1,417 research outputs found

    Collateral damage: Sizing and assessing the subprime CDO crisis

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    This paper conducts an in-depth analysis of structured finance asset-backed securities collateralized debt obligations (SF ABS CDOs), the subset of CDOs that traded on the ABS CDO desks at the major investment banks and were a major contributor to the global financial panic of August 2007. Despite their importance, we have yet to determine the exact size and composition of the SF ABS CDO market or get a good sense of the write-downs these CDOs will generate. In this paper the authors identify these SF ABS CDOs with data from Intex©, the source data and valuation software for the universe of publicly traded ABS/MBS securities and SF ABS CDOs. They estimate that 727 publicly traded SF ABS CDOs were issued between 1999 and 2007, totaling 641billion.Onceidentified,theydescribehowandwhymultisectorstructuredfinanceCDOsbecamesubprimeCDOs,andshowwhytheyweresosusceptibletocatastrophiclosses.TheauthorsthentracktheflowsofsubprimebondsintoCDOstodocumenttheenormouscrossreferencingofsubprimesecuritiesintoCDOs.Theycalculatethat641 billion. Once identified, they describe how and why multisector structured finance CDOs became subprime CDOs, and show why they were so susceptible to catastrophic losses. The authors then track the flows of subprime bonds into CDOs to document the enormous cross-referencing of subprime securities into CDOs. They calculate that 201 billion of the underlying collateral of these CDOs was referenced by synthetic credit default swaps (CDSs) and show how some 5,500 BBB-rated subprime bonds were placed or referenced into these CDOs some 37,000 times, transforming 64billionofBBBsubprimebondsinto64 billion of BBB subprime bonds into 140 billion of CDO assets. For the valuation exercise, the authors estimate that total write-downs on SF ABS CDOs will be $420 billion, 65 percent of original issuance balance, with over 70 percent of these losses having already been incurred. They then extend the work of Barnett-Hart (2009) to analyze the determinants of expected losses on the deals and AAA bonds and examine the performance of the dealers, collateral managers, and rating agencies. Finally, the authors discuss the implications of their findings for the “subprime CDO crisis” and discuss the many areas for future work.Debt ; Securities ; Asset-backed financing ; Banks and banking

    The Biodegradation of Crude Oil by Bacteria Isolated from Brine Pits

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    The biodegradation of crude oil by bacteria was studied. Hydrocarbon-utilizing bacteria were isolated from sixteen brine pits from an oil producing region of Clark County, Illinois. The bacteria were capable of growth from the vapors arising from crude oil as a sole carbon source. Some strains of bacteria were capable of emulsifying crude oil, apparently through the production of an emulsifying agent(s) that was found to be heat stable and cell bound but which can be partially stripped from the cell by autoclaving. The bacteria appear to belong to the genus Arthrobacter. The chemical environment of the pits was examined and phosphorous levels were suggested as the possible limiting factor in the number of hydrocarbon-utilizing bacteria present

    Interview of Larry Williams

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    Shackelford interviews Williams on his experiences in the mission field in Brazil. The interview was conducted in Searcy, AR

    The Biodegradation of Crude Oil by Bacteria Isolated from Brine Pits

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    The biodegradation of crude oil by bacteria was studied. Hydrocarbon-utilizing bacteria were isolated from sixteen brine pits from an oil producing region of Clark County, Illinois. The bacteria were capable of growth from the vapors arising from crude oil as a sole carbon source. Some strains of bacteria were capable of emulsifying crude oil, apparently through the production of an emulsifying agent(s) that was found to be heat stable and cell bound but which can be partially stripped from the cell by autoclaving. The bacteria appear to belong to the genus Arthrobacter. The chemical environment of the pits was examined and phosphorous levels were suggested as the possible limiting factor in the number of hydrocarbon-utilizing bacteria present

    A Librarian\u27s Guide to the Use of the Elementary School Library

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    Spin scattering in superconductors

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    Prospectus, January 21, 1981

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    WELCOME BACK FOR ANOTHER SEMESTER!; Parties anyone!; Qualifications listed for Senate elections; 551 make Parkland honors list; PC offers workshop in Assertive Communications beginning Feb. 3; Secure those ID\u27s!; Welcome back! From everybody at StuGo; Veterans Administration lists some pointers; Give a hoot! -- Donate a pint of blood Jan. 28; Scoreboard; Cobras upend Lake Land; Parkland 17-game Statistics (men); Parkland 15-game Statistics (women); Cobras use talents to Edge Lakers; Welcome back; IM basketball meeting Thursday; PC Sports Notes.......; Cobras finally have breather: win 93-63; FF basketball begins next week: Trifilo wins the big money; Cobra women start slow but recover to crush Loggershttps://spark.parkland.edu/prospectus_1981/1031/thumbnail.jp

    10. The Academic Departments

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    Includes: Collective Bargaining, Labor Law, and Labor History: The Department of Economic and Social Statistics; Labor Economics and Income Security Department: A Parent Department: Human Resources and Administration; The Organizational Behavior Department; Evolution of the Human Resources and Administration Department

    Analytical and experimental investigation of mistuning in propfan flutter

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    An analytical and experimental investigation of the effects of mistuning on propfan subsonic flutter was performed. The analytical model is based on the normal modes of a rotating composite blade and a three-dimensinal subsonic unsteady lifting surface aerodynamic theory. Theoretical and experimental results are compared for selected cases at different blade pitch angles, rotational speeds, and free-stream Mach numbers. The comparison shows a reasonably good agreement between theory and experiment. Both theory and experiment showed that combined mode shape, frequency, and aerodynamic mistuning can have a beneficial or adverse effect on blade damping depending on Mach number. Additional parametric results showed that alternative blade frequency mistuning does not have enough potential for it to be used as a passive flutter control in propfans similar to the one studied. It can be inferred from the results that a laminated composite propfan blade can be tailored to optimize its flutter speed by selecting the proper ply angles
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