Agency Conflicts, Asset Substitution, and Securitization

Asset-backed securities represent one of the largest and fastest growing financial markets. Under securitization, agents perform functions (for fees) that would alternatively be performed by a vertically integrated lender with ownership of a whole loan. We examine how outsourcing impacts performance using data on 357 commercial mortgage-backed securities deals with over 46,000 individual loans. To alleviate agency conflicts in managing troubled loans, underwriters often sell the first-loss position to the special servicer, the party who is charged with handling delinquencies and defaults. When holding the first-loss position, special servicers appear to behave more efficiently, making fewer costly transfers of delinquent loans to special servicing, but liquidating a higher percentage of loans that are referred to special servicing. Special servicers are also more likely to own the first loss position in deals that require additional effort (deals with higher delinquencies). Market pricing reflects the existence of agency costs. Despite the apparent reduction of agency costs, the first-loss position is increasingly owned by a party other than the special servicer. We pose a number of explanations, including conflicts between junior and senior securities holders (the asset substitution problem) and risk aversion among special servicers. Consistent with asset substitution, we show that special servicers delay liquidation when they hold the first-loss position in deals with more severe delinquency problems.

Attitudes of parents and children towards people with disabilities and their integration into society

This study is part of a broader study that examined the correlation between cognitive, psychological, and behavioural abilities in parents and their children. It focuses on the correlations between attitude to disability and the integration of people with disabilities among parents and their children. This study is a two-part integrated study. In the first part, the data were collected and analysed according to a quantitative methodology to examine access to disabilities, the integration of people with disabilities, and the factors that influence attitudes, feelings, and willingness to integrate with the general population. In the second part, the data were collected and analysed according to a qualitative methodology in order to examine the relationship of attitudes of parents and their children towards people with disabilities and the integration of people with disabilities.This study is part of a broader study that examined the correlation between cognitive, psychological, and behavioural abilities in parents and their children. It focuses on the correlations between attitude to disability and the integration of people with disabilities among parents and their children. This study is a two-part integrated study. In the first part, the data were collected and analysed according to a quantitative methodology to examine access to disabilities, the integration of people with disabilities, and the factors that influence attitudes, feelings, and willingness to integrate with the general population. In the second part, the data were collected and analysed according to a qualitative methodology in order to examine the relationship of attitudes of parents and their children towards people with disabilities and the integration of people with disabilities

Nursing Theory and Knowledge Development: A Descriptive Review of Doctoral Dissertations, 2000–2004

Within the profession of nursing, nursing theory, conceptual models, and knowledge development continue to be points of discussion and debate. Some suggest that nursing research must either test or develop nursing theory, whereas others believe that research germane to practice can legitimately incorporate what is commonly referred to as borrowed theory. This descriptive analysis of nursing doctoral dissertations (N = 207) conducted from 2000 to 2004 focused primarily on the inclusion or exclusion of nursing theories. Almost half (45.4%) of the dissertations studied theories from fields other than nursing, 27.1% of the researchers studied nursing theories, and 27.5% of the dissertation studies engaged in theory generation. Implications for nursing knowledge development and research specific to practice are discussed