addressing reliance on external credit ratings and minimising cliff effects
Credit ratings and credit risk pdf
... horizons of 3, 6, 12, and 24 months Failure score outperforms rating by 14.2 and 12.1 points at the and months horizons and by 7.8 and 0.7 points at the 12 and 24 months horizons At 36 months ... di¤erent horizons and consider 1, 3, 6, and 12-month horizons, as well as 2, 3, 4, and 5-year horizons We are estimating the probability of default at these horizons conditional on no previous ... conditions, to lie between zero and one In addition, under this speci…cation, OLS estimates of CR will be unbiased and consistent, since the …rst principal component is by construction orthogonal...
Ngày tải lên: 06/03/2014, 08:20
Credit Ratings and Capital Structure doc
... direct effects of credit ratings on capital structure decisions, extensive research examines how credit ratings affect stock and bond valuations.1 These studies suggest that credit ratings are Hand, ... fixed effects test due to the test’s reliance on time-series credit rating variation within firms to identify the relationship between credit ratings and capital structure The Credit Ratings and ... of Fama and French (2002) These results (with limited exceptions) also confirm that credit rating effects persist in the context of pecking order and tradeoff effects Credit Ratings and Capital...
Ngày tải lên: 06/03/2014, 08:20
Three essays on the credit growth and banking structure of Central and Eastern European countries
... little attention to foreign bank ownership and credit growth Many articles focus either on the credit growth side or on the effects of foreign ownership on banking performance On the credit growth ... two reasons First, domestic credit as a share of GDP has been increasing continuously in the CEE countries from 1990 onwards and this rapid credit growth is a reflection of economic growth and financial ... integration toward more developed countries Second, rapid credit growth, if identified as a credit boom, can have undesirable effects on an economy - such as systematic banking crises and economic...
Ngày tải lên: 03/06/2014, 02:21
Credit ratings and real estate investment trusts
... estimation (Equation and Equation 3) The dependent variables are ROneg and ROpos in Equation and respectively I control time fixed effects and property type fixed effects by including year dummies and ... particular focus on REITs and credit ratings The research focus of my thesis is on the relation between corporate management and their credit ratings, as well as the real effects of credit ratings First, ... 57 3.4.1 The effects of property disposition on credit rating 61 3.4.2 Mechanisms of the relationship between property disposition and credit rating 64 3.4.3 The mediation effects of the...
Ngày tải lên: 09/09/2015, 11:10
Tài liệu A Historical Primer on the Business of Credit Ratings docx
... country, and were able to finance construction and operations with bank credit and stock issues After 1850, however, railroad corporations grew larger, with enlarged capital needs, and they expanded ... period was below the corresponding proportion based on legal bonds and agency ratings. ” It was obvious that market ratings were “extremely sensitive” to bond market conditions: Being so sensitive, ... Hickman’s and his era This perhaps was an early indicator of troubles ahead Given stable U.S economic conditions—strong economic growth punctuated by few and mild recessions and stable financial conditions—a...
Ngày tải lên: 16/02/2014, 03:20
Data Management Problems and Reliance on Self-Reported Data for Compliance Efforts Put MMS Royalty Collections at Risk doc
... 2007, represents one of the country’s largest nontax sources of revenue At the same time, oil and gas production on federal lands and waters represents a critical component of the nation’s energy ... products— oil, gas, and retrograde, a liquid product that condenses out of gas under certain conditions—the audits covered only month and one product As a result of this evaluation comparing the ... or franzelj@gao.gov Contact points for our Congressional Relations and Public Affairs may be found on the last page of this statement Contributors to this testimony include Ron Belak, Ben Bolitzer,...
Ngày tải lên: 08/03/2014, 14:20
Testimony of the American Association of Colleges of Pharmacy Senate Committee on Health, Education, Labor, and Pensions (HELP) “Addressing Health Care Workforce Issues for the Future” February 12, 2008 pptx
... present testimony to the Senate Committee on Health, Education, Labor, and Pensions (HELP) The issue of a health professions workforce is of national and international concern My testimony will be ... interprofessional team behaviors and competence Interprofessional education is incorporated throughout the entire curriculum in a vertically and horizontally integrated fashion Interprofessional Education ... working on this issue of interprofessional education alone As mentioned above, colleges and schools of pharmacy are actively engaged with other health professions education organizations to identify...
Ngày tải lên: 14/03/2014, 21:20
Addressing the Impact of Household Energy and Indoor Air Pollution on the Health of the Poor: Implications for Policy Action and Intervention Measures pot
... research on the effects of air pollution on human and animal health 14 | Addressing the Impact of Household Energy and Indoor Air Pollution on the Health of the Poor Implications for Policy Action and ... Energy and Indoor Air Pollution on the Health of the Poor Implications for Policy Action and Intervention Measures | Introduction Exposure to indoor air pollution from the combustion of traditional ... economic and environmental consequences of household energy use impact on health through such factors as the time women spend collecting scarce fuel, and restrictions on educational and economic...
Ngày tải lên: 15/03/2014, 16:20
Determinants and Impact of Sovereign Credit Ratings ppt
... cross-sectional tests agree in part with those obtained from similar tests of the information content of corporate bond ratings (Ederington, Yawitz, and Roberts 1987) and municipal bond ratings (Moon and ... (Table 6, column 2) Because ratings alone explain 92 percent of the variation, ratings appear to provide additional information beyond that contained in the standard macroeconomic country statistics ... A1 and A2 for Moody’s or between A+ and A for Standard and Poor’s.) DETERMINANTS OF SOVEREIGN RATINGS In their statements on rating criteria, Moody’s and Standard and Poor’s list numerous economic,...
Ngày tải lên: 22/03/2014, 18:20
Testing the Trade Credit and Trade Link: Evidence from Data on Export Credit Insurance docx
... relationship between the credit market (and in general financial conditions available to "real" actors of the economy - such as producers, consumers and traders) and trade credit The reason is ... (2012), "Off the cliff and back? Credit conditions and international trade during the global financial crisis", Journal of International Economics, Vol 87, pp 117-133 Eaton, Jonathan, Samuel Kortum, ... stage, we estimate trade credit availability in relation to overall economic and financial conditions in the economy The second stage establishes the impact of trade credits on imports using the...
Ngày tải lên: 22/03/2014, 18:20
Credit Reporting Customer Payment Data: Impact on Customer Payment Behavior and Furnisher Costs and Benefits doc
... the effects of credit policy, and the impact of a payment reporting system on operations, systems, and staffing 20 During the education process, Nicor found confusion among employees and consumers ... Experian, one of the three large national credit bureaus, finds that consumers tend to choose to be late on some obligations and not on others rather than being late on all.7 The study was based on ... Full-file credit reporting sends both timely and late payment information to a consumer credit bureau PERC surveyed energy utility and telecommunications companies and more than 1,000 consumers On the...
Ngày tải lên: 29/03/2014, 06:21
Research " AN EMPIRICAL STUDY OF EXTERNAL AUDITOR RELIANCE ON INTERNAL AUDITORS " pdf
Ngày tải lên: 30/03/2014, 01:20
Báo cáo khoa học: Effects of various N-terminal addressing signals on sorting and folding of mammalian CYP11A1 in yeast mitochondria doc
... d-aminolevulinic acid Isolation and fractionation of yeast mitochondria Yeast mitochondria were isolated as described in [16] and fractionated according to [4] with minor modifications Mitochondria were suspended ... CoxIV(1–25)-mCYP11A1, and Su9(1–112)-mCYP11A1 were subjected to hypotonic shock followed by sonication and centrifugation at 12 000 g Figure shows the contents of CoxIV(1–25)-mCYP11A1 in whole mitochondria and ... cleaving activity of various CYP11A1 versions Mitochondria isolated from yeast cells expressing CYP11A1 versions were subjected to hypotonic shock and sonication as indicated above The assays were...
Ngày tải lên: 31/03/2014, 07:20
Báo cáo khoa học: " Self-assessed bowel toxicity after external beam radiotherapy for prostate cancer - predictive factors on irritative symptoms, incontinence and rectal bleeding" pptx
... competing interests Authors' contributions MP, MJE have made substantial contributions to conception and design; MP and KF have made substantial contributions to acquisition of data; MP, MDP, KF, ... with external beam radiation therapy Int J Radiat Oncol Biol Phys 2005, 62:1316-1321 International Commission on Radiation Units and Measurements (ICRU): ICRU Report 50: Prescribing, recording and ... 16 months after treatment Chronic effects several years after treatment might have additional effects on quality of life In contrast to rectal bleeding, the cumulative incidence of fecal incontinence...
Ngày tải lên: 09/08/2014, 10:20
báo cáo khoa học: "The efficacy of computer reminders on external quality assessment for point-of-care testing in Danish general practice: rationale and methodology for two randomized trials" pot
... Capital Region databases provide information on the participating practices and corresponding GPs Page of and control arms, randomization within each RCT is done separately for group practices and solo ... What were the considerations and responses in the clinics (e.g., changes in procedures, roles, and responsibilities) following the reception of a ComRem? And how can variations in responses to ComRem ... recommendations of the CONSORT statement [14] The data manager conducted the randomization without knowing the practice code The participating practices are unaware of their randomization group allocation...
Ngày tải lên: 10/08/2014, 11:20
On the prediction of credit ratings
... Section II describes the data, and Section III describes the new method and discusses its structural components Section IV sketches a regression and ordered probit model for comparison purposes, and ... functions of credit metrics on the one hand and issuer ratings on the other Nevertheless, in applications we may need to use them across time For instance, we may want to obtain estimates of ratings ... coverage and assets (and their interaction), but it shifts dramatically: when leverage is high, all weight is on coverage and none is on assets, and when leverage is very low, most weight is on assets...
Ngày tải lên: 04/10/2015, 10:21
The impact of credit ratings on capital structure (the case of listed companies on hose)
... Moody‘s Ratings Definition Fitch Ratings Definition Standard & Poor Ratings Definition ―Fitch Ratings credit Moody‘s rates ratings provide an opinion publishes and ‖ a forward-looking opinion independent ... results of Credit Ratings Vietnamnet Center (CRVC) 1.5 Scope and limitation This study focuses on testing the relationship between credit ratings and capital structure of companies listed on HOSE ... worthiness Norden and Weber (2004) also pointed out that investors not only rely on credit ratings for fund allocations, but also for pricing, monitoring and future risk evaluation This section will review...
Ngày tải lên: 23/10/2015, 15:38
IMPACT OF THE EXTERNAL MAGNETIC FIELD AND THE CONFINEMENT OF PHONONS ON THE NONLINEAR ABSORPTION COEFFICIENT OF a STRONG ELECTROMAGNETIC WAVE BY CONFINED ELECTRONS IN COMPOSITIONAL SUPERLATTICES
... dependence of α on ΩB in case of confined phonons Fig The dependence of α on Fig The dependence of α on Ω in case of unconfined phonon E0 in case of confined phonon (m=2, m=5) of unconfined phonon (fig.3) ... assume that the quantization direction is in z direction and only consider intersubband transitions (n = n ) and intrasubband transitions (n=n’) We consider a compositional superlattice with a ... expressions for the nonlinear absorption coefficient is the sum over the quantum number of confined electron-confined optical phonon and contains the cyclotron frequency The expression for the nonlinear...
Ngày tải lên: 31/10/2015, 10:40
Báo cáo khoa học: "Effect of intern’s consecutive work hours on safety, medical education and professionalism"
... Available online http://ccforum.com/content/9/5/528 We agree with the recommendation that further research should study the effects of sleep deprivation and work schedule interventions on the performance ... remains to be tested, and should be a major focus of future work Authors’ response Eric B Milbrandt, Babak Sarani and Louis H Alarcon We would like to thank Dr Landrigan, Dr Lockley, and Dr Czeisler ... to minimize the impact of hand-offs, which by definition occurred more frequently in the intervention schedule Even with this special attention to hand-offs, at least one physician who attended...
Ngày tải lên: 25/10/2012, 10:45