The Determinants of Recovery Rates on Defaulted Corporate Securities: Why do Fallen Angels recover more than Original High Yield Issues?

Regression analysis has shown that recovery rates are determined by a variety of conditions at the time of default. These conditions can be broken into five major categories: (1) a security's seniority within the capital structure of the defaulting firm, (2) the type of default event, (3) firm-specific factors, (4) industry-specific factors, and (5) macroeconomic factors. Expectations of these inputs determine the expected recovery rate if default were to occur, thereby determining credit ratings and security prices. Although it is widely understood how recovery rate estimates influence credit rating assignments (the higher the expected recovery rate, the higher the assigned credit rating), no research, to the best of my knowledge, has investigated the reasons why higher rated securities recover more than lower rated securities in the event of default. Specifically, this paper will empirically investigate why securities originally rated investment grade, fallen angels, recover more than securities originally rated high yield in the event of default.

A PRELIMINARY HABITAT SUITABILITY ANALYSIS FOR THE RESTORATION OF SOUTH CHINA TIGERS IN THE HUPINGSHAN RESERVE, CHINA

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Effects of Alcohol and Training on Exercise Performance and Muscle Recovery Biochemistry in the Brown Anole (Anolis sagrei)

Contrary to previous research, training may improve exercise performance in a lizard, the brown anole. A brief, two-week training period resulted in increased performance speed and distance before exhaustion in trained lizards. Trained lizards were also able to more effectively use leg glycogen stores, however each of these improvements were not found in lizards treated with alcohol. Liver glycogen concentrations were also lower in alcohol-treated lizards, and patterns of liver glycogen concentrations during recovery indicate some hepatic lactate gluconeogenesis.

A Preliminary Habitat Suitability Analysis for the Restoration of South China Tigers in the Hupingshan Reserve, China

The South China tiger, Panthera tigris amoyensis, once roamed the greater part of southern China. However, expanding human populations and other anthropogenic effects have resulted in the extinction of the wild population. The Chinese government has expressed interest in a reintroduction program for this species of tigers. Recent studies suggest that the Hupingshan preserve is potentially a good candidate for a tiger reintroduction program. Hupingshan is located on the border of the Hunan and Hubei provinces in Southern China. This study was a preliminary habitat suitability analysis, for the restoration of South China tigers in the Hupingshan reserve, China. ArcGIS 9.0 was used to develop a model that combined roads, railroads, slope, land cover, park classification, and population density. The tiger habitat suitability analysis was performed by weighting and combining the various layers. Preliminary results suggest that the Hupingshan reserve is suitable habitat for the reintroduction of South China tigers.