Reset Feature Research Articles

Reset Feature in Convertible Bonds: Is It Good for the Firm?

Reset Feature in Convertible Bonds: Is It Good for the Firm?

Valuation of Reset Option with Multiple Reset Features under Mixed Fractional Brownian Motion Model

Valuation of Reset Option with Multiple Reset Features under Mixed Fractional Brownian Motion Model

Design of Ternary and Quaternary Asynchronous Up/Down Counter using CNTFET

This paper presents designs of ternary and quaternary up/down counters of single and multiple digits using CNTFET. The proposed counters have a special feature of counting in dual mode; up counting and down counting which makes these designs distinct from other existing designs. The proposed counters are designed using ternary/quaternary D flip-flops and a dynamic successor-predecessor circuit. The D flip-flops are built using standard ternary/quaternary inverters (STI/SQI) with an additional reset feature. The proposed dynamic successor-predecessor circuit has the capability of acting either as a successor or as a predecessor circuit based on a control signal. Counter circuits of multiple digits have been achieved with the help of a few additional transistors along with the single-digit counter circuits. All the proposed designs have been simulated in HSPICE using Stanford University’s 32 nm CNTFET model and simulation results have been noted. When compared with existing designs, the proposed designs show improvements in power and energy efficiency.

Using Universal Nand-nor-inverter Gate to Design D-latch and D Flip-flop in Quantum-dot Cellular Automata Nanotechnology

The process of reducing dimensions in CMOS technology and also making digital devices more portable, faces serious challenges such as increasing frequency and reducing power consumption. For this reason, scientists are looking for a solution such as replacing CMOS technology with other technologies including Quantum-dot Cellular Automata (QCA) technology and many researches have designed digital circuits by using QCA technology. Flip-flops are one of the main blocks in most digital circuits. In this paper, a D-type flip-flop (D-FF) is presented in QCA technology that a majority gate has been used in its feedback path to reset. The D-FF is designed by the proposed D Latch which is based on Nand-Nor-Inverter (NNI) and a new inverter gate that the proposed D latch has 24 cells and 0.5 clock cycle latency and 0.02 〖μm〗^2 area. The new inverter gate of the D-FF has output signal with high polarization level and lower area than previous inverters and the NNI gate of the D-FF is a universal gate. One of the applications of D-FFs with reset pin is the use in Phase-frequency detector (PFD). In the proposed scheme, a reset feature has been added to D-FF since the PFD structure can be designed. All of the proposed schemes are evaluated by the QCADesigner software and energy consumption simulations are estimated using QCAPro software for all proposed circuits.

생리적 신호에 기초한 한중 언어 운율 대비 연구 ― 신문 뉴스를 중심으로

Prosody not only has the function of meaning discrimination, but also is the main factor to affect the performance of the speech, the variaties of sound, cadence, different mood and tone, personal voice characteristics to identify all rely on the role of prosody. Therefore, currently, study of prosody occupies an important position in research of phonetics. In this paper, different styles of breathing reset feature on the basis of previous research from the two aspects of respiratory signals and voice signals to examine the different style of Chinese and Korean in breathing reset features and the related prosodic features, so results can be showed the features of respiratory rhythm in text with different style. It also can be found the different structure of language affect the whole arrangement of breathing rhythm. In addition, we found that acoustic analysis results still cannot fully explain the cognitive way of speech in the process of different languages, it is still needed further research.

A Probabilistic Automatic Steady State Detection Method for the Direct Simulation Monte Carlo

AbstractThe statistical error associated with sampling in the DSMC method can be categorized as type I and II, which are caused by the incorrect rejection and acceptance of the null hypothesis, respectively. In this study, robust global and local automatic steady state detection methods were developed based on an ingenious method based purely on the statistics and kinetics of particles. The key concept is built upon probabilistic automatic reset sampling (PARS) to minimize the type II error caused by incorrect acceptance of the samples that do not belong to the steady state. The global steady state method is based on a relative standard variation of collisional invariants, while the local steady state method is based on local variations in the distribution function of particles at each cell. In order to verify the capability of the new methods, two benchmark cases — the one-dimensional shear-driven Couette flow and the two-dimensional high speed flow past a vertical wall—were extensively investigated. Owing to the combined effects of the automatic detection and local reset sampling, the local steady state detection method yielded a substantial gain of 30-36% in computational cost for the problem studied. Moreover, the local reset feature outperformed the automatic detection feature in overall computational savings.

A risk control tool for foreign financial activities – A new derivatives pricing model

Investors as well as firms are concerned with not only foreign/domestic stock price risk but also foreign exchange rate risk when making decisions for investing (or financing) overseas. In this paper, a new contingent claim is proposed for the derivatives markets for use in the domestic or foreign derivatives markets. Particularly, we address hedging against stock and exchange rate risk while adjusting for protecting the value of a collateralized stock. We introduce a closed-form solution for a Quanto put option coupled with a reset feature to hedge against downside risk while maintain upside potential from foreign investments. The Quanto options meet the investors’ concerns for exchange rate risk while the reset feature locks in value against downside stock risk. The proposed product is an efficient tool for risk management and aims to support decision making for firms when considering financing and investing in the foreign markets.

An in-depth study of thermal effects in reset transitions in HfO2 based RRAMs

Reset transitions in HfO2 based RRAMs operated at different temperatures have been studied. Ni/HfO2/Si-n+ devices were fabricated and measured at temperatures ranging from 233K to 473K to characterize their reset features. In addition, a simulator including several coupled conductive filaments, series resistance and quantum effects was employed to analyze the same devices. The experimental results were correctly reproduced. It was found that the reset voltage and current show slight temperature dependence. To explain this fact, the roles of the out-diffusion of metallic species from the conductive filament and its conductance temperature dependence have been studied by simulation. The different conductive filament resistance components are also analyzed in the temperature range employed in our study. Finally, the thermal change in the energy barrier linked to quantum effects in the transport properties in the filament is modeled.

Pricing of a resettable guarantee of a salary-connected individual pension account

AbstractThe present paper numerically prices a resettable guarantee of a salary-connected individual pension account (IPA). The results indicate that a principal guarantee without a reset feature is not worth much unless the volatility of assets in the IPA is huge, while the death benefit contributes a very small proportion to the guarantee value. Deferred proportional funding is an alternative to reducing problems from the difficulty in modeling salary behavior, because the required deferred proportional cost is impacted less by the salary behavior. Moreover, if the lapse from a guarantee is possible, then the guarantee is not necessarily more valuable for a younger individual.

Reduced checking sequences using unreliable reset

The length of a checking sequence (CS) generated from a deterministic, minimal, and completely specified finite state machine model M of a system under test which does not have a reliable reset feature, is exponential when M does not have a distinguishing sequence. This is due to the exponential length locating sequences that need to be used in such a CS. In this work, we propose a method to decrease the number of locating sequences used in CS, by first verifying the reset input r and then using r as a reliable reset. When such a reset input is not available, a synchronizing sequence can be used as a compound reset input, which makes the proposed method applicable to a wide range of systems.

Outlier reset CUSUM for the exploration of copy number alteration data.

Copy number alteration (CNA) data have been collected to study disease related chromosomal amplifications and deletions. The CUSUM procedure and related plots have been used to explore CNA data. In practice, it is possible to observe outliers. Then, modifications of the CUSUM procedure may be required. An outlier reset modification of the CUSUM (ORCUSUM) procedure is developed in this paper. The threshold value for detecting outliers or significant CUSUMs can be derived using results for sums of independent truncated normal random variables. Bartel's non-parametric test for autocorrelation is also introduced to the analysis of copy number variation data. Our simulation results indicate that the ORCUSUM procedure can still be used even in the situation where the degree of autocorrelation level is low. Furthermore, the results show the outlier's impact on the traditional CUSUM's performance and illustrate the advantage of the ORCUSUM's outlier reset feature. Additionally, we discuss how the ORCUSUM can be applied to examine CNA data with a simulated data set. To illustrate the procedure, recently collected single nucleotide polymorphism (SNP) based CNA data from The Cancer Genome Atlas (TCGA) Research Network is analyzed. The method is applied to a data set collected in an ovarian cancer study. Three cytogenetic bands (cytobands) are considered to illustrate the method. The cytobands 11q13 and 9p21 have been shown to be related to ovarian cancer. They are presented as positive examples. The cytoband 3q22, which is less likely to be disease related, is presented as a negative example. These results illustrate the usefulness of the ORCUSUM procedure as an exploratory tool for the analysis of SNP based CNA data.

Experimental and FEA Studies of a New Type SMA Viscous Damper

In this paper, a new type shape memory alloy (SMA)-viscous damper is studied by experiment and FEM analysis. As the main mechanical parameters of the damper were obtained by experiment, the damping effect of this composite damper for an eight-story steel frame structure model was discussed by using ANSYS. Both the damped and undamped structures had been analyzed and the vibration responses of this steel framework were compared. The results show that the damper has both the energy dissipating and reset features with the hysteretic loop under cyclic loading-unloading, and the new composite damper has significant damping effect for steel frame structure.

Lessons Learned from a Randomized Trial of Fixed and Escalating Contingency Management Schedules in Opioid-Dependent Pregnant Women

Background: Contingency management (CM) has shown promise for treating substance use disorders in pregnant women. Methods: A randomized clinical trial compared the relative efficacy of three conditions on the measures of opioid and cocaine abstinence and days retained in treatment. A total of 133 pregnant patients attending treatment for substance use disorders were randomized either to an escalating reinforcement condition, a fixed reinforcement condition, or an attendance control condition. Conditions were compared on drug abstinence rates and days retained in treatment. Results: As expected, the pooled escalating + fixed conditions received a greater total amount of voucher money than the control condition mean [M = 392.40 (SE = 40.47) vs. 219.74 (SE = 39.78)], respectively; p < .001. However, the escalating and fixed conditions did not differ on the outcome variables of drug abstinence and treatment retention. Conclusions: The CM conditions examined in the current study did not emerge as superior to the control condition. The lack of significant differences among study conditions may be attributed, in part, to study sample size. Additionally, methodological issues related to the CM intervention may also have compromised outcomes, including delay in reinforcement following the target behavior and limited contact with the reinforcer. Scientific Significance: This study highlights the importance of key CM implementation features, including immediate reinforcement, and adequate access to the reinforcer. It may also be that the reset feature for missing samples in CM interventions is an essential contingency for promoting behavior change.Trial registration: ClinicalTrials.gov identifier: NCT00497068.

A binomial model for pricing US-style average options with reset features

We develop a pricing algorithm for US-style period-average reset options written on an underlying asset which evolves in a Cox-Ross-Rubinstein (CRR) framework. The averaging feature of such an option on the reset period makes the price valuation problem computationally unfeasible because the arithmetic average is not recombining on a CRR tree. To overcome this obstacle, we associate to each node of the lattice belonging to the reset period a set of representative averages chosen among all the effective arithmetic averages attained at that node. On the remaining time to maturity, a US period-average reset option becomes a US standard one and the Barone Adesi-Whaley approximation is used to compute an option value in correspondence to each representative average lain at the end of the reset period.

Lattice Tree Methods for Strongly Path Dependent Options

This review article summarizes the applications of the forward shooting grid method to pricing of various types of strongly path dependent options. The forward shooting grid approach is characterized by augmenting an auxiliary state vector at each node in the usual lattice tree, which serves to capture the path dependent feature of the option. Examples of path dependent derivatives considered include the lookback options, Asian options, callable convertible bonds, and call options with strike reset feature.

Constructing checking sequences for distributed testing

Abstract The objective of testing is to determine whether an implementation under test conforms to its specification. In distributed test architectures involving multiple remote testers, this objective can be complicated by the fact that testers may encounter coordination problems relating to controllability (synchronization) and observability during the application of tests. Based on a finite state machine (FSM) specification of the externally observable behaviour of a distributed system and a distinguishing sequence, this paper proposes a method for constructing a checking sequence where there is no potential controllability or observability problems, and where the use of external coordination message exchanges among testers is minimized. The proposed method does not assume a reliable reset feature in the implementations of the given FSM to be tested by the resulting checking sequence.

Pricing options with American-style average reset features

This study extends the Hull and White (1993 J. Derivatives 1 21–31) binomial method to construct a trinomial model for the valuation of American-style options whose strike price can be reset to a new level. The reset criterion is conditioned upon the average underlying asset price hitting the reset barrier in a specified period although the model proposed can accommodate other features. For prices benchmarked against ordinary Asian options, we investigate the difference between a daily reset warrant and a period-average reset warrant and find that the number of time steps between observations affects the value of American-style average price options and period-average reset options.

Understanding the Behavior and Hedging of Segregated Funds Offering the Reset Feature

Segregated funds have become an extremely popular Canadian investment vehicle. These instruments provide long-term maturity guarantees and often include complex option features. One controversial aspect is the reset feature, which provides the ability to lock in market gains. Recently, regulators have announced that firms offering these products will be subject to new capital requirements. This paper discusses the effects of volatility, interest rates, investor optimality, and product design on the cost of providing a segregated fund guarantee. For each scenario, the authors provide the appropriate management expense ratio (MER) that should be charged and demonstrate the current liability using a given fixed MER. The paper also investigates intuitive reasons that cause the reset feature to require such a dramatic increase in the hedging costs. Finally, an approximate method for handling the reset feature is presented that can be computed very efficiently, provided the correct proportional fee is charged.

Pricing Algorithms for Options with Exotic Path-Dependence

Pricing algorithms for options with exotic pathdependence using the forward shooting grid approach are characterized by the augmentation of an auxiliary state vector at each grid node on a lattice tree that simulates the discrete asset price process. The state vector is used to capture the specific path-dependent feature of the option contract. We demonstrate the versatility of the forward shooting grid algorithms by generalizing the approach to price various types of Parisian options, options with reset features, and alpha quantile options. The convergence behaviors of the numerical results obtained by the forward shooting grid algorithms are also examined. The advantage of the forward shooting grid approach over the finite-difference approach becomes more apparent when the governing differential equation for the option value cannot be expressed in a simple form.

Valuation of the Reset Options Embedded in Some Equity-Linked Insurance Products

This paper proposes a method for valuing American options using a Monte Carlo simulation approach. Our approach can be used to price the reset feature found in some equity-linked insurance contracts. We model this feature as a multiple shout option and give examples based on certain equity-linked insurance products that are very popular in Canada. These contracts are known as segregated fund contracts and the valuation of the embedded options in these contracts has posed serious challenges for actuaries. One of the advantages of the Monte Carlo approach in this connection is that it can be extended to handle different investment assumptions as well as multiple assets. We show how to modify the stochastic mesh model of Broadie and Glasserman (1997b) to incorporate quasi-Monte Carlo in the simulation and thus improve the efficiency. We benchmark the efficiency gains in our method using standard American options and multiple shout options.