3,489 research outputs found

    Design and impacts of securitized leveraged buyouts

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    Private equity investors have traditionally used innovative financial methods in structuring their leveraged buyouts(LBO) deals. In recent years, they have frequently employed securitization to raise funds on the back of their acquisitions’ operating assets. A distinctive feature of these transactions is that they aim to enhance the securitizing LBO’s debt pay capacity through a set of structural enhancements including operating debt covenants. Operating covenants — supported by legal security arrangements — mitigate an LBO’s financial and operating risks and improve its cash generation potential. We test this hypothesis by examining changes in the operating income of Hertz LBO. The results show that, within the operating framework adopted by Hertz LBO, securitization improved the transaction’s debt service capacity

    Firms benefit when board directors have different nationalities

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    One benefit is the ability to respond to the expectations of diverse groups, write Kristína Såghy Estélyi and Tahir M. Nisa

    A Concise Study of Web Filtering

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    Cybercriminals are constantly developing techniques to infect computers by embedding malicious code on innocent websites and luring victims to them. To prevent data loss in a mobile connected world, corporations are employing a variety of techniques. These include filters, anti-virus software, encryption and firewalls, access control, written policies and improved employee training. This paper conducts a concise study of web filtering vis-Ã -vis their installed positions, deployment layers, employed filter technologies and comparison between Web Filters that are in place in Canada, United Kingdom, and China

    Drag and Drop Image CAPTCHA

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    The massive and automated access to Web resources through robots has made it essential for Web service providers to make some conclusion about whether a user is human or robot. A Human Interaction Proof (HIP) like Completely Automated Public Turing test to tell Computers and Humans Apart (CAPTCHA) offers a way to make such a distinction. CAPTCHA is essentially a modern implementation of Turing test, which carries out its job through a particular text based, image based or audio based challenge response system. In this paper we present a new image based CAPTCHA technique. Properties of the proposed technique offer all of the benefits of image based CAPTCHAs; grant an improved security control over the usual text based techniques and at the same time improve the user-friendliness of the Web page. Further, the paper briefly reviews various other existing CAPTCHA techniques
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