211,063 research outputs found
Parasenecio souliei Chen 1999
No full textParasenecio souliei (Franch.) Chen (1999: 63). Senecio souliei Franchet (1891: 145). Fig. 1 Type:— CHINA. Se-tchuen [Sichuan]: Ta-tsien-Lou [Kangding], J. A. Soulié s.n. (lectotype designated by Koyama (1979: 75): P00705033!; isolectotype: P00705035!). Fig. 1. Synotis setchuenensis (Franch.) Jeffrey & Chen (1984: 336). Senecio setchuenensis Franchet (1891: 145). Figs. 5, 6. Type:— CHINA. Se-tchuen [Sichuan]:Ta-tsien-lou [Kangding], J.A. Soulié 198 (lectotype designated by Yu et al. (2014: 593): P00705011!; isolectotype: P00705012!). Fig. 5.Published as part of Li, Cheng-Sheng, Chi, Xiao-Rui, Fei, Wen-Qun & Ren, Chen, 2022, Revisiting the lectotypifications of Senecio plantaginifolius, S. setchuenensis and S. souliei (Asteraceae: Senecioneae), pp. 57-66 in Phytotaxa 532 (1) on page 66, DOI: 10.11646/phytotaxa.532.1.4, http://zenodo.org/record/590087
Phortica (Ashima) pavriarista Cheng & Chen 2008
No full text14) Phortica (Ashima) pavriarista Cheng & Chen, 2008 Phortica (Phortica) pavriarista Cheng & Chen in Cheng et al., 2008: 620. Phortica speculum (Maca & Lin, 1993): Chen et al., 2005b: 420 (part, misidentification). Phortica (Ashima) pavriarista: Chen & Máca, 2012: 507. Diagnosis. Arista only very slightly expanded apically (“Fig. 14” in Cheng et al. 2008); all postgonites strongly sclerotized, apically more or less pointed; posterior postgonite on only one lateral lobe of aedeagal sheath; lateral lobes submedially separated from each other; one lateral lobe of aedeagal sheath with 2 relatively close anterior postgonites (“Fig. 17” in Cheng et al. 2008). Supplementary description (not repeating characters common to P. foliiseta). Supracervical setae 12–14. Dorsomedial, tentorial apodeme 1/2 as long as basal, parallel portion of dorsolateral, tentorial apodeme. Longest, dorsal branch of arista shorter than longest seta on pedicel. Cibarial, medial sensilla 9–10 per side; posterior sensilla 4–6 per side. All tarsi with gray tarsomere V. The antisymmetry is observed in the postgonites: in A-type, the left lateral lobe bears 2 anterior postgonites, and the right lobe 1 posterior and 1 anterior postgonites (“Fig. 17” in Cheng et al. 2008); but in B-type, vice versa. Specimen examined. Thailand: 1♂ (B-type), above Sangwal, Doi Suthep, Chiang Mai, 1,250 m a.s.l., 6.i.2008, H. Bänziger leg. (SEHU). Distribution. China (Yunnan), Thailand *. Remarks. This species resembles P. andreagigoni in having the less expanded apex of arista, but can be distinguished from it by the diagnostic characters.Published as part of Toda, Masanori J., Bänziger, Hans, Sati, Pradeep C., Fartyal, Rajendra S., Suwito, Awit & Katoh, Toru, 2020, Taxonomy and evolution of asymmetric male genitalia in the subgenus Ashima Chen (Diptera: Drosophilidae: Phortica Schiner), with descriptions of seven new species, pp. 1-54 in Zootaxa 4789 (1) on page 20, DOI: 10.11646/zootaxa.4789.1.1, http://zenodo.org/record/388461
Revisiting the lectotypifications of Senecio plantaginifolius, S. setchuenensis and S. souliei (Asteraceae: Senecioneae)
No full textLi, Cheng-Sheng, Chi, Xiao-Rui, Fei, Wen-Qun, Ren, Chen (2022): Revisiting the lectotypifications of Senecio plantaginifolius, S. setchuenensis and S. souliei (Asteraceae: Senecioneae). Phytotaxa 532 (1): 57-66, DOI: 10.11646/phytotaxa.532.1.
Chao Yuen Ren (1892–1982)
No full textY. R. Chao is easily the most famous linguist to have come out of China. Born before the end of the last dynasty in China, he received a traditional Confucian education, but was also one of the first Chinese people to be sent to the West for training in modern Western science (under the Boxer Indemnity Fund). The remarkable breadth and scope of his studies included physics, mathematics, linguistics, musical and literary composition, and translation, and he was a pioneer in many of these fields
Phortica (Ashima) nudiarista Cheng & Chen 2008
No full text15) Phortica (Ashima) nudiarista Cheng & Chen, 2008 Phortica (Phortica) nudiarista Cheng & Chen in Cheng et al., 2008: 619. Phortica brachychaeta Chen & Toda in Chen et al., 2005b: 422 (part, misidentification). Phortica (Ashima) nudiarista: Chen & Máca, 2012: 507. Diagnosis. Arista apically with distinct, leaf-like expansion narrower than long and apically tapering and pointed but neither dorsal nor ventral branches (“ Fig. 8 ” in Cheng et al. 2008); one lateral lobe of aedeagal sheath with 2 anterior postgonites widely separated; the other lateral lobe with 1 posterior and 1 anterior postgonites (“Fig. 11” in Cheng et al. 2008). Supplementary description (not repeating characters common to P. pavriarista). Supracervical setae 9–11. Cibarial, medial sensilla approximately 9 per side; posterior sensilla approximately 5 per side. The antisymmetry is observed in the postgonites: in A-type, the left lateral lobe bears 2 anterior postgonites, and the right lobe 1 posterior and 1 anterior postgonites (“Fig. 11” in Cheng et al. 2008); but in B-type, vice versa. Specimens examined. China: 1♂ (B-type), Zhengxing, Jingdong, Yunnan, 24.vii.2009 (SEHU). Thailand: 1♂ (B-type), above Sangwal, Doi Suthep, Chiang Mai, 1,250 m a.s.l., 24.vii.2008, H. Bänziger leg. (SEHU); 1♂ (Atype), above Sangwal, Doi Suthep, Chiang Mai, 1,250 m a.s.l., 9.i.2008, H. Bänziger leg. (SEHU); 1♂ (B-type), path to Pha Lad, Doi Suthep, Chiang Mai, 5.x.2008, H. Bänziger leg. (SEHU); 1♂ (B-type), path to Bung La U O, Ban Thi Pho Ji, Umphang Distr., Tak, ~ 800 m, 22.i.2008, H. Bänziger leg. (SEHU). Malaysia: 1♂ (B-type), Ulu Gombak, Selangor, 9.xii.2013, M.J. Toda leg. (SEHU). India: 1♂ (B-type), Uttarakhand, Chamoli Distr., Simli (Narainbagar), 5.ix.2010, P.C. Sati leg. (SEHU). Distribution. China (Yunnan), Thailand *, Peninsular Malaysia *, India (Uttarakhand)*. Remarks. This species resembles P. pavriarista in the morphology of the aedeagal sheath and postgonites, but can be distinguished from it by the diagnostic characters.Published as part of Toda, Masanori J., Bänziger, Hans, Sati, Pradeep C., Fartyal, Rajendra S., Suwito, Awit & Katoh, Toru, 2020, Taxonomy and evolution of asymmetric male genitalia in the subgenus Ashima Chen (Diptera: Drosophilidae: Phortica Schiner), with descriptions of seven new species, pp. 1-54 in Zootaxa 4789 (1) on page 20, DOI: 10.11646/zootaxa.4789.1.1, http://zenodo.org/record/388461
Vescisalignus indecorus Chen, Yao & Ren, sp. nov.
No full text<i>Vescisalignus indecorus</i> Chen, Yao & Ren, sp. nov. <p>(Figures 1–3)</p> <p> <b>Diagnosis.</b> As for genus.</p> <p> <b>Description.</b> Length of body 3.6 times of the width. Head trilateral, width subequal to length, almost as long as pronotum. Head slightly shorter than pronotum, compound eyes somewhat prominent, spherical, widely separated; two ocelli relatively small and well elevated on a tubercle; antenna subequal to third of the body, 4-segmented, first segment shortest, second longest, every segment uniformly slender; rostrum extending to mesocoxae. Collar present, not depressed. Pronotum nearly trapeziform with sinuous flanks, 1.7 times as wide as long. Fore and mid legs subequal in length, hind legs much longer than mid legs; femora short and stout, corresponding tibiae distinctly slenderer and longer than femora, tarsi shorter than half length of corresponding tibiae, tarsi trimerous. Base of membrane with a black comma-like marking. Abdomen oval, spiracle conspicuous.</p> <p> <b>Dimensions</b> (in mm): Body length 6.06–7.94 (♂), 6.68–8.11 (♀); maximum width of body 1.70–2.30 (♂), 1.84–2.63 (♀); maximum width of abdomen 1.89–2.52 (♂), 2.38–2.88 (♀); length of head 0.98–1.44 (♂), 0.98–1.36 (♀), width 0.75–1.25 (♂), 0.78–1.04 (♀); length of antennal segments I −IV: 0.14–0.21, 0.80–0.98, 0.79–0.97, 0.64–0.80 (♂), 0.14–0.18, 0.70–0.90, 0.68–0.89, 0.65–0.81 (♀); length of rostral: 3.18–3.66 (♂), 3.63– 4.01 (♀); length of pronotum 0.89–1.57 (♂), 1.31–2.08 (♀), width 0.93–1.81 (♂), 0.73–1.23 (♀); length of fore leg: femur 0.96–1.20 (♂), 0.98–1.14 (♀), tibia 1.19–1.27 (♂), 0.98–1.18 (♀), tarsomeres I −III: 0.25–0.29, 0.25– 0.27, 0.17–0.22 (♂), 0.12–0.15, 0.18–0.20, 0.16–0.18 (♀); length of middle leg: femur 0.32–1.44 (♂), 1.30–1.35 (♀), tibia 1.11–1.23 (♂), 1.00–1.22(♀), tarsomeres I −III: 0.20–0.35, 0.19–0.22, 0.17–0.19(♀); length of hind leg: femur 0.56–1.89(♂), 0.48–2.17 (♀), tibia 2.04–2.27 (♂), tarsomeres I −III: 0.28, 0.29, 0.21 (♂), 0.22, 0.27,.26 (♀).</p> <p> <b>Material.</b> Holotype (♂): CNU-Het-LB2010212 (dorsoventrally compressed); paratypes: 41 ♂, CNU-Het- LB2013228 (laterally compressed), CNU-Het-LB2013230/238/242/244/195/197/198/209/220/226/231/234/236/ 187/189/193/196/204/207/210/211/213/215/219/221/222/223/224/239/245/246/253, CNU-Het-LB2010250/251/ 252/255/257/259 (dorsoventrally compressed); 30 ♀, CNU-Het-LB2010249/253/254/258/260/263,CNU-Het- LB2013186/188/201/203/216/232/233/237/240/241/243/247/248/250/251/252/254/203/205/206/218/217/225 (dorsoventrally compressed).</p> <p> <b>Locality and horizon.</b> Beipiao City, Liaoning Province, China, Yixian Formation, Early Cretaceous.</p> <p> <b>Etymology.</b> The name derived from Latin “ indecorus ”, means simple and unadorned.</p>Published as part of <i>Chen, Xiaotong, Yao, Yunzhi & Ren, Dong, 2015, A new genus and species of Rhopalidae (Hemiptera: Heteroptera) from the Early Cretaceous of Liaoning Province, China, pp. 135-140 in Zootaxa 4058 (1)</i> on page 139, DOI: 10.11646/zootaxa.4058.1.9, <a href="http://zenodo.org/record/244720">http://zenodo.org/record/244720</a>
Stegana (Oxyphortica) mediospinosa Cheng, Xu & Chen, 2010, sp. nov.
No full textStegana (Oxyphortica) mediospinosa sp. nov. (Figs 1–4) Diagnosis. This species, very similar to S. (O.) setifrons in the shape of gonopods, can be differentiated from it by having the surstylus slightly inward protruded ventrally, with one sclerotized process dorsally and one strong prensiseta subbasally (Fig. 2). Description. Male and female: Frons almost dark brown. Face, clypeus and gena yellow. Mesoscutum yellow in male, brownish yellow in female. Pleura yellow below. Scutellum yellow to brownish. Abdominal tergites 2 nd and 3 rd grayish brown, 4 th to 6 th black; sternites yellow, 6 th and 7 th tergites brown to dark brown in female. Measurements. BL = 3.25 mm in the holotype (range in 53 4 ΨΨ paratypes: 2.66–3.03 in 3, 3.35– 3.50 in ΨΨ), ThL = 1.40 mm (1.16–1.34 in 3, 1.26–1.50 in ΨΨ), WL = 2.95 mm (2.08–2.33 in 3, 2.80– 3.20 in ΨΨ), WW = 1.12 mm (0.98–1.13 in 3, 1.04–1.24 ΨΨ), arb = 8 / 4 (7–9 / 4–5), avd = 1.00 (0.76 –1.00), adf = 2.00 (1.18–2.11), flw = 2.00 (1.56–1.90), FW/HW = 0.37 (0.35–0.43), ch/o = 0.08 (0.07–0.11), prorb = 1.25 (1.07–1.29), rcorb = 0.75 (0.65–0.86), vb = 0.70 (0.50–0.71), dcl = 0.51 (0.37–0.55), presctl = 0.55 (0.50–0.60), sctl = 0.92 (1.07–1.24), sterno = 0.71 (0.72–0.89), orbito = 1.56 (1.71–2.33), dcp = 0.30 (0.26– 0.35), sctlp = 0.91 (0.84–1.12), C = 3.17 (2.70–3.20), 4 c = 0.73 (0.74–0.89), 4 v = 1.52 (1.58–2.06), 5 x = 0.83 (1.00– 1.27), ac = 4.00 (3.67–3.93), M = 0.44 (0.45–0.48), C 3 F = 0.79 (0.74–0.93). Specimens examined. Holotype 3 (SCAU, No. 120486), CHINA: Mengyang (22 ° 20 'N, 100 ° 51 'E), Xishuangbanna, Yunnan, 700 m, 14.ix. 2002, H.W. Chen. Paratypes: CHINA: 2 ΨΨ (SCAU, Nos 120487,88), same data as holotype; 43 1 Ψ (KIZ) 53 (SCAU, Nos 120489 - 93), 23 1 Ψ (SCAU, Nos 120494 - 96), Menglun, Xishuangbanna, Yunnan, 21 ° 41 'N, 101 ° 25 'E, 700–900 m, 12.viii. 2001, M.J. Toda, 22.ix. 2003, H.W. Chen, 16.iv. 2007, H.W. Chen; 23 6 ΨΨ (KIZ), Mengla, Xishuangbanna, Yunnan, 21 ° 28 ΄ N, 101 ° 38 ΄ E, alt. 600 m, 22–25.iv. 2007, J.J. Gao. LAOS: 23 (SCAU, Nos 120497, 98), Reu Gnomnolat, 680 m, 25.v. 2007, X.M. Wang. Etymology. A combination of the Latin words: medius and spinosus, referring to the surstylus submedially with 1 strong prensiseta. Distribution. China (Yunnan), Laos.Published as part of Cheng, Yu, Xu, Miaofeng & Chen, Hongwei, 2010, The Stegana (Oxyphortica) convergens species group from the Oriental region (Diptera: Drosophilidae), pp. 57-63 in Zootaxa 2531 on pages 59-60, DOI: 10.5281/zenodo.19654
Synotis nyalamensis M. Tang, C. Ren, Y. S. Chen & Q. E. Yang 2022, sp. nov.
No full textSynotis nyalamensis M. Tang, C. Ren, Y.S. Chen & Q.E. Yang, sp. nov., Figs. 1, 2A–C. TYPE:— CHINA. Xizang, Nyalam county, Kangshan bridge to Zhangmu town, 28°02′29.52″N, 85°45′15.97″E, ca. 3200 m a.s.l., gravelly places on mountain slope, 26 August 2013, M. Tang & C. Ren 485 (holotype IBSC, isotypes KUN, PE). Fig. 1. Synotis kunthiana auct. non (Wallich ex Candolle 1838: 169) Jeffrey & Chen (1984: 288): Tang & Yang (2013). Diagnosis:— Synotis nyalamensis is closely similar to S. kunthiana in having abaxially white-tomentose leaves and cylindric-campanulate capitula, but differs by having higher stature (45–60 vs. 20–40 cm), singular (vs. several) stems, caudate-acuminate (vs. acuminate) leaf tips, prominent (vs. obscure) nerves on abaxial side of leaves, more phyllaries (10–13, rarely 8 or 9 vs. 6–8), and more disk florets (15–24 vs. 7–12). Description:—Perennial rhizomatous subshrubs. Rhizomes thick, woody. Stems solitary, erect, 45–60 cm tall, sparsely arachnoid-tomentose, proximally leafless at flowering time. Median stem leaves ovate-lanceolate, green, papery, 6–8 cm long, 3–5 cm broad, caudate-acuminate, remotely and minutely mucronulate-denticulate, adaxially sparsely pubescent, abaxially grey-whitish arachnoid-tomentose, pinnately veined, lateral veins 8–10; petiole 0.8–1.5 cm long; upper leaves becoming gradually smaller, sessile, oblong-linear. Capitula radiate, 3–8, loosely arranged in terminal and upper axillary corymbs on inflorescence branches; peduncles (1.0–)2.0– 4.5 cm long, slender, pubescent, bearing 1–3 filiform bracteoles. Involucres cylindric-campanulate, 8–10 mm long, 4–6 mm broad, with 8–10 subulate bracteoles at base, bracts of calyculus 5 to 8, filiform, green or purple, 6–8 mm long; phyllaries usually 10–13, rarely 8 or 9, linear-lanceolate, 1–2 mm broad, green, herbaceous, sparsely pubescent, margin narrowly scarious, apically acute, pubescent. Ray florets (6–)8, yellow; corolla tube 3–4 mm long; lamina oblong, 4–5 mm long, 1.5–2 mm broad, shallowly 2- or 3-denticulate, 3 or 4 veined, apex acute. Disk florets 15–24; corolla yellow, 7–10 mm long, with 3–4 mm long tube and infundibuliform limb; lobes ovate-triangular, 6–7 mm long, apically acute. Anthers 3–3.5 mm long; anther tails ca. 1.5 times the length of anther collars; appendages ovate-oblong; anther collars slightly dilated at base. Style arms ca. 1 mm long, fringed with short papillae, the apical tuft not differentiated. Achenes cylindric, 2–3 mm long, glabrous. Pappus white, 6–7 mm long. Phenology:—Flowering from August to September; fruiting from October to December. Etymology:—The specific epithet of our new species, “ nyalamensis ”, is derived from the type locality, i.e. Nyalam county in southern Xizang, China. Distribution and habitat:— Synotis nyalamensis is currently known only from its type locality, i.e. Nyalam county in southern Xizang, China (Fig. 5). It grows in gravelly places on mountain slope at an altitude of ca. 3200 m above sea level. Its putative closest ally, Syn. kunthiana, is distributed only in northwestern India, Nepal, and Pakistan, not in China (Fig. 5). Conservation status:— Synotis nyalamensis is a locally endemic species. During our field work we tried our best to search for it around the type locality but discovered only a small population with ca. 15 mature individuals. We have also been unable to trace any herbarium specimen of this species collected prior to us. According to IUCN Red List categories and criteria (IUCN Standards and Petitions Subcommittee 2019), Syn. nyalamensis should be categorized as a Critically Endangered (CR) species. Notes:—As pointed out by Jeffery & Chen (1984), a notable feature of the genus Synotis is the occurrence of closely similar, usually vicariant but sometimes partially sympatric sets of similar species, which on experimental study may prove better distinguished at subspecific rank. They gave eight examples in the Chinese flora. It seems that Syn. kunthiana and Syn. nyalamensis are an example in the Himalayan flora. Morphologically these two species, although different in some characters, are indeed closely similar to each other (Table 1). According to Jeffery & Chen (1984), Chen (1999) and Li et al. (2018), Synotis is divisible into two well-marked sections, sect. Synotis and sect. Karelinioidei (Fedtschenko & Fedtschenko ex Schischkin 1961: 751) Ren et al. in Li et al. (2018: 9). The former is divisible into five not very clearly differentiated series, with S. kunthiana belonging to Syn. ser. Fulvipapposae Jeffrey & Chen (1984: 332). Considering the remarkable morphological resemblance between Syn. nyalamensis and Syn. kunthiana, we propose to place Syn. nyalamensis also within this series.Published as part of Tang, Ming, Ren, Chen, Chen, You-Sheng & Yang, Qin-Er, 2022, Synotis nyalamensis (Asteraceae, Senecioneae), a new species from southern Xizang (Tibet), China, pp. 278-284 in Phytotaxa 554 (3) on pages 280-283, DOI: 10.11646/phytotaxa.554.3.6, http://zenodo.org/record/683152
Stegana (Oxyphortica) apicopubescens Cheng, Xu & Chen, 2010, sp. nov.
No full textStegana (Oxyphortica) apicopubescens sp. nov. (Figs 5–8) Diagnosis. Surstylus strongly protruded anteroventrally, with 2 strong prensisetae dorsally (Fig. 6). This species is somewhat similar to S. (O.) apicosetosa sp. nov., see under that species. Description. Frons dark brown. Face yellow. Gena and clypeus brown. Mesoscutum yellow medially, brownish laterally. Pleura yellow below. Scutellum brownish. All abdominal tergites yellow medially, brown on lateral and posterior margins. Sternites yellow, tergites 6 th and 7 th brown to dark brown in female. Measurements. BL = 2.75 mm in holotype (range in 43 5 ΨΨ paratypes: 2.60–2.85 in 3, 2.78–3.52 in ΨΨ), ThL = 1.16 mm (1.18–1.20 in 3, 1.24–1.44 in ΨΨ), WL = 2.55 mm (2.50–2.60 in 3, 2.41–2.75 in ΨΨ), WW =1.00 mm (0.90–1.02 in 3, 1.13–128 in ΨΨ), arb = 7 / 4 (7–8 / 4–5), avd = 0.65 (0.62–0.95), adf = 2.25 (1.83–2.63), flw = 1.50 (1.75–2.13), FW/HW = 0.44 (0.40–0.47), ch/o = 0.08 (0.08–0.10), prorb = 1.36 (1.16–1.68), rcorb = 0.95 (0.77 –1.00), vb = 0.78 (0.59–0.75), dcl = 0.13 (0.12–0.49), presctl = 0.58 (0.43– 0.65), sctl = 1.18 (1.15–1.26), sterno = 0.81 (0.73–0.92), orbito = 2.50 (1.40 –2.00), dcp = 0.36 (0.25–0.34), sctlp = 1.19 (0.83–1.33), C = 3.36 (2.53–3.59), 4 c = 0.77 (0.68–0.91), 4 v = 1.82 (1.68–1.88), 5 x = 1.30 (1.00– 1.47), ac = 4.30 (3.36–5.33), M = 0.43 (0.43–0.57), C 3 F = 0.86 (0.81–0.93). Specimens examined. Holotype 3 (SCAU, No. 120499), CHINA: Maoershan, Guilin, Guangxi, 25 ° 51 ΄ N, 110 ° 27 ΄ E, alt. 500 m, 18.x. 2004, H.W. Chen. Paratypes: 43 (SCAU, Nos 120500 -03), same data as holotype, H.L. Cao, M.F. Xu & X.L. Zhan; 23 (SCAU, Nos 120504, 05), Chongzou, Guangxi, 22 ° 33 ΄ N, 106 ° 92 ΄ E, alt. 230 m, 23,24. viii. 2004, H.W. Chen; 73 9 ΨΨ (23 3 ΨΨ in KIZ; 53 6 ΨΨ in SCAU, Nos 120506 - 16), Huolushan, Guangdong, 23 ° 11 ΄ N, 113 ° 22 ΄ E, alt. 80 m, 5.iv. 2005, M.F. Xu. Etymology. A combination of the Latin words: apex and pubescens, referring to the gonopods with pubescence. Distribution. China (Guangdong, Guangxi).Published as part of Cheng, Yu, Xu, Miaofeng & Chen, Hongwei, 2010, The Stegana (Oxyphortica) convergens species group from the Oriental region (Diptera: Drosophilidae), pp. 57-63 in Zootaxa 2531 on pages 60-61, DOI: 10.5281/zenodo.19654
Estimation and evaluation of the term structure of credit default swaps: An empirical study
No full textChen, Cheng, Fabozzi and Liu [Chen, Ren-Raw, Cheng, Xiaolin, Fabozzi, Frank, Liu, Bo, 2008. An explicit, multi- factor credit default swap pricing model with correlated factors. J. Financial Quantitative Anal. 43 (1), 123-160] provide an explicit solution to the value of the credit default swap when the interest rate and the hazard rate are correlated. They also provide empirical evidence to support the model with transaction prices. In this paper, we extend their empirical work to study the term structure of CDS spreads by using a matrix CDS dataset from J. P. Morgan Chase. Matrix data contain interpolated prices based on traders' expectations, which are often criticized as being "unreal". However, the benefit of this matrix dataset is that it contains the entire credit spread curves, which allows us to understand the cross-sectional variation of the credit risk. The empirical results show that the parameters of the model are highly significant and it captures most of the cross-sectional as well as time series variation.
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