Ebook Alchemists of loss: How modern finance and government intervention crashed the financial system will help you to understand how our financial system crashed and show you what it will take to make sure this wont happen again as we move forward. At the heart of the book is modern finance as a U.S. invention, the theories and practices associated with them, and the changes they made in business models and risk management on Wall Street... Đề tài Hoàn thiện công tác quản trị nhân sự tại Công ty TNHH Mộc Khải Tuyên được nghiên cứu nhằm giúp công ty TNHH Mộc Khải Tuyên làm rõ được thực trạng công tác quản trị nhân sự trong công ty như thế nào từ đó đề ra các giải pháp giúp công ty hoàn thiện công tác quản trị nhân sự tốt hơn trong thời gian tới.
cc py lb 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r qy p m 7t fm ww p8 1c lm ư7 of ld 24 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 ss sy 1z xz 7c wy 5j ob eo pn lc 08 nz cw ib zx ch uh ff f0 ak 7h f yu jsc jle p0 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi hn vư ir rz h4 ư1 ob q4 d0 fb hd pv 8k lg 1k 2d 4w 0ư 3k s9 m hb qc 2t 0h d6 1y s0 ss fm v2 q2 h1 16 s z 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s This page intentionally left blank rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv 8k lg 2d 1k 4w 0ư m hb 3k s9 qc 2t d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 l6 0q 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g tsb m bf va 9w o z 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep Advances in Credit Risk Modelling and Corporate Bankruptcy Prediction d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i The field of credit risk and corporate bankruptcy prediction has gained considerable momentum following the collapse of many large corporations around the world, and more recently through the sub-prime scandal in the United States This book provides a thorough compendium of the different modelling approaches available in the field, including several new techniques that extend the horizons of future research and practice Topics covered include probit models (in particular bivariate probit modelling), advanced logistic regression models (in particular mixed logit, nested logit and latent class models), survival analysis models, non-parametric techniques (particularly neural networks and recursive partitioning models), structural models and reduced form (intensity) modelling Models and techniques are illustrated with empirical examples and are accompanied by a careful explanation of model derivation issues This practical and empirically based approach makes the book an ideal resource for all those concerned with credit risk and corporate bankruptcy, including academics, practitioners and regulators ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n u3 p6 Stewart Jones is Professor of Accounting at the University of Sydney He has fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh published extensively in the area of credit risk and corporate bankruptcy, and is co-editor of the leading international accounting and finance journal, Abacus d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u sd 2p David A Hensher is Professor of Management at the University of Sydney He is the k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 author of numerous books and articles on discrete choice models, including Stated Choice Methods (Cambridge University Press, 2000) and Applied Choice Analysis (Cambridge University Press, 2005) He teaches discrete choice modelling to academic, business and government audiences, and is also a partner in Econometric Software, the developers of Nlogit and Limdep u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv 8k lg 2d 1k 4w 0ư m hb 3k s9 qc 2t d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 l6 0q 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g tsb m bf va 9w o z 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v Quantitative Methods for Applied Economics and Business Research p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk Series Editor 3o jn c1 re m rt hd qm m x1 h7 bk 0a PROFESSOR PHILIP HANS FRANSES fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 Erasmus University, Rotterdam s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 Researchers and practitioners in applied economics and business now have access to a much richer and more varied choice of data than earlier generations Quantitative Methods for Applied Economics and Business Research is a new series aimed at meeting the needs of graduate students, researchers and practitioners who have a basic grounding in statistical analysis and who wish to take advantage of more sophisticated methodology in their work 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n Published titles Lusk and Shogren (eds.) Experimental Auctions q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv 8k lg 2d 1k 4w 0ư m hb 3k s9 qc 2t d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 l6 0q 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g tsb m bf va 9w o z 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co Advances in Credit Risk Modelling and Corporate Bankruptcy Prediction l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww Edited by 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư Stewart Jones and David A Hensher v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv 8k lg 2d 1k 4w 0ư m hb 3k s9 qc 2t d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 l6 0q 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g tsb m bf va 9w o z 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 CAMBRIDGE UNIVERSITY PRESS s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 Cambridge University Press The Edinburgh Building, Cambridge CB2 8RU, UK Published in the United States of America by Cambridge University Press, New York www.cambridge.org Information on this title: www.cambridge.org/9780521869287 ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn © Cambridge University Press 2008 xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd This publication is in copyright Subject to statutory exception and to the provision of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t First published in print format 2008 d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li sy ss 1z xz 7c wy paperback m ISBN-13 978-0-521-68954-0 m hardback w0 ISBN-13 978-0-521-86928-7 g3 eBook (EBL) kc ISBN-13 978-0-511-42910-1 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv 8k lg 2d 1k 4w 0ư m hb 3k s9 qc 2t d6 0h Cambridge University Press has no responsibility for the persistence or accuracy of urls for external or third-party internet websites referred to in this publication, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 l6 0q 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g tsb m bf va 9w o z 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m Contents 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu 8i vy b vh m 6x f6 hy ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv 8k lg 2d 1k 4w 0ư m hb 3k s9 qc 2t d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 l6 0q 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu v 24 Edward I Altman 175 Default recovery rates and LGD in credit risk modelling and practice: An updated review of the literature and empirical evidence ld Andreas Charitou, Neophytos Lambertides and Lenos Trigeorgis 154 Bankruptcy prediction and structural credit risk models 21 Maurice Peat 137 Non-parametric methods for credit risk analysis: Neural networks and recursive partitioning techniques nf Marc J Leclere 114 Survival analysis and omitted dividends q0 Stewart Jones and David A Hensher 80 An evaluation of open- and closed-form distress prediction models: The nested logit and latent class models ek David A Hensher and Stewart Jones 44 Mixed logit and error component models of corporate insolvency and bankruptcy risk n2 William H Greene 14 A statistical model for credit scoring 1 Introduction page vii viii x List of figures List of tables List of contributors Stewart Jones and David A Hensher nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g tsb m bf va 9w o Contents z 9f 5q 3v i vy tst vi 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m Stewart Jones and Maurice Peat zư 2p 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a en w0 tvs dj s h3 so q9 Stewart Jones and Robert G Walker fiư m h vtd og sp at d7 s3 sq rv ju y1 go m 269 rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t A belief-function perspective to credit risk assessments 10 242 Local government distress in Australia: A latent class regression analysis 207 Credit derivatives: Current practices and controversies 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 Rajendra P Srivastava and Stewart Jones zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 295 Index ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv 8k lg 2d 1k 4w 0ư m hb 3k s9 qc 2t d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 l6 0q 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g tsb m bf va 9w o z 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m Figures 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv 8k lg 2d 1k 4w 0ư m hb 3k s9 qc 2t d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 l6 0q 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu vii cfc Model predictions of profits vs default probabilities page 37 Expected profit vs expected expenditure 38 Normalized expected profits 40 Profits vs default probability 40 Bivariate scatter plot of Halton (7) and Halton (9) 55 Latent effects on corporate failure 94 Nested tree structure for states of financial distress 102 Kaplan–Meier estimator of survival function of omitted dividend payments 129 4.2 Kaplan–Meier estimator of survival function of omitted dividend payments stratified by income/assets 130 5.1 Single hidden layer neural network structure 141 5.2 Classification tree with two splits and three terminal nodes 151 7.1 Dollar weighted average recovery rates to dollar weighted average default rates (1982–2006) 186 8.1 A CDO structure 215 8.2 A synthetic CDO structure 216 8.3 Time series plot of daily Merton bankruptcy probabilities 237 8.4 Time series plot of daily reduced form bankruptcy probabilities 239 10.1 Evidential diagram for a rudimentary default risk model 284 10.2 Effect of reputation cost on desired level of default risk 291 1.1 1.2 1.3 1.4 2.1 3.1 3.2 4.1 nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g tsb m bf va 9w o z 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z Tables w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu Variables used in analysis of credit card default page 24 Descriptive statistics for variables 26 Sampling weights for choice-based sampling 27 Weighted and unweighted probit cardholder equations 29 Estimated expenditure equation 30 Average predicted expenditures 31 Default model 32 Estimated cardholder equation joint with default equation 33 Estimated default probabilities 35 Predictions for different thresholds 36 Sample average expected profits 37 Normalized expected profits 39 Definition of variables 63 Panel A: Fixed parameter estimates and t-values for final multinomial error component logit and standard MNL models 65 Panel B: Random parameter and latent error component estimates and t-values for final multinomial error component logit 66 Panel C: Log-likelihood at convergence and sample sizes for final multinomial error component logit and standard MNL models 68 Panel D: Descriptive statistics for significant covariates reported in panels A and B 68 Panel E: Direct elasticities for final multinomial error component logit and standard MNL models 72 Summary of major strengths and challenges of different logit models 90 Model fit summary, parameter estimates (random and fixed) for final nested logit, latent class MNL and mixed logit model 99 Forecasting performance of final multinomial nested logit, latent class MNL and mixed logit models across distress states 0–3 107 IPO date and qualified audit opinion 119 Survival analysis models 131 py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 2.1 2.2 a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv 2.2 ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 2.2 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 2.2 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty 2.2 bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv 8k lg 2d 1k 4w 0ư m hb 3k s9 qc 2t d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq 3.1 3.2 fk 33 l6 0q 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 3.3 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 4.1 4.2 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu viii nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g tsb m bf va 9w o