منابع مشابه
On the Importance of Default Breach Remedies
Theory predicts that default breach remedies are immaterial whenever contracting costs are negligible. Some experimental studies, however, suggest that in practice default rules do matter, as they may a¤ect parties' preferences over contract terms. This paper presents results from an experiment designed to address the importance of default breach remedies for actual contract outcomes. We …nd th...
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We discuss the components of validating credit default models with a focus on potential challenges to making inferences from validation under real-world conditions. We structure the discussion in terms of: (a) the quantities of interest that may be measured (calibration and power) and how they can result in misleading conclusions if not taken in context; (b) a methodology for measuring these qu...
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The market for developing country sovereign debt has become increasingly competitive. Is this necessarily good for welfare? Or, is there scope for beneficial government intervention to reduce competition, and promote coordination, among creditors? This paper reviews recent theoretical work on the market for developing country sovereign debt that shows that competition can reduce welfare. Furthe...
متن کاملFuzzy Options with Application to Default Risk Analysis for Municipal Bonds in China
Contrast to identical rationality, non-identical rationality is laid as the basis for option pricing, realized by a family of non-additive fuzzy measures mathematically, which naturally induces the new concept and analyzing methods, fuzzy options. Then as demonstration, the paper applies the fuzzy options to default risk analysis for municipal bonds in China.
متن کاملHow the Talmud Divides an Estate Among Creditors
A man dies leaving an estate that is too small to pay his debts. How much should each creditor get? The Babylonian Talmud, a compendium of Jewish law that dates back 1800 years, gives the following example. Creditor 1 is owed 100, Creditor 2 is owed 200, and Creditor 3 is owed 300. (1) If the estate is 100, each creditor gets 33 1/3. (2) If the estate is 200, Creditor 1 gets 50, Creditors 2 and...
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ژورنال
عنوان ژورنال: Duke Law Journal
سال: 1977
ISSN: 0012-7086
DOI: 10.2307/1372081