1,915 research outputs found
Production of Referring Expressions for an Unknown Audience : a Computational Model of Communal Common Ground
The research reported in this article is based on the Ph.D. project of Dr. RK, which was funded by the Scottish Informatics and Computer Science Alliance (SICSA). KvD acknowledges support from the EPSRC under the RefNet grant (EP/J019615/1).Peer reviewedPublisher PD
EU Banks Rating Assignments: Is there Heterogeneity between New and Old Member Countries?
We model EU countriesâ bank ratings using financial variables and allowing for intercept and slope heterogeneity. Our aim is to assess whether âoldâ and ânewâ EU countries are rated differently and to determine whether ânewâ ones are assigned lower ratings, ceteris paribus, than âoldâ ones. We find that country-specific factors (in the form of heterogeneous intercepts) are a crucial determinant of ratings. Whilst ânewâ EU countries typically have lower ratings than âoldâ ones, after controlling for financial variables we also discover that all countries have significantly different intercepts, confirming our prior belief. This intercept heterogeneity suggests that each countryâs rating is assigned uniquely, after controlling for differences in financial factors, which may reflect differences in country risk and the legal and regulatory framework that banks face (such as foreclosure laws). In addition, we find that ratings may respond differently to the liquidity and operating expenses to operating income variables across countries. Typically ratings are more responsive to the former and less sensitive to the latter for ânewâ EU countries compared with âoldâ EU countries.EU countries, banks, ratings, ordered probit models, index of indicator variables
EU Banks Rating Assignments: Is there Heterogeneity between New and Old Member Countries?
We model EU countries' bank ratings using financial variables and allowing for intercept and slope heterogeneity. Our aim is to assess whether "old" and "new" EU countries are rated differently and to determine whether "new" ones are assigned lower ratings, ceteris paribus, than "old" ones. We find that country-specific factors (in the form of heterogeneous intercepts) are a crucial determinant of ratings. Whilst "new" EU countries typically have lower ratings than "old" ones, after controlling for financial variables we also discover that all countries have significantly different intercepts, confirming our prior belief. This intercept heterogeneity suggests that each country's rating is assigned uniquely, after controlling for differences in financial factors, which may reflect differences in country risk and the legal and regulatory framework that banks face (such as foreclosure laws). In addition, we find that ratings may respond differently to the liquidity and operating expenses to operating income variables across countries. Typically ratings are more responsive to the former and less sensitive to the latter for "new" EU countries compared with "old" EU countries.EU countries, banks, ratings, ordered probit models, index of indicator variable
Rating Assignments: Lessons from International Banks
This paper estimates ordered logit and probit regression models for bank ratings which also include a country index to capture country-specific variation. The empirical findings provide support to the hypothesis that the individual international bank ratings assigned by Fitch Ratings are underpinned by fundamental quantitative financial analyses. Also, there is strong evidence of a country effect. Our model is shown to provide accurate predictions of bank ratings for the period prior to the 2007 â 2008 banking crisis based upon publicly available information. However, our results also suggest that quantitative models are not likely to be able to predict ratings with complete accuracy. Furthermore, we find that both quantitative models and rating agencies are likely to produce highly inaccurate predictions of ratings during periods of financial instability.international banks, ratings, ordered choice models, country index
Rating Assignments: Lessons from International Banks
This paper estimates ordered logit and probit regression models for bank ratings which also include a country index to capture country-specific variation. The empirical findings provide support to the hypothesis that the individual international bank ratings assigned by Fitch Ratings are underpinned by fundamental quantitative financial analyses. Also, there is strong evidence of a country effect. Our model is shown to provide accurate predictions of bank ratings for the period prior to the 2007 - 2008 banking crisis based upon publicly available information. However, our results also suggest that quantitative models are not likely to be able to predict ratings with complete accuracy. Furthermore, we find that both quantitative models and rating agencies are likely to produce highly inaccurate predictions of ratings during periods of financial instability.International banks, ratings, ordered choice models, country index
Pushing NRQCD to the limit
Lattice NRQCD has proven successful in describing the physics of the upsilon
system and B-mesons, though some concerns arise when it is used in simulations
of charm quarks. It is certainly possible that the NRQCD expansion is not
converging fast enough at this scale. We present some preliminary results on
the low-mass breakdown of NRQCD, in particular the behaviour of heavy
quarkonium and heavy-light meson spectra as the bare heavy quark mass is
decreased well below 1, with the aim of understanding more about the
manifestation of this breakdown.Comment: Lattice 99 submission, 3 Pages, 3 eps figure
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