How Is Credit Risk Estimated? Discussion and Evidence based on Cross-Industry Sample Utilizing the KMV Model

The purpose of this thesis is to focus on credit risk estimation. Different credit risk estimation methods and characteristics of credit risk are discussed. The study is twofold, including an interview of a credit risk specialist and a quantitative section. Quantitative section applies the KMV model to estimate credit risk of 12 sample companies from three different industries: automobile, banking and financial sector and technology. Timeframe of the estimation is one year. On the basis of the KMV model and the interview, implications for analysis of credit risk are discussed. The KMV model yields consistent results with the existing credit ratings. However, banking and financial sector requires calibration of the model due to high leverage of the industry. Credit risk is considerably driven by leverage, value and volatility of assets. Credit risk models produce useful information on credit worthiness of a business. Yet, quantitative models often require qualitative support in the decision-making situation.

From the 'Miracle' to the 'Lost Decade': intersectoral transfers and external credit in the Brazilian economy

The present paper examines the Brazilian experience from the 'Economic Miracle' to the 'Lost Decade'. Its aim is to advance an alternative measurement of the flows of extraordinary wealth (i.e. ground-rent and net external credit) available for appropriation in the Brazilian economy and to asses their relevance in sustaining the process of accumulation of industrial capital. That is done in order to provide further and more accurate evidence to the claim that the evolution of the Brazilian process of capital accumulation has been extremely dependent on the evolution of those masses of extraordinary wealth.

Open Access in Times of Knowledge Unlatched : Cooperative Action for Books and Journals

Presentation at the seminar "Publishers and Funders for OA in Finland", Helsinki, May 24, 2016

Explicit/implicit training of cooperative learning with junior elementary students /

This experimental study examined the effects of cooperative learning and expliciUimpliGit instruction on student achievement and attitudes toward working in cooperative groups. Specifically, fourth- and fifth-grade students (n=48) were randomly assigned to two conditions: cooperative learning with explicit instruction and cooperative learning with implicit instruction. All participants were given initial training either explicitly or implicitly in cooperative learning procedures via 10 one-hour sessions. Following the instruction period, all students participated in completing a group project related to a famous artists unit. It was hypothesized that the explicit instruction training would enhance students' scores on the famous artists test and the group projects, as well as improve students' attitudes toward cooperative learning. Although the explicit training group did not achieve significantly higher scores on the famous artists test, significant differences were found in group project results between the explicit and implicit groups. The explicit group also exhibited more favourable and positive attitudes toward cooperative learning. The findings of this study demonstrate that combining cooperative learning with explicit instruction is an effective classroom strategy and a useful practice for presenting and learning new information, as well as working in groups with success.

Cooperative learning and elaborative interrogation: effects on children's learning

This experimental study examined the effects of cooperative learning and a question-answering strategy called elaborative interrogation ("Why is this fact true?") on the learning of factual information about familiar animals. Retention gains were compared across four study conditions: elaborative-interrogation-plus-cooperative learning, cooperative-learning, elaborative-interrogation, and reading-control. Sixth-grade students (n=68) were randomly assigned to the four conditions. All participants were given initial training and practice in cooperative learning procedures via three 45-minute sessions. After studying 36 facts about six animals, students' retention gains were measured via immediate free recall, immediate matched association, 30-day, and GO-day matched association tests. A priori comparisons were made to analyze the data. For immediate free recall and immediate matched association, significant differences were found between students in the three experimental conditions versus those in the control condition. Elaborative-interrogation and elaborativeinterrogation- plus-cooperative-learning also promoted longterm retention (measured via 30-day matched association) of the material relative to repetitive reading with elaborative-interrogation promoting the most durable gains (measured via GO-day matched association). The relationship between the types of elaborative responses and probability of subsequent retention was also examined. Even when students were unable to provide adequate answers to the why questions, learning was facilitated more so than repetitive reading. In general, generation of adequate elaborations was associated with greater probability of recall than was provision of inadequate answers. The findings of the study demonstrate that cooperative learning and the use of elaborative interrogation, both individually and collaboratively, are effective classroom procedures for facilitating children's learning of new information.

Employer Perspectives on Secondary School Cooperative Education in a Southern Ontario City in Canada

Despite 2 Ontario Ministry of Education policy documents which mandate that regular program effectiveness surveys be completed in secondary school co-op programs, research was either not occurring or data were not being made available. A lack of co-op research also existed at the postsecondary level. The primary reason for this study was to determine the perspectives of current secondary school co-op employers in the Hamilton-Wentworth District School Board (HWDSB) and to identify any program strengths as well as any areas in which improvement can be made. A secondary aim of the study was to discover the reasons that some employers decline to participate in the co-op program, and why other employers decide to discontinue their co-op partnerships. An online survey was utilized with 2 Likert scales and open-ended questions to solicit responses from the 100 participants. The findings from this study strongly supported previous secondary and postsecondary co-op research. Overall, the HWDSB co-op program was found to be very strong, and employer satisfaction very high. There were, however, areas in which improvement could be made. Although most employers felt supported by institutions and felt that expectations were clearly communicated and were reasonable, there was evidence that many employers perceived a lack of institutional support which included factors such as communication, student placement and fit, and institutional responsiveness. In addition, some employers felt that students were underprepared for the workplace and lacked basic employability skills such as dependability and responsibility.

The Informational Value of Corporate Credit Ratings

This thesis examines the quality of credit ratings issued by the three major credit rating agencies - Moody’s, Standard and Poor’s and Fitch. If credit ratings are informative, then prices of underlying credit instruments such as fixed-income securities and credit default insurance should change to reflect the new credit risk information. Using data on 246 different major fixed income securities issuers and spanning January 2000 to December 2011, we find that credit default swaps (CDS) spreads do not react to changes in credit ratings. Hence credit ratings for all three agencies are not price informative. CDS prices are mostly determined by historical CDS prices while ratings are mostly determined by historical ratings. We find that credit ratings are marginally more sensitive to CDS than CDS are sensitive to ratings.

Letter from the Chairman of the Committee of Ways and Means to the Secretary of the Treasurer on the subject of a system of revenue to revive and maintain unimpaired the public credit, with the answer of the Secretary thereto. (1814)

October 18, 1814. Read, and committed to the Committee of the whole House on the report of the Committee of Ways and Means on so much of the President's message as relates to the finances of the United States.

Effects of credit rating change on risk-taking

This thesis investigates whether there are changes in risk-taking behavior following an upgrade or downgrade in credit ratings. Research on effects of rating changes on capital markets is well-documented but the literature on how rating changes may affect firm behavior is sparse. Following, a downgrade in credit rating, managers may increase risk-taking to improve their overall performance or reduce risk-taking following upgrades to ensure that their performance is assessed more on the basis of what they may deem success in the form of an upgrade. Using a sample of firms trading in the U.S from 1994-2013, we find evidence of change in risk-taking behavior. We use cross-sectional regressions and matching using propensity scores and Barber and Lyon (1997) methodology to measure changes in risk-taking and we do find evidence of changes in managerial risk-taking behavior. Furthermore, we find that the direction of change (increase or decrease) in some cases is dependent on the type of measure rather than the type of rating change.

Credit to S.D. Woodruff from Pratt and Company for $150.00

Credit to S.D. Woodruff from Pratt and Company for $150.00, Sept. 7, 1876.

Credit to S.D. Woodruff from Pratt and Company for $62.00

Credit to S.D. Woodruff from Pratt and Company for $62.00, Nov. 6, 1876.

Cooperative VS. Non-cooperative Truels: Little Agreement, but Does that Matter?

It is well-known that non-cooperative and cooperative game theory may yield different solutions to games. These differences are particularly dramatic in the case of truels, or three-person duels, in which the players may fire sequentially or simultaneously, and the games may be one-round or n-round. Thus, it is never a Nash equilibrium for all players to hold their fire in any of these games, whereas in simultaneous one-round and n-round truels such cooperation, wherein everybody survives, is in both the a -core and ß -core. On the other hand, both cores may be empty, indicating a lack of stability, when the unique Nash equilibrium is one survivor. Conditions under which each approach seems most applicable are discussed. Although it might be desirable to subsume the two approaches within a unified framework, such unification seems unlikely since the two approaches are grounded in fundamentally different notions of stability.

Efficiency in Uncertain Cooperative Games

A contingent contract in a transferable utility game under uncertainty specifies an outcome for each possible state. It is assumed that coalitions evaluate these contracts by considering the minimal possible excesses. A main question of the paper concerns the existence and characterization of efficient contracts. It is shown that they exist if and only if the set of possible coalitions contains a balanced subset. Moreover, a characterization of values that result in efficient contracts in the case of minimally balanced collections is provided.