Non Return to Zero

Abstract: In this paper, we address the issue of possible moral hazard that rating agencies might have. We discuss the feasibility of possible incentive contracts that can ameliorate this problem. We find, that incentive payments to the rating agency based on expected returns on debt will do away with the moral hazard problem. JEL Classification No. G140, G200, G290 Key Words: Credit Rating, Information Production, Moral Hazard. 1 Introduction Rating agencies are unique because, the users of

or answers the question. Note that no question is identified as the bonus question. There are a couple of questions that will take a little longer than average, but no super-long questions. If you get stuck on any question, move on and come back to this question later. __C__ 1. Which of the following statements is most correct? |a. |One of the advantages of the corporate form of organization is that there is no double taxation. | |b. |The partnership form of organization

information retrieval systems, structure-based query expansion for XML search engines, which is designed to ease the query for XML data while keeping the power and flexibility of XML query, is introduced in this paper. To enable the structure expansion, a structure thesaurus should be built first, which involves the construction of a weighted graph from XML documents and the linkage-based clustering method to cluster the nodes into several groups. After a query comes, the structure thesaurus is examined,

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substantial value to products. Within the next five years, the share of embedded systems are expected to increase substantially in markets such as automotive (36%), industrial automation (22%), telecommunications (37%), consumer electronics (41%) and health/medical equipment (33%). The value added to the final product by embedded software is much higher than the cost of the embedded device itself. For example, in the case of a modern car, by 2010 over 35% of its value will be due to embedded electronics

in contrast, that capital requirements are Pareto inefficient. With deposit insurance, freely determined deposit rates undermine prudent bank behavior. To induce a bank to choose to make prudent investments, the bank must have sufficient franchise value at risk. Free deposit rates combined with competitive markets serve to reduce franchise value to the point where banks gamble. Deposit rate controls create franchise value by increasing the per-period profits of the bank. We find that deposit rate

study uses a computational model based on Nelson and Winter’s (1982) evolutionary model of economic change to test whether firms using BCG’s investment rules outperform firms using Nelson and Winter’s investment rules. We found that the original BCG rules were not capable of outperforming the Nelson and Winter rules even under the most favorable conditions. However, we were able to use this data to construct a set of modified BCG rules that outperformed the Nelson and Winter on almost every occasion

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implied volatility surface using an alternative to the Black-Scholes model known as the q-alpha-sigma model. This model captures much of the smile and so reduces the volatility surface to a one-dimensional term structure curve. We study the dynamics of this curve using principal component analysis and a GARCH model. This allows us to implement a simple vega-hedging strategy. 1 Introduction It is well known that the Black-Scholes model fails to accurately predict option prices. This failure

scolarité pour la gestion des fonctions de l’école · Les jurys qui vont donner leurs avis sur notre projetAinsi dit, nous tenons à remercier nos parents pour leurs interventions, leurs soutiens que ce soit morale ou financière. Nous n’oublions pas non plus, nos camarades qui nous ont apporté une aide précieuse à l’accomplissement de notre projet, on vous remercie de tout cœur !Avec toutes notre reconnaissance !!! Sommaire CURRICULUM VITAEIREMERCIEMENTSVSommaireVIListes des figuresVIIListes