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This study evaluates the impact of International Financial Reporting Standards (IFRS) on the pricing of credit risk in the over-the-counter Credit Default Swap (CDS) market. The CDS is essentially a “pure” credit default instrument that provides a far less noisy measure of credit risk by comparison to corporate bonds or credit ratings. Callen, Livnat, and Segal (2009) show that U.S. GAAP earnings are an important determinant of CDS spreads. In their levels analysis, they find that a one percent increase in earnings (normalized by total assets) reduces CDS spreads by a non-trivial nine percent. The intent of this study is to compare the credit risk information conveyed by IFRS earnings relative to local GAAP earnings for countries where IFRS are mandatory.
Trading requires capital. When a trader—e.g. a dealer, hedge fund, or investment bank buys a security, he can use the security as collateral and borrow against it, but he cannot borrow the entire price. The difference between the security's price and collateral value, denoted the margin, must be financed with the trader's own capital. Similarly, shortselling requires capital in the form of a margin; it does not free up capital. Hence, at anytime the total margins on all positions cannot exceed the trader's capital.
In early 2005 The eLearning Guild conducted a survey of its members on the subject of Synchronous Instruction. A total of 644 members responded to the questionnaire. The last question in the questionnaire asked members who have online instruction experience to list their favorite tips to share with other online instructors; a remarkable total of 336 members contributed usable tips.
As might be expected the tips ranged from a single word (Plan! or Practice!) to as many as fifteen separate tips running over 350 words! They also ranged from the simple and obvious to the unusual and subtle. They covered the complete gamut of behavior for an online instructor. We are providing these tips to everybody who is interested in being more effective at doing online synchronous instruction.
