, al igual que los textos internacionales de unificación contractual. El estudio cataloga en tres bloques los límites que afectan la validez de las cláusulas de limitación de responsabilidad, adoptando una propuesta de lege ferenda que armonice y envuelva a los límites existentes en los sistemas jurídicos estudiados para que las diferencias no sean tan sustanciales. Dicha fórmula intenta minimizar los riesgos y garantizar el máximo de seguridad jurídica y eficiencia en la contratación internacional.
Excluding liability clauses are complicated to negotiate on an international level because its validity can be easily challenged. For the major part of doctrine, the international commerce needs the validity of these clauses in order to enhance the contracts' celebration. Otherwise, it would suppose a very high contractual risk. From a comparative point of view, we realize that national legal systems have developed specific control tools, as well as the international conventions of contractual unification. In this study, we have classified in three blocks the limits that affect the validity of the excluding or restricting liability clauses, we have therefore adopted a “lege ferenda” proposal in order to harmonize and to wrap up the existing limits in the legal systems so that the differences are no longer that significant. This formula tries to minimize the risks and to ensure to the maximum the legal security and efficiency in international contracts.
Non-performance loan ratio is one of the important assessment criteria of the security of credit assets. It is also an important financial indicator to evaluate the general strength of commercial ...banks. Using principal component analysis method and statistical software SPSS16.0 and based on the non-performance loan ratio and relative data of some commercial banks in China in 2007, this paper provided a principal component analysis model for the non-performance loan ratio of China’s commercial banks. The factors that affect the non-performance loan ratio were refined in this paper. Finally, the characteristics of effect factors of each bank were analyzed and compared in detail.
The lethargy that laid over the economy in the years of crisis was also reflected in the banking system, where the non-performance loans punctually even exceeded the level of 25%. Although the ...macroeconomic situation got better in present, the lending activity had a low sensitivity, remaining in the negative area between 2014 and 2015 as well. Due to this, the weight of the net banking assets within the GDP decreased, reaching the level this indicator had in 2007, this way the banking system turning back in time, to the level before Romania's adhesion to the European Union. web URL: http://www.transformations.knf.vu.lt/39/article/mana
This is the first comprehensive work to capture the rise of moral damages (non-pecuniary loss) in European contract law through a historical and comparative analysis. Unique features of this study ...include the first classification scheme of the systems into liberal, moderate and conservative regimes, a taxonomy of non-pecuniary loss drawn from a European-wide jurisprudence, and a comprehensive bibliography of the subject. Written by a leading academic on comparative law, Palmer's precise and practical insights on Europe's leading cases will be of great interest to academic researchers and practitioners alike.
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