Which instrument — between credit ratings and credit default swap (CDS) spreads — best responds to fixed income investors’ need to appraise credit risk? Such an assessment becomes necessary because of mounting criticism to rating agencies’ promptness in identifying changed credit conditions. An empirical research on a sample of American reference entities is carried out. Cardinal CDS spreads are transformed into ordinal ratings, after adjusting for the systemic component in CDS spread movements. CDS-implied ratings are found to be more timely than agency ratings and thus best suit investors’ exigencies. Furthermore, CDS-implied rating changes are found to usually lead agency rating changes. In fact, credit ratings have turned into regulatory licences to access capital markets and do not solely rely on their quality any longer. Simultaneously, the focus has shifted from investors, who used to be the prime users of ratings, to issuers. A reference to the industry’s compensation structure helps explain the reason for that. On the other hand, CDS-implied ratings are a tool able to give the point-in-time credit-risk appraisal investors are more interested in.
This work examines the possible relation between credit risk and credit ratings, and the timeliness of this relation for the financial services. Investors and regulators use credit ratings as part of their decision making process and it is important to understand to which extend credit ratings reflect actual credit risk. This research focuses on the financial services because of the increasing credit risk over the years 2003 till 2007 and the strong commercial interests of credit rating agencies in this industry. A distorted relation between credit risk and credit ratings is most likely to become apparent in the financial services. Six financial metrics are used as a proxy for credit risk and two variables are used to measure changes in credit ratings. Based on the data and analyses the relation between credit ratings and credit risk is – at best – weak for the research period. The most significant relations are lagged by three or four years, which means that credit ratings are responding three or four years after changes in credit risk occur.
Given the growing popularity of professor ratings websites and common departmental policies to keep official professor survey responses confidential, an important concern is the validity of these online ratings. A comparison of student responses to official end-of-semester teaching evaluations and unofficial professor ratings on two widely used websites at UC Berkeley (Rate My Professor and Ninja Courses) indicates that online ratings are significantly lower than their official counterparts. There is also relatively high correlation between official evaluations and online ratings, with most coefficients between 0.4 and 0.7. Similar downward bias was found in other American institutions (Rice University and Harvard University). Some of the bias in Rate My Professor is due to single ratings and early ratings, but similar results are found for Ninja Courses, which has stricter policies regarding posting. Ratings from both websites are not significantly correlated with grade distributions, suggesting that use of these sites for grade retaliation is uncommon. Neither official evaluations nor online ratings are significantly correlated with enrollment.
Most institutions offering distance education can identify with the problem of low response rates of online evaluation, but few have systematically investigated the issue. The purpose of this two-phase, sequential mixed method study was to first explore and generate themes about student online evaluation response motivation and practice using interviews conducted via email. Based on these themes, Phase 2 used a Web-based cross-sectional survey of undergraduate and graduate online nursing students to identify preferred strategies to maximize response rates. Perceived value represented the key theme that emerged from the qualitative narrative. Faculty members tend to value online student completed course evaluations and use student feedback for their ongoing course revisions. Students want evidence that the faculty and institution value their feedback. Survey results confirm and extend literature findings. Respondents identified rewards, risk and trust as general means to increase response rates. In particular, participants rated the relative effectiveness of administrative factors.
The study was conducted to check the safety and soundness of commercial Banks of Pakistan. This study focused on six commercial banks; two from each area i.e. Domestic, International, and Islamic banks. CAMEL Framework was applied on the financial data for three years of selected banks to analyze them. These banks include the local conventional banks, local Islamic banks, and international banks operating in Pakistan. The final result shows that despite economic problems worldwide, Pakistan has a healthy and sound financial system to support its economy and commercial banks performance is good.
Despite the introduction of new land use policies and vehicle technologies, dramatic reductions in urban transport energy dependence are not yet being observed. It is proposed that stricter land use regulations coupled with new GIS tools are required that specifically tackle the energy dependence issue. The objective of this book is to showcase a GIS tool that could be used within an urban development framework to dramatically reduce urban transport energy dependence. The tool introduces a simplified manner of representing existing or planned neighbourhood areas in an "Energy Star Rating" format which is simple for decision makers to understand. The tool specifys a maximum allowable energy dependency limit for land use modifications in existing urban areas and new developments. This book is therefore designed for urban planners, policy makers and decision makers of cities under expansion and redevelopment.
The Heavily Indebted Poor Countries (HIPC) Initiative boasts of the largest amounts of debt forgiveness in recent history. The program has received as much acclaim as it has criticism. Its efficacy in restoring access to credit markets for poor indebted countries has been doubted. This study examines the impact of debt forgiveness under the HIPC initiative on the sovereign credit ratings of the 32 countries who have received full irrevocable debt forgiveness as agreed under the program. Linking debt forgiveness and macroeconomic performance after mandatory HIPC structural adjustment, I find that debt forgiveness does not significantly impact Euromoney Sovereign Credit ratings possibly due in part to history and the persistent character of Sovereign Credit ratings.
Вопрос измерения результатов деятельности является одним из основных при подготовке управленческих решений. Кредитные рейтинги занимают особое место среди инструментов оценивания. Являясь интегральной оценкой финансовых рисков, они обеспечивают унификацию и снижение стоимости заимствований, в то же время допуская конкретизацию независимых оценок. Они могут стать базой как для внутренних оценок контрагентов, так и для регуляторных действий. Монография отражает сложившееся за последнее время восприятие рейтингов. Особое внимание уделяется сравнительным рейтинговым исследованиям, системе моделей рейтингов и вероятности дефолтов, формированию системы рейтингов, включающих как внешние, так и внутренние рейтинги финансовых институтов. Книга базируется на десятилетних исследованиях автора и его коллег в данном направлении, а также на опыте преподавания на магистерских программах НИУ ВШЭ и в других университетах. Она отражает современное состояние направления исследования и позволяет выстроить полноценный курс для магистерской программы. Работа ориентирована на широкий круг специалистов и найдет практическое применение у регулятора и в коммерческих банках.
Different scholars and exponents of the world of finance have found that the problem of conflict of interest might play a relevant role in the business of credit rating agencies. On the one hand, it is argued that credit rating agencies have no incentive to exploit conflicts of interest since they would lose their reputation for providing valuable information. On the other, it seems that the increase in rules that depend on credit ratings has created an incentive for a few rating agencies, identified as NRSROs, to supply inaccurate ratings and for market participants to pay for regulatory rights deriving from the agencies’ ratings. The scope of this research is to study whether reputable and well-established credit rating agencies can build up a margin that allows them to remain unaffected by a lowered quality of the service provided and to indulge in exploiting the conflict of interest by giving their customers, i.e. the issuers, unduly high ratings. This study will also suggest a critical review of the latest amendments and amendment proposals to the existing legislation governing credit rating agencies aimed at improving oversight and regulation of these agencies.
?Cathy Come Home is one of the most influential and highly-regarded UK television dramas. First screened in 1966, it was a devastating indictment of government policy towards homelessness, and a powerful defence of the homeless. More than forty years on, it is still cited as one of the most important television dramas of all time. Screened in the BBC's groundbreaking Wednesday Play anthology series, Cathy was the first single UK television play to be made on film and shot substantially on location. Directed by Ken Loach and produced by Tony Garnett, the film had an immediate impact, recording unprecedented audience approval ratings and generating controversy in the press. Its appearance coincided with the launch of the housing charity Shelter, which used an image of Carol White (the actress who played Cathy) as part of a poster campaign that helped the charity become a national campaigning body on behalf of the homeless. Cathy was also formally innovative. Based on the writer Jeremy Sandford's meticulous research, it combined a variety of documentary techniques in a dramatic context, and was one of the first in a long line of controversial 'documentary dramas' associated with the UK single play.Stephen Lacey provides the first book-length account of Cathy Come Home and offers a close textual reading, focusing on its main themes and storytelling techniques. He analyses the film and its production history, outlining how it came to the screen and placing it in its social and cultural context, and charts its media reception and how it became a national phenomenon. Lacey also explores how Cathy draws on a range of filmic and dramatic traditions, including the French New Wave and contemporary documentary and current affairs, and explores the anti-rhetorical style of 'non-acting' that has come to be associated with Loach's work.