Search results for "Structuring"
showing 10 items of 219 documents
Pricing sovereign contingent convertible debt
2018
We develop a pricing model for Sovereign Contingent Convertible bonds (S-CoCo) with payment standstills triggered by a sovereign's Credit Default Swap (CDS) spread. We model CDS spread regime switching, which is prevalent during crises, as a hidden Markov process, coupled with a mean-reverting stochastic process of spread levels under fixed regimes, in order to obtain S-CoCo prices through simulation. The paper uses the pricing model in a Longstaff-Schwartz American option pricing framework to compute future state contingent S-CoCo prices for risk management. Dual trigger pricing is also discussed using the idiosyncratic CDS spread for the sovereign debt together with a broad market index. …
The lay historian explains intergroup behavior: Examining the role of identification and cognitive structuring in ethnocentric historical attributions
2017
Both historians and lay people attempt to explain national histories. However, psychological research, to date, focused predominantly on the patterns of those explanations with regard to negative historical behaviors. In this article, we assess ethnocentrism of people’s explanations of both negative and positive historical behavior of ingroup members (own nation) and outgroup members (other nation). Two studies analyze how Poles explain crimes and heroic acts committed in the General Government, as well as diverse behaviors during the Warsaw Pact invasion of Czechoslovakia in 1968. The studies confirm an ethnocentric pattern of explanation: positive historical actions of ingroup members we…
Regional industrial restructuring resulting from individual and system agency
2018
The article discusses mechanisms and policy that stimulate regional economic restructuring. Economic restructuring is conceptualised through the notion of path development. The article distinguishe...
La crisis gremial y los problemas de la sedería valenciana (finales del siglo XVIII y principios del siglo XIX)
1992
La reforma del sistema gremial alcanza una de sus medidas más radicales con la abolición de los gremios de torcedores de seda en 1793. En estas páginas se analiza la medida abolicionista en el marco general de los problemas de la sedería valenciana. En la misma, la hilatura, de la que el torcido es su fase superior y última, había llegado a constituirse en un cuello de botella que comprometía su futuro. En los años aquí contemplados, se proponen y ensayan diversas alternativas que solucionen las disfunciones que generaba la peculiar división del trabajo que obraba en la sedería. La no implicación del capital comercial de la ciudad en la necesaria reconversión de la hilatura será un factor c…
Post‐Soviet Reform in Latvia: Early Progress and Future Prospects
1992
After the rapid and dramatic demise of the Soviet Union in 1991, 15 newly autonomous republics are restructuring their economies after decades of central Communist planning. The three Baltic states of Latvia, Lithuania and Estonia had successful market‐oriented economies during more than two decades of independence between World Wars I and II and were comparatively strong performers within the USSR after being occupied in 1940. A case study of Latvia looks at the historic factors and political issues which are shaping the current reform process. A contrast of state‐run, collective and private enterprises is used to illustrate the rapid changes which now place Latvia at the forefront among p…
An experimental investigation on the poor hydrogen sorption properties of nano-structured LaNi5 prepared by ball-milling
2011
Abstract Nano-structured LaNi5 hydrogen storage materials prepared by ball-milling is analysed using differential scanning calorimetry (DSC) and x-ray photoelectron spectroscopy (XPS). DSC results indicate a partial elimination of defects at 500 °C in a more efficient way for the short-time ball-milled powders compared to the long-time ball-milled ones. XPS results show almost no change in the core-level electronic structure for La and Ni of LaNi5 in the bulk and the nano-structured forms, but gives an indication that the self-restoring mechanism of the active surface observed in the bulk sample (Siegmann et al. Phys. Rev. Lett. 40, 972) may not be occurring in the nano-powders. Results fro…
Criteria for Selecting Restructuring Strategies for Distressed or Declining Enterprises
2005
This paper seeks to determine the criteria for choosing restructuring strategies for declining or distressed enterprises. First, the paper differentiates between different stages of decline and different levels of distress, of which bankruptcy is an application. Second, it reviews the different forms of restructuring appearing in the academic literature. Third, it formalizes a descriptive model of determining restructuring applicable to distressed and declining enterprises. Specifically, the selection of a restructuring strategy is influenced not only be general restructuring criteria (firm-specific factors, the environment and characteristics of different restructuring) but also by the dec…
The European Round Table of Industrialists and the restructuring of European higher education
2014
The restructuring of European higher education (EHE) since the 1980s is a widely studied subject. However, this paper argues that previous studies have paid insufficient attention to the role of transnational policy-making groups in this complex and multilevel process. This argument is supported by focusing on how the European Round Table of Industrialists (ERT) has participated in this restructuring since the mid-1980s. This paper's focus is especially in two ERT documents that were published in the 1980s. The main finding is that the current restructuring of EHE reflects interests of the ERT that represents the emerging transnational capitalist class (TCC) at European level.
A Shift Towards Academic Capitalism in Finland
2013
Academic capitalism is currently a widely studied topic amongst higher education scholars, especially in the United States. This paper demonstrates that the theory of academic capitalism also provides a fruitful perspective for analysing the restructuring of Finnish higher education since the 1990s, although with reservations. It will be argued that many reforms in Finnish universities since the 1990s, and especially in the early 2000s, have integrated Finnish universities more tightly with the new knowledge-based economy. As some recent empirical studies indicate, activities and practices related to academic capitalism remain, however, unevenly distributed among different disciplines, and …
From political controversy to a technical problem? Fifteen years of opioid substitution treatment in Finland
2013
Abstract Background The aim of the article is to analyze changes in opioid substitution treatments (OST) in Finland. OST spread in Finland in the late 1990s and early 2000s (Phase 1). Since then, OST has become an integrated part of Finnish drug policy and is provided in various substance abuse treatment units as well as in municipal health centers (Phase 2). Methods The paper analyses the policy around the implementation of opioid substitution treatment in Finland, focusing on identifying the key factors and the relations between them that have contributed to the implementation of OST in Finland. Results OST has become accepted in Finland during the past ten years as a crucial element of a…