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Dissertations / Theses on the topic 'Default (finance)'

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Published: 4 June 2021

Last updated: 1 August 2024

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1

Santos, Rafael Chaves. "Essays on international finance, default and inflation." reponame:Repositório Institucional do FGV, 2006. http://hdl.handle.net/10438/1049.

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Made available in DSpace on 2008-05-13T15:52:39Z (GMT). No. of bitstreams: 1 2282.pdf: 690901 bytes, checksum: f45f4bb28439e9a49c38f0a9702c71e4 (MD5) Previous issue date: 2006-12-21<br>This thesis is composed by three papers, each one of them corresponding to one chapter. The first and the second chapters are essays on international finance appraising default and inflation as equilibrium outcomes for crisis time, in particular, for confidence crisis time that leads to speculative attack on the external public debt issued by emerging economies. With this background in mind, welfare effects

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2

Van, Jaarsveldt Cole. "Modelling probabilities of corporate default." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/31331.

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This dissertation follows, scrupulously, the probability of default model used by the National University of Singapore Risk Management Institute (NUS-RMI). Any deviations or omissions are noted with reasons related to the scope of this study on modelling probabilities of corporate default of South African firms. Using our model, we simulate defaults and subsequently, infer parameters using classical statistical frequentist likelihood estimation and one-world-view pseudo-likelihood estimation. We improve the initial estimates from our pseudo-likelihood estimation by using Sequential Monte Carlo

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3

Zhang, Jie. "Modelling examples of loss given default and probability of default." Thesis, University of Southampton, 2011. https://eprints.soton.ac.uk/172581/.

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The Basel II accord regulates risk and capital management requirements to ensure that a bank holds enough capital proportional to the exposed risk of its lending practices. Under the advanced internal ratings based (IRB) approach, Basel II allows banks to develop their own empirical models based on historical data for probability of default (PD), loss given default (LGD) and exposure at default (EAD). This thesis looks at some examples of modelling LGD and PD. One part of this thesis investigates modelling LGD for unsecured personal loans. LGD is estimated through estimating Recovery Rate (RR,

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4

Guo, Biao. "Essays on credit default swaps." Thesis, University of Nottingham, 2013. http://eprints.nottingham.ac.uk/13101/.

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This thesis is structured to research on a financial derivative asset known as a credit default swap (CDS). A CDS is a contract in which the buyer of protection makes a series of payments (often referred to as CDS spreads) to the protection seller and, in exchange, receives a payoff if a default event occurs. A default event can be defined in several ways, including failure to pay, restructuring or rescheduling of debt, credit event repudiation, moratorium and acceleration. The main motivation of my PhD thesis is to investigate the determinants of the changes of CDS spreads and to model the ev

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5

Wang, Qian Sarah, and 王倩. "The real effects of credit default swaps." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2012. http://hub.hku.hk/bib/B48329575.

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In recent years, concerns have been raised about the real effects of credit default swaps (CDS) on the economy. Different from the hitherto accepted view that derivatives are redundant, CDS may affect the credit risk and strategic liquidity decision of the reference entities. In this dissertation, I use a unique, comprehensive sample covering 901 CDS introductions on North American corporate issuers, between June 1997 and April 2009, to address these questions. In chapter 2, I investigate whether CDS trading increases the credit risk of the reference entities. I find that the probability o

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6

Levy, Ariel. "Essays on credit default swaps." Diss., Restricted to subscribing institutions, 2009. http://proquest.umi.com/pqdweb?did=1872060451&sid=3&Fmt=2&clientId=1564&RQT=309&VName=PQD.

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7

Shan, Chenyu, and 陜晨煜. "Credit default swaps (CDS) and loan financing." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hub.hku.hk/bib/B5089965X.

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As evidenced by its market size, credit default swaps (CDSs) has been the cornerstone product of the credit derivatives market. The central question that I attempt to answer in this thesis is: why and how does the introduction of CDS market affect bank loan financing? Theoretical works predict some potential effects from CDS market, but empirical evidence is still rare. This dissertation empirically examines the effects of CDS trading on bank loan financing. In chapter one, I find that banks increase average loan amount and charge higher loan spread after the onset of CDS trading on the borr

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8

Scott, Robert H. Sturgeon James I. "The determinants of default on credit card debt." Diss., UMK access, 2005.

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Thesis (Ph. D.)--Dept. of Economics. University of Missouri--Kansas City, 2005.<br>"A dissertation in economics and social science consortium." Advisor: James I. Sturgeon. Typescript. Vita. Title from "catalog record" of the print edition Description based on contents viewed June 26, 2006. Includes bibliographical references (leaves 149-161 ). Online version of the print edition.

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9

Kooverjee, Jateen. "Estimating credit default swap spreads from equity data." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/8525.

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Includes bibliographical references.<br>Corporate bonds are an attractive form of investment as they provide higher returns than government bonds. This increase in returns is usually associated with an increase in risk. These risks include liquidity, market and credit risk. This dissertation will focus on the modelling of a corporate bond's credit risk by considering how to estimate the credit default swap (CDS) spread of a firm's bond. A structural credit model will be used to do this. In this dissertation, we implement an extension of Merton's model by Hull, Nelken and White (2004), which is

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10

Paseka, Alexander I. "Debt valuation with endogenous default and Chapter 11 reorganization." Diss., The University of Arizona, 2003. http://hdl.handle.net/10150/280321.

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We examine a continuous-time structural model of debt valuation with the possibility of default and Chapter 11 bankruptcy. In doing so, we derive Chapter 11 duration and allocations to the debtor and bondholders in Chapter 1 I as the outcomes of a bargaining game between the debtor and the bondholders. The absolute priority rule (APR) violations arising in equilibrium are then embedded into closed-form solutions for the values of equity, finite-maturity debt, and credit spreads. It has been recently documented that existing credit risk models explain only a fraction of the observed yield sprea

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11

Dimou, Paraskevi. "Models of corporate and bank default and credit migration." Thesis, City University London, 2007. http://openaccess.city.ac.uk/8596/.

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This thesis presents three studies on credit risk modelling. The first study compares the real default probabilities produced by three main structural models of default, Merton model, Longstaff and Schwartz model and Leland and Toft model, to the observed real default probabilities reported by Moody's for the BBB, BB and B rated bonds. We find that none of the models can accurately predict the default probabilities in all these cases. Merton as well as Leland and Toft models underpredict default probabilities. Longstaff and Schwartz model although it produces in some cases Expected Default Fre

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12

Peiris, Mahatelge Udara. "Essays in money, liquidity and default in the theory of finance." Thesis, University of Oxford, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.543623.

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13

Vateva, Tzveta. ""Corporate Governance and Default Risk"." Kent State University / OhioLINK, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=kent1412703653.

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14

Fehle, Frank Rudolf. "Market structure, default risk, and swap spreads : international evidence /." Digital version accessible at:, 1999. http://wwwlib.umi.com/cr/utexas/main.

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15

Shen, Yao. "Essays in Corporate Finance and Credit Markets." Thesis, Boston College, 2016. http://hdl.handle.net/2345/bc-ir:106883.

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Thesis advisor: Philp E. Strahan<br>This dissertation is comprised of three essays which examine the interactions among credit market innovation, corporate finance, and information intermediaries. In the first essay, I study the role of credit default swaps (CDS) in reducing credit supply frictions for corporate borrowers. I find that firms whose CDS is included in a major CDS index--the CDX North American Investment Grade index--have significantly lower cost of debt, and in response rely more heavily on debt for external financing. To address the potential endogeneity of index addition, I use

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16

XUE, Xinshu. "The impact of credit default swaps on corporate investment policy." Digital Commons @ Lingnan University, 2015. https://commons.ln.edu.hk/fin_etd/14.

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Credit Default Swaps (CDSs) play an important role in the financial markets. The introduction of CDSs has impacts on the bond market, and the financial characteristics and creditworthiness of the underlying reference entities. When financing is not frictionless, the investment policies of firms are related to their financial conditions. However, whether or how the introduction of CDS will directly affect the investment policy of the firm has not been examined empirically in the literature. To shed light on this issue, my study investigates the relation between credit default swaps trading and

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17

Macchiavelli, Marco. "Essays in Macroeconomics and Finance." Thesis, Boston College, 2015. http://hdl.handle.net/2345/bc-ir:104232.

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Thesis advisor: Susanto Basu<br>The goal of this dissertation is to shed some light on three separate aspects of the financial system that can lead to greater instability in the banking sector and greater macroeconomic volatility. The starting point of the Great Recession was the collapse of the banking sector in late 2007; in the subsequent months, liquidity evaporated in many markets for short term funding. The process of creating liquidity carried out by the banking system involves the transformation of long term illiquid assets into short term liquid liabilities. This engine functions prop

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18

Österling, Anders. "Housing Markets and Mortgage Finance." Doctoral thesis, Stockholms universitet, Nationalekonomiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-144622.

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This Ph.D. thesis deals with questions related to the housing market, and answers the questions: "Does it matter if housing markets are underpriced?" and "How do the legal system and the loan contract affect those who default on their mortgage payments? "When selling a home, a popular marketing strategy is to set the list price far below market value. The idea is that a low list price will attract loads of buyers, who will push up the sale price. This thesis finds that a voluntary reform can reduce underpricing in the short run. Further, underpriced housing markets do indeed require more atten

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19

Brown, Iain Leonard Johnston. "Basel II compliant credit risk modelling : model development for imbalanced credit scoring data sets, loss given default (LGD) and exposure at default (EAD)." Thesis, University of Southampton, 2012. https://eprints.soton.ac.uk/341517/.

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The purpose of this thesis is to determine and to better inform industry practitioners to the most appropriate classification and regression techniques for modelling the three key credit risk components of the Basel II minimum capital requirement; probability of default (PD), loss given default (LGD), and exposure at default (EAD). The Basel II accord regulates risk and capital management requirements to ensure that a bank holds enough capital proportional to the exposed risk of its lending practices. Under the advanced internal ratings based (IRB) approach Basel II allows banks to develop the

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20

Mace, Jennifer. "Are CDS Auctions the Tail Wagging the Dog? An Empirical Study of Corporate Bond Return Volatility at the Time of Default." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2212.

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Over the past decade, numerous engineered credit events and cases of market participants manipulating bond prices to influence Credit Default Swap (CDS) auction payouts have occurred. These cases have become increasingly common, and the CFTC has stated they may constitute market manipulation and undermine not only the CDS market but also the credit derivative and default markets. Although there is a plethora of news and media coverage on publicized cases, there is no previous empirical research on evidence of these practices. This paper is motivated by the desire to determine if there is indir

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21

Stone, Devon. "An exploration of alternative features in micro-finance loan default prediction models." Master's thesis, Faculty of Science, 2020. http://hdl.handle.net/11427/32377.

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Despite recent developments financial inclusion remains a large issue for the World's unbanked population. Financial institutions - both larger corporations and micro-finance companies - have begun to provide solutions for financial inclusion. The solutions are delivered using a combination of machine learning and alternative data. This minor dissertation focuses on investigating whether alternative features generated from Short Messaging Service (SMS) data and Android application data contained on borrowers' devices can be used to improve the performance of loan default prediction models. The

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22

Leow, Mindy. "Credit risk models for mortgage loan loss given default." Thesis, University of Southampton, 2010. https://eprints.soton.ac.uk/170515/.

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Arguably, the credit risk models reported in the literature for the retail lending sector have so far been less developed than those for the corporate sector, mainly due to the lack of publicly available data. Having been given access to a dataset on defaulted mortgages kindly provided by a major UK bank, this work first investigates the Loss Given Default (LGD) of mortgage loans with the development of two separate component models, the Probability of Repossession (given default) Model and the Haircut (given repossession) Model. They are then combined into an expected loss percentage. Perform

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23

Xie, Yan Alice Wu Chunchi. "Immunization of interest rate risk and pricing of default risk of bond portfolios." Related Electronic Resource: Current Research at SU : database of SU dissertations, recent titles available full text, 2003. http://wwwlib.umi.com/cr/syr/main.

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24

Pereira, John. "An empirical investigation of corporate credit default swap spreads and returns." Thesis, Kingston University, 2015. http://eprints.kingston.ac.uk/35845/.

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This thesis focuses on the empirical investigation of Credit Default Swap (CDS) spreads and return dynamics for listed corporates in the US, UK and EU. Academic interest in CDS market is continuously growing and this thesis aims to provide a better understanding of the CDS market dynamics. Specifically, this thesis explores three critical areas of research interest for the CDS market with each Chapter Two, Three and Four focussing on a specific aim, objectives and research questions within the context of the overall thesis. The thesis is largely based on three separate but broadly related rese

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25

Haworth, H. "Structural models of credit with default contagion." Thesis, University of Oxford, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.437010.

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Multi-asset credit derivatives trade in huge volumes, yet no models exist that are capable of properly accounting for the spread behaviour of dependent companies. In this thesis we consider new ways of incorporating a richer and more realistic dependence structure into multi-firm models. We focus on the structural framework in which firm value is modelled as a geometric Brownian motion, with default as the first hitting time of an exponential default threshold. Specification of a dependence structure consisting of a common driving influence and firm-specific inter-company ties allows for both

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26

Xu, Zhengyang. "Contagion and Competitive Intra-industry Effects of Default Announcements Evidence from Chinese Bond Market." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1375.

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In this paper I analyzed the intra-industry competitive and contagion effect during bond defaults in China. The analysis is performed using bond price, since the Chinese stock market is immature and has incredible amount of volatility. The sample includes 15 cases of default across 10 different industries since 2014, and the cumulative effect of the industry portfolio is positive over 11-day event window (competitive effect) with a t-statistic of 6.22. In addition, I found that SOE defaults overall have a significant positive abnormal return on their industry portfolios during 11-day event win

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27

Hirani, Pranav. "Dynamic models of credit ratings and default probabilities." Diss., Columbia, Mo. : University of Missouri-Columbia, 2007. http://hdl.handle.net/10355/5998.

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Thesis (M.A.)--University of Missouri-Columbia, 2007.<br>The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file. Title from title screen of research.pdf file (viewed on April 17, 2008) Includes bibliographical references.

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28

Davis, Renée A. "The Nevada System of Higher Education loan defaulter analysis project a system-wide look at defaulted student characteristics /." abstract and full text PDF (free order & download UNR users only), 2008. http://0-gateway.proquest.com.innopac.library.unr.edu/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:1453197.

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29

Soga, Nomaphelo. "The cost of credit default in the vehicle finance industry in South Africa." Thesis, Cape Peninsula University of Technology, 2019. http://hdl.handle.net/20.500.11838/3027.

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Thesis (MTech (Cost and Management Accounting))--Cape Peninsula University of Technology, 2019<br>The risk that borrowers may not fulfil borrowing obligation presents credit owners (lenders) with a default risk management opportunity to maximize risk-adjusted rate of return and maintain minimum exposure to default associated cost. This study investigated respondents' perception of the cost of credit default and examines requirements for default risk management (ORM) in the vehicle finance industry in South Africa. It is noted that with increased level of consumer indebtedness, an unstable econ

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30

Rich, Don R. "Incorporating default risk into the Black-Scholes model using stochastic barrier option pricing theory." Diss., This resource online, 1993. http://scholar.lib.vt.edu/theses/available/etd-06062008-171359/.

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31

Chen, Jian. "Agricultural Loans and Strategic Default: Evidence from China and U.S." The Ohio State University, 2019. http://rave.ohiolink.edu/etdc/view?acc_num=osu1557142004653804.

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32

Eyigungor, Burcu. "Essays in dynamic economics." Diss., Restricted to subscribing institutions, 2007. http://proquest.umi.com/pqdweb?did=1432786291&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.

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33

Ilerisoy, Mahmut Sa-Aadu Jarjisu. "Hedging out the mark-to market volatility for structured credit portfolios." Iowa City : University of Iowa, 2009. http://ir.uiowa.edu/etd/381.

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34

Wang, Hui. "AN INVESTIGATION OF STRATEGIC BEHAVIOR IN CONSUMER DEFAULT." The Ohio State University, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=osu1338317059.

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35

Bernstein, Elan M. "The Impact of Credit Default Swap Introduction on Firm Systematic Risk." Scholarship @ Claremont, 2015. http://scholarship.claremont.edu/cmc_theses/1063.

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This paper empirically explores how the introduction of Credit Default Swap (CDS) trading affects firm systematic risk. By treating the introduction as an event study and imploring propensity score matching and difference-in-differences analysis, this research finds that firm exposure to market risk increases after the introduction of CDS instruments, controlling for higher debt levels. These findings change, however, in times of financial crisis when the impact of CDS trading actually reduces systematic risk. These results show that CDS introduction enables a firm to more dramatically change

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36

Emenike, Obioma. "Business loan default in Nigerian commercial banks : from causes to remedies." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/97167.

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Thesis (MDF)--Stellenbosch University, 2011.<br>ENGLISH ABSTRACT: A sound and favourable financial climate is necessary for any forward-looking economy to thrive. This, amongst others, includes the extent to which the commercial banks are able to discharge their intermediating role in the demand and supply of credit necessary to sustain commercial businesses. Indeed, in the last decade, the Nigerian banking industry has witnessed swings with the attendant effects on the business community. One of the downsides has been the incidence of loan default which led to many banks recording astronomica

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37

Wang, Yi. "Default risk in equity returns an industrial and cross-industrial study /." Cleveland, Ohio : Cleveland State University, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=csu1251906476.

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Thesis (Ph.D.)--Cleveland State University, 2009.<br>Abstract. Title from PDF t.p. (viewed on Sept. 8, 2009). Includes bibliographical references (p. 149-154). Available online via the OhioLINK ETD Center and also available in print.

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Kerr, Sougata. "The impact of relationship lending in assessing default heterogeneity and consumer search behavior in the 1990s U.S credit card market." Columbus, Ohio : Ohio State University, 2003. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1060562543.

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Thesis (Ph. D.)--Ohio State University, 2003.<br>Title from first page of PDF file. Document formatted into pages; contains xii, 89 p.; also includes graphics (some col.). Includes abstract and vita. Advisor: Lucia Dunn, Dept. of Economics. Includes bibliographical references (p. 82-84).

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Qi, Ziqiong. "Credit risk under normal and extreme condition : empirical investigation on European CDS spread changes." Thesis, Rennes 1, 2014. http://www.theses.fr/2014REN1G025/document.

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Cette thèse de doctorat s’articule en trois chapitres. Le premier chapitre s’attache à trouver les déterminants principaux des variations hebdomadaires des marges de CDS, en période normale. Le deuxième chapitre se concentre, quant à lui, sur le comportement des marges de CDS dans les situations extrêmes. Nous exploitons dans ce chapitre les outils couramment employés dans l’analyse du risque systémique (CoVaR et régression quantile). Le troisième et dernier chapitre s’intéresse à l'impact des modifications de notations émises par les agences de rating (sur les marges de CDS). Nous procédons i

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Zhou, Qingqing. "Challenges and concerns on securitization of non-performing loans in China : from the state banks' perspective /." Click to view the E-thesis via HKUTO, 2001. http://sunzi.lib.hku.hk/hkuto/record/B42577159.

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Hund, John Eric. "Variance and covariance dynamics in emerging sovereign credit markets /." Digital version accessible at:, 2000. http://wwwlib.umi.com/cr/utexas/main.

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42

Al-Own, Bassam. "CEO stock-option compensation and the use of credit default swaps in relation to European bank risk." Thesis, Edinburgh Napier University, 2015. http://researchrepository.napier.ac.uk/Output/8800.

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This thesis investigates two main aspects related to the use of credit default swaps (CDS) by European banks. The first area of investigation focuses on the relationship between the CEOs' risk-taking incentives generated by stock option compensation and the usage of CDS by banks. This thesis contributes to the existing literature in risk management with derivatives, which initially assumes that the use of derivatives is intended to reduce firm risk, by distinguishing between CDS use for hedging purposes and CDS use for trading purposes. The relationship between CEOs' risk-taking incentives and

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Ahn, Kwangwon. "Dynamic stochastic general equilibrium models with money, default and collateral." Thesis, University of Oxford, 2013. http://ora.ox.ac.uk/objects/uuid:78317412-e13d-4495-9665-340e777ab7b2.

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This D.Phil. dissertation investigates the areas in financial stability. The three comprising essays have a common ground: money, default and collateral in the theory of finance. Chapter Two (co-authored with Prof. Dimitrios Tsomocos), which is titled “A Dynamic General Equilibrium Model to Analyse Financial Stability”, aims to refine and improve existing DSGE models in two ways. First, it incorporates hitherto neglected components such as endogenous default, money via cash-in-advance constraints and heterogeneous banking sectors. Thus, in contrast to the New Keynesian approach, here it is liq

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Ngufor, Patrick. "Quantitative study of perceptions of business owners and loan officers on loan delinquency and default." Thesis, University of Phoenix, 2014. http://pqdtopen.proquest.com/#viewpdf?dispub=3578584.

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<p> This research seeks to document if differences in perceptions of small business creditworthiness and lending practices of credit union and commercial lenders exist. This study applied a quantitative method to answer five questions: (1)How do small business owners perceive commercial lenders? (2)How do small business owners perceive credit union lenders? (3)How do commercial banks perceive small businesses? (4)How do credit unions perceive small businesses? (5)What are the differences in the perceptions of small businesses, commercial banks, and credit unions? The study used a quantitative

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Xuan, Chengwu. "Does the Use of Financial Derivatives Affect Distance-to-Default: Evidence from U.S. Bank Holding Companies." Scholarship @ Claremont, 2017. http://scholarship.claremont.edu/cmc_theses/1650.

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Using a sample of 1007 U.S. bank holding companies from 1995 to 2015, this study investigates whether the use of financial derivatives of U.S. bank holding companies affects distance-to-default, a measure of a bank’s chance of defaulting. My results show that total derivatives and total derivatives for trading purposes do not have any statistically significant impact on distance-to-default. There is, however, a statistically significant correlation between total derivatives for non-trading purposes and distance-to-default. More exposure to total non-trading derivatives decreases distance-to- d

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Walljee, Raabia. "The Levy-LIBOR model with default risk." Thesis, Stellenbosch : Stellenbosch University, 2015. http://hdl.handle.net/10019.1/96957.

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Thesis (MSc)--Stellenbosch University, 2015<br>ENGLISH ABSTRACT : In recent years, the use of Lévy processes as a modelling tool has come to be viewed more favourably than the use of the classical Brownian motion setup. The reason for this is that these processes provide more flexibility and also capture more of the ’real world’ dynamics of the model. Hence the use of Lévy processes for financial modelling is a motivating factor behind this research presentation. As a starting point a framework for the LIBOR market model with dynamics driven by a Lévy process instead of the classical Brownian

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Zeitun, Rami M. A. "Firm performance and default risk for publicly listed companies in emerging markets : a case study of Jordan." Thesis, View thesis, 2006. http://handle.uws.edu.au:8081/1959.7/35666.

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This thesis examines the determinants of corporate performance and likelihood of default of Jordanian publicly listed companies. Despite the large body of work that has investigated the determinants of corporate performance and default, no comprehensive study has emerged in an emerging market. Indeed, most of the empirical research on corporate performance and failure has been conducted in the developed markets such as the USA and the UK. This is the first rigorous and comprehensive study to examine empirically the determinants of corporate performance and failure of the publicly listed compan

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Kim, Yeo Hwan. "Default risk as a factor affecting the earnings response coefficient : a comparative study of the US and South Korea." Thesis, Queensland University of Technology, 2002.

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Neill, Jon Patraic. "Credit Default Swaps Regulation and the Use of Collateralized Mortgage Obligations in U.S. Financial Institutions." ScholarWorks, 2011. https://scholarworks.waldenu.edu/dissertations/1135.

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The fast and easy global movement of capital throughout the financial system, from lenders to borrowers and through intermediaries and financial market participants, has been recognized as a source of instability associated with illiquidity and financial crises. The purpose of this research was to better understand how regulation either enables or constrains capital movement. The theoretical framework comprised 2 contrasting public policymaking models, Arrow's rational-comprehensive model and Kingdon's garbage can model, which were used to derive opposing hypotheses. The research question addr

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De, Villiers Johan. "Simulation-based valuation of project finance investments in sub-Saharan Africa and its effects on net present value and default probabilities." Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/28974.

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This paper addresses the issue surrounding the valuation of valuing large-scale infrastructure projects located in emerging and frontier market countries. These are economies which, traditionally, have been characterised as having high levels of risk and uncertainty, thus presenting a significant challenge to capital allocation decisions and the associated theme of narrowing the finance gap. In light of this, a case study is used to investigate the impact that simulation has on the valuation of an actual infrastructure project located in a sub-Saharan African economy. Specifically, a Monte Car

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