Bank behavior based on internal credit ratings of borrowers

This study examines the relation of bank loan terms like interest rates, collateral, and lines of credit to borrower risk defined by the banks' internal credit rating. The analysis is not restricted to a static view. It also incorporates rating transition and its implications on the relation. Money illusion and phenomena linked with relationship banking are discovered as important factors. The results show that riskier borrowers pay higher loan rate premiums and rely more on bank finance. Housebanks obtain more collateral and provide more finance. Caused by money illusion in times of high market interest rates loan rate premiums are relatively small whereas in times of low market interest rates they are relatively high. There was no evidence for an appropriate adjustment of loan terms to rating changes. But bank market power represented by a weighted average of credit rating before and after a rating transition serves to compensate for low earlier profits caused by phenomena of interest rate smoothing. Klassifikation: G21

Number of bank relationships : an indicator of competition, borrower quality, or just size?

In this study the firms' choice of the number of bank relationships is analyzed with respect to influential factors like borrower quality, size and the existence of a close housebank relationship. Then, the number of bank relationships is used as a proxy to examine if bank competition is reflected in loan terms. It is shown that the number of bank relationships is foremost determined by borrower size and the existence of a housebank relationship. Loan rate spreads are not effected by the number of bank relationships. However, borrowers with a small number of bank relationships provide more collateral and get more credit. These effects are amplified by a housebank relationship. Housebanks get more collateral and are ready to take a larger stake in the financing of their customers

Empirical analysis of credit relationships in small firms financing : sampling design and descriptive statistics

Despite the relevance of credit financing for the profit and risk situation of commercial banks only little empirical evidence on the initial credit decision and monitoring process exists due to the lack of appropriate data on bank debt financing. The present paper provides a systematic overview of a data set generated during the Center for Financial Studies research project on "Credit Management" which was designed to fill this empirical void. The data set contains a broad list of variables taken from the credit files of five major German banks. It is a random sample drawn from all customers which have engaged in some form of borrowing from the banks in question between January 1992 and January 1997 and which meet a number of selection criteria. The sampling design and data collection procedure are discussed in detail. Additionally, the project's research agenda is described and some general descriptive statistics of the firms in our sample are provided

Multicode-Detektion im UMTS [online]

Nach dem Erfolg des bekannten Mobilfunksystems GSM, das als Vertreter der zweiten Generation auf die Sprachkommunikation optimiert ist und nachträglich mittels GPRS auf Paketübermittlung erweitert wurde, bricht nun die dritte Generation des Mobilfunks mit dem Universal Mobile Telecommunication System (UMTS) an. Das Konzept von UMTS ist es, überall und jederzeit multimediale Daten zur Verfügung zu stellen. Es steht nicht mehr die Sprachübertragung im Vordergrund, sondern die Datenübertragung. Der Empfänger muss den Charakter der Daten (Sprache, Video, Bilder, Texte, ...) entsprechend erfassen. Das Ziel dieser Arbeit ist es, für die UTRA-FDD Luftschnittstelle von UMTS effiziente Detektionsalgorithmen zu finden. Dazu muss zunächst ein umfassender Überblick über solch ein System gegeben werden. Daher erfolgt eine allgemeine Darstellung des Direct Sequence-Code Division Multiple Access (DS-CDMA) Prinzips. Es wird das für die Mobilfunkübertragung wichtige WSSUS Kanalmodell erläutert. Schließlich werden die beiden Luftschnittstellen UTRA-TDD und UTRA-FDD von UMTS beschrieben. Neue Aspekte in dieser Arbeit sind für den Single-User Fall die Anpassung des RAKE-Empfängers an die UTRA-FDD Gegebenheiten und für den Multicode (MC) Fall, die Anwendung von linearen MC-Detektoren (MCD) für den Multicode Betrieb im UTRA-FDD uplink. Dabei wird zum einen ein neuer Ansatz verfolgt, der auf dem bekannten Block Zero Forcing (ZF)-Detektionsprinzip aufbaut, aber mittels einer Fensterung einen gröÿeren Bereich in die Datenschätzung mit einbezieht, als letztlich detektierte Bits ausgegeben werden. Zum anderen wird der Block-FFT MUD, der bereits für das UTRA-TDD System untersucht wurde, an den UTRA-FDD uplink Multicode Modus angepasst, und mit dem Fenster MCD verglichen. Es zeigt sich, dass durch Ausnutzung der Systemstruktur, die Rechenleistung sowohl im RAKE-Empfänger als auch bei den MC-Detektoren verringert werden kann. Der RAKE-Empfänger ist natürlich durch das Prinzip der Single-User Detektion vom Aufwand klar überlegen, kann aber nur sehr mäÿige Bitfehlerraten erreichen. Wenn man nicht nur in kleinen geschlossenen Räumen im UTRA-FDD uplink hohe Datenraten erreichen möchte, muss man auf Verfahren zur MC-Detektion zurückgreifen. Der MCD mit Fensterung erreicht bei etwas besseren Bitfehlerraten als der Block-FFT MCD einen um etwa den Faktor 2;4 geringeren Rechenaufwand

Improving distributed collaboration at Porsche Engineering Services GmbH through the application of the EDiT Method

To support development teams with their individual challenges of distributed collaboration in product development, the EDiT method is being developed. This paper contributes to the continuous validation of the EDiT method by a field study at the process team of Porsche Engineering Services GmbH to support the successful transfer into practice. The validation is based on validation by application, validation by evaluation of the contribution to success, and validation by comparison of the requirements. The contribution of the EDiT method could be proven by different measurement criteria, e.g. reducing the average number of days to finish a task by a remarkable amount

Collateral Quality and Loan Default Risk: The Case of Vietnam

In the transition economy of Vietnam, financial market is dominated by banking sector but commercial banks heavily rely on collateral-based lending. While the relationship between collateral and implied credit risk is still in debate, this paper provides additional empirical evidence regarding the heterogeneous effects and transmission channels of collateral characteristics on loan delinquency. Applying instrumental variable probit analysis on a unique dataset of 2295 internal loan accounts in Vietnam, we find the significantly negative impact of collateral quality on the probability of default of consumer loans, supporting the dominance of borrower selection and risk-shifting over lender selection effects. The finding implies that high-quality collateral not only signals more credible borrower but also fosters good behavior in using loan, enabling bank to mitigate adverse selection and moral hazard problems

Мероприятия по предупреждению травматизма на ООО "Газпром Трансгаз Томск"

A series of macrocyclic peptidic BACE-1 inhibitors was designed. While potency on BACE-1 was rather high, the first set of compounds showed poor brain permeation and high efflux in the MDCK-MDR1 assay. The replacement of the secondary benzylamino group with a phenylcyclopropylamino group maintained potency on BACE-1, while p-glycoprotein-mediated efflux was significantly reduced and brain permeation improved. Several compounds from this series demonstrated acute reduction of Abeta in human APP-wildtype transgenic (APP51) mice after oral administration