The teacher-student relationship

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The High Education Teacher, an Agent of Moral Development

The article shows the classroom like an workplace to move moral development, from the relationship between students and professors in the university atmosphere. It proposes elements to take to the practice the ethics education a transverse curriculum line. It assumes the ethics, from a plural perspective, founded on the knowledge and the human action. It joins the integral formation with the conceptions of education, curriculum, pedagogical models and methodologies of education. It proposes actions to demonstrate the commitment of the professor with the integral formation. Finally, concludes that the professor is agent of moral development and that in the classroom is constructed: identity, autonomy and responsibility, from open and plural relation between professors and students and between these and the knowledge.

Confidence sets for asset correlations in portfolio credit risk

Asset correlations are of critical importance in quantifying portfolio credit risk and economic capitalin financial institutions. Estimation of asset correlation with rating transition data has focusedon the point estimation of the correlation without giving any consideration to the uncertaintyaround these point estimates. In this article we use Bayesian methods to estimate a dynamicfactor model for default risk using rating data (McNeil et al., 2005; McNeil and Wendin, 2007).Bayesian methods allow us to formally incorporate human judgement in the estimation of assetcorrelation, through the prior distribution and fully characterize a confidence set for the correlations.Results indicate: i) a two factor model rather than the one factor model, as proposed bythe Basel II framework, better represents the historical default data. ii) importance of unobservedfactors in this type of models is reinforced and point out that the levels of the implied asset correlationscritically depend on the latent state variable used to capture the dynamics of default,as well as other assumptions on the statistical model. iii) the posterior distributions of the assetcorrelations show that the Basel recommended bounds, for this parameter, undermine the levelof systemic risk.