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.

Grotesque in Dickens

Dickens's use of the grotesque in his novels undergoes a variety of changes. For convenience sake, and to better illustrate the developments of the grotesque, I divide the novels into three separate groups. The first group, the period of experiment, included the novels from Pickwick Papers through Barnaby Rudge; the second group, the period of transition, includes the novels from Martin Chuzzlewit through David Copperfield; and the third, the period of a new vision. included the novels from Bleak House through Edwin Drood. Basically, I see the development of the grotesque involving a change in Dickens's conceptions of society, as well as responding to complex changes in society itself; Dickens's vision loses much of its humor in the end, yet it also reflects a definite maturity.

The Human Figure in Drawing and Sculpture

My project as a Senior Scholar has been the study of the human figure through drawing and sculpture. I have worked directly from the model in order to understand the form and structure of the human body. The result of this concentrated study has been a sharpened sense of vision and an increased confidence in the use of materials for both two and three-dimensional representation.