A Market Based Measure of Credit Quality and Banks' Performance During the Subprime Crisis

We propose a new method for measuring the quality of banks credit portfolios. This method makes use of information impounded in bank share prices by exploiting differences in their sensitivity to credit default swap spreads of borrowers of varying quality. The method allows us to derive a credit risk indicator (CRI), which is the perceived share of high risk exposures in a bank's portfolio. We estimate CRIs for the 150 largest U.S. bank holding companies and find that they have strong predictive power for the BHCs' performance during the subprime crisis, even after controlling for a variety of traditional asset quality proxies. Interestingly, we also find that the BHCs' aggregate CRI did not deteriorate since the beginning of the subprime crisis. This suggests that the market was aware of their (average) exposure to high risk credit.credit risk;asset quality;banks;subprime crisis

Pojam života u modernoj medicinskoj etici i bioetici

Human persons are characterised by a bodily structure, and not merely as a cluster of neurons or as ghosts. The prefix ‘bio’ in ‘bioethics’ already points to that which is alive. Bioethics should therefore always keep in mind this direct relationship between life and the living body. The paper discusses two ethical consequences which result from the reduction of the human person from an organismic whole to a bodiless mind-brain being: when certain mind competencies or brain structures are not, not yet, or no longer identifiable, the legal protection and the right to life of such persons have been diminished.La structure physique caractérise les personnes humaines, ce qui signifie qu’elles ne sont pas seulement un amas de neurones et d’esprits. Déjà simplement le préfixe « bio », dans « bioéthique » témoigne de quelque chose de vivant. Pour cela, la bioéthique doit toujours garder en vue ce lien entre la vie et le corps vivant. Ce travail traite de deux conséquences éthiques qui proviennent d’une réduction de la personne humaine d’un tout organique à un être corporel cérébrale: lorsqu’il n’est pas possible, qu’il n’est pas encore possible ou qu’il n’est plus possible d’établir la présence de compétences intellectuelles ou de structures cérébrales déterminées, la protection juridique et le droit à la vie se trouvent amoindris.Prefix ‚Bio‘ in ‚Bioethik‘ verweist uns auf das Lebendige, weshalb Bioethik den Konnex von Leben und Leib im Blick haben sollte. Der vorliegende Beitrag beleuchtet zwei ethische Konsequenzen, wenn die organismische Ganzheit zu einem leiblosen mind-brain-Schrumpfwesen degradiert wird: Sind bestimmte mind-Befähigungen oder brain Strukturen nicht, noch nicht oder nicht mehr ausfindig zu machen, wird der Schutzstatus und das Lebensrecht dieser Menschen aufgeweicht.Ljudske osobe karakterizira tjelesna struktura, što znači da one nisu samo nakupine neurona ili duhovi. Već sâm prefiks ‘bio’ u ‘bioetici’ ukazuje na nešto što je živo. Stoga bioetika mora uvijek imati u vidu tu vezu između života i živoga tijela. U ovom se radu raspravlja o dvije etičke konzekvence koje proizlaze iz reduciranja ljudske osobe kao organizmičke cjeline na tjelesno umno-moždano biće: kada se ne može, još ne može ili više ne može ustanoviti određene umne kompetencije ili moždane strukture, umanjeni su pravna zaštita i pravo na život takvih osoba

Forward-Looking Tail Risk Exposures at U.S. Bank Holding Companies

This paper develops a simple method for quantifying banks’ exposures to large (negative) shocks in a forward-looking manner. The method is based on estimating banks’ share prices sensitivities to (market) put options and does not require the actual observation of tail risk events. We find that estimated (excess) tail risk exposures for U.S. Bank Holding Companies are negatively correlated with their share price beta, suggesting that banks which appear safer in normal periods are actually more crisis prone than their beta would suggest. We also study the determinants of banks’ tail risk exposures and find that their key drivers are uninsured deposits and non-traditional activities that leave assets on banks’ balance sheets

Yale items listing index

5 pages. Index for the Yale items listin

Yale items from Pittsburg Daily Headlight, 1898 - November 1907

108 pages. Partial list of news items for Yale from the Pittsburg Daily Headligh

Yale Cemetery

43 pages. Listing of the markers for Yale Cemetery, compiled by Debbie M. Swindl