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Since the seminal work of Merton (1974), many structural credit risk models have been proposed, including Longstaff and Schwartz (1995), Leland and Toft (1996), and Collin-Dufresne and Goldstein (2001), among others. In this type of models, both the equity and the debt of a firm are modeled as contingent claims over the asset value of the issuing firm, and as a result, option pricing theory can be applied.
Defaults occur when the firm asset value, which is usually modeled as a diffusion process, reaches a certain barrier either during the life of the debt or at the maturity of the debt. This type of models establish the relationships between the returns of the firm’s equity and debt, as well as the yield spreads and the firm’s balance sheet information such as leverage ratio.
The representative assembly, or parliament as it is called most often, is one of the oldest, most commonplace and - for the socialist tradition most controversial democratic institutions. Suspicion of parliament is certainly not confined to the socialist tradition. The modern history of parliament - the ultimate political symbol of peaceful compromise and quiet agreement have been littered with bitter conflicts, paralysis and open violence. In the early decades of this century, these trends reached something of a climax. With the Bolshevik Revolution, the severe political crises that followed in the aftermath of the First World War, and the rise of syndicalism and fascism, parliament appeared to have little or no future. This period saw not only the first successful government. It also witnessed a deep loss of confidence in the spirit of parliamentarism among its closest supporters, many of whom publicly lamented the declining legitimacy and effectiveness of representative assemblies.’
Carl Schmitt, whose political writings are little known outside his native Germany, was undoubtedly the shrewdest and most controversial European critic of parliament during this period. His writings on parliament directly address the subject of civil society and the state. They cast serious doubts on the capacity of parliament to regulate the relations of power within and between civil society and the state. Schmitt’s rejection of parliament raises fundamental political questions concerning state sovereignty, civil war, dictatorship and the future of democracy, and these in turn have a strikingly contemporary ring about them. For these reasons, his writings on parliament deserve careful reconsideration, freed from the highly personalized and bitter reaction the typically evoke in West Germany today.
Explanation of growing income inequality is one of the important recent research areas in Development Economics. The conventional belief is that globalization leads to an improvement in welfare both from the aggregative and distributive perspectives. However, with regard to its distributive effect, many empirical works point out that skilled unskilled wage income inequality has grown up in various developed and developing countries. Different studies offer different explanations for this phenomenon; and trade liberalization and technological progress are the main two controversial reasons of this phenomenon. Many empirical studies also point out other causes like international outsourcing, increase in the price of skill intensive good, entry of unskilled labour surplus low income countries in the international market etc.
