Search results for "Credit"
showing 10 items of 503 documents
FORI (TRAINING FOR INCLUSION): DIRECT LINE TO SCIENCE
2021
FORi (Training For Inclusion) is a project proposal of the University of Palermo aimed at implementing an innovative, dynamic and technological training idea in order to increase inclusion. The professional skills training target are support teachers for pupils with SEN (Special Education Needs); university students attending degree courses preparatory to teaching; teachers and educators. The services and products offered are based on recent research and studies by “Disabilities Studies”. Disability studies is an academic discipline that examines the meaning, nature, and consequences of disability. The project focus is an updated and innovative training that aims at the well-being of the pe…
Factoring
2011
Una sintesi efficace dei più importanti problemi di inquadramento sistematico della figura del factoring, aggiornata alla luce delle ultime e significative pronunce giurisprudenziali e corredata da ampia bibliografia. Particolare attenzione viene dedicata alle questioni più dibattute concernenti la cessione dei crediti futuri, la sorte del contratto in caso di fallimento del cedente ( ora alla luce del nuovo art. 78 l.f.), la rilevanza del comportamento del debitore ceduto con riferimento ad un (presunto) dovere di informazione.
Development of the Corporate Bond Market in Latvia
2018
Promocijas darba teorētiskās un metodiskās analīzes ietvaros tiek veikta esošo korporatīvo obligāciju tirgus attīstības metožu un modeļu kritiskā analīze, noteikti korporatīvo obligāciju tirgus attīstības galvenie faktori, izstrādāts korporatīvo obligāciju tirgus attīstības pakāpju ietvars. Papildus analizējot aizņemto līdzekļu lomu uz banku un uz tirgu balstītās ekonomikās Eiropā, ir noteikta korporatīvā finansējuma paradigmas maiņa pēc 2008.–2013. gada finanšu krīzes un tiek pētītas notiekošās izmaiņas CMU iniciatīvā un tās ietekme uz Latviju. Empīriskais pētījums ir balstīts uz Latvijas korporatīvo obligāciju tirgus sekundārajiem datiem un primārajiem datiem, kuri tika iegūti ar vairāku …
Opening the Door for the Opportunistic Use of Interim Financing: A Critical Assessment of the EU Draft Directive on Preventive Restructuring Framewor…
2018
The draft of the EU Directive on Preventive Restructuring Frameworks and Second Chance (the "Directive") provides rules for adopting reorganisation plans in order to avoid insolvency. The draft Directive also provides rules on the related problem of interim financing. According to the draft Directive, interim financing should be encouraged and not be made subject to clawback unless parties have committed fraud or acted in bad faith. The Directive thereby fails to recognise that finance transactions are too diverse in nature to provide the company and its financial creditors with a transaction avoidance free period. If the Directive is adopted in its current form, it will open the door for o…
New Approaches to Regulating the Activities of Rating Agencies: A Comparative Analysis
2016
Abstract Rating agencies have become an important part of the global financial landscape. Formation of credit ratings is specified by the inherent asymmetry of financial market information and general interest in the transformation of a large amount of diverse and segmented financial information in a simple and clear assessment of the credit surveillance of borrowers that is credit rating. The world financial crisis started in 2008 has again put on the agenda the question of rating assessment accuracy and the factors influencing the rating migration. The activity of rating agencies, until recently, has had little regulation, allowing rating agencies to avoid responsibility for inaccuracies …
Financing successful small business projects
2014
Purpose – The current credit rationing strongly influences the viability of SMEs innovation projects. In this context, the practice of screening borrowers by project success probability has become a paramount consideration for both lenders and firms. The aim of this paper is to test the screening role of loan contracts that consider collateral-interest margins simultaneously. Design/methodology/approach – This paper presents an empirical analysis that uses a unique data set composed of 323 bank loans granted by 28 banks to SMEs backed by a Spanish Mutual Guarantee Institution. Findings – The results show that appropriate combinations of collateral and interest rates can distinguish between…
CLUSTER IMPACT ON COMPANY CREDITWORTHINESS: CASE OF LATVIA
2013
One of the leading driving forces of every state economy is small and medium enterprises (SME). In Latvia, SME accounts for 99.7% of the national industrial system, creating 70% of the national’ value added. The lack of sufficient capital and credit is often a major problem for the development of SME, particularly in their early growth stages. The main criterion and quality indicator of credit risk assessment is the borrower’s creditworthiness. Before issuing a loan, the checking of the borrower’s credibility and solvency is carried out. The assessment of the borrowers’ ability to pay, their creditworthiness at a definite moment must be connected with the ability to meet their liabilities i…
Multi-Agent Financial Network (MAFN) Model of US Collateralized Debt Obligations (CDO)
2014
A database driven multi-agent model has been developed with automated access to US bank level FDIC Call Reports that yield data on balance sheet and off balance sheet activity, respectively, in Residential Mortgage Backed Securities (RMBS) and Credit Default Swaps (CDS). The simultaneous accumulation of RMBS assets on US banks’ balance sheets and also large counterparty exposures from CDS positions characterized the $2 trillion Collateralized Debt Obligation (CDO) market. The latter imploded at the end of 2007 with large scale systemic risk consequences. Based on US FDIC bank data, that could have been available to the regulator at the time, the authors investigate how a CDS negative carry …
Corporate Distress and Restructuring with Macroeconomic Fluctuations: The Cases of GM and Ford
2011
Traditional methods for evaluating corporate credit risk rarely consider the impact of the macro economy on corporate value and performance. We argue that lenders and management can obtain valuable information about the need for and approach to restructuring by decomposing default predictions into intrinsic and macroeconomic factors. We apply a method previously used for measuring macroeconomic exposures on default predictions in order to filter out macroeconomic factors. In this paper the method is applied on an analysis of the Z-scores for GM and Ford for the period 1996-2005. The macro-economy has affected the two firms in different ways with implications for managements and creditors ap…
Optimal lending contracts
2016
This paper deals with financial contracting between a lender and a borrower with a project to finance. The borrower is protected by limited liability. We consider that the revenue from the project is observable and verifiable but its distribution is influenced by both the borrower’s choice of action and the project’s quality, which are private information. We find that debt contracts are endogenously optimal, as under moral hazard alone. Moreover, while moral hazard leads to credit rationing for the lowest-quality projects only, adding adverse selection creates a bang-bang result: either all projects or none are credit rationed.