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Cecil Noble

Lance Corporal Cecil Reginald Noble VC (4 June 1891 − 13 March 1915) was a British Army soldier and a posthumous English recipient of the Victoria Cross (VC), the highest and most prestigious award for gallantry in the face of the enemy that can be awarded to British and Commonwealth forces. He was killed at the Battle of Neuve Chapelle during the First World War.

Noble was born in Bournemouth, then part of Hampshire, the son of Frederick Noble, a decorator, and his wife Hannah nee Smith. The family lived in Capstone Road and he attended St Clement's Elementary School, and followed his father in working as a decorator. He disliked his given forename and was known by friends and family as Tommy.

He enlisted in the British Army Rifle Brigade in 1910. When he was 23 years old, and an Acting Corporal in the 2nd Battalion, The Rifle Brigade (Prince Consort's Own), on the Western Front the following deed took place for which he was posthumously awarded the Victoria Cross.

On 12 March 1915 at Neuve Chapelle, France, when the advance of the battalion was impeded by wire entanglements and by very severe machine-gun fire, Corporal Noble and another man (Harry Daniels) voluntarily rushed in front and succeeded in cutting the wires. They were both wounded, and Corporal Noble later died of his injuries. Daniels survived to receive his Victoria Cross and later rose to the rank of lieutenant-colonel.

Noble was buried at Longuenesse Souvenir Cemetery, two miles south of Saint-Omer, France, in plot I, row A, grave 57.

He was posthumously awarded the Victoria Cross for most conspicuous bravery on 29 April 1915. Source: Military records.

Blue Plaque
Noble is commemorated by a Blue Plaque in Capstone Road, Bournemouth, unveiled on 2nd October 1995. The Blue Plaque gives Noble's rank as Corporal, in line with the VC citation published in the London Gazette supplement of April 1915, but differing from the rank of Lance-Corporal, as used on his Commonwealth War Grave headstone. The plaque was erected at the same time as one to Frederick Charles Riggs also in Capstone Road, as it was considered of interest that both Noble and Riggs had connections to the same Bournemouth street. Noble and Riggs are also commemorated on WWI centenary paving slabs by Bournemouth's War Memorial in the Central Pleasure Gardens, and by neighbouring street names in the Wallisdown area of Bournemouth.

title: Cecil Noble


text: Category:Elections in Martinique

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/

title: Category:Elections in Martinique


text:
Wikipedia talk:WikiProject Magic: The Gathering

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Circumspecte Agatis

The statute of Circumspecte agatis (Statutū Circumspecte Agatis), or Circumspecte Agatis, was an English statute issued in 1285 by King Edward I. It defines the jurisdictions of Church and State, forcing church courts to confine themselves to ecclesiastical cases. This, along with the Articuli Cleri of Edward II, the Act of the 18th of Edward III (1344) and the Charter of Edward IV (1462), eventually settled this long-standing dispute.

The original statute issued by Edward I was a response to a dispute involving the bishop of Norwich. The instructions to the king's judges were to:"...use yourselves circumspectly in all matters concerning the Bishop of Norwich and his Clergy, not punishing them if they hold Plea in Court Christian, of such things as be meer spiritual, that is to wit, of Penance, enjoined by Prelates for deadly Sin, as Fornication, Adultery, and such like."

title: Circumspecte Agatis


text: Category:Elections in Mayotte

title: Category:Elections in Mayotte


text: User talk:69.138.168.166

title: User talk:69.138.168.166


text:
William Henry Snyder Nickerson

Major-General William Henry Snyder Nickerson, (27 March 1875, Dorchester, New Brunswick – 1954), was a Canadian recipient of the Victoria Cross, the highest and most prestigious award for gallantry in the face of the enemy that can be awarded to British and Commonwealth forces.

Victoria Cross
Nickerson was a 25 years old lieutenant in the Royal Army Medical Corps, of the British Army, attached to the Mounted Infantry during the Second Boer War when his actions at Wakkerstroom led to the award of the Victoria Cross. His citation reads: "At Wakkerstroom, on the evening of the 20th April, 1900, during the advance of the Infantry to support the Mounted Troops, Lieutenant Nickerson went, in the most gallant manner, under a heavy rifle and shell fire, to attend a wounded man, dressed his wounds, and remained with him till he had him conveyed to a place of safety."

Further military service
Following the end of the war in South Africa in June 1902, Nickerson returned to the United Kingdom on board the SS Soudan, arriving in Southampton in September that year. He was then posted to Egypt.

He later achieved the rank of major general after service in World War I and was appointed Colonel-in-Chief of the RAMC in 1933.

Personal life
His family had returned to England when he was a child and he was educated at Portsmouth Grammar School, Manchester Grammar School and Owen's College, the forerunner of the University of Manchester graduating in medicine in 1896. He joined the RAMC in 1898.

His grave is in the private burial ground at his home in Cour, Kintyre, Scotland.

title: William Henry Snyder Nickerson


text:
Archer Martin

Archer John Porter Martin (1 March 1910 – 28 July 2002) was a British chemist who shared the 1952 Nobel Prize in Chemistry for the invention of partition chromatography with Richard Synge.

Early life
Martin's father was a GP. Martin was educated at Bedford School, and Peterhouse, Cambridge.

Career
Working first in the Physical Chemistry Laboratory, he moved to the Dunn Nutritional Laboratory, and in 1938 moved to Wool Industries Research Institution in Leeds. He was head of the biochemistry division of Boots Pure Drug Company from 1946 to 1948, when he joined the Medical Research Council. There, he was appointed head of the physical chemistry division of the National Institute for Medical Research in 1952, and was chemical consultant from 1956 to 1959.

He specialised in biochemistry, in some aspects of vitamins E and B2, and in techniques that laid the foundation for several new types of chromatography. He developed partition chromatography whilst working on the separation of amino acids, and later developed gas-liquid chromatography. Amongst many honours, he received his Nobel Prize in 1952.

After his retirement from the University of Sussex, he was visiting professor at both the University of Houston in Texas and the EPFL (École Polytechnique Fédérale de Lausanne) in Switzerland.

He published far fewer papers than the typical Nobel winners—only 70 in all—but his ninth paper contained the work that would eventually win him the Nobel Prize. The University of Houston dropped him from its chemistry faculty in 1979 (when he was 69 years old) because he was not publishing enough.

Awards
Archer Martin shared the 1952 Nobel Prize in Chemistry for the invention of partition chromatography with Richard Synge.

Archer Martin's 1954 paper with A. T. James, "Gas-Liquid Chromatography: A Technique for the Analysis and Identification of Volatile Materials” reported the discovery of gas-liquid chromatography. This publication was honoured by a Citation for Chemical Breakthrough Award from the Division of History of Chemistry of the American Chemical Society presented in 2016 to the Francis Crick Institute.

The research was actually performed at the National Institute for Medical Research in Mill Hill, which became the Francis Crick Institute in 2015.

Martin was elected a Fellow of the Royal Society in 1950, and made a CBE in 1960.

Personal life
In 1943 he married Judith Bagenal (1918–2006), and together they had two sons and three daughters. In the last years of his life he suffered from Alzheimer's disease.

title: Archer Martin


text: User talk:130.184.11.129

title: User talk:130.184.11.129


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Martin Dunbar-Nasmith

Admiral Sir Martin Eric Dunbar-Nasmith, (1 April 1883 – 29 June 1965) was a Royal Navy officer and a recipient of the Victoria Cross, the highest award for gallantry in the face of the enemy that can be awarded to British and Commonwealth forces. He was born Martin Eric Nasmith, adding "Dunbar" to his surname in 1923.

Early life and education
Nasmith was born on 1 April 1883 at 136 Castelnau in Barnes, which was then in the county of Surrey and is now in the London Borough of Richmond upon Thames.

Early career
Educated at Eastman's Royal Naval Academy in Winchester and HMS Britannia at Dartmouth, Nasmith joined the Royal Navy in 1898.

On 8 May 1912, King George V was in HMY Victoria and Albert in Weymouth Bay to witness Fleet manoeuvres. Because of heavy fog, the programme was disrupted, and the King expressed the desire to dive in a submarine. He embarked on HM Submarine D4, under then Lieutenant Nasmith's command, and (in the words of The Times of 10 May) "made a lengthy run in her when she was submerged." What made the occasion all the more remarkable was the presence on board of his second son, Prince Albert, who was to become King George VI, of Winston Churchill (First Lord of the Admiralty and future prime minister), and of then Captain Roger Keyes, Inspecting Captain of Submarines, who was to become the first Director of Combined Operations (the Commandos) in the early part of the Second World War. A former prime minister, Arthur Balfour, was also embarked, but the then prime minister, H. H. Asquith, who had been with the King's party earlier in the day, had had to return to London on urgent business and did not dive in D4. Nasmith's diary records that: "We remained under water for ten to 15 minutes, during which time he showed great interest in the proceedings, periscope in particular." A Navy News article from July 2012 by Commander William Corbett (at whose parents' wedding Nasmith had proposed the toast to the health of the bride and groom), records that Nasmith often wondered what would have happened to the course of 20th century history had he sunk that day, a not unreasonable thought, given that he had very nearly sunk in the Solent in 1905 whilst in command of HM Submarine A4.

First World War
Dunbar-Nasmith was 32 years old, and a lieutenant commander during the First World War, when the following actions took place for which he was awarded the VC.

"During the period 20 May – 8 June 1915 in the Sea of Marmara, Dardanelles, Turkey, Lieutenant-Commander Nasmith, in command of H.M. Submarine E.11, destroyed one large Turkish gunboat, two transports, one ammunition ship, three store ships and four other vessels.

When he had safely passed the most difficult part of his homeward journey he received information that a cargo of coal was heading towards Istanbul from the Black Sea. Realising that coal was essential for the morale of the besieged city, Nasmith turned back.

When the coal-carrying ship came into sight of the docks, a welcoming committee of municipal grandees soon formed, along with a happy crowd – water, electricity and rail transport had all suffered due to a lack of coal. Hardly had the ship berthed than it mysteriously blew up before the eyes of the astounded crowd. Nasmith successfully slipped out again."

Nasmith conducted combat operations in the Sea of Marmara for a three-month period. When his torpedoes ran low, he set them to float at the end of their run, so that he could recover them should they fail to hit a target. At one point, he captured a sailing dhow, and lashed it to the conning tower of E11 as camouflage, and went on to capture an ammunition ship using small arms. His penetration of the Golden Horn was the first time an enemy ship had done so in over 500 years. He also attacked a railway viaduct.

Nasmith's first lieutenant, Guy D'Oyly-Hughes, and second lieutenant, Robert Brown, were awarded the Distinguished Service Cross, and all the rest of the crew were awarded the Distinguished Service Medal. Nasmith was promoted to commander immediately and to captain a year later.

Later naval career
Later in the war, Nasmith was in charge of the Seventh Submarine Flotilla in the Baltic and Senior Naval Officer at Reval (later Tallinn), and was appointed CB in 1920 for that service. He was captain of HMS Iron Duke (1912) from 1921 to 1923.

He was appointed Commandant of the Royal Naval College, Dartmouth, in 1926 and then became Rear Admiral Submarines in 1929. He became Commander-in-Chief, East Indies in 1932 and Second Sea Lord and Chief of Naval Personnel in 1935. He was Commander-in-Chief, Plymouth from 1938 and then Commander-in-Chief of Plymouth and Western Approaches Command from the outbreak of war in September 1939. He served as Flag Officer-in-Charge, London from 1942 and retired in 1946. Before retiring in 1946 Nasmith moved to Rothes living out the remainder of his days in the town.

In retirement he became Vice Chairman of the Imperial War Graves Commission. He was also appointed Vice-Admiral of the United Kingdom, a ceremonial position.

He died in Rothes in 1965, aged 83.

Family
In 1920 he married Beatrix Justina Dunbar-Dunbar-Rivers; they had two sons (Rear-Admiral David Dunbar-Nasmith and the architect Professor Sir James Dunbar-Nasmith) and a daughter.

Legacy
On 11 April 2015, a blue plaque was unveiled at his birthplace in Barnes.

On 25 June 2015, the Rothes community hosted a ceremony for the unveiling of a commemorative Victoria Cross paving stone at Rothes's war memorial.

title: Martin Dunbar-Nasmith


text:
Akim Tamiroff

Akim Mikhailovich Tamiroff (born Hovakim Tamiryants; October 29, 1899 – September 17, 1972) was an Armenian-American actor of film, stage, and television. One of the premier character actors of Hollywood's Golden Age, Tamiroff developed a prolific career despite his thick accent, appearing in at least 80 motion pictures over a span of 37 years.

He was nominated twice for the Academy Award for Best Supporting Actor for his performances in The General Died at Dawn (1936) and For Whom the Bell Tolls (1943), winning the first ever Golden Globe Award for Best Supporting Actor for the latter. Orson Welles, a friend and oft-collaborator, praised him as "the greatest of all screen actors."

Early life and education
Tamiroff was born Hovakim Tamiryants (Հովակիմ Թամիրյանց) to Armenian parents living in the Russian Empire. Different sources cite either Tiflis (in modern-day Georgia) or Baku (in modern-day Azerbaijan) as his places of birth. His father was an oil worker, and his mother a seamstress. He trained at the Moscow Art Theatre drama school for nine years from the age of 19, where he was a pupil of Konstantin Stanislavski. During that time, he changed his name to the russified moniker Akim Mikhailovich Tamiroff (Аким Михайлович Тамиров).

Stage acting
During his time at the Moscow Art Theatre, he became acquainted with fellow Armenian Nikita Balieff. Following the Russian Revolution, Tamiroff and several other émigrés joined Balieff in Paris to form the La Chauve-Souris touring revue.

He arrived in the U.S. for the first time in January 1923 on a three-month tour with the revue and starred in a repertory of Russian plays directed by Stanislavski. He returned in November and stayed until 1924. His final trip with them was in October 1927 when he decided to stay permanently. He joined the Theatre Guild in New York City, where he met his wife Tamara Shayne. Both were later naturalized as United States citizens.

Film and television career

Tamiroff's film debut came in 1932 in an uncredited role in Okay, America!. He performed in several more uncredited roles until 1935, when he appeared in The Lives of a Bengal Lancer. He also appeared in the lavish epic China Seas in 1935 with Clark Gable, Wallace Beery, Jean Harlow, Rosalind Russell and Robert Benchley. The following year, he was cast in the titular role in The General Died at Dawn. He appeared in the 1937 musical High, Wide, and Handsome with Irene Dunne and Randolph Scott, and the 1938 proto-noir Dangerous to Know opposite Anna May Wong, frequently singled out as his best role.

In the following decade, he appeared in such films as The Buccaneer (1938) with Fredric March, The Great McGinty (1940), The Corsican Brothers (1941), Tortilla Flat (1942) with Spencer Tracy, Hedy Lamarr and John Garfield, Five Graves to Cairo (1943) with Erich von Stroheim as Field Marshal Erwin Rommel, Frank Borzage's His Butler's Sister (1943), For Whom the Bell Tolls (1943) with Gary Cooper and Ingrid Bergman, for which he received another Oscar nomination, and Preston Sturges' The Miracle of Morgan's Creek (1944). Though ethnically Armenian, his many character roles included such ethnicities as Russian, Mexican, Chinese, Italian, French, German, Greek, Egyptian, Polish, Turkish, Malayan, Tartar, Gypsy, and Jew

In later years, Tamiroff appeared in Ocean's 11 (1960) with Frank Sinatra and Dean Martin's Rat Pack, Topkapi (1964) with Peter Ustinov and Melina Mercouri, Lord Jim with Peter O’Toole and Alphaville (1965), Marquis de Sade: Justine (1969) by Jesús Franco. He also had a long collaboration with Orson Welles including Mr Arkadin (1955), Touch of Evil (1958) with Charlton Heston, The Trial (1962), and as Sancho Panza in Welles's unfinished version of Don Quixote.

Awards
In 1944, Tamiroff was the first Golden Globe Award winner for Best Supporting Actor in a Motion Picture for his work in For Whom the Bell Tolls.

He was twice nominated for Academy Awards, both times for Best Actor in a Supporting Role. The first was for his work in The General Died at Dawn, and the second was for his work in For Whom the Bell Tolls. Both these films starred Gary Cooper.

For his contributions to the American film industry, Tamiroff received a star on the Hollywood Walk of Fame for motion pictures at 1634 Vine Street.

Personal life
Tamiroff's accepted birth year was 1899, although in at least two instances this appeared to be different. In his second trip to America in November 1923 his age is given as 27 and in the 1930 census as 32. He married fellow actress Tamara Shayne, with whom he performed nightclub acts, in February 1933 in Los Angeles. Yet, according to the above-mentioned 1930 census, the couple was living in Chicago, Illinois, as married under the (misspelled) name Tameriroff. It appears also that this was his second marriage.

Tamiroff was fluent in five languages – Armenian, Russian, English, French, and Italian.

Death
Tamiroff died on September 17, 1972, from cancer.

Legacy
While Tamiroff may not be a household name now, his malapropistic performance as the boss in The Great McGinty is thought to have been the inspiration for the cartoon character Boris Badenov, the male half of the villainous husband-and-wife team Boris and Natasha on The Rocky and Bullwinkle Show. He was also spoofed in a 1969 episode of the TV show H.R. Pufnstuf entitled "The Stand-in" in which a frog named "Akim Toadanoff" directs a movie on Living Island. He is mentioned in J.D. Salinger's "Uncle Wiggily in Connecticut" (New Yorker, 1942), and Walker Percy's 1961 novel The Moviegoer.

title: Akim Tamiroff


text:
User:Østergaard~enwiki

Anders Østergaard Madsen

Ph.D student at

Center for Crystallographic Studies

Faculty of Science, University of Copenhagen.

title: User:Østergaard~enwiki


text:
Hull–White model

In financial mathematics, the Hull–White model is a model of future interest rates. In its most generic formulation, it belongs to the class of no-arbitrage models that are able to fit today's term structure of interest rates. It is relatively straightforward to translate the mathematical description of the evolution of future interest rates onto a tree or lattice and so interest rate derivatives such as bermudan swaptions can be valued in the model.

The first Hull–White model was described by John C. Hull and Alan White in 1990. The model is still popular in the market today.

One-factor model
The model is a short-rate model. In general, it has the following dynamics:

 * $$dr(t) = \left[\theta(t) - \alpha(t) r(t)\right]\,dt + \sigma(t)\, dW(t).$$

There is a degree of ambiguity among practitioners about exactly which parameters in the model are time-dependent or what name to apply to the model in each case. The most commonly accepted naming convention is the following:

 * $$\theta$$ has t (time) dependence — the Hull–White model.
 * $$\theta$$ and $$\alpha$$ are both time-dependent — the extended Vasicek model.

Two-factor model
The two-factor Hull–White model contains an additional disturbance term whose mean reverts to zero, and is of the form:

 * $$d\,f(r(t)) = \left [\theta(t) + u - \alpha(t)\,f(r(t))\right ]dt + \sigma_1(t)\, dW_1(t),$$

where $$\displaystyle f$$ is a deterministic function, typically the identity function (extension of the one-factor version, analytically tractable, and with potentially negative rates), the natural logarithm (extension of Black–Karasinksi, not analytically tractable, and with positive interest rates), or combinations (proportional to the natural logarithm on small rates and proportional to the identity function on large rates); and $$\displaystyle u$$ has an initial value of 0 and follows the process:

 * $$du = -bu\,dt + \sigma_2\,dW_2(t)$$

Analysis of the one-factor model
For the rest of this article we assume only $$\theta $$ has t-dependence. Neglecting the stochastic term for a moment, notice that for $$\alpha > 0$$ the change in r is negative if r is currently "large" (greater than $$\theta(t)/\alpha)$$ and positive if the current value is small. That is, the stochastic process is a mean-reverting Ornstein–Uhlenbeck process.

θ is calculated from the initial yield curve describing the current term structure of interest rates. Typically α is left as a user input (for example it may be estimated from historical data). σ is determined via calibration to a set of caplets and swaptions readily tradeable in the market.

When $$\alpha$$, $$\theta$$, and $$\sigma$$ are constant, Itô's lemma can be used to prove that

 * $$ r(t) = e^{-\alpha t}r(0) + \frac{\theta}{\alpha} \left(1- e^{-\alpha t}\right) + \sigma e^{-\alpha t}\int_0^t e^{\alpha u}\,dW(u),$$

which has distribution
 * $$r(t) \sim \mathcal{N}\left(e^{-\alpha t} r(0) + \frac{\theta}{\alpha} \left(1- e^{-\alpha t}\right), \frac{\sigma^2}{2\alpha} \left(1-e^{-2\alpha t}\right)\right),$$

where $$\mathcal{N}( \mu ,\sigma^2 )$$ is the normal distribution with mean $$\mu$$ and variance $$\sigma^2$$.

When $$\theta(t)$$ is time-dependent,
 * $$ r(t) = e^{-\alpha t}r(0) + \int_{0}^{t}e^{\alpha(s-t)}\theta(s)ds + \sigma e^{-\alpha t}\int_0^t e^{\alpha u}\,dW(u),$$

which has distribution
 * $$r(t) \sim \mathcal{N}\left(e^{-\alpha t} r(0) + \int_{0}^{t}e^{\alpha(s-t)}\theta(s)ds, \frac{\sigma^2}{2\alpha} \left(1-e^{-2\alpha t}\right)\right).$$

Bond pricing using the Hull–White model
It turns out that the time-S value of the T-maturity discount bond has distribution (note the affine term structure here!)

 * $$P(S,T) = A(S,T)\exp(-B(S,T)r(S)),$$

where

 * $$ B(S,T) = \frac{1-\exp(-\alpha(T-S))}{\alpha} ,$$
 * $$ A(S,T) = \frac{P(0,T)}{P(0,S)}\exp\left( \, -B(S,T) \frac{\partial\log(P(0,S))}{\partial S} - \frac{\sigma^2(\exp(-\alpha T)-\exp(-\alpha S))^2(\exp(2\alpha S)-1)}{4\alpha^3}\right) .$$

Note that their terminal distribution for $$P(S,T)$$ is distributed log-normally.

Derivative pricing
By selecting as numeraire the time-S bond (which corresponds to switching to the S-forward measure), we have from the fundamental theorem of arbitrage-free pricing, the value at time t of a derivative which has payoff at time S.

 * $$V(t) = P(t,S)\mathbb{E}_S[V(S) \mid \mathcal{F}(t)].$$

Here, $$\mathbb{E}_S$$ is the expectation taken with respect to the forward measure. Moreover, standard arbitrage arguments show that the time T forward price $$F_V(t,T)$$ for a payoff at time T given by V(T) must satisfy $$F_V(t,T) = V(t)/P(t,T)$$, thus
 * $$F_V(t,T) = \mathbb{E}_T[V(T)\mid\mathcal{F}(t)].$$

Thus it is possible to value many derivatives V dependent solely on a single bond $$P(S,T)$$ analytically when working in the Hull–White model. For example, in the case of a bond put
 * $$V(S) = (K-P(S,T))^+.$$

Because $$P(S,T)$$ is lognormally distributed, the general calculation used for the Black–Scholes model shows that

 * $${E}_S[(K-P(S,T))^{+}] = KN(-d_2) - F(t,S,T)N(-d_1),$$

where

 * $$d_1 = \frac{\log(F/K) + \sigma_P^2S/2}{\sigma_P \sqrt{S}}$$

and

 * $$d_2 = d_1 - \sigma_P \sqrt{S}.$$

Thus today's value (with the P(0,S) multiplied back in and t set to 0) is:

 * $$P(0,S)KN(-d_2) - P(0,T)N(-d_1).$$

Here $$\sigma_P$$ is the standard deviation (relative volatility) of the log-normal distribution for $$P(S,T)$$. A fairly substantial amount of algebra shows that it is related to the original parameters via

 * $$\sqrt{S}\sigma_P

=\frac{\sigma}{\alpha}(1-\exp(-\alpha(T-S)))\sqrt{\frac{1-\exp(-2\alpha S)}{2\alpha}}.$$

Note that this expectation was done in the S-bond measure, whereas we did not specify a measure at all for the original Hull–White process. This does not matter — the volatility is all that matters and is measure-independent.

Because interest rate caps/floors are equivalent to bond puts and calls respectively, the above analysis shows that caps and floors can be priced analytically in the Hull–White model. Jamshidian's trick applies to Hull–White (as today's value of a swaption in the Hull–White model is a monotonic function of today's short rate). Thus knowing how to price caps is also sufficient for pricing swaptions. In the even that the underlying is a compounded backward-looking rate rather than a (forward-looking) LIBOR term rate, Turfus (2020) shows how this formula can be straightforwardly modified to take into account the additional convexity.

Swaptions can also be priced directly as described in Henrard (2003). Direct implementations are usually more efficient.

Monte-Carlo simulation, trees and lattices
However, valuing vanilla instruments such as caps and swaptions is useful primarily for calibration. The real use of the model is to value somewhat more exotic derivatives such as bermudan swaptions on a lattice, or other derivatives in a multi-currency context such as Quanto Constant Maturity Swaps, as explained for example in Brigo and Mercurio (2001). The efficient and exact Monte-Carlo simulation of the Hull–White model with time dependent parameters can be easily performed, see Ostrovski (2013) and (2016). An open-source implementation of the exact Monte-Carlo simulation following Fries (2016) can be found in finmath lib.

Forecasting
Even though single factor models such as Vasicek, CIR and Hull–White model has been devised for pricing, recent research has shown their potential with regard to forecasting. In Orlando et al. (2018, 2019, ) was provided a new methodology to forecast future interest rates called CIR#. The ideas, apart from turning a short-rate model used for pricing into a forecasting tool, lies in an appropriate partitioning of the dataset into subgroups according to a given distribution ). In there it was shown how the said partitioning enables capturing statistically significant time changes in volatility of interest rates. following the said approach, Orlando et al. (2021) ) compares the Hull–White model with the CIR model in terms of forecasting and prediction of interest rate directionality.

title: Hull–White model


text:
Talk:British degree abbreviations

Miscellaneous
The University of Oxford used to award a Bachelor of Letters (BLitt) It is now a Master of Letters as it is a postgraduate degree. A relevant page can be found here

Also, have a look at the Doctorate entry. The DLitt is the Literarum Doctor or Doctor of Letters. Update: I should mention that the shortened version is based on the latin name while the full name is anglicised. Henry plantagenet 23:08, 29 Nov 2004 (UTC)

I've noticed a rather strange theme running throughout the entire wiki regarding Scottish Universities and four year honours degrees. Almost every article refers to the "ancient" universities using this system - but EVERY Scottish university uses the fourth year honours system including Caledonian, Paisley and many others which are far from ancient! Am I missing something in the wording here? 84.71.62.124 20:02, 22 May 2006 (UTC) mtb

It's surely well-known that when comparing different countries primary/ secondary and tertiary education time allocations, Scottish education is a 7:5:4 system while England has a 6.7:3 system.Zagubov 00:38, 29 September 2006 (UTC)

Diploma abbreviations
Are there any formal practives or even common conventions on diplomas? I've seen all manner of confusion on these. Timrollpickering 12:32, 13 July 2007 (UTC)

For what it's worth, I have an Open University advanced diploma in special needs in education, which is a postgraduate award abbreviated to "AdvDipEd" when listing postnominal qualifications.

Certificates are also awarded as postgraduate qualifications. The postgraduate certificate in education granting qualified teacher status is abbreviated to "PGCE", while the similar graduate certificate in education is abbreviated to "GradCertEd" to distinguish it from the "General Certificate of Education" (GCE), which is a secondary education qualification.Helmardine (talk) 04:47, 2 June 2023 (UTC)

Undergraduate master's x Postgraduate master's
My impression is that, with the multiplication of 4-year undergraduate courses leading to an MEng, MSci or equivalent degree, very few engineering and science students in the top universities now take one-year postgraduate taught master's courses (e.g. MSc). Instead, they tend to go straight from the MEng/MSci to a PhD, normally going through a one-year "probationer research student" (PRS) status and then getting the PhD degree in another two or, more often, three years (for total period of 7 or 8 years of study between A-levels and finishing the doctorate).

Although I'm not sure, I believe an MEng for example is not at a disadvantage for admission into a PhD programme compared to another person who has a 3-year BEng plus a one-year taught MSc with a small research component. In that sense, I'm not sure I agree with the statement in the article that a one-year taught postgraduate master's is considered a higher qualification than a 4-year undergraduate master's, at least not in engineering and natural sciences.

I suppose a research postgraduate master's degree is indeed considered a "higher qualification", but, again, not many people pursue research master's course by choice as a stand-alone degree, normally going for a PhD instead. I may be wrong, but I have the impression that research students in the UK who end up graduating with a master's instead of a PhD are mostly those who, in their first-year formal performance assessment, were not judged capable of completing a doctorate and were recommended to read for a master's  degree instead. 161.24.19.82 17:24, 5 September 2007 (UTC)

 * MMath, MChem, MEng, MPhys, etc. are all undergraduate masters degrees and yet they are under the postgraduate heading. This is misleading. In particular, the text under "postgraduate degrees" mentions that postgraduate degrees are not honours degrees and although the "masters degrees" is not under the "postgraduate degrees" section that mentions this, it is still under the "Post Graduate" section which is confusing: it is perfectly possible to have MMath (Hons) and so on. I suggest separate sections for "undergraduate masters" and "postgraduate degrees".

 * Also in my experience the four-year undergraduate masters is if anything regarded more highly than a 3-year bachelors plus one year postgraduate study. I have removed the line you mentioned ("Postgraduate masters degrees are considered higher status than undergraduate masters") as there seems to be nothing to back this up.
 * 46.208.30.247 (talk) 23:57, 27 January 2012 (UTC)

 * To my mind, linking the organisation of this article to the UK Framework for Higher Education Qualifications would be sensible. This is the actual definition of the different levels of qualification (And, yes, undergraduate master's – except Scottish/Oxbridge MAs - are considered the same level as postgraduate master's.) Robminchin (talk) 04:56, 15 November 2015 (UTC)

Nomenclature
The correct form for 4 or 5 year undergraduate masters programmes is "Master in", "Master of" is used for postgraduate courses only. —Preceding unsigned comment added by Alexdawson (talk • contribs) 13:54, 18 April 2010 (UTC)
 * Master of Engineering is widely used, and is an undergraduate degree. As, of course, is Master of Arts in the ancient Scottish universities.Robminchin (talk) 04:58, 15 November 2015 (UTC)

Junior\Higher Doctorate distinction
This article in general is somewhat Oxbridge-tinted. While I have no objections to this in principle, I wonder whether the section on the junior\higher doctoral distinction really is appropriate, for the distinction is, I believe (but I could be wrong), limited to Oxbridge. I cant imagine Imperial College or the LSE, for example, ranking a Doctorate in Divinity as trumping that of a PhD. Even within Oxbridge, the distinction is merely a historical relic (or so I understand - again correct me if I am wrong). —Preceding unsigned comment added by 86.144.81.141 (talk) 02:56, 23 March 2008 (UTC)

 * I'm not so sure. It is rare to grant higher doctorates these days (a lot of university degree committees groan at the thought of the amount of reading and assessment it takes) but the higher doctorates are often still specified (particularly in the relevant charters and ordinances) as being recognition of one's contribution to knowledge in the field over the length of a career. What confuses things is that very often one or more of the available higher doctorates is given as an "honorary degree" (and sometimes the others get called that since they reflect scholarship not specifically undertaken for them). But I think Imperial would certainly regard a Doctor of Science awarded for a career's work as superior to a PhD awarded for initial research at the outset of it.

 * What I do agree is probably outdated is the concept of a formal order of precedence. Most universities these days seem to regard degrees as qualifications, rather than the historic idea of them being "ranks" in faculties (not least because the degree names have become disconnected from university organisation), and many just don't bother to construct an official order for these things. But the term "higher doctorate" is generally still in use denoting a hierarchy. Timrollpickering (talk) 06:34, 23 March 2008 (UTC)

 * I don't believe that Doctor of Science is awarded by any UK university, and certainly not by Imperial. As such it seems likely that IC would regard it the same way it would other foreign qualifications with no UK equivalent -- probably on a case-by-case basis. --Bazzalisk (talk) 16:52, 24 November 2011 (UTC)

 * Imperial divides its doctorates into three levels: 'specialist', 'research' and 'higher'. Among the last of these is the DSc. See http://www.imperial.ac.uk/admin-services/secretariat/college-governance/charters-statutes-ordinances-and-regulations/ordinances/academic/.
 * The distinction between junior (or research) and higher doctorates is normally that junior doctorates have a defined course of study that a student can apply for, while a higher doctorate doesn't have any course of study (and is normally granted as an honorary distinction).
 * To come back to the specific point raised, Imperial certainly does grant the DSc, but there is no course and no student will ever study for this degree.Robminchin (talk) 04:44, 15 November 2015 (UTC)

Degree Abbreviations Can some one please clarify the correct convention for using degree, masters and diploma abbreviations as letters designate? my employer has recently put together a brochure the abbreviations as general to the team ( in a strap line) and not specific to the staff who have them. I have always understood that these are only for use after the name of the person who has the qualificatione. e.g on business card / door/ CV etc.... [ Nola O'Donnell 19;15, January 2009]

Apostrophe or not?
There is one subheading Master's level bachelors degrees, which illustrates the inconsistencies in this article (and I think in common usage) concerning the use of apostrophes. Are these degrees possessives? I have seen bachelor, bachelors, and bachelor's used to denote the degree. I have seen masters and master's, but never a master degree. I know the degrees themselves are "Bachelor of..." and "Master of...", and this is really a less formal, more general usage, but it seems to have been around long enough to have a standard attached to it. I have wondered for decades (seriously) if an apostrophe is properly used, or if it is proper not to use one. In either case, we should be consistent within the article. Dcs002 (talk) 01:58, 22 February 2017 (UTC)

 * The apostrophe seems to be generally preferred across Wikipedia for both bachelor's and master's degrees, and is used for both the article titles. It should probably be used here unless there is an overriding reason not to (I can't think of one). Robminchin (talk) 04:18, 22 February 2017 (UTC)

External links modified
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Orphaned references in British degree abbreviations
I check pages listed in Category:Pages with incorrect ref formatting to try to fix reference errors. One of the things I do is look for content for orphaned references in wikilinked articles. I have found content for some of British degree abbreviations's orphans, the problem is that I found more than one version. I can't determine which (if any) is correct for this article, so I am asking for a sentient editor to look it over and copy the correct ref content into this article.

Reference named "London": From List of doctoral degrees awarded by country:  From List of UK universities by date of foundation:

I apologize if any of the above are effectively identical; I am just a simple computer program, so I can't determine whether minor differences are significant or not. AnomieBOT ⚡ 09:04, 9 July 2020 (UTC)

 * Fixed. The reference needed updating and the award name was wrong, both corrected. Robminchin (talk) 01:46, 10 July 2020 (UTC)

title: Talk:British degree abbreviations