In this study, we empirically investigate the determinants of the process utilized to resolve financial distress (resolution process) and also the outcome of the financial distress (resolution outcome). Specifically, we separate firms that utilize a private (work out) versus a public (filing for...

The relationship between trading volume and price changes in futures markets continues to be of interest mainly due to the inconclusive nature of the results reported so far in the literature (Karpoff, 1987). One source of controversy centers on the empirical distribution of futures price...

Loss given default (LGD) is a critical parameter in various facets of credit risk modeling. This study empirically investigates the determinants of LGD and builds alternative predictive econometric models for LGD on bonds and loans using an extensive sample of most major U.S. defaults in the...

This study evaluates and compares alternative time series correlation modeling techniques, using a broad database of 33 variables and 467 asset pairs in nine different asset classes. For each pair of assets a time-varying moving window correlation (MWC) is computed from different moving itional...

In this study we empirically investigate the determinants of and build a predictive econometric model for exposure at default (EAD) using a sample of defaulted firms having revolving credits, at one time having Samp;P or Moody's rated debt. We extend prior empirical work (Araten et al 2001,...

El Banco Interamericano de Desarrollo organizó en marzo de 1997 un "Simposio de ciudades y Foro de buenas prácticas en gestión urbana" . En él se debatieron las nuevas ideas sobre el papel de los centros urbanos en el futuro de la región, los problemas que enfrentarán al asumir este papel...

Este volumen contiene los anales de un seminario sobre modernización de las finanzas municipales. En el seminario se discutieron e intercambiaron experiencias sobre las políticas que los gobiernos centrales pueden adoptar para que la descentralización proporcione los beneficios que se le...

This study is designed to help practitioners prepare and evaluate institutional reforms for education and health programs. It provides an analytic framework for use by public officials and researchers, with case studies that illustrate a wide range of actual practice, and a set of lessons...

This paper uses household data from two cities in Panama to evaluate the determinants of the tenure decision in the context of two models. The key factors explaining the decision to rent or own are those associated with the family's lifecycle, while the choice between buying a complete house and...