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This study investigates the influence of theoretical determinants on the Korea sovereign CDS spreads from January 2007 to September 2009 based on structural credit risk model. For the analysis of determinants on the sovereign CDS spread, this study adopts interest swap rate as reference interest rate, and decomposes yields curve into two components, ie, interest level and slope. Considering multivariate regression in level and difference variables, Stock returns and Interest rates have a significant effect on the CDS spreads among the theoretical determinants of structural credit risk models. CDS spreads may behave quite differently during volatile regime compared with their behavior in tranquil regime. We therefore apply Markov switching model to investigate the possibility that the influence of theoretical determinants of CDS spread has a regime dependent behavior. In all regimes Korean sovereign CDS spreads are highly sensitive to stock market returns, whereas in tranquil regime interest rates also have influence on CDS spreads. We conclude that for the efficient hedging of CDS exposure trader should adjust equity hedge ratio to the relevant regime.

Using data from the Children of Immigrants Longitudinal Study, this study examines the structural relationships between negative school social relationships, school safety, educational expectation, and academic achievement of Latino immigrant students. Results from multilevel structural equation modeling show that discrimination, unhelpful school social relationships, and experiences of unsafe school environments influence Latino immigrant adolescents’ academic achievement indirectly and directly through their educational expectations. Specifically, this study explores how noncognitive and contextual factors embedded in different structural layers of school organization influence Latino immigrant adolescents’ academic achievement. It draws attention to the impact of negative school factors such as discriminatory and unsupportive school social relationships, and negative and unsafe school structures that undermine school life. Based on our findings, we argue that as Latino immigrant students internalize negative experiences from their school experiences during the critical period of adolescence, such accumulated negative internalization may reinforce negative self-perceptions and inaccurate stereotypes. Not only discrimination but also other negative school features such as the absence of academic supporters, nonacademically oriented friends, and unsafe learning environments inhibit them from navigating positive school opportunities and ultimately, successful school achievement. Implications for the social organization of U.S. public secondary schools with a focus on Latino immigrant adolescents’ academic achievement are discussed.