English Abstract: Credit rating provides information predicting firm's future cash flows and risk under uncertainty and … hence represents its intrinsic value. Credit rating plays a role as certifier of credit risk of borrowing firm in financial …

intrigued investors. Inferring investors' expectation through the implied risk neutral distribution is widely used. This … the 17th general election at 2004, the investors' perceived risk increased after the final returns. In the 17th …

policy tools should be applied to the individual financial institution, which makes measuring the systemic risk contribution … by an individual institution essential prerequisite. This paper attempts to measure the systemic risk contribution by an …'s contribution to the systemic risk when the financial system as a whole is under distress, as proposed by Acharya et al.(2010 …