The many uses of credit

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  • In addition to being the president, Peter Schiff is also a registered representative and owner of Euro Pacifi c Capital, Inc. (Euro Pacifi c). In addition to his duties as director of communications, Andrew Schiff is also a stock broker at the fi rm. Euro Pacifi c is a FINRA registered Broker-Dealer and a member of the Securities Investor Protection Corporation (SIPC).

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  • Use of credit scores by insurers has come into prominence within the last ten years. A recent study found that more than 90 percent of personal lines insurers use credit scores for rating or underwriting private automobile insurance (Conning & Co., 2001), and many insurers also use credit scoring for homeowners coverage. Such scores are distinguished from credit scores used in financial underwriting.

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  • Understanding the relationship between credit and interest rate risk is critical to many applications in finance, from valuation of credit and interest rate-sensitive instruments to risk management. This study empirically examines the relationship between interest rates and default risk using firm level corporate default data in the United States between 1982 and 2008. We find significant negative contemporaneous correlations between the changes in short interest rates and aggregate default rates, with a particularly strong relationship around financial crises.

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  • Convertible bonds can be difficult to value, given their hybrid nature of containing elements of both debt and equity. Further complications arise due to the frequent presence of additional options such as callability and puttability, and contractual complexities such as trigger prices and “soft call” provisions, in which the ability of the issuing firm to exercise its option to call is dependent upon the history of its stock price.

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  • Broadly defined, an audit is a systematic review of operations and practices to ensure that relevant requirements are met.Traditionally, the term audit is associated with principles of accounting. Because of this,many people perceive a safety audit as an Internal Revenue Service (IRS) procedure or a financial accounting procedure. Indeed, the safety audit may apply similar methodolo- gies used in financial audits to mitigate safety risks within any facility or opera- tion. A sound business enterprise must check its safety practices as carefully as its accounting records.

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  • According to Strabo, a water powered mill was built in Kaberia of the kingdom of Mithridates during the 1st century BC. Use of water wheels in mills spread throughout the Roman Empire over the next few centuries. Some were quite complex, with aqueducts, dams, and sluices to maintain and channel the water, along with systems of gears, or toothed-wheels made of wood and metal to regulate the speed of rotation. In a poem by Ausonius in the 4th century AD, he mentions a stone-cutting saw powered by water. Hero of Alexandria is credited with many such wind and steam powered...

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  • In this paper, we distinguish the risk of credit spread changes, if no default occurs, and the risk of the default event itself. We use credit spread data of many different firms and historical default rates to estimate the size of the default jump risk premium, along with the risk prices of credit spread changes. We show that, in order to fully explain the size of expected excess corporate bond returns, an economically and statistically significant default jump risk premium is necessary, on top of the risk premia that are due to the risk of credit spread changes....

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  • Some southern producers also feel that premiums for buy-up coverage or revenue products are not affordable, leaving catastrophic policies (with minimal coverage) as the only viable option for many farmers. More broadly, some farm groups have requested that current subsidies be maintained or increased so premiums would be more affordable. 28 Corn producers want their premiums reduced because the loss ratio has been well below 1.0 (indemnities paid divided by premiums).

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  • The use of individuals’ credit histories to predict the risk of future loss has become a common practice among automobile and homeowners insurers. The practice has proven to be controversial not only because of concerns about how reliably credit scores may predict risk. Many industry professionals, policymakers, and consumer groups have expressed concern that the practice may pose a significant barrier to economically vulnerable segments of the population in obtaining affordable automobile and homeowners coverage.

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  • While microcredit has experienced impressive growth rates in the past decade and has been widely lauded for its potential in economic development, it is questionable whether it is able to overcome this problem by itself. Proponents of microfinance have long been arguing that there is a large unmet demand for small-scale loans in developing countries. Robinson (2001) argues that in the poor world, there might be as many as 1.

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  • In the wake of the 20-year anniversary of Earth Day in 1990 and the Gulf War shortly thereafter, environmental issues and renewable energy enjoyed renewed interest. Several states enacted new tax credits and began new loan and grant programs. In the late 1990s, states continued to take the lead in developing programs, policies, and incentives to promote the use of renewable energy, in part as a result of electric utility restructuring.

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  • Credit hour is the unit by which an institution measures its course work. The number of credit hours assigned to a course quantitatively reflects the outcomes expected, the mode of instruction, the amount of time spent in class, and the amount of outside preparatory work expected for the class. Considerable variation exists from institution to institution and within a given institution. A semester credit hour is the most commonly used system of measuring course work and is usually based on at least a 14-17 week calendar.

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  • However, it is important to note that while the major credit rating agencies are a major source of creditworthiness for bond investors, they are far from the only potential source. A few smaller rating fifi rms—notably KMV, Egan-Jones, and Lace Financial, all of which had “investor pays” business models—were able to survive, despite the absence of NRSRO designations (although KMV was absorbed by Moody’s in 2002). Some bond mutual funds do their own research, as do some hedge funds.

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  • Learning skills and remembering facts in mathematics are important but they are only the means to an end. Facts and skills are not important in themselves. They are important when we need them to solve a problem. Students will remember facts and skills easily when they use them to solve real problems. As well as using mathematics to solve real-life problems, students should also be taught about the different parts of mathematics, and how they fit together.

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  • The rapid mortgage credit growth experienced in recent years in mature and emerging countries has raised some stability concerns. Many European credit institutions in mature markets have reacted by increasing securitization, particularly via mortgage covered bonds. From the issuer’s perspective, these instruments have become an attractive funding source and a tool for assetliability management; from the investor’s perspective, covered bonds enjoy a favorable risk-return profile and a very liquid market.

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  • This research report and the underlying field research and data processing would not have been feasible without the essential and invaluable contribution of the re- search staff of the Bunda College of Agriculture, University of Malawi, and without the contribution of many others in Malawi, at IFPRI, and at other institutions. Fore- most, we are grateful for the assistance of the staff of the Department of Rural De- velopment (DRD) who contributed to the successful implementation of the field sur- vey, data cleaning, and data analysis for the DRD/IFPRI Rural Finance Study.

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  • We can identify two types of uncooperative nodes: faulty/malicious nodes and selfish nodes. By saying faulty/malicious nodes, we refer to the broad class of nodes that are either faulty and therefore cannot follow a protocol, or are intentionally malicious and try to attack the system.

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  • On home foreclosures, the rate has risen sharply especially for subprime borrowers with adjustable rate mortgages. Many analysts expect foreclosures to hit about 2 million this year, way up from the annual rate in 2001 to 2005. It has been estimated that if US housing prices fall by an additional 15 percent or so, approximately a third of US homeowners with mortgages will have negative equity in their homes. This negative equity issue is also raising the question of whether willingness to pay will have to be addressed along with ability to pay. Last but not least, one place where contagion...

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  • Civilian protection orders must be enforced on base. Many abused individuals have both a military protection order and a civilian protection order. If you are thinking about getting a military protection order, there are a few things you should consider. Remember that reporting incidents of abuse to military personnel, other than clergy, is not typically confidential. Anything you say to military personnel regarding violence or abuse to yourself or your children must be reported to command staff.

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  • This book is is designed for the risk analyst who wishes to better understand the mathematical models and methods used in the management of operational risk in the banking and insurance sectors. Many of the techniques in this book are more generally applicable to a wide range of risks. However, each sector has its unique characteristics, its own data sources, and its own risk migation and management strategies. Other major risk classes in the banking sector include credit risk and market risk.

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