Corporate Credit Default Swap Systematic Factors

This study examines the statistical significance of systematic and firm-specific determinants of Credit Default Swap (CDS) price variations. We cast doubt on the firm-specific determinants showed in prior research to be statistical significance to CDS price variations. In this paper, two research questions are studied: (1) “Which and to what extent systematic factors can explain the individual CDS price variations?” and (2) “Which and to what extent the firm-specific factors can predict CDS spread variations that are not ex- plained by systematic factors?”. We find that systematic factors account for the majority changes of the CDS spreads (R2 = 35%). Merely 4 of 28 firm-specific factors are statistically significant predictors for CDS changes that are not explained by the systematic factors and they have little explanatory power (R2 = 8%). We document that individual CDS variations ca

Analysis of the Terms of Bank Lending and Risk Management;Three Essays on Small Business Loans

This is a three-part dissertation, which provides a multi-faceted examination of loans and lending to small businesses in the US, which are a key source of economic and job growth. From a broad perspective, this work shows the interplay among various terms of lending, marked differences in lender behavior based on size and type, and a significant role of multiple loans/lenders in explaining loan delinquencies. Essay 1 examines the role of loan guarantees in lines of credit grated to small businesses. The presence of a loan guarantee is associated with lower interest rates and smaller lines of credit. There is some evidence that loan guarantees and collateral are substitutes. Firms with longer banking relationships and fewer banking relationships are less likely to have loan guarantees applied. Since there is some evidence of simultaneity in the data, appropriate econometric procedures are used to obtain consistent parameter estimates. Essay 2 examines differences in terms of lending among two sizes of banks and farm lenders for small loans. Large farm lenders do use more collateral than large bank lenders, but small banks use more collateral than small farm lenders. There is evidence that small banks use more collateral than large banks. All farm lenders appear to use similar levels of collateral, whereas small banks use more collateral than large banks. The determinants of collateral differ based on lender characteristics. For all sizes of farm lenders, the shorter the term of the loan, the more likely the use of non-real estate collateral, and vice versa. Essay 3 examines the determinants of farm loan delinquencies, and in particular, the influence of multiple loans and multiple lenders on delinquency. The number of lenders used by a borrower, the number of loans, and the product of the two are all positively related to loan delinquency. These factors are at least as significant as standard financial ratios in explaining loan delinquency. The most consistent finding regarding farm borrower delinquency is tha

Single-step ambient-air synthesis of graphene from renewable precursors as electrochemical genosensor

©The Author(s) 2017. Thermal chemical vapour deposition techniques for graphene fabrication, while promising, are thus far limited by resource-consuming and energy-intensive principles. In particular, purified gases and extensive vacuum processing are necessary for creating a highly controlled environment, isolated from ambient air, to enable the growth of graphene films. Here we exploit the ambient-air environment to enable the growth of graphene films, without the need for compressed gases. A renewable natural precursor, soybean oil, is transformed into continuous graphene films, composed of single-to-few layers, in a single step. The enabling parameters for controlled synthesis and tailored properties of the graphene film are discussed, and a mechanism for the ambient-air growth is proposed. Furthermore, the functionality of the graphene is demonstrated through direct utilization as an electrode to realize an effective electrochemical genosensor. Our method is applicable to other types of renewable precursors and may open a new avenue for low-cost synthesis of graphene films

Analysis of the Terms of Bank Lending and Risk Management;Three Essays on Small Business Loans

This is a three-part dissertation, which provides a multi-faceted examination of loans and lending to small businesses in the US, which are a key source of economic and job growth. From a broad perspective, this work shows the interplay among various terms of lending, marked differences in lender behavior based on size and type, and a significant role of multiple loans/lenders in explaining loan delinquencies. Essay 1 examines the role of loan guarantees in lines of credit grated to small businesses. The presence of a loan guarantee is associated with lower interest rates and smaller lines of credit. There is some evidence that loan guarantees and collateral are substitutes. Firms with longer banking relationships and fewer banking relationships are less likely to have loan guarantees applied. Since there is some evidence of simultaneity in the data, appropriate econometric procedures are used to obtain consistent parameter estimates. Essay 2 examines differences in terms of lending among two sizes of banks and farm lenders for small loans. Large farm lenders do use more collateral than large bank lenders, but small banks use more collateral than small farm lenders. There is evidence that small banks use more collateral than large banks. All farm lenders appear to use similar levels of collateral, whereas small banks use more collateral than large banks. The determinants of collateral differ based on lender characteristics. For all sizes of farm lenders, the shorter the term of the loan, the more likely the use of non-real estate collateral, and vice versa. Essay 3 examines the determinants of farm loan delinquencies, and in particular, the influence of multiple loans and multiple lenders on delinquency. The number of lenders used by a borrower, the number of loans, and the product of the two are all positively related to loan delinquency. These factors are at least as significant as standard financial ratios in explaining loan delinquency. The most consistent finding regarding farm borrower delinquency is tha

Banking Strategy and Implementation of Banking ASEAN Integration Framework(ABIF)in ASEAN Community (AEC)'s Era 2020 ERA 2020

As the preparation and to support the integration of ASEAN banks in 2020, through the establishment of ASEAN Banking Integration Framework (ABIF), banks and business people are expected to develop their businesses in the region with broader scope, more efficient and stable financial. The main purpose of ABIF 2020 is to provide Qualified ASEAN Banks (QAB) which has adequate capital, resilient, well managed and meet the prudential banking requirements, with more access to the regional markets and freedom to operate in ASEAN member countries. However, currently most Indonesian banks still have limited resources compared to the large banks from other ASEAN countries. Even Indonesia’s largest bank assets is only 1/6 of the largest bank in Singapore. Therefore, if Indonesian Banks want to compete, they certainly have to improve their overall performance. This study is aimed to analyze the strategy that Bank should implement to deal with ABIF. One that must be done is to develop a business strategy that allows banks to achieve the optimum level of profitability and efficiency. The method that will be used in this research is the Seemingly Unrelated Regressions (SUR) for Panel Data. The data used is the entire banking listed in the Stock Market in ASEAN countries. The results of this study are expected to provide a clear picture of the Banking Business Strategy in dealing with the enactment of ABIF in AEC’s era, and enrich the research literature in the field of Banking Business Strategy to challenge the increasing competition in the region

Growthmanship in the twenty-first century

In the run-up to the next general election both main parties are giving high priority to increasing the growth rate. But does past experience suggest this is a sensible strategy? The historical evidence does not support the idea that this is a winning stance, and it places reliance on a concept which is both deeply problematic as measure of economic well-being and little understood by the public

Palisandri in sorodniki iz rodu Dalbergia na seznamu CITES

The wood of rosewoods and palisanders from the botanical genus Dalbergia has a decorative coloured heartwood with dark streaks, high density and favourable wood properties, and thus is traditionally used and highly valued for prestige products and musical instruments. Among the most famous representatives of the genus are Brazilian rosewood (D. nigra) and Indian rosewood (D. latifolia). Due to its over-exploitation, Brazilian rosewood was put on the CITES list (Convention on International Trade and Endangered Species of Wild Fauna and Flora) in 1992 (Cites, 2018) as part of Appendix I, which lists the species threatened with extinction, and trade in these is generally prohibited. According to new CITES trade rules which came into effect at the beginning of 2017, the entire genus of Dalbergia (>250 species) has been put in Appendix II, which includes species not necessarily threatened with extinction, but in which trade must be controlled in order to avoid utilization incompatible with their survival. Due to these regulations, the correct identification of the wood is very important. Based on the use of relevant wood anatomical keys we present the 20 most important species of Dalbergia. We present and discuss the main wood anatomy features and questions related to identification of species belonging to the same genus. We present the importance of rosewoods for the production of musical instruments, as well as the problem of control and prevention of their illegal trade

Evangelical Friend, November 1987 (Vol. 21, No. 3)

Sharing Joy Behind Bars. By Janet Johnston, page 2 Prison ministry - Is God calling you? A Message for Every Culture. By Ron Stansell, page 6 Christians have a responsibility to think internationally, not nationalistically. We Can Help Set People Free. By Nancy Jeffers, page 8 Adult children of alcoholics have unique struggles. How can we understand them? The Barnabas Connection. By Eugene Coffin, page 10 Congregations need encouragement. Where does it come from and what does it do? Friends Can Be Exceptional. By Robert Hess, page 12 How can our church become exceptional? Enlisting in the Battle Against Pornography. By Peggy Roberts, page 14 Many segments of society are uniting to fight what is already illegal. They Hunger in Silence. By Bruce Bibby, page 18 Feeding the hungry is sometimes more than soup and bread. Are We Neglecting Our Singles? By David Conant, page 28Does your church suffer from homophobia ? Regular FeaturesSpeaking the Truth, 4Friends Write, 16Friends Read, 17What About Our Friends? 19https://digitalcommons.georgefox.edu/nwym_evangelical_friend/1216/thumbnail.jp