959 resultados para default externalities
Resumo:
We investigate the cointegration between VIX and CDS indices, and the possibility of exploiting it in an existing credit market timing investment model. We find cointegration over most of the sample period and the leadership of VIX over the CDS in the price discovery process. We present two methods for including cointegration into the model. Both strategies improve the in-sample and out-of-sample model performances, even though out-of-sample results are weaker. We find that in-sample better performances are explained by a stronger cointegration, concluding that in the presence of cointegration our strategies can be profitable in an investment model that considers transaction costs.
Resumo:
Contractual provisions directed towards the fulfillment of the contract itself or concerning the promisor’s conduct are nowadays widespread (both geographically and regarding the situations in which they are used), posing interpretative problems that demand the consideration of private autonomy’s extent and its limits on their application. A number of such clauses or covenants proliferate on all sectors of juridical activity, although with different configurations in each particular situation, whereby the study of negative pledge, pari passu, cross-default and ownership clauses merely constitutes a conceptual framework for considerations concerning the virtues and challenges of this type of contractual arrangements, particularly in relation to the precepts of the legal system as a whole. This study also aims to display the special characteristics that justify their prevalence in banking and financial law. We intend to analyze their, mostly preventive, function, typifying the main problems that arise, as well as their limitations and advantages.
Resumo:
The purpose of this work is to develop a practicable approach for Telecom firms to manage the credit risk exposition to their commercial agents’ network. Particularly it will try to approach the problem of credit concession to clients’ from a corporation perspective and explore the particular scenario of agents that are part of the commercial chain of the corporation and therefore are not end-users. The agents’ network that served as a model for the presented study is composed by companies that, at the same time, are both clients and suppliers of the Telecommunication Company. In that sense the credit exposition analysis must took into consideration all financial fluxes, both inbound and outbound. The current strain on the Financial Sector in Portugal, and other peripheral European economies, combined with the high leverage situation of most companies, generates an environment prone to credit default risk. Due to these circumstances managing credit risk exposure is becoming increasingly a critical function for every company Financial Department. The approach designed in the current study combined two traditional risk monitoring tools: credit risk scoring and credit limitation policies. The objective was to design a new credit monitoring framework that is more flexible, uses both external and internal relationship history to assess risk and takes into consideration commercial objectives inside the agents’ network. Although not explored at length, the blueprint of a Credit Governance model was created for implementing the new credit monitoring framework inside the telecom firm. The Telecom Company that served as a model for the present work decided to implement the new Credit Monitoring framework after this was presented to its Executive Commission.
Resumo:
This study has the purpose of presenting the path of a social microcredit start-up in Mozambique. Its members had just gotten out of college and decided to put in practice what they had learnt. Even though the whole foundation of the project was developed in Mozambique, the team has extended its experience to other countries: São Tomé and Timor. However, the focus of this study will be solely in the Ilha de Mozambique’s project and the difficulties that it is facing right now, in order to try to find answers that would allow the project entrepreneurs to overcome what is keeping them from having a more successful return rate. The main issue of the project and the worse and unexpected default rate is within the fishing sector. This is peculiar, since the mission is in an island where there are plenty of fish and shellfish. By addressing this problem, and presenting the whole structure of the venture, it is its goal to understand better ways to deal with the difficulties. Its format will be as a case study and it will present as well the macroeconomics of Mozambique to justify the choice of the place, align with the team itself, and why it is possible to have a successful project with as many contacts and sponsors as this one does.
Resumo:
Major outputs of the neocortex are conveyed by corticothalamic axons (CTAs), which form reciprocal connections with thalamocortical axons, and corticosubcerebral axons (CSAs) headed to more caudal parts of the nervous system. Previous findings establish that transcriptional programs define cortical neuron identity and suggest that CTAs and thalamic axons may guide each other, but the mechanisms governing CTA versus CSA pathfinding remain elusive. Here, we show that thalamocortical axons are required to guide pioneer CTAs away from a default CSA-like trajectory. This process relies on a hold in the progression of cortical axons, or waiting period, during which thalamic projections navigate toward cortical axons. At the molecular level, Sema3E/PlexinD1 signaling in pioneer cortical neurons mediates a "waiting signal" required to orchestrate the mandatory meeting with reciprocal thalamic axons. Our study reveals that temporal control of axonal progression contributes to spatial pathfinding of cortical projections and opens perspectives on brain wiring.
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Abstract Market prices of corporate bond spreads and of credit default swap (CDS) rates do not match each other. In this paper, we argue that the liquidity premium, the cheapest-to-deliver (CTD) option and actual market segmentation explain the pricing differences. Using the European transaction data from Reuters and Bloomberg, we estimate the liquidity premium that is time- varying and firm-specific. We show that when time-dependent liquidity premiums are considered, corporate bond spreads and CDS rates behave in a much closer way than previous studies have shown. We find that high equity volatility drives pricing differences that can be explained by the CTD option.
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Objective: Imipenem is a broad spectrum antibiotic used to treat severe infections in critically ill patients. Imipenem pharmacokinetics (PK) was evaluated in a cohort of neonates treated in the Neonatal Intensive Care Unit of the Lausanne University Hospital. The objective of our study was to identify key demographic and clinical factors influencing imipenem exposure in this population. Method: PK data from neonates and infants with at least one imipenem concentration measured between 2002 and 2013 were analyzed applying population PK modeling methods. Measurement of plasma concentrations were performed upon the decision of the physician within the frame of a therapeutic drug monitoring (TDM) programme. Effects of demographic (sex, body weight, gestational age, postnatal age) and clinical factors (serum creatinine as a measure of kidney function; co-administration of furosemide, spironolactone, hydrochlorothiazide, vancomycin, metronidazole and erythromycin) on imipenem PK were explored. Model-based simulations were performed (with a median creatinine value of 46 μmol/l) to compare various dosing regimens with respect to their ability to maintain drug levels above predefined minimum inhibitory concentrations (MIC) for at least 40 % of the dosing interval. Results: A total of 144 plasma samples was collected in 68 neonates and infants, predominantly preterm newborns, with median gestational age of 27 weeks (24 - 41 weeks) and postnatal age of 21 days (2 - 153 days). A two-compartment model best characterized imipenem disposition. Actual body weight exhibited the greatest impact on PK parameters, followed by age (gestational age and postnatal age) and serum creatinine on clearance. They explain 19%, 9%, 14% and 9% of the interindividual variability in clearance respectively. Model-based simulations suggested that 15 mg/kg every 12 hours maintain drug concentrations over a MIC of 2 mg/l for at least 40% of the dosing interval during the first days of life, whereas neonates older than 14 days of life required a dose of 20 mg/kg every 12 hours. Conclusion: Dosing strategies based on body weight and post-natal age are recommended for imipenem in all critically ill neonates and infants. Most current guidelines seem adequate for newborns and TDM should be restricted to some particular clinical situations.
Resumo:
La Commission fédérale de recours en matière de contributions (ci-après «CRC») vient de rendre deux décisions relatives à la TVA en matière de subventions et leur impact sur la récupération de l'impôt préalable. Ces deux jugements s'inscrivent dans la ligne de la jurisprudence de la CRC en matière de subventions. Ils conduisent à un résultat conforme au principe même de la TVA, en ce sens que, selon le type de subventions, leur traitement TVA et en particulier leur influence sur le droit à la récupération de l’impôt préalable varie. Ces deux jugements ont toutefois une portée plus large que pour les seules subventions. En effet, le projet de loi sur la TVA qui reprend la réglementation prévue dans l’OTVA, applique le même traitement aux dons. Compte tenu de l’importance des concepts relatifs aux subventions développés dans les deux décisions de la CRC, il nous a paru opportun de retranscrire de manière détaillée les considérants des deux décisions, avant d’ajouter quelques remarques et commentaires sur ces deux arrêts et de les mettre en relation avec le projet de loi sur la TVA.
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This paper explores the cognitive functions of the Reality Status Evaluation (RSE) system in our experiences of narrative mediated messages (NMM) (fictional, narrative, audio-visual one-way input and moving picture messages), such as fictional TV programs and films. We regard reality in mediated experiences as a special mental and emotional construction and a multi-dimensional concept. We argue that viewers' reality sense in NMM is influenced by many factors with "real - on" as the default value. Some of these factors function as primary mental processes, including the content realism factors of those messages such as Factuality (F), Social Realism (SR), Life Relevance (LR), and Perceptual Realism - involvement (PR), which would have direct impacts on reality evaluations. Other factors, such as Narrative Meaning (NM), Emotional Responses, and personality trait Absorption (AB), will influence the reality evaluations directly or through the mediations of these main dimensions. I designed a questionnaire to study this theoretical construction. I developed items to form scales and sub-scales measuring viewers' subjective experiences of reality evaluations and these factors. Pertinent statistical techniques, such as internal consistency and factorial analysis, were employed to make revisions and improve the quality of the questionnaire. In the formal experiment, after viewing two short films, which were selected as high or low narrative structure messages from previous experiments, participants were required to answer the questionnaire, Absorption questionnaire, and SAM (Self-Assessment Manikin, measuring immediate emotional responses). Results were analyzed using the EQS, structural equation modeling (SEM), and discussed in terms oflatent relations among these subjective factors in mediated experience. The present results supported most of my theoretical hypotheses. In NMM, three main jactors, or dimensions, could be extracted in viewers' subjective reality evaluations: Social Realism (combining with Factuality), Life Relevance and Perceptual Realism. I designed two ways to assess viewers' understanding of na"ative meanings in mediated messages, questionnaire (NM-Q) and rating (NM-R) measurement, and its significant influences on reality evaluations was supported in the final EQS models. Particularly in high story stnlcture messages, the effect of Narrative Meaning (NM) can rarely be explained by only these dimensions of reality evaluations. Also, Empathy seems to playa more important role in RSE of low story structure messages. Also, I focused on two other factors that were pertinent to RSE in NMM, the personality trait Absorption, and Emotional Responses (including two dimensions: Valence and Intensity). Final model results partly supported my theoretical hypotheses about the relationships among Absorption (AB), Social Realism (SR) and Life Relevance (LR); and the immediate impact of Emotional Responses on Perceptual Realism cPR).
Resumo:
Ridley College was conceived in 1888 by a group of Anglican clergy and laymen eager to establish a school for boys in Ontario that emphasized strong academic and religious values. The school was originally known as Bishop Ridley College, in tribute to Nicholas Ridley, a 16th century English churchman who was martyred during the Protestant Reformation for refusing to renounce his Anglican faith. The first facility was the stately and spacious Springbank Sanatorium; shortly thereafter, construction was begun across the old Welland Canal on a lower school for boys age 5 to 13 on the present-day campus site. The name “Springbank” stems from the name of the hotel constructed in 1864 by Dr. Theophilus Mack on Yates Street. Fortuitously, the directors of what would become Ridley College were looking to found a new boys’ school. The sale of the building was completed in 1888 and Ridley began operations in September 1889. In October 1903, the Springbank building complex was consumed by fire forcing the school to move across the canal to its modern western campus. The Ridley campus grew dramatically during the 1920's, and new buildings and facilities were added in each of the following decades. The school became co-educational in 1973; just over a dozen girls enrolled in the inaugural year, while today almost half of Ridley's students are girls. Adapted from: http://www.ridleycollege.com/podium/default.aspx?t=125335 (March 22, 2011)
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The present thesis examines the determinants of the bankruptcy protection duration for Canadian firms. Using a sample of Canadian firms that filed for bankruptcy protection between the calendar years 1992 and 2009, we fmd that the firm age, the industry adjusted operating margin, the default spread, the industrial production growth rate or the interest rate are influential factors on determining the length of the protection period. Older firms tend to stay longer under protection from creditors. As older firms have more complicated structures and issues to settle, the risk of exiting soon the protection (the hazard rate) is small. We also find that firms that perform better than their benchmark as measured by the industry they belong to, tend to leave quickly the bankruptcy protection state. We conclude that the fate of relatively successful companies is determined faster. Moreover, we report that it takes less time to achieve a final solution to firms under bankrupt~y when the default spread is low or when the appetite for risk is high. Conversely, during periods of high default spreads and flight for quality, it takes longer time to resolve the bankruptcy issue. This last finding may suggest that troubled firms should place themselves under protection when spreads are low. However, this ignores the endogeneity issue: high default spread may cause and incidentally reflect higher bankruptcy rates in the economy. Indeed, we find that bankruptcy protection is longer during economic downturns. We explain this relation by the natural increase in default rate among firms (and individuals) during economically troubled times. Default spreads are usually larger during these harsh periods as investors become more risk averse since their wealth shrinks. Using a Log-logistic hazard model, we also fmd that firms that file under the Companies' Creditors Arrangement Act (CCAA) protection spend longer time restructuring than firms that filed under the Bankruptcy and Insolvency Act (BIA). As BIA is more statutory and less flexible, solutions can be reached faster by court orders.
Resumo:
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.
Resumo:
Based on the theoretical framework of Dressler and Dziubalska-Kołaczyk (2006a,b), the Strong Morphonotactic Hypothesis will be tested. It assumes that phonotactics helps in decomposition of words into morphemes: if a certain sequence occurs only or only by default over a morpheme boundary and is thus a prototypical morphonotactic sequence, it should be processed faster and more accurately than a purely phonotactic sequence. Studies on typical and atypical first language acquisition in English, Lithuanian and Polish have shown significant differences between the acquisition of morphonotactic and phonotactic consonant clusters: Morphonotactic clusters are acquired earlier and faster by typically developing children, but are more problematic for children with Specific Language Impairment. However, results on acquisition are less clear for German. The focus of this contribution is whether and how German-speaking adults differentiate between morphonotactic and phonotactic consonant clusters and vowel-consonant sequences in visual word recognition. It investigates whether sub-lexical letter sequences are found faster when the target sequence is separated from the word stem by a morphological boundary than when it is a part of a morphological root. An additional factor that is addressed concerns the position of the target cluster in the word. Due to the bathtub effect, sequences in peripheral positions in a word are more salient and thus facilitate processing more than word-internal positions. Moreover, for adults the primacy effect most favors word-initial position (whereas for young children the recency effect most favors word- final position). Our study discusses effects of phonotactic vs. morphonotactic cluster status and of position within the word.