Robert has most recently served as senior vice president of corporate development and as vice president of merger integration, overseeing the integration efforts following Sallie Mae’s acquisition of USA Group’s guarantee servicing, student loan servicing and secondary market operations in July 2001. Prior to this assignment, Robert has served as a Vice president of application development in S...

the location-routing problem is a relatively new branch of logistics system. its objective is to determine a suitable location for constructing distribution warehouses and proper transportation routing from warehouse to the customer. in this study, the location-routing problem is investigated with considering fuzzy servicing time window for each customer. another important issue in this regard ...

In this paper, we analyze the optimal default strategy of a firm when debt is convertible into equity. For this purpose, we consider a convertible consol bond in a time-independent model in the presence of bankruptcy costs and tax deductability. The optimal default and conversion strategy result from a game between equity and debt holders. We show that an optimal default of convertible debt occ...

The debt maturity of U.S. industrial firms decreased over the past three decades. This decrease in maturity is driven by the smallest firms for which the median percentage of long-term debt has decreased from 53% in 1976 to 6% in 2008. For large firms, however, debt maturity has not declined. Information asymmetry plays an important role in explaining the decrease in debt maturity, while debt a...

What is the association between debt and anxiety? Is the relationship between age and anxiety in part due to financial debt? Recently there has been a renewed interest for the reconceptualization and measurement of socioeconomic status that moves beyond the standard education, occupation, and income. This paper uses credit card debt and stress regarding debt to examine the relationship among ag...

We study the debt dynamics and sustainable debt for an open economy which borrows from abroad in order to "nance consumption. To service the debt the country may exploit a renewable resource. We show that there is for every resource stock R a critical level BH(R) of debt above which debt tends to in"nity but below which it may be steered to zero. We demonstrate how to compute BH(R) using an ODE...

We analyze the determinants of government debt under the twin assumptions that governments have limited horizons and default only when government income falls short of debt service requirements. We derive a government’s maximum sustainable debt ratio, that is, the debt ratio chosen by a myopic government whose horizon does not extend beyond its current term in office. Maximum sustainable debt v...

The paper examines a delegated monitoring problem between investors and a bank holding a portfolio of correlated balloon loans displaying “contagion.” Moral hazard prevents the bank from monitoring continuously unless it is compensated with the right incentive-compatible contract. Under the MonotoneLikelihood-Ratio Property (MLRP), the asset pool is liquidated when losses exceed a cut-off rule....