The necessary conditions of value creation are considered from the vantage point of innovation and entrepreneurship. Both demand side and supply side considerations of value creation are examined. Specific demand concepts that are considered are: basic needs, customer perceived value, and...

The study proposes and tests a risk-free rate model that simultaneously lets the risk-free rate migrate between rating categories as risk-free rate ranges, and follow a random walk within rating categories as risk-free rate ranges. Although the study arbitrarily assigned rating categories, and...

The study inquires whether ratings and rating changes in particular have anyimpact on bond prices. In doing so, the price data of a number of corporate vanillabonds were investigated over corresponding rating change event periods.For various reasons, the South African Bond Market could not...

The study builds on previous research that decomposes rating category default probability term structures from rating category interest rate term structures, and proposes a method to decompose rating migration matrices from market data, via decomposed default probability term structures. To...