This study increases understanding of the mortgage default settlement process by examining how borrowers make decisions during contract negotiations. We explore two main research questions: (1) Do ...borrowers experience a difference between psychological and legal contracts? and (2) Does inequity aversion, or the dislike of being taken advantage of, influence the willingness of a borrower to withdraw from a mortgage default settlement contract? Our findings suggest borrowers do not conflate legal versus psychological contracts in this setting, a result which contradicts previous research findings. Moreover, as defaulting borrowers appear to place relatively little value on a clean credit report, they do not differentially enter/withdraw from contract negotiations based on a lender’s unwillingness/inability to clear their credit report. These findings, which run counter to conventional wisdom, may well reflect the emerging divide in the U.S. between individuals and large institutions. Specifically, borrowers do not appear to trust lending institutions, nor do they seem to care deeply about conventional underwriting and risk signaling metrics such as credit reports. Thus, in order to successfully and optimally resolve the voluminous magnitude of outstanding, toxic mortgage debt, a revolutionary new approach to negotiating with borrowers that reflects these new norms must be considered. Examination of a second dataset suggests these results are based on the cultural and legal environment in the U.S., and therefore may not be generalizable to other countries.
Pladienolide, herboxidiene and spliceostatin have been identified as splicing modulators that target SF3B1 in the SF3b subcomplex. Here we report that PHF5A, another component of this subcomplex, is ...also targeted by these compounds. Mutations in PHF5A-Y36, SF3B1-K1071, SF3B1-R1074 and SF3B1-V1078 confer resistance to these modulators, suggesting a common interaction site. RNA-seq analysis reveals that PHF5A-Y36C has minimal effect on basal splicing but inhibits the global action of splicing modulators. Moreover, PHF5A-Y36C alters splicing modulator-induced intron-retention/exon-skipping profile, which correlates with the differential GC content between adjacent introns and exons. We determine the crystal structure of human PHF5A demonstrating that Y36 is located on a highly conserved surface. Analysis of the cryo-EM spliceosome B
complex shows that the resistance mutations cluster in a pocket surrounding the branch point adenosine, suggesting a competitive mode of action. Collectively, we propose that PHF5A-SF3B1 forms a central node for binding to these splicing modulators.
While true underlying home values are expected to be randomly distributed, actual residential listing prices tend to be highly clustered. Particularly, more than 75 % of the homes in our sample are ...associated with a round or “just below” round asking price. This study provides a theoretical and empirical examination of how the thousands digit in a home’s asking price is related to the final transaction price relative to its true underlying value. Our findings suggest that, on average, homes listed using a “just below” pricing strategy are associated with the greatest discount negotiated relative to the asking price. However, the higher initial degree of list overpricing reflected in “just below” pricing compared with other strategies more than offsets the greater discount. Therefore, “just below” is the most effective pricing strategy for the seller in terms of a greater dollar yield relative to value. These empirical findings have economic significance and are robust across both “buyer” and “seller” housing markets, new versus existing homes, and across multiple home price ranges.
Using a large, non-student sample, we assess and differentiate between borrowers’ Risk Aversion and Ambiguity Aversion levels and their willingness to pay to resolve a mortgage default settlement ...negotiation. Ambiguity Aversion is found to be negatively associated with willingness to pay for borrowers with high financial literacy in both the gain and loss domains, whereas personality traits matter more for borrowers with low financial literacy. This finding is important to policymakers in that they should adopt differential resolution strategies for defaulting borrowers based on these intervening variables.
The Benefit of Search in Housing Markets Cheng, Ping; Lin, Zhenguo; Liu, Yingchun ...
The Journal of real estate research,
10/2015, Letnik:
37, Številka:
4
Journal Article
Recenzirano
Unlike in an efficient market where buyers and sellers are mere price-takers, participants in the real estate market are able to influence ultimate transaction prices through individual search ...efforts. Such benefit can offset the negative price trend of a declining market and compound the positive price trend of a growing market, suggesting an asymmetric effect of the price and time-on-the-market (TOM) relation. In other words, search mitigates the downside risk and magnifies the upside potential for the seller, which is an important advantage for real estate investors. In this study, we uncover the asymmetric price–TOM relation, and demonstrate the value of search using empirical data from the residential real estate market. Based on a large sample of home sales in the Virginia Beach–Norfolk, Virginia metropolitan area during an extended period of time, our findings clearly reveal an asymmetric search effect on price: longer TOM is strongly correlated with higher selling prices, but more interestingly, even in a declining market, the effect of the search (or the impact of TOM) on price is still positive, albeit smaller, suggesting the benefit of search is more than enough to potentially offset a negative market impact.
Recent progress reveals that, in the methanol-to-olefin (MTO) process on acidic zeolites, the conversion of an equilibrium mixture of methanol and DME is dominated by a “hydrocarbon pool” mechanism. ...However, the initial C−C bond formation, that is, the chemistry during the kinetic “induction period” leading to the reactive hydrocarbon pool, still remains unclear. With the application of a stopped-flow protocol, in the present work, pure surface methoxy groups SiO(CH3)Al were prepared on various acidic zeolite catalysts (H−Y, H−ZSM-5, H−SAPO-34) at temperatures lower than 473 K, and the further reaction of these methoxy species was investigated by in situ 13C MAS NMR spectroscopy. By using toluene and cyclohexane as probe molecules which are possibly involved in the MTO process, we show the high reactivity of surface methoxy species. Most importantly, the formation of hydrocarbons from pure methoxy species alone is demonstrated for the first time. It was found that (i) surface methoxy species react at room temperature with water to methanol, indicating the occurrence of a chemical equilibrium between these species at low temperatures. In the presence of aromatics and alkanes, (ii) the reactivity of surface methoxy groups allows a methylation of these organic compounds at reaction temperatures of ca. 433 and 493 K, respectively. In the absence of water and other organic species, that is, under flow conditions and on partially methylated catalysts, (iii) a conversion of pure methoxy groups alone to hydrocarbons was observed at temperatures of T ≥ 523 K. This finding indicates a possible formation of the first hydrocarbons during the kinetic induction period of the MTO process via the conversion of pure surface methoxy species (case iii). After the first hydrocarbons are formed, or in the presence of a small amount of organic impurities, surface methoxy groups contribute to a further methylation of these organic compounds (case ii), leading to the formation of a reactive hydrocarbon pool which eventually plays an active role in the steady state of the MTO process at reaction temperatures of T ≥ 573 K.
Previous studies have yielded ambiguous results regarding the impact of income and financial experience on the decision of residential borrowers to strategically default. One explanation for these ...findings is the presence of an interaction effect between income and financial experience, which was ignored in earlier studies. We hypothesize that borrowers with a greater ability to assess the financial benefits of strategic default, due to a higher financial experience, and overcome the financial consequences of it, due to higher incomes, have fewer negative attitudes towards strategic default. We capture negative attitudes of US homeowners (borrowers) by measuring their anger towards residential borrowers who decided to strategically default. In particular, we (1) ask them to self-report their anger and (2) measure their anger with artificial intelligence (AI)-based emotion recognition software. We find evidence for the hypothesized interaction effect: Borrowers with higher incomes and greater financial experience, particularly regarding value of money, savings, and investments, have fewer negative attitudes towards strategic default. Our results have implications for mortgage lenders. While borrowers with higher incomes and more financial experience are likely to have a lower economic default risk, their strategic default risk may be higher.
Adenovirus-mediated gene therapy holds significant potential especially for applications requiring high levels of target tissue transduction. While significant advances in clinical adenoviral gene ...therapy applications have been made in cancer, the clinical translation of adenoviral gene replacement therapy for genetic disease has lagged. Encouragingly, advances in vector production have led to the development of Helper-Dependent ("gutted" or "high capacity") adenoviral vectors (HDV) deleted of all viral coding genes. HDV significantly reduces the chronic toxicity associated with early generation adenoviral vectors that has been most significant after systemic administration in both small and large animal models. However, the field remains confounded by innate immune responses inherent to adenovirus, and more generally, to the adaptive immune response to transgene. Together they decrease the effective therapeutic index for any particular treatment. This review summarizes the current advances toward understanding the decisive cell and molecular mechanisms underlying the acute toxicity to systemic HDV administration. We focus on the complex immune response and consequences of systemic vector delivery in the context of liver-directed monogenic disease therapy. Future development of interventions to avoid the innate immune response, including vector and pharmacologic manipulations, should further contribute to minimizing vector toxicity while maximizing the efficacy of systemic HDV gene transfer.
In recent years, the demand for highly integrated and lightweight components has been rising sharply, especially in plastics processing. One strategy for weight-saving solutions is the development of ...conductive tracks and layouts directly on the polymer housing parts in order to be able to dispense with the system integration of additional printed circuit boards (PCB). This can be conducted very advantageously and flexibly with laser-based processes for functionalizing polymer surfaces. In this work, a three-step laser-based process for subsequent selective metallization is presented. Conventional injection molded components without special additives serve as the initial substrate. The Laser-Based Selective Activation (LSA) uses picosecond laser pulses to activate the plastic surface to subsequently deposit palladium. The focus is on determining the amount of deposited palladium in correlation to the laser and scan parameters. For the first time, the dependence of the metallization result on the accumulated laser fluence (Facc) is described. The treated polymer parts are characterized using optical and scanning electron microscopy as well as a contact-type profilometer.
Ultrashort pulse (USP) laser ablation is gaining popularity as a novel manufacturing technique for brittle materials, enabling the creation of complex freeform shapes that are challenging to produce ...with conventional optics manufacturing techniques. Freeforms have revolutionized optics manufacturing by providing designers with increased degrees of freedom using non-rotational symmetric components. However, this evolution presents new challenges for manufacturing processes, calling for innovative solutions such as USP ablation. To ensure the industrial viability of areal USP laser machining, it is crucial to not only consider material removal rates but also surface quality and subsurface damage (SSD). Especially for optical applications, harsh quality requirements must be met. This study investigates the SSD patterns of fused silica (FS) and borosilicate glass N-BK7 (BK) processed under different laser wavelengths, beam geometries and processing parameters using high-resolution optical coherence tomography (OCT). It is shown that OCT as non-destructive and 3D evaluation method is well-suited for analysing USP processes. The discovered differences in defect morphology between FS and BK emphasize the importance of selecting appropriate processes and process parameters when working with different materials. Compared to previous studies, for the parameter sets analysed here using OCT, much higher defects depths of up to 441 µm were revealed.
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