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Financial skills and search in the mortgage market
Cota, Marta; Šterc, Ante
2024 - English
Are households with low financial skills disadvantaged in the mortgage market? Using stochastic record linking, we construct a unique U.S. dataset encompassing a rich set of mortgage details and borrowers’ characteristics, including their objective financial literacy measure. We find that households with low financial literacy are up to 4% more likely to search less and lock in at 15-20 b.p. higher rates. Upon origination, unskilled borrowers face a 35-45% higher mortgage delinquency and end up with a 30% lower likelihood of refinancing. Overall, for a $100,000 loan, the potential losses from low financial literacy are more than $9,329 over the mortgage duration. To understand how financial education, more accessible mortgages, or mortgage rate changes affect households with low financial literacy, we formulate and calibrate a mortgage search model with heterogeneous search frictions and endogenous financial skills. Our model estimates show that search intensity and financial skill variations contribute to 55% and 10% of mortgage rate variations, respectively. We find that i) more accessible mortgages lead to a higher delinquency risk among low-skilled households, ii) financial education mitigates the adverse effects of increased accessibility, and iii) low mortgage rates favor high-skilled homeowners and, by reinforcing refinancing activity, deepen consumption differences across different financial skill levels.
Keywords:
mortgage refinancing; mortgage search; financial skills
Fulltext is available at external website.
Financial skills and search in the mortgage market
Are households with low financial skills disadvantaged in the mortgage market? Using stochastic record linking, we construct a unique U.S. dataset encompassing a rich set of mortgage details and ...
Stochastic version of the arc-length method
Náprstek, Jiří; Fischer, Cyril
2024 - English
The solution of a nonlinear algebraic system using the incremental method, based on pre-defined loading steps, fails in the vicinity of local extrema as well as around bifurcation points. The solution involved the derivation of the so-called ’Arc-Length’ method. Its essence lies in not incrementing the system parameter or any of the independent variables but rather the length of the response curve. The stochastic variant of this method allows for working with a system where system parameters include random imperfections. This contribution presents a variant that tracks the first two stochastic moments. Even in this simple case, interesting phenomena can be observed, such as the disappearance of the energy barrier against equilibrium jump due to random imperfections in the system.
Keywords:
random imperfection; stochastic arc-length method; continuation; numerical method
Available in digital repository of the ASCR
Stochastic version of the arc-length method
The solution of a nonlinear algebraic system using the incremental method, based on pre-defined loading steps, fails in the vicinity of local extrema as well as around bifurcation points. The solution ...
Acoustic emission methods in steel bridge degradation identification and monitoring
Šorm, Filip
2024 - English
Acoustic emission methods proved to be an effective diagnostic tool in many industrial sectors. The potential of this method in the field of steel bridge diagnostics is explored in this article. The goal is to find the most effective use of this method.
Keywords:
steel bridges; diagnostics; acoustic emission
Available in digital repository of the ASCR
Acoustic emission methods in steel bridge degradation identification and monitoring
Acoustic emission methods proved to be an effective diagnostic tool in many industrial sectors. The potential of this method in the field of steel bridge diagnostics is explored in this article. The ...
Multi-Annual Characterization of PM1 Aerosol Optical Properties and Size Distribution at the Peri-Urban Atmospheric Site ATOLL in Lille
Suchánková, Lenka
2024 - English
The aim of this study is to present aerosol scattering, absorption properties and particle number size distribution in PM1 in years 2018-\n2022 at peri-urban atmospheric site Atmospheric Observations in LiLLE (ATOLL) in Lille, France. This study is the first to present results dedicated to aerosol scattering properties at this site.
Keywords:
aerosol particles; PM1; temporal trends
Available in digital repository of the ASCR
Multi-Annual Characterization of PM1 Aerosol Optical Properties and Size Distribution at the Peri-Urban Atmospheric Site ATOLL in Lille
The aim of this study is to present aerosol scattering, absorption properties and particle number size distribution in PM1 in years 2018-\n2022 at peri-urban atmospheric site Atmospheric Observations ...
Development of Continuous Technology for the Preparation of Pharmaceuticals
Jaklová, Natalie
2024 - English
The present research focuses on the transition of a batch reaction assisted by phase transfer catalyst (PTC) into continuous process. The first reaction studied was an N-alkylation reaction with methyl ester of the 1-methyl-10α-methoxydihydrolysergic acid (MeLUME) as product. MeLUME is one of the intermediates in synthesis of drug Nicergoline. The N-alkylation occurs in two different immiscible phases and the bridge between these phases is the phase transfer catalyst. The study was performed in several different continuous flow apparatuses. The best results were obtained in a capillary reactor, with assistance of ultrasound.
Keywords:
continualization; ultrasound; pharmaceuticals
Available in a digital repository NRGL
Development of Continuous Technology for the Preparation of Pharmaceuticals
The present research focuses on the transition of a batch reaction assisted by phase transfer catalyst (PTC) into continuous process. The first reaction studied was an N-alkylation reaction with ...
Bubble Breakup in Triton Solutions
Semlerová, Tereza
2024 - English
This work deals with investigation of the bubble breakup in surfactant Triton X-45 solutions and the results are compared with data measured in water and α-terpineol solutions as another type of surfactants.
Keywords:
bubble breakup; surfactants; dynamic surface tension
Available in digital repository of the ASCR
Bubble Breakup in Triton Solutions
This work deals with investigation of the bubble breakup in surfactant Triton X-45 solutions and the results are compared with data measured in water and α-terpineol solutions as another type of ...
Thin Film Photocatalysts on the Basis of g-C3N4
Schimon, Domonik
2024 - English
This study revolves around the synthesis of powder g-C3N4, fabricationof thin g-C3N4 films and their efficacy in degrading pollutants, assessed through experimentation in a batch photoreactor (BPR) and a slit geometry photomicroreactor (PMR)2. The photocatalytic activity of g-C3N4 was tested with 4 different model substances: fluorescent dye, rhodamine B, was used as a reference substance and three separate antibiotics, which are emerging wastewater pollutants, namely tetracycline, trimethoprim, sulfamethoxazole.
Keywords:
g-C3N4; photocatalysis; microreactor
Available in a digital repository NRGL
Thin Film Photocatalysts on the Basis of g-C3N4
This study revolves around the synthesis of powder g-C3N4, fabricationof thin g-C3N4 films and their efficacy in degrading pollutants, assessed through experimentation in a batch photoreactor (BPR) ...
Measurements of New Particle Formation in the Atmosphere
Špalová, Anna
2024 - English
In this work, the formation of particles and their transformation to larger sizes will be studied by measuring the concentration of molecular clusters. The measurement will take place at a rural background site National Atmospheric Observatory Košetice. At the ground level, a Neutral and Air Ion Spectrometer (NAIS) able to measure both neutral and charged clusters or particles ranging from 0.8 to 40 nm in diameter will be used together with a Particle Size Magnifier (PSM) able to measure neutral clusters as small as 1 nm in diameter up to 12 nm. Larger particles will be measured by a Scanning Mobility Particle Sizer (SMPS). At a height of 230 m above ground level, there will be another SMPS and also a nanoSMPS able to detect particles as small as 1 nm in diameter.
Available in digital repository of the ASCR
Measurements of New Particle Formation in the Atmosphere
In this work, the formation of particles and their transformation to larger sizes will be studied by measuring the concentration of molecular clusters. The measurement will take place at a rural ...
Some modifications of the limited-memory variable metric optimization methods
Vlček, Jan; Lukšan, Ladislav
2023 - English
Several modifications of the limited-memory variable metric (or quasi-Newton) line search methods for large scale unconstrained optimization are investigated. First the block version of the symmetric rank-one (SR1) update formula is derived in a similar way as for the block BFGS update in Vlˇcek and Lukˇsan (Numerical Algorithms 2019). The block SR1 formula is then modified to obtain an update which can reduce the required number of arithmetic operations per iteration. Since it usually violates the corresponding secant conditions, this update is combined with the shifting investigated in Vlˇcek and Lukˇsan (J. Comput. Appl. Math. 2006). Moreover, a new efficient way how to realize the limited-memory shifted BFGS method is proposed. For a class of methods based on the generalized shifted economy BFGS update, global convergence is established. A numerical comparison with the standard L-BFGS and BNS methods is given.
Keywords:
unconstrained minimization; variable metric methods; limited-memory methods; variationally derived methods; arithmetic operations reduction; global convergence
Available in a digital repository NRGL
Some modifications of the limited-memory variable metric optimization methods
Several modifications of the limited-memory variable metric (or quasi-Newton) line search methods for large scale unconstrained optimization are investigated. First the block version of the symmetric ...
Utilization of electrochemically induced cleavage of various sulfonimides
Salvadori, Karolína
2023 - English
In this work, we describe the unexpected electrochemical cleavage of sulfonimides, providing a direct pathway to corresponding sulfonamides. For this purpose, 16 substances were synthesized and tested, reflecting the influence of different electron effects of -SO2Ph-R substituents, and the impact of the number of nosyl units present in molecules. In the case of octakis-nosylated calixarenes, the electrochemical cleavage via direct potential-controlled electrolysis was compared with conventional organic synthetic procedures. After electrolysis, all prepared sulfonamides were isolated in excellent yields.
Keywords:
sulfonimides; green chemistry procedures; electrochemisty
Available in a digital repository NRGL
Utilization of electrochemically induced cleavage of various sulfonimides
In this work, we describe the unexpected electrochemical cleavage of sulfonimides, providing a direct pathway to corresponding sulfonamides. For this purpose, 16 substances were synthesized and ...
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