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the bankruptcy code in Germany that effectively removes their potential impact on CDS firms. Using a unique dataset on …
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bankruptcy as a verifiable event that occurs whenever the agent makes a per period loss. This leads to less stringent truth …
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Correlated defaults and systemic risk are clearly priced in credit portfolio securities such as CDOs or index CDSs. In this paper we study an extensive CDX data set for evidence whether correlated defaults are also present in the underlying CDS market. We develop a cash flow based top-down...
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In diesem Artikel prognostizieren wir Insolvenzwahrscheinlichkeiten von kleinen und mittleren Unternehmen, die bislang noch keine hinreichende Beachtung gefunden haben, obwohl diese Unternehmen besonders insolvenzgefährdet sind. Die Schwierigkeit bei der Insolvenzprognose von kleinen und...
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. in our analysis of firm survival we distinguish between voluntary liquidation without losses to creditors, and bankruptcy …
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