Therefore, in this section, the structure of mortgage insurance contract is illustrated and then we use the JDM to allow for abnormal shock events in housing prices.
To estimate the vector of unknown parameters [theta] = ([mu], [[delta].sup.2.sub.H], [delta], [[delta].sup.2], [lambda]) of the JDM, the EM algorithm starts from the initial guess value [[theta].sub.0] = ([[mu].sub.0], [[delta].sup.2.sub.H0], [[delta].sub.0], [[delta].sup.2.sub.0], [[lambda].sub.0]) and then iteratively in two steps: the E-step and the M-step.
The detailed proof of the log-likelihood function of JDM via EM gradient algorithm is shown in the Appendix.
On the other hand, the alternative hypothesis is that change rate of housing price stands for the JDM. Under the null hypothesis, [LAMBDA] is asymptotically [chi square-distributed with two degrees of freedom.
In Table 1, Panel A reports the parameters estimated from the JDM and Black-Scholes model (BSM) based on single-family mortgage national average new homes prices.
At this point the JDM
completes the design, performs design verification, assembles and tests prototypes, assembles and tests qualification units, assembles and tests proof of manufacturing units, and finally produces the production units.
Mortality from JDMS has been reduced from 37% in the 1960s to 8% more recently, with the prompt use of steroid therapy.
Sally (a pseudonym used to protect patient confidentiality) is a 9-year-old girl who was diagnosed with JDMS in December 1996 by her primary care provider and begun on a subtherapeutic steroid dose of 20 mg daily.
Medical management of Sally's JDMS was several-pronged and included the following: (a) corticosteroid therapy in varying doses; (b) methotrexate and cyclosporin as immunosuppressants in an attempt to arrest the progress of the disease; (c) management of insulin resistance that had resulted from prolonged steroid use; and (d) management of obesity.
The key factors impeding healing included JDMS; decreased mobility; persistently low serum magnesium, zinc, and albumin; malnutrition; infection; and prolonged glucocorticosteroid therapy.
ODMs and JDMs capture further cost savings by leveraging high-volume components that have already been purchased for similar products, says Memo.
Alternative outsourcing models--original design manufacturing (ODM) and joint design manufacturing (JDM)--are expected to grow at an average of 27 percent, per year, through 2005, according to Technology Forecasters, Inc.'s (TFI, Alameda, CA, www.techforecasters.com) Quarterly Forum for Electronics Manufacturing Outsourcing and Supply Chain.