What is the value of recourse to asset backed securities? A clinical study of credit card banks

The present paper uses data from revolving credit card securitizations to show that, conditional on being in a position where implicit recourse has become necessary and actually providing that recourse, recourse to securitized debt may benefit short- and long-term stock returns, and long-term operating performance of sponsors. The paper suggests that this result may come about because those sponsors providing the recourse do not seem to be extreme default or insolvency risks. However, sponsors providing recourse do experience an abnormal delay in their normal issuance cycle around the event. Hence, it appears that the asset-backed securities market is like the commercial paper market, where a firm's ability to issue is directly correlated with credit quality. Therefore, although in violation of regulatory guidelines and FASB140, recourse may have beneficial effects for sponsors by revealing that the shocks that made recourse necessary are transitory. ; Also issued as Payment Cards Center Discussion Paper No. 03-04Asset-backed financing ; Credit cards

Coexistence of Antiferromagnetism and Superconductivity in Electron-doped High-Tc Superconductors

We present magnetotransport evidence for antiferromagnetism in films of the electron-doped cuprates Pr$_{2-x}$Ce$_x$CuO$_4$. Our results show clear signature of static antiferromagnetism up to optimal doping x=0.15, with a quantum phase transition close to x=0.16, and a coexistence of static antiferromagnetism and superconductivity for 0.12$\le$x$\le$0.15

Verbena bipinnatifida Nutt.

https://thekeep.eiu.edu/herbarium_specimens_byname/18976/thumbnail.jp

Gapped tunneling spectra in the normal state of Pr2−x_{2-x}Cex_xCuO4_4

We present tunneling data in the normal state of the electron doped cuprate superconductor Pr$_{2-x}$Ce$_x$CuO$_4$ for three different values of the doping $x$. The normal state is obtained by applying a magnetic field greater than the upper critical field, $H_{c2}$ for $T < T_c$. We observe an anomalous normal state gap near the Fermi level. From our analysis of the tunneling data we conclude that this is a feature of the normal state density of states. We discuss possible reasons for the formation of this gap and its implications for the nature of the charge carriers in the normal and the superconducting states of cuprate superconductors.Comment: 7 pages ReVTeX, 11 figures files included, submitted to PR

An examination of the effects of self-regulatory focus on the perception of the media richness: the case of email

Communication is a key element in organizations’ business success. The media richness theory and the channel expansion theory are two of the most influential theories regarding the selection and use of communication media in organizations; however, literature has focused little on the effects of self-regulation by managers and employees in these theories. To analyze these topics, this study develops an empirical investigation by gathering data from 600 managers and employees using a questionnaire. The results suggest that the perception of media richness is positively affected when the individual shows a promotion focus or strategy.Peer ReviewedPostprint (author’s final draft