Why this work is in the frame
A frame that forgets how it found something cannot be audited. These are the routes that admitted this work.
Bibliographic record
Abstract
An apparent breakdown of the credit rating process for structured products is widely believed to have played a major role in the run-up and subsequent collapse of the market for mortgage-backed securities. In this article, Hull and White observe that the ratings criteria used by two of the ratings agencies (Standard and Poor’s and Fitch) are supposed to reflect the probability of default but not the possible severity of the investor’s loss in a default, which introduces anomalies into the rating process. For example, diversification of a credit portfolio across issuers with equal credit quality increases the chance of a default by one of them—thus lowering the rating on the portfolio—even though the loss is reduced if there is a default. The default-risk-only criterion is shown to fail the requirements for a risk measure to be “coherent,” which means that the structuring process allows for profitable credit arbitrage. <b>TOPICS:</b>Derivatives, MBS and residential mortgage loans, financial crises and financial market history
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it