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CREDIT RISK Credit risk modeling theory and applications
CREDIT RISK Credit risk modeling theory and applications

... in Chapter 7, views an intensity model as a structural model with incomplete information, and clarifies the sense in which an intensity model can arise from a structural model with incomplete information. Its practicality is limited at this stage. On the other hand, some of the rating-based models th ...
Form 10-K - Investor Relations Solutions
Form 10-K - Investor Relations Solutions

... difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees or assurances of future performance ...
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simpler, smoother, smarter business

... Our net sales decreased by 3% from the previous year to EUR 141 million. When the effect of divested businesses is taken into account, net sales remained at the previous year’s level. Instead, our profit was smaller than expected. Operating profit decreased by 22 per cent to EUR 7.5 million. The cha ...
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"garden of the forking paths"? - Houston Business and Tax Law
"garden of the forking paths"? - Houston Business and Tax Law

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... management now believes that a loss is probable with respect to this receivable. As a result, in the first quarter of 2010, Sotheby’s recorded an allowance for doubtful accounts of approximately $1 million against this outstanding receivable balance and a corresponding bad debt expense within Genera ...
CUMULUS MEDIA INC (Form: 10-K, Received: 03/17
CUMULUS MEDIA INC (Form: 10-K, Received: 03/17

... well as continuously updated training and presentation materials and extensive client-focused marketing support. As we grow, organically and through acquisitions, we believe this focused model will continue to be scalable, allowing us to continue to provide a high level of customer service and furth ...
Building Sub-national Debt Markets in Developing and
Building Sub-national Debt Markets in Developing and

... will be unable to meet the needs of the Latvian municipalities in the near future—in terms of volumes, speed, diversity, expertise, and flexibility. The domestic financial markets, today much stronger than when the ban was introduced, could be seen as a better candidate to meet these demands than th ...
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2015 Annual Report With Form 10-K

... Some of our customers choose to work with us to develop their own house brands—and they value our innovative ideas. Domtar is also an important North American manufacturer of specialty and packaging papers used every day for many food, medical and industrial applications. Think baking cups, pharmacy ...
PROSPECTUS File Pursuant to Rule 424(b)(1) Registration No. 333
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... appearing elsewhere in this Prospectus. Market data used throughout this Prospectus were obtained from internal company surveys and industry publications primarily based upon 1994 data which is the most recent data currently available. Industry publications generally state that the information conta ...
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Smith True Value Hardware - Affordable Business Valuations

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Xinfu Chen Mathematical Finance II - Pitt Mathematics

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Banco do Brasil S.A. U.S.$1,000,000,000 Global Medium

... Application has been made to list the Notes under the Program on the Official List of the Luxembourg Stock Exchange and for such Notes to be admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange. The Bank may apply to, but is not obliged to, admit the Notes to be issued under t ...
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... plans from October 1, 2012 instead of plans based on the minimum investment amount (for instance institutional and superinstitutional plans). All funds now have only one plan across investor classes. ...
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... constitute forward-looking statements within the meaning of the federal securities laws. In addition, Piedmont, or the executive officers on Piedmont’s behalf, may from time to time make forward-looking statements in reports and other documents Piedmont files with the Securities and Exchange Commiss ...
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... bank collateral policy in a model where a bank borrows from the interbank market or the central bank. Collateral has favorable incentive effects but is costly to transfer to lenders who value the collateral less because of imperfect collateral quality. We show that a fall in the quantity or the qual ...
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Preferred Habitat and the Optimal Maturity Structure of Government Debt

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... great extent, echo general recommendations made by the G-20. Articulating these principles helps ensure that these recommendations are designed for the long term. ...
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... D. indexing is always optimal. E. the objective of security analysis is to form an active portfolio of a limited number of mispriced securities; the cost of less than full diversification comes from the nonsystematic risk of the mispriced stock; and the optimal weight of a mispriced security in the ...
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... of Shares beneficially owned by US Persons. The Company retains the right to offer only one Class of Shares for subscription in any particular jurisdiction in order to conform to local law, custom, business practice or the Company’s commercial objectives. ...
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Securitization

Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are asset-backed securities (ABS).Critics have suggested that the complexity inherent in securitization can limit investors' ability to monitor risk, and that competitive securitization markets with multiple securitizers may be particularly prone to sharp declines in underwriting standards. Private, competitive mortgage securitization is believed to have played an important role in the U.S. subprime mortgage crisis.In addition, off-balance sheet treatment for securitizations coupled with guarantees from the issuer can hide the extent of leverage of the securitizing firm, thereby facilitating risky capital structures and leading to an under-pricing of credit risk. Off-balance sheet securitizations are believed to have played a large role in the high leverage level of U.S. financial institutions before the financial crisis, and the need for bailouts.The granularity of pools of securitized assets can mitigate the credit risk of individual borrowers. Unlike general corporate debt, the credit quality of securitized debt is non-stationary due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all tranches of structured debt improves; if improperly structured, the affected tranches may experience dramatic credit deterioration and loss.Securitization has evolved from its beginnings in the late 18th century to an estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in Europe as of the 2nd quarter of 2008. In 2007, ABS issuance amounted to $3.455 trillion in the US and $652 billion in Europe. WBS (Whole Business Securitization) arrangements first appeared in the United Kingdom in the 1990s, and became common in various Commonwealth legal systems where senior creditors of an insolvent business effectively gain the right to control the company.
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