In this paper, we use a multivariate affine jump process to model the downgrade intensities for several categories of business sector in credit portfolios. Since multivariate affine jump structure enables us to consider self-exciting effects as well as mutually exciting effects, the model can explain the downgrade clusters observed in the Japanese market. Also, we propose a new credit derivativ...

A transfer guard built on a high-assurance multilevel secure (MLS) trusted computing base (TCB) must be a trusted subject with the capability to perform downgrades not otherwise permitted by the MLS security policy. Formal evaluations of MLS systems containing trusted subjects are complicated when the trusted subjects are evaluated as part of a monolithic TCB. While welldeveloped techniques of ...

Security-critical tasks require proper isolation from untrusted software. Chip manufacturers design and include trusted execution environments (TEEs) in their processors to secure these tasks. The integrity and security of the software in the trusted environment depend on the verification process of the system. We find a form of attack that can be performed on the current implementations of the...

This study examines the proposition that political business cycle theory is relevant to private foreign lenders to developing countries. We find that: credit rating agencies downgrade developing country ratings more often in election years, and do so by approximately one rating level; bond spreads are higher in the 60 days before an election compared to spreads in the 60 days after an election;...

This study examines the proposition that political business cycle theory is relevant to private foreign lenders to developing countries. We find that: credit rating agencies downgrade developing country ratings more often in election years, and do so by approximately one rating level; bond spreads are higher in the 60 days before an election compared to spreads in the 60 days after an election;...

Prior research documents significant negative long-term stock returns following bond-rating downgrades. Some downgraded firms are placed on credit watches before downgrades, and we find that the post-downgrade stock underperformance of such firms is significantly reduced. We explore two explanations for the difference in post-downgrade stock performance that are not mutually exclusive: (a) a cr...

− A tool that could improve the quality of the assistance perceived by the visually impaired students, during a PC laboratory teaching session, is presented in this paper. The work of qualified supporting teachers could be highly improved by the use of suitable software and hardware facilities allowing for remote monitoring of students’ physical and working condition. This could highly reduce t...