a first loss piece a very high proportion of the default losses, and transfers only the extreme losses to other market … participants. The size of the first loss piece is largely driven by the average default probability of the securitized assets. If …

. In addition to providing accurate measures of loss probabilities and credit risk, our models can also be used to analyze …, loss reserves, and other parameters are specified individually for each institution according to its credit-risk model …

This paper investigates the extent to which loss-offset constraints affect corporate tax incentives. Using data … sector had tax loss carryforwards. When weighted by their market value, however, these firms account for less than three … percent of this sector, suggesting that loss carryforwards are concentrated among small firms and affect relatively few large …