Richard Cantor and Stanislas Rouyer
Although issuers may benefit generally from securitization, some asset securitizations transfer more credit risk than others. When a lender uses securitization to replace…
Abstract
Although issuers may benefit generally from securitization, some asset securitizations transfer more credit risk than others. When a lender uses securitization to replace on‐balance‐sheet financing, that lender transfers to investors some of the risks, and, in the form of credit enhancements, some of the offsetting, i.e., claims‐paying, economic resources (e.g., assets, cashflows), as well. Therefore, securitization only reduces an issuer's net (i.e., residual) exposure to credit losses when a securitization has transferred proportionately more credit risk than claims‐paying assets. The authors discuss the distinction between “gross” versus “net” transfers of credit risk. To illustrate this point, they provide conceptual examples of the net effect of an asset securitization on the residual credit risk retained by an issuer. In these examples, providing credit enhancement (e.g., overcollateralization, subordination) may implicitly lever or delever an issuer's balance sheet. The authors outline the general conditions under which this indirect economic recourse to the issuer, in effect a form of “self‐insurance,” may result in a net dilution of the claims of unsecured creditors.
PETER RUBINSTEIN, LEO M. TILMAN and ALAN TODD
This article discusses credit migration of diversified loan pool securitizations, as evidenced by the ratings transitions of mortgage‐backed securities (MBS) and asset‐backed…
Abstract
This article discusses credit migration of diversified loan pool securitizations, as evidenced by the ratings transitions of mortgage‐backed securities (MBS) and asset‐backed securities (ABS). The authors contrast the ratings (i.e., credit) stability of MBS and ABS relative to ratings migration of general obligation corporate credit. They also use holding period returns to compare the total return portfolios of MBS/ABS to portfolios of senior unsecured corporate obligations.
It has been argued that Gödel's theorem proves the case against the possibility of artificially intelligent machines, capable of achieving the same level of intelligence as human…
Abstract
It has been argued that Gödel's theorem proves the case against the possibility of artificially intelligent machines, capable of achieving the same level of intelligence as human beings. The argument is that if a human being were a logistic system L, how is possible that it can see certain theorems to be provable when Gödel shows that such a system cannot demonstrate whether such theorems are provable or not. The fallacy is that the theorems of L that the human can see to be provable are a subset L′ of L, and that for some theorems of L′ and not L the human is subject to the same limitation as the machine.
Richard F. Kosobud, Houston H. Stokes, Carol D. Tallarico and Brian L. Scott
This study develops the economic rationale for the inclusion of new environmental financial assets, tradable pollution rights, in a well‐diversified portfolio. These new assets…
Abstract
This study develops the economic rationale for the inclusion of new environmental financial assets, tradable pollution rights, in a well‐diversified portfolio. These new assets are generated and their valuation determined in the market‐incentive environmental regulatory approach called emissions trading, especially the cap‐and‐trade variant. This approach has been gaining wide acceptance and approval. A leading example is the sulfur dioxide market where tradable allowances are assets that may be held by private investors. Transactions in this market have reached volumes indicative of a high degree of liquidity. Comparable tradable rights in other pollutants are under active development. We explain the design and workings of these markets and demonstrate empirically, on the basis of time series data, that sulfur dioxide allowances have rates of return and yield distributions that make them candidates for inclusion in asset portfolios. We conjecture that other tradable pollution rights will exhibit similar properties when sufficient data are available. Financial analysts and accountants are likely to play an increasing role in advising investors about the role of these assets in a well‐diversified portfolio.
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Jamie S. Walton and Simon Duff
There is little research that examines the experiences of individuals who were assessed as having a sexual preference for children. The purpose of this paper is to investigate the…
Abstract
Purpose
There is little research that examines the experiences of individuals who were assessed as having a sexual preference for children. The purpose of this paper is to investigate the lived experience of five incarcerated participants who possessed a sexual preference for either prepubescent or pubescent children and had completed an accredited programme for males convicted of sexual offences in HM Prison Service in England and Wales.
Design/methodology/approach
Semi-structured interviews were carried out and the data were analysed using the principles of an interpretative phenomenological approach.
Findings
Three recurrent themes were identified. These were: internal battle, I am always going to have these thoughts, and there is no help out there. In particular, these participants perceived that their sexual preference was relatively enduring and would require continuous management.
Practical implications
The results have implications for clinical practice and further research. Clinicians may need to think particularly creatively about their therapeutic plans and extend the parameters of desirable treatment goals for clients with sexual preferences for children.
Originality/value
To date there are very few studies that have examined the accounts of men with a sexual preference for children regarding their lived experience. Paedophilia constitutes a stable sexual preference, suggesting that convicted perpetrators with such a preference face an inherent problem. Whilst sexual urges may be regulated and arousability reduced, the underlying attraction may remain intact. In response to the lack of research in this area, the aim of this study was to investigate the lived experience of a sexual preference for children.
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Yi Lin, Wujia Zhu, Ningsheng Gong and Guoping Du
The paper aims to show the existence of the systemic yoyo structure in human thoughts so that the human way of thinking is proven to have the same structure as that of the…
Abstract
Purpose
The paper aims to show the existence of the systemic yoyo structure in human thoughts so that the human way of thinking is proven to have the same structure as that of the material world.
Design/methodology/approach
Parallel comparison is used to reveal the underlying structure existing in human thoughts.
Findings
After highlighting all the relevant ideas and concepts, which are behind each and every crisis in the foundations of mathematics, it becomes clear that some difficulties in the authors' understanding of nature are originated from confusing actual infinities with potential infinities, and vice versa. By pointing out the similarities and differences between these two kinds of infinities, then some hidden contradictions existing in the system of modern mathematics are handily picked out. Then, theoretically, using the authors' yoyo model, it is predicted that the fourth crisis in the foundations of mathematics has appeared. And, a plan of resolution of this new crisis is provided.
Originality/value
This paper shows the first time in history that human thought, the material world, and each economic entity, share a common structure – the systemic yoyo structure. And it proves the arrival of the fourth crisis in mathematics by using systems modeling and listing several; contradictions hidden deeply in the foundations of mathematics.
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Danielle D. King, Richard P. DeShon, Cassandra N. Phetmisy and Dominique Burrows
In this chapter, the authors present a conceptual perspective on resilience that is grounded in self-regulation theory, to help address theoretical, empirical, and practical…
Abstract
In this chapter, the authors present a conceptual perspective on resilience that is grounded in self-regulation theory, to help address theoretical, empirical, and practical concerns in this domain. Despite the growing popularity of resilience research (see Linnenluecke, 2017), scholars have noted ongoing concerns about conceptual confusion and resulting, paradoxical, stigmatization associated with the label “resilience” (e.g., Adler, 2013; Britt, Shen, Sinclair, Grossman, & Klieger, 2016; Luthar, Cicchetti, & Becker, 2000). The authors seek to advance this domain via presenting a clarified, theoretically grounded conceptualization that can facilitate unified theoretical advancements, aligned operationalization, research model development, and intervention improvements. Resilience is defined here as continued, self-regulated goal striving (e.g., behavioral and/or psychological) despite adversity (i.e., after goal frustration). This self-regulatory conceptualization of resilience offers theoretically based definitions for the necessary conditions (i.e., adversity and overcoming) and outlines specific characteristics (i.e., unit-centered and dynamic) of resilience, distinguishes resilience from other persistence-related concepts (e.g., grit and hardiness), and provides a framework for understanding the connections (and distinctions) between resilience, performance, and well-being. After presenting this self-regulatory resilience perspective, the authors outline additional paths forward for the domain.
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What is it about academia anyway? We profess to hate it, spend endless amounts of time complaining about it, and yet we in academia will do practically anything to stay. The pay…
Abstract
What is it about academia anyway? We profess to hate it, spend endless amounts of time complaining about it, and yet we in academia will do practically anything to stay. The pay may be low, job security elusive, and in the end, it's not the glamorous work we envisioned it would be. Yet, it still holds fascination and interest for us. This is an article about American academic fiction. By academic fiction, I mean novels whosemain characters are professors, college students, and those individuals associated with academia. These works reveal many truths about the higher education experience not readily available elsewhere. We learn about ourselves and the university community in which we work.
Looks at major disasters and the steps taken to limit the problems whichhave and may occur, by an adequate training resource. Looks inparticular at oil‐rig disasters such as Piper…
Abstract
Looks at major disasters and the steps taken to limit the problems which have and may occur, by an adequate training resource. Looks in particular at oil‐rig disasters such as Piper Alpha, Ekofisk, Aleksander Kjelland and Ocean Ranger all of which had contributory shortcomings enhanced by management on‐and off‐shore. Reinforces the concepts that an emergency response or contingency plan must provide the basis for emergency training, and that training for the 1990s will be in simulators.