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Enhancing our platform for the future
Enhancing our platform for the future

... Daicel Corporation was founded in 1919 as Dainippon Celluloid Company Limited, created through the merger of eight celluloid producers. Deploying its original celluloid-related technological expertise, the Company has expanded into the fields of cellulose chemistry, organic synthesis chemistry, poly ...
Calculate - LessonPaths
Calculate - LessonPaths

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Concentration risk in credit portfolios - June 2006

Delay in the Expansion from 2.5G to 3G Wireless Networks
Delay in the Expansion from 2.5G to 3G Wireless Networks

... Company announced it expected revenues for 2004 to decline as much as 12 percent , but it planned cost cuts. Having eliminated 15,000 jobs since 2002, the company will likely make several waves of layoffs during the year. Restatements for 2000-03 were the largest and most complex ever undertaken. Af ...
On the Design of Collateralized Debt Obligation
On the Design of Collateralized Debt Obligation

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CENTRAL BANK OF THE REPUBLIC OF TURKEY Durmu YILMAZ

Risk Premiums in Slovak Government Bonds
Risk Premiums in Slovak Government Bonds

... Overnight-Indexed Swap (OIS) is an interest rate swap whose floating rate leg is tied to the overnight rate, i.e. EONIA in the Eurozone. Unlike the swaps linked to the Libor rate, OIS do not reflect the credit risk of the banking system. Similar to conventional swaps, there is no exchange of the pri ...
lincoln national corporation
lincoln national corporation

... assurance can be given, management believes that the approvals for the payment of dividends in amounts consistent with those paid in the past can be obtained. In the event such approvals are not obtained, management believes that LNC can obtain the funds required to satisfy its obligations from its ...
Consolidated Financial Statements and Notes
Consolidated Financial Statements and Notes

Emerging Countries Sovereign Rating Adjustment using Market
Emerging Countries Sovereign Rating Adjustment using Market

... S&P’s ratings can be explained by a number of well-defined economic criteria. Ferri et al.(1999)[12] used these indicators to compare the ratings pre- and post- East Asian crisis. They reached the conclusion that rating agencies failed predicting the emergence of the East Asian crisis and attributed ...
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Best Practice Risk Management

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DEBT AND (NOT MUCH) DELEVERAGING

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A Closer Look at Money Market Funds: Bank CD Alternatives

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Discounting Pension Liabilities: Funding versus Value

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Choices and Best Practice in Corporate Risk Management Disclosure

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John Hancock High Yield Municipal Bond Fund

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Fraud Created the Market: Presuming Reliance in Rule 10(b)

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american capital agency corp. - corporate
american capital agency corp. - corporate

... that at the time of purchase, we designate a security as held-to-maturity, available-for-sale or trading depending on our ability and intent to hold such security to maturity. Securities classified as trading and available-for-sale are reported at fair value, while securities classified as held-to-m ...
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SAS Risk Analysis Environment

The countercyclical capital buffer in Spain: an
The countercyclical capital buffer in Spain: an

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Securitization

Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are asset-backed securities (ABS).Critics have suggested that the complexity inherent in securitization can limit investors' ability to monitor risk, and that competitive securitization markets with multiple securitizers may be particularly prone to sharp declines in underwriting standards. Private, competitive mortgage securitization is believed to have played an important role in the U.S. subprime mortgage crisis.In addition, off-balance sheet treatment for securitizations coupled with guarantees from the issuer can hide the extent of leverage of the securitizing firm, thereby facilitating risky capital structures and leading to an under-pricing of credit risk. Off-balance sheet securitizations are believed to have played a large role in the high leverage level of U.S. financial institutions before the financial crisis, and the need for bailouts.The granularity of pools of securitized assets can mitigate the credit risk of individual borrowers. Unlike general corporate debt, the credit quality of securitized debt is non-stationary due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all tranches of structured debt improves; if improperly structured, the affected tranches may experience dramatic credit deterioration and loss.Securitization has evolved from its beginnings in the late 18th century to an estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in Europe as of the 2nd quarter of 2008. In 2007, ABS issuance amounted to $3.455 trillion in the US and $652 billion in Europe. WBS (Whole Business Securitization) arrangements first appeared in the United Kingdom in the 1990s, and became common in various Commonwealth legal systems where senior creditors of an insolvent business effectively gain the right to control the company.
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