The Economics of Structured Finance ppt

... zero. The figure displays the expected payoff as a function of the default correlation, normalized by the expected payoff under the baseline calibration. These values can be thought of as illustrating ... realization of the default experience on the value of a $1 investment in each tranche. The top panel shows that the expected payoff of the underlying collater...

Ngày tải lên: 31/03/2014, 05:21

... shown the sterility of the earlier political theory which thought only in terms of the individual and his state. The wonderful vitality of the Marxian theory of labour value in spite of all the ... which are fruitful in the interpretation of life and of history. Such are the assertions of the dependence of all parts of life upon each other, and of their...

Ngày tải lên: 18/02/2014, 12:20

... quotations from the point of view of the US as the domes- tic country. The first, second and fourth cells in the third column report how many units of the US dollar, the euro and the Japanese yen ... source of both tables was the Financial Times. The fourth column of the tables shows bid-ask spreads or bid-offer spreads while the second column is the mid...

Ngày tải lên: 24/03/2014, 04:20

... instantaneously. Therefore, it is necessary for an organisation to decide the scope of the ERM initiative, as it develops. The scope of the initiative will be defined by the range of benefits the organisation ... to determine the significance (or materiality) of the identified risks. The nature of these benchmark tests will depend on the type of risk. For finan...

Ngày tải lên: 21/02/2014, 12:20

Ngày tải lên: 07/03/2014, 02:20

... basis. The remaining debt is a fraction (1 – α) of the initial debt. The gains of the remaining debt holders are (1 – α) of the gains of all the initial debt holders. Thus, the transfer by the ... in the probability of default. This is because the cash raised by issuing the convertible is the value of the debt portion plus the equity portion of th...

Ngày tải lên: 15/03/2014, 10:20

... diminishing the claims of the other creditors in the event of bankruptcy. Guarantees give the lender general recourse against the assets of the principal owner or other party issuing the guarantee ... in the micro-foundations of small business finance is a growing interest in the macroeconomic implications of small business finance. For example, the impact of...

Ngày tải lên: 15/03/2014, 21:20

... and 5 0 percent of tax revenue , which is considerable. These two themes constitute the essence of the first part of the book, which deals with p ositive economics. The second part of this book adopts ... recovery in the taxable basis (profits). In most countries the corporate income tax only hits incorporated firms; the profits of other firms are taxed as part of the...

Ngày tải lên: 23/03/2014, 11:20

... to the main term in the expansion of error biases and variances, the calculus on the biases is of the second order and involves the variances. Instead, the calculus on the variances is of the ... variances var[C | C] of the errors to be of the same order of magnitude. With these hypotheses, is it possible to compute the variance and bias of the error o...

Ngày tải lên: 24/03/2014, 04:20

... professor of economics at the University of Mannheim and a research associate of the National Bureau of Economic Research. Vassilis Hajivassiliou is an associate professor of economics in the ... financial status of other family members. Two of the authors have already made significant head- way broadening the definition of the decision-making unit.’ Their...

Ngày tải lên: 28/03/2014, 16:20