We investigate the empirical performance of default probability prediction based on Merton's (1974) structural credit risk model. More specifically, we study if distance-to-default is a sufficient statistic for the equity market information concerning the credit quality of the debt-issuing firm. We show that a simple reduced form model outperforms the Merton (1974) model for both in-sample fitting and out-of-sample predictability for credit ratings, and that both can be greatly improved by including the firm's equity value as an additional variable. Moreover, the empirical performance of this hybrid model is very similar to that of the simple reduced form model. As a result, we conclude that distant-to-default alone does not adequately capture the firm's credit quality information from ...
... have adopted a more stringent rating policy over the years. Panel B presents the same estimati...
... when sentenced, by receiving double-time credit for days spent in pretrial detention, a benefit of...Policy makers have alleged that the PSC creates an incent...Our random sample of 226 subjects came from a provincial correctiona...
Abstract . The discourse of urban policy targeted to revitalization of inner cities is incr... of them first-time home-buyers, are a sub-sample of respondents to a questionnaire survey carried o... two-thirds of beneficiaries of the tax credit program for purchasing new units were first-time b...
...The legal challenge to that policy does not rest on infringement of privacy rights, b..., whether it be refusal to provide a urine sample or at any subsequent stage, the termination is for...- authorization to obtain factual/credit and investigative/personal information regarding t...
[Donald Benham], who is in a close race to hold onto his River Heights council seat, said he has followed all the rules governing the use of his corporate credit card since a series of Free Press stories uncovered the questionable charges. And he said he made repayment plans in consultation with the city clerk's office. The schedule was worked out with the clerk's knowledge and the clerk's satisfaction," said Benham. "I am living within the policy and the clerk's interpretation of the policy. Between July, 2004 and July 2005, Coun. Donald Benham used his city credit card for personal purchases. He declared most of the charges immediately but reimbursed the city slowly. Here's a sample of what he bought.
Teenage girls represent the most highly sought after market segment in the U.S. because of their keen interest in shopping and their significant spending power. Teenage girls spend more time than teenage boys in shopping environments and outspend boys in every category except videogames. So, teenage girls clearly love to shop--but do they perceive themselves as good shoppers or is this a group who feels out of control when it comes to spending wisely and making considered decisions regarding purchases? If they lack the expertise and self-control to perform shopping tasks successfully, then there are numerous financial and psychological implications, including accumulating debt and exhibiting compulsive shopping behaviors that continue into adulthood. In order to examine teenage girls in...
...While this sample was specific to Texas and thus is not representati...Credit card companies specifically target teens, with abo... educational programs, that from a public policy perspective might help teens avoid some of the pot...
... fleet averages, other averages, emission credits, small volume manufacturers, or financial hardship... Economy (CAFE) standards under the Energy Policy and Conservation Act (EPCA), with fuel economy sta...; Laboratory emissions tests on a sample of new vehicles and engines that are representativ...
This study investigates if and how the use of the retroactive method to account for a mandatory accounting change affects a firm's measurement and recognition choices. We examine if reporting incentives and constraints are associated with the magnitude of transitional goodwill impairment losses reported by Canadian firms implementing Section 3062 on purchased goodwill. Our results indicate firms have an incentive to both overstate and understate transitional goodwill impairment losses. We also show that financially literate and independent audit committees constrain managerial opportunism.
... to account for the change in accounting policy (that is, adoption write-offs are charged to openi... press releases; close to 50% of our sample firms do not even mention the transitional goodwil..., or leverage may affect a firm's value, credit rating, or executive compensation. For instance, f...
... is debated among government officials, policy makers, private organizations, and individual citi... to address individual privacy, the Fair Credit Reporting Act (FCRA), was enacted to protect consu... by both a college student and non-student sample, it was found that both groups practice many of th...
... Registration Authority Dispute Resolution Policy. a. Overview. Certain disputes involving alleg... to the SOCAN tariff to permit users to sample a free preview of a song excerpt before purchasing... existing Criminal Code offences regarding credit card offences, mail theft, trafficking in forged d...
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