Bibliographic record
Abstract
Multiple researchers have observed a dramatic shift in US corporate bonds starting roughly in the mid-1990s and extending to the current period: from fixed premium call options to flexible rate call options.1 This flexible rate call provision was known initially as the ‘doomsday call’ and is now referred to as ‘make-whole’ call. It originated in the Canadian corporate bond market in the mid-1980s and migrated to the USA in the mid-1990s.2 Today, it is ubiquitous in the corporate bond market. A fixed premium call typically specified a percentage premium over the principal amount as a function of the remaining time on the bond (eg 110 per cent, if called five years prior to maturity year or 108 per cent if redeemed four years prior and so on).3 A ‘make-whole’ call, instead, measures the amount to be paid as a discounted value of future amounts, with the discount rate being a small spread over the prevailing risk-free rate (eg the discount rate might be the US Treasury rate plus 50 basis points).4
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.014 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.003 | 0.004 |
| Scholarly communication | 0.006 | 0.008 |
| Open science | 0.001 | 0.003 |
| Research integrity | 0.003 | 0.005 |
| Insufficient payload (model declined to judge) | 0.020 | 0.002 |
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 itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".