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Free Ebooks: Microsoft Word Tutorial.pdf
Submitted by acrobat on Sun, 08/24/2008 - 14:22
Microsoft Word is a popularly used word processing program which allow users to create a variety of documents. For example, you can use Microsoft Word to create papers for class, brochures, resumes, etc. Word 2003, the latest version of the best-selling word processor, takes customer experience and feedback to deliver innovations you can use to create impressive-looking documents and help you work better with others. Microsoft Word can be used on both Macintosh and PC computers.
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Ebook Explaining the Level of Credit Spreads: Option-Implied Jump Risk Premia in a Firm Value Model
Submitted by wulan on Thu, 01/28/2010 - 08:40Corporate bonds are defaultable and thus trade at higher yields than default-free government bonds. However, it has been difficult to reconcile this observed difference in yields (the credit spread) with the historically observed default losses of corporate bonds, especially for investment-grade firms (Elton et al. (2001)).
In particular, Huang and Huang (2003, henceforth HH) analyze a wide range of structural firm value models that build on the seminal contingent-claims analysis of Merton (1974). HH show that these models typically explain only 20% to 30% of observed credit spreads for these firms. In response to this credit spread ‘puzzle’ (Amato and Remolona (2003)), a number of authors have recently incorporated jump risk premia into the analysis. As discussed below, the existing evidence on the relevance of jump risk premia is inconclusive.
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Ebook Resolving the financial crisis: Are the lessons from the Nordics being heeded?
Submitted by wulan on Thu, 12/31/2009 - 03:49History indicates that how financial crises are managed and resolved can deeply influence subsequent economic performance. The response can affect the length of the slump, the speed and strength of the subsequent recovery, and in all probability also subsequent long-term growth. The way the Nordic countries dealt with their banking crises in the late 1980s-early 1990s has been held up as an example of best practice.
The response was swift, comprehensive and in-depth, helping to re-establish the basis for sustainable growth. While the resolution of the current crisis is still unfolding, it is now two years since the turbulence first broke out. This seems a good time to make a preliminary evaluation based on the Nordic precedent: it is still too early for a full post-mortem, but early enough to help inform current policies.
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