WorldWideScience

Sample records for valid credit period

  1. Isotopic and criticality validation for actinide-only burnup credit

    International Nuclear Information System (INIS)

    Fuentes, E.; Lancaster, D.; Rahimi, M.

    1997-01-01

    The techniques used for actinide-only burnup credit isotopic validation and criticality validation are presented and discussed. Trending analyses have been incorporated into both methodologies, requiring biases and uncertainties to be treated as a function of the trending parameters. The isotopic validation is demonstrated using the SAS2H module of SCALE 4.2, with the 27BURNUPLIB cross section library; correction factors are presented for each of the actinides in the burnup credit methodology. For the criticality validation, the demonstration is performed with the CSAS module of SCALE 4.2 and the 27BURNUPLIB, resulting in a validated upper safety limit

  2. Joint replenishment and credit policies under two levels of trade credit financing when demand and bad-debt loss depends upon credit period

    Directory of Open Access Journals (Sweden)

    Aggarawal K.K.

    2016-01-01

    Full Text Available In practice, a firm usually receives trade credit financing from its supplier on the purchase of inventory. Similarly, in order to meet competition and generate credit sales over and above cash sales, the firm also gives credit period to their customers. However, the decision of granting credit period may have a disintegrating effect on cash sales apart from generating new credit sales because some of the cash customers may switch to credit purchase. In addition, despite of the best credit granting policies and collection practices, the firm may incurs some amount of bad debt losses because a certain fraction of buyers will undoubtedly be unable to pay off their debt obligations and become bad debt loss to the firm. In this paper, using discounted cash flow (DCF approach, a mathematical model is developed to jointly determine optimal inventory and credit policies under two levels of trade credit financing when demand and bad-debt losses are dependent on credit period. The objective of the model is to maximize the present value of firm’s net profit per unit time by jointly optimizing the replenishment interval and date-terms credit period. Numerical examples and sensitivity analysis are presented to illustrate the effectiveness of the proposed model, and the results are discussed.

  3. Validation issues for depletion and criticality analysis in burnup credit

    International Nuclear Information System (INIS)

    Parks, C.V.; Broadhead, B.L.; Dehart, M.D.; Gauld, I.C.

    2001-01-01

    This paper reviews validation issues associated with implementation of burnup credit in transport, dry storage, and disposal. The issues discussed are ones that have been identified by one or more constituents of the United States technical community (national laboratories, licensees, and regulators) that have been exploring the use of burnup credit. There is not necessarily agreement on the importance of the various issues, which sometimes is what creates the issue. The broad issues relate to the paucity of available experimental data (radiochemical assays and critical experiments) covering the full range and characteristics of spent nuclear fuel in away-from-reactor systems. The paper will also introduce recent efforts initiated at Oak Ridge National Laboratory (ORNL) to provide technical information that can help better assess the value of different experiments. The focus of the paper is on experience with validation issues related to use of burnup credit for transport and dry storage applications. (author)

  4. Validation of SCALE-4 for burnup credit applications

    International Nuclear Information System (INIS)

    Bowman, S.M.; DeHart, M.D.; Parks, C.V.

    1995-01-01

    In the past, a criticality analysis of PWR fuel stored in racks and casks has assumed that the fuel is fresh with the maximum allowable initial enrichment. If credit is allowed for fuel burnup in the design of casks that are used in the transport of spent light water reactor fuel to a repository, the increase in payload can lead to a significant reduction in the cost of transport and a potential reduction in the risk to the public. A portion of the work has been performed at ORNL in support of the US DOE efforts to demonstrate a validation approach for criticality safety methods to be used in burnup credit cask design. To date, the SCALE code system developed at ORNL has been the primary computational tool used by DOE to investigate technical issues related to burnup credit. The ANSI/ANS-8.1 criticality safety standard requires validation and benchmarking of the calculational methods used in evaluating criticality safety limits for applications outside reactors by correlation against critical experiments that are applicable. Numerous critical experiments for fresh PWR-type fuel in storage and transport configurations exist and can be used as part of a validation database. However, there are no critical experiments with burned PWR-type fuel in storage and transport configurations. As an alternative, commercial reactors offer an excellent source of measured critical configurations. The results reported demonstrate the ability of the ORNL SCALE-4 methodology to predict a value of k eff very close to the known value of 1.0, both for fresh fuel criticals and for the more complex reactor criticals. Beyond these results, additional work in the determination of biases and uncertainties is necessary prior to use in burnup credit applications

  5. Validating analysis methodologies used in burnup credit criticality calculations

    International Nuclear Information System (INIS)

    Brady, M.C.; Napolitano, D.G.

    1992-01-01

    The concept of allowing reactivity credit for the depleted (or burned) state of pressurized water reactor fuel in the licensing of spent fuel facilities introduces a new challenge to members of the nuclear criticality community. The primary difference in this analysis approach is the technical ability to calculate spent fuel compositions (or inventories) and to predict their effect on the system multiplication factor. Isotopic prediction codes are used routinely for in-core physics calculations and the prediction of radiation source terms for both thermal and shielding analyses, but represent an innovation for criticality specialists. This paper discusses two methodologies currently being developed to specifically evaluate isotopic composition and reactivity for the burnup credit concept. A comprehensive approach to benchmarking and validating the methods is also presented. This approach involves the analysis of commercial reactor critical data, fuel storage critical experiments, chemical assay isotopic data, and numerical benchmark calculations

  6. Two-echelon competitive integrated supply chain model with price and credit period dependent demand

    Science.gov (United States)

    Pal, Brojeswar; Sankar Sana, Shib; Chaudhuri, Kripasindhu

    2016-04-01

    This study considers a two-echelon competitive supply chain consisting of two rivaling retailers and one common supplier with trade credit policy. The retailers hope that they can enhance their market demand by offering a credit period to the customers and the supplier also offers a credit period to the retailers. We assume that the market demand of the products of one retailer depends not only on their own market price and offering a credit period to the customers, but also on the market price and offering a credit period of the other retailer. The supplier supplies the product with a common wholesale price and offers the same credit period to the retailers. We study the model under a centralised (integrated) case and a decentralised (Vertical Nash) case and compare them numerically. Finally, we investigate the model by the collected numerical data.

  7. 5 CFR 315.906 - Crediting service toward completion of the probationary period.

    Science.gov (United States)

    2010-01-01

    ... period from which an employee was separated or demoted for performance or conduct reasons does not count... credited only when a detail to a supervisory or managerial position is made permanent without a break in...

  8. Validation Techniques of the Intern Models for Credit Risk

    Directory of Open Access Journals (Sweden)

    Bogdan Moinescu

    2006-11-01

    Full Text Available The new own funds adequacy device, officialy named “ International Convergence of Capital Measurement and Capital Standards”, describes the most important benchmark framework for micro-prudential supervision at the moment. The publication of the final text in June 2004, after five years of deliberations, represents the result of multiple analyses and comments provided by all interested parties, banking supervision authorities, associations and credit institutions. Provided the development of complex methodologies of risk measurement and management, on a large scale, by credit institutions, simple and static rules of the first accord have become less and less relevant during the last years. And so, the need of setting up a own funds adequacy framework which is much more risk sensitive and provides incentives to credit institutions on what concerns the improvement of risk measurement and management systems was met by approval of the Basel II Accord, which will, therefore, lead to the strengthening of financial stability. The revisal of the Accord was mainly focused on the increase of risk analysis and internal measurement and the changes made to their estimation allow banks to create their own methodological framework to calculate capital requirements (also considering each credit institution’ risk appetite.

  9. Retailer's optimal credit period and cycle time in a supply chain for deteriorating items with up-stream and down-stream trade credits

    Science.gov (United States)

    Mahata, Gour Chandra

    2015-09-01

    In practice, the supplier often offers the retailers a trade credit period and the retailer in turn provides a trade credit period to her/his customer to stimulate sales and reduce inventory. From the retailer's perspective, granting trade credit not only increases sales and revenue but also increases opportunity cost (i.e., the capital opportunity loss during credit period) and default risk (i.e., the percentage that the customer will not be able to pay off his/her debt obligations). Hence, how to determine credit period is increasingly recognized as an important strategy to increase retailer's profitability. Also, the selling items such as fruits, fresh fishes, gasoline, photographic films, pharmaceuticals and volatile liquids deteriorate continuously due to evaporation, obsolescence and spoilage. In this paper, we propose an economic order quantity model for the retailer where (1) the supplier provides an up-stream trade credit and the retailer also offers a down-stream trade credit, (2) the retailer's down-stream trade credit to the buyer not only increases sales and revenue but also opportunity cost and default risk, and (3) the selling items are perishable. Under these conditions, we model the retailer's inventory system as a profit maximization problem to determine the retailer's optimal replenishment decisions under the supply chain management. We then show that the retailer's optimal credit period and cycle time not only exist but also are unique. We deduce some previously published results of other researchers as special cases. Finally, we use some numerical examples to illustrate the theoretical results.

  10. A validated methodology for evaluating burnup credit in spent fuel casks

    International Nuclear Information System (INIS)

    Brady, M.C.; Sanders, T.L.

    1991-01-01

    The concept of allowing reactivity credit for the transmuted state of spent fuel offers both economic and risk incentives. This paper presents a general overview of the technical work being performed in support of the U.S. Department of Energy (DOE) program to resolve issues related to the implementation of burnup credit. An analysis methodology is presented along with information representing the validation of the method against available experimental data. The experimental data that are applicable to burnup credit include chemical assay data for the validation of the isotopic prediction models, fresh fuel critical experiments for the validation of criticality calculations for various cask geometries, and reactor restart critical data to validate criticality calculations with spent fuel. The methodology has been specifically developed to be simple and generally applicable, therefore giving rise to uncertainties or sensitivities which are identified and quantified in terms of a percent bias in k eff . Implementation issues affecting licensing requirements and operational procedures are discussed briefly. (Author)

  11. A validated methodology for evaluating burnup credit in spent fuel casks

    International Nuclear Information System (INIS)

    Brady, M.C.; Sanders, T.L.

    1991-01-01

    The concept of allowing reactivity credit for the transmuted state of spent fuel offers both economic and risk incentives. This paper presents a general overview of the technical work being performed in support of the US Department of Energy (DOE) program to resolve issues related to the implementation of burnup credit. An analysis methodology is presented along with information representing the validation of the method against available experimental data. The experimental data that are applicable to burnup credit include chemical assay data for the validation of the isotopic prediction models, fresh fuel critical experiments for the validation of criticality calculations for various casks geometries, and reactor restart critical data to validate criticality calculations with spent fuel. The methodology has been specifically developed to be simple and generally applicable, therefore giving rise to uncertainties or sensitivities which are identified and quantified in terms of a percent bias in k eff . Implementation issues affecting licensing requirements and operational procedures are discussed briefly

  12. Why credit risk markets are predestined for exhibiting log-periodic power law structures

    Science.gov (United States)

    Wosnitza, Jan Henrik; Leker, Jens

    2014-01-01

    Recent research has established the existence of log-periodic power law (LPPL) patterns in financial institutions’ credit default swap (CDS) spreads. The main purpose of this paper is to clarify why credit risk markets are predestined for exhibiting LPPL structures. To this end, the credit risk prediction of two variants of logistic regression, i.e. polynomial logistic regression (PLR) and kernel logistic regression (KLR), are firstly compared to the standard logistic regression (SLR). In doing so, the question whether the performances of rating systems based on balance sheet ratios can be improved by nonlinear transformations of the explanatory variables is resolved. Building on the result that nonlinear balance sheet ratio transformations hardly improve the SLR’s predictive power in our case, we secondly compare the classification performance of a multivariate SLR to the discriminative powers of probabilities of default derived from three different capital market data, namely bonds, CDSs, and stocks. Benefiting from the prompt inclusion of relevant information, the capital market data in general and CDSs in particular increasingly outperform the SLR while approaching the time of the credit event. Due to the higher classification performances, it seems plausible for creditors to align their investment decisions with capital market-based default indicators, i.e., to imitate the aggregate opinion of the market participants. Since imitation is considered to be the source of LPPL structures in financial time series, it is highly plausible to scan CDS spread developments for LPPL patterns. By establishing LPPL patterns in governmental CDS spread trajectories of some European crisis countries, the LPPL’s application to credit risk markets is extended. This novel piece of evidence further strengthens the claim that credit risk markets are adequate breeding grounds for LPPL patterns.

  13. A validated methodology for evaluating burn-up credit in spent fuel casks

    International Nuclear Information System (INIS)

    Brady, M.C.; Sanders, T.L.

    1992-01-01

    The concept of allowing reactivity credit for the transmuted state of spent fuel offers both economic and risk incentives. This paper presents a general overview of the technical work being performed in support of the US Department of Energy (USDOE) programme to resolve issues related to the implementation of burn-up credit in spent fuel cask design. An analysis methodology is presented along with information representing the validation of the method against available experimental data. The experimental data that are applicable to burn-up credit include chemical assay data for the validation of the isotopic prediction models, fresh fuel critical experiments for the validation of criticality calculations for various cask geometries, and reactor re-start critical data to validate criticality calculations with spent fuel. The methodology has been specifically developed to be simple and generally applicable, therefore giving rise to uncertainties or sensitivities which are identified and quantified in terms of a percent bias effective multiplication (k eff ). Implementation issues affecting licensing requirements and operational procedures are discussed briefly. (Author)

  14. A validated methodology for evaluating burnup credit in spent fuel casks

    International Nuclear Information System (INIS)

    Brady, M.C.; Sanders, T.L.

    1991-01-01

    The concept of allowing reactivity credit for the transmuted state of spent fuel offers both economic and risk incentives. This paper presents a general overview of the technical work being performed in support of the US Department of Energy (DOE) program to resolve issues related to the implementation of burnup credit. An analysis methodology is presented along with information representing the validation of the method against available experimental data. The experimental data that are applicable to burnup credit include chemical assay data for the validation of the isotopic prediction models, fresh fuel critical experiments for the validation of criticality calculations for various cask geometries, and reactor restart critical data to validate criticality calculations with spent fuel. The methodology has been specifically developed to be simple and generally applicable, therefore giving rise to uncertainties or sensitivities which are identified and quantified in terms of a percent bias in k eff . Implementation issues affecting licensing requirements and operational procedures are discussed briefly. 24 refs., 3 tabs

  15. Analisis Model Peramalan Status Kredit Kendaraan Bermotor pada Astra Credit Companies (ACC Cabang X Periode 2011

    Directory of Open Access Journals (Sweden)

    Tomy G. Soemapradja

    2012-05-01

    Full Text Available In order to increasing revenue, credit and financial institution, especially, automotive financing, gave lower interest rate. This, of course, will impact to the costumer with higher opportunity to have their dream which facilitated by those institutions. Despites to all economic risks and sales targets, credit and financial institutions have to empower their credit monitoring to anticipate earlier of credit defaults. Inspired by Altman’s research in 1968, about predicting bankruptcy of US companies, this research has purpose to determine which variable that significantly to the car loan status at Astra Credit Companies (ACC, and further continue to arrange prediction model of loan status and measure it’s accuracy level.. The statistic test shows there are 2 independent variables affect to dependent variable significantly, where model’s accuracy level achieves 100%.

  16. PENGARUH NILAI TUKAR RUPIAH DAN TINGKAT SUKU BUNGA TERHADAP CREDIT SPREADS RATE OBLIGASI DI INDONESIA PERIODE 2011-2015

    Directory of Open Access Journals (Sweden)

    Nora Amelda Rizal

    2017-03-01

    Full Text Available Risiko kebangkrutan merupakan hal yang sangat dihindari oleh setiap investor. Risiko ini berlaku tidak hanya pada sekuritas berupa saham, namun juga berlaku pada obligasi serta turunannya. Sejak krisis global yang terjadi pada tahun 2008, risiko kebangkrutan ini jelas terlihat pada obligasi korporasi dimana risiko ini terhubung dengan risiko pasar dan risiko kredit. Menurut Rizal (2016 harga obligasi dapat dihubungkan langs ung dengan kedua risiko tersebut . R i siko pasar dapat dilihat dari tingkat pengembalian bunga ( rate of return dan tingkat inflasi ( inflation rate , sedangkan representasi dari ri siko kredit merupakan ri siko rentang kredit ( credit Spreads rate , dimana rentang kredit ini sendiri pun kembali terkait dengan pertukaran kurs asing t erhadap rupiah, seperti ri siko pasar tingkat suku bunga ( rate of return dan tingkat inflasi ( inflation rate . Penelitian ini bertujuan untuk menga nalisa lebih lanjut mengenai fak tor yang mempengaruhi credit Spreads rate obligasi di Indonesia. Faktor - fakto r tersebut adalah nilai tukar rupiah dan tingkat pengembalian. Nilai tukar antara US Dollar dan Rupiah akan dipakai untuk mewakili nilai tukar rupiah. Untuk tingkat pengembalian bunga yang dipakai adalah suku bunga tetap yang dikeluarkan oleh Bank Indonesi a. Obligasi yang diteliti adalah obligasi korporasi pada sector telekomunikasi dengan rentang waktu penelitian antara 2011 - 2015. Hasil yang didapat di dalam penelitian ini menunjukkan bahwa nilai tukar Rupiah mempunyai pengaruh yang signifikan dan bersif at negatif terhadap Credit Spreads Rate Obligasi di Indonesia periode 2011 - 2015. Sedangkan tingkat suku bunga tidak mempunyai pengaruh yang signifikan terhadap Credit Spreads Rate Obligasi di Indonesia periode 2011 - 2015

  17. Benefits of the delta K of depletion benchmarks for burnup credit validation

    International Nuclear Information System (INIS)

    Lancaster, D.; Machiels, A.

    2012-01-01

    Pressurized Water Reactor (PWR) burnup credit validation is demonstrated using the benchmarks for quantifying fuel reactivity decrements, published as 'Benchmarks for Quantifying Fuel Reactivity Depletion Uncertainty,' EPRI Report 1022909 (August 2011). This demonstration uses the depletion module TRITON available in the SCALE 6.1 code system followed by criticality calculations using KENO-Va. The difference between the predicted depletion reactivity and the benchmark's depletion reactivity is a bias for the criticality calculations. The uncertainty in the benchmarks is the depletion reactivity uncertainty. This depletion bias and uncertainty is used with the bias and uncertainty from fresh UO 2 critical experiments to determine the criticality safety limits on the neutron multiplication factor, k eff . The analysis shows that SCALE 6.1 with the ENDF/B-VII 238-group cross section library supports the use of a depletion bias of only 0.0015 in delta k if cooling is ignored and 0.0025 if cooling is credited. The uncertainty in the depletion bias is 0.0064. Reliance on the ENDF/B V cross section library produces much larger disagreement with the benchmarks. The analysis covers numerous combinations of depletion and criticality options. In all cases, the historical uncertainty of 5% of the delta k of depletion ('Kopp memo') was shown to be conservative for fuel with more than 30 GWD/MTU burnup. Since this historically assumed burnup uncertainty is not a function of burnup, the Kopp memo's recommended bias and uncertainty may be exceeded at low burnups, but its absolute magnitude is small. (authors)

  18. Validation of the periodicity of growth increment deposition in ...

    African Journals Online (AJOL)

    Validation of the periodicity of growth increment deposition in otoliths from the larval and early juvenile stages of two cyprinids from the Orange–Vaal river ... Linear regression models were fitted to the known age post-fertilisation and the age estimated using increment counts to test the correspondence between the two for ...

  19. 40 CFR 80.305 - How are credits generated during the time period 2000 through 2003?

    Science.gov (United States)

    2010-07-01

    ... averaging period. Va = Total volume of gasoline produced during the averaging period at the refinery (or for a foreign refinery, the total volume of gasoline produced during the averaging period at the... level, calculated in accordance with the provisions of § 80.205, for gasoline produced during the...

  20. REMINDER - PERIOD OF VALIDITY OF CERN (ACCESS) CARDS

    CERN Multimedia

    Relations with the Host States Service

    2003-01-01

    The period of validity of CERN (access) cards not bearing an expiry date has been extended from 30 June to 31 December 2002 (see paragraph 17.4 of the Implementation Measures relating to Operational Circular n° 2). Holders of such cards are kindly requested to have their cards renewed either at the Users Office (in the case of Users) or at the Registration Service (all the others) from 1 August 2002 onwards. Relations with the Host States Service http://www.cern.ch/relations/ Tel. 72848

  1. REMINDER PERIOD OF VALIDITY OF CERN (ACCESS) CARDS

    CERN Multimedia

    Relations with the Host States Service

    2002-01-01

    The period of validity of CERN (access) cards not bearing an expiry date has been extended from 30 June to 31 December 2002 (see paragraph 17.4 of the Implementation Measures relating to Operational Circular n° 2). Holders of such cards are kindly requested to have their cards renewed either at the Users Office (in the case of Users) or at the Registration Service (all the others) from 1 August 2002 onwards.Relations with the Host States Service Tel. 72848

  2. REMINDER PERIOD OF VALIDITY OF CERN (ACCESS) CARDS

    CERN Multimedia

    Relations with the Host States Service

    2002-01-01

    The period of validity of CERN (access) cards not bearing an expiry date has been extended from 30 June to 31 December 2002 (see paragraph 17.4 of the Implementation Measures relating to Operational Circular n° 2). Holders of such cards are kindly requested to have their cards renewed either at the Users Office (in the case of Users) or at the Registration Service (all the others) from 1 August 2002 onwards. Relations with the Host States Service http://www.cern.ch/relations/ Tel. 72848

  3. Isotopic validation for PWR actinide-only burnup credit using Yankee Rowe data

    International Nuclear Information System (INIS)

    1997-11-01

    Safety analyses of criticality control systems for transportation packages include an assumption that the spent nuclear fuel (SNF) loaded into the package is fresh or unirradiated. In other words, the spent fuel is assumed to have its original, as-manufactured U-235 isotopic content. The ''fresh fuel'' assumption is very conservative since the potential reactivity of the nuclear fuel is substantially reduced after being irradiated in the reactor core. The concept of taking credit for this reduction in nuclear fuel reactivity due to burnup of the fuel, instead of using the fresh fuel assumption in the criticality safety analysis, is referred to as ''Burnup Credit.'' Burnup credit uses the actual physical composition of the fuel and accounts for the net reduction of fissile material and the buildup of neutron absorbers in the fuel as it is irradiated. Neutron absorbers include actinides and other isotopes generated as a result of the fission process. Using only the change in actinide isotopes in the burnup credit criticality analysis is referred to as ''Actinide-Only Burnup Credit.'' The use of burnup credit in the design of criticality control systems enables more spent fuel to be placed in a package. Increased package capacity results in a reduced number of storage, shipping and disposal containers for a given number of SNF assemblies. Fewer shipments result in a lower risk of accidents associated with the handling and transportation of spent fuel, thus reducing both radiological and nonradiological risk to the public. This paper describes the modeling and the results of comparison between measured and calculated isotopic inventories for a selected number of samples taken from a Yankee Rowe spent fuel assembly

  4. The mechanics of green power : emission benefits and credits in voluntary and commitment periods

    International Nuclear Information System (INIS)

    Hyndman, R.

    1998-01-01

    The challenge facing the electric power industry in reducing greenhouse gas emissions under the Kyoto Protocol was discussed. The paper illustrates the emission reduction incentives prior to and during the commitment period, with particular focus on pricing. It was noted that in the absence of greenhouse gas emission reduction incentives and prices, coal has a lower running cost and would be dispatched ahead of oil and natural gas. The same situation exists with respect to nuclear, hydro and wind, all of which have lower marginal running costs than fossil fuel plants, thus will run ahead of fossil fuel plants wherever they are available. Various models of the electricity market in North America were demonstrated. The issue of how to determine the amount of greenhouse gas offset and its significance was also addressed. figs

  5. Analysis of The Influence of Liquidity, Credit and Operational Risk, in Indonesian Islamic Bank’s Financing for The Period 2007-2013

    Directory of Open Access Journals (Sweden)

    Ousmane Diallo

    2015-12-01

    Full Text Available The purpose of this paper is to analyze the influence of credit, liquidity and operational risks in six Indonesian’s islamic banking financing products namely mudharabah, musyarakah, murabahah, istishna, ijarah and qardh, in order to try to discover whether or not Indonesian islamic banking is based on the “risk-sharing” system. This paper relies on a fixed effect model test based on the panel data analysis method, focusing on the period from 2007 to 2013. The research is an exploratory and descriptive study of all the Indonesian islamic banks that were operating in 2013. The results of this study show that the Islamic banking system in Indonesia truly has banking products based on “risk-sharing.” We found out that credit, operational and liquidity risks as a whole, have significant influence on mudarabah, musyarakah, murabahah, istishna, ijarah and qardh based financing. There is a correlation between the credit risk and mudarabah based financing, and no causal relationship between the credit risk and musharaka, murabahah, ijarah, istishna and qardh based financing. There is also correlation between the operational risk and mudarabah and murabahah based financing, and no causal relationship between the operational risk and musharaka, istishna, ijarah and qardh based financing. There is correlation between the liquidity risk and istishna based financing, and no causal relationship between the liquidity risk and musharaka, mudarabah, murabahah, ijarah and qardh based financing. A major implication of this study is the fact that there is no causal relationship between the credit risk and musharakah based financing, which is the mode of financing where the islamic bank shares the risk with its clients, but there is an influence of credit risk toward mudarabah mode financing, a financing mode where the Islamic bank bears all the risk. These findings can lead us to conclude that the Indonesian Islamic banking sector is based on the

  6. Analysis of Fresh Fuel Critical Experiments Appropriate for Burnup Credit Validation

    International Nuclear Information System (INIS)

    DeHart, M.D.

    1995-01-01

    The ANS/ANS-8.1 standard requires that calculational methods used in determining criticality safety limits for applications outside reactors be validated by comparison with appropriate critical experiments. This report provides a detailed description of 34 fresh fuel critical experiments and their analyses using the SCALE-4.2 code system and the 27-group ENDF/B-IV cross-section library. The 34 critical experiments were selected based on geometry, material, and neutron interaction characteristics that are applicable to a transportation cask loaded with pressurized-water-reactor spent fuel. These 34 experiments are a representative subset of a much larger data base of low-enriched uranium and mixed-oxide critical experiments. A statistical approach is described and used to obtain an estimate of the bias and uncertainty in the calculational methods and to predict a confidence limit for a calculated neutron multiplication factor. The SCALE-4.2 results for a superset of approximately 100 criticals are included in uncertainty analyses, but descriptions of the individual criticals are not included

  7. Validation of daily increments periodicity in otoliths of spotted gar

    Science.gov (United States)

    Snow, Richard A.; Long, James M.; Frenette, Bryan D.

    2017-01-01

    Accurate age and growth information is essential in successful management of fish populations and for understanding early life history. We validated daily increment deposition, including the timing of first ring formation, for spotted gar (Lepisosteus oculatus) through 127 days post hatch. Fry were produced from hatchery-spawned specimens, and up to 10 individuals per week were sacrificed and their otoliths (sagitta, lapillus, and asteriscus) removed for daily age estimation. Daily age estimates for all three otolith pairs were significantly related to known age. The strongest relationships existed for measurements from the sagitta (r2 = 0.98) and the lapillus (r2 = 0.99) with asteriscus (r2 = 0.95) the lowest. All age prediction models resulted in a slope near unity, indicating that ring deposition occurred approximately daily. Initiation of ring formation varied among otolith types, with deposition beginning 3, 7, and 9 days for the sagitta, lapillus, and asteriscus, respectively. Results of this study suggested that otoliths are useful to estimate daily age of spotted gar juveniles; these data may be used to back calculate hatch dates, estimate early growth rates, and correlate with environmental factor that influence spawning in wild populations. is early life history information will be valuable in better understanding the ecology of this species. 

  8. Optimality of cycle time and inventory decisions in a two echelon inventory system with exponential price dependent demand under credit period

    Science.gov (United States)

    Krugon, Seelam; Nagaraju, Dega

    2017-05-01

    This work describes and proposes an two echelon inventory system under supply chain, where the manufacturer offers credit period to the retailer with exponential price dependent demand. The model is framed as demand is expressed as exponential function of retailer’s unit selling price. Mathematical model is framed to demonstrate the optimality of cycle time, retailer replenishment quantity, number of shipments, and total relevant cost of the supply chain. The major objective of the paper is to provide trade credit concept from the manufacturer to the retailer with exponential price dependent demand. The retailer would like to delay the payments of the manufacturer. At the first stage retailer and manufacturer expressions are expressed with the functions of ordering cost, carrying cost, transportation cost. In second stage combining of the manufacturer and retailer expressions are expressed. A MATLAB program is written to derive the optimality of cycle time, retailer replenishment quantity, number of shipments, and total relevant cost of the supply chain. From the optimality criteria derived managerial insights can be made. From the research findings, it is evident that the total cost of the supply chain is decreased with the increase in credit period under exponential price dependent demand. To analyse the influence of the model parameters, parametric analysis is also done by taking with help of numerical example.

  9. Lumbung Desa in Java: A Credit Institution, Poverty Management, and Financial Problem Solving for Villagers During the Colonial Period

    Directory of Open Access Journals (Sweden)

    Haryono Rinardi

    2017-10-01

    Full Text Available This paper aims to examine the existence and development of Lumbung Desa or village rice barns as a credit institution during the colonial era. It was expected to be an inspiration and reference to revitalize, design, and develop barns at the village level that contributed significantly to the village welfare at the recent time.  Therefore, how and why was Lumbung Desa institution able to develop during the colonial era? How much was its contribution to the village welfare? To examine these questions, the authors used critical historical method and through economical and sociological approach. The result shows that Lumbung Desa was formed and developed by the Dutch to overcome poverty as a strategic issue at the time, especially at village level. The grand design program of Lumbung Desa was to channel loan schemes especially and savings that could be in the form of in cash or rice. It was used to help farmers against the middlemen and moneylenders who were considered as adverse parties for the villagers. Lumbung Desa existed and was managed in many villages of Java during the colonial era. It relied on rural communities with distinctive personal socio-economic relations that brought about both strengths and weaknesses for the institution. However, there were some advantages of Lumbung Desa; first, it provided loans in two types, cash and/ or rice which became major and urgent needs for the villagers; second, its presence in rural areas made farmers become customers and easily access the market; third, its flexibility made it easily transform according to rural community needs.

  10. The Ratio Evolution Analysis of the Non-Performing Loans Obtained by the Credit Institutions in Romania during the Period 2007-2015

    Directory of Open Access Journals (Sweden)

    Mirela Catalina Turkes

    2015-06-01

    Full Text Available This article analyses the ratio evolution of the non-performing loans obtained by the privately, Romanian and foreign-owned credit institutions, in Romania, during the period December 2007 - June 2015, depending on the change of the legislation regarding the reporting methodology for the purpose of the institutions surveillance according to the prudential regulations of BNR (National Bank of Romania and EU Regulation. The results of this analysis highlighted the fact that the non-performing loans ratio went through a spectacular increase during the period 2007-2013, reaching 21.87% following the promotion of a strategic plan based on the recovery of the debts by restructuring actions, rescheduling or enforcement. In 2014, the non-performing loans ratio decreases to 15.33% following the modification of the debt recovery strategic plan by taking them out from the balance sheet and by their integral provisioning.

  11. 46 CFR 167.60-5 - Period of time for which valid.

    Science.gov (United States)

    2010-10-01

    ... SCHOOL SHIPS Certificates of Inspection § 167.60-5 Period of time for which valid. A certificate of inspection for any period less than one year shall not be issued, but nothing herein shall be construed as preventing the revocation or suspension of a certificate of inspection in case such process is authorized by...

  12. Credit risk assessment: Evidence from banking industry

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-08-01

    Full Text Available Measuring different risk factors such as credit risk in banking industry has been an interesting area of studies. The artificial neural network is a nonparametric method developed to succeed for measuring credit risk and this method is applied to measure the credit risk. This research’s neural network follows back propagation paradigm, which enables it to use historical data for predicting future values with very good out of sample fitting. Macroeconomic variables including GDP, exchange rate, inflation rate, stock price index, and M2 are used to forecast credit risk for two Iranian banks; namely Saderat and Sarmayeh over the period 2007-2011. Research data are being tested for ADF and Causality Granger tests before entering the ANN to achieve the best lag structure for the research model. MSE and R values for the developed ANN in this research respectively are 86×〖10〗^(-4 and 0.9885, respectively. The results showed that ANN was able to predict banks’ credit risk with low error. Sensibility analyses which has accomplished on this research’s ANN corroborates that M2 has the highest effect on the ANN’s credit risk and should be considered as an additional leading indicator by Iran’s banking authorities. These matters confirm validation of macroeconomic notions in Iran’s credit systematic risk.

  13. Credit Cards. Bulletin No. 721. (Revised.)

    Science.gov (United States)

    Fox, Linda Kirk

    This cooperative extension bulletin provides basic information about credit cards and their use. It covers the following topics: types of credit cards (revolving credit, travel and entertainment, and debit); factors to consider when evaluating a credit card (interest rates, grace period, and annual membership fee); other credit card costs (late…

  14. The validity of a patient-reported adverse drug event questionnaire using different recall periods

    NARCIS (Netherlands)

    de Vries, Sieta T; Haaijer-Ruskamp, Flora M; de Zeeuw, Dick; Denig, Petra

    2014-01-01

    PURPOSE: To assess the validity of a patient-reported adverse drug events (ADEs) questionnaire with a 3-month or 4-week recall period. METHODS: Patients receiving at least one oral glucose-lowering drug were asked to report potential ADEs they experienced related to any drug in a daily diary for a

  15. Proton affinities of anionic bases: Trends across the periodic table, structural effects, and DFT validation

    NARCIS (Netherlands)

    Swart, M.; Bickelhaupt, F.M.

    2006-01-01

    We have carried out an extensive exploration of the gas-phase basicity of archetypal anionic bases across the periodic system using the generalized gradient approximation of density functional theory (DFT) at BP86/QZ4P//BP86/TZ2P. First, we validate DFT as a reliable tool for computing proton

  16. CREDIT SYSTEM AND CREDIT GUARANTEE PROGRAMS

    OpenAIRE

    Turgay GECER

    2012-01-01

    Credit system is an integrated architecture consisted of financial information, credit rating, credit risk management, receivables and credit insurance systems, credit derivative markets and credit guarantee programs. The main purpose of the credit system is to provide the functioning of all credit channels and to make it easy to access of credit sources demanded by all of real and legal persons in any economic system. Credit guarantee program, the one of prominent elements of the credit syst...

  17. Credit Risk Research

    DEFF Research Database (Denmark)

    Zamore, Stephen; Ohene Djan, Kwame; Alon, Ilan

    2018-01-01

    This article provides a comprehensive review of scholarly research on credit risk measurement during the last 57 years applying bibliometric citation analysis and elaborates an agenda for future research. The bibliography is compiled using the Institute for Scientific Information (ISI) Web...... of Science (WOS) database and includes all articles with citations over the period 1960–2016. Specifically, the review is carried out using 1695 articles across 72 countries published in 442 journals by 2928 authors. The findings suggest that credit risk research is multifaceted and can be classified...... into six streams: (1) defaultable security pricing, (2) default intensity modeling, (3) comparative analysis of credit models, (4) comparative analysis of credit markets, (5) credit default swap (CDS) pricing, and (6) loan loss provisions. The article contributes through synthesizing and identifying...

  18. Credit-proofing fundamentals for a solid credit policy

    Energy Technology Data Exchange (ETDEWEB)

    Lydiatt, I. [KeySpan Energy Canada, Calgary, AB (Canada)

    2003-07-01

    This Power Point presentation presented the basics of a credit policy with reference to corporate objectives, governance, credit definitions, subjective/objective elements, quantification of full risk, management, monitoring, reporting and gate-keeping processes. Options for a credit policy were described as being approval authority grids, confidentiality issues, credit scoring, corporate risk levels, follow-up collection calling, and procedures on unapproved exposures. Recommendations for setting risk and credit limits were also presented with a note emphasizing that in the past 6 months credit evaluation processes have had to deal with the media risk, a new risk that has not been seen before. This risk can be addressed by careful monitoring of stock prices. The paper also presented recommendations for what to look for as indicators and how to deal with risk in volatile price periods. Credit tools for volatile times were described. 1 tab.

  19. Credit-proofing fundamentals for a solid credit policy

    International Nuclear Information System (INIS)

    Lydiatt, I.

    2003-01-01

    This Power Point presentation presented the basics of a credit policy with reference to corporate objectives, governance, credit definitions, subjective/objective elements, quantification of full risk, management, monitoring, reporting and gate-keeping processes. Options for a credit policy were described as being approval authority grids, confidentiality issues, credit scoring, corporate risk levels, follow-up collection calling, and procedures on unapproved exposures. Recommendations for setting risk and credit limits were also presented with a note emphasizing that in the past 6 months credit evaluation processes have had to deal with the media risk, a new risk that has not been seen before. This risk can be addressed by careful monitoring of stock prices. The paper also presented recommendations for what to look for as indicators and how to deal with risk in volatile price periods. Credit tools for volatile times were described. 1 tab

  20. Equal contributions and credit: an emerging trend in the characterization of authorship in major spine journals during a 10-year period.

    Science.gov (United States)

    Jia, Zhiwei; Wu, Yaohong; Tang, Yong; Ji, Wei; Li, Wei; Zhao, Xiyan; Li, Hao; He, Qing; Ruan, Dike

    2016-03-01

    The practice of giving certain authors equal credit in scientific publications has become increasingly common in some medical specialties. However, whether this trend also exists in major spine journals remains unclear. This study aimed to investigate the prevalence and characteristics of the practice of giving authors equal credit in major spine journals. Manual searches were performed to identify original research articles with equally credited authors (ECA) published between January 1, 2004 and December 31, 2013 in three major spine journals: Spine, European Spine Journal, and The Spine Journal. The number of authors with ECA and their positions in the byline, total number of authors, year of publication, and country of origin were analysed. The practice of ECA was found in all three journals. Articles with ECA comprised a greater proportion of the total number of publications in each journal in 2013 versus 2004 (Spine, 7.2 vs. 0.2%; European Spine Journal, 7.5 vs. 0.0%; and The Spine Journal, 6.2 vs. 0.0%). There was a statistically significant increasing trend in the annual proportion of papers with ECA for all three spine journals (p applied in nearly every position in the byline, and the first two authors received equal credit in most cases. Articles with ECA were published by authors from various countries and regions around the world. However, none of the three spine journals provided specific guidance on this practice in their author instructions. The practice of ECA in original research articles is increasingly common in major spine journals. A guideline for authors regarding when and how to designate equal credit is warranted in the future.

  1. [Informed consent in anaesthesiology: period of notice as a requisite of validity].

    Science.gov (United States)

    Galán Gutiérrez, J C; Galán Cortés, J C

    2014-02-01

    The analysis of one of the requisites of the validity of the informed consent, the notice period, during which the patient should be provided with information, so that he/she can reflect and fully exercise his/her Kantian right of self-determination. National legislation appears to be insufficient when dealing with this issue, which is compensated for in some regional legislations. We conclude by pointing the need to provide the patient with information with sufficient notice prior to operations, so that he/she can ponder over his/her decision. Copyright © 2013 Sociedad Española de Anestesiología, Reanimación y Terapéutica del Dolor. Published by Elsevier España. All rights reserved.

  2. Site characterization and validation - Head variations during the entire experimental period

    International Nuclear Information System (INIS)

    Haigh, D.; Brightman, M.; Black, J.; Parry, S.

    1992-01-01

    The site characterization and validation project lasted for five years from 1986 to 1991. It consisted of a number of experiments within the region known as the SCV site. During this period of experimentation a monitoring system was established within the mine for the purpose of measuring the variation of head at a number of locations within and around the site. The system installed was based around a set of equipment known as a Piezomac TM system. In this system there is one central pressure transducer and each borehole interval is connected to it in turn. It can measure up to 55 separate points during each measurement 'cycle'. Monitoring points were either complete boreholes or sections of boreholes isolated by packers. In order to produce reasonable file size, data sets were screened. The results show that the SCV site was always responding to some form of hydrogeological disturbance. Many key tests were performed against changing background trends. This was particularly so of the simulated drift experiment and the large scale crosshole tests. However, some estimates of long term equilibrium heads before and after excavation of the validation drift have been made. Contoured plots of heads before and after show significant reduction of steady state heads as a result of drift excavation. Furthermore contouring the estimated long term drawdowns responding to the simulated drift experiment shows the specific influence of the H zone and the A/B zone. Overall the results of the monitoring show that the mine was a very active hydrogeological environment during the experimentation. Additionally it was often very difficult to clearly identify the causes of such disturbances. (au)

  3. CARDHOLDERS' ATTITUDE AND BANK CREDIT CARD USAGE IN MALAYSIA: AN EXPLORATORY STUDY

    Directory of Open Access Journals (Sweden)

    Aizzat Mohd. Nasurdin

    2002-01-01

    Full Text Available The study is aimed at validating attributes that influence the differences in attitudes among active and inactive cardholders. By focusing on relevant attributes that have been identified, it is believed that credit card issuing banks can position themselves effectively via their marketing strategies to activate their existing cardholders' usage rate as well as to attract new active cardholders. Thirteen important attributes were used to measure credit cardholders' attitude. These attributes include acceptance level, credit limit, interest-free repayment period, annual fee, application approval period, ancillary functions, handling of cardholders' complaints, issuing bank image, gift/bonus to new applicants, card design, leaflet to describe the card,and advertising by the issuing bank. Acceptance level, credit limit, interest free repayment period, ancillary functions, handling of cardholders' complaints, bank image, and bank advertising were found to be the most important attributes that influenced cardholders' attitudes in distinguishing active from inactive cardholders. Based on the results of the study, several suggestions are forwarded to credit card issuing banks as a step to stimulate credit cardholders' usage level. Among these are to work closer with various retailers to promote the credit card payment mode, to provide adequate credit limit to cardholders, to extend interest free repayment period from 20 days to 30 days, to implement strategic alliances with firms involved in travelling, entertainment, insurance, and telecommunications and, to advertise more so as to create a brand name for the issuing bank.

  4. A Mechanism for Anonymous Credit Card Systems

    Science.gov (United States)

    Tamura, Shinsuke; Yanase, Tatsuro

    This paper proposes a mechanism for anonymous credit card systems, in which each credit card holder can conceal individual transactions from the credit card company, while enabling the credit card company to calculate the total expenditures of transactions of individual card holders during specified periods, and to identify card holders who executed dishonest transactions. Based on three existing mechanisms, i.e. anonymous authentication, blind signature and secure statistical data gathering, together with implicit transaction links proposed here, the proposed mechanism enables development of anonymous credit card systems without assuming any absolutely trustworthy entity like tamper resistant devices or organizations faithful both to the credit card company and card holders.

  5. Consumer Credit: Evidence from Italian Micro Data

    NARCIS (Netherlands)

    Hochguertel, S.; Alessie, R.; Weber, G.

    2005-01-01

    In this paper we analyse unique data on credit applications received by the leading provider of consumer credit in Italy (Findomestic). The data set covers a five-year period (1995-1999) during which the consumer credit market rapidly expanded in Italy and a new law (the usury law) came into force

  6. Did Globalization Influence Credit Market Deregulation

    OpenAIRE

    Eppinger, Peter; Potrafke, Niklas

    2015-01-01

    We investigate whether globalization influenced credit market deregulation over the period 1970-2010. Globalization is measured by the KOF indices of globalization. Credit market deregulation is measured by the credit market freedom indicators of the Fraser Institute. The results from both cross-sectional and panel regressions using ordinary least squares indicate a positive correlation between globalization and credit market deregulation. We account for reverse causality by using predicted t...

  7. MODELING CREDIT RISK THROUGH CREDIT SCORING

    OpenAIRE

    Adrian Cantemir CALIN; Oana Cristina POPOVICI

    2014-01-01

    Credit risk governs all financial transactions and it is defined as the risk of suffering a loss due to certain shifts in the credit quality of a counterpart. Credit risk literature gravitates around two main modeling approaches: the structural approach and the reduced form approach. In addition to these perspectives, credit risk assessment has been conducted through a series of techniques such as credit scoring models, which form the traditional approach. This paper examines the evolution of...

  8. Proton affinities of maingroup-element hydrides and noble gases: trends across the periodic table, structural effects, and DFT validation

    NARCIS (Netherlands)

    Swart, M.; Rosler, E.; Bickelhaupt, F.M.

    2006-01-01

    We have carried out an extensive exploration of the gas-phase basicity of archetypal neutral bases across the periodic system using the generalized gradient approximation (GGA) of the density functional theory (DFT) at BP86/QZ4P//BP86/TZ2P. First, we validate DFT as a reliable tool for computing

  9. Credit Management System

    Data.gov (United States)

    US Agency for International Development — Credit Management System. Outsourced Internet-based application. CMS stores and processes data related to USAID credit programs. The system provides information...

  10. To what extent does banks' credit stimulate economic growth ...

    African Journals Online (AJOL)

    This study examines the extent to which banks' credit affects economic growth in Nigeria. The data used was collected from the Central Bank of Nigeria statistical bulletin for a period of 24 years from 1990 to 2013. We used credit to the private sector, credit to the public sector and inflation to proxy commercial bank credit ...

  11. CREDIT AGRICOLE

    CERN Multimedia

    2001-01-01

    The Crédit Agricole wishes to inform its CERN customers that the bank's Prévessin site premises are to be refurbished with a view to improving and extending services to customers. Duration of the work: from Monday 28 May 2001 to Wednesday 25 July 2001. Routine services will be maintained throughout this period, and for any other matters customers are invited to contact our GEX branch, where Maryse MEIGNIEN will be available to answer any enquiries. We thank you for your understanding during this period.

  12. Periodic materials-based vibration attenuation in layered foundations: experimental validation

    International Nuclear Information System (INIS)

    Xiang, H J; Shi, Z F; Wang, S J; Mo, Y L

    2012-01-01

    Guided by the recent advances in solid-state research in periodic materials, a new type of layered periodic foundation consisting of concrete and rubber layers is experimentally investigated in this paper. The distinct feature of this new foundation is its frequency band gaps. When the frequency contents of a wave fall within the range of the frequency band gaps, the wave, and hence its energy, will be weakened or cannot propagate through the foundation, so the foundation itself can serve as a vibration isolator. Using the theory of elastodynamics and the Bloch–Floquet theorem, the mechanism of band gaps in periodic composites is presented, and a finite element model is built to show the isolation characteristic of a finite dimensional periodic foundation. Based on these analytical results, moreover, a scaled model frame and a periodic foundation were fabricated and shake table tests of the frame on the periodic foundation were performed. Ambient, strong and harmonic vibration attenuations are found when the exciting frequencies fall into the band gaps. (fast track communication)

  13. Private Sector Credit and Inflation Volatility

    Directory of Open Access Journals (Sweden)

    Lorna Katusiime

    2018-04-01

    Full Text Available This paper investigates the effect of inflation volatility on private sector credit growth. The results indicate that private sector credit growth is positively linked to the one period lagged inflation volatility. Given that past monetary policy actions continue to affect the targeted variables due to the substantial lags in the transmission mechanism, the positive response of private sector credit growth to past inflation volatility suggests a credible monetary policy regime in Uganda, which has led to a reduction in the level of macroeconomic uncertainty and the restoration of favorable economic conditions and prospects, thus increasing the demand for credit. Further, the study finds that the lagged private sector credit growth, nominal exchange rate, and inflation have a statistically significant effect on private sector credit growth while financial innovation, interest rates, and GDP growth appear not to be important determinants of private sector credit growth. The robustness of our findings is confirmed by sensitivity checks.

  14. Credit: A Teaching Unit.

    Science.gov (United States)

    Clanton, Brandolyn; And Others

    Intended for teachers of secondary school students, five lessons on consumer credit are presented. In the first lesson students identify and evaluate sources of credit, compare some of the costs and benefits of credit, and learn to apply criteria used in evaluating applications for credit. In the second lesson, students learn about two basic types…

  15. Refundable Tax Credits

    OpenAIRE

    Congressional Budget Office

    2013-01-01

    In 1975, the first refundable tax credit—the earned income tax credit (EITC)—took effect. Since then, the number and cost of refundable tax credits—credits that can result in net payments from the government—have grown considerably. Those credits will cost $149 billion in 2013, CBO estimates, mostly for the EITC and the child tax credit.

  16. NCA & Credit Guarantees

    African Journals Online (AJOL)

    stooppn

    purposes of the National Credit Act; what the definition of a credit guarantee set out ...... Scholtz et al National Credit Act in para 8.2.4; Scott et al Law of Commerce ..... Eitelberg E "Autonomy of Documentary Credit Undertakings in South African.

  17. Validation and Initial Characterization of the Long-period Planet Kepler-1654 b

    Science.gov (United States)

    Beichman, C. A.; Giles, H. A. C.; Akeson, R.; Ciardi, D.; Christiansen, J.; Isaacson, H.; Marcy, G. M.; Sinukoff, E.; Greene, T.; Fortney, J. J.; Crossfield, I.; Hu, R.; Howard, A. W.; Petigura, E. A.; Knutson, H. A.

    2018-04-01

    Fewer than 20 transiting Kepler planets have periods longer than one year. Our early search of the Kepler light curves revealed one such system, Kepler-1654b (originally KIC 8410697b), which shows exactly two transit events and whose second transit occurred only five days before the failure of the second of two reaction wheels brought the primary Kepler mission to an end. A number of authors have also examined light curves from the Kepler mission searching for long-period planets and identified this candidate. Starting in 2014 September, we began an observational program of imaging, reconnaissance spectroscopy, and precision radial velocity (RV) measurements that confirm with a high degree of confidence that Kepler-1654b is a bona fide transiting planet orbiting a mature G5V star (T eff = 5580 K, [Fe/H] = ‑0.08) with a semimajor axis of 2.03 au, a period of 1047.84 days, and a radius of 0.82 ± 0.02 R Jup. RV measurements using Keck’s HIRES spectrometer obtained over 2.5 years set a limit to the planet’s mass of <0.5 (3σ) M Jup. The bulk density of the planet is similar to that of Saturn or possibly lower. We assess the suitability of temperate gas giants like Kepler-1654b for transit spectroscopy with the James Webb Space Telescope, as their relatively cold equilibrium temperatures (T pl ∼ 200 K) make them interesting from the standpoint of exoplanet atmospheric physics. Unfortunately, these low temperatures also make the atmospheric scale heights small and thus transmission spectroscopy challenging. Finally, the long time between transits can make scheduling JWST observations difficult—as is the case with Kepler-1654b.

  18. Validity of questionnaire self-reports on computer, mouse and keyboard usage during a four-week period

    DEFF Research Database (Denmark)

    Mikkelsen, S.; Vilstrup, Imogen; Lassen, C. F.

    2007-01-01

    OBJECTIVE: To examine the validity and potential biases in self-reports of computer, mouse and keyboard usage times, compared with objective recordings. METHODS: A study population of 1211 people was asked in a questionnaire to estimate the average time they had worked with computer, mouse...... and keyboard during the past four working weeks. During the same period, a software program recorded these activities objectively. The study was part of a one-year follow-up study from 2000-1 of musculoskeletal outcomes among Danish computer workers. RESULTS: Self-reports on computer, mouse and keyboard usage...... times were positively associated with objectively measured activity, but the validity was low. Self-reports explained only between a quarter and a third of the variance of objectively measured activity, and were even lower for one measure (keyboard time). Self-reports overestimated usage times...

  19. Rural Credit in Vietnam

    DEFF Research Database (Denmark)

    Barslund, Mikkel Christoffer; Tarp, Finn

    This paper uses a survey of 932 rural households to uncover how the rural credit market operates in four provinces of Vietnam. Households obtain credit through formal and informal lenders, but formal loans are almost entirely for production and asset accumulation. Interest rates fell from 1997...... to 2002, reflecting increased market integration; but the determinants of formal and informal credit demand are distinct. Credit rationing depends on education and credit history, but we find no evidence of a bias against women. Regional differences are striking, and a ‘one size fits all’ approach...... to credit policy is clearly inappropriate....

  20. The Term Structure of Credit Spreads on Euro Corporate Bonds

    NARCIS (Netherlands)

    van Landschoot, A.

    2003-01-01

    Although there is a broad literature on structural credit risk models, there has been little empirical testing of these models.In this paper we examine the term structure of credit spreads on euro corporate bonds and the empirical validation of structural credit risk models.The latter provide a

  1. MBS Ratings and the Mortgage Credit Boom

    NARCIS (Netherlands)

    Ashcraft, A.; Goldsmith-Pinkham, P.; Vickery, J.

    2010-01-01

    We study credit ratings on subprime and Alt-A mortgage-backed securities (MBS) deals issued between 2001 and 2007, the period leading up to the subprime crisis. The fraction of highly-rated securities in each deal is decreasing in mortgage credit risk (measured either ex-ante or ex-post), suggesting

  2. Proton affinities of maingroup-element hydrides and noble gases: trends across the periodic table, structural effects, and DFT validation.

    Science.gov (United States)

    Swart, Marcel; Rösler, Ernst; Bickelhaupt, F Matthias

    2006-10-01

    We have carried out an extensive exploration of the gas-phase basicity of archetypal neutral bases across the periodic system using the generalized gradient approximation (GGA) of the density functional theory (DFT) at BP86/QZ4P//BP86/TZ2P. First, we validate DFT as a reliable tool for computing proton affinities and related thermochemical quantities: BP86/QZ4P//BP86/TZ2P is shown to yield a mean absolute deviation of 2.0 kcal/mol for the proton affinity at 298 K with respect to experiment, and 1.2 kcal/mol with high-level ab initio benchmark data. The main purpose of this work is to provide the proton affinities (and corresponding entropies) at 298 K of the neutral bases constituted by all maingroup-element hydrides of groups 15-17 and the noble gases, that is, group 18, and periods 1-6. We have also studied the effect of step-wise methylation of the protophilic center of the second- and third-period bases. Copyright 2006 Wiley Periodicals, Inc.

  3. Credit Card Quiz.

    Science.gov (United States)

    Marks, Jeff

    2000-01-01

    Describes an activity in which students design credit cards and discover for themselves the mathematical realities of buying on credit. Employs multiple-intelligence theory to increase the chance that all students will be reached. (YDS)

  4. Credit Union Headquarters

    Data.gov (United States)

    Department of Homeland Security — The National Credit Union Administration (NCUA) is the independent federal agency that charters and supervises federal credit unions. NCUA, backed of the full faith...

  5. Credit Card Security

    OpenAIRE

    G.C., Anup

    2013-01-01

    Author: Anup G.C. Year: 2013 Subject of thesis: Credit Card Security Number of pages: 36+2 Credit Card is a widely used electronic chip for easy transactions. The main purpose of the report was to show the security measures of transaction by credit cards. The purpose was to give information about credit cards and how they were introduced. The thesis reportcontained the types of card theft with examples and sited the various protocols used for online ...

  6. Credit Market Information Feedback

    OpenAIRE

    Balasubramanyan, Lakshmi; Craig, Ben R.; Thomson, James B.; Zaman, Saeed

    2015-01-01

    We examine how a combination of credit market and asset quality information can jointly be used in assessing bank franchise value. We find that expectations of future credit demand and future asset quality explain contemporaneous bank franchise value, indicative of the feedback in credit market information and its consequent impact on bank franchise value.

  7. Boundedly rational credit cycles

    OpenAIRE

    Sáez, María

    1996-01-01

    We propose an evolutionary model of a credit market. We show that the economy exhibits credit cycles. The model predicts dynamics which are consistent with some evidence about the Great Depression. Real shocks trigger episodes of credit--crunch which are observed in the process of adjustment towards the post shock equilibrium.

  8. Modernization of credit relations

    Directory of Open Access Journals (Sweden)

    S.V. Volosovich

    2015-03-01

    Full Text Available Nowadays it is essential to modernize credit relations in the conditions of global economy transformations. This is due to the influence of integration processes on credit relations and transformation of the risks inherent in the credit field. The purpose of this article is to develop measures that help to improve the efficiency of interaction of credit relations’ participants. Modernization of credit relations is based on the interaction of its main and indirect subjects who belong to the subsystems of loans granting, deposits attraction and provision of related services. Its goal is to pass from extensive to intensive model of interaction between the subjects of credit relations. Components of the credit relations modernization are the following: institutional modernization, which is based on the interaction of credit relations’ subjects, and ensures the development of competition in all credit market’s segments, the creation of its corresponding infrastructure, qualitative change in the approaches of regulation and supervision; technological modernization, which involves the formation of joint products on the credit market and the formation of an integrated informational and analytical system. In the result of the credit relations’ modernization it is expected to achieve synergies between the subjects of credit relations, that will lead to changes in the business architecture of the financial market.

  9. Proton Affinities of Anionic Bases:  Trends Across the Periodic Table, Structural Effects, and DFT Validation.

    Science.gov (United States)

    Swart, Marcel; Bickelhaupt, F Matthias

    2006-03-01

    We have carried out an extensive exploration of the gas-phase basicity of archetypal anionic bases across the periodic system using the generalized gradient approximation of density functional theory (DFT) at BP86/QZ4P//BP86/TZ2P. First, we validate DFT as a reliable tool for computing proton affinities and related thermochemical quantities:  BP86/QZ4P//BP86/TZ2P is shown to yield a mean absolute deviation of 1.6 kcal/mol for the proton affinity at 0 K with respect to high-level ab initio benchmark data. The main purpose of this work is to provide the proton affinities (and corresponding entropies) at 298 K of the anionic conjugate bases of all main-group-element hydrides of groups 14-17 and periods 2-6. We have also studied the effect of stepwise methylation of the protophilic center of the second- and third-period bases.

  10. Translation and validation of the German version of the Mother-Generated Index and its application during the postnatal period.

    Science.gov (United States)

    Grylka-Baeschlin, Susanne; van Teijlingen, Edwin; Stoll, Kathrin; Gross, Mechthild M

    2015-01-01

    the Mother-Generated Index (MGI) is a validated tool to assess postnatal quality of life. It is usually administered several weeks or months after birth and correlates with indices of post partum mood states and physical complaints. The instrument had not been translated into German before or validated for use among German-speaking women, nor have the results of the tool been assessed specifically for the administration directly after birth. This paper aims to describe the systematic translation process of the MGI into German and to assess the convergent validity of the German version of the instrument directly after birth and seven weeks post partum. prospective two-stage survey. two rural hospitals in the south of Germany and in the north of Switzerland. all women giving birth between 1st October and 15th December 2012 with sufficient knowledge of German and whose babies were not referred to a neonatal care unit; 226 women were eligible to participate. two questionnaires including questions relating to socio-demographic factors and perinatal care, and incorporating the MGI, the Hospital Anxiety and Depression Scale (HADS) and the Postnatal Morbidity Index (PMI). All instruments were subjected to forward and back translation and pilot-tested; the first questionnaire was then administered in the first two days after birth and the second six weeks post partum. Parametric and non-parametric tests were computed using SPSS. 129 surveys were returned an average of three days after birth and 83 after seven weeks. Higher postnatal quality of life showed a significant correlation with a lower anxiety and depression score (pGerman version of the MGI is a valid indicator of physical and emotional post partum well-being. the German version of the MGI can be used in the post partum period to identify women whose quality of life is impaired during the first days after birth, in order to initiate extended midwifery care and referral if necessary. Copyright © 2014 The Authors

  11. Solar tax credits: the U.S. experience

    International Nuclear Information System (INIS)

    Sallmen Smith, L.J.

    1990-01-01

    From 1978 to 1985, the U.S. Federal government used income tax credits to induce taxpayers to purchase residential solar energy devices. These credits resulted in a significant number of households installing solar devices during the credit period but subsequently devastated the solar industry. Numerous structural problems with the credits and the failure to address important issues in the legislation led to this result. (Author)

  12. Credit risk transfer

    OpenAIRE

    Bank for International Settlements

    2003-01-01

    Executive summary Techniques for transferring credit risk, such as financial guarantees and credit insurance, have been a long-standing feature of financial markets. In the past few years, however, the range of credit risk transfer (CRT) instruments and the circumstances in which they are used have widened considerably. A number of factors have contributed to this growth, including: greater focus by banks and other financial institutions on risk management; a more rigorous approach to risk/re...

  13. Modern bank's credit risk

    Directory of Open Access Journals (Sweden)

    Šabović Šerif

    2015-01-01

    Full Text Available Credit risk is the most important risk banks have to face with. It occurs due to an obligation created because of debtors' capital and interest rate nonpayment. Debtors obligations non-fulfilment may lead to great losses and insolvency in bank's business. Credit risk is the crucial reason of bank's insolvency. Over 80% of bank's balance sheet is exposed to credit risk.

  14. Inventory and Credit Decisions under Day-Terms Credit Linked Demand and Allowance for Bad Debts

    Directory of Open Access Journals (Sweden)

    K. K. Aggarwal

    2014-01-01

    Full Text Available In order to stimulate demand of their product, firms generally give credit period to their customers. However, selling on credit exposes the firms to the additional dimension of bad debts expense (i.e., customer’s default. Moreover, credit period through its influence on demand becomes a determinant of inventory decisions and inventory sold on credit gets converted to accounts receivable indicating the interaction between the two. Since inventory and credit decisions are interrelated, inventory decisions must be determined jointly with credit decisions. Consequently, in this paper, a mathematical model is developed to determine inventory and credit decisions jointly. The demand rate is assumed to be a logistic function of credit period. The accounts receivable carrying cost along with an explicit consideration of bad debt expense which have been often ignored in previous models are incorporated in the present model. The discounted cash flow approach (DCF is used to develop the model and the objective is to maximize the present value of the firm’s net profit per unit time. Finally, numerical example and sensitivity analysis have been done to illustrate the effectiveness of the proposed model.

  15. Dual Credit Report

    Science.gov (United States)

    Light, Noreen

    2016-01-01

    In 2015, legislation to improve access to dual-credit programs and to reduce disparities in access and completion--particularly for low income and underrepresented students--was enacted. The new law focused on expanding access to College in the High School but acknowledged issues in other dual-credit programs and reinforced the notion that cost…

  16. Optimal replenishment and credit policy in supply chain inventory model under two levels of trade credit with time- and credit-sensitive demand involving default risk

    Science.gov (United States)

    Mahata, Puspita; Mahata, Gour Chandra; Kumar De, Sujit

    2018-03-01

    Traditional supply chain inventory modes with trade credit usually only assumed that the up-stream suppliers offered the down-stream retailers a fixed credit period. However, in practice the retailers will also provide a credit period to customers to promote the market competition. In this paper, we formulate an optimal supply chain inventory model under two levels of trade credit policy with default risk consideration. Here, the demand is assumed to be credit-sensitive and increasing function of time. The major objective is to determine the retailer's optimal credit period and cycle time such that the total profit per unit time is maximized. The existence and uniqueness of the optimal solution to the presented model are examined, and an easy method is also shown to find the optimal inventory policies of the considered problem. Finally, numerical examples and sensitive analysis are presented to illustrate the developed model and to provide some managerial insights.

  17. MANAGEMENT OF CREDIT LOSSES

    Directory of Open Access Journals (Sweden)

    Natalya P. Anoshkina

    2018-06-01

    Full Text Available The paper is devoted to the problem of credit loss management topical for modern Russian science and banking practice. The bank’s lending activity is an integral and the most profitable sphere of banking activity. Banks need to take credit risks inherent in their core business and minimize their impact through the establishment of advanced risk management systems. The study, reflected in the present paper, has been conducted in order to determine approaches to the organization of credit loss management in banking. Analysis of the system of management of credit risks and credit losses has shown that they have different scope, object and purpose. In this connection, there is an objective necessity to create a special subsystem for the management of credit losses in banks. On the basis of common bank approaches to credit risk management, the paper develops models of credit loss management: a multi-level management model in the area of ‘operational-tactical-strategic management’ and a functional management model in the area of ‘technology-execution-control’. These models are important for the modern theory and practice of banking, as they allow the bank to manage credit losses on the entire time horizon of the management process, thus opening a wide range of opportunities for the creation and implementation of large-scale programs, as well as specific techniques. This study allows drawing a conclusion about the need to consider control credit losses as a strictly regulated multi-level process, in which each division is assigned with specific objectives, tasks, functions, formally enshrined in the relevant lists, job descriptions and other legal documents.

  18. CREDIT RISK MANAGEMENT IN THE COMMERCIAL BANKS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Mihaela SUDACEVSCHI

    2014-04-01

    Full Text Available Credit risk is one of the main risks faced by a bank. This kind of risk is generated by the crediting activity of the clients. To manage the credit risk, banks should identify the sources of the risk and to monitor their exposures. These activities mean a better knowledge of the existing and potential clients and their financial situations, by implementing new scoring methods. Also, to avoid the credit risk or to reduce losses, the banks could increase the value of guarantees required in regular credit activities, their periodically reassessment and the periodical analysis of the ability of customers to generate cash flows (for corporate clients and get constant income (for retail customers to provide repayment of credits. This paper aims to prevent and to analyze several measures of credit risk management and it assume that banks on the Romanian banking market and to identify some indices used for customers analysis.

  19. Study on the Impact of the Private Credit Excess on the Credit Risk under the Massive Capital Inflows Risk under the Massive Capital Inflows

    Directory of Open Access Journals (Sweden)

    Jong-Hee Kim

    2016-09-01

    Full Text Available By examining the relationship between private credit growth and the possibility of credit risk while focusing on international capital in 21 countries over the period 2000:1Q-2015:2Q, this paper shows that the impact of private credit growth on credit risk is apparent under the high ratio of capital inflows, and its impact on credit risk in the seven Asian countries is even stronger. And the possibility of credit risk caused by private credit is mainly coming from portfolio inflows rather than direct inflows. Finally, portfolio inflows strengthen the positive relationship between credit excess and credit risk in Asian countries, and this trend is seen more in these after the global financial crisis. Taken together, the stronger positive relationship between credit excess and credit risk can be strengthen under the massive portfolio inflows in particular in the seven Asian countries such as Hong Kong, India, Indonesia, Korea, Malaysia, Singapore, and Thailand.

  20. Trust and Credit

    DEFF Research Database (Denmark)

    Harste, Gorm

    The present paper is an answer to the question, how did trust and credit emerge. The systems of trust and credit reduce the environmental and contextual complexities in which trust and credit are embedded. The paper analyses the forms of this reduction in a number of stages in the evolution...... of history from the present risk of modern systems back to early modernity, the Reformation and the high medieval Revolutions in law, organization and theology. It is not a history of economics, but a history of the conditions of some communication codes used in economic systems....

  1. Credit Risk Modeling

    DEFF Research Database (Denmark)

    Lando, David

    Credit risk is today one of the most intensely studied topics in quantitative finance. This book provides an introduction and overview for readers who seek an up-to-date reference to the central problems of the field and to the tools currently used to analyze them. The book is aimed at researchers...... and students in finance, at quantitative analysts in banks and other financial institutions, and at regulators interested in the modeling aspects of credit risk. David Lando considers the two broad approaches to credit risk analysis: that based on classical option pricing models on the one hand...

  2. Determinants of Trade Credit: A Preliminary Analysis on Construction Sector

    Directory of Open Access Journals (Sweden)

    Nicoleta Barbuta-Misu

    2016-07-01

    Full Text Available This paper introduces a preliminary analysis of the correlations between trade credit and some selected measures of financial performance for a sample of 958 firms acting in the construction sector. The examined period covers 2004-2013. The sample derived from Amadeus database contains firms that have sold and bought on credit. Results showed that larger firms offered and used more credit than counterparties. Firms offered and used in same time credit, but not in same level. Firms with higher return on assets and profit margin used and offered less credit from suppliers, respectively to clients. Moreover, more liquid firms used less trade payables.

  3. Credit risk management in banks

    OpenAIRE

    Pětníková, Tereza

    2014-01-01

    The subject of this diploma thesis is managing credit risk in banks, as the most significant risk faced by banks. The aim of this work is to define the basic techniques, tools and methods that are used by banks to manage credit risk. The first part of this work focuses on defining these procedures and describes the entire process of credit risk management, from the definition of credit risk, describing credit strategy and policy, organizational structure, defining the most used credit risk mi...

  4. Credit derivatives in emerging markets

    OpenAIRE

    Romain Rancière

    2002-01-01

    Credit Derivatives are securities that offer protection against credit or default risk of bonds or loans. The credit derivatives emerging market has grown rapidly and credit derivatives are widely used. This paper describes the emerging credit derivatives market structure. The current market activity is analyzed through elementary pricing dynamics and the study of the term structure of default risk. Focusing on the performance of credit derivatives in stress situation, including legal and mar...

  5. Acquired Credit Unions: Drivers of Takeover

    Directory of Open Access Journals (Sweden)

    R. Raymond Sant

    2015-08-01

    Full Text Available In this paper we study acquired credit unions and analyze their financial performance up to six years prior to merger, on a quarterly basis. The primary focus is on balance sheet (asset liability management and profitability variables (return on assets. We find that acquired credit unions during the period 2008 (third quarter to 2014 (first quarter experienced negative return on assets for several quarters prior to their takeover. This was the result of a declining loan portfolio and increasing charge offs. In spite of decreasing lending activity, such credit unions continued to increase their deposits, i.e., adding to their cost base. Due to declining loans, their net interest margin as a proportion of deposits was also in decline. We argue that this is an indicator of poor management ability. Furthermore, our analysis finds that operating expenses were increasing over time, something that has been documented in previous literature also for smaller credit unions and is attributable to lack of economies of scale. The average asset size of the acquired credit unions in our sample is about $22 million just before acquisition. We attribute our findings to poor business strategy followed by such credit unions. We also conclude that signs of trouble are evident up to two years before merger on average and regulatory policy may have to become more proactive to manage the consolidation challenge faced by the credit union industry in general.

  6. Public Service? Tax Credits?

    Science.gov (United States)

    Shanker, Albert

    1982-01-01

    Acknowledges the good work of private schools but resists the provision of further direct or indirect government aid to these schools. Argues that tax credits will adversely affect public education and American society. (Author/WD)

  7. Burnup credit in Spain

    International Nuclear Information System (INIS)

    Conde, J.M.; Recio, M.

    2001-01-01

    The status of development of burnup credit for criticality safety analyses in Spain is described in this paper. Ongoing activities in the country in this field, both national and international, are resumed. Burnup credit is currently being applied to wet storage of PWR fuel, and credit to integral burnable absorbers is given for BWR fuel storage. It is envisaged to apply burnup credit techniques to the new generation of transport casks now in the design phase. The analysis methodologies submitted for the analyses of PWR and BWR fuel wet storage are outlined. Analytical activities in the country are described, as well as international collaborations in this field. Perspectives for future research and development of new applications are finally resumed. (author)

  8. The evolution of credit risk: phenomena, methods and management

    OpenAIRE

    George A. Christodoulakis

    2007-01-01

    This paper summarizes the proceedings of a conference at the Bank of Greece on credit risk. The papers presented focused on innovations in risk management methods which contribute to systemic financial stability, calculation of capital adequacy in financial institutions as well as the validation of credit rating methods in the context of Basel II.

  9. Measuring Credit Capacity on Danish Farms Using DEA

    DEFF Research Database (Denmark)

    Friis Pedersen, Michael; Vesterlund Olsen, Jakob

    2013-01-01

    have important implications for risk management practice, investment and technology adoption and related policy issues. The method is limited by the possibility of strategic behavior of lenders during credit cycle busts. In credit cycle booms, the method gives a good basis for the estimates of change...... in credit reserves. Practical implications: In a period of increasing credit reserves, risk management institutions are unlikely to develop. Like agricultural policy, access to credit may crowd out market-based risk management. Originality/value: The study represents a novel application and interpretation......Purpose:The purpose of this paper is to introduce a novel measure of access to credit suited to estimate the relative change in credit reserves. Design/methodology/approach: A debt possibility frontier is estimated using data envelopment analysis and the Malmquist index is calculated. The Malmquist...

  10. CREDIT Performance Indicator Framework

    DEFF Research Database (Denmark)

    Frandsen, Anne Kathrine; Bertelsen, Niels Haldor; Haugbølle, Kim

    2010-01-01

    During the past two years the Nordic Baltic research project CREDIT (Construction and Real Estate – Developing Indicators for Transparency) has worked with the aim to improve transparency of value creation in building and real estate. One of the central deliverables of the CREDIT project was a fr......During the past two years the Nordic Baltic research project CREDIT (Construction and Real Estate – Developing Indicators for Transparency) has worked with the aim to improve transparency of value creation in building and real estate. One of the central deliverables of the CREDIT project...... was a framework of indicators relevant in building and real estate and applicable in the Nordic and Baltic countries as well as a proposal for a set of key indicators. The study resulting in CREDIT Performance Indicator Framework has been based on 28 case studies of evaluation practises in the building and real...... estate sector each addressing three interlinked levels: building/ projects level, company or enterprise level and benchmarking system level. Additionally it has been based on dialogue with researchers and professional organisation, international research and standardisation work and national building...

  11. Latinos in the Credit Economy

    OpenAIRE

    Ralph, Lisa M.

    2010-01-01

    Access to consumer credit as a means of building wealth is one of the least examined forms of social inequality. The recent economic crisis in the United States has brought attention to the significance of consumer credit in our nation's economy; however, less understood are the specific obstacles and barriers that prevent low-income individuals from reaching the "American Dream." In an exploratory manner, this study compared credit access, credit literacy, and credit experience of low-income...

  12. Credit derivatives and risk management

    OpenAIRE

    Michael S. Gibson

    2007-01-01

    The striking growth of credit derivatives suggests that market participants find them to be useful tools for risk management. I illustrate the value of credit derivatives with three examples. A commercial bank can use credit derivatives to manage the risk of its loan portfolio. An investment bank can use credit derivatives to manage the risks it incurs when underwriting securities. An investor, such as an insurance company, asset manager, or hedge fund, can use credit derivatives to align its...

  13. Models of Credit Risk Measurement

    OpenAIRE

    Hagiu Alina

    2011-01-01

    Credit risk is defined as that risk of financial loss caused by failure by the counterparty. According to statistics, for financial institutions, credit risk is much important than market risk, reduced diversification of the credit risk is the main cause of bank failures. Just recently, the banking industry began to measure credit risk in the context of a portfolio along with the development of risk management started with models value at risk (VAR). Once measured, credit risk can be diversif...

  14. Mammography screening credit card and compliance.

    Science.gov (United States)

    Schapira, D V; Kumar, N B; Clark, R A; Yag, C

    1992-07-15

    Screening for breast cancer using mammography has been shown to be effective in reducing mortality from breast cancer. The authors attempted to determine if use of a wallet-size plastic screening "credit" card would increase participants' compliance for subsequent mammograms when compared with traditional methods of increasing compliance. Two hundred and twenty consecutive women, ages 40-70 years, undergoing their first screening mammography were recruited and assigned randomly to four groups receiving (1) a reminder plastic credit card (2) reminder credit card with written reminder; (3) appointment card; and (4) verbal recommendation. Return rates of the four groups were determined after 15 months. The return rate for subsequent mammograms was significantly higher for participants (72.4%) using the credit card than for participants (39.8%) exposed to traditional encouragement/reminders (P less than 0.0001). The credit card was designed to show the participant's screening anniversary, and the durability of the card may have been a factor in increasing the return rate. The use of reminder credit cards may increase compliance for periodic screening examinations for other cancers and other chronic diseases.

  15. Credit Booms and Busts in Emerging Markets: The Role of Bank Governance and Risk Management

    OpenAIRE

    Brown, Martin; Andries, Alin Marius

    2014-01-01

    This paper investigates to what extent risk management and corporate governance mitigate the involvement of banks in credit boom and bust cycles. Using a unique, hand-collected dataset on 156 banks from Central and Eastern Europe during 2005-2012, we assess whether banks with stronger risk management and corporate governance display more moderate credit growth in the pre-crisis credit boom as well as a smaller credit contraction and fewer credit losses in the crisis period. With respect to ba...

  16. Relationship lending, hierarchical distance and credit tightening: Evidence from the financial crisis

    OpenAIRE

    M. Cotugno; S. Monferrà; G. Sampagnaro

    2013-01-01

    This paper examines the firms’ credit availability during the 2007–2009 financial crisis using a dataset of 5331 bank–firm relationships provided by borrowers’ credit folders of three Italian banks. It aims to test whether a strong lender–borrower relationship can produce less credit rationing for borrowing firms even during a credit crunch period. The results show that exclusivity of the relationship can mitigate the firm credit rationing. We also verify the influence of lending organization...

  17. Liquidity and credit risk in the emerging financial markets

    OpenAIRE

    Amir Saadaoui, Younes Boujelbene

    2014-01-01

    In this paper, we examine the relationship between liquidity, liquidity risk and credit risk in emerging sovereign bonds after the subprime crisis period. In our study, we concentrate in the effect of liquidity and credit risk in the problem of liquidity and in the emerging bond market. The presence of control variables, asymmetric information, amount outstanding, coupon, age and interest rate, assist to more explain this relationship. To explain the role of liquidity and credit risk in the p...

  18. Foreign currency exchange network topology across the 2008 credit crisis

    Science.gov (United States)

    Sharif, Shamshuritawati; Ap, Nuraisah Che; Ruslan, Nuraimi

    2017-05-01

    A stable world currency exchange rate is a very important aspect to be considered for a developed country, i.e Malaysia. A better understanding about the currencies itself is needed nowadays. This project is about to understanding the fluctuation and to identify the most influential world currencies in the three different cases; before credit crisis, during credit crisis and after credit crisis. A network topology approach is use to examine the interrelationship between currencies based on correlation analysis. With this point of view, those relationships can be measured by a correlation structure among the currencies. The network can be analyse by filtering the important information using minimum spanning tree (MST) and interpret it using degree centrality as the centrality measure. This topology will give a useful guide to understand the behaviour and determine the most influential currency in the network as a part of a complex system. All currencies are compared among the three different cases; before credit crisis, during credit crisis and after credit crisis period. The result of this project shows that Unites State Dollar (USD), Brazilian Real (BRL), United Kingdom Pound (EUR) and Danish Krone (DKK) are the most influential currencies before the credit crisis period. With respect to during the credit crisis, New Zealand Dollar (NZD) dominates the network and it is followed by Singapore Dollar (SGD) for after the credit crisis period.

  19. Recommendations for Alternative Credit.

    Science.gov (United States)

    Lenderman, Ed; And Others

    Following a review of the mathematics topics taught in accounting, electronics, auto, food and clothing, and metals courses at Linn-Benton Community College, Albany, Oregon, recommendations were made to grant one semester of mathematics credit for completing a two-year sequence of these courses. The other required semester of mathematics should be…

  20. Earned Income Tax Credit

    NARCIS (Netherlands)

    F.M. van Oers; R.A. de Mooij (Ruud)

    1998-01-01

    textabstractIn recent policy discussions in the Netherlands, the Earned Income Tax Credit (EITC) has been put forward as an effective instrument to reduce the unemployment rate among low-skilled workers. Using the MIMIC model, this article shows that a targeted EITC at low incomes indeed seems

  1. Waiting for tax credits

    International Nuclear Information System (INIS)

    Sheinkopf, K.

    1992-01-01

    This article examines the effect of tax credits and related legislation under consideration by Congress on the economics of the renewable energy industry. The topics discussed in the article include conflicting industry opinion on financial incentives, the effectiveness of current incentives, and alternative approaches. The article also includes a sidebar on tax incentives offered by state programs

  2. Reliability and Validity Study for the Coloured Progressive Matrices Test between the Ages of 3-9 for Determining Gifted Children in the Pre-School Period

    Science.gov (United States)

    Bildiren, Ahmet

    2017-01-01

    The objective of the study was to test the Coloured Progressive Matrices Test with regard to reliability and validity for the 3-9 age sample group because of the lack of diagnostic tools for the pre-school period. The sample group of the study was comprised of a total of 925 children with 433 girls (46.8%) and 492 boys (53.2%). Coloured…

  3. CO2 credit or energy credit in emission trading?

    International Nuclear Information System (INIS)

    Hu, E.

    2002-01-01

    Emission trading is a good concept and approach to tackle global warming. However, what ''currency'' or ''credit'' should be used in the trading has remained a debatable topic. This paper proposed an ''Energy Credit'' concept as an alternative to the ''CO 2 credit'' that is currently in place. From the thermodynamic point of view, the global warming problem is an ''energy balance'' problem. The energy credit concept is thought to be more thermodynamically correct and tackles the core of the global warming problem more directly. The Energy credit concept proposed can be defined as: the credit to offset the extra energy trapped/absorbed in the earth (and its atmosphere) due to the extra anthropogenic emission (or other activities) by a country or company. A couple of examples are given in the paper to demonstrate the concept of the Energy credit and its advantages over the CO 2 credit concept. (author)

  4. Introduction of Credit Derivatives and Valuation of Credit Default Swap

    OpenAIRE

    Han, Lu

    2006-01-01

    The credit derivative market was established at the beginning of the 1990s since the emergence of credit derivatives fits the rapid development of the whole derivatives market. However, compare to other derivative market, this market is still small and incomplete. As with other derivatives, credit derivatives can be used to either take more risk or hedge it, hence various credit derivatives instruments are accepted and widely used by market participants such as banks, insurance companies, etc...

  5. Credit ratings and bond spreads of the GIIPS

    NARCIS (Netherlands)

    de Vries, Tim; de Haan, Jakob

    2016-01-01

    We examine the relationship between credit ratings and bond yield spreads of peripheral countries in the euro area (Greece, Ireland, Italy, Portugal and Spain) for the period 1995-2014. Since 2012, bond spreads of those countries have come down very fast, whereas credit ratings have hardly changed.

  6. The Role of Credit in Predicting US Recessions

    DEFF Research Database (Denmark)

    Pönkä, Harri

    are useful predictors of US recessions over and above the control variables both in and out of sample. Especially the excess bond premium, capturing the cyclical changes in the relationship between default risk and credit spreads, is found to be a powerful predictor. Overall, models that combine credit......We study the role of credit in forecasting US recession periods with probit models. We employ both classical recession predictors and common factors based on a large panel of financial and macroeconomic variables as control variables. Our findings suggest that a number of credit variables...

  7. Tiebreaker: Certification and Multiple Credit Ratings

    OpenAIRE

    Dion Bongaerts; K.J. Martijn Cremers; William N. Goetzmann

    2009-01-01

    textabstract Abstract: This paper explores the role played by multiple credit rating agencies (CRAs) in the market for corporate bonds. Moody’s, S&P and Fitch operate in a competitive setting with market demand for both credit information and the certification value of a high rating. We empirically document the outcome of this competitive interaction over the period 2002 to 2007. Virtually all bonds in our sample are rated by both Moody’s and Standard and Poors (S&P), and between 40% and 60% ...

  8. CORRELATED ANALYSIS OF CLIENT-CREDIT COST WITH THE ONE OF SUPPLIER - CREDIT COST

    Directory of Open Access Journals (Sweden)

    MIRELA MONEA

    2012-01-01

    Full Text Available The given client-credit has associated several types of costs. If a company gives client-credit for a certain period of time, then it will have to finance its activity from other sources. Another aspect is the one related to the size of allotted sum. The sum that must be covered does not equal the turnover. The impact on financing the operating cycle is found usually only under the form of expenses which are made up of variable costs (because amortization must not be paid, the profit is included in the price. Thus, the sum which must be covered is not related to the non-cashed turnover from the client-credit, but only to variable costs. This will be the sum that must be covered from the financing sources. Supplier-credit is a source attracted, usually it has no cost.

  9. Consumer Handbook to Credit Protection Laws.

    Science.gov (United States)

    Board of Governors of the Federal Reserve System, Washington, DC.

    The five sections of this consumer handbook are The Cost of Credit, Applying for Credit, Credit Histories and Records, Correcting Credit Mistakes, and Complaining about Credit. Each section discusses relevant legislation: Truth in Lending, the Equal Credit Opportunity Act, and the Fair Credit Reporting Act. Topics discussed in section I include…

  10. The relationship between the age of onset of musical training and rhythm synchronization performance: validation of sensitive period effects.

    Science.gov (United States)

    Bailey, Jennifer A; Penhune, Virginia B

    2013-01-01

    A sensitive period associated with musical training has been proposed, suggesting the influence of musical training on the brain and behavior is strongest during the early years of childhood. Experiments from our laboratory have directly tested the sensitive period hypothesis for musical training by comparing musicians who began their training prior to age seven with those who began their training after age seven, while matching the two groups in terms of musical experience (Watanabe et al., 2007; Bailey and Penhune, 2010, 2012). Using this matching paradigm, the early-trained groups have demonstrated enhanced sensorimotor synchronization skills and associated differences in brain structure (Bailey et al., 2013; Steele et al., 2013). The current study takes a different approach to investigating the sensitive period hypothesis for musical training by examining a single large group of unmatched musicians (N = 77) and exploring the relationship between age of onset of musical training as a continuous variable and performance on the Rhythm Synchronization Task (RST), a previously used auditory-motor RST. Interestingly, age of onset was correlated with task performance for those who began training earlier, however, no such relationship was observed among those who began training in their later childhood years. In addition, years of formal training showed a similar pattern. However, individual working memory scores were predictive of task performance, regardless of age of onset of musical training. Overall, these results support the sensitive period hypothesis for musical training and suggest a non-linear relationship between age of onset of musical training and auditory-motor rhythm synchronization abilities, such that a relationship exists early in childhood but then plateaus later on in development, similar to maturational growth trajectories of brain regions implicated in playing music.

  11. The relationship between the age of onset of musical training and rhythm synchronization performance: Validation of sensitive period effects

    Directory of Open Access Journals (Sweden)

    Jennifer Anne Bailey

    2013-11-01

    Full Text Available A sensitive period associated with musical training has been proposed, suggesting the influence of musical training on the brain and behaviour is strongest during the early childhood years. Experiments from our laboratory have directly tested the sensitive period hypothesis for musical training by comparing musicians who began their training before age seven with those who began their training after age seven, while matching the two groups in terms of musical experience (Bailey & Penhune, 2010; 2012; Watanabe, Savion-Lemieux, & Penhune, 2007. Using this matching paradigm, the early-trained groups have demonstrated enhanced sensorimotor synchronization skills and associated differences in brain structure (Bailey, Zatorre, & Penhune, under review; Steele, Bailey, Zatorre, & Penhune, 2013. The current study takes a different approach to investigating the sensitive period hypothesis for musical training by examining a single large group of unmatched musicians (N=77 and exploring the relationship between age of onset of musical training as a continuous variable and performance on the Rhythm Synchronization Task (RST, a previously used auditory-motor rhythm synchronization task. Interestingly, age of onset was correlated with task performance for those who began training earlier; however, no such relationship was observed among those who began training in their later childhood years. In addition, years of formal training showed a similar pattern. However, individual working memory scores were predictive of task performance, regardless of age of onset of musical training. Overall, these results support the sensitive period hypothesis for musical training and suggest a non-linear relationship between age of onset of musical training and auditory-motor rhythm synchronization abilities, such that a relationship exists early in childhood but then plateaus later on in development, similar to maturational growth trajectories of brain regions implicated in

  12. Dynamic Virtual Credit Card Numbers

    Science.gov (United States)

    Molloy, Ian; Li, Jiangtao; Li, Ninghui

    Theft of stored credit card information is an increasing threat to e-commerce. We propose a dynamic virtual credit card number scheme that reduces the damage caused by stolen credit card numbers. A user can use an existing credit card account to generate multiple virtual credit card numbers that are either usable for a single transaction or are tied with a particular merchant. We call the scheme dynamic because the virtual credit card numbers can be generated without online contact with the credit card issuers. These numbers can be processed without changing any of the infrastructure currently in place; the only changes will be at the end points, namely, the card users and the card issuers. We analyze the security requirements for dynamic virtual credit card numbers, discuss the design space, propose a scheme using HMAC, and prove its security under the assumption the underlying function is a PRF.

  13. Dynamic Diversification in Corporate Credit

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Jin, Xisong

    We characterize diversification in corporate credit using a new class of dynamic copula models which can capture dynamic dependence and asymmetry in large samples of firms. We also document important differences between credit spread and equity return dependence dynamics. Modeling a decade...... the crisis and remain high as well. The most important shocks to credit dependence occur in August of 2007 and in August of 2011, but interestingly these dates are not associated with significant changes to median credit spreads....

  14. Are carbon credits effective?

    International Nuclear Information System (INIS)

    Anon.

    2010-01-01

    Is it possible to reduce greenhouse gas emissions by assigning a value to CO 2 ? That's the concept behind carbon credits. Their advantage: they set targets but let companies decide how to meet them. Of all the processes that can be used to reduce air pollution, the cap and trade system is the best way to meet global targets on a national or continental scale. The system's efficiency is based on setting a ceiling for emissions: this is the cap. The emissions quotas are negotiable goods that can be traded on a market: this is the 'trade'. No company can exceed its quotas, but it can choose how to meet them: decreasing its emissions by changing its production processes, buying carbon credits sold by companies that have exceeded their targets, or using clean development mechanisms. For a carbon credit system to function correctly on an economic level, it's essential to meet one condition: don't allocate too many emissions quotas to the companies involved. If they receive too many quotas, it's not hard for them to meet their objectives without changing their production processes. The supply of carbon credits currently exceeds demand. The price per ton of CO 2 is collapsing, and companies that have exceeded their targets are not rewarded for their efforts. Efficient though it may be, the cap and trade system cannot be the only way to fight CO 2 emissions. In Europe, it presently covers 40% of the CO 2 emissions by targeting utilities and industries that consume the most fossil fuels. But it cannot be extended to some sectors where pollution is diffuse. In transportation, for example, it's not possible to impose such a requirement. For that sector, as well as for the building sector, a suitable system of taxes might be effective and incentive

  15. The African Credit Trap

    OpenAIRE

    Svetlana Andrianova; Badi H. Baltagi; Panicos O. Demetriades; David Fielding

    2010-01-01

    We put forward a plausible explanation of African financial underdevelopment in the form of a bad credit market equilibrium. Utilising an appropriately modified IO model of banking, we show that the root of the problem could be unchecked moral hazard (strategic loan defaults) or adverse selection (a lack of good projects). We provide empirical evidence from a large panel of African banks which suggests that loan defaults are a major factor inhibiting bank lending when the quality of regulatio...

  16. Credit scoring methods

    Czech Academy of Sciences Publication Activity Database

    Vojtek, Martin; Kočenda, Evžen

    2006-01-01

    Roč. 56, 3-4 (2006), s. 152-167 ISSN 0015-1920 R&D Projects: GA ČR GA402/05/0931 Institutional research plan: CEZ:AV0Z70850503 Keywords : banking sector * credit scoring * discrimination analysis Subject RIV: AH - Economics Impact factor: 0.190, year: 2006 http://journal.fsv.cuni.cz/storage/1050_s_152_167.pdf

  17. Follow Up: Credit Card Caution

    Science.gov (United States)

    Cahill, Timothy P.

    2007-01-01

    In "Pushing Plastic," ("The New England Journal of Higher Education", Summer 2007), John Humphrey notes that many college administrators justify their credit card solicitations by suggesting that credit card access will help students learn to manage their own finances. Instead, credit card debt will teach thousands of students…

  18. Intertemporal consumption and credit constraints

    DEFF Research Database (Denmark)

    Leth-Petersen, Søren

    2010-01-01

    There is continuing controversy over the importance of credit constraints. This paper investigates whether total household expenditure and debt is affected by an exogenous increase in access to credit provided by a credit market reform that enabled Danish house owners to use housing equity...

  19. Validating a mass balance accounting approach to using 7Be measurements to estimate event-based erosion rates over an extended period at the catchment scale

    Science.gov (United States)

    Porto, Paolo; Walling, Des E.; Cogliandro, Vanessa; Callegari, Giovanni

    2016-07-01

    Use of the fallout radionuclides cesium-137 and excess lead-210 offers important advantages over traditional methods of quantifying erosion and soil redistribution rates. However, both radionuclides provide information on longer-term (i.e., 50-100 years) average rates of soil redistribution. Beryllium-7, with its half-life of 53 days, can provide a basis for documenting short-term soil redistribution and it has been successfully employed in several studies. However, the approach commonly used introduces several important constraints related to the timing and duration of the study period. A new approach proposed by the authors that overcomes these constraints has been successfully validated using an erosion plot experiment undertaken in southern Italy. Here, a further validation exercise undertaken in a small (1.38 ha) catchment is reported. The catchment was instrumented to measure event sediment yields and beryllium-7 measurements were employed to document the net soil loss for a series of 13 events that occurred between November 2013 and June 2015. In the absence of significant sediment storage within the catchment's ephemeral channel system and of a significant contribution from channel erosion to the measured sediment yield, the estimates of net soil loss for the individual events could be directly compared with the measured sediment yields to validate the former. The close agreement of the two sets of values is seen as successfully validating the use of beryllium-7 measurements and the new approach to obtain estimates of net soil loss for a sequence of individual events occurring over an extended period at the scale of a small catchment.

  20. Value of credit bureau reports

    Directory of Open Access Journals (Sweden)

    Brković Milan

    2017-01-01

    Full Text Available An efficient system of credit information sharing contributes to solving the problem of information asymmetry on the credit and financial markets in general. The consequences of the global economic and financial crisis revealed an increasing demand for reliable information and data which could close the existing gap in their insufficiency, misuse or inadequate analytical value for the economic and financial policy makers. In that sense, more attention is directed to the usefulness of credit information sharing and the practical value of information and data contained in credit bureau reports for the purposes of achieving the overall economic policy goals. The fulfillment of that role depends mostly on the credit information sharing system and its characteristics, participants, and procedures. A credit bureau report in the best possible manner reflects all advantages and disadvantages of the established credit information exchange system in terms of its analytical value for the purposes of efficient macroeconomic and macrofinancial policies.

  1. Credit Rating and Competition

    OpenAIRE

    Nelson Camanho; Pragyan Deb; Zijun Liu

    2010-01-01

    In principle, credit rating agencies are supposed to be impartial observers that bridge the gap between private information of issuers and the information available to the wider pool of investors. However, since the 1970s, rating agencies have relied on an issuer-pay model, creating a conflict of interest the largest source of income for the rating agencies are the fees paid by the issuers the rating agencies are supposed to impartially rate. In this paper, we explore the trade-off between re...

  2. 12 CFR 561.12 - Consumer credit.

    Science.gov (United States)

    2010-01-01

    ...; loans in the nature of overdraft protection; and credit extended in connection with credit cards. ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Consumer credit. 561.12 Section 561.12 Banks... AFFECTING ALL SAVINGS ASSOCIATIONS § 561.12 Consumer credit. The term consumer credit means credit extended...

  3. Quality of urban forest carbon credits

    Science.gov (United States)

    Neelam C. Poudyala; Jacek P. Siry; J.M. Bowker

    2011-01-01

    While the urban forest is considered an eligible source of carbon offset credits, little is known about its market potential and the quality aspects of the credits. As credit suppliers increase in number and credit buyers become more interested in purchasing carbon credits, it is unclear whether and how urban forest carbon credits can perform relative to the other...

  4. Ukraine's money-and-credit market: the crisis lessons and short-term prospects

    OpenAIRE

    A. Danylenko, N. Shelud'ko

    2010-01-01

    The article generalizes the tendencies of the functioning of Ukraine's money-and-credit market during the crisis period. The authors evaluate the adequacy of the current anti-crisis money-and-credit policy and outline the key challenges and risks for the monetary and credit sphere of Ukraine' economy in the current year

  5. Credit scoring for individuals

    Directory of Open Access Journals (Sweden)

    Maria DIMITRIU

    2010-12-01

    Full Text Available Lending money to different borrowers is profitable, but risky. The profits come from the interest rate and the fees earned on the loans. Banks do not want to make loans to borrowers who cannot repay them. Even if the banks do not intend to make bad loans, over time, some of them can become bad. For instance, as a result of the recent financial crisis, the capability of many borrowers to repay their loans were affected, many of them being on default. That’s why is important for the bank to monitor the loans. The purpose of this paper is to focus on credit scoring main issues. As a consequence of this, we presented in this paper the scoring model of an important Romanian Bank. Based on this credit scoring model and taking into account the last lending requirements of the National Bank of Romania, we developed an assessment tool, in Excel, for retail loans which is presented in the case study.

  6. Trade credit as an alternative to bank credit during the financial crisis

    NARCIS (Netherlands)

    Kabir, Mohammed Rezaul; Zubair, Sirazul

    2015-01-01

    This paper examines the trade credit behavior of a sample of Dutch small and medium sized enterprises (SMEs) before and after the recent financial crisis. We analyze a relatively large dataset of 368 firms over the period of 2003-2012. Our findings suggest that trade payables decreased significantly

  7. Permit trading and credit trading

    DEFF Research Database (Denmark)

    Boom, Jan-Tjeerd; R. Dijstra, Bouwe

    This paper compares emissions trading based on a cap on total emissions (permit trading) and on relative standards per unit of output (credit trading). Two types of market structure are considered: perfect competition and Cournot oligopoly. We find that output, abatement costs and the number...... of firms are higher under credit trading. Allowing trade between permit-trading and credit-trading sectors may increase in welfare. With perfect competition, permit trading always leads to higher welfare than credit trading. With imperfect competition, credit trading may outperform permit trading....... Environmental policy can lead to exit, but also to entry of firms. Entry and exit have a profound impact on the performance of the schemes, especially under imperfect competition. We find that it may be impossible to implement certain levels of total industry emissions. Under credit trading several levels...

  8. DID CREDIT CRUNCH CAUSE A COLLAPSE IN PRIVATE INVESTMENT?: TURKEY CASE

    Directory of Open Access Journals (Sweden)

    Birgül CAMBAZOĞLU

    2011-07-01

    Full Text Available The economists have focused on credit crunch since 1990’s. The economists are not in consensus as to what constitutes the credit crunch. The differences in definitions come from the causes of credit contraction. Credit crunch is generally accepted as an enormous decline period in credit supply. Although the credit crunch is seen as a supply phenomenon, some economists define it as a demand issue. Investment declines significantly as result of an increase in credit rationing. The purpose of this study is to investigate the dependence of private investment on money and credit supply in Turkey. In other words, we want to quantify the effect of credit contraction in the banking sector on private fixed investment. VAR model is used to identify the existence of credit crunch through four economic variables: Private fixed investment, money stock (M2, bank loans to private sector and interest rate of commercial loans for the period ranging from 2003:01 to 2010:08. According to results of this study, it can be said that the credit crunch that we dealt with as a supply phenomenon leads to an investment collapse (slump in Turkey. The paper proceeds as follows: Section I provides theoretical background of credit channels and credit crunch. Section II summarizes recent empirical studies. Section III describes variables and discusses the empirical findings of the model. Section IV provides concluding remarks.

  9. Effectiveness of bank credit activity evaluation with application of economic and mathematic modeling

    Science.gov (United States)

    Galeeva, G. M.; Zagladina, E. N.; Kadeeva, E. N.

    2018-05-01

    The paper presents data on the influence of the most significant factors having impact on the credit portfolio volume, as well as conducts correlation and regression analysis with the subsequent construction of the trend for a short period. Credit activity is understood as the bank activity in the formation of a credit portfolio. Considering the structure of the bank credit portfolio, it can be observed that it consists of credits granted by the bank particularly for legal entities, individuals and other banks. Herewith, it is necessary to understand that any decrease in the credit portfolio will adversely affect the financial stability and effectiveness of any commercial bank. Moreover, during crisis periods, the policy and practice of banks have been determined as quite aggressive and conducted as such with regard to interest rates. The dynamics of credit portfolio volume has been selected as an independent factor due to the reason that it can fully explain the current development situation and the effectiveness of the bank credit policy. Considering the dependent factors, their influence will be assessed by the credit portfolio volume indicator. The authors have distinguished the following ones among them: the volume of credits granted to individuals; the volume of credits granted to legal entities; the amount of overdue credits in the credit portfolio; bank investments in the securities; inflation; key rate.

  10. Credit Market Development and Human Capital Accumulation

    OpenAIRE

    Ho, Wai-Hong

    2008-01-01

    In a two period overlapping generations economy with asymmetric information, we investigate the interaction between credit market development and human capital accumulation. As is typical, young borrowers supply their endowed unit of labor time to earn wage income which is used as internal funds. In contrast to conventional setups, young lenders distribute theirs between acquiring education and working for earnings. Through identifying the risk types of borrowers by a costly screening tech...

  11. COGEMA/TRANSNUCLEAIRE's experience with burnup credit

    International Nuclear Information System (INIS)

    Chanzy, Y.; Guillou, E.

    1998-01-01

    Facing a continuous increase in the fuel enrichments, COGEMA and TRANSNUCLEAIRE have implemented step by step a burnup credit programme to improve the capacity of their equipment without major physical modification. Many authorizations have been granted by the French competent authority in wet storage, reprocessing and transport since 1981. As concerns transport, numerous authorizations have been validated by foreign competent authorities. Up to now, those authorizations are restricted to PWR Fuel type assemblies made of enriched uranium. The characterization of the irradiated fuel and the reactivity of the systems are evaluated by calculations performed with well qualified French codes developed by the CEA (French Atomic Energy Commission): CESAR as a depletion code and APPOLO-MORET as a criticality code. The authorizations are based on the assurance that the burnup considered is met on the least irradiated part of the fuel assemblies. Besides, the most reactive configuration is calculated and the burnup credit is restricted to major actinides only. This conservative approach allows not to take credit for any axial profile. On the operational side, the procedures have been reevaluated to avoid misloadings and a burnup verification is made before transport, storage and reprocessing. Depending on the level of burnup credit, it consists of a qualitative (go/no-go) verification or of a quantitative measurement. Thus the use of burnup credit is now a common practice in France and Germany and new improvements are still in progress: extended qualifications of the codes are made to enable the use of six selected fission products in the criticality evaluations. (author)

  12. Concurrent credit portfolio losses.

    Science.gov (United States)

    Sicking, Joachim; Guhr, Thomas; Schäfer, Rudi

    2018-01-01

    We consider the problem of concurrent portfolio losses in two non-overlapping credit portfolios. In order to explore the full statistical dependence structure of such portfolio losses, we estimate their empirical pairwise copulas. Instead of a Gaussian dependence, we typically find a strong asymmetry in the copulas. Concurrent large portfolio losses are much more likely than small ones. Studying the dependences of these losses as a function of portfolio size, we moreover reveal that not only large portfolios of thousands of contracts, but also medium-sized and small ones with only a few dozens of contracts exhibit notable portfolio loss correlations. Anticipated idiosyncratic effects turn out to be negligible. These are troublesome insights not only for investors in structured fixed-income products, but particularly for the stability of the financial sector. JEL codes: C32, F34, G21, G32, H81.

  13. The Determinants of Credit Rating: Brazilian Evidence

    Directory of Open Access Journals (Sweden)

    Flávia Cruz de Souza Murcia

    2014-04-01

    Full Text Available This study attempts to identify the determinant factors of credit rating in Brazil. The relevance of this proposal is based on the importance of the subject as well as the uniqueness of the Brazilian market. As for originality, the great majority of previous studies regarding credit rating have been developed in the US, UK and Australia; therefore the effect on other markets is still unclear, especially in emerging markets, like Brazil. We’ve used a Generalized Estimating Equations (GEE model considering a panel structure with a categorical dependent variable (credit rating and ten independent variables: leverage, profitability, size, financial coverage, growth, liquidity, corporate governance, control, financial market performance and internationalization. The sample consisted of 153 rating observations during the period of 1997-2011 for a total of 49 public firms operating in the Brazilian Market. Results showed that leverage and internationalization are significant at the 1% level in explaining credit rating. Performance in the financial market was significant at a 5% level; profitability and growth were also statistically significant, but at a 10% significance level.

  14. The Relationship between Credit Card Use Behavior and Household Well-Being during the Great Recession: Implications for the Ethics of Credit Use

    Science.gov (United States)

    Hunter, Jennifer L.; Heath, Claudia J.

    2017-01-01

    This article uses a random digit dial probability sample (N = 328) to examine the relationship between credit card use behaviors and household well-being during a period of severe economic recession: The Great Recession. The ability to measure the role of credit card use during a period of recession provides unique insights to the study of credit…

  15. Credit concession through credit scoring: Analysis and application proposal

    Directory of Open Access Journals (Sweden)

    Oriol Amat

    2017-01-01

    Full Text Available Purpose: The study herein develops and tests a credit scoring model which can help financial institutions in assessing credit requests.  Design/methodology/approach: The empirical study has the objective of answering two questions: (1 Which ratios better discriminate the companies based on their being solvent or insolvent? and (2 What is the relative importance of these ratios? To do this, several statistical techniques with a multifactorial focus have been used (Multivariate Analysis of Variance, Linear Discriminant Analysis, Logit and Probit Models. Several samples of companies have been used in order to obtain and to test the model.  Findings: Through the application of several statistical techniques, the credit scoring model has been proved to be effective in discriminating between good and bad creditors.  Research limitations:  This study focuses on manufacturing, commercial and services companies of all sizes in Spain; Therefore, the conclusions may differ for other geographical locations. Practical implications:  Because credit is one of the main drivers of growth, a solid credit scoring model can help financial institutions assessing to whom to grant credit and to whom not to grant credit. Social implications: Because of the growing importance of credit for our society and the fear of granting it due to the latest financial turmoil, a solid credit scoring model can strengthen the trust toward the financial institutions assessment’s.  Originality/value: There is already a stream of literature related to credit scoring. However, this paper focuses on Spanish firms and proves the results of our model based on real data. The application of the model to detect the probability of default in loans is original.

  16. Credit demand in Mozambican manufacturing

    DEFF Research Database (Denmark)

    Byiers, Bruce; Rand, John; Tarp, Finn

    2010-01-01

    This paper uses two industrial firm surveys to identify the key determinants of credit demand in Mozambican manufacturing. We construct five different measures of being credit constrained and estimate desired debt demand. Besides firm size and ownership structure, we find evidence that general...

  17. Store Security. Credit Card Fraud.

    Science.gov (United States)

    Brockway, Jerry

    The manual, intended for use by adults and not in the high school classroom situation, presents material directed toward assisting in the reduction of credit card crime. This teaching guide is organized in three sections which deal with the nature of and major reasons for credit card fraud, the types of hot card runners, and methods of reducing…

  18. Tuition Tax Credits. Issuegram 19.

    Science.gov (United States)

    Augenblick, John; McGuire, Kent

    Approaches for using the federal income tax system to aid families of pupils attending private schools include: tax credits, tax deductions, tax deferrals, and education savings incentives. Tax credit structures can be made refundable and made sensitive to taxpayers' income levels, the level of education expenditures, and designated costs.…

  19. Connectedness between US industry level credit markets and determinants

    Science.gov (United States)

    Shahzad, Syed Jawad Hussain; Kayani, Ghulam Mujtaba; Raza, Syed Ali; Shah, Nida; Al-Yahyaee, Khamis H.

    2018-02-01

    We examine the connectedness between US industry-level credit markets, using both Credit Default Spread (CDS) changes and volatilities, over the period from December 17, 2007, to November 13, 2015. The total, net directional and pairwise spillovers are estimated based on the generalized VAR framework developed by Diebold and Yilmaz (2012). The empirical analysis shows strong interactions for CDS spread change and volatility among all ten industries. Consumer Services and Basic Materials are the significant risk transmitters. Economic policy uncertainty and different market volatilities significantly determine credit market risk spillovers which also increase during market turbulence situations indicating a possible contagion effect. Implications of the findings are discussed.

  20. Using discriminant analysis for credit decision

    Directory of Open Access Journals (Sweden)

    Gheorghiţa DINCĂ

    2015-12-01

    Full Text Available This paper follows to highlight the link between the results obtained applying discriminant analysis and lending decision. For this purpose, we have carried out the research on a sample of 24 Romanian private companies, pertaining to 12 different economic sectors, from I and II categories of Bucharest Stock Exchange, for the period 2010-2012. Our study works with two popular bankruptcy risk’s prediction models, the Altman model and the Anghel model. We have double-checked and confirmed the results of our research by comparing the results from applying the two fore-mentioned models as well as by checking existing debt commitments of each analyzed company to credit institutions during the 2010-2012 period. The aim of this paper was the classification of studied companies into potential bankrupt and non-bankrupt, to assist credit institutions in their decision to grant credit, understanding the approval or rejection algorithm of loan applications and even help potential investors in these ompanies.

  1. 12 CFR 703.6 - Credit analysis.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Credit analysis. 703.6 Section 703.6 Banks and... ACTIVITIES § 703.6 Credit analysis. A Federal credit union must conduct and document a credit analysis on an... Federal Deposit Insurance Corporation. A Federal credit union must update this analysis at least annually...

  2. 7 CFR 4280.139 - Credit quality.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Credit quality. 4280.139 Section 4280.139 Agriculture... Improvements Program Section B. Guaranteed Loans § 4280.139 Credit quality. The lender must determine credit quality and must address all of the elements of credit quality in a written credit analysis, including...

  3. The influence of sovereign credit ratings on corporate credit ratings.

    OpenAIRE

    Umutoni, Liliane

    2017-01-01

    Credit ratings have a key role in modern financial markets as they communicate crucial information on the creditworthiness of a debt issuer to investors and regulators. These credit ratings are mostly determined by three rating agencies, namely Standard & Poor’s, Moody’s and Fitch, even though, the credit rating industry counts a dozen of recognized rating agencies. Indeed, the three agencies have become the market leaders with a market share of 94.3% on the U.S market (Bloomberg, 2015) and 9...

  4. Operational validation of a multi-period and multi-criteria model conditioning approach for the prediction of rainfall-runoff processes in small forest catchments

    Science.gov (United States)

    Choi, H.; Kim, S.

    2012-12-01

    Limestone. The study is progressed based on the followings. Firstly, hydrological time series of each catchment are sampled and clustered into multi-period having distinctly different temporal characteristics, and secondly, behavioural parameter distributions are determined in each multi-period based on the specification of multi-criteria model performance measures. Finally, behavioural parameter sets of each multi-period of single catchment are applied on the corresponding period of other catchments, and the cross-validations are conducted in this manner for all catchments The multi-period model conditioning approach is clearly effective to reduce the width of prediction limits, giving better model performance against the temporal variability of hydrological characteristics, and has enough potential to be the effective prediction tool for ungauged catchments. However, more advanced and continuous studies are needed to expand the application of this approach in prediction of hydrological responses in ungauged catchments,

  5. Credit reporting, relationship banking, and loan repayment

    Directory of Open Access Journals (Sweden)

    Tahereh Shirzad Kebria

    2015-06-01

    Full Text Available This paper presents an empirical investigation to determine factors influencing on loan repayment in one of Iranian banks named Sepah Bank over the period 2012-2013. The study selects a sample of 290 bank’s customers who received loans and, using logistic regression technique, tries to find whether or not qualitative as well as quantitative characteristics of loan receivers influence on repayment of loans. The results indicate that history of outstanding debt as well as customers’ past experiences with banks had meaningful relationships with having bad credit and non-payment of loans. In our survey, having a bad credit in the past had positive relationship with non-payment of loans but long-term customers had negative relationship with non-payment of loans. In addition, working capital turnover ratio, cash ratio, total liabilities, current assets and loan value had significant impact on non-repayment of the loan facilities.

  6. Conceptual cask design with burnup credit

    International Nuclear Information System (INIS)

    Lee, Seong Hee; Ahn, Joon Gi; Hwang, Hae Ryong

    2003-01-01

    Conceptual design has been performed for a spent fuel transport cask with burnup credit and a neutron-absorbing material to maximize transportation capacity. Both fresh and burned fuel are assumed to be stored in the cask and boral and borated stainless steel are selected for the neutron-absorbing materials. Three different sizes of cask with typical 14, 21 and 52 PWR fuel assemblies are modeled and analyzed with the SCALE 4.4 code system. In this analysis, the biases and uncertainties through validation calculations for both isotopic predictions and criticality calculation for the spent fuel have been taken into account. All of the reactor operating parameters, such as moderator density, soluble boron concentration, fuel temperature, specific power, and operating history, have been selected in a conservative way for the criticality analysis. Two different burnup credit loading curves are developed for boral and borated stainless steel absorbing materials. It is concluded that the spent fuel transport cask design with burnup credit is feasible and is expected to increase cask payloads. (author)

  7. An Anonymous Credit Card System

    Science.gov (United States)

    Androulaki, Elli; Bellovin, Steven

    Credit cards have many important benefits; however, these same benefits often carry with them many privacy concerns. In particular, the need for users to be able to monitor their own transactions, as well as bank’s need to justify its payment requests from cardholders, entitle the latter to maintain a detailed log of all transactions its credit card customers were involved in. A bank can thus build a profile of each cardholder even without the latter’s consent. In this paper, we present a practical and accountable anonymous credit system based on ecash, with a privacy preserving mechanism for error correction and expense-reporting.

  8. War of the Credit Cards.

    Science.gov (United States)

    Nicklin, Julie L.

    1993-01-01

    Increasingly, colleges are offering affinity credit cards with attractive incentives as a marketing tool. Some in academe feel the trend may compromise educational objectives. Institutions may also face taxation on unrelated-business income generated through the cards. (MSE)

  9. Armenia - Water to Market Credit

    Data.gov (United States)

    Millennium Challenge Corporation — The analysis of WtM credit used baseline and final follow-up Farming Practices Survey (FPS) data to summarize beneficiary and loan characteristics, as well as to...

  10. Trade Credit and Informational Asymmetry.

    OpenAIRE

    Smith, Janet Kiholm

    1987-01-01

    Commonly used trade credit terms implicitly define a high interest rate that operates as an efficient screening device where information about buyer default risk is asymmetrically held. By offering trade credit, a seller can identify prospective defaults more quickl y than if financial institutions were the sole providers of short-ter m financing. The information is valuable in cases where a seller has made nonsalvageable investments in buyers since it enables the seller to take actions to pr...

  11. Capital Requirements and Credit Rationing

    OpenAIRE

    Itai Agur

    2010-01-01

    This paper analyzes the trade-off between financial stability and credit rationing that arises when increasing capital requirements. It extends the Stiglitz-Weiss model of credit rationing to allow for bank default. Bank capital structure then matters for lending incentives. With default and rationing endogenous, optimal capital requirements can be analyzed. Introducing bank financiers, the paper also shows that uninsured funding raises the sensitivity of rationing to capital requirements. In...

  12. Credit Stagnation in Latin America

    OpenAIRE

    Adolfo Barajas; Roberto Steiner

    2002-01-01

    This study examines the recent marked slowdown in bank credit to the private sector in Latin America. Based on the study of eight countries (Argentina, Bolivia, Brazil, Chile, Colombia, Peru, Mexico, and Venezuela), the magnitude of the slowdown is documented, comparing it to historical behavior and to slowdown episodes in other regions of the world. Second, changes in bank balance sheets are examined to determine whether the credit slowdown is merely a reflection of a slowdown in bank deposi...

  13. Validity of pre and post-term birth rates based on the date of last menstrual period compared to early obstetric ultrasonography

    Directory of Open Access Journals (Sweden)

    Maria Nilza Lima Medeiros

    2015-04-01

    Full Text Available The aim of this study was to assess the validity of the last menstrual period (LMP estimate in determining pre and post-term birth rates, in a prenatal cohort from two Brazilian cities, São Luís and Ribeirão Preto. Pregnant women with a single fetus and less than 20 weeks' gestation by obstetric ultrasonography who received prenatal care in 2010 and 2011 were included. The LMP was obtained on two occasions (at 22-25 weeks gestation and after birth. The sensitivity of LMP obtained prenatally to estimate the preterm birth rate was 65.6% in São Luís and 78.7% in Ribeirão Preto and the positive predictive value was 57.3% in São Luís and 73.3% in Ribeirão Preto. LMP errors in identifying preterm birth were lower in the more developed city, Ribeirão Preto. The sensitivity and positive predictive value of LMP for the estimate of the post-term birth rate was very low and tended to overestimate it. LMP can be used with some errors to identify the preterm birth rate when obstetric ultrasonography is not available, but is not suitable for predicting post-term birth.

  14. Determinants of Credit Growth: The Case of Montenegro

    Directory of Open Access Journals (Sweden)

    Ivanović Maja

    2016-05-01

    Full Text Available In the period before the crisis, Montenegro experienced a rapid credit growth, which coincided with the privatization of several banks and was followed by the entry of foreign banking groups, amplifying the banks’ lending process and increasing competition in this sector. This paper focuses on identification and estimation of determinants of credit growth in Montenegro, exploring both demand and supply side factors, and particularly paying attention to supply factors. Our findings confirm that positive economic developments and an increase in banks’ deposit potential lead to higher credit growth. Furthermore, our findings emphasize that the banking system soundness is decisive for promoting further bank’s lending activities. We provide evidence that the weakening of banks’ balance sheets, in terms of high non-performing loans and low solvency ratio, has a negative effect on credit supply.

  15. 26 CFR 1.51-1 - Amount of credit.

    Science.gov (United States)

    2010-04-01

    ... of such individual's rehabilitation plan. However, with the exception of vocational rehabilitation... carpenters. The program would not qualify, however, if the student works at a restaurant and generally... only if there was a valid business reason, unrelated to the availability of the credit, for the...

  16. CRISTAL V1: Criticality package for burn up credit calculations

    International Nuclear Information System (INIS)

    Gomit, Jean-Michel; Cousinou, Patrick; Gantenbein, Francoise; Diop, Cheikh; Fernandez de Grado, Guy; Mijuin, Dominique; Grouiller, Jean-Paul; Marc, Andre; Toubon, Herve

    2003-01-01

    The first version of the CRISTAL package, created and validated as part of a joint project between IRSN, COGEMA and CEA, was delivered to users in November 1999. This fruitful cooperation between IRSN, COGEMA and CEA has been pursued until 2003 with the development and the validation of the package CRISTAL V1, whose main objectives are to improve the criticality safety studies including the Burn up Credit effect. (author)

  17. The application of burnup credit for spent fuel operations in the United Kingdom

    International Nuclear Information System (INIS)

    Bowden, R.

    1998-01-01

    This paper begins by outlining the structure of the nuclear industry in the United Kingdom. It then sets out the methodology of burnup credit, and provides a brief discussion of the validation and robustness of the calculational route. This leads to a description of both the current and intended applications of burnup credit in the United Kingdom. (author)

  18. Impacts of Federal Tax Credit Extensions on Renewable Deployment and Power Sector Emissions

    Energy Technology Data Exchange (ETDEWEB)

    Trieu Mai, Wesley Cole, Eric Lantz, Cara Marcy, and Benjamin Sigrin

    2016-02-01

    The report examines the impacts of the tax credit extensions under two distinct natural gas price futures, as the price of natural gas has been a key factor influencing the economic competitiveness of new renewable energy development. The analysis finds that, in both natural gas price cases, tax credit extensions can spur renewable capacity investments at least through the early 2020s, and can help lower CO2 emissions from the U.S. electricity system. Federal tax credits for renewable energy, particularly the wind production tax credit (PTC) and the solar investment tax credit (ITC), have offered financial incentives for renewable energy deployment over the last two decades in the United States. In December 2015, the wind and solar tax credits were extended by five years from their prior scheduled expiration dates, but ramp down in tax credit value during the latter years of the five-year period.

  19. THE CREDIT AND CREDIT RISK MANAGEMENT DURING THE CRISIS

    Directory of Open Access Journals (Sweden)

    Chitan Gheorghe

    2012-03-01

    Full Text Available Considering the importance of credit risk management to ensure the financial system stability,the paper presents financial and real sector interaction highlighting that credit growth based on increase of creditdemand, of income, of assets prices, of currency availability, the interest rate differential between countries andrelaxation of regulatory framework, leaves banks more vulnerable to subsequent downturn in economic activity andasset prices. It also outlines the steps taken or those I think that should be implemented in terms of improving creditrisk management, implementation of regulatory measures to limit credit expansion, enforcing the regulatoryrequirements for covering the expected and unexpected losses, introduction of new surveillance tools aimed to leadto a more resilient financial system.

  20. 49 CFR 260.13 - Credit reform.

    Science.gov (United States)

    2010-10-01

    ... appropriations, direct payment of a Credit Risk Premium by the Applicant or a non-Federal infrastructure partner... 49 Transportation 4 2010-10-01 2010-10-01 false Credit reform. 260.13 Section 260.13... REHABILITATION AND IMPROVEMENT FINANCING PROGRAM Overview § 260.13 Credit reform. The Federal Credit Reform Act...

  1. 76 FR 79531 - Corporate Credit Unions

    Science.gov (United States)

    2011-12-22

    ... exclude CLF stock subscriptions, based on the asset's negligible credit risk and to facilitate corporate... removing paragraphs (c)(3) and (f)(4) and adding paragraph (h) to read as follows: Sec. 704.6 Credit risk... NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 704 RIN 3133-AD95 Corporate Credit Unions AGENCY...

  2. 49 CFR 536.4 - Credits.

    Science.gov (United States)

    2010-10-01

    ... OF TRANSPORTATION TRANSFER AND TRADING OF FUEL ECONOMY CREDITS § 536.4 Credits. (a) Type and vintage... category, and model year of origin (vintage). (b) Application of credits. All credits earned and applied are calculated, per 49 U.S.C. 32903(c), in tenths of a mile per gallon by which the average fuel...

  3. Trade credit: Elusive insurance of firm growth

    NARCIS (Netherlands)

    Bams, Dennis; Bos, Jaap; Pisa, Magdalena

    2016-01-01

    Firms depend heavily on trade credit. This paper introduces a trade credit network into a structural model of the economy. In an empirical analysis of the model, we find that trade credit is an elusive insurance: as long as a firm is financially unconstrained and times are good, more trade credit

  4. Lending and Credit Monitoring Principles

    Directory of Open Access Journals (Sweden)

    Viorica IOAN

    2012-11-01

    Full Text Available The results of a bank’s activities depend to a significant extent on the quality of the credit portfolio that it holds, as well as on the credit tracking and control system. The purpose and functioning of such inter-banking systems differs from one bank to another. Loans require an increasingly efficient type of internal surveillance of activity. Following the clients’ behavior and performances, as well as their entire activity is a particularly important phase and absolutely necessary in the course of a loan. The purpose of this activity is, generally, that of identifying, as early as possible, of clues about any problems that may appear during the course of the loan, so as to make possible, as early as can be, the taking of remedial measures with a view to anticipate the deterioration of the loan’s debt. An open communication between the bank and the loan’s beneficiary is an essential condition for an efficient tracking program. Another basic element is the rigorous and complete filling out of the credit papers. The credit files are the backbone of the of the loan monitoring process because these contain all of the documents which may offer to the credit officer, accounting expert, as well as other interested parties a permanent, chronological record of the loan relation.

  5. Establishment of the Credit Indicator System of Micro Enterprises Based on Support Vector Machine and R-Type Clustering

    Directory of Open Access Journals (Sweden)

    Zhanjiang Li

    2018-01-01

    Full Text Available The micro enterprises’ credit indicators with credit identification ability are selected by the two classification models of Support Vector Machine for the first round of indicator selection and then for the second round of indicator selection, deleting credit indicators with redundant information by clustering variables through the principle of minimum sum of deviation squares. This paper provides a screening model for credit evaluation indicators of micro enterprises and uses credit data of 860 micro enterprises samples in Inner Mongolia in western China for application analysis. The test results show that, first, the constructed final micro enterprises’ credit indicator system is in line with the 5C model; second, the validity test based on the ROC (Receiver Operating Characteristic curve reveals that each of the screened credit evaluation indicators is valid.

  6. Financial Instability - a Result of Excess Liquidity or Credit Cycles?

    DEFF Research Database (Denmark)

    Heebøll-Christensen, Christian

    This paper compares the financial destabilizing effects of excess liquidity versus credit growth, in relation to house price bubbles and real economic booms. The analysis uses a cointegrated VAR model based on US data from 1987 to 2010, with a particulary focus on the period preceding the global...... financial crisis. Consistent with monetarist theory, the results suggest a stable money supply-demand relation in the period in question. However, the implied excess liquidity only resulted in financial destabilizing effect after year 2000. Meanwhile, the results also point to persistent cycles of real...... house prices and leverage, which appear to have been driven by real credit shocks, in accordance with post-Keynesian theories on financial instability. Importantly, however, these mechanisms of credit growth and excess liquidity are found to be closely related. In regards to the global financial crisis...

  7. Credit Rationing Effects of Credit Value-at-Risk

    NARCIS (Netherlands)

    J.F. Slijkerman; D.J.C. Smant (David); C.G. de Vries (Casper)

    2004-01-01

    textabstractBanks provide risky loans to firms which have superior information regarding the quality of their projects. Due to asymmetric information the banks face the risk of adverse selection. Credit Value-at-Risk (CVaR) regulation counters the problem of low quality, i.e. high risk, loans and

  8. Who needs credit and who gets credit in Eastern Europe

    NARCIS (Netherlands)

    Brown, M.; Ongena, S.; Popov, A.; Yesin, P.

    2011-01-01

    Based on survey data covering 8,387 firms in 20 countries we compare the access to bank credit for firms in Eastern Europe to that in selected Western European countries. Our analysis reveals five main results. First, the firm-level determinants of the propensity to apply are similar in Eastern and

  9. Sustainable Trade Credit and Replenishment Policies under the Cap-And-Trade and Carbon Tax Regulations

    Directory of Open Access Journals (Sweden)

    Juanjuan Qin

    2015-12-01

    Full Text Available The paper considers the sustainable trade credit and inventory policies with demand related to credit period and the environmental sensitivity of consumers under the carbon cap-and-trade and carbon tax regulations. First, the decision models are constructed under three cases: without regulation, carbon cap-and-trade regulation, and carbon tax regulation. The optimal solutions of the retailer in the three cases are then discussed under the exogenous and endogenous credit periods. Finally, numerical analysis is conducted to obtain conclusions. The retailer shortens the trade credit period as the environmental sensitivity of the consumer is enhanced. The cap has no effects on the credit period decisions under the carbon cap-and-trade regulation. Carbon trade price and carbon tax have negative effects on the credit period. The retailer under carbon cap-and-trade regulation is more motivated to obey regulations than that under carbon tax regulation when carbon trade price equals carbon tax. Carbon regulations have better effects on carbon emission reduction than with exogenous credit term when the retailer has the power to decide with regards credit policies.

  10. Credit Supply and Corporate Innovation

    DEFF Research Database (Denmark)

    Amore, Mario Daniele; Schneider, Cédric; Zaldokas, Alminas

    We present evidence that banking development plays a key role in technological progress. We focus on firms’ innovative performance, measured by patent-based metrics, and employ exogenous variations in banking development arising from the staggered deregulation of banking activities across U.S. st...... by a greater ability of deregulated banks to geographically diversify credit risk....

  11. Methodology of Credit Analysis Development

    Directory of Open Access Journals (Sweden)

    Slađana Neogradi

    2017-12-01

    Full Text Available The subject of research presented in this paper refers to the definition of methodology for the development of credit analysis in companies and its application in lending operations in the Republic of Serbia. With the developing credit market, there is a growing need for a well-developed risk and loss prevention system. In the introduction the process of bank analysis of the loan applicant is presented in order to minimize and manage the credit risk. By examining the subject matter, the process of processing the credit application is described, the procedure of analyzing the financial statements in order to get an insight into the borrower's creditworthiness. In the second part of the paper, the theoretical and methodological framework is presented applied in the concrete company. In the third part, models are presented which banks should use to protect against exposure to risks, i.e. their goal is to reduce losses on loan operations in our country, as well as to adjust to market conditions in an optimal way.

  12. Credit rating dynamics and competition

    DEFF Research Database (Denmark)

    Hirth, Stefan

    2014-01-01

    I analyze the market for credit ratings with competition between more than two rating agencies. How can honest rating behavior be achieved, and under which conditions can a new honest rating agency successfully invade a market with inflating incumbents? My model predicts cyclic dynamics...

  13. Credit Derivatives and Loan Pricing

    NARCIS (Netherlands)

    Norden, L.; Wagner, W.B.

    2007-01-01

    This paper examines the relationship between the new markets for credit default swaps (CDS) and the pricing of syndicated loans to U.S. corporates. We find that changes in CDS spreads have a significantly positive coefficient and explain about 25% of subsequent monthly changes in aggregate loan

  14. Insurability of export credit risks

    NARCIS (Netherlands)

    Alsem, K.J.; Antufjew, J.; Huizingh, K.R.E.; Koning, Ruud H.; Sterken, E.; Woltil, M.

    2003-01-01

    Firms exporting their goods and services abroad face risks that are different from the risks faced by firms who do not engage in international trade. It is common practice to allow the receiving party to pay in instalments. The exporting firm faces credit risk, but as in most countries, Dutch firms

  15. Brownfields New Markets Tax Credits

    Science.gov (United States)

    This Brownfi elds Solutions factsheet is intended for brownfields stakeholders interested in how the U.S. Department of the Treasury’s New Markets Tax Credit (NMTC) Program can be used as a financing mechanism in brownfields cleanup and redevelopment.

  16. Pricing constant maturity credit default swaps under jumo dynamics

    NARCIS (Netherlands)

    Jönsson, H.; Schoutens, W.

    2009-01-01

    In this paper we discuss the pricing of Constant Maturity Credit Default Swaps (CMCDS) under single sided jump models. The CMCDS offers default protection in exchange for a floating premium which is periodically reset and indexed to the market spread on a CDS with constant maturity tenor written on

  17. Empirical Analysis of Farm Credit Risk under the Structure Model

    Science.gov (United States)

    Yan, Yan

    2009-01-01

    The study measures farm credit risk by using farm records collected by Farm Business Farm Management (FBFM) during the period 1995-2004. The study addresses the following questions: (1) whether farm's financial position is fully described by the structure model, (2) what are the determinants of farm capital structure under the structure model, (3)…

  18. Credit Card Debt Hardship Letter Samples

    OpenAIRE

    lissa coffey

    2016-01-01

    Having trouble with your credit card debt? Below you will find examples of hardship letters. There are several things to consider when writing a credit card hardship letter. A hardship letter is the first step to letting the credit card company know that things are bad. This free credit card hardship letter sample is only a guide in order to start the negotiation. Credit card debt hardship letter example, hardship letter to credit card. If you are having trouble paying off your debt and need ...

  19. Kinds and meaning of preferential credits for development of agriculture and rural areas

    Directory of Open Access Journals (Sweden)

    Antoni Mickiewicz

    2013-06-01

    Full Text Available The theme of the paper was of preferential credits granted in two periods, that means after Poland’s accession to the European Union (2004-2006 and in the period after introduction of new legal regulations (2007-2010. The institution responsible for realisation of preferential credits was Agency of Restructuring and Modernisation of Agriculture which delegated its rights to banks. The credit policy in first period of our functioning in the European Union relied on gradual ending old legal regulations, not compliant with EU standards and undertaking activities in adaptation of Polish agriculture to standards obeyed in EU-15 Member States. Directions of preferential credits granting were changed in 2007. There were introduced 7 credit lines which aim was improvement of production efficiency, better use of production base in agricultural farms and acceleration of agrarian changes. The biggest beneficiaries of structural pensions were young farmers and farmers who wanted to increase the size of their farms.

  20. Review of Research on Credit Risk Management for Rural Credit Cooperatives

    Directory of Open Access Journals (Sweden)

    Xin Song

    2017-03-01

    Full Text Available With the rapid development of rural micro-credit, whether the qagriculture, rural areas and farmersq problems have been effectively solved, whether the credit risk has been effectively controlled, these have become the focus of our attention to the rural economic environment. The main content of this paper contains four aspects: the classification and characteristics of credit risk, the problems and factors of credit risk, the model and evaluation of credit risk, the countermeasures and suggestions of credit risk. This paper reviews the research of credit risk management for rural credit cooperatives from the above four aspects, and makes a brief summary.

  1. 40 CFR 80.310 - How are credits generated beginning in 2004?

    Science.gov (United States)

    2010-07-01

    ..., may generate credits in 2004 and thereafter if the annual average sulfur level for gasoline produced... gasoline produced at a refinery or imported during the averaging period. SCredit = 30.00 ppm; or the sulfur... PROGRAMS (CONTINUED) REGULATION OF FUELS AND FUEL ADDITIVES Gasoline Sulfur Abt Program-Credit Generation...

  2. Credit Supply versus Demand : Bank and Firm Balance-Sheet Channels in Good and Crisis Times

    NARCIS (Netherlands)

    Jimenez Porras, G.; Ongena, S.; Peydro, J.L.; Saurina, J.

    2012-01-01

    Abstract: Banking crises involve periods of persistently low credit and economic growth. Banks’ balance sheets are then weak but so are those of non-financial corporate borrowers. Hence, a crucial question is whether credit growth is low due to supply or to demand factors. However convincing

  3. Credit securitization and credit derivatives: Financial instruments and the credit risk management of middle market commercial loan portfolios

    OpenAIRE

    Henke, Sabine; Burghof, Hans-Peter; Rudolph, Bernd

    1998-01-01

    Banks increasingly recognize the need to measure and manage the credit risk of their loans on a portfolio basis. We address the subportfolio "middle market". Due to their specific lending policy for this market segment it is an important task for banks to systematically identify regional and industrial credit concentrations and reduce the detected concentrations through diversification. In recent years, the development of markets for credit securitization and credit derivatives has provided n...

  4. The impact of SMEs’ lending and credit guarantee on bank efficiency in South Korea

    Directory of Open Access Journals (Sweden)

    Lien-Wen Liang

    2017-12-01

    Full Text Available This study examines how small and medium-size enterprises’ (SMEs’ lending and credit guarantee affect Korean banks’ efficiency, by employing the stochastic frontier approach on 14 banks over the period 2001–2010. When lending increases to SMEs, the findings indicate that banks’ cost efficiency decreases due to information asymmetry. However, the increased proportion of credit guarantee can improve their cost efficiency. This proves that South Korea’s credit guarantee system can indeed share SMEs’ credit risk of lending in order to help raise bank efficiency.

  5. 76 FR 68257 - Letters of Interest for Credit Assistance Under the Transportation Infrastructure Finance and...

    Science.gov (United States)

    2011-11-03

    ...The DOT's TIFIA Joint Program Office (JPO) announces the availability of a limited amount of funding in Fiscal Year (FY) 2012 to provide credit assistance. Under TIFIA, the DOT provides secured (direct) loans, lines of credit, and loan guarantees to public and private applicants for eligible surface transportation projects of regional or national significance. Projects must meet statutorily specified criteria to be selected for credit assistance. Because demand for the TIFIA program exceeds budgetary resources, the DOT is utilizing periodic fixed-date solicitations. This notice outlines the process that project sponsors must follow to compete to secure an invitation for Federal credit assistance for Federal FY 2012.

  6. The validity of the PAM-RL device for evaluating periodic limb movements in sleep and an investigation on night-to-night variability of periodic limb movements during sleep in patients with restless legs syndrome or periodic limb movement disorder using this system.

    Science.gov (United States)

    Kobayashi, Mina; Namba, Kazuyoshi; Ito, Eiki; Nishida, Shingo; Nakamura, Masaki; Ueki, Yoichiro; Furudate, Naomichi; Kagimura, Tatsuo; Usui, Akira; Inoue, Yuichi

    2014-01-01

    The status of night-to-night variability for periodic limb movements in sleep (PLMS) has not been clarified. With this in mind, we investigated the validity of PLMS measurement by actigraphy with the PAM-RL device in Japanese patients with suspected restless legs syndrome (RLS) or periodic limb movement disorder (PLMD) and the night-to-night variability of PLMS among the subjects. Forty-one subjects (mean age, 52.1±16.1 years) underwent polysomnography (PSG) and PAM-RL measurement simultaneously. Thereafter, subjects used the PAM-RL at home on four more consecutive nights. The correlation between PLMS index on PSG (PLMSI-PSG) and PLM index on PAM-RL (PLMI-PAM) was 0.781 (PPAM-RL. PAM-RL is thought to be valuable for assessing PLMS even in Japanese subjects. Recording of PAM-RL for three or more consecutive nights may be required to ensure the screening reliability of a patient with suspected pathologically frequent PLMS. Copyright © 2013 Elsevier B.V. All rights reserved.

  7. Monetary Policy and Credit Demand in India and Some EMEs

    OpenAIRE

    B L Pandit; Pankaj Vashisht

    2012-01-01

    Impact of changes in policy rate of interest on demand for bank credit is examined for seven emerging market economies including India for the period 2002 to 2010. Panel data techniques are used after ruling out the presence of unit roots. The results show that when other determinants, like domestic demand pressure, export demand and impact of stock market signals are controlled for, change in policy rate of interest is an important determinant of firms’ demand for bank credit. The results ...

  8. On the role of credit in agricultural growth: An Iranian panel data analysis

    Directory of Open Access Journals (Sweden)

    Saeed Hosseini Nejad

    2018-01-01

    Full Text Available Credit is considered as a major stimulus of economic growth especially in developing economies. Given the critical role of agriculture in Iranian economy in one hand and lack of credit on the other hand, study on the association between credit and sector growth is necessary. Based on a provincial panel data set, this article identifies econometrically the impact of credits provided by non-governmental funds on agricultural growth for the period 2008–2014. Main results introduce credit as a driver of sector growth as one percent rise in credits allocated leads, on average, to 0.59 percent increase in agricultural growth. Same effect is found for labor, public investment and energy inputs. Public supportive policies aiming at empowering of private funds and increase their capital, is recommended.

  9. British and American attitudes toward credit cards.

    Science.gov (United States)

    Yang, Bijou; James, Simon; Lester, David

    2006-04-01

    American university students owned more than twice as many credit cards as British university students. However, scores on a credit card attitude scale predicted the number of cards owned by respondents in both countries.

  10. Portfolio Optimization for Multiple Group Credit Unions

    National Research Council Canada - National Science Library

    Willis, John

    1999-01-01

    ...) to diversify, credit unions now have the opportunity to market their services to specific employee groups or industries which can reduce the overall risk to the credit unions' health or solvency...

  11. Fish marketing and credit in Viet Nam

    National Research Council Canada - National Science Library

    Lem, Audun

    2004-01-01

    .... State-owned financial institutions play a major role in financing capital expenditure while working capital requirements are mainly met by informal sources of credit. However, future investment requirements and credit needs are greater than currently available.

  12. Credit Risk Transfer and Crunches

    DEFF Research Database (Denmark)

    Wigan, Duncan

    2010-01-01

    Rather than in terms of the inevitable demise of a destabilising process of speculation, this article explores the ‘credit crunch’ as a window on the fabrication, and measure of the proportions of a political shift driven by market actors and financial innovation. The Basel process reconceptualised...... banks as risk navigators and generated a competitive hierarchy within the global banking industry determined on a gauge of this capacity. This private regulatory regime promoted market inflation and rendered institutional liquidity and risk transfer definitive of market power. In turn, a ballooning...... credit derivatives market broke the limits of financial production and defined state actions in the face of crisis. A shift from a central concern with solvency to that of liquidity thinly masks a profound redistribution of power from the public to the private. By swapping private assets of uncertain...

  13. KARAKTERISTIK PERUSAHAAN DAN CREDIT RISK

    Directory of Open Access Journals (Sweden)

    Erma Wahdani Permanasari

    2014-05-01

    Full Text Available The purpose of this study is to determine the effect of characteristic of firm to the level of creditrisk. Characteristics of the firm is proxied by size, leverage, spread ownership, net profit margin,return on equity, industry type and scope of the company’s operations. Measurement of level creditrisk uses PT Pefindo bond rating. Annual reports of listed companies in PT Pefindo and IndonesiaStock Exchange (IDX 2010-2011 are collected based on purposive sampling techniques. Thepopulation is 238 companies. Sample used amounted to 84 companies. The analysis model usedin this study is multiple linear regression. Results of this study indicate that the level of corporatecredit risk in Indonesia is high because it is below the 50.00%. The test result of multiple regressionshowed that firm of characteristic affect the level of credit risk. Firm characteristics that affectthe level of credit risk are size, leverage, dispersion of ownership, net profit margin and returnon equity.

  14. STATE CREDIT RATING MARK: PRESENT DOMESTIC REALITIES

    OpenAIRE

    Kovalko, N. M.

    2017-01-01

    The article discusses the problematic aspects of credit ratings and ranking. The economic and legal aspects of ranking relations are addressed. It is concluded that a low credit standing of Ukraine is a sign of our country’s low debt sustainability.It is proved that both for Ukraine and for economically developed countries, the issue of credit ratings is quite important, and at times problematic. The issue is related to the development of the national and international financial credit resour...

  15. Service quality in consumer's credit branch

    OpenAIRE

    Blechová, Věra

    2008-01-01

    The diploma thesis deals with consumer's credit grants of banking and non-banking corporations and comparison of their service quality. The first part of research is dedicated to consumer's knowledge of credit issues. Second describes main difficulties of consumer's credit grants of banking and non-banking corporations and proves their use of unfair manners. The final part of thesis propose improvements, which will boost consumer's protection on field of consumer's credits.

  16. Developing emission reduction credit trading in Texas

    International Nuclear Information System (INIS)

    Dodds, J.E.

    1993-01-01

    The Texas Air Control Board has begun to develop a system of emission reduction credit training. The system will be developed incrementally over time. The first step, banking of VOC and NO x Emission Reduction Credits, began March 15, 1993. Additional programs under study and development include NO x RACT trading, emission credits for motor vehicle scrappage and alternative fuel conversion, and establishment of community organizations to generate and acquire emission reduction credits for economic development purposes

  17. Need for relevant timescales when crediting temporary carbon storage

    DEFF Research Database (Denmark)

    Jørgensen, Susanne Vedel; Hauschild, Michael Zwicky

    2013-01-01

    carbon storage in carbon footprinting. Methods: Implications of using a 100-year accounting period is evaluated via a literature review study of the global carbon cycle, as well as by analysing the crediting approaches that are exemplified by the PAS 2050 scheme for crediting temporary carbon storage......-term climatic benefits is considered to require storage of carbon for at least thousand years. However, it has been proposed that there may exist tipping points for the atmospheric CO2 concentration beyond which irreversible climate changes occur. To reduce the risk of passing such tipping points, fast...... mitigation of the rise in atmospheric greenhouse gas concentration is required and in this perspective, shorter storage times may still provide climatic benefits. Conclusions: Both short- and long-term perspectives should be considered when crediting temporary carbon storage, addressing both acute effects...

  18. Credits

    Directory of Open Access Journals (Sweden)

    - -

    2013-07-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia Fluminense Reitor Luiz Augusto Caldas Pereira Pró-Reitor de Ensino Carlos Márcio Lima Pró-Reitor de Pesquisa e Inovação José Augusto Ferreira da Silva Pró-Reitora de Extensão Paula Aparecida Martins Borges BastosEditora-Chefe Inez Barcellos de Andrade Coordenação Editorial do Boletim Maria Inês Paes Ferreira Conselho Editorial Conselho Consultivo Edinalda Almeida da SilvaHelvia Pereira Pinto BastosJefferson Manhães de AzevedoLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes Ney Adalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTMiriam Fontelle (UNIFLU e UNESARodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFF Organizadores deste númeroMaria Inês Paes FerreiraJader Lugon JuniorLuiz de Pinedo Quinto JúniorBolsista de Iniciação CientíficaCamilla Cardoso da Costa Revisão de Língua Portuguesa e Inglesa Edson Carlos NascimentoIsabela Bastos de CarvalhoKissila Ferreira de SouzaPriscila Matos MonkenRosângela Caldas Projeto Gráfico André da Silva CruzEric Moreira Carvalho Diagramação Cláudia Marcia Alves FerreiraFernando Prado de Matos BettencourtMariana de Almeida Reis CapaAndré da Silva Cruz Revisão Técnica e Catalogação Inez Barcellos de Andrade Dados de Catalogação na Publicação (CIP B688      Boletim do Observatório Ambiental Alberto Ribeiro Lamego / InstitutoFederal de Educação, Ciência e Tecnologia Fluminense.Observatório Ambiental Alberto Ribeiro Lamego. - Vol. 1, no. 1(jan./jun. 2011 - .- Campos dos Goytacazes (RJ: Essentia Editora,2011- SemestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia - IF Fluminense apartir de 2009. ISSN versão impressa 1981-6197ISSN versão eletrônica 2177-4560 1. Engenharia ambiental. I. Instituto Federal de Educação, Ciência eTecnologia Fluminense. II. Observatório Ambiental Alberto Ribeiro Lamego. CDD - 628 Tiragem: 1000 exemplares Impressão: Meneghitti's Gráfica e Editora Ltda. | Tel.: (21 2136-6999

  19. Credits

    Directory of Open Access Journals (Sweden)

    . .

    2015-02-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia FluminenseReitorLuiz Augusto Caldas PereiraPró-Reitor de EnsinoCarlos Márcio LimaPró-Reitor de Pesquisa e InovaçãoJosé Augusto Ferreira da SilvaPró-Reitora de ExtensãoPaula Aparecida Martins Borges BastosPró-Reitora de Desenvolvimento InstitucionalAna Lúcia CampinhoCoordenadora da Essentia EditoraKíssila da Conceição RibeiroConselho EditorialConselho ConsultivoDesiely Silva GusmãoEdinalda Almeida da SilvaHelvia Pereira Pinto BastosInez Barcellos de AndradeJefferson Manhães de AzevedoKíssila da Conceição RibeiroLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes NeyAdalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTRodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFFEquipe EditorialRevisão de Língua PortuguesaEdson Carlos NascimentoDenise Rena HaddadRevisão de Língua InglesaHélvia Pereira Pinto BastosCapa, Projeto GráficoAndré da Silva CruzDiagramaçãoCláudia Marcia Alves FerreiraCatalogação e Revisão TécnicaHenrique Barreiros AlvesLogotipoMarcos Antonio Esquef MacielDados de Catalogação na Publicação (CIPV567 Vértices / Instituto Federal de Educação, Ciência e Tecnologia Fluminense. -Vol.1, n. 1 (dez. 1997 - . - Campos dos Goytacazes (RJ: EssentiaEditora, 1997-QuadrimestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia -IF Fluminense a partir de jan.2009.ISSN 1415-2843 (versão impressaISSN 1809-2667 (versão eletrônica1. Educação - Periódicos. I. Instituto Federal de Educação, Ciênciae Tecnologia Fluminense.CDD - 370.5Revista Indexada em:Instituto Brasileiro em Ciência e Tecnologia/Sistema de Editoração Eletrônico de Revistas (IBICT/SEERSistema Regional de Información en Línea para Revistas Científicasde América Latina, el Caribe, Espanã y Portugal (LATINDEXDirectory Open Access Journals (DOAJRevista filiada à:Associação Brasileira de Editores CientíficosTiragem: 1000 exemplaresImpressão: Globalprint Editora Gráfica LTDA-ME. | Tel.: (31 3198-1100A revista Vértices é uma publicação científica do Instituto Federal de Educação, Ciência e Tecnologia Fluminense.Os artigos assinados são de responsabilidade exclusiva dos autores e não expressam, necessariamente, a opinião do Conselho Editorial.É permitida a reprodução total ou parcial dos artigos desta revista, desde que citada a fonte.

  20. Credits

    Directory of Open Access Journals (Sweden)

    . .

    2015-05-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia FluminenseReitorLuiz Augusto Caldas PereiraPró-Reitor de EnsinoCarlos Márcio LimaPró-Reitor de Pesquisa e InovaçãoJosé Augusto Ferreira da SilvaPró-Reitora de ExtensãoPaula Aparecida Martins Borges BastosPró-Reitora de Desenvolvimento InstitucionalAna Lúcia CampinhoEditora-chefeKíssila da Conceição RibeiroConselho EditorialConselho ConsultivoDesiely Silva GusmãoEdinalda Maria Almeida da SilvaHelvia Pereira Pinto BastosInez Barcellos de AndradeJefferson Manhães de AzevedoKíssila da Conceição RibeiroLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes NeyAdalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTRodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFFEquipe EditorialRevisão de Língua PortuguesaEdson Carlos NascimentoDenise Rena HaddadRevisão de Língua InglesaHélvia Pereira Pinto BastosCapa, Projeto GráficoAndré da Silva CruzDiagramaçãoCláudia Marcia Alves FerreiraCatalogação e Revisão TécnicaHenrique Barreiros AlvesLogotipoMarcos Antonio Esquef MacielDados de Catalogação na Publicação (CIPV567 Vértices / Instituto Federal de Educação, Ciência e Tecnologia Fluminense. -Vol.1, n. 1 (dez. 1997 - . - Campos dos Goytacazes (RJ: EssentiaEditora, 1997-QuadrimestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia -IF Fluminense a partir de jan.2009.ISSN 1415-2843 (versão impressaISSN 1809-2667 (versão eletrônica1. Educação - Periódicos. I. Instituto Federal de Educação, Ciênciae Tecnologia Fluminense.CDD - 370.5Revista Indexada em:Instituto Brasileiro em Ciência e Tecnologia/Sistema de Editoração Eletrônico de Revistas (IBICT/SEERSistema Regional de Información en Línea para Revistas Científicasde América Latina, el Caribe, Espanã y Portugal (LATINDEXDirectory Open Access Journals (DOAJRevista filiada à:Associação Brasileira de Editores CientíficosTiragem: 1000 exemplaresImpressão: Globalprint Editora Gráfica LTDA-ME. | Tel.: (31 3198-1100A revista Vértices é uma publicação científica do Instituto Federal de Educação, Ciência e Tecnologia Fluminense.Os artigos assinados são de responsabilidade exclusiva dos autores e não expressam, necessariamente, a opinião do Conselho Editorial.É permitida a reprodução total ou parcial dos artigos desta revista, desde que citada a fonte.

  1. Credits

    Directory of Open Access Journals (Sweden)

    - -

    2010-05-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia Fluminense Reitora Cibele Daher Botelho Monteiro Pró-Reitora de Ensino Fabíola de Amério Ney Silva Pró-Reitor de Pesquisa e Inovação Hélio Gomes Filho Pró-Reitor de Extensão Eugênio Ferreira Naegele da Silva Pró-Reitor de Desenvolvimento Institucional Roberto Moraes Pessanha Editora-chefe Inez Barcellos de AndradeCoordenação Editorial do Boletim Maria Inês Paes Ferreira Conselho Editorial Conselho Consultivo Desiely Silva GusmãoEdinalda Almeida da SilvaHelvia Pereira Pinto BastosInez Barcellos de AndradeJefferson Manhães de AzevedoLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes Ney Adalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTMiriam Fontelle (UNIFLU e UNESARodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFF Apoio TécnicoCarlos David PascoDenia Cristina da Silva BarretoGisele Carvalho da Silva Costa Nogueira Bolsista de Iniciação CientíficaJáder da Mota SiqueiraJúlio Fontoura Gonçalves de LimaSamara Melo RodriguesWanessa Alves Duarte Revisão de Texto Edinalda Maria Almeida da SilvaVania Cristina Alexandrino Bernardo Projeto Gráfico André da Silva CruzEric Moreira Carvalho Diagramação Diego Melo Gomes CapaAndré da Silva Cruz Revisão Técnica Inez Barcellos de Andrade CopidesqueCláudia de Souza CaetanoCatalogação Inez Barcellos de Andrade Dados de Catalogação na Publicação (CIPB688 Boletim do Observatório Ambiental Alberto Ribeiro Lamego / InstitutoFederal de Educação, Ciência e Tecnologia Fluminense.Observatório Ambiental Alberto Ribeiro Lamego. - Vol. 1, no. 1(jan./jun. 2007 - .- Campos dos Goytacazes (RJ: Essentia Editora,2007- SemestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia - IF Fluminense apartir de 2009. ISSN versão impressa 1981-6197ISSN versão eletrônica 2177-4560 1. Engenharia ambiental. I. Instituto Federal de Educação, Ciência eTecnologia Fluminense. II. Observatório Ambiental Alberto Ribeiro Lamego. CDD - 628 Tiragem: 1000 exemplaresImpressão: Borzan Indústria Gráfica | Tel.: (22 3211-9274

  2. Credits

    Directory of Open Access Journals (Sweden)

    . .

    2014-08-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia Fluminense Reitor Luiz Augusto Caldas Pereira Pró-Reitor de Ensino Carlos Márcio Lima Pró-Reitor de Pesquisa e Inovação José Augusto Ferreira da Silva Pró-Reitora de Extensão Paula Aparecida Martins Borges Bastos Pró-Reitora de Desenvolvimento Institucional Ana Lúcia Campinho Coordenadora da Essentia Editora Kíssila da Conceição Ribeiro Conselho Editorial Conselho Consultivo Desiely Silva GusmãoEdinalda Almeida da SilvaHelvia Pereira Pinto BastosInez Barcellos de AndradeJefferson Manhães de AzevedoLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes Ney Adalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTRodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFF Equipe Editorial Revisão de Língua Portuguesa Edson Carlos NascimentoIsabela Bastos de CarvalhoKíssila Ferreira de SouzaPriscila Matos MonkenRosângela Caldas Revisão de Língua Inglesa Hélvia Pereira Pinto Bastos Capa, Projeto Gráfico André da Silva Cruz Diagramação Cláudia Marcia Alves FerreiraMariana de Almeida Reis Revisão Técnica e Catalogação Inez Barcellos de Andrade Logotipo Marcos Antonio Esquef Maciel Dados de Catalogação na Publicação (CIP V567 Vértices / Instituto Federal de Educação, Ciência e Tecnologia Fluminense. -Vol.1, n. 1 (dez. 1997 - . - Campos dos Goytacazes (RJ: EssentiaEditora, 1997- QuadrimestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia -IF Fluminense a partir de jan.2009. ISSN 1415-2843 (versão impressaISSN 1809-2667 (versão eletrônica 1. Educação - Periódicos. I. Instituto Federal de Educação, Ciênciae Tecnologia Fluminense. CDD - 370.5 Revista Indexada em: Instituto Brasileiro em Ciência e Tecnologia/Sistema de Editoração Eletrônico de Revistas (IBICT/SEER Sistema Regional de Información en Línea para Revistas Científicasde América Latina, el Caribe, Espanã y Portugal (LATINDEX Directory Open Access Journals (DOAJ Revista filiada à: Associação Brasileira de Editores Científicos Tiragem: 1000 exemplaresImpressão: Impressoart Editora Gráfica Ltda. | Tel.: (41 3348-2728 A revista Vértices é uma publicação científica do Instituto Federal de Educação, Ciência e Tecnologia Fluminense. Os artigos assinados são de responsabilidade exclusiva dos autores e não expressam, necessariamente, a opinião do Conselho Editorial. É permitida a reprodução total ou parcial dos artigos desta revista, desde que citada a fonte.

  3. Credits

    Directory of Open Access Journals (Sweden)

    - -

    2010-05-01

    Full Text Available Diretora Geral Cibele Daher Botelho Monteiro Vice-Diretora Geral Jefferson Manhães de Azevedo Coordenadora de Pós-Graduação Vera Raimunda Amério Asseff Coordenador de Pesquisa Rogério Atem de Carvalho Editora-Chefe Maria Amelia Ayd Correa Coordenação Editorial do Boletim Maria Inês Paes Ferreira Conselho Editorial Dalila Silva MelloMarcos Antonio Cruz MoreiraRoberta de Sousa RamalhoVicente de Paulo Santos de Oliveira Organizadores deste número Maria Inês Paes FerreiraMariana Rodrigues de Carvalhaes PinheiroTathiana Chaves de Souza Apoio Técnico Gisele Carvalho da Silva Costa NogueiraCarlos David Pasco Bolsistas de Iniciação Científica Felipe Eliakim SilvaSamara Melo Rodrigues Revisão de Texto Edinalda Maria Almeida da Silva Projeto Gráfico André da Silva CruzDaniel Marques Sardinha Diagramação Daniel Marques Sardinha Capa Daniel Marques Sardinha Revisão Técnica Flávia Gomes de Abreu SiqueiraVanessa Vasconcelos Lopes Assistente de Editoração Cláudia de Souza Caetano Catalogação Antonio Soares das Chagas Filho Dados de Catalogação na Publicação (CIP Boletim do Observatório Ambiental Alberto Ribeiro Lamego. - Vol. 2, n. 1 (jan./jun. 2008. Centro Federal de Educação Tecnológicade Campos. Observatório Ambiental Alberto Ribeiro Lamego.Campos dos Goytacazes, RJ: Essentia Editora, 2008 - v. : il. 14 cm. SemestralISSN 1981-6197 1. Engenharia ambiental. I. Centro Federal de Educação Tecnológicade Campos. II. Observatório Ambiental Alberto Ribeiro Lamego. CDD - 628 Tiragem: 1000 exemplaresImpressão: Gráfica e Editora GSA | Tel.: (27 3232-1266

  4. Credits

    Directory of Open Access Journals (Sweden)

    - -

    2013-01-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia Fluminense Reitor Luiz Augusto Caldas Pereira Pró-Reitor de Ensino Carlos Márcio Lima Pró-Reitor de Pesquisa e Inovação José Augusto Ferreira da Silva Pró-Reitora de Extensão Paula Aparecida Martins Borges BastosEditora-Chefe Inez Barcellos de Andrade Coordenação Editorial do Boletim Maria Inês Paes Ferreira Conselho Editorial Conselho Consultivo Edinalda Almeida da SilvaHelvia Pereira Pinto BastosJefferson Manhães de AzevedoLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes Ney Adalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTMiriam Fontelle (UNIFLU e UNESARodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFF Organizadores deste númeroMaria Inês Paes FerreiraJader Lugon JuniorLuiz de Pinedo Quinto JúniorLuiz Felipe Umbelino dos SantosBolsista de Iniciação CientíficaCamilla Cardoso da Costa Revisão de Língua Portuguesa e Inglesa Edson Carlos Nascimento Projeto Gráfico André da Silva CruzEric Moreira Carvalho Diagramação Cláudia Marcia Alves FerreiraDiego Melo Gomes CapaAndré da Silva Cruz Revisão Técnica e Catalogação Inez Barcellos de Andrade CopidesqueEdson Carlos NascimentoDados de Catalogação na Publicação (CIP B688      Boletim do Observatório Ambiental Alberto Ribeiro Lamego / InstitutoFederal de Educação, Ciência e Tecnologia Fluminense.Observatório Ambiental Alberto Ribeiro Lamego. - Vol. 1, no. 1(jan./jun. 2011 - .- Campos dos Goytacazes (RJ: Essentia Editora,2011- SemestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia - IF Fluminense apartir de 2009. ISSN versão impressa 1981-6197ISSN versão eletrônica 2177-4560 1. Engenharia ambiental. I. Instituto Federal de Educação, Ciência eTecnologia Fluminense. II. Observatório Ambiental Alberto Ribeiro Lamego. CDD - 628 Tiragem: 1000 exemplaresImpressão: Meneghitti's Gráfica e Editora Ltda. | Tel.: (21 2136-6999

  5. Credits

    Directory of Open Access Journals (Sweden)

    - -

    2010-05-01

    Full Text Available Diretora Geral Cibele Daher Botelho Monteiro Vice-Diretora Geral Jefferson Manhães de Azevedo Coordenadora de Pós-Graduação Vera Raimunda Amério Asseff Coordenador de Pesquisa Rogério Atem de Carvalho Editora-Chefe Maria Amelia Ayd Correa Coordenação Editorial do Boletim Maria Inês Paes Ferreira Conselho Editorial Dalila Silva MelloMarcos Antonio Cruz MoreiraRoberta de Sousa RamalhoVicente de Paulo Santos de Oliveira Organizadores deste número Maria Inês Paes FerreiraMariana Rodrigues de Carvalhaes PinheiroTathiana Chaves de Souza Apoio Técnico Gisele Carvalho da Silva Costa NogueiraCarlos David Pasco Bolsistas de Iniciação Científica Felipe Eliakim SilvaSamara Melo Rodrigues Revisão de Texto Edinalda Maria Almeida da Silva Projeto Gráfico André da Silva CruzDaniel Marques Sardinha Diagramação Daniel Marques Sardinha Capa Daniel Marques SardinhaDiego Tavares Ventapane Lopes Revisão Técnica Flávia Gomes de Abreu SiqueiraVanessa Vasconcelos Lopes Assistente de Editoração Cláudia de Souza Caetano Catalogação Antonio Soares das Chagas Filho Dados de Catalogação na Publicação (CIP Boletim do Observatório Ambiental Alberto Ribeiro Lamego. - Vol. 1, n. 2 (jul./dez. 2007. Centro Federal de Educação Tecnológicade Campos. Observatório Ambiental Alberto Ribeiro Lamego.Campos dos Goytacazes, RJ: Essentia Editora, 2007 - v. : il. 14 cm. SemestralISSN 1981-6197 1. Engenharia ambiental. I. Centro Federal de Educação Tecnológicade Campos. II. Observatório Ambiental Alberto Ribeiro Lamego. CDD - 628 Tiragem: 1000 exemplaresImpressão: GSA Gráfica e Editora | Tel.: (27 3232-1266

  6. 75 FR 64785 - Corporate Credit Unions

    Science.gov (United States)

    2010-10-20

    ... management (ALM) and credit risk, and whether to make modifications in the area of corporate governance. NCUA... the revisions, an analysis of how the final investment, credit risk, and asset liability provisions..., credit risk, ALM, liquidity, and capital measures that together should greatly reduce the systemic risk...

  7. 76 FR 24089 - Credit Risk Retention

    Science.gov (United States)

    2011-04-29

    ... 17 CFR Part 246 Department of Housing and Urban Development 24 CFR Part 267 Credit Risk Retention... 2501-AD53 Credit Risk Retention AGENCIES: Office of the Comptroller of the Currency, Treasury (OCC..., Commission, FHFA, and HUD (the Agencies) are proposing rules to implement the credit risk retention...

  8. 76 FR 34010 - Credit Risk Retention

    Science.gov (United States)

    2011-06-10

    ... 2501-AD53 Credit Risk Retention AGENCIES: Office of the Comptroller of the Currency, Treasury (OCC... credit risk retention requirements of section 15G of the Securities Exchange Act of 1934, as added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Credit Risk NPR'' or ``proposed rule...

  9. Rare disasters, credit, and option market puzzles

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Du, Du; Elkamhi, Redouane

    2017-01-01

    calibrated to the real economy can simultaneously explain several key empirical regularities in equity, credit, and options markets. Our model captures the empirical level and volatility of credit spreads, generates a flexible credit risk term structure, and provides a good fit to a century of observed...

  10. Rare Disasters and Credit Market Puzzles

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Du, Du; Elkamhi, Redouane

    to the real economy and not to bond prices can simultaneously explain several key empirical regularities in credit markets. Our model captures the empirical level and volatility of credit spreads, generates a flexible credit risk term structure, and provides a good fit to a century of observed spreads...

  11. 76 FR 54991 - Corporate Credit Unions

    Science.gov (United States)

    2011-09-06

    ... believes the credit risk of carrying this asset is negligible and warrants such treatment, as CLF stock is... credit union excludes the consolidated assets of such programs from risk-weighted assets pursuant to... paragraphs (c)(3) and (f)(4) and adding new p(h) to read as follows: Sec. 704.6 Credit risk management...

  12. CREDIT RATIONING AND SME DEVELOPMENT IN BOTSWANA ...

    African Journals Online (AJOL)

    None

    have the negative effect of stifling the growth of potential firms, thereby .... credit market may explain the credit rationing behaviour of banks to ... derive policy implications to enhance access to bank credit by SMEs. 4. ..... The main challenges to SMEs identified by the study were non-payment of outstanding ... This decision is.

  13. 24 CFR 206.37 - Credit standing.

    Science.gov (United States)

    2010-04-01

    ... CONVERSION MORTGAGE INSURANCE Eligibility; Endorsement Eligible Mortgagors § 206.37 Credit standing. Each mortgagor must have a general credit standing satisfactory to the Secretary. ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Credit standing. 206.37 Section 206...

  14. Credit in Acceptance Sampling on Attributes

    NARCIS (Netherlands)

    Klaassen, Chris A.J.

    2000-01-01

    Credit is introduced in acceptance sampling on attributes and a Credit Based Acceptance sampling system is developed that is very easy to apply in practice.The credit of a producer is defined as the total number of items accepted since the last rejection.In our sampling system the sample size for a

  15. 27 CFR 46.223 - Tax credit.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Tax credit. 46.223 Section... for Sale on April 1, 2009 Tax Liability Calculation § 46.223 Tax credit. The dealer is allowed a credit of up to $500 against the total floor stocks tax. However, controlled groups are eligible for only...

  16. 48 CFR 2132.607 - Tax credit.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Tax credit. 2132.607... Contract Debts 2132.607 Tax credit. FAR 32.607 has no practical application to FEGLI Program contracts. The... Government, contractors may not offset debts to the Fund by a tax credit that is solely a Government...

  17. 48 CFR 1632.607 - Tax credit.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Tax credit. 1632.607... 1632.607 Tax credit. FAR 32.607 has no practical application to FEHBP contracts. The statutory... may not offset debts to the Fund by a tax credit which is solely a Government obligation. ...

  18. 40 CFR 91.1307 - Credit calculation.

    Science.gov (United States)

    2010-07-01

    ... family in kW (sales weighted). The power of each configuration is the rated output in kilowatts as....1307 Credit calculation. For each participating engine family, emission credits (positive or negative... for an engine family whether generating positive or negative in-use emission credits: ER04oc96.053...

  19. 78 FR 25101 - Credit Ratings Roundtable

    Science.gov (United States)

    2013-04-29

    ... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-69433; File No. 4-661] Credit Ratings... examine issues in connection with the possibility of developing a credit rating assignment system. The... FURTHER INFORMATION CONTACT: Scott Davey at (212) 336-0075, Office of Credit Ratings, Securities and...

  20. Sustainability and Organizational Change by Sustainable Crediting Therapy

    Directory of Open Access Journals (Sweden)

    Dragoş Ilie

    2012-06-01

    Full Text Available The objective of this paper is to demonstrate that one of the therapies to achieve sustainability and organizational change in the context of current challenges in the national economies is sustainable crediting. The research method is based on a survey of 30 commercial companies from various fields of activity that have or have not implemented, at the leadership level, the concept of sustainable crediting. The data collecting and processing approach has resulted in the determination of the main economic-financial indicators for a period of 5 years, indicators used by banks in relation with the credited organizations. The main results show that companies that have implemented the sustainable crediting concept are more able to achieve sustainability in their developed activity, as well as organizational change with positive effects on their business and on the company as a whole. The concept of sustainable crediting implies the capitalization of the commercial companies, the increase of the loan portfolio quality, the achievement of the financial balance and environmental protection

  1. Credit Cycles: Econometric Analysis and Evidence for Russia

    Directory of Open Access Journals (Sweden)

    Nikita V. Artamonov

    2014-01-01

    Full Text Available One of the principal problem in contemporary macroeconomics is concerned with factors increasing or decreasing economic dynamics. The mainstream approach is based on neoclassical assumptions, but recently new approaches appear mostly based on new Keynesian concepts. In present time the influence of monetary market and credit instruments become more and more significant. Credit resources of banking and financial structures can affect and distort to reallocation of resources for national and even for global economic. In present paper an empiric and econometric analysis for some macroeconometric and monetary indices for Russian Federation is done. An econometrical models describing the influence of credit variables onto real GDP is estimated. It is shown that in short-term periods changes in credit variables do influence significantly onto GDP. It is shown that on short-term periods changes in money aggregate M2 brings influence (through credit variables onto national output. As well it is shown that changes in short-term interest rate brings significant negative influence onto real output. Impulse response functions for GDP on shocks of credit variables, monetary base and short-term interest rate are evaluated. For the present study of credit cycles and their impact to real business cycles statistical data (quarterly time series on the following factors for Russian Federation are collected: nominal and real GDP, monetary base M2, short-term interest rate, long-term interest rate (10-year treasuries bill rate, total debt outstanding. All time series are seasonally adjusted and collected for the period 2004 Q1 - 2013 Q2. All interest rates are adjusted for inflation (i.e. we deal with real interest rates. The investigation of long-term relationship for the factors under consideration are based on integration. It is important to note that in the present paper all econometric models are estimated on "pure" statistical data, while in many research

  2. Developing a model for validation and prediction of bank customer ...

    African Journals Online (AJOL)

    Credit risk is the most important risk of banks. The main approaches of the bank to reduce credit risk are correct validation using the final status and the validation model parameters. High fuel of bank reserves and lost or outstanding facilities of banks indicate the lack of appropriate validation models in the banking network.

  3. Credit Hours with No Set Time: A Study of Credit Policies in Asynchronous Online Education

    Science.gov (United States)

    Prasuhn, Frederick Carl

    2014-01-01

    U.S. public university system policies were examined to learn how credit hours were determined for asynchronous online education. Findings indicated that (a) credit hour meaning and use are not consistent, (b) primary responsibility for credit hour decisions was at the local level, and (c) no policies exist to guide credit hour application for…

  4. Supply Chain Model with Stochastic Lead Time, Trade-Credit Financing, and Transportation Discounts

    Directory of Open Access Journals (Sweden)

    Sung Jun Kim

    2017-01-01

    Full Text Available This model extends a two-echelon supply chain model by considering the trade-credit policy, transportations discount to make a coordination mechanism between transportation discounts, trade-credit financing, number of shipments, quality improvement of products, and reduced setup cost in such a way that the total cost of the whole system can be reduced, where the supplier offers trade-credit-period to the buyer. For buyer, the backorder rate is considered as variable. There are two investments to reduce setup cost and to improve quality of products. The model assumes lead time-dependent backorder rate, where the lead time is stochastic in nature. By using the trade-credit policy, the model gives how the credit-period would be determined to achieve the win-win outcome. An iterative algorithm is designed to obtain the global optimum results. Numerical example and sensitivity analysis are given to illustrate the model.

  5. Sex of respondent and credit attitudes as predictors of credit card use and debt payment.

    Science.gov (United States)

    McCall, Michael; Eckrich, Donald W

    2006-06-01

    Researchers have suggested there may be sex differences in attitudes towards credit card possession and use. Undergraduates, 41 men and 41 women, completed a survey regarding their attitudes towards credit, credit card use, and repayment. Analysis indicated sex played a significant moderating role between number of credit cards used and the importance of paying off monthly balances. Women possessed more credit cards than men and engaged in more frequent shopping. Number of credit cards increased with paying off of monthly balances. Data are discussed in terms of the importance of managing credit card debt in an increasingly cashless society.

  6. A Network Model of Credit Risk Contagion

    Directory of Open Access Journals (Sweden)

    Ting-Qiang Chen

    2012-01-01

    Full Text Available A network model of credit risk contagion is presented, in which the effect of behaviors of credit risk holders and the financial market regulators and the network structure are considered. By introducing the stochastic dominance theory, we discussed, respectively, the effect mechanisms of the degree of individual relationship, individual attitude to credit risk contagion, the individual ability to resist credit risk contagion, the monitoring strength of the financial market regulators, and the network structure on credit risk contagion. Then some derived and proofed propositions were verified through numerical simulations.

  7. Formal and Informal Credit Markets and Rural Credit Demand in China

    OpenAIRE

    Tang, Sai; Guan, Zhengfei; Jin, Songqing

    2010-01-01

    Credit markets are an essential economic institution. In developing countries, particularly in countries undergoing rapid social and economic transition, it is important to identify emerging credit demand and institute credit supply in a timely manner to facilitate economic transformation. This research focuses on the evolving rural credit market in China, where borrowing from the social network has been common but the recent economic transition has made this informal credit market inadequate...

  8. The Impact of Financial Development on the Relationship between Trade Credit, Bank Credit and Firm Characteristics

    OpenAIRE

    Jézabel Couppey-Soubeyran; Jérôme Héricourt

    2013-01-01

    Using a database of more than 1,300 firms from six countries in the MENA region, we study the impact of financial development on the relationship between trade credit on the one hand and bank credit access and firm-level characteristics, especially financial health, on the other hand. Trade credit use increases with the difficulty for gaining access to bank credit, and indicators of the quality of the firm's financial structure negatively influence the use of trade credit. Additional investig...

  9. Statistical credit risk assessment model of small and very small enterprises for Lithuanian credit unions

    OpenAIRE

    Špicas, Renatas

    2017-01-01

    While functioning in accordance with the new, business and efficiency-oriented operating model, credit unions develop and begin functioning outside the community. It is universally recognised in scientific literature that as credit unions expand their activities beyond a community, social relations with credit union members weaken and the credit unions lose their social control element, which help them to better assess and manage information asymmetry and credit risk. So far, the analysis of ...

  10. Non-conventional fuel tax credit

    International Nuclear Information System (INIS)

    Soeoet, P.M.

    1988-01-01

    Coal-seam methane, along with certain other non-conventional fuels, is eligible for a tax credit. This production tax credit allowed coal-seam methane producers to receive $0.7526 per million Btu of gas sold during 1986. In 1987, this credit rose to $0.78 per million Btu. The tax credit is a very significant element of the economic analysis of current coal-seam methane projects. In today's spot market, gas prices are around $1.50 per million Btu. Allowing for costs of production, the gas producer will net more income from the tax credit than from the sale of the gas. The Crude Oil Windfall Profit Tax Act of 1980 is the source of this tax credit. There were some minor changes made by subsequent legislation, but most of the tax credit has remained intact. Wells must be drilled by 1990 to qualify for the tax credit but the production from such wells is eligible for the tax credit until 2001. Projections have been made, showing that the tax credit should increase to $0.91 per million Btu for production in 1990 and $1.34 per million Btu in 2000. Variables which may decrease the tax credit from these projections are dramatically lower oil prices or general economic price deflation

  11. Credit spread variability in U.S. business cycles: the Great Moderation versus the Great Recession

    OpenAIRE

    Hylton Hollander; Guangling Liu

    2014-01-01

    This paper establishes the prevailing financial factors that influence credit spread variability, and its impact on the U.S. business cycle over the Great Moderation and Great Recession periods. To do so, we develop a dynamic general equilibrium framework with a central role of financial intermediation and equity assets. Over the Great Moderation and Great Recession periods, we find an important role for bank market power (sticky rate adjustments and loan rate markups) on credit spread variab...

  12. Credit spread variability in U.S. business cycles: The Great Moderation versus the Great Recession

    OpenAIRE

    Hylton Hollander and Guangling Liu

    2014-01-01

    This paper establishes the prevailing financial factors that influence credit spread variability, and its impact on the U.S. business cycle over the Great Moderation and Great Recession periods. To do so, we develop a dynamic general equilibrium framework with a central role of financial intermediation and equity assets. Over the Great Moderation and Great Recession periods, we find an important role for bank market power (sticky rate adjustments and loan rate markups) on credit spread variab...

  13. Optimal transfer, ordering and payment policies for joint supplier-buyer inventory model with price-sensitive trapezoidal demand and net credit

    Science.gov (United States)

    Shah, Nita H.; Shah, Digeshkumar B.; Patel, Dushyantkumar G.

    2015-07-01

    This study aims at formulating an integrated supplier-buyer inventory model when market demand is variable price-sensitive trapezoidal and the supplier offers a choice between discount in unit price and permissible delay period for settling the accounts due against the purchases made. This type of trade credit is termed as 'net credit'. In this policy, if the buyer pays within offered time M1, then the buyer is entitled for a cash discount; otherwise the full account must be settled by the time M2; where M2 > M1 ⩾ 0. The goal is to determine the optimal selling price, procurement quantity, number of transfers from the supplier to the buyer and payment time to maximise the joint profit per unit time. An algorithm is worked out to obtain the optimal solution. A numerical example is given to validate the proposed model. The managerial insights based on sensitivity analysis are deduced.

  14. Burnup credit feasibility for BWR spent fuel shipments

    International Nuclear Information System (INIS)

    Broadhead, B.L.

    1990-01-01

    Considerable interest in the allowance of reactivity credit for the exposure history of power reactor fuel currently exists. This ''burnup credit'' issue has the potential to greatly reduce risk and cost when applied to the design and certification of spent of fuel casks used for transportation and storage. Analyses 1 have shown the feasibility estimated the risk and economic incentives for allowing burnup credit in pressurized water reactor (PWR) spent fuel shipping cask applications. This paper summarizes the extension of the previous PWR feasibility assessments to boiling water reactor (BWR) fuel. As with the PWR analysis, the purpose was not verification of burnup credit (see ref. 2 for ongoing work in this area) but a reasonable assessment of the feasibility and potential gains from its use in BWR applications. This feasibility analysis aims to apply simple methods that adequately characterize the time-dependent isotopic compositions of typical BWR fuel. An initial analysis objective was to identify a simple and reliable method for characterizing BWR spent fuel. The method includes characterization of a typical pin-cell spectrum, using a one-dimensional (1-D) model of a BWR assembly. The calculated spectrum allows burnup-dependent few-group material constants to be generated. Point depletion methods were then used to obtain the time-varying characteristics of the fuel. These simple methods were validated, where practical, with multidimensional methods. 6 refs., 1 tab

  15. Status of burnup credit implementation and research in Switzerland

    International Nuclear Information System (INIS)

    Grimm, P.

    2001-01-01

    Burnup credit has recently been approved by the Swiss licensing authority for the spent-fuel storage pool of a PWR plant for fuel exceeding the originally licensed initial enrichment. The criticality safety assessment is based on a configuration consisting of a small number (approximately a reload batch) of fresh assemblies surrounded by assemblies having a burnup corresponding to the minimum value in the top 1 m section after one cycle of irradiation. The allowable initial enrichment in this configuration is about 0.5% higher than for all fresh fuel. A central storage facility for all types of radioactive wastes from Switzerland, including cask storage of spent fuel assemblies is being commissioned presently. The first applications for licenses for casks to be used in this facility have been submitted. Credit for burnup has not been requested in these applications (conforming to the original licenses of the casks in their countries of origin), but utilities are interested in burnup credit for fuel with higher initial enrichments. Reactivity worth measurements as well as chemical assays of spent fuel samples in the LWR-PROTEUS facility at PSI are in detailed planning currently. The experiments, scheduled to start in 2001, will be performed in cooperation with the Swiss utilities and their fuel vendors. Although the focus of interest of these partners is on validation of in-core fuel management tools, the same experiments are also applicable to burnup credit, and contacts with further potential partners interested in this field are underway. (author)

  16. 49 CFR 536.8 - Conditions for trading of credits.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 6 2010-10-01 2010-10-01 false Conditions for trading of credits. 536.8 Section... SAFETY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION TRANSFER AND TRADING OF FUEL ECONOMY CREDITS § 536.8 Conditions for trading of credits. (a) Trading of credits. If a credit holder wishes to trade credits to...

  17. 12 CFR 619.9140 - Farm Credit bank(s).

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Farm Credit bank(s). 619.9140 Section 619.9140 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM DEFINITIONS § 619.9140 Farm Credit bank(s). Except as otherwise defined, the term Farm Credit bank(s) includes Farm Credit Banks...

  18. 17 CFR 256.255 - Accumulated deferred investment tax credits.

    Science.gov (United States)

    2010-04-01

    ... investment tax credits. 256.255 Section 256.255 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... investment tax credits. (a) This account shall be credited and account 411.5, Investment tax credit, debited with investment tax credits deferred by companies which do not apply such credits as a reduction of the...

  19. Two echelon partial trade credit financing in a supply chain derived algebraically

    Directory of Open Access Journals (Sweden)

    Jaggi Chandra K.

    2012-01-01

    Full Text Available Trade credit financing has become a powerful tool to improve sales & profit in an industry. In general, a supplier/retailer frequently offers trade credit to its credit risk downstream member in order to stimulate their respective sales. This trade credit may either be full or partial depending upon the past profile of the downstream member. Partial trade credit may be offered by the supplier/retailer to their credit risk downstream member who must pay a portion of the purchase amount at the time of placing an order and then receives a permissible delay on the rest of the outstanding amount to avoid non-payment risks. The present study investigates the retailer’s inventory problem under partial trade credit financing for two echelon supply chain where the supplier, as well as the retailer, offers partial trade credit to the subsequent downstream member. An algebraic approach has been applied for finding the retailer’s optimal ordering policy under minimizing the annual total relevant cost. Results have been validated with the help of examples followed by comprehensive sensitivity analysis.

  20. Credit Monitoring – a Core of Credit Risk Management: Theory and Experience

    Directory of Open Access Journals (Sweden)

    Daiva Jurevičienė

    2013-11-01

    Full Text Available Purpose of the article: Purpose of the article is to identify credit monitoring as a keystone of credit risk management in banks. CRM is widely discussed in scientific literature and in reports of institutions undertaking credit risk or supervisory bodies. However majority of such investigations are based on implementation of numerous quantitative or qualitative methods used for credit risk assessment before granting a loan or for credit portfolio risk management. There is a lack of information or investigations made on estimation of the need of credit monitoring in credit risk management process. Scientific aim: Scientific aim is to structure the early warning signs that reflect the condition of credits. Methodology/methods: The paper is based on analysis and resumption of various scientific and professional articles related to organization of credit process in banks. It combines results of assessments of credit monitoring importance in credit risk management process made by theoretical studies as well as investigation of experts. Findings: Finding of the article is presentation of credit monitoring tools that should be applied for corporate (and individual clients via modification of original credit agreement. Conclusions: (limits, implications etc Conclusion of the article is that credit monitoring is a keystone in credit risk management process. The purpose of credit monitoring is to detect in time possible worsening of the loan and to react (make changes in loan agreement. The simplest tool for credit monitoring is to identify early warning signs in time that could be assorted into four groups: EWS of business environment; EWS with regard to management, EWS regarding collateral, EWS in financial analysis. Limitation of investigation is impossibility of evaluation of importance of monitoring process in practice except investigation of experts (employees directly responsible for credit business.

  1. Analysis of credit linked demand in an inventory model with varying ordering cost.

    Science.gov (United States)

    Banu, Ateka; Mondal, Shyamal Kumar

    2016-01-01

    In this paper, we have considered an economic order quantity model for deteriorating items with two-level trade credit policy in which a delay in payment is offered by a supplier to a retailer and also an another delay in payment is offered by the retailer to his/her all customers. Here, it is proposed that the demand function is dependent on the length of the customer's credit period and also the duration of offering the credit period. In this article, it is considered that the retailer's ordering cost per order depends on the number of replenishment cycles. The objective of this model is to establish a deterministic EOQ model of deteriorating items for the retailer to decide the position of customers credit period and the number of replenishment cycles in finite time horizon such that the retailer gets the maximum profit. Also, the model is explained with the help of some numerical examples.

  2. 75 FR 17976 - WNC Tax Credits 38, LLC, WNC Tax Credits 39, LLC, WNC Housing Tax Credits Manager, LLC and WNC...

    Science.gov (United States)

    2010-04-08

    ... Credits 38, LLC, WNC Tax Credits 39, LLC, WNC Housing Tax Credits Manager, LLC and WNC & Associates, Inc... collectively, the ``Funds''), WNC Housing Tax Credits Manager, LLC (the ``Manager'') and WNC & Associates, Inc... credit under the Internal Revenue Code of 1986, as amended. The Manager is a California limited liability...

  3. Malmquist Index, an Alternative Technique for Measuring Credit Institutions Productivity

    Directory of Open Access Journals (Sweden)

    Nicolae Dardac

    2008-03-01

    Full Text Available The present study tackles the banking system’s productivity in a more complex manner, that integrates multiple input, multiple output variables, abdicating from the reductionist perspective of clasical methods, which imposed limits in the number of variables, in the process of productivity measurement and interpretation. The advantage of Malmquist productivity indexes consists both in a quantitative evaluation of the global productivity of a credit institution over a specified period of time, and in the decomposition of productivity, in order to underline how much of its change is due to the catch-up effect, and, respectively, to the implementation of new technologies. The results obtained revealed that credit institutions placed on the first three places in the banking system, according to assets value, maintained constant their productivity level during the analysed period, meanwhile the other institutions in our sample registered a slowly improvement in productivity, determined, mainly, by technological changes.

  4. Monetary policy and credit conditions: new evidence.

    OpenAIRE

    Steven Ongena

    1995-01-01

    A number of recent papers seek to distinguish between "money" and "credit" theories of the transmission of monetary disturbances using asymmetric information arguments. In credit models money causes output not only through the real interest rate but also through the availability of bank credit. The research described in this paper extends the work of Kashyap, Stein and Wilcox (1993) who construct a model that incorporates a relationship benefit to bank borrowing and then test the implications...

  5. Corporate financing and anticipated credit rating changes

    OpenAIRE

    Hung, Chi-Hsiou D.; Banerjee, Anurag; Meng, Qingrui

    2017-01-01

    Firm circumstances change but rating agencies may not make timely revisions to their\\ud ratings, increasing information asymmetry between firms and the market. We examine\\ud whether firms time the securities market before a credit rating agency publicly reveals\\ud its decision to downgrade a firm's credit rating. Using quarterly data, we show that\\ud firms adjust their financing structures before credit rating downgrades are publicly\\ud revealed. More specifically, firms on average increase t...

  6. Credit Risk Management in Chinese Banking Industry

    OpenAIRE

    Zhang, Lei

    2006-01-01

    Abstract Credit risk is by far the most important risk faced by banks, and it influences the bank profitability and its long-term operation significantly. Well management on credit risk can be a competitive advantage for banks in the competitive banking industry. Chinese banks suffer from serious financial fragility manifested by high proportions of NPLs and low capital adequacy ratios (Bonin and Huang, 2001). This dissertation examines the real credit performance of Chinese banks ba...

  7. Development of Consumer Credit Laws in Malaysia

    OpenAIRE

    Rahman, Ahmad Saufi Abdul

    2007-01-01

    Consumer Credit is a branch of Commercial Law, which has been developing in recent years inMalaysia. The purpose of this paper is to summarize the latest amendments in the consumer credit laws inMalaysia and to highlight its significance. The discussion will be limited to the three most important laws ofconsumer credit in Malaysia: the hire-purchase, money lending and pawn broking laws.

  8. Credit Constraints, Political Instability, and Capital Accumulation

    OpenAIRE

    Risto Herrala; Rima Turk-Ariss

    2013-01-01

    We investigate the complex interactions between credit constraints, political instability, and capital accumulation using a novel approach based on Kiyotaki and Moore’s (1997) theoretical framework. Drawing on a unique firm-level data set from Middle-East and North Africa (MENA), empirical findings point to a large and significant effect of credit conditions on capital accumulation and suggest that continued political unrest worsens credit constraints. The results support the view that financ...

  9. Multiple Layers of Credit and Mortgage Crises

    OpenAIRE

    Paula Hernandez-Verme

    2011-01-01

    I examine a production economy with a financial sector that contains multiple layers of credit. Such layers are designed to constitute credit chains which are inclusive of a simple mortgage market. The focus is on the nature and contagion properties of credit chains in an economy where the financial sector plays a real allocative role and agents have a nontrivial choice of whether to default on mortgages or not. Multiple equilibria with different rates of default are observed, due to the pres...

  10. Burnup credit activities in the United States

    International Nuclear Information System (INIS)

    Lake, W.H.; Thomas, D.A.; Doering, T.W.

    2001-01-01

    This report covers progress in burnup credit activities that have occurred in the United States of America (USA) since the International Atomic Energy Agency's (IAEA's) Advisory Group Meeting (AGM) on Burnup Credit was convened in October 1997. The Proceeding of the AGM were issued in April 1998 (IAEA-TECDOC-1013, April 1998). The three applications of the use of burnup credit that are discussed in this report are spent fuel storage, spent fuel transportation, and spent fuel disposal. (author)

  11. The role of sovereign credit ratings in fiscal discipline

    OpenAIRE

    Duygun, Meryem; Ozturk, Huseyin; Shaban, Mohamed

    2016-01-01

    This paper investigates several aspects of the relationship between sovereign credit ratings and fiscal discipline. The analysis of over one thousand country–year observations for 93 countries during the 1999–2010 period reveals that a country’s debt level is likely to increase with higher ratings, confirming the existence of pro–cyclicality and path dependence of ratings. In addition, the study finds no evidence to support the theory of Political Business Cycle, which implies that political ...

  12. THE IMPACT OF BASEL III ADOPTION BY G20 MEMBERS ON THEIR CREDIT RATINGS

    Directory of Open Access Journals (Sweden)

    Mohammed Kalloub

    2018-03-01

    Full Text Available This study aims to analyze the effect of Basel III standards adoption made by 27 countries included in Basel III adoption reports (including G20 group members on their credit rating. In addition, the study tests the impact of some macroeconomic variables on sovereign credit rating. The data are obtained from BCBS semi-annual adoption reports, along with other macroeconomic indicators published by IMF and World Bank; however, the basic indicator for credit rating is Standard &Poor’s credit rating. The period under the study is between 2011 and 2016. The results of the analysis show that there is a strong statistical significant positive effect of Basel III standards on 27 countries’ credit rating.

  13. Comparison of analysis methods for burnup credit applications

    International Nuclear Information System (INIS)

    Sanders, T.L.; Brady, M.C.; Renier, J.P.; Parks, C.V.

    1989-01-01

    The current approach used for the development and certification of spent fuel storage and transport casks requires an assumption of fresh fuel isotopics in the criticality safety analysis. However, it has been shown that there is a considerable reactivity reduction when the isotopics representative of the depleted (or burned) fuel are used in a criticality analysis. Thus, by taking credit for the burned state of the fuel (i.e., burnup credit), a cask designer could achieve a significant increase in payload. Accurate prediction of k eff for spent fuel arrays depends both on the criticality safety analysis and the prediction of the spent fuel isotopics via a depletion analysis. Spent fuel isotopics can be obtained from detailed multidimensional reactor analyses, e.g. the code PDQ, or from point reactor burnup models. These reactor calculations will help verify the adequacy of the isotopics and determine Δk eff biases for various analysis assumptions (with and without fission products, actinide absorbers, burnable poison rods, etc.). New software developed to interface PDQ multidimensional isotopics with KENO V.a reactor and cask models is described. Analyses similar to those performed for the reactor cases are carried out with a representative burnup credit cask model using the North Anna fuel. This paper presents the analysis methodology that has been developed for evaluating the physics issues associated with burnup credit. It is applicable in the validation and characterization of fuel isotopics as well as in determining the influence of various analysis assumptions in terms of δk eff . The methodology is used in the calculation of reactor restart criticals and analysis of a typical burnup credit cask

  14. THE COOPERATIVE CREDIT MUTUAL IN BRAZIL.

    Directory of Open Access Journals (Sweden)

    Laércio Baptista da Silva

    2013-06-01

    Full Text Available This study presents an analysis of the reality of credit unions in Brazil, in view of the singular importance of credit unions for the whole society as an alternative to private resources in favor of members of the community where they are located. It confirms that, in Brazil, the mutual credit unions, besides being presented as one of the viable options within the financial system, are also seen as an alternative by which some sectors of society promote the humanization of the financial system by offering credit and return on capital with fairer interest rates.

  15. An endogenous model of the credit network

    Science.gov (United States)

    He, Jianmin; Sui, Xin; Li, Shouwei

    2016-01-01

    In this paper, an endogenous credit network model of firm-bank agents is constructed. The model describes the endogenous formation of firm-firm, firm-bank and bank-bank credit relationships. By means of simulations, the model is capable of showing some obvious similarities with empirical evidence found by other scholars: the upper-tail of firm size distribution can be well fitted with a power-law; the bank size distribution can be lognormally distributed with a power-law tail; the bank in-degrees of the interbank credit network as well as the firm-bank credit network fall into two-power-law distributions.

  16. Phenomena and parameters important to burnup credit

    International Nuclear Information System (INIS)

    Parks, C.V.; Dehart, M.D.; Wagner, J.C.

    2001-01-01

    Since the mid-1980s, a significant number of studies have been directed at understanding the phenomena and parameters important to implementation of burnup credit in out-of-reactor applications involving pressurized-water- reactor (PWR) spent fuel. The efforts directed at burnup credit involving boiling-water-reactor (BWR) spent fuel have been more limited. This paper reviews the knowledge and experience gained from work performed in the United States and other countries in the study of burnup credit. Relevant physics and analysis phenomenon are identified, and an assessment of their importance to burnup credit implementation for transport and dry cask storage is given. (author)

  17. Information Asymmetry and Credit Risk

    Directory of Open Access Journals (Sweden)

    Lorena TUPANGIU

    2017-11-01

    Full Text Available Information asymmetry defines relationships where an agent holds information while another does not hold it. Thus, to the extent that one of the parties to the financing agreement has information more or less accurate than another, the asymmetry of information appears to be a major constraint in the financing of a project. Banks, in their capacity of financial intermediary, operate the transfer of funds to agents in need of financing, to the borrowers, being necessary in this process to have more information in order to benefit of expertise in assessing borrowers. The research of information asymmetry and credit risk consists of interrogating the following aspects: information issues between the bank and borrowers; settlement of information issues; bank’s activism towards information asymmetry. In our approach we will look at the first aspect, namely the information issues between the bank and the borrowers.

  18. Credit Spread Modeling: Macro-financial versus HOC Approach

    Directory of Open Access Journals (Sweden)

    Sanja Dudaković

    2014-12-01

    Full Text Available The aim of this paper is to throw light on the relationship between credit spread changes and past changes of U.S. macro-financial variables when invariants do not have Gaussian distribution. The first part presents the empirical analysis which is based on 10-year AAA corporate bond yields and 10-year Treasury bond yields. Explanatory variables include lagged U.S. leading index, Russell 2000 returns, BBB bond price changes interest rate swaps, exchange rates EUR/ USD, Repo rates, S& P 500 returns and S&P 500 volatility, Treasury bill changes, liquidity index-TRSW, LIBOR rates, Moody’s default rates; credit spread volatility and Treasury bills volatility. The proposed dynamical model explains 73% of the U.S. credit spread variance for the period 1999:07-2013:07. The second part of the article introduces the parameter estimation method based on higher order cumulants. It is demonstrated empirically that much of the information about variability of Credit Spread can be extracted from higher order cumulant function (85%.

  19. Determinants of credit risk - the case of Serbia

    Directory of Open Access Journals (Sweden)

    Jović Željko

    2017-01-01

    Full Text Available This paper examines systemic and specific factors that increased the credit risk level in the Serbian banking sector between 2008 and 2014, by applying the vector autoregression model (VAR, logit and probit. Business cycle and RSD depreciation are the most important systemic determinants of credit risk in the corporate sector, while in the retail sector these determinants represent a deterioration of the business and financial situation, based on a rise in the unemployment rate and nonperforming loans, together with domestic currency depreciation and the effects of the solidarity tax. Banks that entered the crisis with a lower level of capital, higher level of portfolio concentration in their 50 biggest borrowers, and with restrictions on the owner supporting the bank by providing additional capital in the period of credit risk increase, have been more exposed to default and more inclined to overestimate their good assets in their reports. The influence of RSD depreciation and the economic interrelation of clients represent an increase in the credit risk level.

  20. FACTORING- CREDIT OPPORTUNITIES IN ROMANIA

    Directory of Open Access Journals (Sweden)

    ADELA IONESCU

    2013-05-01

    Full Text Available Capital is the main factor of production, business development becomes virtually impossible without taking into account the financial market and the resources it provides to businesses. Any business, regardless of its degree of development, is involving direct contact with financial markets, namely the institutions that mediate mobilization of capital and the services they provide. Understanding the functioning of the financial system, the specific financial mechanisms through which savings are allocated to support capital investments and the costs and risks involved is essential for the development of a solid base for business. In this context, factoring operations can support economic agents, allowing a transfer of commercial receivables from their holder to a factor who commits to their recovery and guarantee such operations even if temporary or permanent insolvency of the debtor . Thus, factoring is a complex technique in at least two aspects, of the debt and the transfer of credit. . Factoring is a means of financing business, especially export-import transactions, less known in Romania. Maybe because of poor business environment popularize the term is as little known as it was a few years ago the leasing. Present in Romanian legislation since 2002, factoring appears as a contract between one party (called adherent, providing goods or service and a banking company or a financial institution specialized (called factor, which the last one shall finance debts pursuing and preservation against credit risks and adherent gives factor by way of sale, debts arising from the sale of goods or services to third parties. The article is divided into three parts. In the first part we defined the concept of factoring and international factoring, then I presented the advantages and development of factoring in Romania, and the last part conclusions.

  1. Impacts of Federal Tax Credit Extensions on Renewable Deployment and Power Sector Emissions

    Energy Technology Data Exchange (ETDEWEB)

    Mai, Trieu [National Renewable Energy Lab. (NREL), Golden, CO (United States); Cole, Wesley [National Renewable Energy Lab. (NREL), Golden, CO (United States); Lantz, Eric [National Renewable Energy Lab. (NREL), Golden, CO (United States); Marcy, Cara [National Renewable Energy Lab. (NREL), Golden, CO (United States); Sigrin, Benjamin [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2016-02-01

    Federal tax credits for renewable energy (RE) have served as one of the primary financial incentives for RE deployment over the last two decades in the United States. In December 2015, the wind power production tax credit and solar investment tax credits were extended for five years as part of the Consolidated Appropriations Act of 2016. This report explores the impact that these tax credit extensions might have on future RE capacity deployment and power sector carbon dioxide (CO2) emissions. The analysis examines the impacts of the tax credit extensions under two distinct natural gas price futures as natural gas prices have been key factors in influencing the economic competitiveness of new RE development. The analysis finds that, in both natural gas price futures, RE tax credit extensions can spur RE capacity investments at least through the early 2020s and can help lower emissions from the U.S. electricity system. More specifically, the RE tax credit extensions are estimated to drive a net peak increase of 48-53 GW in installed RE capacity in the early 2020s -- longer term impacts are less certain. In the longer term after the tax credits ramp down, greater RE capacity is driven by a combination of assumed RE cost declines, rising fossil fuel prices, and other clean energy policies such as the Clean Power Plan. The tax credit extension-driven acceleration in RE capacity development can reduce fossil fuel-based generation and lower electric sector CO2 emissions. Cumulative emissions reductions over a 15-year period (spanning 2016-2030) as a result of the tax credit extensions are estimated to range from 540 to 1420 million metric tonnes CO2. These findings suggest that tax credit extensions can have a measurable impact on future RE deployment and electric sector CO2 emissions under a range of natural gas price futures.

  2. Status of burnup credit for transport of SNF in the United States

    International Nuclear Information System (INIS)

    Parks, C.V.; Wagner, J.C.

    2004-01-01

    Allowing credit for the reduction in reactivity associated with fuel depletion can enable more cost-effective, higher-density storage, transportation, and disposal of spent nuclear fuel (SNF) while maintaining a subcritical margin sufficient to establish an adequate safety basis. This paper reviews the current status of burnup credit applied to the design and transport of SNF casks in the United States. The existing U.S. regulatory guidance on burnup credit is limited to pressurized-water-reactor (PWR) fuel and to allowing credit only for actinides in the SNF. By comparing loading curves against actual SNF discharge data for U.S. reactors, the potential benefits that can be realized using the current regulatory guidance with actinide-only burnup credit are illustrated in terms of the inventory allowed in high-capacity casks and the concurrent reduction in SNF shipments. The additional benefits that might be realized by extending burnup credit to credit for select fission products are also illustrated. The curves show that, although fission products in SNF provide a small decrease in reactivity compared with actinides, the additional negative reactivity causes the SNF inventory acceptable for transportation to increase from roughly 30% to approximately 90% when fission products are considered. A savings of approximately $150M in transport costs can potentially be realized for the planned inventory of the repository. Given appropriate experimental data to support code validation, a realistic best-estimate analysis of burnup credit that includes validated credit for fission products is the enhancement that will yield the most significant impact on future transportation plans

  3. Review of Technical Studies in the United States in Support of Burnup Credit Regulatory Guidance

    International Nuclear Information System (INIS)

    Wagner, John C.; Parks, Cecil V.; Mueller, Don; Gauld, Ian C.

    2010-01-01

    Taking credit for the reduction in reactivity associated with fuel depletion can enable more cost-effective, higher-density storage, transport, disposal, and reprocessing of spent nuclear fuel (SNF) while maintaining sufficient subcritical margin to establish an adequate safety basis. Consequently, there continues to be considerable interest in the United States (U.S.), as well as internationally, in the increased use of burnup credit in SNF operations, particularly related to storage, transport, and disposal of commercial SNF. This interest has motivated numerous technical studies related to the application of burnup credit, both domestically and internationally, as well as the design of SNF storage, transport and disposal systems that rely on burnup credit for maintaining subcriticality. Responding to industry requests and needs, the U.S. Nuclear Regulatory Commission (NRC) initiated a burnup credit research program in 1999, with support from the Oak Ridge National Laboratory (ORNL), to develop regulatory guidance and the supporting technical bases for allowing and expanding the use of burnup credit in pressurized-water reactor SNF storage and transport applications. Although this NRC research program has not been continuous since its inception, considerable progress has been achieved in many key areas in terms of increased understanding of relevant phenomena and issues, availability of relevant information and data, and subsequently updated regulatory guidance for expanded use of burnup credit. This paper reviews technical studies performed by ORNL for the U.S. NRC burnup credit research program. Examples of topics include reactivity effects associated with reactor operating characteristics, fuel assembly characteristics, burnable absorbers, control rods, spatial burnup distributions, cooling time, and assembly misloading; methods and data for validation of isotopic composition predictions; methods and data for validation of criticality calculations; and

  4. The two-child limit for Universal Credit and Child Tax Credit

    OpenAIRE

    MACHIN, Richard

    2017-01-01

    Richard Machin explores the background to, and likely impact of, the two-child limit on the child element in Universal Credit and the Child Tax Credit, which was introduced by the Welfare Reform and Work Act 2016

  5. The impact of credit risk assessment on credit activity of commercial banks

    Directory of Open Access Journals (Sweden)

    Ljubić Marijana

    2015-01-01

    Full Text Available As banks have great social responsibility and are a subject to a specific and extensive regulations, one of the being Basel, the authors of this paper focus on the impact of credit risk assessment on credit activity of commercial banks. The authors of this paper provide a standard for risk management and an insight into directions on how to manage credit risk in the most efficient way and how to assess credit rating of a borrower.

  6. Evaluation of Customer’s Creditworthiness as the Instrument of Corporate Trade Credit Policy

    Directory of Open Access Journals (Sweden)

    Anna Wodyńska

    2009-01-01

    Full Text Available For many small and medium companies trade credit availability is a factor which determines their existence. Financial meaning of trade credit increases with freedom of its granting or taking. Trade credit is the most convenient way of financing activity, thats why stipulating terms and conditions of its granting to borrowers is a significant element of credit policy. The policy adopted by a company should indicate directions and sales barriers so that the firm can maintain and improve its market position. In order to evaluate customers creditworthiness, to specify repayment period, credit amount, rate of interest and repayment schedule (installments it is indispensable to establish an appropriate system. The key to success in granting a trade credit is selection of appropriate business partners. The system of customers verification should give an answer to the question whether the company with which we do business or we intend to do so in the future is creditworthy and the decision about allowing a trade credit should be a result of well thought out credit policy. The author of present article indicates basic methods and tools of contractor creditworthiness evaluation, and she also proposed a payers creditworthiness evaluation sheet, which can be applied to build such a system.

  7. WHAT INFLUENCE CREDIT CARD DEBTS IN YOUNG CONSUMERS IN MALAYSIA

    OpenAIRE

    Syed Shah ALAM; Ruzita Abdul RAHIM; Ridhwanul HAQ; Atiqur Rahman KHAN

    2014-01-01

    This paper examines empirically antecedents of the credit card debts in young consumers in Malaysia. We examine whether easy access to credit card, credit card related knowledge, aggressive promotion by credit card industry, low minimum payment requirement and attitude towards credit cards influence credit card debts in the younger generation. Regression model was used to meet the objectives. These findings based on a sample of 240 young credit card holders, show that the factors that affect ...

  8. The "Negative" Credit Card Effect: Credit Cards as Spending-Limiting Stimuli in New Zealand

    Science.gov (United States)

    Lie, Celia; Hunt, Maree; Peters, Heather L.; Veliu, Bahrie; Harper, David

    2010-01-01

    The "credit card effect" describes a finding where greater value is given to consumer items if credit card logos are present. One explanation for the effect is that credit cards elicit spending behavior through associative learning. If this is true, social, economic and historical contexts should alter this effect. In Experiment 1, Year…

  9. 12 CFR 615.5172 - Production credit association and agricultural credit association investment in farmers' notes...

    Science.gov (United States)

    2010-01-01

    ... credit association investment in farmers' notes given to cooperatives and dealers. 615.5172 Section 615....5172 Production credit association and agricultural credit association investment in farmers' notes... farmers and ranchers eligible to borrow from such associations. (b) Such notes and other obligations...

  10. Credit Cycle and Adverse Selection Effects in Consumer Credit Markets – Evidence from the HELOC Market

    NARCIS (Netherlands)

    Calem, P.; Cannon, M.; Nakamura, L.I.

    2011-01-01

    We empirically study how the underlying riskiness of the pool of home equity line of credit originations is affected over the credit cycle. Drawing from the largest existing database of U.S. home equity lines of credit, we use county-level aggregates of these loans to estimate panel regressions on

  11. Who Gets the Credit? Who Pays the Consequences? The Illinois Tuition Tax Credit. Special Report.

    Science.gov (United States)

    Pathak, Arohi; Keenan, Nancy

    In 1999, Illinois enacted a tuition tax credit program. Tax credit supporters suggest tax credits help low-income students. However, opponents argue that they disproportionately benefit higher-income families whose children are already attending private schools and may decrease already limited resources available to public schools. New data from…

  12. Adam Smith, Religion, and Tuition Tax Credits.

    Science.gov (United States)

    Alexander, Kern

    1983-01-01

    Examines tuition tax credit programs in framework of Adam Smith's ideas on the economic impact of established churches. Finds that tuition tax credits would amount to state expenditures to relieve the financial burden of parochial school parents and would allow churches to invest commercially to maintain their charitable functions. (JW)

  13. College Student Performance and Credit Card Usage.

    Science.gov (United States)

    Pinto, Mary Beth; Parente, Diane H.; Palmer, Todd Starr

    2001-01-01

    Examines the relationship between credit card usage, employment, and academic performance among a group of college students with credit cards. Results reveal that the students differed significantly in the level of anxiety felt from carrying debt, perceived need to work, and perceived impact of employment on academic performance. (Contains 57…

  14. Dynamic Dependence and Diversification in Corporate Credit

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Jin, Xisong

    We characterize dependence and tail dependence in corporate credit using a new class of dynamic copula models which can capture dynamic dependence and asymmetry in large samples of firms. We also document important differences between the dependence dynamics for credit spreads and equity returns...

  15. 76 FR 41590 - Equal Credit Opportunity

    Science.gov (United States)

    2011-07-15

    ... discriminate in any aspect of a credit transaction on the basis of sex, race, color, religion, national origin... with questions about their credit score, even if creditors are not in a position to answer those... best position to identify the key factors that affected the score, and the creditor could rely on that...

  16. 76 FR 13896 - Equal Credit Opportunity

    Science.gov (United States)

    2011-03-15

    ... creditors disclose additional information on FCRA adverse action notices. Specifically, a person must... that a creditor obtained information from a consumer reporting agency. Consistent with section 1100F of... action would need to provide a credit score and information relating to that credit score to those...

  17. Overcoming credit card fraud in South Africa

    African Journals Online (AJOL)

    A credit card is a convenient method of payment, but it does carry risks. The enormous ... Identity theft and the exponential ... Unique Security Features of a Credit Card with the Aim of Identifying ..... technology in an attempt to try and curb the.

  18. Are Credit Shocks Supply or Demand Shocks?

    OpenAIRE

    Bijapur, Mohan

    2013-01-01

    This paper provides new insights into the relationship between the supply of credit and the macroeconomy. We present evidence that credit shocks constitute shocks to aggregate supply in that they have a permanent effect on output and cause inflation to rise in the short term. Our results also suggest that the effects on aggregate supply have grown stronger in recent decades.

  19. Potentials in Asian Export Credit Cooperation

    Institute of Scientific and Technical Information of China (English)

    2004-01-01

    "Mekong River Regional Development Project advocated by Asian Development Bank (ADB) has been implemented. Trans-Asia Railway and Trans-Asia Highway are being discussed. It is a good opportunity for Asian Export Credit Agencies (ECAs) to cooperate and financing these large crossboarder projects."On May 11, at the 10th Annual Meeting of Asian Export Credit Agencies,

  20. Tiebreaker: Certification and Multiple Credit Ratings

    NARCIS (Netherlands)

    D.G.J. Bongaerts (Dion); K.J.M. Cremers (Martijn); W.N. Goetzmann (William)

    2008-01-01

    textabstractAbstract: This paper explores the role played by multiple credit rating agencies (CRAs) in the market for corporate bonds. Moody’s, S&P and Fitch operate in a competitive setting with market demand for both credit information and the certification value of a high rating. We

  1. Tiebreaker: Certification and multiple credit ratings

    NARCIS (Netherlands)

    Bongaerts, D.; Cremers, K.J.M.; Goetzmann, W.

    2009-01-01

    This paper explores the role played by multiple credit rating agencies (CRAs) in the market for corporate bonds. Moody’s, S&P and Fitch operate in a competitive setting with market demand for both credit information and the certification value of a high rating. We empirically document the outcome of

  2. Trade credit, collateral liquidation, and borrowing constraints

    NARCIS (Netherlands)

    Fabbri, D.; Menichini, A.M.C.

    2010-01-01

    Assuming that firms’ suppliers are better able to extract value from the liquidation of assets in default and have an information advantage over other creditors, the paper derives six predictions on the use of trade credit. (1) Financially unconstrained firms (with unused bank credit lines) take

  3. 75 FR 49510 - Credit Watch Termination Initiative

    Science.gov (United States)

    2010-08-13

    ... DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR-5411-N-02] Credit Watch Termination Initiative AGENCY: Office of the Assistant Secretary for Housing--Federal Housing Commissioner, HUD. ACTION... FHA Credit Watch Termination Initiative. This notice includes a list of mortgagees which have had...

  4. 75 FR 17944 - Credit Watch Termination Initiative

    Science.gov (United States)

    2010-04-08

    ... DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR-5411-N-01] Credit Watch Termination Initiative AGENCY: Office of the Assistant Secretary for Housing--Federal Housing Commissioner, HUD. ACTION... FHA Credit Watch Termination Initiative. This notice includes a list of mortgagees which have had...

  5. The Credit Hour and Public Budgeting.

    Science.gov (United States)

    Wellman, Jane V.

    2003-01-01

    Discusses the ways the credit hour has come to be used by public funding systems in higher education. The literature review shows that the credit hour has become a barrier to innovation and a way to create systemic inequities between institutions or sectors in resource allocation. (SLD)

  6. Forecasting the value of credit scoring

    Science.gov (United States)

    Saad, Shakila; Ahmad, Noryati; Jaffar, Maheran Mohd

    2017-08-01

    Nowadays, credit scoring system plays an important role in banking sector. This process is important in assessing the creditworthiness of customers requesting credit from banks or other financial institutions. Usually, the credit scoring is used when customers send the application for credit facilities. Based on the score from credit scoring, bank will be able to segregate the "good" clients from "bad" clients. However, in most cases the score is useful at that specific time only and cannot be used to forecast the credit worthiness of the same applicant after that. Hence, bank will not know if "good" clients will always be good all the time or "bad" clients may become "good" clients after certain time. To fill up the gap, this study proposes an equation to forecast the credit scoring of the potential borrowers at a certain time by using the historical score related to the assumption. The Mean Absolute Percentage Error (MAPE) is used to measure the accuracy of the forecast scoring. Result shows the forecast scoring is highly accurate as compared to actual credit scoring.

  7. CONTINGENCIES FOR MEASUREMENT OF THE CREDIT RISK

    Directory of Open Access Journals (Sweden)

    Marinela BARBULESCU

    2015-12-01

    Full Text Available The Global Financial Crisis, which affected various banks, some of them very important banks, highlighted the importance of an accurate credit risk measurement in order to be able to overcome it. There are a variety of such credit risk measurement models, so we can say that banks face a real dilemma when having to choose the most appropriate one. The aim of this paper is to examine the most popular methods used to measure the credit risk and to identify the strengths and the weaknesses of each one of it. The research was accomplished from a double perspective, in which the conceptual methodological approach is correlated to a variety of references to practical actions aiming the measurement and the prevention of credit risk. The study includes the presentation of the objectives of credit risk analysis, the most appropriate moments for doing such an analysis, the steps that have to be done in order to measure the credit risk, the errors that can overcome in the credit risk measurement system, generated by the misclassifications of the studied company, and the presentation of the specific information of financial creditors. The findings expressed in this paper were mainly the result of a qualitative analysis which showed that there is no best model for credit risk measurement, each one having both strengths and weaknesses, some providing a comprehensive analysis of the individual customer’s financial strength others allowing banks permanently monitor fluctuating default risk and identify the possibly problems at an early stage.

  8. Credit Ratings and Bank Monitoring Ability

    NARCIS (Netherlands)

    Nakamura, L.I.; Roszbach, K.

    2010-01-01

    In this paper we use credit rating data from two Swedish banks to elicit evidence on these banks’ loan monitoring ability. We do so by comparing the ability of bank ratings to predict loan defaults relative to that of public ratings from the Swedish credit bureau. We test the banks’ abilility to

  9. Facilitating SME Financing through Improved Credit Reporting

    OpenAIRE

    International Committee on Credit Reporting

    2014-01-01

    The general principles for credit reporting were issued by the World Bank in September 2011. Since then, the World Bank and the international committee on credit reporting (ICCR) have been leading efforts towards the implementation of the general principles worldwide. This report is one of the concrete outputs of the work following the general principles. It addresses one of the most signi...

  10. Credit Risk Evaluation : Modeling - Analysis - Management

    OpenAIRE

    Wehrspohn, Uwe

    2002-01-01

    An analysis and further development of the building blocks of modern credit risk management: -Definitions of default -Estimation of default probabilities -Exposures -Recovery Rates -Pricing -Concepts of portfolio dependence -Time horizons for risk calculations -Quantification of portfolio risk -Estimation of risk measures -Portfolio analysis and portfolio improvement -Evaluation and comparison of credit risk models -Analytic portfolio loss distributions The thesis contributes to the evaluatio...

  11. The impact of conditional and unconditional conservatism on trade credit: evidence of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Samin KOHANSAL

    2017-02-01

    Full Text Available The aim of this research is to examine the impact of conditional and unconditional conservatism on the trade credit of companies listed at the Tehran Stock Exchange. In this respect, using a systematic deletion sampling, 74 companies were chosen and studied during the period 2009 to 2013. The method of testing the research hypotheses was a multivariate regression using estimated generalized least square. The results of the research indicated that conditional and unconditional conservatism are positively and significantly related to the trade credit of the companies; in other words, if a higher level of conservatism is used and types of conservatism grow, more trade credit will accrue to companies.

  12. Bank Credit and Aggregate Import Demand in Nigeria: A Cointegration Analysis

    Directory of Open Access Journals (Sweden)

    Philip Chimobi Omoke

    2012-06-01

    Full Text Available This study reformulated the aggregate import demand for Nigeria by including a financial variable (bank credit into the traditional import demand function for the period 1970-2009. The Johansen Multivariate cointegration analysis was used to estimate the function. The result obtained from the study shows no evidence of the existence of cointegrating relations between bank credit and import demand. This shows that bank credit is found to be insufficient as a policy instrument for long term import demand in Nigeria. Thus, the financial variable should not be included in modelling the aggregate import demand for Nigeria.

  13. Sovereign Credit Risk, Liquidity and ECB Intervention

    DEFF Research Database (Denmark)

    Pelizzon, Loriana; Subrahmanyam, Marti G.; Tomio, Davide

    This paper explores the interaction between credit risk and liquidity, in the context of the intervention by the European Central Bank (ECB), during the Euro-zone crisis. The laboratory for our investigation is the Italian sovereign bond market, the largest in the Euro-zone. We use a unique data...... between changes in Italian sovereign credit risk and liquidity in the secondary bond market, conditional on the level of credit risk, measured by the Italian sovereign credit default swap (CDS) spread. We demonstrate the existence of a threshold of 500 basis points (bp) in the CDS spread, above which...... there is a structural change in this relationship. Other global systemic factors also a ffect market liquidity, but the speci c credit risk of primary dealers plays only a modest role in a ffecting market liquidity, especially under conditions of stress. Moreover, the data indicate that there is a clear structural...

  14. Models for assessing and managing credit risk

    Directory of Open Access Journals (Sweden)

    Neogradi Slađana

    2014-01-01

    Full Text Available This essay deals with the definition of a model for assessing and managing credit risk. Risk is an inseparable component of any average and normal credit transaction. Looking at the different aspects of the identification and classification of risk in the banking industry as well as representation of the key components of modern risk management. In the first part of the essay will analyze how the impact of credit risk on bank and empirical models for determining the financial difficulties in which the company can be found. Bank on the basis of these models can reduce number of approved risk assets. In the second part, we consider models for improving credit risk with emphasis on Basel I, II and III, and the third part, we conclude that the most appropriate model and gives the best effect for measuring credit risk in domestic banks.

  15. Credit scoring analysis using kernel discriminant

    Science.gov (United States)

    Widiharih, T.; Mukid, M. A.; Mustafid

    2018-05-01

    Credit scoring model is an important tool for reducing the risk of wrong decisions when granting credit facilities to applicants. This paper investigate the performance of kernel discriminant model in assessing customer credit risk. Kernel discriminant analysis is a non- parametric method which means that it does not require any assumptions about the probability distribution of the input. The main ingredient is a kernel that allows an efficient computation of Fisher discriminant. We use several kernel such as normal, epanechnikov, biweight, and triweight. The models accuracy was compared each other using data from a financial institution in Indonesia. The results show that kernel discriminant can be an alternative method that can be used to determine who is eligible for a credit loan. In the data we use, it shows that a normal kernel is relevant to be selected for credit scoring using kernel discriminant model. Sensitivity and specificity reach to 0.5556 and 0.5488 respectively.

  16. Issues for effective implementation of burnup credit

    International Nuclear Information System (INIS)

    Parks, C.V.; Wagner, J.C.

    2001-01-01

    In the United States, burnup credit has been used in the criticality safety evaluation for storage pools at pressurized water reactors (PWRs) and considerable work has been performed to lay the foundation for use of burnup credit in dry storage and transport cask applications and permanent disposal applications. Many of the technical issues related to the basic physics phenomena and parameters of importance are similar in each of these applications. However, the nuclear fuel cycle in the United States has never been fully integrated and the implementation of burnup credit to each of these applications is dependent somewhat on the specific safety bases developed over the history of each operational area. This paper will briefly review the implementation status of burnup credit for each application area and explore some of the remaining issues associated with effective implementation of burnup credit. (author)

  17. Tight gas sand tax credit yields opportunities

    International Nuclear Information System (INIS)

    Lewis, F.W.; Osburn, A.S.

    1991-01-01

    The U.S. Internal Revenue Service on Apr. 1, 1991, released the inflation adjustments used in the calculations of Non-Conventional Fuel Tax Credits for 1990. The inflation adjustment, 1.6730, when applied to the base price of $3/bbl of oil equivalent, adjusts the tax credit to $5.019/bbl for oil and 86.53 cents/MMBTU for gas. The conversion factor for equivalent fuels is 5.8 MMBTU/bbl. Unfortunately, the tax credit for tight formation gas continues to be unadjusted for inflation and remains 52 cents/MMBTU. As many producers are aware, the Omnibus Budget Reconciliation Act of 1990 expanded the dates of eligibility and the usage for-Non-Conventional Fuel Tax Credits. Among other provisions, eligible wells may be placed in service until Jan. 1, 1992, and once in place may utilize the credit for production through Dec. 31, 2002. Both dates are 2 year extensions from previous regulations

  18. Determinants of SME credit worthiness under Basel rules: the value of credit history information

    Directory of Open Access Journals (Sweden)

    Francesco Dainelli

    2013-03-01

    Full Text Available The Basel III Accord has reportedly had an impact on SME financing. In this paper, we aim to highlight the determinants of SME credit worthiness. We use credit history in addition to financial ratios and “hybrid” indicators that have been built by mixing credit history with financial statement data. We develop a failure prediction logit model on 187 Italian SMEs. The use of short-term credit lines is the most important variable. Contrary to common understanding, capitalization levels do not affect ratings. Lastly, credit worthiness is sensitive to sale profitability.

  19. 12 CFR 226.12 - Special credit card provisions.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Special credit card provisions. 226.12 Section... SYSTEM TRUTH IN LENDING (REGULATION Z) Open-End Credit § 226.12 Special credit card provisions. (a) Issuance of credit cards. Regardless of the purpose for which a credit card is to be used, including...

  20. 12 CFR 614.4720 - Letters of credit.

    Science.gov (United States)

    2010-01-01

    ... Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM LOAN POLICIES AND OPERATIONS Banks for Cooperatives and Agricultural Credit Banks Financing International Trade § 614.4720 Letters of credit. Banks for cooperatives and agricultural credit banks, under policies adopted by their boards of directors...

  1. 12 CFR 619.9145 - Farm Credit Bank.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Farm Credit Bank. 619.9145 Section 619.9145 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM DEFINITIONS § 619.9145 Farm Credit Bank. The term Farm Credit Bank refers to a bank resulting from the mandatory merger of the Federal land...

  2. 12 CFR 704.6 - Credit risk management.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Credit risk management. 704.6 Section 704.6... CREDIT UNIONS § 704.6 Credit risk management. (a) Policies. A corporate credit union must operate according to a credit risk management policy that is commensurate with the investment risks and activities...

  3. Credit Participation and Credit Source Selection of Vietnam Small and Medium Enterprises

    Directory of Open Access Journals (Sweden)

    Nguyen Anh Hoang

    2014-10-01

    Full Text Available This study is an attempt to investigate the motivation behind the decision to participate in the credit market of SMEs from perspectives of behavioral finance and social capital theories. In addi- tion, the study also examines the effect of behavioral finance and social capital factors on the credit source selection among SMEs. This study’s design strategy involves conducting questionnaire sur- veys to SMEs owners and statistical techniques to analyze the determinants of credit participation and credit source selection of borrowers. The findings showed that personal traits of SMEs owners/ managers in terms of behavioral finance factors such as debt and risk attitudes, present biased and overconfidence and firms networking also have impacts on the firms’ credit participation and credit source selection. The research is one of the few studies that consider the influence of behavioral finance factors on firms financing decision. Furthermore, our result also contributes to explain the common use of informal credit market in developing countries.

  4. Credit Risk Management and Interest Income of Banks in Nigeria

    Directory of Open Access Journals (Sweden)

    Fapetu, Oladapo

    2017-06-01

    Full Text Available This study examines the impact of credit risk on the interest income of banks in Nigeria between the period of 2000 and 2014. Unbalanced panel data analysis was used to estimate the model with unit root test, Breusch Pagan test, trend analysis, descriptive statistics, Perasan CD Test, heteroskedasticity test, heterogeneity test, serial correlation test, Jarquebera, F-statistics, random effect, fixed effect, time effect, Prob value, Hausman test and rho as the estimation parameters. The study discovered that NPL, LLP and LA are statistically significant in explaining the variation in interest income across banks in Nigeria, while LA/TD is not statistically significant in explaining the variation in interest income across banks in Nigeria. Based on this, the study recommends that regular update of credit policy and adequate measures to monitor loans should be put in place by banks in Nigeria, as these measures will reduce bad loans and ultimately cause a reduction in loan loss provisions.

  5. MAJOR TRENDS OF THE INTERNAL AUDIT FUNCTION IN CREDIT INSTITUTIONS

    Directory of Open Access Journals (Sweden)

    Clara Iulia ZINCA (VOICULESCU

    2016-12-01

    Full Text Available Given that the economic landscape becomes more and more complex and dynamic, the internal audit plays an increasing role, being considered a pillar of the corporate governance structure of credit institutions. Failures of risk management have demonstrated the important role of internal audit and the need for it to evolve and to meet the multiple expectations of the stakeholders. Beyond the core assurance provided by internal audit relating to risk and controls, these expectations include providing a deeper insight and value, particularly in the areas of strategy achievement, emerging risks and use of advanced data analysis. This paper aims to identify the major challenges encountered by the internal audit function in credit institutions in the current period and the ways in which internal audit can respond to these challenges, to deliver according to the growing expectations on corporate governance and to actively support the organizations in achieving a steady and sound development.

  6. MAJOR TRENDS OF THE INTERNAL AUDIT FUNCTION IN CREDIT INSTITUTIONS

    Directory of Open Access Journals (Sweden)

    Clara Iulia ZINCA (VOICULESCU

    2017-02-01

    Full Text Available Given that the economic landscape becomes more and more complex and dynamic, the internal audit plays an increasing role, being considered a pillar of the corporate governance structure of credit institutions. Failures of risk management have demonstrated the important role of internal audit and the need for it to evolve and to meet the multiple expectations of the stakeholders. Beyond the core assurance provided by internal audit relating to risk and controls, these expectations include providing a deeper insight and value, particularly in the areas of strategy achievement, emerging risks and use of advanced data analysis. This paper aims to identify the major challenges encountered by the internal audit function in credit institutions in the current period and the ways in which internal audit can respond to these challenges, to deliver according to the growing expectations on corporate governance and to actively support the organizations in achieving a steady and sound development.

  7. THE IMPACT OF THE ECONOMIC CRISIS ON CREDIT INSURANCE

    Directory of Open Access Journals (Sweden)

    Vaidean Viorela-Ligia

    2010-07-01

    Full Text Available The insurance domain is one of the most complex and extensive areas of the market. However this field is very risk exposed especially in this period of economic instability. One of the most non-performant insurance products at this time is the credit insurance. Due to inability to pay and increasing bad loans, insurance companies have decided to remove these products from their portfolio. We believe that the signs that led to this situation have been very visible for a long time, but the insurance market players refused to give too much importance to them because they based their operations on the artificial strength of the whole system. In this paper we want to show how things have evolved on the credit insurance market as compared to the general insurance market, and if the present situation could have been anticipated and avoided.

  8. Two retailer-supplier supply chain models with default risk under trade credit policy.

    Science.gov (United States)

    Wu, Chengfeng; Zhao, Qiuhong

    2016-01-01

    The purpose of the paper is to formulate two uncooperative replenishment models with demand and default risk which are the functions of the trade credit period, i.e., a Nash equilibrium model and a supplier-Stackelberg model. Firstly, we present the optimal results of decentralized decision and centralized decision without trade credit. Secondly, we derive the existence and uniqueness conditions of the optimal solutions under the two games, respectively. Moreover, we present a set of theorems and corollary to determine the optimal solutions. Finally, we provide an example and sensitivity analysis to illustrate the proposed strategy and optimal solutions. Sensitivity analysis reveals that the total profits of supply chain under the two games both are better than the results under the centralized decision only if the optimal trade credit period isn't too short. It also reveals that the size of trade credit period, demand, retailer's profit and supplier's profit have strong relationship with the increasing demand coefficient, wholesale price, default risk coefficient and production cost. The major contribution of the paper is that we comprehensively compare between the results of decentralized decision and centralized decision without trade credit, Nash equilibrium and supplier-Stackelberg models with trade credit, and obtain some interesting managerial insights and practical implications.

  9. Implementation of burnup credit in spent fuel management systems. Proceedings of an advisory group meeting

    International Nuclear Information System (INIS)

    1998-04-01

    The criticality safety analysis of spent fuel systems has traditionally assumed that the fuel is fresh. This results in significant conservatism in the calculated value of the system's reactivity. Improved calculational methods allows one to take credit for the reactivity reduction associated with fuel burnup, hence reducing the analysis conservatism while maintaining an adequate criticality safety margin. Motivation for using burnup credit in criticality safety applications is generally based on economic considerations. Although economics may be a primary factor in deciding to use burnup credit, other benefits may be realized. Many of the additional benefits of burnup credit that are not strictly economic, may be considered to contribute to public health and safety, and resource conservation and environmental quality. Interest in the implementation of burnup credit has been shown by many countries. A summary of the information gathered by the IAEA about ongoing activities and regulatory status of burnup credit in different countries is included. Burnup credit implementation introduces new parameters and effects that should be addressed in the criticality analysis (e.g., axial and radial burnup shapes, fuel irradiation history, and others). Analysis of these parameters introduces new variations as well as the uncertainties, that should be considered in the safety assessment of the system. Also, the need arises to validate the isotopic composition that results from a depletion calculation, as well as to extend the current validation range of criticality codes to cover spent fuel. The use of burnup credit implies a verification of the fuel burnup before loading for transport, storage, disposal, or reprocessing each assembly, to make sure that the burnup level achieved complies with the criteria established. Methods and procedures used in different countries are described in this report

  10. Implementation of burnup credit in spent fuel management systems. Proceedings of an advisory group meeting

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-04-01

    The criticality safety analysis of spent fuel systems has traditionally assumed that the fuel is fresh. This results in significant conservatism in the calculated value of the system`s reactivity. Improved calculational methods allows one to take credit for the reactivity reduction associated with fuel burnup, hence reducing the analysis conservatism while maintaining an adequate criticality safety margin. Motivation for using burnup credit in criticality safety applications is generally based on economic considerations. Although economics may be a primary factor in deciding to use burnup credit, other benefits may be realized. Many of the additional benefits of burnup credit that are not strictly economic, may be considered to contribute to public health and safety, and resource conservation and environmental quality. Interest in the implementation of burnup credit has been shown by many countries. A summary of the information gathered by the IAEA about ongoing activities and regulatory status of burnup credit in different countries is included. Burnup credit implementation introduces new parameters and effects that should be addressed in the criticality analysis (e.g., axial and radial burnup shapes, fuel irradiation history, and others). Analysis of these parameters introduces new variations as well as the uncertainties, that should be considered in the safety assessment of the system. Also, the need arises to validate the isotopic composition that results from a depletion calculation, as well as to extend the current validation range of criticality codes to cover spent fuel. The use of burnup credit implies a verification of the fuel burnup before loading for transport, storage, disposal, or reprocessing each assembly, to make sure that the burnup level achieved complies with the criteria established. Methods and procedures used in different countries are described in this report. Refs, figs, tabs.

  11. Method for adding additional isotopes to actinide-only burnup credit

    International Nuclear Information System (INIS)

    Lancaster, D.B.; Fuentes, E.; Kang, C.

    1998-01-01

    The Topical Report on Actinide-Only Burnup Credit for Pressurized Water Reactor Spent Nuclear Fuel Packages requires computer code validation to be performed against a benchmark set of chemical assays for isotopic concentration and against a benchmark set of critical experiments for package criticality. Both sets contain all the isotopes included in the methodology. The chemical assays used include the uranium and plutonium isotopes, while the critical experiments were composed of UO 2 or MOX rods, covering the isotopes in the actinide only approach. Since other isotopes are not included in the validation benchmark sets, it would be necessary to justify both the content and worth of any additional isotope for which burnup credit is to be taken (i.e., both the concentration and criticality effect of each particular isotope must be validated). A method is proposed here that can be used for any number of additional isotopes. As does the actinide-only burnup credit methodology, this method makes use of chemical assay data to establish the conservatism in the prediction of each isotope's concentration. Criticality validation is also performed using a benchmark set of UO 2 and MOX critical experiments, where the additional isotopes are validated using worth experiments to conservatively account for any uncertainty in their cross sections. The remaining requirements (analysis and modeling parameters, loading criteria generation, and physical implementation and controls) are performed exactly as described in the actinide-only burnup credit methodology. This report provides insight into each particular requirement in the new methodology

  12. Value of burnup credit beyond actinides

    International Nuclear Information System (INIS)

    Lancaster, D.; Fuentes, E.; Kang, Chi.

    1997-01-01

    DOE has submitted a topical report to the NRC justifying burnup credit based only on actinide isotopes (U-234, U-235, U-236, U-238, Pu-238, Pu-239, Pu-240, Pu-241, Pu-242, and Am-241). When this topical report is approved, it will allow a great deal of the commercial spent nuclear fuel to be transported in significantly higher capacity casks. A cost savings estimate for shipping fuel in 32 assembly (burnup credit) casks as opposed to 24 assembly (non-burnup credit) casks was previously presented. Since that time, more detailed calculations have been performed using the methodology presented in the Actinide-Only Burnup Credit Topical Report. Loading curves for derated casks have been generated using actinide-only burnup credit and are presented in this paper. The estimates of cost savings due to burnup credit for shipping fuel utilizing 32, 30, 28, and 24 assembly casks where only the 24 assembly cask does not burnup credit have been created and are discussed. 4 refs., 2 figs

  13. Social micro-credit and gender

    Directory of Open Access Journals (Sweden)

    Dora Argentina Cabezas Elizondo

    2008-03-01

    Full Text Available The social policy has been oriented to support of the population in extreme poverty; From the speech, doesn't exist differences between men and women. However, In the development of the social spending, the social policy has been undermined by the gender stigma; That is, when the social policy has been guide to support women. This does not having the purpose of to develop the gender. From more than fifteen years, the organisations insisted on that the authorities not only support the women projects that only are a extension of domestic work, but they continues support only this projects.The purpose of this paper is to analyze the behavior of microcredit and its role in public and social policy, to support micro entrepreneurs women. In this contribution we give ourselves to the task of finding the behavior of this public policy in the state of Colima. Where the government instruments of social and economic policy, designed to provide support according to the genre, will be analyzed. During the period of 2000-2003, the orientation of these and their impact in terms of self-employment and elimination of poverty.We try social credit schemes as an instrument of the federal government to solve the problem of unemployment and increasing poverty, through the implementation of programs that promote self-employment.We will be discussed the experience of these financing schemes in the second level of government, which is the state, based on the analysis of micro loans during the period 2000-2003 in Colima, Mexico.

  14. 76 FR 40946 - WNC Tax Credits 40, LLC, WNC Tax Credits 41, LLC, WNC Housing Tax Credits Manager 2, LLC, WNC...

    Science.gov (United States)

    2011-07-12

    ... Credits 40, LLC, WNC Tax Credits 41, LLC, WNC Housing Tax Credits Manager 2, LLC, WNC National Partners... (``Fund 41'') (each a ``Fund,'' and collectively, the ``Funds''), WNC Housing Tax Credits Manager 2, LLC (the ``Manager''), WNC National Partners, LLC (``WNC National Partners'') and WNC & Associates, Inc...

  15. Transitive Credit and JSON-LD

    Directory of Open Access Journals (Sweden)

    Daniel S. Katz

    2015-11-01

    Full Text Available Science and engineering research increasingly relies on activities that facilitate research but are not currently rewarded or recognized, such as: data sharing; developing common data resources, software and methodologies; and annotating data and publications. To promote and advance these activities, we must develop mechanisms for assigning credit, facilitate the appropriate attribution of research outcomes, devise incentives for activities that facilitate research, and allocate funds to maximize return on investment. In this article, we focus on addressing the issue of assigning credit for both direct and indirect contributions, specifically by using JSON-LD to implement a prototype transitive credit system.

  16. Credit Spreads Across the Business Cycle

    DEFF Research Database (Denmark)

    Nielsen, Mads Stenbo

    This paper studies how corporate bond spreads vary with the business cycle. I show that both level and slope of empirical credit spread curves are correlated with the state of the economy, and I link this to variation in idiosyncratic jump risk. I develop a structural credit risk model...... that accounts for both business cycle and jump risk, and show by estimation that the model captures the counter-cyclical level and pro-cyclical slope of empirical credit spread curves. In addition, I provide a new procedure for estimation of idiosyncratic jump risk, which is consistent with observed shocks...

  17. A dynamic model of unsecured credit

    OpenAIRE

    Daniel R. Sanches

    2010-01-01

    The author studies the terms of credit in a competitive market in which sellers (lenders) are willing to repeatedly finance the purchases of buyers (borrowers) by engaging in a credit relationship. The key frictions are: (i) the lender is unable to observe the borrower's ability to repay a loan; (ii) the borrower cannot commit to any long-term contract; (iii) it is costly for the lender to contact a borrower and to walk away from a contract; and (iv) transactions within each credit relationsh...

  18. Monetary Policies And Credit Financing As Factors In Agricultural ...

    African Journals Online (AJOL)

    Global Journal of Agricultural Sciences ... cheap interest rate polices has negative effect on credit supply while policies associated with plough ... credit was influenced mainly by the availability of credit subsidies and availability of guarantees.

  19. 5 CFR 610.408 - Use of credit hours.

    Science.gov (United States)

    2010-01-01

    ... Flexible and Compressed Work Schedules § 610.408 Use of credit hours. Members of the Senior Executive Service (SES) may not accumulate credit hours under an alternative work schedule. Any credit hours...

  20. monetary policies and credit financing as factors in agricultural ...

    African Journals Online (AJOL)

    controls the supply of money. This assumes the ... input supply, marketing services and of course credit supply. Provision of ... credit in state, assess the impact of credit on agricultural ..... Inflation targeting be a framework for monetary policy.

  1. Mobil emission reduction credits for natural gas vehicle programs

    International Nuclear Information System (INIS)

    Baker, G.F.

    1993-01-01

    Since the passage of the Clean Air Act Amendments in 1990, there has been increasing interest among regulators and business interests alike in innovative, market-based strategies to air quality control. In particular, larger metropolitan areas have begun to examine marketable emission reduction credit (ERC) programs. These programs limit the total allowable emissions in a non-attainment area, allocate these emission open-quotes creditsclose quotes among sources in the region, and allow the sources to redistribute their allowances through trading. This approach provides for the most cost-effective distribution of control burdens among affected sources, taking advantage of the differences in marginal control costs. Some control measures applied to mobile sources may be significantly less expensive than those applied to stationary sources, making mobile sources an excellent candidate for inclusion in an ERC program. However, there are several potential problems involving quantification, enforcement, and credit trading issues that hinder the development of mobile source ERC programs. This paper will evaluate those obstacles and discuss how they are being addressed in a Natural Gas Vehicle (NGV) program currently under development for the Houston ozone non-attainment area. Specifically, the study will outline the credit validation (i.e., quantification) procedure, including baseline emission determination and emission testing for each NGV in the program. In addition, the study will describe the vehicle/fuel consumption tracking system, and discuss issues related to credit trading with stationary sources. Finally, observations are made concerning the applicability of mobile ERC programs for other emission control measures such as old vehicle scrappage and vehicle Inspection and Maintenance programs

  2. Data mining for assessing the credit risk of local government units in Croatia

    Directory of Open Access Journals (Sweden)

    Silvija Vlah Jerić

    2017-01-01

    Full Text Available Over the past few decades, data mining techniques, especially artificial neural networks, have been used for modelling many real-world problems. This paper aims to test the performance of three methods: (1 an artificial neural network (ANN, (2 a hybrid artificial neural network and genetic algorithm approach (ANN-GA, and (2 the Tobit regression approach in determining the credit risk of local government units in Croatia. The evaluation of credit risk and prediction of debtor bankruptcy have long been regarded as an important topic in accounting and finance literature. In this research, credit risk is modelled under a regression approach unlike typical credit risk analysis, which is generally viewed as a classification problem. Namely, a standard evaluation of credit risk is not possible due to a lack of bankruptcy data. Thus, the credit risk of a local unit is approximated using the ratio of outstanding liabilities maturing in a given year to total expenditure of the local unit in the same period. The results indicate that the ANN-GA hybrid approach performs significantly better than the Tobit model by providing a significantly smaller average mean squared error. This work is beneficial to researchers and the government in evaluating a local government unit’s credit score.

  3. Prefrontal system dysfunction and credit card debt.

    Science.gov (United States)

    Spinella, Marcello; Yang, Bijou; Lester, David

    2004-10-01

    Credit card use often involves a disadvantageous allocation of finances because they allow for spending beyond means and buying on impulse. Accordingly they are associated with increased bankruptcy, anxiety, stress, and health problems. Mounting evidence from functional neuroimaging and clinical studies implicates prefrontal-subcortical systems in processing financial information. This study examined the relationship of credit card debt and executive functions using the Frontal System Behavior Scale (FRSBE). After removing the influences of demographic variables (age, sex, education, and income), credit card debt was associated with the Executive Dysfunction scale, but not the Apathy or Disinhibition scales. This suggests that processes of conceptualizing and organizing finances are most relevant to credit card debt, and implicates dorsolateral prefrontal dysfunction.

  4. College Student Credit Card Usage and Debt.

    Science.gov (United States)

    Rybka, Kathryn M.

    2001-01-01

    Provides an overview of the concerns related to credit card usage by college students. Offers information student affairs professionals can use to help college students make responsible choices. (Contains 26 references.) (GCP)

  5. Securitization, Credit Rating and Issuers’ Characteristics

    Directory of Open Access Journals (Sweden)

    Mauricio Palmada Fernandes

    2014-01-01

    Full Text Available Given the growth of securitization through Credit Receivables Investment Funds (Fundos de Investimento em Direitos Creditórios - FIDCs in Brazil in recent years, this work aims to investigate empirically the relationship between securitization and credit rating in the Brazilian market. All issues of FIDCs held by banks and registered in the CVM from 2005 to July 2010 were analyzed. The two hypotheses discussed by Gorton and Souleles (2005 were confirmed to Brazilian financial institutions. There is evidence of an implied contract between the transferor companies and investors in securitizations made via FIDCs. Companies with higher credit risk, worst ratings, tend to securitize more. However no relationship was found between securitization and asset value, amount of loans or capital ratio.

  6. College credit for in-house training

    International Nuclear Information System (INIS)

    Reilly, K.; Getty, C.; Knief, R.

    1981-01-01

    The Program on Non-Collegiate Sponsored Instruction (PONSI) and similar organizations may be of considerable help to the industry to the extent that college credit can be awarded for certain activities in reactor site training programs. The credit recommendations generally may be used at local colleges. They also may be applied (along with credit for college-level activities such as correspondence and on-campus courses, proficiency testing, and other evaluations) to degrees granted by the Regent's External Degree Program (REX) and other organizations. This paper describes the principle features of the PONSI and REX programs. PONSI's first credit evaluation at a nuclear plant - Consolidated Edison's Indian Point 2 - is summarized. Recent proposals for an explicit nuclear degree through REX are also described briefly

  7. Credit risk management in the power sector

    International Nuclear Information System (INIS)

    Allen, D.

    2002-01-01

    Deregulation of the electric power industry has the potential to put power businesses at market risk particularly when the value of an asset or liability will change with market movements. Market risk gives rise to credit risk where a contract cannot be fulfilled. This presentation describes how credit risks can be identified and measured. Most practitioners use some variant of value-at-risk (VAR) technology for measuring market risk. Under this approach, risk is determined by the volatility implied by the market. Volatility of electricity prices and natural gas prices has increased significantly in Alberta in recent years. The consequence is an increase in both market and credit risk. The author described the difference between the two risks and their significance. An overview of credit risk management with derivatives, an over-the counter contract, was also presented. The author also discusses issue of protection buyers in the event of a failed contract. 9 figs

  8. The market for tradable renewable energy credits

    International Nuclear Information System (INIS)

    Berry, David

    2002-01-01

    As states seek to foster the development of renewable energy resources, some have introduced renewable portfolio standards (RPSs) which require retailers of electricity to derive a specified amount of their energy supply from renewable energy resources. RPSs in Texas, Arizona, Wisconsin and Nevada allow for or require the use of tradable renewable energy credits. The price of such credits is expected to reflect the cost premium for generating electricity from renewable resources relative to the market price of conventionally generated electricity. Using the market to trade renewable energy credits exposes buyers and sellers to risks of imperfect information, poor performance, and opportunism. These risks can be managed through contractual arrangements and regulatory requirements pertaining to property rights in credits, pricing, term of the contract, and assurance of performance

  9. New Market Tax Credit Qualified Census Tract

    Data.gov (United States)

    Vermont Center for Geographic Information — The Community Development Financial Institutions (CDFI) Fund, a division of the US Department of the Treasury, administers the New Markets Tax Credit (NMTC). The...

  10. Emission credits : what are they worth?

    International Nuclear Information System (INIS)

    Wilman, E.A.

    2003-01-01

    The current cost of making a carbon transaction was discussed with particular reference to a time-line when emissions trading will become more cost-effective and streamlined for quicker results. This paper described how companies are dealing with the risk of emissions trading in terms of pricing and the expected financial impacts of owning a new commodity. The incorporation of emissions credits and trading activities into a company's balance sheet was also described in terms of how banks will consider a company's credit when calculating their loan potential. It was noted that some credits will be valued higher than others based on their historical background. The financial impact that credits have on company assets was addressed in terms of measuring reputation management. The importance of developing a financial plan for effective management was emphasized in terms of evaluating emissions reduction projects and future options. 17 refs., 2 figs

  11. Status of burnup credit implementation in Switzerland

    International Nuclear Information System (INIS)

    Grimm, P.

    1998-01-01

    Burnup credit is currently not used for the storage of spent fuel in the reactor pools in Switzerland, but credit is taken for integral burnable absorbers. Interest exists to take credit of burnup in future for the storage in a central away-from-reactor facility presently under construction. For spent fuel transports to foreign reprocessing plants the regulations of the receiving countries must be applied in addition to the Swiss licensing criteria. Burnup credit has been applied by one Swiss PWR utility for such transports in a consistent manner with the licensing practice in the receiving countries. Measurements of reactivity worths of small spent fuel samples in a Swiss zero-power research reactor are at an early stage of planning. (author)

  12. The public control of credit unions

    Directory of Open Access Journals (Sweden)

    Alberto García Müller

    2006-12-01

    Full Text Available Public control is the activity of investigation or review by the government takes over a company, to verify the conformity of its actions to law. This paper analyzes the control over credit unions.

  13. Managing sovereign credit risk in bond portfolios

    OpenAIRE

    Bruder, Benjamin; Hereil, Pierre; Roncalli, Thierry

    2011-01-01

    With the recent development of the European debt crisis, traditional index bond management has been severely called into question. We focus here on the risk issues raised by the classical market-capitalization weighting scheme. We propose an approach to properly measure sovereign credit risk in a fixed-income portfolio. For that, we assume that CDS spreads follow a SABR process and we derive a sovereign credit risk measure based on CDS spreads and duration of portfolio bonds. We then consider...

  14. The determinants of credit rating: brazilian evidence

    OpenAIRE

    MurciaI,Flávia Cruz de Souza; Dal-Ri Murcia,Fernando; Rover,Suliani; Borba,José Alonso

    2014-01-01

    This study attempts to identify the determinant factors of credit rating in Brazil. The relevance of this proposal is based on the importance of the subject as well as the uniqueness of the Brazilian market. As for originality, the great majority of previous studies regarding credit rating have been developed in the US, UK and Australia; therefore the effect on other markets is still unclear, especially in emerging markets, like Brazil. We’ve used a Generalized Estimating Equa...

  15. Credit Default Swap Valuation with Counterparty Risk

    OpenAIRE

    Leung, Seng Yuen; Kwok, Yue Kuen

    2005-01-01

    Using the reduced form framework with inter-dependent default correlation, we perform valuation of credit default swap with counterparty risk. The inter-dependent default risk structure between the protection buyer, protection seller and the reference entity in a credit default swap are characterized by their correlated default intensities, where the default intensity of one party increases when the default of another party occurs. We explore how settlement risk and replacement cost affect th...

  16. The Alchemy of CDO Credit Ratings

    OpenAIRE

    Efraim Benmelech; Jennifer Dlugosz

    2009-01-01

    Collateralized Loan Obligations (CLOs) were one of the largest and fastest growing segments of the structured finance market, fueling the 2003-2007 boom in syndicated loans and leveraged buyouts. The credit crisis brought CLO issuance to a halt, and as a result the leveraged loan market dried up. Similar to other structured finance products, investors in CLOs rely heavily on credit rating provided by the rating agencies, yet little is known about CLO rating practices. This paper attempts to f...

  17. Credit Card Selection Criteria: Singapore Perspective

    OpenAIRE

    Lydia L. Gan; Ramin Cooper Maysami

    2006-01-01

    This study used factor analysis to examine credit card selection criteria among Singaporeans. The results showed that convenience of use and protection, economics, and flexibility were the main drivers, while the reputation of card was the least important in determining credit card selection in Singapore. Demographic results showed that high-income earners, the better educated, the elderly, married and the professional preferred the convenience-protection factor to the economic-promotional fa...

  18. COMPENSATORY INTEREST SETTLEMENT AND CREDIT BANKING MORATORIUM

    OpenAIRE

    Avelino Sánchez, Esteban Marino

    2014-01-01

    First is explained the reasons for this article, it mentions the specific legal rules that support the settlement of interest on the credit operations of companies in the financial system with end users, and then presents the average interest rates of some operations credit. Then we present the formula for calculating interest, and illustrates its application with examples 1 and 2 (the simplest). The following is, in examples 3 and 4, the calculation of interest with imputation of partial pay...

  19. Counterparty Credit Risk on the Blockchain

    OpenAIRE

    Starlander, Isak

    2017-01-01

    Counterparty credit risk is present in trades offinancial obligations. This master thesis investigates the up and comingtechnology blockchain and how it could be used to mitigate counterparty creditrisk. The study intends to cover essentials of the mathematical model expectedloss, along with an introduction to the blockchain technology. After modellinga simple smart contract and using historical financial data, it was evidentthat there is a possible opportunity to reduce counterparty credit r...

  20. Health insurance premium tax credit. Final regulations.

    Science.gov (United States)

    2013-02-01

    This document contains final regulations relating to the health insurance premium tax credit enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010.These final regulations provide guidance to individuals related to employees who may enroll in eligible employer-sponsored coverage and who wish to enroll in qualified health plans through Affordable Insurance Exchanges (Exchanges) and claim the premium tax credit.

  1. Grant credit lines for energy efficiency

    International Nuclear Information System (INIS)

    Gramatikov, P.; Iliev, I.

    2010-01-01

    The European Commission established a mechanism of credit lines to integrate more quickly the Bulgarian economy to the open international markets. Thereby it was enabled certain Bulgarian banks to provide grant loans to private companies in the industrial sector for projects of improvement of the energy efficiency of their production. The Bulgarian experience in using of two European credit lines and their role in the current economic crisis is presented in this paper. (authors)

  2. Limited take-up of health coverage tax credits: a challenge to future tax credit design.

    Science.gov (United States)

    Dorn, Stan; Varon, Janet; Pervez, Fouad

    2005-10-01

    The Trade Act of 2002 created federal tax credits to subsidize health coverage for certain early retirees and workers displaced by international trade. Though small, this program offers the opportunity to learn how to design future tax credits for larger groups of uninsured. During September 2004, the most recent month for which there are data about all forms of Trade Act credits, roughly 22 percent of eligible individuals received credits. The authors find that health insurance tax credits are more likely to reach their target populations if such credits: 1) limit premium costs for the low-income uninsured and do not require full premium payments while applications are pending; 2) provide access to coverage that beneficiaries value, including care for preexisting conditions; 3) are combined with outreach that uses easily understandable, multilingual materials and proactive enrollment efforts; and 4) feature a simple application process involving one form filed with one agency.

  3. Modeling Cycle Dependence in Credit Insurance

    Directory of Open Access Journals (Sweden)

    Anisa Caja

    2014-03-01

    Full Text Available Business and credit cycles have an impact on credit insurance, as they do on other businesses. Nevertheless, in credit insurance, the impact of the systemic risk is even more important and can lead to major losses during a crisis. Because of this, the insurer surveils and manages policies almost continuously. The management actions it takes limit the consequences of a downturning cycle. However, the traditional modeling of economic capital does not take into account this important feature of credit insurance. This paper proposes a model aiming to estimate future losses of a credit insurance portfolio, while taking into account the insurer’s management actions. The model considers the capacity of the credit insurer to take on less risk in the case of a cycle downturn, but also the inverse, in the case of a cycle upturn; so, losses are predicted with a more dynamic perspective. According to our results, the economic capital is over-estimated when not considering the management actions of the insurer.

  4. Micro Credit and Gender: A Critical Assessment

    Directory of Open Access Journals (Sweden)

    Özlem BALKIZ

    2015-12-01

    Full Text Available Micro credit programs, which are based on lending money on interest and encouraging savings, have been first been used in Southern countries and are now being implemented worldwide. Mainly aimed at the rural poor, particularly poor women, micro credit programs seek to ensure sustainable economic development in line with the requirements of global capitalism and to include women in the productive activities of the market. Micro credit has been made institutionalized based on three main paradigms, namely financial sustainability, poverty alleviation and women’s empowerment. In micro credit programs, where the emphasis on women’s empowerment is strong, the lack of a social gender perspective is striking. In fact, women may face patriarchal pressure and restrictions at the start in access to loans, loan usage models, participation to the productive activities in the market and during loan repayment. Thus the allegation that by way of micro credit, women will be empowered in terms of economic, social and political means in the family and society becomes questionable. This article, by problematizing women’s relationship with micro credit, will discuss social gender relationships which prevent them from making use of these programs as they wish and from achieving the results they intend

  5. Modelling the predictive performance of credit scoring

    Directory of Open Access Journals (Sweden)

    Shi-Wei Shen

    2013-07-01

    Research purpose: The purpose of this empirical paper was to examine the predictive performance of credit scoring systems in Taiwan. Motivation for the study: Corporate lending remains a major business line for financial institutions. However, in light of the recent global financial crises, it has become extremely important for financial institutions to implement rigorous means of assessing clients seeking access to credit facilities. Research design, approach and method: Using a data sample of 10 349 observations drawn between 1992 and 2010, logistic regression models were utilised to examine the predictive performance of credit scoring systems. Main findings: A test of Goodness of fit demonstrated that credit scoring models that incorporated the Taiwan Corporate Credit Risk Index (TCRI, micro- and also macroeconomic variables possessed greater predictive power. This suggests that macroeconomic variables do have explanatory power for default credit risk. Practical/managerial implications: The originality in the study was that three models were developed to predict corporate firms’ defaults based on different microeconomic and macroeconomic factors such as the TCRI, asset growth rates, stock index and gross domestic product. Contribution/value-add: The study utilises different goodness of fits and receiver operator characteristics during the examination of the robustness of the predictive power of these factors.

  6. Trade Credit Insurance and Asymmetric Information Problem

    Directory of Open Access Journals (Sweden)

    Sokolovska Olena

    2017-03-01

    Full Text Available The presence of different risk factors in international trade gives evidence of the necessity of support in gaps that may affect exporters’ activity. To maximize the trade volumes and in the same time to minimize the exporters’ risks the stakeholders use trade credit insurance. The paper provides analysis of conceptual background of the trade credit insurance in the world. We analyzed briefly the problems, arising in insurance markets due to asymmetric information, such as adverse selection and moral hazard. Also we discuss the main stages of development of trade credit insurance in countries worldwide. Using comparative and graphical analysis we provide a brief evaluation of the dynamics of claims and recoveries for different forms of trade credit insurance. We found that the claims related to the commercial risk for medium and long trade credits in recent years exceed the recoveries, while with the political risk the reverse trend holds. And we originally consider these findings in terms of information asymmetry in the trade credit insurance differentiated by type of risk.

  7. Credit cycles and macro fundamentals

    NARCIS (Netherlands)

    Koopman, S.J.; Kraeussl, R.G.W.; Lucas, A.; Monteiro, A.

    2009-01-01

    We use an intensity-based framework to study the relation between macroeconomic fundamentals and cycles in defaults and rating activity. Using Standard and Poor's U.S. corporate rating transition and default data over the period 1980-2005, we directly estimate the default and rating cycle from micro

  8. Investigation of Burnup Credit Issues in BWR Fuel

    International Nuclear Information System (INIS)

    Broadhead, B.L.; DeHart, M.D.

    1999-01-01

    Calculations for long-term-disposal criticality safety of spent nuclear fuel requires the application of burnup credit because of the large mass of fissile material that will be present in the repository. Burnup credit calculations are based on depletion calculations that provide a conservative estimate of spent fuel contents, followed by criticality calculations to assess the value of keff for a spent fuel cask or a fuel configuration under a variety of probabilistically derived events. In order to ensure that the depletion calculation is conservative, it is necessary to both qualify and quantify assumptions that can be made in depletion models used to characterize spent fuel. Most effort in the United States this decade has focused on burnup issues related to pressurized-water reactors. However, requirements for the permanent disposal of fuel from boiling-water reactors has necessitated development of methods for prediction of spent fuel contents for such fuels. Concomitant with such analyses, validation is also necessary. This paper provides a summary of initial efforts at the Oak Ridge National Laboratory to better understand and validate spent fuel analyses for boiling-water-reactor fuel

  9. Credit card spending limit and personal finance: system dynamics approach

    Directory of Open Access Journals (Sweden)

    Mirjana Pejić Bach

    2014-03-01

    Full Text Available Credit cards have become one of the major ways for conducting cashless transactions. However, they have a long term impact on the well being of their owner through the debt generated by credit card usage. Credit card issuers approve high credit limits to credit card owners, thereby influencing their credit burden. A system dynamics model has been used to model behavior of a credit card owner in different scenarios according to the size of a credit limit. Experiments with the model demonstrated that a higher credit limit approved on the credit card decreases the budget available for spending in the long run. This is a contribution toward the evaluation of action for credit limit control based on their consequences.

  10. Credit cues and impression management: a preliminary attempt to explain the credit card effect.

    Science.gov (United States)

    McCall, Michael; Trombetta, Jessica; Gipe, Aimee

    2004-08-01

    Prior research had suggested that individuals would estimate higher product values and even tip more in the presence of credit cues. In the absence of a clear theoretical interpretation of this credit card effect we propose that this tendency is an impression management strategy such that credit cue exposure influences perceptions of the self and focuses attention on individual wealth. Thus, in the presence of others, credit cues serve to enhance images of the self. Preliminary data in support of this alternative theoretical perspective are presented.

  11. UK regulatory perspective on the application of burn-up credit to the BNFL thorp head end plant

    International Nuclear Information System (INIS)

    Simister, D.N.; Clemson, P.D.

    2003-01-01

    In the UK the Health and Safety Executive, which incorporates the Nuclear Installations Inspectorate (NII), is responsible for regulation of safety on nuclear sites. This paper reports progress made in the application and development of a UK regulatory position for assessing licensee's plant safety caes which invoke the use of Burn-up Credit for criticality applications. The NII's principles and strategy for the assessment of this technical area have been developed over a period of time following expressions of interest from UK industry and subsequent involvement in the international collaborations and debate in this area. This experience has now been applied to the first main plant safety case application claiming Burn-up Credit. This case covers the BNFL Thermal Oxide Reprocessing Plant (THORP) dissolver at Sellafield, where dissolved gadolinium neutron poison is used as a criticality control. The case argues for a reduction in gadolinium content by taking credit for the burn-up of input fuel. The UK regulatory process, assessment principles and criteria are briefly outlined, showing the regulatory framework used to review the case. These issues include the fundamental requirement in UK Health and Safety law to demonstrate that risks have been reduced to as low as reasonably practicable (ALARP), the impact on safety margins, compliance and operability procedures, and the need for continuing review. Novel features of methodology, using a ''Residual Enrichment'' and ''Domain Boundary'' approach, were considered and accepted. The underlying validation, both of criticality methodology and isotopic determination, was also reviewed. Compliance was seen to rely heavily on local in-situ measurements of spent fuel used to determine ''Residual Enrichment'' and other parameters, requiring review of the development and basis of the correlations used to underpin the measurement process. Overall, it was concluded that the case as presented was adequate. Gadolinium reduction

  12. The Function of Credit Scheme to Improve Family Income among Beef Cattle Farmers in Central Java Province

    Science.gov (United States)

    Prasetyo, E.; Ekowati, T.; Roessali, W.; Gayatri, S.

    2018-02-01

    The aims of study were: (i) identify of beef cattle fattening credit scheme, (ii) calculating and analyze of beef cattle farmers’ income, (iii) analyze of factors influencing beef cattle credit scheme towards farmer’s income. The research was held in five regencies in Central Java Province. Beef cattle fattening farm was standardized as an elementary unit. Survey method was used, while Two Stage Cluster Purposive Sampling was used for determining of sample. Data were analyzed using statistical method of quantitative descriptive and inferential statistics in term of income analysis and multiple linear regression models. The result showed that farmers used their own capital to run the farm. The average amount was IDR 10,769,871. Kredit Ketahanan Pangan dan Energi was credit scheme which was dominantly access by farmers. The average credit was IDR 23,312,200/farmer with rate of credit equal to 6.46%, the time of credit returning equal to 24.60 monthand the prediction of average collateral equal to IDR 35,800,00. The average of farmers’ income was IDR 4,361,611.60/2.96 head of beef cattle/fattening period. If the labour cost did not calculate as a cost production, hence the farmer’ income was IDR 7,608,630.41 or in other word the farmer’ income increase 74.44%. Factors of credit scheme which partially significant influence to the farmers’ income were number of own capital usage and value of credit collateral. Meanwhile, name of credit scheme, financing institution as a creditor, amount of credit, rate of credit scheme and time of returning credit were not significantly influence towards farmers’ income.

  13. Does ownership structure improve credit ratings?

    Directory of Open Access Journals (Sweden)

    Aws AlHares

    2018-04-01

    Full Text Available This study seeks to examine the impact of Block Ownership structure on Credit Ratings in OECD countries. This research seeks to contribute to the extant literature by exploring the effects of Corporate Governance (CG mechanisms on corporate credit ratings. The study uses a panel data of 200 companies from Anglo American and European countries between 2010 and 2014. The ordinary least square regression is used to examine the relationships. Additionally, to alleviate the concern of potential endogeneity, we use fixed effect regression, two-stage least squares using instrumental variables. The results show there is a negative and significant relationship between block ownership and credit ratings, with a greater significance among Anglo American countries than among European countries. The rationale for this is that Anglo-American system gives preferential treatment to individual shareholders and its accounting tradition leads to a decline in risk and increase in credit ratings. The result is consistent with the multi-theoretical framework predictions derived from the agency and stewardship theories. Future research could investigate credit ratings using other credit rating agencies, selecting a larger sample that includes small, mid-size and large companies. This paper extends, as well as contributes to extant CG literature by offering new evidence on the effect of block ownership on credit ratings between two different traditions. This will be explored by employing firm-level CG mechanisms by accounting for control variables. The findings will help regulators and policymakers in OECD countries in evaluating the adequacy of current CG reforms to prevent management misconduct and scandals.

  14. Present status and future developments of the implementation of burnup credit in spent fuel management systems in Germany

    International Nuclear Information System (INIS)

    Neuber, J.C.; Kuehl, H.

    2001-01-01

    This paper describes the experience gained in Germany in implementing burnup credit in wet storage and dry transport systems of spent PWR, BWR, and MOX fuel. It gives a survey of the levels of burnup credit presently used, the regulatory status and activities planned, the fuel depletion codes and criticality calculation codes employed, the verification methods used for validating these codes, the modeling assumptions made to ensure that the burnup credit criticality analysis is based on a fuel irradiation history which leads to bounding neutron multiplication factors, and the implementation of procedures used for fuel loading verification. (author)

  15. Present status and future developments of the implementation of burnup credit in spent fuel management systems in Germany

    Energy Technology Data Exchange (ETDEWEB)

    Neuber, J C [Siemens Nuclear Power GmbH, Offenbach (Germany); Kuehl, H [Wissenschaftlich-Technische Ingenieurberatung WTI GmbH, Juelich (Germany)

    2001-08-01

    This paper describes the experience gained in Germany in implementing burnup credit in wet storage and dry transport systems of spent PWR, BWR, and MOX fuel. It gives a survey of the levels of burnup credit presently used, the regulatory status and activities planned, the fuel depletion codes and criticality calculation codes employed, the verification methods used for validating these codes, the modeling assumptions made to ensure that the burnup credit criticality analysis is based on a fuel irradiation history which leads to bounding neutron multiplication factors, and the implementation of procedures used for fuel loading verification. (author)

  16. Technical Data to Justify Full Burnup Credit in Criticality Safety Licensing Analysis

    International Nuclear Information System (INIS)

    2011-01-01

    Enercon Services, Inc. (ENERCON) was requested under Task Order No.2 to identify scientific and technical data needed to benchmark and justify Full Burnup Credit, which adds 16 fission products and 4 minor actinides1 to Actinide-Only burnup credit. The historical perspective for Full Burnup Credit is discussed, and interviews of organizations participating in burnup credit activities are summarized as a basis for identifying additional data needs and making recommendation. Input from burnup credit participants representing two segments of the commercial nuclear industry is provided. First, the Electric Power Research Institute (EPRI) has been very active in the development of Full Burnup Credit, representing the interests of nuclear utilities in achieving capacity gains for storage and transport casks. EPRI and its utility customers are interested in a swift resolution of the validation issues that are delaying the implementation of Full Burnup Credit [EPRI 2010b]. Second, used nuclear fuel storage and transportation Cask Vendors favor improving burnup credit beyond Actinide-Only burnup credit, although their discussion of specific burnup credit achievements and data needs was limited citing business sensitive and technical proprietary concerns. While Cask Vendor proprietary items are not specifically identified in this report, the needs of all nuclear industry participants are reflected in the conclusions and recommendations of this report. In addition, Oak Ridge National Laboratory (ORNL) and Sandia National Laboratory (SNL) were interviewed for their input into additional data needs to achieve Full Burnup Credit. ORNL was very open to discussions of Full Burnup Credit, with several telecoms and a visit by ENERCON to ORNL. For many years, ORNL has provided extensive support to the NRC regarding burnup credit in all of its forms. Discussions with ORNL focused on potential resolutions to the validation issues for the use of fission products. SNL was helpful in

  17. Technical Data to Justify Full Burnup Credit in Criticality Safety Licensing Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Enercon Services, Inc.

    2011-03-14

    Enercon Services, Inc. (ENERCON) was requested under Task Order No.2 to identify scientific and technical data needed to benchmark and justify Full Burnup Credit, which adds 16 fission products and 4 minor actinides1 to Actinide-Only burnup credit. The historical perspective for Full Burnup Credit is discussed, and interviews of organizations participating in burnup credit activities are summarized as a basis for identifying additional data needs and making recommendation. Input from burnup credit participants representing two segments of the commercial nuclear industry is provided. First, the Electric Power Research Institute (EPRI) has been very active in the development of Full Burnup Credit, representing the interests of nuclear utilities in achieving capacity gains for storage and transport casks. EPRI and its utility customers are interested in a swift resolution of the validation issues that are delaying the implementation of Full Burnup Credit [EPRI 2010b]. Second, used nuclear fuel storage and transportation Cask Vendors favor improving burnup credit beyond Actinide-Only burnup credit, although their discussion of specific burnup credit achievements and data needs was limited citing business sensitive and technical proprietary concerns. While Cask Vendor proprietary items are not specifically identified in this report, the needs of all nuclear industry participants are reflected in the conclusions and recommendations of this report. In addition, Oak Ridge National Laboratory (ORNL) and Sandia National Laboratory (SNL) were interviewed for their input into additional data needs to achieve Full Burnup Credit. ORNL was very open to discussions of Full Burnup Credit, with several telecoms and a visit by ENERCON to ORNL. For many years, ORNL has provided extensive support to the NRC regarding burnup credit in all of its forms. Discussions with ORNL focused on potential resolutions to the validation issues for the use of fission products. SNL was helpful in

  18. The National Credit Act Regarding Suretyships and Reckless Lending

    African Journals Online (AJOL)

    In terms of the National Credit Act a credit provider may conclude a credit agreement with a consumer only after he has made a proper financial assessment and concludes that the consumer will be able to satisfy all of his obligations under all his credit agreements. However, a practice of not conducting this affordability ...

  19. 12 CFR 706.2 - Unfair credit practices.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Unfair credit practices. 706.2 Section 706.2 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS CREDIT... attachment, execution, or other process on real or personal property held, owned by, or due to the consumer...

  20. 25 CFR 140.23 - Credit at trader's risk.

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false Credit at trader's risk. 140.23 Section 140.23 Indians....23 Credit at trader's risk. Credit given Indians will be at the trader's own risk, as no assistance... accept pawns or pledges of personal property by Indians to obtain credit or loans. ...

  1. 12 CFR 702.108 - Risk mitigation credit.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Risk mitigation credit. 702.108 Section 702.108... CORRECTIVE ACTION Net Worth Classification § 702.108 Risk mitigation credit. (a) Who may apply. A credit union may apply for a risk mitigation credit if on any of the current or three preceding effective dates...

  2. 20 CFR 606.23 - Avoidance of tax credit reduction.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Avoidance of tax credit reduction. 606.23 Section 606.23 Employees' Benefits EMPLOYMENT AND TRAINING ADMINISTRATION, DEPARTMENT OF LABOR TAX CREDITS... Tax Credit Reduction § 606.23 Avoidance of tax credit reduction. (a) Applicability. Subsection (g) of...

  3. 76 FR 16235 - Corporate Credit Unions, Technical Corrections

    Science.gov (United States)

    2011-03-23

    ... inadvertently included particular investments that did not--when subject to the other credit risk and asset... NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 707 RIN 3133-AD58 Corporate Credit Unions, Technical Corrections AGENCY: National Credit Union Administration (NCUA). ACTION: Final rule. SUMMARY: In...

  4. Dual Credit/Dual Enrollment and Data Driven Policy Implementation

    Science.gov (United States)

    Lichtenberger, Eric; Witt, M. Allison; Blankenberger, Bob; Franklin, Doug

    2014-01-01

    The use of dual credit has been expanding rapidly. Dual credit is a college course taken by a high school student for which both college and high school credit is given. Previous studies provided limited quantitative evidence that dual credit/dual enrollment is directly connected to positive student outcomes. In this study, predictive statistics…

  5. 26 CFR 20.2012-1 - Credit for gift tax.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Credit for gift tax. 20.2012-1 Section 20.2012... TAXES ESTATE TAX; ESTATES OF DECEDENTS DYING AFTER AUGUST 16, 1954 Credits Against Tax § 20.2012-1 Credit for gift tax. (a) In general. With respect to gifts made before 1977, a credit is allowed under...

  6. 20 CFR 606.20 - Cap on tax credit reduction.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Cap on tax credit reduction. 606.20 Section 606.20 Employees' Benefits EMPLOYMENT AND TRAINING ADMINISTRATION, DEPARTMENT OF LABOR TAX CREDITS... Tax Credit Reduction § 606.20 Cap on tax credit reduction. (a) Applicability. Subsection (f) of...

  7. 20 CFR 227.5 - Employer tax credits.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 1 2010-04-01 2010-04-01 false Employer tax credits. 227.5 Section 227.5... SUPPLEMENTAL ANNUITIES § 227.5 Employer tax credits. Employers are entitled to tax credits if they pay non.... The tax credits for each month equal the sum of the reductions for employer pensions in the...

  8. 12 CFR 1400.1 - Farm Credit System Insurance Corporation.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Farm Credit System Insurance Corporation. 1400.1 Section 1400.1 Banks and Banking FARM CREDIT SYSTEM INSURANCE CORPORATION ORGANIZATION AND FUNCTIONS Organization and Functions § 1400.1 Farm Credit System Insurance Corporation. The Farm Credit...

  9. 76 FR 34985 - Farm Credit System Insurance Corporation Board Meeting

    Science.gov (United States)

    2011-06-15

    ... FARM CREDIT SYSTEM INSURANCE CORPORATION Farm Credit System Insurance Corporation Board Meeting AGENCY: Farm Credit System Insurance Corporation. SUMMARY: Notice is hereby given of the regular meeting of the Farm Credit System Insurance Corporation Board (Board). Date and Time: The meeting of the...

  10. Problem Periods

    Science.gov (United States)

    ... ovary syndrome. Read our information on PCOS for teens , and see your doctor if you think you may have PCOS. Major weight loss. Girls who have anorexia will often stop having periods. When to see ...

  11. Burnup credit for storage and transportation casks

    International Nuclear Information System (INIS)

    Wells, A.H.

    1988-01-01

    The application of burnup credit to storage and transportation cask licensing results in a significant improvement in cask capacity and an associated reduction of the cost per kilogram of uranium in the cask contents. The issues for licensing with burnup credit deal primarily with the treatment of fission product poisons and methods of verification of burnup during cask operations. Other issues include benchmarking of cross-section sets and codes and the effect of spatial variation of burnup within an assembly. The licensing of burnup credit for casks will be complex, although the criticality calculations are not themselves difficult. Attention should be directed to the use of fission product poisons and the uncertainties that they introduce. Verification of burnup by measurements will remove some of the concerns for criticality safety. Calculations for burnup credit casks should consider rod-to-rod and axial variations of burnup, as well as variability of burnable poisons it they are used in the assembly. In spite of the complexity of cask burnup credit licensing issues, these issues appear to be resolvable within the current state of the art of criticality safety

  12. Indian Kisan Credit Card Scheme: An Analytical Study

    Directory of Open Access Journals (Sweden)

    Dharmendra Mehta

    2016-03-01

    Full Text Available Kisan Credit Card (KCC has now been regarded as the only medium of short-term credit for agriculture. The Kisan Credit Card (KCC scheme was introduced by the Finance Minister in his budget speech in the year 1998-99. From the year 1998-99, the scheme was implemented by public sector commercial banks, RRBs (Regional Rural Banks and cooperative banks in the country. It has emerged as an innovative credit distribution system to meet the production credit requirements of the farmers in a timely and easy manner. The present paper is aimed to study role of Kisan Credit Card in the rural credit facilitation in India.

  13. Credit-Card Bill Seeks to Protect Students but Could Limit Their Access to Credit

    Science.gov (United States)

    Field, Kelly

    2009-01-01

    Congress passed legislation last week that would shield students and other consumers from sudden spikes in interest rates and fees, but that could make it harder for young people to access credit to pay for college. The legislation would extend broad new consumer protections to all credit-card holders, offering special protections to college…

  14. Information Sharing and Credit Rationing : Evidence from the Introduction of a Public Credit Registry

    NARCIS (Netherlands)

    Cheng, X.; Degryse, H.A.

    2010-01-01

    We provide the first evidence on how the introduction of information sharing via a public credit registry affects banks’ lending decisions. We employ a unique dataset containing detailed information on credit card applications and decisions from one of the leading banks in China. While we do not

  15. Overrated credit risk: three essays on credit risk in turbulent times

    NARCIS (Netherlands)

    Bongaerts, D.G.J.

    2010-01-01

    Credit markets have shown a dramatic development at the start of the 21st century. Increased regulatory pressure on financial institutions has spurred the development of innovative products that allow for transfer of credit risk. These developments lay at the base of the largest financial crisis

  16. Your Credit Rights: An Instructional Unit on Consumer Credit Protection. Revised.

    Science.gov (United States)

    Jensen, Barbara J.; And Others

    This instructional guide adds two new sections to the original guide published in May 1982. The guide was designed to assist educators in teaching the topics of consumer credit and consumer credit protection to secondary and postsecondary students in various economics and business courses, as well as in adult and community education courses. The…

  17. Trade credit supply, market power and the matching of trade credit terms

    NARCIS (Netherlands)

    Fabbri, D.; Klapper, L.F.

    2008-01-01

    This paper studies the decision of firms to extend trade credit to customers and its relation with their financing decisions. We use a novel firm-level database with unique information on market power in both output and input markets and on the amount, terms and payment history of trade credit

  18. 75 FR 81378 - Fiduciary Duties at Federal Credit Unions; Mergers and Conversions of Insured Credit Unions

    Science.gov (United States)

    2010-12-28

    ... NCUA's neutrality in the final rule and has made this change. A commenter also suggested including this..., where the net worth ratio of the merging credit union exceeds the net worth ratio of the continuing... are entitled to the net worth of a merging credit union. The NCUA Board disagrees. As discussed in the...

  19. Supply chain model with price- and trade credit-sensitive demand under two-level permissible delay in payments

    Science.gov (United States)

    Giri, B. C.; Maiti, T.

    2013-05-01

    This article develops a single-manufacturer and single-retailer supply chain model under two-level permissible delay in payments when the manufacturer follows a lot-for-lot policy in response to the retailer's demand. The manufacturer offers a trade credit period to the retailer with the contract that the retailer must share a fraction of the profit earned during the trade credit period. On the other hand, the retailer provides his customer a partial trade credit which is less than that of the manufacturer. The demand at the retailer is assumed to be dependent on the selling price and the trade credit period offered to the customers. The average net profit of the supply chain is derived and an algorithm for finding the optimal solution is developed. Numerical examples are given to demonstrate the coordination policy of the supply chain and examine the sensitivity of key model-parameters.

  20. Three stage trade credit policy in a three-layer supply chain-a production-inventory model

    Science.gov (United States)

    Pal, Brojeswar; Sankar Sana, Shib; Chaudhuri, Kripasindhu

    2014-09-01

    The main purpose of this paper is to investigate the optimal replenishment lot size of supplier and optimal production rate of manufacturer under three levels of trade credit policy for supplier-manufacturer-retailer supply chain. The supplier provides a fixed credit period to settle the accounts to the manufacturer, while the manufacturer gives a fixed credit period to settle the account to the retailer and the retailer, in turn, also offers a credit period to each of its customers to settle the accounts. We assume that the supplier supplies the raw material to the manufacturer and sends back the defective raw materials to the outside supplier after completion of inspection at one lot with a sales price. The system always produces good items in the model. Also, we consider the idle times of supplier and manufacturer. Finally, numerical examples are provided to illustrate the behaviour and application of the model with graphical simulation.

  1. Burnup credit implementation in WWER spent fuel management systems: Status and future aspects

    International Nuclear Information System (INIS)

    Manolova, M.

    1998-01-01

    This paper describes the motivation for possible burnup credit implementation in WWER spent fuel management systems in Bulgaria. The activities being done are described, namely: the development and verification of a 3D few-group diffusion burnup model; the application of the KORIGEN code for evaluation of WWER fuel nuclear inventory during reactor core lifetime and after spent fuel discharge; using the SCALE modular system (PC Version 4.1) for criticality safety analyses of spent fuel storage facilities. Future plans involving such important tasks as validation and verification of computer systems and libraries for WWER burnup credit analysis are shown. (author)

  2. ASSETS STRUCTURE AT CREDIT UNIONS

    Directory of Open Access Journals (Sweden)

    Tiplea Augustin

    2011-12-01

    Full Text Available Balance is a static tool for assessing the entity's position, profit and loss on one hand and cash flow statement on the other hand. These are dynamic situations on one hand showing the effectiveness or ineffectiveness of the total consumption of resources ( profit and loss and on the other hand entity's business viability (by cash flows. As reflection of financial position, the balance, established at the end of the reporting period (called a financial year, describes separately items of assets, liabilities and equity of the company. Assets are resources controlled by the enterprise as a result of past events and from which is expected to generate future economic benefits for the enterprise. The economic benefits correspond to a production potential, a possibility for conversion into cash or a reduction in output capacity of funds (cost reduction that an asset contributes, directly or indirectly to a company-specific cash flow.

  3. Correlates of credit card ownership in men and women.

    Science.gov (United States)

    Yang, Bijou; Lester, David

    2005-06-01

    In a sample of 352 students, correlates of credit card ownership differed by sex. For both men and women, credit card ownership was predicted by their affective attitude toward credit cards. However, whereas for men concern with money as a tactic for gaining power predicted credit card ownership, for women feelings of insecurity about having sufficient money and having a conservative approach to money predicted credit card ownership.

  4. International capital tax evasion and the foreign tax credit puzzle

    OpenAIRE

    Kimberley A. Scharf

    2001-01-01

    This paper examines the role of international tax evasion for the choice of an optimal foreign tax credit by a capital exporting region. Since a foreign tax credit raises the opportunity cost of concealing foreign source income, it can be employed to discourage evasion activity. The existence of international tax evasion possibilities could thus help rationalize a choice of tax credit in excess of a deduction-equivalent credit level. Our analysis shows that, in general the optimal credit will...

  5. 12 CFR 614.4125 - Funding and discount relationships between Farm Credit Banks or agricultural credit banks and...

    Science.gov (United States)

    2010-01-01

    ..., Risk Management, Farm Credit System Insurance Corporation. (f) A direct lender association shall... Administration office that the Chief Examiner designates, and the Director, Risk Management, Farm Credit System... Credit Banks or agricultural credit banks and direct lender associations. 614.4125 Section 614.4125 Banks...

  6. An Application Relating To Credit Risk and Credit Risk Management in Tu rkish Banking System: The Case of Turkey Garanti Bank

    Directory of Open Access Journals (Sweden)

    Seyhan Çil Koçyiğit

    2014-09-01

    Full Text Available Within the globalization process of the world, at the competitive area arised as a result of the rapid increase in the number of banks and their branches in developing countries, the vigorously existance of banks depend on the management of the risks faced successfully. Banks must establish their credit strategies onto a good risk managment. Indeed, it is the inevitable fact that the success of financial institutions depends on having a powerful risk management system. In this study, by using the banking ratios, it is aimed to investigate the credit-risk changes of Turkish Garanti Bank (S.C. by three-month periods of 2007–2012 and give information about the risk management of Turkish Garanti Bank (S.C.. In conclusion, it is seen that, at Turkish Garanti Bank (S.C., credit risk is measured and evaluated in accordance with international standards, and all risk management is executing in parallel with Basel II regulations.

  7. Credit Institutions Management Evaluation using Quantitative Methods

    Directory of Open Access Journals (Sweden)

    Nicolae Dardac

    2006-02-01

    Full Text Available Credit institutions supervising mission by state authorities is mostly assimilated with systemic risk prevention. In present, the mission is orientated on analyzing the risk profile of the credit institutions, the mechanism and existing systems as management tools providing to bank rules the proper instruments to avoid and control specific bank risks. Rating systems are sophisticated measurement instruments which are capable to assure the above objectives, such as success in banking risk management. The management quality is one of the most important elements from the set of variables used in the quoting process in credit operations. Evaluation of this quality is – generally speaking – fundamented on quantitative appreciations which can induce subjectivism and heterogeneity in quotation. The problem can be solved by using, complementary, quantitative technics such us DEA (Data Envelopment Analysis.

  8. Burnup credit in a dry storage module

    International Nuclear Information System (INIS)

    Thornton, J.R.

    1989-01-01

    Comparison of spent fuel storage expansion options available to Oconee Nuclear Station revealed that dry storage could be economically competitive with transshipment and rod consolidation. Economic competitiveness, however, mandated large unit capacity while existing cask handling facilities at Oconee severely limited size and weight. The dry storage concept determined to best satisfy these conflicting criteria is a 24 pressurized water reactor (PWR) fuel assembly capacity NUTECH Horizontal Modular Storage (NUHOMS) system. The Oconee version of the NUHOMS system takes advantage of burnup credit in demonstrating criticality safety. The burnup credit criticality analysis was performed by Duke Power Company's Design Engineering Department. This paper was prepared to summarize the criticality control design features employed in the Oconee NUHOMS-24P DSC basket and to describe the incentives for pursuing a burnup credit design. Principal criticality design parameters, criteria, and analysis methodology are also presented

  9. Valuing Catastrophe Bonds Involving Credit Risks

    Directory of Open Access Journals (Sweden)

    Jian Liu

    2014-01-01

    Full Text Available Catastrophe bonds are the most important products in catastrophe risk securitization market. For the operating mechanism, CAT bonds may have a credit risk, so in this paper we consider the influence of the credit risk on CAT bonds pricing that is different from the other literature. We employ the Jarrow and Turnbull method to model the credit risks and get access to the general pricing formula using the Extreme Value Theory. Furthermore, we present an empirical pricing study of the Property Claim Services data, where the parameters in the loss function distribution are estimated by the MLE method and the default probabilities are deduced by the US financial market data. Then we get the catastrophe bonds value by the Monte Carlo method.

  10. Ombud’s Corner: due credit!

    CERN Multimedia

    Sudeshna Datta-Cockerill

    2016-01-01

    Patents, copyrights, trademarks… there are many ways to protect intellectual property and yet, despite these precautionary measures, it seems that colleagues sometimes still slip up: plots done by one person are used in another’s presentation without being appropriately credited, citations are wrongly assigned, references are inaccurate…   Plagiarism and misappropriation do not only happen in the worlds of art, music and literature. Often in our world, during the preparation phase of a scientific paper or even just in their daily work, scientists are required to share the work of many contributors and sometimes they do not keep track of who did what. No-one minds as long as this stays within the limits of teamwork, in which credits are distributed evenly and nobody’s contribution gets forgotten. Problems arise however, when one person’s work ends up being presented by another without the correct credit, or indeed when someone is held back from p...

  11. Credit risk evaluation based on social media.

    Science.gov (United States)

    Yang, Yang; Gu, Jing; Zhou, Zongfang

    2016-07-01

    Social media has been playing an increasingly important role in the sharing of individuals' opinions on many financial issues, including credit risk in investment decisions. This paper analyzes whether these opinions, which are transmitted through social media, can accurately predict enterprises' future credit risk. We consider financial statements oriented evaluation results based on logit and probit approaches as the benchmarks. We then conduct textual analysis to retrieve both posts and their corresponding commentaries published on two of the most popular social media platforms for financial investors in China. Professional advice from financial analysts is also investigated in this paper. We surprisingly find that the opinions extracted from both posts and commentaries surpass opinions of analysts in terms of credit risk prediction. Copyright © 2015 Elsevier Inc. All rights reserved.

  12. The influence of external factors on the credit risk in leasing industry

    Directory of Open Access Journals (Sweden)

    Gholamreza Farsad Amanollahi

    2016-03-01

    Full Text Available Credit risk consists of probability of non-return, which may be in the form of bankruptcy or a decrease in financial and credit situation of the lessee. The variables are extracted from the Central Bank. In this study the independent variables are measured with six factors that are called external factors. The external factors are size of leasing, ownership interest rate, foreign exchange, inflation, and Gross Domestic Product (GDP. The present study uses related observations from 31 leasing companies from 2008 to 2013 to find out the determinants of the credit risk. The combined evidences suggest that internal factors such as upfront prepayment, credit insurance contract, security deposits, time and period contract, collateral and guarantees, contract amount, as well as external factors such as interest rate, inflation, foreign exchange, Gross Domestic Product infrastructure, and credit risk are determinants in the policy-making process involving the industrial leasing. Furthermore, the empirical results indicate the size of leasing and ownership are not the significant determinants of credit risk. The results of this dissertation provide several implications for policy-makers in the leasing industry. Policy-makers will be better off employing different procedures for leasing activities in the leasing industry.

  13. Changes in export-credit for a better French commercial offer

    International Nuclear Information System (INIS)

    Crepin, A.

    2016-01-01

    Financing cost is an important part of the total cost of a nuclear power plant and as a consequence plays a role in the competitiveness of a bid. The construction of a nuclear plant require huge investments and the possibility of offering a competitive credit is an important point to win market shares. Some countries like China and Russia propose a system in which both states can act as direct lender and can propose loans with very favorable interest rates. France has recently implemented a new export-credit system in which a loan over a very long period (construction period + 18 years) guaranteed by the French Export-Credit agency (COFACE) can be obtained complementing loans from commercial banks. (A.C.)

  14. Modeling a Distribution of Mortgage Credit Losses

    Czech Academy of Sciences Publication Activity Database

    Gapko, Petr; Šmíd, Martin

    2012-01-01

    Roč. 60, č. 10 (2012), s. 1005-1023 ISSN 0013-3035 R&D Projects: GA ČR GD402/09/H045; GA ČR(CZ) GBP402/12/G097 Grant - others:Univerzita Karlova(CZ) 46108 Institutional research plan: CEZ:AV0Z10750506 Institutional support: RVO:67985556 Keywords : credit risk * mortgage * delinquency rate * generalized hyperbolic distribution * normal distribution Subject RIV: AH - Economics Impact factor: 0.194, year: 2012 http://library.utia.cas.cz/separaty/2013/E/smid-modeling a distribution of mortgage credit losses.pdf

  15. Modeling a Distribution of Mortgage Credit Losses

    Czech Academy of Sciences Publication Activity Database

    Gapko, Petr; Šmíd, Martin

    2010-01-01

    Roč. 23, č. 23 (2010), s. 1-23 R&D Projects: GA ČR GA402/09/0965; GA ČR GD402/09/H045 Grant - others:Univerzita Karlova - GAUK(CZ) 46108 Institutional research plan: CEZ:AV0Z10750506 Keywords : Credit Risk * Mortgage * Delinquency Rate * Generalized Hyperbolic Distribution * Normal Distribution Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2010/E/gapko-modeling a distribution of mortgage credit losses-ies wp.pdf

  16. Strategies for navigating the healthcare credit market.

    Science.gov (United States)

    Wareham, T L

    2001-04-01

    Not-for-profit healthcare organizations are experiencing a tightened credit market due to financial stresses on the healthcare industry such as declining payments, effects of the Balanced Budget Act of 1997, and the shift to outpatient care. In the future, healthcare organizations wanting to access the capital market will be expected to preserve cash as an "insurance policy," offer greater security and stricter covenants, and report financial information on a quarterly basis. To meet these requirements and navigate today's tighter credit market, healthcare financial managers will need to focus on the organization's most reliably profitable areas of business, link strategic and financial issues, and carefully monitor the balance sheet.

  17. A random matrix approach to credit risk.

    Science.gov (United States)

    Münnix, Michael C; Schäfer, Rudi; Guhr, Thomas

    2014-01-01

    We estimate generic statistical properties of a structural credit risk model by considering an ensemble of correlation matrices. This ensemble is set up by Random Matrix Theory. We demonstrate analytically that the presence of correlations severely limits the effect of diversification in a credit portfolio if the correlations are not identically zero. The existence of correlations alters the tails of the loss distribution considerably, even if their average is zero. Under the assumption of randomly fluctuating correlations, a lower bound for the estimation of the loss distribution is provided.

  18. A random matrix approach to credit risk.

    Directory of Open Access Journals (Sweden)

    Michael C Münnix

    Full Text Available We estimate generic statistical properties of a structural credit risk model by considering an ensemble of correlation matrices. This ensemble is set up by Random Matrix Theory. We demonstrate analytically that the presence of correlations severely limits the effect of diversification in a credit portfolio if the correlations are not identically zero. The existence of correlations alters the tails of the loss distribution considerably, even if their average is zero. Under the assumption of randomly fluctuating correlations, a lower bound for the estimation of the loss distribution is provided.

  19. CAUTIOUS PRACTICE IN ACCOUNTANCY CREDIT UNITS

    Directory of Open Access Journals (Sweden)

    Riana Iren RADU

    2006-01-01

    Full Text Available The constitution of the specific risk prevision refers to their creation and is realized including in the cost the sum representing the level of the necessary specific risk provisions, in case there is no provision. The constitutions, regulation and the utilization of specific risk provisions will be realized using the credit currency and/or the investments they correct. Specific risk provisions are to be determined only for the client’s balance sheet engagements. The calculation for the necessary volume of provisions is realized for each and every credit contract referring to the final client classification category.

  20. Documentary Credit Transfer and Other Financing from What Can Match as Product of Credit

    Directory of Open Access Journals (Sweden)

    Libardo Quintero Salazar

    2016-12-01

    Full Text Available When a contract of international sale of goods is mediated by a form of payment as the documentary credit, exporters that initially lack financial resources to produce or obtain merchandise that then will be delivered to the importer, look as first natural possibility of financing the transfer for the documentary credit. Now not always the credit can be transferable in accordance with the Uniform Customs and Practice for Documentary Credits (UCP – because, for example, the importer or the financial entity do not want it in that way. Given the above scenario, this article aims to provide solutions, explaining legal alternatives for the exporter that is not in the UCP-, to use the money that might correspond as a result of the documentary credit, to finance the production or acquisition of goods against other traders, and then reselling them to the importer. It concludes that the exporter can achieve such immediate funding - similar to what encourage the transfer of documentary credit - using to their relations with the supplier, figures as the assignment of a future credit, banker’s acceptance and contract terms.

  1. THE IMPACT OF MONETARY POLICY ON BANK CREDIT DURING ECONOMIC CRISIS: INDONESIA’S EXPERIENCE

    Directory of Open Access Journals (Sweden)

    Abdul Mongid

    2017-03-01

    Full Text Available The monetary policy mechanism by which monetary policy was transmitted to thereal economy had emerged as the pivotal discussion topic recently. This paper tried to discussthe impact of Bank Indonesia’s monetary policy on loan bank. By using simple loan bankframework we concluded that monetary policies were able to influence loan bank. Themonetary variables such as discount rate policy, base money and exchange rate policy werevery important in determining the banking credit. As the credit was very important to influencesthe economic activitiy, the result provided evidence that monetary policy was important as atool to control economic activity via credit channel. The validity of this study challenged thehypotheses that monetary policy was death. However, monetary policy maker should carefullyconsider the soundness of the banking industry because it was a strategic partner for monetaryauthority to control the economic activities.

  2. Advances in applications of burnup credit to enhance spent fuel transportation, storage, reprocessing and disposition. Proceedings of a technical meeting

    International Nuclear Information System (INIS)

    2007-05-01

    Given a trend towards higher burnup power reactor fuel, the IAEA began an active programme in burnup credit (BUC) with major meetings in 1997 (IAEA-TECDOC-1013), 2000 (IAEA-TECDOC-1241) and 2002 (IAEA-TECDOC-1378) exploring worldwide interest in using BUC in spent fuel management systems. This publication contains the proceedings of the IAEA's 4th major BUC meeting, held in London. Sixty participants from 18 countries addressed calculation methodology, validation and criticality, safety criteria, procedural compliance with safety criteria, benefits of BUC applications, and regulatory aspects in BUC. This meeting encouraged the IAEA to continue its activities on burnup credit including dissemination of related information, given the number of Member States having to deal with increased spent fuel quantities and extended durations. A 5th major meeting on burnup credit is planned 2008. Burnup credit is a concept that takes credit for the reduced reactivity of fuel discharged from the reactor to improve loading density of irradiated fuel assemblies in storage, transportation, and disposal applications, relative to the assumption of fresh fuel nuclide inventories in loading calculations. This report has described a general four phase approach to be considered in burnup credit implementation. Much if not all of the background research and data acquisition necessary for successful burnup credit development in preparation for licensing has been completed. Many fuel types, facilities, and analysis methods are encompassed in the public knowledge base, such that in many cases this guidance will provide a means for rapid development of a burnup credit program. For newer assembly designs, higher enrichment fuels, and more extensive nuclide credit, additional research and development may be necessary, but even this work can build on the foundation that has been established to date. Those, it is hoped that this report will serve as a starting point with sufficient reference to

  3. Islamic Banking Existence and Domestic Credit: Study at Seven Countries

    Directory of Open Access Journals (Sweden)

    Hamdan Yuafi

    2017-05-01

    Full Text Available This paper empirically investigates the determinants of domestic credit across a wide range of 7 countries; these are United Kingdom, Malaysia, Egypt, Kuwait, Qatar, Bahrain and Indonesia. We use dynamic panel estimation to examine effects of exchange rate, inflation, lending interest rate, banking crisis and existence of wholesale Islamic banking on domestic credit. We obtain several notable empirical results. First, the lending interest rate, banking crisis negatively and insignificantly contribute to domestic credit. The existence of Islamic bank has positive and insignificant contribution to domestic credit, while exchange rate positively and significantly contributes to domestic credit.  Inflation negatively and significantly contributes to domestic credit. Second, banking crisis and existence of wholesale Islamic banking show insignificant effect on domestic credit. Third, we find that today’s domestic credit is depended on domestic credit in the previous year.DOI: 10.15408/aiq9i2.4906

  4. Emissions credits from natural gas vehicles

    International Nuclear Information System (INIS)

    Anderson, J.F.; Kodjak, D.

    1997-01-01

    Dedicated natural gas vehicles (NGVs) often are capable of testing to lower than federally required engine certification standards. NGVs often meet inherently low emission vehicle (ILEV) and ultra low emission vehicle (ULEV) standards. Over the useful life of the vehicle, a significant amount of mobile source emission reduction credits (MSERCs) can be generated. This paper will discuss key elements of establishing a workable methodology to quantify the emissions benefits generated through the purchase and use of heavy-duty natural gas vehicles instead of heavy-duty diesel vehicles. The paper will focus on a public fleet of transit buses owned by the Massachusetts Bay Transit Agency, the Massachusetts Port Authority, and a private fleet of waste haulers. Public fleets may generate emission credits as a key compliance option to offset emission shortfalls from changes to the Employee Commute Options (ECO) program, the Inspection and Maintenance program, and facilitate annual surface transportation conformity. Private fleets may generate emission credits for open market trading to area and stationary sources seeking to buy credits from mobile sources, where allowed by EPA and state policy

  5. The determinants of trade credit use

    NARCIS (Netherlands)

    Hermes, Niels; Kihanga, Ernest; Lensink, Robert; Lutz, Clemens

    2015-01-01

    Most small businesses in the developing economies suffer from a lack of access to formal external finance. One important alternative source of finance for these entrepreneurs is trade credit. Applying a unique data-set containing data on specific trade relations between rice wholesalers and rice

  6. 76 FR 10209 - Corporate Credit Unions

    Science.gov (United States)

    2011-02-24

    ...(a)(4). Section III--Economic Advisability; Subsection B--Proposed Management's Character and Fitness... ``competence, experience, character, or integrity.'' The commenter suggested that these criteria should be the... any credit union depends on: (a) The character and fitness of management; (b) the depth of the members...

  7. Sales forecasting during the credit crisis

    NARCIS (Netherlands)

    Udenio, M.

    2010-01-01

    The work contained herein concerns the influence of supply chain dynamics in the effects of the (ongoing) international credit crisis. This project was carried out within Royal DSM N.V, a dutch life sciences and performance materials company. During the second half of 2008, DSM sales plummeted;

  8. 75 FR 60651 - Corporate Credit Unions

    Science.gov (United States)

    2010-10-01

    ...) setting forth the requirements and process for chartering corporate federal credit unions. DATES: Comments... commitment (i.e., letters and/or contracts used to substantiate projections); and Services and marketing... assurance that the management team will have the requisite skills--particularly in leadership, accounting...

  9. Credit default swaps and risk-shifting

    NARCIS (Netherlands)

    Campello, M.; Matta, R.

    2012-01-01

    Credit default swaps (CDSs) are thought to ease borrowing by protecting lenders against default. This paper develops a model of the demand for CDS when borrowers choose the riskiness of investment and verification is imperfect. The model shows that CDSs may lead to risk-shifting, increasing the

  10. Burnup credit effect on proposed cask payloads

    International Nuclear Information System (INIS)

    Hall, I.K.

    1989-01-01

    The purpose of the Cask Systems Development Program (CSDP) is to develop a variety of cask systems which will allow safe and economical movement of commercial spent nuclear fuel and high-level waste from the generator to the Federal repository or Monitored Retrievable Storage (MRS) facility. Program schedule objectives for the initial phase of the CSDP include the development of certified spent fuel cask systems by 1995 to support Office of Civilian Radioactive Waste Management shipments from the utilities beginning in the late 1990s. Forty-nine proposals for developing a family of spent fuel casks were received and comparisons made. General conclusions that can be drawn from the comparisons are that (1) the new generation of casks will have substantially increased payloads in comparison to current casks, and (2) an even greater payload increase may be achievable with burnup credit. The ranges in the payload estimates do not allow a precise separation of the payload increase attributable to the proposed allowance of fuel burnup credit, as compared wilt the no-burnup-credit case. The beneficial effects of cask payload increases on overall costs and risks of transporting spent fuel are significant; therefore further work aimed toward taking advantage of burnup credit is warranted

  11. Understanding Credit Risk: A Classroom Experiment

    Science.gov (United States)

    Servatka, Maros; Theocharides, George

    2011-01-01

    This classroom experiment introduces students to the notion of credit risk and expected return, by allowing them to trade on comparable corporate bond issues from two types of markets: investment-grade and high-yield markets. Investment-grade issues have a lower probability of default than high-yield issues and thus provide a lower yield.…

  12. Curriculum Development through YTS Modular Credit Accumulation.

    Science.gov (United States)

    Further Education Unit, London (England).

    This document reports the evaluation of the collaborately developed Modular Training Framework (MainFrame), a British curriculum development project, built around a commitment to a competency-based, modular credit accumulation program. The collaborators were three local education authorities (LEAs), those of Bedfordshire, Haringey, and Sheffield,…

  13. 32 CFR 643.116 - Credit unions.

    Science.gov (United States)

    2010-07-01

    ... buildings, without charge for rent or services, to any credit union organized under State law or to any... that, in either case, that 95 percent of the membership is composed of Federal employees, including former Federal employees who acquire membership while employed by the Federal Government and retained...

  14. WWER-1000 Burnup Credit Benchmark (CB5)

    International Nuclear Information System (INIS)

    Manolova, M.A.

    2002-01-01

    In the paper the specification of WWER-1000 Burnup Credit Benchmark first phase (depletion calculations), given. The second phase - criticality calculations for the WWER-1000 fuel pin cell, will be given after the evaluation of the results, obtained at the first phase. The proposed benchmark is a continuation of the WWER benchmark activities in this field (Author)

  15. 75 FR 73000 - Corporate Credit Unions

    Science.gov (United States)

    2010-11-29

    ... correcting adjustments necessary to conform with generally accepted accounting principles (GAAP) that were... report, signed by the chief executive officer and the chief accounting officer or chief financial officer... either the chief accounting officer or chief financial officer of the corporate credit union to sign the...

  16. Dynamic Dependence and Diversification in Corporate Credit

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Jin, Xisong

    2018-01-01

    We characterize dependence in corporate credit and equity returns for 215 firms using a new class of large-scale dynamic copula models. Copula dependence and especially tail dependence are highly variable and persistent, increase significantly in the financial crisis, and have remained high since...

  17. Application of burnup credit concept to transport

    International Nuclear Information System (INIS)

    Futamura, Yoshiaki; Nakagome, Yoshihiro.

    1994-01-01

    For the design and safety assessment of the casks for transporting spent fuel, the fuel contained in them has been assumed to be new fuel. The reason is, it was difficult to evaluate the variation of the reactivity of fuel, and the research on the affecting factors and the method of measuring burnup were not much advanced. Recently, high burnup fuel has been adopted, and initial degree of enrichment rose. The research has been advanced for pursuing the economy of the casks for spent fuel, and burnup credit has become applicable to their design and safety assessment. As the result, the containing capacity increases by about 20%. When burnup credit is considered, it is necessary to confirm accurately the burnup of spent fuel. The burnup dependence of the concentration of fissile substances and neutron emissivity, the coolant void dependence of the concentration of fissile substances, and the relation of neutron multiplication rate with initial degree of enrichment or burnup are discussed. The conceptual design of casks considering burnup credit and its assessment, the merit, problem and the countermeasures to it when burnup credit is introduced are described. (K.I.)

  18. Agricultural credit repayment in Finoteselam town, northwestern ...

    African Journals Online (AJOL)

    ... of loans to consumption ends. Family planning, creating enabling conditions for insurance markets, and enhancing labour markets are areas of policy concerns that could further improve loan repayment performances. Key words: Agricultural credit, determinants, microfinance, ACSI, northwestern Ethiopia, Finoteselam ...

  19. ASSESSING THE EFFECTIVENESS OF CREDIT RISK MAN ...

    African Journals Online (AJOL)

    User

    The study was conducted using 20 Micro-firms in Accra which ... Journal of Science and Technology, Vol. ... RESEARCH PAPER ... capital (measured by the borrower's net worth), ... number of firms existing in the market and the ... agers and/or staff of the credit management .... the firm's risk tolerance and the level of profit-.

  20. Agricultural credit repayment in Finoteselam town, northwestern ...

    African Journals Online (AJOL)

    Administrator

    developing countries face three major problems: adverse selection ... The concept of providing subsidized credit service to the poor ... The performance of MFIs is evaluated based on their level of ... households in developing countries. ... formal banks as they use the mechanism of group lending. ...... Evidence from Ghana.

  1. Competitive Intelligence for MBA Students: Credit Courses

    OpenAIRE

    Kirkwood, Hal P, Jr

    2016-01-01

    Poster was presented at the Business & Finance Division Poster Session at the Special Libraries Association Annual Conference in Philadelphia, PA, 2016. Focus of the poster is on the credit-level courses taught by Prof Hal Kirkwood to MBA students in the Krannert Graduate School of Management on the topics of international business research and an introduction to competitive intelligence.

  2. Competition in the Dutch consumer credit market

    NARCIS (Netherlands)

    Toolsema-Veldman, Linda

    2002-01-01

    This paper considers the degree of competitiveness of the Dutch consumer credit market. We use the well-known Bresnahan-Lau method that estimates a structural model consisting of a demand relation and a supply relation, based on aggregate data. The level of competition is derived from the estimated

  3. Competition in the Dutch consumer credit market

    NARCIS (Netherlands)

    Toolsema-Veldman, Linda

    2001-01-01

    This paper considers the degree of competitiveness of the Dutch consumer credit market. We use the well-known I Bresnahan-Lau method that estimates it structural model consisting of a demand relation and a supply relation, based on aggregate data. The level of compelition is derived from the

  4. Trade credit, collateral liquidation and borrowing constraints

    NARCIS (Netherlands)

    Fabbri, D.; Menichini, A.M.C.

    2009-01-01

    The paper proposes a model of collateralized bank and trade credit. Firms use a two-input technology. Assuming that the supplier is better able to extract value from existing assets and has an information advantage over other creditors, the paper derives a series of predictions. (1) Financially

  5. Testing the generalized partial credit model

    NARCIS (Netherlands)

    Glas, Cornelis A.W.

    1996-01-01

    The partial credit model (PCM) (G.N. Masters, 1982) can be viewed as a generalization of the Rasch model for dichotomous items to the case of polytomous items. In many cases, the PCM is too restrictive to fit the data. Several generalizations of the PCM have been proposed. In this paper, a

  6. Some Considerations on the Partial Credit Model

    Science.gov (United States)

    Verhelst, N. D.; Verstralen, H. H. F. M.

    2008-01-01

    The Partial Credit Model (PCM) is sometimes interpreted as a model for stepwise solution of polytomously scored items, where the item parameters are interpreted as difficulties of the steps. It is argued that this interpretation is not justified. A model for stepwise solution is discussed. It is shown that the PCM is suited to model sums of binary…

  7. Outline of High School Credit Courses.

    Science.gov (United States)

    South Carolina State Dept. of Education, Columbia.

    An outline is presented of the objectives and content of courses offered for credit in high schools in South Carolina. Courses in the following subjects are described: (1) art; (2) drama; (3) driver education; (4) environmental education; (5) foreign language: French, German, Russian, Spanish; (6) health; (7) language arts; (8) mathematics; (9)…

  8. ACCESS TO MICRO CREDIT AND ECONOMIC EMPOWERMENT ...

    African Journals Online (AJOL)

    Prof

    market women have a low socio-economic status due to financial and ... market women have little or no access to micro credit schemes largely .... industry contributes to its poor performance in servicing the needs of the poor especially .... single; 11.1% are either divorced or separated; 33.3% are widows whereas a larger.

  9. School Facilities and Tax Credit Bonds

    Science.gov (United States)

    Edelstein, Frederick S.

    2009-01-01

    The tax credit portion of the American Recovery and Reinvestment Act of 2009 (also known as the economic stimulus package or ARRA) has three different entities that can be used for various school construction including new, modernization, renovation and acquisition of sites for school projects. The bond rule notice and allocations have been issued…

  10. The investment tax credit under monopolistic competition

    NARCIS (Netherlands)

    Broer, DP; Heijdra, BJ

    This pager develops a dynamic model of monopolistic competition with finite lives. It investigates the welfare properties of an investment tax credit (ITC) for both finite and infinite lives. For infinite lives, it shows that, lacking lump-sum taxes, an ITC suffices to attain a second-best solution.

  11. Trading biomass or GHG emission credits?

    NARCIS (Netherlands)

    Laurijssen, J; Faaij, A.P.C.

    2009-01-01

    Global biomass potentials are considerable but unequally distributed over the world. Countries with Kyoto targets could import biomass to substitute for fossil fuels or invest in bio-energy projects in the country of biomass origin and buy the credits (Clean Development Mechanism (CDM) and Joint

  12. Trade credit and the supply chain

    NARCIS (Netherlands)

    Fabbri, D.; Klapper, L.F.

    2009-01-01

    This paper studies supply chain financing. We investigate why a firm extends trade credit to its customers and how this decision relates to its own financing. We use a novel firm-level database with unique information on market power in both output and input markets and on the amount, terms, and

  13. 75 FR 75648 - Corporate Credit Unions

    Science.gov (United States)

    2010-12-06

    ... Board, National Credit Union Administration, 1775 Duke Street, Alexandria, Virginia 22314- 3428. Hand... library at 1775 Duke Street, Alexandria, Virginia 22314, by appointment weekdays between 9 a.m. and 3 p.m... Attorney, Office of General Counsel; and Lisa Henderson, Staff Attorney, Office of General Counsel, at the...

  14. Financial sustainability in savings and credit programmes.

    Science.gov (United States)

    Havers, M

    1996-05-01

    This article provides a framework for determining, justifying, and improving financial sustainability of savings and credit programs. Credit programs have income from interest and fees. Income must pay for the cost of funds, loan write-offs, operating costs, and inflation. Reference is made to Otero and Rhyne's four levels of self-sufficiency in credit programs. The Grameen Bank is an example of Level 3 and most credit unions are level 4. Nongovernmental groups in the United Kingdom are level 1 or 2. Experience has shown that removal of subsidies did not affect the quality of services or shift benefits away from the poor. Success in serving poorer people better is attributed 1) to more money being available for lending under tighter management practices, 2) to greater openness to a variety of clients from removal of subsidy restrictions, 3) to a shift to higher interest rates that eliminate richer borrowers, and 4) to a shift to serious collection of loans which is a disincentive to more privileged borrowers. Percentages of loan loss, administration costs, cost of funds, and inflation are useful in measuring the sustainability of credit programs. Interest and fee income must also be measured. Fee repayment rates do not have a common definition of arrears, default, and write-off. A simple measure is the percentage of total costs covered by income. The World Bank recommends the Subsidy Dependence Index. Women tend to be better at repaying loans. Loan size should be related to borrowers' ability to handle the amount of the loan. Low and subsidized interest rates deter depositors and attract richer borrowers. Poorer borrowers are attracted by access to credit and not the cost of credit. Interest rates should be based on market rates. The loan payment should be no longer than necessary. Small groups of borrowers can guarantee each others loans. Group-based loan schemes work best. NGOs must project an image of being serious about loan collections and must take action

  15. Understanding supplier credits in an inflationary environment when reserve money is available

    NARCIS (Netherlands)

    Singh, S.R.; Jain, R.

    2009-01-01

    A deterministic inventory model for a deteriorating item is explored in an inflation-induced environment for a finite planning horizon. The supplier, as a policy, offers credit limit to his retailers and charges no interest during this period. The retailer has the reserve money to pay off the

  16. Formal and Informal Rural Credit in Four Provinces of Vietnam

    DEFF Research Database (Denmark)

    Barslund, Mikkel Christoffer; Tarp, Finn

    This paper uses a survey of 932 rural households to uncover how the rural credit market operates in four provinces of Vietnam. Households obtain credit through formal and informal lenders. Formal loans are almost entirely for production and asset accumulation, while informal loans are used...... for consumption smoothening. Interest rates fell from 1997 to 2002, reflecting increased market integration. Moreover, the determinants of formal and informal credit demand are distinct. While credit rationing depends on education and credit history, in particular, regional differences in the demand for credit...

  17. CREDIT RISK MINIMIZATION WAYS AND PRICING OF BANKING SERVICES

    Directory of Open Access Journals (Sweden)

    V. E. Gladkova

    2011-01-01

    Full Text Available Accurate accounting of own expenses on rendering banking services and forming reasonable prices for them make it possible for commercial banks to adequately react to market situation changes. Credit risk minimization comprises: credit rationing (in Russia according to RF Central Bank norms; credit diversification; credit structuring; and forming reserves to cover respective bank risks (also in accordance with RF CB documents. Effective is bank credit hedging (insuring through credit derivatives. Most advanced at international finance markets are such risk minimization systems as Basel-II and IRBA. Pricing models based on individual assessment of each borrower’s risk class (Risk Based Pricing approach are widely used.

  18. BANKING ON MULTINATIONALS: THE DETERMINANTS OF CROSS-BORDER CREDITS TO CENTRAL AND EASTERN EUROPE, 1990-2015

    Directory of Open Access Journals (Sweden)

    Roksolana Zapotichna

    2017-11-01

    Full Text Available Taking into account the rising dependence of Central and Eastern Europe on multinational banks’ credits, the main purpose of the article is to identify and examine the determinants of cross-border credits through a methodology based on “push” and “pull” factors. The author presents the results of a regression analysis on the determinants of cross-border credits provided by multinational banks from EU-15 to Central and Eastern Europe over the period of 1990-2015 by using the statistical data compiled and published by the Bank for International Settlements. The obtained results suggest that global as well as home and host country level determinants influence cross-border credits but to a different extent. According to our results, higher stability and predictability of global economic environment contribute to higher cross-border credit growth. The results of the host country determinants analysis indicate that more effective and profitable economies receive more credits from multinational banks. We also find that multinational banks provide more credits to countries with small markets, low inflation rate, high external debt burden, high capital account deficit, fixed exchange rate regime, and developed institutional environment. Regarding home level determinants, we find the existence of a negative correlation between home country economic cycle and the amount of cross-border credits received by the host country, which can be explained by low economic growth in continental Europe over the period under consideration that stimulated European banks to expand lending on foreign markets with higher profit opportunities. Thus, cross-border credits appear to have been countercyclical to growth in home countries and procyclical to growth in host countries. Finally, it is found that host country level determinants play the most important role in explaining changes in cross-border credits on host countries in Central and Eastern Europe during

  19. Comment on Geoengineering with seagrasses: is credit due where credit is given?

    Science.gov (United States)

    Oreska, Matthew P. J.; McGlathery, Karen J.; Emmer, Igino M.; Needelman, Brian A.; Emmett-Mattox, Stephen; Crooks, Stephen; Megonigal, J. Patrick; Myers, Doug

    2018-03-01

    In their recent review, ‘Geoengineering with seagrasses: is credit due where credit is given?,’ Johannessen and Macdonald (2016) invoke the prospect of carbon offset-credit over-allocation by the Verified Carbon Standard as a pretense for their concerns about published seagrass carbon burial rate and global stock estimates. Johannessen and Macdonald (2016) suggest that projects seeking offset-credits under the Verified Carbon Standard methodology VM0033: Methodology for Tidal Wetland and Seagrass Restoration will overestimate long-term (100 yr) sediment organic carbon (SOC) storage because issues affecting carbon burial rates bias storage estimates. These issues warrant serious consideration by the seagrass research community; however, VM0033 does not refer to seagrass SOC ‘burial rates’ or ‘storage.’ Projects seeking credits under VM0033 must document greenhouse gas emission reductions over time, relative to a baseline scenario, in order to receive credits. Projects must also monitor changes in carbon pools, including SOC, to confirm that observed benefits are maintained over time. However, VM0033 allows projects to conservatively underestimate project benefits by citing default values for specific accounting parameters, including CO2 emissions reductions. We therefore acknowledge that carbon crediting methodologies such as VM0033 are sensitive to the quality of the seagrass literature, particularly when permitted default factors are based in part on seagrass burial rates. Literature-derived values should be evaluated based on the concerns raised by Johannessen and Macdonald (2016), but these issues should not lead to credit over-allocation in practice, provided VM0033 is rigorously followed. These issues may, however, affect the feasibility of particular seagrass offset projects.

  20. A Political Approach of the Popular Credit: Pierre-Joseph Proudhon and the mutual credit

    OpenAIRE

    Cyrille Ferraton; David Vallat

    2011-01-01

    Pierre-Joseph Proudhon’s ideas on credit and money have been considered to be not very relevant and above all unrealistic. However, they have known an uncommon posterity. They influenced Silvio Gesell who is John Maynard Keynes’s reference. This article analyses Pierre-Joseph Proudhon’s exchange bank plan. We show that Pierre- Joseph Proudhon’s ideas on credit and money are opened to criticism but require a reexamination because we can draw many lessons from them.

  1. Agricultural Credit Discount Fund – Agribusiness support credit line - Macedonian experience

    OpenAIRE

    Kovachev, Goran

    2012-01-01

    The main objective of this study is to emphasize the importance of creating special governmental refinancing institutions targeted towards strategic economic sectors. Such institution in Macedonia is Agricultural Credit Discount Fund, a separate unit within the Macedonian Bank for Development Promotion that administers a credit line meant to support the agribusiness. As it is commonly known agriculture is one of the most important economic sectors of the country. The ACDF's 'modus operandi' i...

  2. Do Internet Credit Markets Improve Access to Credit for Female Business Owners?

    OpenAIRE

    Barasinska, Nataliya; Schäfer, Dorothea

    2010-01-01

    Business owners and founders are a minority of any bank's business clients. Scientific studies of traditional credit markets often show a lower probability of loan approval or higher loan costs for female business owners compared to male business owners. With this background the question arises whether female business owners have to struggle with this problem less on Internet credit markets. In this current study, DIW Berlin investigated business loans on the largest German Internet platform,...

  3. Effects of Credit on Economic Growth, Unemployment and Poverty

    Directory of Open Access Journals (Sweden)

    Mangasa Augustinus Sipahutar

    2016-06-01

                  Effect of credit on economic growth, unemployment and poverty provides evidence from Indonesia on the role of banks credit for promoting economic growth and reducing both unemployment and poverty.  To document the link between banks credit and economic growth, we estimate a VAR model and variance decompositions of annual GDP per capita growth rates to examine what proxy measures of banks credit are most important in accounting for economic growth over time and how much they contribute to explaining economic growth.  We also estimate an ECM to document the relationship between banks credit to both unemployment and poverty.  This paper revealed bi-direction causality between banks credit and economic growth.  Banks credit promotes economic growth and economic growth affects credit depth and financial development.  Furthermore, banks credit is a growth accelerating factor on Indonesian economic growth.  Banks credit is an endogenous growth and a good predictor on Indonesian economy. Our estimation model explained that credit allocated by banks increases business escalation to the real sectors then promotes economic growth, decreases unemployment rate through increasing in labor demanded, increases income and then decrease poverty.  This overall transmission mechanism just occurred through presence of banks credit by increasing money supply to the real sectors, promotes growth and social welfare.   Keywords :  banks credit, economic growth, growth accelerating factor, poverty, unemployment   JEL Classification : E51, E52, E58

  4. Criticality reference benchmark calculations for burnup credit using spent fuel isotopics

    International Nuclear Information System (INIS)

    Bowman, S.M.

    1991-04-01

    To date, criticality analyses performed in support of the certification of spent fuel casks in the United States do not take credit for the reactivity reduction that results from burnup. By taking credit for the fuel burnup, commonly referred to as ''burnup credit,'' the fuel loading capacity of these casks can be increased. One of the difficulties in implementing burnup credit in criticality analyses is that there have been no critical experiments performed with spent fuel which can be used for computer code validation. In lieu of that, a reference problem set of fresh fuel critical experiments which model various conditions typical of light water reactor (LWR) transportation and storage casks has been identified and used in the validation of SCALE-4. This report documents the use of this same problem set to perform spent fuel criticality benchmark calculations by replacing the actual fresh fuel isotopics from the experiments with six different sets of calculated spent fuel isotopics. The SCALE-4 modules SAS2H and CSAS4 were used to perform the analyses. These calculations do not model actual critical experiments. The calculated k-effectives are not supposed to equal unity and will vary depending on the initial enrichment and burnup of the calculated spent fuel isotopics. 12 refs., 11 tabs

  5. The relationship between liquidity risk and credit risk in Islamic banking industry of Iran

    Directory of Open Access Journals (Sweden)

    Hashem Nikomaram

    2013-04-01

    Full Text Available An integrated risk management is a process, which enables banks to measure and manage all risks, simultaneously. The recent turbulent chaos on banking industry has increase the relative importance of risk management, more than before. This paper investigates the relationship between credit risk and liquidity risk among Iranian banks. The proposed study includes all private and governmental banks as population over the period 2005-2012. The results Pearson correlation has disclosed a positive and meaningful relationship between credit and liquidity risks. Bank size also impacts on two mentioned risk factors but we there seems to be no relationship between financial chaos and type of ownership with risk factors.

  6. Valid measures of periodic leg movements (PLMs) during a suggested immobilization test using the PAM-RL leg activity monitors require adjusting detection parameters for noise and signal in each recording.

    Science.gov (United States)

    Yang, Myung Sung; Montplaisir, Jacques; Desautels, Alex; Winkelman, John W; Cramer Bornemann, Michel A; Earley, Christopher J; Allen, Richard P

    2014-01-01

    Individuals with restless legs syndrome (RLS) (Willis-Ekbom disease [WED]) usually have periodic leg movements (PLMs). The suggested immobilization test (SIT) measures sensory and motor features of WED during wakefulness. Surface electromyogram (EMG) recordings of the anterior tibialis (AT) are used as the standard for counting PLMs. However, due to several limitations, leg activity meters such as the PAM-RL were advanced as a potential substitute. In our study, we assessed the validity of the measurements of PLM during wakefulness (PLMW) in the SIT for PAM-RL using both default and custom detection threshold parameters compared to AT EMG. Data were obtained from 39 participants who were diagnosed with primary WED and who were on stable medication as part of another study using the SIT to repeatedly evaluate WED symptoms over 6-12 months. EMG recordings and PAM-RL, when available, were used to detect PLMW for each SIT. Complete PAM-RL and polysomnography (PSG) EMG data were available for 253 SITs from that study. The default PAM-RL (dPAM-RL) detected leg movements based on manufacturer's noise (resting) and signal (movement) amplitude criteria developed to accurately detect PLM during sleep (PLMS). The custom PAM-RL (cPAM-RL) similarly detected leg movements except the noise and movement detection parameters were adjusted to match the PAM-RL data for each SIT. The distributions of the differences between either dPAM-RL or cPAM-RL and EMG PLMW were strongly leptokurtic (Kurtosis >2) with many small differences and a few unusually large differences. These distributions are better described by median and quartile ranges than mean and standard deviation. Despite an adequate correlation (r=0.66) between the dPAM-RL and EMG recordings, the dPAM-RL on average significantly underscored the number of PLMW (median: quartiles=-13: -51.2, 0.0) and on Bland-Altman plots had a significant magnitude bias with greater underscoring for larger average PLMW/h. There also was an

  7. THE ROLE OF MORTGAGE CREDIT IN ENSURING ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Z. L. Garipova

    2014-04-01

    Full Text Available The decision of the important social task - ensuring the availability of housing for the mass of the population of the country, on the one hand, allowed to launch investment, savings, financial and credit mechanisms for ensuring economic growth of the Russian economy on the other. Despite the high degree of sophistication in the scientific literature of the organization of mortgage lending system, a study of its impact on economic growth factors in the scientific literature clearly insufficient. The original article was the theory of economic growth, which allowed on the basis of research of interaction of demand for residential property, it deals with the housing mortgage credit to justify a conclusion about its importance not only for solution of social tasks, availability of housing, but also a significant impact on the demand and supply on the residential property market. Based on the analysis of statistical data for the period from 2006 to 2012, and their correlation analysis carried out research of factors of development of housing markets and mortgage lending, namely incomes, housing prices, interest rates on loans, «channel lending conditions, the terms of banking mortgage.Purchase on Elibrary.ru > Buy now

  8. Determinants of Banking Credit Default in Indonesia: A Comparative Analysis

    Directory of Open Access Journals (Sweden)

    Muhammad Imaduddin

    2008-08-01

    Full Text Available This study aims to analyze the determinants of Islamic banking credit default compared with conventional banking in Indonesia. This study utilized timeseries analysis, by which ordinary least square method is adopted. 40 monthly data observations from January 2003 until April 2006 are used. The study is divided into two models, namely Islamic banking model and conventional banking model. The values of non-performing financing (NPF in Islamic banking and non-performing loan (NPL in conventional banking are treated as the dependent variables. The results showed that two-month lagged of non-performing financing (NPF, total asset (ASSET, the amount of thirdparty-funds (TPF, one-month lagged of total financing (DFIN, and growthof gross-domestic product (GDPG variables have significant impact to the ratio of non-performing financing (NPF in Islamic banking. Meanwhile, the three-month lagged of non-performing loan (DDDNPL, total asset (CASSET, three-month as well as two-month period lagged of total loan (DDDCRED and DDCRED, inter-bank money market (PUAB, and growth of gross-domestic (GDPG are significant to influence the ratio of non-performing loan (NPL in conventional banking. The result also implied that the general election in 2004 had a significant influence to the ratio of non-performing financing (NPF in Islamic banking.Even tough from the outset, it seems Islamic banking has a better performance than conventional banking by having a relatively low NPF, this study, however, has found the opposite. Albeit, Islamic banking showing a good long-runas well as short-run dynamics among all variables in the beginning, after modifying the model into autoregressive in the main analysis, results showed that conventional banking has a better performance than Islamic banking with higher correlation of determination. In this regard, we cannot assume thatIslamic banking is performing poorly in managing credit default problems. This is because the result

  9. 48 CFR 52.228-14 - Irrevocable Letter of Credit.

    Science.gov (United States)

    2010-10-01

    ... Credits, 1993 Revision, International Chamber of Commerce Publication No. 500, and to the extent not... Documentary Credits, 1993 Revision, International Chamber of Commerce Publication No. 500, and to the extent...

  10. Credit Risk Evaluation System For Nigerian Banks Using Artificial Ne

    African Journals Online (AJOL)

    MANKABS

    CREDIT RISK EVALUATION SYSTEM: AN ARTIFICIAL NEURAL NETWORK APPROACH of their own experiential .... limitations concern the high computational ... Number of existing credits at this bank. 7. Personal status and sex. 14. Job. 17.

  11. Arbitrary Deprivation of an Unregistered Credit Provider's Right to ...

    African Journals Online (AJOL)

    Arbitrary Deprivation of an Unregistered Credit Provider's Right to Claim Restitution of Performance Rendered Opperman v Boonzaaier (24887/2010) 2012 ZAWCHC 27 (17 April 2012) and National Credit Regulator v Opperman 2013 2 SA 1 (CC)

  12. 24 CFR 201.22 - Credit requirements for borrowers.

    Science.gov (United States)

    2010-04-01

    ... consumer credit report stating the credit accounts and payment history of the borrower and of any co-maker... months or more. (c) Evidence of delinquency, default or misrepresentation. Except with the prior approval...

  13. Fission product margin in burnup credit analyses

    International Nuclear Information System (INIS)

    Finck, P.J.; Stenberg, C.G.

    1998-01-01

    The US Department of Energy (DOE) is currently working toward the licensing of a methodology for using actinide-only burnup credit for the transportation of spent nuclear fuel (SNF). Important margins are built into this methodology. By using comparisons with a representative experimental database to determine bias factors, the methodology ensures that actinide concentrations and worths are estimated conservatively; furthermore, the negative net reactivity of certain actinides and all fission products (FPs) is not taken into account, thus providing additional margin. A future step of DOE's effort might aim at establishing an actinide and FP burnup credit methodology. The objective of this work is to establish the uncertainty to be applied to the total FP worth in SNF. This will serve two ends. First, it will support the current actinide-only methodology by demonstrating the margin available from FPs. Second, it will identify the major contributions to the uncertainty and help set priorities for future work

  14. Credit Risk Management - Loan Approval Process

    Directory of Open Access Journals (Sweden)

    Lulzim Rashiti

    2016-03-01

    Full Text Available The aim of this study is on understanding the international regulations issued by Basel I, Basel II and Basel III to best supervise and manage credit risk management policies. Part of paper will focus on the description and impacts of the regulations and the pivotal importance they play in providing a sound banking system. Credit risk represents another important element that will be analysed considering that it lays the foundation during the loan consideration and approval process. The paper will also explain in detail procedures and responsibilities shared along the process of loan acceptance by a banker. To sum up, the overall process from application to loan approval or denial will be explained pointing out the implications that are faced along the way

  15. Neural fraud detection in credit card operations.

    Science.gov (United States)

    Dorronsoro, J R; Ginel, F; Sgnchez, C; Cruz, C S

    1997-01-01

    This paper presents an online system for fraud detection of credit card operations based on a neural classifier. Since it is installed in a transactional hub for operation distribution, and not on a card-issuing institution, it acts solely on the information of the operation to be rated and of its immediate previous history, and not on historic databases of past cardholder activities. Among the main characteristics of credit card traffic are the great imbalance between proper and fraudulent operations, and a great degree of mixing between both. To ensure proper model construction, a nonlinear version of Fisher's discriminant analysis, which adequately separates a good proportion of fraudulent operations away from other closer to normal traffic, has been used. The system is fully operational and currently handles more than 12 million operations per year with very satisfactory results.

  16. Portfolio Allocation Subject to Credit Risk

    Directory of Open Access Journals (Sweden)

    Rogerio de Deus Oliveira

    2003-12-01

    Full Text Available Credit Risk is an important dimension to be considered in the risk management procedures of financial institutions. Is a particularly useful in emerging markets where default rates on bank loan products are usually high. It is usually calculated through highly costly Monte Carlo simulations which consider different stochastic factors driving the uncertainly associated to the borrowers liabilities. In this paper, under some restrictions, we drive closed form formulas for the probability distributions of default rates of bank loans products involving a big number of clients. This allows us to quickly obtain the credit risk of such products. Moreover, using these probability distributions, we solve the problem of optimal portfolio allocation under default risk.

  17. Strategic interaction in undeveloped credit markets

    DEFF Research Database (Denmark)

    Andersen, Thomas Barnebeck; Malchow-Møller, Nikolaj

    2006-01-01

    This paper studies the strategic interaction between informal and formal lenders in undeveloped credit markets. In a model with adverse selection, loan seniority, market power, and differences in the cost of lending, it is shown that under general conditions a co-funding equilibrium will be a Nas...... evidence and the emerging discussion of how to best ensure financial viability and outreach of microfinance institutions......This paper studies the strategic interaction between informal and formal lenders in undeveloped credit markets. In a model with adverse selection, loan seniority, market power, and differences in the cost of lending, it is shown that under general conditions a co-funding equilibrium will be a Nash...

  18. Implied Materiality and Material Disclosures of Credit Ratings

    OpenAIRE

    Eccles, Robert G; Youmans, Timothy John

    2015-01-01

    This first of three papers in our series on materiality in credit ratings will examine the materiality of credit ratings from an “implied materiality” and governance disclosure perspective. In the second paper, we will explore the materiality of environmental, social, and governance (ESG) factors in credit ratings’ methodologies and introduce the concept of “layered materiality.” In the third paper, we will evaluate current and potential credit rating agency (CRA) business models based on our...

  19. The Incentive Effect of Scores: Randomized Evidence from Credit Committees

    OpenAIRE

    Daniel Paravisini; Antoinette Schoar

    2013-01-01

    We design a randomized controlled trial to evaluate the adoption of credit scoring with a bank that uses soft information in small businesses lending. We find that credit scores improve the productivity of credit committees, reduce managerial involvement in the loan approval process, and increase the profitability of lending. Credit committee members' effort and output also increase when they anticipate the score becoming available, indicating that scores improve incentives to use existing in...

  20. 11 CFR 100.55 - Extension of credit.

    Science.gov (United States)

    2010-01-01

    ... substantially similar to extensions of credit to nonpolitical debtors that are of similar risk and size of... 11 Federal Elections 1 2010-01-01 2010-01-01 false Extension of credit. 100.55 Section 100.55... Contribution (2 U.S.C. 431(8)) § 100.55 Extension of credit. The extension of credit by any person is a...

  1. The Regulation of the Credit Card Market in Turkey

    OpenAIRE

    Ahmet Faruk Aysan; L. Yildiz

    2006-01-01

    The rapid growth in Turkish credit card market brought together new issues. Card holders and consumer unions complain about the high interest rates, economists complain about the default rates and banks complain about the amnesties. After all of these complaints coinciding with the accelerating suicide incidences due to credit card debts, regulation has been enacted in the credit card market in Turkey. In 2003, credit cards had been taken into the scope of the Consumer Protection Law. This wa...

  2. Credit counseling: a substitute for consumer financial literacy?

    OpenAIRE

    Disney, Richard; Gathergood, John; Weber, Jörg

    2015-01-01

    Is financial literacy a substitute or complement for financial advice? In this paper we analyze the decision by consumers to seek financial advice in the form of credit counseling concerning their credit and debt. Credit counseling is an important component of the consumer credit sector for consumers facing debt problems. We combine instrumental variable approaches to account for the endogeneity of an individual’s financial situation to financial literacy, and the endogeneity of financial lit...

  3. The conditionings of the credit market in agriculture. The macroeconomic approach

    Directory of Open Access Journals (Sweden)

    Piotr Kułyk

    2014-08-01

    Full Text Available In this paper we have evaluated the relationship of the credit market to the agricultural sector. The weakness of appropriate resource allocation from the credit market has been emphasized. We paid attention both to the external environment of agriculture itself, as well as to the way it has been shaped as a result of the process of globalization. The effect was examined of the influence of particular macroeconomic indicators adjusted according to the range of the interest rate as a result of change in the price of agricultural products. The period of the research covered the years 1990-2010. A discussion was carried out to allow for the setting apart of factors that influenced conditions which shaped the cost of financial loans and credit. The character of dependencies or related factors were analysed. The different significance of individual accounts was shown.

  4. Credit Scoring Problem Based on Regression Analysis

    OpenAIRE

    Khassawneh, Bashar Suhil Jad Allah

    2014-01-01

    ABSTRACT: This thesis provides an explanatory introduction to the regression models of data mining and contains basic definitions of key terms in the linear, multiple and logistic regression models. Meanwhile, the aim of this study is to illustrate fitting models for the credit scoring problem using simple linear, multiple linear and logistic regression models and also to analyze the found model functions by statistical tools. Keywords: Data mining, linear regression, logistic regression....

  5. Appropriate burnup measurements for transportation burnup credit

    International Nuclear Information System (INIS)

    Lancaster, D.; Fuentes, E.

    1997-01-01

    This paper addresses two of the measurement specifications used in analyzing spent fuel packages to gain burnup credit. The philosophy and calculation of rejection criteria and measurement accuracy are discussed. Any assembly for which the declared measured value and reactor record value deviate by more than 10% will be rejected. Measurement accuracy requirements are established for dependent and independent systems. The requirements have been tested and are achievable, ensuring safe operation without extra cost. 6 refs

  6. IMPROVEMENT OF SMALL BUSINESS CREDIT IN RUSSIA

    OpenAIRE

    Klimova N. V.; Shapovalova G. I.

    2015-01-01

    Small business is the basis for the development of the national economy, providing 60% of revenues in foreign countries. In Russia, this sector is developing slowly due to lack of funding. In connection with the development of small business, lending is growing in popularity in this sphere. The state develops a variety of programs to support small businesses in the form of public and private lending institutions, venture capital funds, credit unions. However, the volume of lending to small bu...

  7. Required reserves as a credit policy tool

    OpenAIRE

    Mimir, Yasin; Sunel, Enes; Taskin, Temel

    2012-01-01

    This paper conducts a quantitative investigation of the role of reserve requirements as a macroprudential policy tool. We build a monetary DSGE model with a banking sector in which (i) an agency problem between households and banks leads to endogenous capital constraints for banks in obtaining funds from households, (ii) banks are subject to time-varying reserve requirements that countercyclically respond to expected credit growth, (iii) households face cash-in-advance constraints, requiring ...

  8. Letters of credit getting more expensive.

    Science.gov (United States)

    Nemes, J

    1991-09-02

    Hospital executives who haven't been in the market recently for a new or renewed letter of credit will find it a more expensive way to back their variable-rate debt. Annual fees are surging, for reasons ranging from an international banking agreement that goes into effect next year to more conservative fee structures being instituted because of bad loans made by some banks in the past decade.

  9. Some Considerations on the Partial Credit Model

    OpenAIRE

    H.H.F.M. Verstralen; N.D. Verhelst

    2008-01-01

    The Partial Credit Model (PCM) is sometimes interpreted as a model for stepwise solution of polytomously scored items, where the item parameters are interpreted as di culties of the steps. It is argued that this interpretation is not justi ed. A model for stepwise solution is discussed. It is shown that the PCM is suited to model sums of binary responses which are not supposed to be stochastically independent. As a practical result, a statistical test of sto...

  10. Response Styles in the Partial Credit Model

    OpenAIRE

    Tutz, Gerhard; Schauberger, Gunther; Berger, Moritz

    2016-01-01

    In the modelling of ordinal responses in psychological measurement and survey- based research, response styles that represent specific answering patterns of respondents are typically ignored. One consequence is that estimates of item parameters can be poor and considerably biased. The focus here is on the modelling of a tendency to extreme or middle categories. An extension of the Partial Credit Model is proposed that explicitly accounts for this specific response style. In contrast to exi...

  11. FINANCIAL PERFORMANCE IN CREDIT INSTITUTION MANAGEMENT

    OpenAIRE

    IOV DANIELA RODICA

    2014-01-01

    Information concerning financial performance is one of the objectives of the annual financial statements of credit institutions. The main source containing this information is profit and loss statement. A correct and complete information can not be limited to this annual report. Understanding the concept of financial performance requires a holistic approach of the entity. An overview of information on financial performance will be achieved by coordinating information about the...

  12. Taxation of credit unions in Ukraine

    Directory of Open Access Journals (Sweden)

    Оксана Георгіївна Волкова

    2015-10-01

    Full Text Available The article deals with the issues of income taxation of credit unions in Ukraine by the tax on profits of enterprises and tax of revenues of their members accrued on the interest of contributions (deposits on deposit accounts and mutual funds the tax to incomes of physical persons. The consequences of the influence of tax rules on capitalization of unions and the level of their financial support is defined

  13. Creation of Carbon Credits by Water Saving

    Directory of Open Access Journals (Sweden)

    Yasutoshi Shimizu

    2012-07-01

    Full Text Available Until now, as a way of reducing greenhouse gas emissions from Japanese homes, the emphasis has been on reduction of energy consumption for air-conditioning and lighting. In recent years, there has been progress in CO2 emission reduction through research into the water-saving performance of bathroom fixtures such as toilets and showers. Simulations have shown that CO2 emissions associated with water consumption in Japanese homes can be reduced by 25% (1% of Japan’s total CO2 emissions by 2020 through the adoption of the use of water-saving fixtures. In response to this finding, a program to promote the replacement of current fixtures with water-saving toilet bowls and thermally insulated bathtubs has been added to the Government of Japan’s energy-saving policy. Furthermore, CO2 emission reduction through widespread use of water-saving fixtures has been adopted by the domestic credit system promoted by the Government of Japan as a way of achieving CO2 emission-reduction targets; application of this credit system has also begun. As part of a bilateral offset credit mechanism promoted by the Government of Japan, research to evaluate the CO2 reduction potential of the adoption of water-saving fixtures has been done in the city of Dalian, in China.

  14. GHG trading awaits early action credit

    International Nuclear Information System (INIS)

    Anon.

    1999-01-01

    The challenges facing the Canadian government in implementing a green house gas (GHG) emissions trading program were discussed. The government of Canada is proposing to establish a program offering credit for early action on GHG reduction. However, the program is proving to be difficult to design because Canada's national implementation strategy for climate change has not yet been defined. The program is intended to reveal how emitters can invest in GHG reduction now, and use them against future regulations limiting emissions. The intention is to design the program on the principle that any company which decreases GHG emissions below its 'business-as-usual' level will receive a credit which can later be sold to another source which wants to offset its emissions. Nevertheless, the government is looking for real reductions in the sense that it is trying to bend the 'business-as-usual' forecast down towards the Kyoto targets, and is trying to ensure that the system is a rigorous one before any credits are issued

  15. Trade Credit and Access to Finance of Retailers in Ethiopia

    NARCIS (Netherlands)

    Beck, T.H.L.; Hoseini, Mohammad; Uras, Burak

    2018-01-01

    Using data on 5,500 Ethiopian retailers, we document that there is lower use of trade credit in areas with more access to bank finance. Among firms within an area, however, receiving a bank loan increases the use of trade credit by informal firms, but has no association with trade credit of formal

  16. 25 CFR 11.422 - Unauthorized use of credit cards.

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false Unauthorized use of credit cards. 11.422 Section 11.422... LAW AND ORDER CODE Criminal Offenses § 11.422 Unauthorized use of credit cards. (a) A person commits a misdemeanor if he or she uses a credit card for the purpose of obtaining property or services with knowledge...

  17. 77 FR 37558 - Disclosure of Certain Credit Card Complaint Data

    Science.gov (United States)

    2012-06-22

    ... Certain Credit Card Complaint Data AGENCY: Bureau of Consumer Financial Protection. ACTION: Notice of... Bureau plans to exercise its discretion to publicly disclose certain credit card complaint data that do not include personally identifiable information. The Bureau receives credit card complaints from...

  18. 77 FR 75410 - Request for Information Regarding Credit Card Market

    Science.gov (United States)

    2012-12-20

    ... Regarding Credit Card Market AGENCY: Bureau of Consumer Financial Protection. ACTION: Notice and request for information. SUMMARY: Section 502(a) of the Credit Card Accountability Responsibility and Disclosure Act of... review (Review) of the consumer credit card market, within the limits of its existing resources available...

  19. Credit Card Attitudes and Behaviors of College Students

    Science.gov (United States)

    Joo, S.-H.; Grable, J. E.; Bagwell, D. C.

    2005-01-01

    At a southwestern public university, 242 students responded to a questionnaire about their credit-card use and attitudes. The results revealed that about 70 percent of the students held one or more credit cards, and about 10 percent had five or more credit cards. Twenty-two percent never kept copies of their charge slips, and only 49 percent paid…

  20. 26 CFR 1.50-1 - Restoration of credit.

    Science.gov (United States)

    2010-04-01

    ... Computing Credit for Investment in Certain Depreciable Property § 1.50-1 Restoration of credit. (a) In general. Section 49(a) (relating to termination of credit) does not apply to property— (1) The... new section 38 property in determining qualified investment only that portion of the basis which is...

  1. Financial innovation and bank behavior : Evidence from credit markets

    NARCIS (Netherlands)

    Norden, L.; Silva Buston, C.F.; Wagner, W.B.

    This paper investigates whether, and through which channel, the active use of credit derivatives changes bank behavior in the credit market, and how this channel was affected by the crisis of 2007–2009. Our principal finding is that banks with larger gross positions in credit derivatives charge

  2. 49 CFR 260.17 - Credit risk premium analysis.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 4 2010-10-01 2010-10-01 false Credit risk premium analysis. 260.17 Section 260... Financial Assistance § 260.17 Credit risk premium analysis. (a) When Federal appropriations are not available to cover the total subsidy cost, the Administrator will determine the Credit Risk Premium...

  3. 12 CFR 932.4 - Credit risk capital requirement.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Credit risk capital requirement. 932.4 Section... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.4 Credit risk capital requirement. (a) General requirement. Each Bank's credit risk capital requirement shall be equal to the sum of the Bank's...

  4. 49 CFR 260.15 - Credit risk premium.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 4 2010-10-01 2010-10-01 false Credit risk premium. 260.15 Section 260.15... REHABILITATION AND IMPROVEMENT FINANCING PROGRAM Overview § 260.15 Credit risk premium. (a) Where available... pay to the Administrator a Credit Risk Premium adequate to cover that portion of the subsidy cost not...

  5. 76 FR 10492 - Credit Reforms in Organized Wholesale Electric Markets

    Science.gov (United States)

    2011-02-25

    ..., Order No. 741, to amend its regulations to improve the management of risk and use of credit in the... discriminatory or preferential. The management of risk and credit requires a balance between protecting the... are less of a credit risk because their bond resolutions give explicit payment [[Page 10494

  6. 12 CFR 614.4810 - Standby letters of credit.

    Science.gov (United States)

    2010-01-01

    ... party in the performance of an obligation. (b) As a matter of sound banking practice, banks for... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Standby letters of credit. 614.4810 Section 614.4810 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM LOAN POLICIES AND OPERATIONS Banks...

  7. How To Be...Credit Smart. "Straight Talk" Series.

    Science.gov (United States)

    American Financial Services Association, Washington, DC. Consumer Credit Education Foundation.

    Designed for first-time borrowers, this pamphlet describes the basics of credit as a part of personal financial planning. Following a self-quiz (with answers) that tests the reader's knowledge of credit, the pamphlet provides guidelines for responsible credit use and outlines steps to take if debt problems occur. Topics covered include the…

  8. 77 FR 74103 - Alternatives to the Use of Credit Ratings

    Science.gov (United States)

    2012-12-13

    ... replaced minimum rating requirements with a requirement that the federal credit union (FCU) or corporate credit union (corporate) conduct and document a credit analysis demonstrating that the issuer of the... from active trading); and Asset class-specific factors (e.g., in the case of structured finance...

  9. Doing science: how to get credit for your scientific work.

    Science.gov (United States)

    Caudri, Daan; Bjerg, Anders; Saad, Neil; Jacinto, Tiago; Chalmers, James; Hardavella, Georgia

    2015-06-01

    Everyone deserves to be acknowledged for their efforts and contributions to a shared goal, and getting credit for your scientific work should be part of a natural process and should be fair and straightforward. However, credit cannot be objectively measured despite it having a big influence and, unfortunately, getting appropriate credit can occasionally be both complicated and challenging.

  10. EXPLANATION OF VARIATION IN DEMAND FOR FARM CREDIT IN MISSOURI

    OpenAIRE

    Ashlock, Tara; Rimal, Arbindra

    2004-01-01

    The study analyzed the demand for farm credit in Missouri. Results suggested that financial leverage, government payments, occupation of farm operators, average farm acreages, value of land and buildings and types of farm operation had significant influence on farm credit usage. The study highlighted the potential for credit rationing.

  11. 24 CFR 232.570 - Endorsement of credit instrument.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Endorsement of credit instrument... of Fire Safety Equipment Eligible Security Instruments § 232.570 Endorsement of credit instrument. The Commissioner shall indicate his insurance of the loan by endorsing the credit instrument and...

  12. 12 CFR 614.4010 - Agricultural credit banks.

    Science.gov (United States)

    2010-01-01

    ...) of this chapter, for the export (including the cost of freight) of agricultural commodities or... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Agricultural credit banks. 614.4010 Section 614.4010 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM LOAN POLICIES AND OPERATIONS...

  13. 12 CFR 614.4040 - Production credit associations.

    Science.gov (United States)

    2010-01-01

    ..., membership, term, amount, loan security, and stock or participation certificate requirements of the... Section 614.4040 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM LOAN POLICIES AND OPERATIONS Lending Authorities § 614.4040 Production credit associations. (a) Loan terms. (1) Production...

  14. 77 FR 8127 - Foreign Tax Credit Splitting Events

    Science.gov (United States)

    2012-02-14

    ... Tax Credit Splitting Events AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final and... affect taxpayers claiming foreign tax credits. The text of the temporary regulations also serves as the... that if there is a foreign tax credit splitting event with respect to a foreign income tax paid or...

  15. 26 CFR 1.1502-3 - Consolidated tax credits.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 12 2010-04-01 2010-04-01 false Consolidated tax credits. 1.1502-3 Section 1... (CONTINUED) INCOME TAXES Consolidated Tax Liability § 1.1502-3 Consolidated tax credits. (a) Determination of...) Consolidated limitation based on amount of tax. (i) Notwithstanding the amount of the consolidated credit...

  16. 26 CFR 1.1502-4 - Consolidated foreign tax credit.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 12 2010-04-01 2010-04-01 false Consolidated foreign tax credit. 1.1502-4... TAX (CONTINUED) INCOME TAXES Consolidated Tax Liability § 1.1502-4 Consolidated foreign tax credit. (a) In general. The credit under section 901 for taxes paid or accrued to any foreign country or...

  17. 17 CFR 256.411.5 - Investment tax credit.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Investment tax credit. 256.411... HOLDING COMPANY ACT OF 1935 Income and Expense Accounts § 256.411.5 Investment tax credit. (a) This account shall be debited with the amounts of investment tax credits related to service company property...

  18. 77 FR 8184 - Foreign Tax Credit Splitting Events

    Science.gov (United States)

    2012-02-14

    ... Foreign Tax Credit Splitting Events AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of... these proposed regulations. The regulations affect taxpayers claiming foreign tax credits. Special... of the Federal Register.] Sec. 1.909-6 Pre-2011 foreign tax credit splitting events. [The text of...

  19. Expanding Choice: Tax Credits and Educational Access in Montana

    Science.gov (United States)

    Carpenter, Dick M., II; Ross, John K.

    2009-01-01

    The evidence advanced in this report demonstrates that using tax credits to fund scholarships for students is both well-established and sound practice. Three existing credits allow taxpayer funds to flow to faith-based organizations, and one of those, the Qualified Endowment Credit, rewards contributions to more than a thousand charitable…

  20. Expanding Choice: Tax Credits and Educational Access in Indiana

    Science.gov (United States)

    Carpenter, Dick M., II; Ross, John K.

    2009-01-01

    One of the oldest and more popular forms of school choice in the United States is educational tax credits. Like many other types of school choice, educational tax credits enable parents to send their children to the K-12 school of their choice, public or private, religious or non-religious. One type of educational tax credits, tax-credit…