A Non-parametric Approach to Incorporating Incomplete Workouts Into Loss Given Default Estimates

When estimating Loss Given Default (LGD) parameters using a workout approach, i.e. discounting cash flows over the workout period, the problem arises of how to take into account partial recoveries from incomplete work-outs. The simplest approach would see LGD based on complete recovery profiles only. Whilst simple, this approach may lead to data selection bias, which may be at the basis of regulatory guidance requiring the assessment of the relevance of incomplete workouts to LGD estimation. Despite its importance, few academic contributions have covered this topic. We enhance this literature by developing a non-parametric estimator that -under certain distributional assumptions on the recovery profiles- aggregates complete and incomplete workout data to produce unbiased and more efficient estimates of mean LGD than those obtained from the estimator based on resolved cases only. Our estimator is appropriate in LGD estimation for wholesale portfolios, where the exposure-weighted LGD estimators available in the literature would not be applicable under Basel II regulatory guidance.Credit risk; bank loans; loss-given-default; LGD; incomplete observations; mortality curves

Medellin: City of crossroads—Poverty, urban model and social change of the green belt project

Over the years, Medellin has faced a series of problems that hinder its clear vision for the future, which will make it more than drug trafficking and prostitution in the world. However, Medellin and many of its residents are currently acting to obtain better material conditions and facilitate the lives of their residents, who continue to suffer from appalling poverty, marginalization and violence due to the vulnerability of the state in vast territorial areas. Despite this difficult cultural landscape, the city has made far-reaching efforts, albeit limited, to improve Medellin’s observed prospects, so today it is considered an example of urban and social transformation in Latin America. In this way, large-scale projects such as green space and garden around the city have begun to overcome the extreme violence and decentralization of the state in recent years, which has enabled cities to expand to areas where human life and the environment are at high risk

To what extentd do judges make law in the Australian Common Law system?: Basis from the common law judicial law creation for continental law system

In the Common Law system judges have the power to create subsidiary laws: they make rules in strict sense. This Kind of power responds to a special way in which the Common Law develops and adapts itself to achieve the best rules for a given society. Understanding how the Australian law system works, as an example of a common law structure, and how judges interact with the parliament in the creation of the best rules of law -which makes the process coherent- is paramount for other legal systems that have a mixture of legal institutions from both civil and common law systems, as Colombia. Colombia has an unclear mixture of law systems, which generates an uncertainty of the application of the law producing both by judges and parliament, and serious structural law problems; so, understanding the basis of the common law system it is important to clarify the limits in the competence of each authority and the interaction between the law made by the Parliament and the one that the judges produce.In the Common Law system judges have the power to create subsidiary laws: they make rules in strict sense. This Kind of power responds to a special way in which the Common Law develops and adapts itself to achieve the best rules for a given society. Understanding how the Australian law system works, as an example of a common law structure, and how judges interact with the parliament in the creation of the best rules of law -which makes the process coherent- is paramount for other legal systems that have a mixture of legal institutions from both civil and common law systems, as Colombia. Colombia has an unclear mixture of law systems, which generates an uncertainty of the application of the law producing both by judges and parliament, and serious structural law problems; so, understanding the basis of the common law system it is important to clarify the limits in the competence of each authority and the interaction between the law made by the Parliament and the one that the judges produce

Uso de semen sexado en bovinos

La ganadería es una de las producciones pecuarias más importantes de Latinoamérica, con el tiempo ha evolucionado el manejo de la misma, implementando así técnicas como la inseminación artificial, sincronización, transferencia de embriones y fertilización in vitro. Últimamente se desarrolló la forma de tener un porcentaje más alto de probabilidad de escoger el sexo a conveniencia del ganadero según la necesidad de la producción. La utilización de semen sexado es una alternativa de gran impacto con mayor interés en hatos lecheros, gracias a la citometría de flujo que permite separar los espermatozoides X de Y, teniendo el cromosoma X un 3.8 al 4% más de ADN y cuyo resultado es aproximadamente el 90% en cuanto a efectividad en el sexo deseado, esto hace que sea una de las elecciones a usar en el momento de la inseminación en latinoamérica

Estado del arte del uso de aplicaciones en dispositivos móviles en el área de la telemedicina

Es importante revisar el uso que se hace la tecnología móvil, en el campo de la salud, exactamente en el área denominada telemedicina, y el impacto que los dispositivos móviles trae a esta área. Dado que dichos dispositivos móviles, (Smartphone, tablets, PDA’s entre otros) han avanzado a la par con la tecnología, brindan unas capacidades similares o incluso mayores que las de los antiguos computadores de escritorio (PC’s). El país cuenta con 44’477.653 abonados que equivalen a 97,74 abonados por cada 100 habitantes, el índice de variación de suscriptores de Internet fijo y móvil al 31 de diciembre de 2010 tuvo un crecimiento del 32% respecto al primer trimestre de ese mismo año. Donde además se pretende alcanzar la meta de 8,8 millones de conexiones en 2014, señaló el Ministro TIC Diego Molano Vega. Según mediciones entregadas a EL TIEMPO.COM por operadores de telefonía móvil, en Colombia, de cada dos equipos celulares que se reponen, uno de ellos es un teléfono inteligente. Es entonces fácil deducir, que cada vez más Colombianos tenemos un poder de procesamiento en nuestros bolsillos, que además posee formas de conexión a redes, todo este poder de procesamiento móvil, ha permitido abrir una amplia gama de nuevas posibilidades, que quizás no se contemplaron en áreas tan vitales como lo es la telemedicina

Virus de Influenza A H5N1 y H1N1 : características y potencial zoonótico

ABSTRACT: Influenza A viruses which belong to the Orthomyxoviridae family, are enveloped, pleomorphic, and contain genomes of 8 single-stranded negative-sense segments of RNA. Influenza viruses have three key structural proteins: hemagglutinin (HA), neuraminidase (NA) and Matrix 2 (M2). Both HA and NA are surface glycoproteins diverse enough that their serological recognition gives rise to the traditional classification into different subtypes. At present, 16 subtypes of HA (H1-H16) and 9 subtypes of NA (N1- N9) have been identified. Among all the influenza A viruses with zoonotic capacity that have been described, subtypes H5N1 and H1N1, have shown to be the most pathogenic for humans. Direct transmission of influenza A viruses from birds to humans used to be considered a very unlikely event but its possibility to spread from human to human was considered even more exceptional. However, this paradigm changed in 1997 after the outbreaks of zoonotic influenza affecting people from Asia and Europe with strains previously seen only in birds. Considering the susceptibility of pigs to human and avian influenza viruses, and the virus ability to evolve and generate new subtypes, that could more easily spread from pigs to humans, the possibility of human epidemics is a constant menace. A recent example was the outbreak of H1N1 influenza in 2009 that crossed species and geographical borders affecting up to 20 to 40% of the people in some parts of the world. Vaccines and control measures are continuously being developed to address a threat that every year claims human and animal lives, and makes us fear for a new and more lethal strain of the virus.RESUMEN: Los virus de influenza tipo A pertenecen a la familia Orthomyxoviridae, son envueltos, pleomórficos, y contienen 8 segmentos de ARN de cadena negativa. Dichos agentes poseen tres proteínas estructurales claves: Hemaglutinina (HA), Neuraminidasa (NA) y proteína de Matriz 2 (M2). La HA y la NA son glicoproteínas de superficie, que debido a su gran diversidad fueron usadas para crear la clasificación y nomenclatura de subtipos de virus de influenza, basada en la reactividad serológica contra ellas. De acuerdo con lo anterior, hasta la fecha se han identificado 16 subtipos de HA (H1-H16) y 9 subtipos de NA (N1-N9). De los virus tipo A, los denominados H5N1 y H1N1 han demostrado ser los más patógenos. El contagio directo de los virus de influenza A de las aves a los humanos se consideraba un evento raro y su dispersión se creía que era aún más limitada, percepción que ha cambiado desde 1997 y particularmente con los últimos brotes zoonóticos de influenza en Asia y Europa. Adicionalmente, si se considera que el porcino es una especie susceptible a virus de influenza provenientes de humanos y aves, y que estos agentes infecciosos tienen la capacidad de realizar un cambio antigénico al reasociarse generando así nuevos subtipos, la potencialidad de nuevas amenazas a la población humana es cada vez más tangible. Ejemplo de lo anterior es la reciente pandemia de influenza A H1N1 en el año 2009, que atravesó fronteras sin discriminación geográfica o de especie, afectando entre el 20 y el 40% de las personas en algunas partes del mundo. Vacunas y medidas de control se desarrollan en la actualidad para afrontar esta amenaza que cada año cobra vidas humanas y animales, y nos hace temer por una nueva y más mortífera epidemia en el futuro

Contract Interpretation Law in Australia: It Is a Maze, Not a Straight Way

In Australian common law system, there are discrepancies between the judicial decisions regarding the interpretation of contracts. In this research paper, I intend to clarify legal issues that cause these differences. In addition, I discuss the implications of adopting more specific rules in Australia. To do so, I compare the Australian case to other countries with civil law systems that have established similar norms. Then, I advocate for developing and adopting a law that is in accordance with current international principles

The role of property rights in commercial agreements

The form of a state depends widely in the way that the state treats the property rights. ‘Every definition of property has direct consequences for the question of the distribution of economic wealth and power, the role of governments and the autonomy of citizens’ (Gray & Edgeworth, 2003) and so property is always a paramount issue for a State. Most of the Western countries have adopted democratic political systems and a capitalist economical system of production in where is necessary to give recognition to private property. This paper aims to present how transfers of property take place under Common Law, focusing on personal property issues, and comparing them with other legal systems in South America that have different rules for transfer of property

Reputational Risk and Corporate Social Responsibility: How to Make CSR Policies Attractive to Productive Corporations

In traditional economic theories, corporation main task is only to generate profits for the investors. However, in modern global economies, some companies have more money and power than many countries, many activist sectors and governments began to look closely at the role of those businesses in order to prevent abuses and environmental harm, and such an audit would create reputational risk that can strongly affect companies’ profits. Although some corporations undervalue Corporate Social Responsibility (CSR) policies, these could be a way to mitigate reputational risks, generate competitive advantages and new forms of competition, increase the value of the stocks and shares, and be the key to sustainable business