標題: Titlebook: Crisis, Debt, and Default; The Effects of Time Philip Ernstberger Book 2016 Springer Fachmedien Wiesbaden 2016 Global Games.Ratings.Curren [打印本頁] 作者: FORGE 時間: 2025-3-21 17:49
書目名稱Crisis, Debt, and Default影響因子(影響力)
書目名稱Crisis, Debt, and Default影響因子(影響力)學科排名
書目名稱Crisis, Debt, and Default網(wǎng)絡公開度
書目名稱Crisis, Debt, and Default網(wǎng)絡公開度學科排名
書目名稱Crisis, Debt, and Default被引頻次
書目名稱Crisis, Debt, and Default被引頻次學科排名
書目名稱Crisis, Debt, and Default年度引用
書目名稱Crisis, Debt, and Default年度引用學科排名
書目名稱Crisis, Debt, and Default讀者反饋
書目名稱Crisis, Debt, and Default讀者反饋學科排名
作者: 提煉 時間: 2025-3-21 22:58 作者: Obstruction 時間: 2025-3-22 01:12 作者: indignant 時間: 2025-3-22 06:54 作者: extinguish 時間: 2025-3-22 12:02 作者: frenzy 時間: 2025-3-22 16:05
Modelment to investors will be R, in case of default it is zero. The state of the firm is characterized through the fundamental state θ, which is drawn from an improper uniform prior distribution and cannot be observed directly. However, public information about the firm is available y = θ + ηy, where ηy作者: frenzy 時間: 2025-3-22 19:27
Pricing Bondse expects from holding the bond. As stated before, a bond pays 1 in case the firm survives and 0 if it fails. Hence, the expected payoff equals the survival probability. If the bond price is above the expected payoff, investors take the profit and foreclose. For bond prices below, investors roll ove作者: 名次后綴 時間: 2025-3-22 21:13 作者: Nomadic 時間: 2025-3-23 01:55
Introductionompetitor analysis, investor relations services, or news agencies. How do creditors process this information, so they can build beliefs about the state of a firm, on which they base their investment decision? In a global game, creditors receive signals about the underlying state, which are weighed a作者: 容易懂得 時間: 2025-3-23 07:25 作者: 步履蹣跚 時間: 2025-3-23 10:32
Data and Computationotive sector because it is a consolidated sector with a distinct number of firms that cover the range from healthy balance sheet to default event. Stock prices are from the respective home stock market of the company. The balance sheet data consists of short-term debt, which refers to all borrowings作者: thrombus 時間: 2025-3-23 15:33
Modelm an improper uniform prior distribution and cannot be observed directly. However, public information about the firm is available y = θ + ηy, where ηy is an error that is normally distributed with mean 0 and precision α.34 Every investor i observes a private signal xi = θ+εi, where εi is normally distributed with mean 0 and precision β.作者: 修飾語 時間: 2025-3-23 19:04
Pricing Bondsrvival probability. If the bond price is above the expected payoff, investors take the profit and foreclose. For bond prices below, investors roll over, so that in equilibrium the survival probability equals the bond price and investors are indifferent between foreclosure and rollover.作者: MOCK 時間: 2025-3-24 00:32
Introductione of a firm, on which they base their investment decision? In a global game, creditors receive signals about the underlying state, which are weighed according to their precision to form posterior beliefs. Upon these beliefs creditors form payoff expectations and take their investment decision.作者: Dissonance 時間: 2025-3-24 04:15
Holger Schüttrumpf,Lothar Kirschbauereculation as a coordination problem between investors and implicitly assumes that the underlying fundamental state of the economy is common knowledge. The central bank strategically weighs the costs and benefits of a potential defense of the fixed exchange rate.作者: GEM 時間: 2025-3-24 09:51 作者: 輪流 時間: 2025-3-24 12:16
Literatureeculation as a coordination problem between investors and implicitly assumes that the underlying fundamental state of the economy is common knowledge. The central bank strategically weighs the costs and benefits of a potential defense of the fixed exchange rate.作者: 變形詞 時間: 2025-3-24 18:18 作者: construct 時間: 2025-3-24 20:23
Book 2016 biases on the coordination of investors and the pricing of debt. In the third essay the author uses forecasts of default probabilities and implied market default probabilities to infer the weighing of information by investors.?作者: 藝術 時間: 2025-3-25 00:34 作者: Crater 時間: 2025-3-25 03:46
eby, changes in fundamentals as well as information are considered as the driving force for the behavior of speculators and investors. The first essay deals with currency crises, in which the central bank, through setting the interest rate, steers the economy and defends against speculators. The sec作者: 暫時中止 時間: 2025-3-25 08:51
Martin Elff,Sigrid Ro?teutscherm an improper uniform prior distribution and cannot be observed directly. However, public information about the firm is available y = θ + ηy, where ηy is an error that is normally distributed with mean 0 and precision α.34 Every investor i observes a private signal xi = θ+εi, where εi is normally distributed with mean 0 and precision β.作者: 絕種 時間: 2025-3-25 14:37
https://doi.org/10.1007/978-3-658-42694-1rvival probability. If the bond price is above the expected payoff, investors take the profit and foreclose. For bond prices below, investors roll over, so that in equilibrium the survival probability equals the bond price and investors are indifferent between foreclosure and rollover.作者: 長處 時間: 2025-3-25 16:38
https://doi.org/10.1007/978-3-658-42694-1e of a firm, on which they base their investment decision? In a global game, creditors receive signals about the underlying state, which are weighed according to their precision to form posterior beliefs. Upon these beliefs creditors form payoff expectations and take their investment decision.作者: Pandemic 時間: 2025-3-25 23:24
Das Problem der theoretischen Terme,f the fundamentals at terminal time less an amount c representing the costs of the regime change. For the remainder of the paper, we assume that the proceeding regime is in a steady state, so that the terminal value υ is constant.作者: 謙虛的人 時間: 2025-3-26 00:28
,?Zeitverschwendung“: Biografisches,bt and shortterm debt. The number of outstanding shares is computed as ratio of total sales (code 104) and sales per share (code 1505). US Treasury Bill returns with a maturity of 1 year are used as the risk free interest rate. I use five year CDS spreads from Bloomberg as faras available in the database.作者: Corral 時間: 2025-3-26 07:13 作者: 生命層 時間: 2025-3-26 09:39
Data and Computationbt and shortterm debt. The number of outstanding shares is computed as ratio of total sales (code 104) and sales per share (code 1505). US Treasury Bill returns with a maturity of 1 year are used as the risk free interest rate. I use five year CDS spreads from Bloomberg as faras available in the database.作者: CAMP 時間: 2025-3-26 13:01
Book 2016 considered as the driving force for the behavior of speculators and investors. The first essay deals with currency crises, in which the central bank, through setting the interest rate, steers the economy and defends against speculators. The second essay examines the effects of a rating and possible作者: Instantaneous 時間: 2025-3-26 19:25
Introductioner, it did not incorporate the main role of the central bank adequately. In fact, setting the interest rate influences the fundamentals and the costs of speculators. Thus, the behavior of the central bank is neither a passive reaction due to speculative pressure nor sole signalling—it changes the state of the economy.作者: ATOPY 時間: 2025-3-27 00:55
Introductionlose abundant information about its fundamental state, cash flows, assets, liabilities etc. If not solvent, the firm has an incentive to hide as much as it can or give a wrong assessment about its fundamental state. In any case the firm’s information is superior compared to those of investors.作者: 繁殖 時間: 2025-3-27 01:59 作者: abduction 時間: 2025-3-27 09:06
Model. Together they hold the bonds, which account for the complete liabilities of the firm. If the firm survives, the repayment on bonds is 1. In case of default there is no repayment and the investment is lost. Default occurs if the intrinsic value of the firm θ is below a default point D, which is endogenously determined作者: 平淡而無味 時間: 2025-3-27 09:57 作者: 隱藏 時間: 2025-3-27 13:51
Holger Schüttrumpf,Lothar Kirschbauerl speculators anticipating the imminent exhaustion of reserves instantly withdraw their money, causing the actual crisis (cf.Krugman 1979). Flood and Garber (1984) gave an analytical solution of a Krugman type model, where arbitrary speculation can lead to a crisis. The “second generation” models sp作者: 譏笑 時間: 2025-3-27 20:40
Das Problem der theoretischen Terme,the fundamentals θ (t) and is discounted by factor ρ. The initial values of the fundamentals and the attack are θS = θ (0) and AS = A(0). The overall utility U is the sum of the aggregated discounted instantaneous utility up to terminal time T plus the discounted terminal value.1 The terminal time d作者: nocturia 時間: 2025-3-27 23:13
Massenbewegungen und die Flut im?Ahrtalhe interest rate which influences both fundamentals and attack strength. Hence, with one variable the central bank improves fundamentals but also increases stress. The central bank’s role is beyond solely responding to speculative pressure or signaling. Depending on the current state the decision of作者: Affable 時間: 2025-3-28 03:35 作者: OCTO 時間: 2025-3-28 06:34 作者: 小歌劇 時間: 2025-3-28 13:24 作者: 原告 時間: 2025-3-28 16:23 作者: chapel 時間: 2025-3-28 21:16 作者: 生意行為 時間: 2025-3-28 22:58 作者: 施加 時間: 2025-3-29 06:15 作者: 射手座 時間: 2025-3-29 08:15 作者: 統(tǒng)治人類 時間: 2025-3-29 14:48
Holger Schüttrumpf,Lothar KirschbauerUniqueness requires that the slope of the right hand side of the equilibrium equation (7) in the direction of θc is higher than the slope of the bisector on the left hand side作者: Trochlea 時間: 2025-3-29 17:00 作者: 閹割 時間: 2025-3-29 19:48 作者: 萬花筒 時間: 2025-3-30 01:46
AppendixAssuming exponential utility u (θ) = ?exp (?χθ), where χ is the risk aversion parameterwe derive the value function for expansion policy and defense at A = D:作者: Kernel 時間: 2025-3-30 06:32
AppendixUniqueness requires that the slope of the right hand side of the equilibrium equation (7) in the direction of θc is higher than the slope of the bisector on the left hand side作者: 僵硬 時間: 2025-3-30 09:13 作者: Cerumen 時間: 2025-3-30 15:56
AppendixOption Δ To find an expression for the option’s delta I differentiate the equity value (11) with respect to the asset value作者: Fabric 時間: 2025-3-30 19:18
Philip ErnstbergerPublication in the field of economic sciences作者: 一個攪動不安 時間: 2025-3-30 21:22
http://image.papertrans.cn/c/image/239873.jpg作者: 薄荷醇 時間: 2025-3-31 03:38 作者: Colonoscopy 時間: 2025-3-31 07:54
978-3-658-13230-9Springer Fachmedien Wiesbaden 2016作者: Protein 時間: 2025-3-31 09:52
https://doi.org/10.1007/978-3-658-42435-0er, it did not incorporate the main role of the central bank adequately. In fact, setting the interest rate influences the fundamentals and the costs of speculators. Thus, the behavior of the central bank is neither a passive reaction due to speculative pressure nor sole signalling—it changes the state of the economy.作者: FLOAT 時間: 2025-3-31 17:03 作者: flourish 時間: 2025-3-31 20:16
Holger Schüttrumpf,Lothar Kirschbauerknow that the signal is sugarcoated and that the underlying state is actually worse. Hence, investors adjust their beliefs by subtracting the bias. With lower conditional expectations more investors foreclose raising the default point作者: VAN 時間: 2025-3-31 21:43
