...THE SUBPRIME CREDIT CRISIS AND CONTAGION IN FINANCIAL MARKETS Francis A. Longstaff∗ Abstract. We conduct an empirical investigation into the pricing of subprime assetbacked CDOs and the resulting contagion effects on other markets. Using data for the ABX indexes of subprime CDO prices, we find strong evidence of contagion effects. In particular, we find that contagion effects spread first from lower-rated ABX indexes to higher-rated ABX indexes, and then from the subprime markets to the Treasury bond and stock markets. ABX index returns forecast stock and Treasury bond returns as much as three weeks ahead during the crisis. Furthermore, ABX index shocks are significantly related to contractions in the size of the short-term credit markets and increases in the trading activity of financial stocks over the next several weeks. These results provide support for the hypothesis that financial contagion was spread through liquidity and risk-premium channels. Current version: August 2008. UCLA Anderson School and NBER. I am very grateful for helpful discussions with Joshua Anderson, Vineer Bhansali, Bruce Carlin, Richard Clarida, Rajna Gibson, Rob- ert Gingrich, Hanno Lustig, Alfred Murata, Steve Schulist, and Jiang Wang, and for the comments of seminar participants at New York University, Pimco, and UCLA. All errors are my responsibility. ∗ 1. INTRODUCTION During the past year, financial markets have suffered catastrophic losses from the ongoing credit crisis. This crisis was initially...
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...ReaseachA SAMPLE RESEARCH PAPER/THESIS/DISSERTATION ON ASPECTS OF ELEMENTARY LINEARY ALGEBRA by James Smith B.S., Southern Illinois University, 2010 A Research Paper/Thesis/Dissertation Submitted in Partial Fulfillment of the Requirements for the Master of Science Degree Department of Mathematics in the Graduate School Southern Illinois University Carbondale July, 2006 (Please replace Name and Year with your information and delete all instructions) Copyright by NAME, YEAR All Rights Reserved **(This page is optional)** RESEARCH PAPER/THESIS/DISSERTATION APPROVAL TITLE (in all caps) By (Author) A Thesis/Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of (Degree) in the field of (Major) Approved by: (Name of thesis/dissertation chair), Chair (Name of committee member 1) (Name of committee member 2) (Name of committee member 3) (Name of committee member 4) Graduate School Southern Illinois University Carbondale (Date of Approval) AN ABSTRACT OF THE DISSERTATION OF NAME OF STUDENT, for the Doctor of Philosophy degree in MAJOR FIELD, presented on DATE OF DEFENSE, at Southern Illinois University Carbondale. (Do not use abbreviations.) TITLE: A SAMPLE RESEARCH PAPER ON ASPECTS OF ELEMENTARY LINEAR ALGEBRA MAJOR PROFESSOR: Dr. J. Jones (Begin the abstract here, typewritten and double-spaced. A thesis abstract should consist of 350 words or less including the heading. A page and one-half is approximately 350 words.) ...
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...A SAMPLE RESEARCH PAPER/THESIS/DISSERTATION ON ASPECTS OF ELEMENTARY LINEARY ALGEBRA by James Smith B.S., Southern Illinois University, 2010 A Research Paper/Thesis/Dissertation Submitted in Partial Fulfillment of the Requirements for the Master of Science Degree Department of Mathematics in the Graduate School Southern Illinois University Carbondale July, 2006 (Please replace Name and Year with your information and delete all instructions) Copyright by NAME, YEAR All Rights Reserved **(This page is optional)** RESEARCH PAPER/THESIS/DISSERTATION APPROVAL TITLE (in all caps) By (Author) A Thesis/Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of (Degree) in the field of (Major) Approved by: (Name of thesis/dissertation chair), Chair (Name of committee member 1) (Name of committee member 2) (Name of committee member 3) (Name of committee member 4) Graduate School Southern Illinois University Carbondale (Date of Approval) AN ABSTRACT OF THE DISSERTATION OF NAME OF STUDENT, for the Doctor of Philosophy degree in MAJOR FIELD, presented on DATE OF DEFENSE, at Southern Illinois University Carbondale. (Do not use abbreviations.) TITLE: A SAMPLE RESEARCH PAPER ON ASPECTS OF ELEMENTARY LINEAR ALGEBRA MAJOR PROFESSOR: Dr. J. Jones (Begin the abstract here, typewritten and double-spaced. A thesis abstract should consist of 350 words or less including the heading. A page and one-half is approximately 350 words.) iii DEDICATION (NO REQUIRED FOR...
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...Rehabilitation and AB109 Paper Denise Atkinson CJA/234 Joseph Dempsey October 17th, 2012 Rehabilitation and AB109 Paper Offenders are always punished in different ways. Fundamentally, this is in a bid to restore and enhance a desirable state of social cohesion. The characteristic rehabilitation refers to efforts geared toward enabling an individual too effectively to readapt to society and assume practices which are consistent with the societal rules and regulations. In his research, Gottschalk (2006) indicates that the origin of the practice of rehabilitative imprisonment can be traced in penitentiaries constructed at the close of the nineteenth century and were informed by biblical principles. Offenders left in solitude have a chance to reflect penitently over their felonies and are therefore likely to transform or cleanse themselves. With time, discipline, and hard labor were introduced in the practice to be partaken silently. This, according to the reformers helped the prisoners to meditate over their felonious practices. The rehabilitative efforts have undergone various changes and currently, most of them assume a more community based approach. The common method employed in this regard pertains to parole. Woodard (2011) defines parole as the release of an imprisoned offender who agrees to established rules even though he or she has to be closely monitored for a given period. This release is provisional and allows the offender to serve the remaining term from...
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...THE PRINCETON REVIEW CAT SAMPLE PAPER 1 INSTRUCTIONS – Please read these carefully before attempting the test 1. 2. This test is based on pattern of previous years’ CAT papers. There are three sections. Section 1- English & Reading Comprehension (50 questions) Section 2- Quantitative Ability & Data Interpretation (50 questions) Section 3- Data Interpretation & Data Sufficiency (50 questions) The total time allotted is 2 hours exactly. Please note your start time and end time on the answer sheet. Do not take more than 2 hours, or you will get a wrong assessment. Please fill all the details, as asked on top of the answer sheet. Please try to maximize your attempt overall, but you need to do well in all sections. There is 1 mark for every right answer and 0.25 negative mark for every wrong one. There is no sectional time limit. Since it is a time constrained test and you have 2 hours, and all questions carry equal marks, please do not get stuck on any question, move fast to try and do easier ones. Please do all scratch work on paper only, no extra sheets to be used. Put all your answers on the answer sheet. Relax. You are competing against yourself. 3. 4. 5. 6. 7. 8. 9. 10. The Princeton Review CAT sample paper 1 SECTION I Number of Questions: 50 DIRECTIONS for Questions 1 to 5: In each of the questions, four different ways of presenting an idea are given. Choose the one that conforms most closely to standard English usage. 1. A. We are forced to fall...
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...Report On Performance Appraisal System Of INTERNSHIP REPORT On “Performance Appraisal System of AB Bank Limited, ABBL” Of HR Division, Head Office. (This report on internship in AB Bank Limited is submitted as a requirment of the partial fulfilment of BBA Program) Report prepared for Probal Dutta (1st), Senior Lecturer, BBS, BRAC University Shantu Kumar Ghosh(2nd) Senior Lecturer BBS, BRAC University. Report prepared by MD. ULLAH AL MAMUN Student ID: 06104007. BBS Department, BRAC University. Date Of Submission 13th May, 2010. BRAC University Students Assertion I hereby announced that the extensive study entitled “Performance Appraisal System of AB Bank Limited, ABBL” (Conducted on behalf of AB Bank Limited, Head Office, HR Division) Prepared in partial accomplishment of the requirements for the award of the degree in Bachelor of Businesss Administration (BBA) From BRAC University BBS Department. Is my original work and not put forward For the award of the any other degree/fellowship Or other similar designation or accolade. …………………………………… MD. ULLAH AL MAMUN Student ID: 06104007. Certificate of Approval The internship report of MD. ULLAH AL MAMUN Student id: 06104007. BBS Department, BRAC University Titled “Performance Appraisal System of AB Bank Limited, ABBL” (Conducted on behalf of AB Bank Limited, Head Office, HR Division) Is approved and is suitable in eminence and figure Academic...
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...QUALITY OF TOMATO FERTI LIZED WITH NITROGEN AND PHOSPHOROUS Abstract The influence of different levels of nitrogen (N1, N2), phosphorous (P1, P2) and N+P (N1P1, N1P2, N2P1, N2P2) mixed fertilizers was investigated on volatile substances, soluble sugars, organic acids, titratable acidity, dry matter and lycopene of “Corbarino” cherry-like tomatoes. The flavor volatiles reached the highest concentrations in red-ripe cherry-like tomatoes treated with N1. Glucose, fructose, dry matter and titratable acidity increased only in N+P fertilized samples. Among the organic acids, citric increased, malic decreased and oxalic was constant in all the fertilized samples. Lycopene reached the highest values in N2 and N2P2 samples. INTRODUCTION Tomato, a key vegetable in the Italian Mediterranean diet, has recently gaining been attention in relation to the prevention of some human diseases. This interest is due to the presence of carotenoids and particularly lycopene, which is an unsaturated alkylic compound that appears to be an active compound in the prevention of cancer and cardiovascular risk and in slowing down cellular aging, owing to its high antioxidant and antiradical power (GERSTER 1997; GIOVANNUCCI et al. 1995). Lycopene is found in fresh, redripe tomatoes as all-trans (79-91%) and cis- (9-21%) isomers (STAHH and SIES, 1992; SHI et al. 1999; BOILEAU et al. 2002). Lycopene and vitamins give a measure of the nutraceutical quality, while flavour volatiles, soluble sugars,...
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...Internship Report On Performance Appraisal System Of INTERNSHIP REPORT On “Performance Appraisal System of AB Bank Limited, ABBL” Of HR Division, Head Office. (This report on internship in AB Bank Limited is submitted as a requirment of the partial fulfilment of BBA Program) Report prepared for Probal Dutta (1st), Senior Lecturer, BBS, BRAC University Shantu Kumar Ghosh(2nd) Senior Lecturer BBS, BRAC University. Report prepared by MD. ULLAH AL MAMUN Student ID: 06104007. BBS Department, BRAC University. Date Of Submission 13th May, 2010. BRAC University Students Assertion I hereby announced that the extensive study entitled “Performance Appraisal System of AB Bank Limited, ABBL” (Conducted on behalf of AB Bank Limited, Head Office, HR Division) Prepared in partial accomplishment of the requirements for the award of the degree in Bachelor of Businesss Administration (BBA) From BBS Department. BRAC University Is my original work and not put forward For the award of the any other degree/fellowship Or other similar designation or accolade. …………………………………… MD. ULLAH AL MAMUN Student ID: 06104007. Certificate of Approval The internship report of MD. ULLAH AL MAMUN Student id: 06104007. BBS Department, BRAC University Titled “Performance Appraisal System of AB Bank Limited, ABBL” (Conducted on behalf of AB Bank Limited, Head Office, HR Division) Is approved and is suitable in eminence and figure Academic supervisor ...
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...Research Proposal: Finance; (Financial Engineering, Financial Mathematics & Risk Management) By:Syed Asad Raza Naqvi Index Introduction and Background………………………………………………………………………….3 Interested areas for research and further study (Research Proposal)……………….3 Further explanation of the intended research topics………………………………………..4 Securitization…………………………………………………………………………………………………..4 Credit Derivatives…………………………………………………………………………………………….6 Hybrid Products……………………………………………………………………………………………….7 Re-Securitization……………………………………………………………………………………………..8 Contribution of these products towards Financial Crisis…………………………………..8 Improper Risk Management role in Financial Crisis………………………………………….9 Risks………………………………………………………………………………………………………………..10 Market Risk……………………………………………………………………………………………………..11 Credit Risk……………………………………………………………………………………………………….11 Liquidity Risk……………………………………………………………………………………………………11 Interest Rates and the Financial Crisis………………………………………………………………12 Relation between low interest rate and financial crisis…………………………………….12 Role of Rating Agencies……………………………………………………………………………………14 Structure Finance Products and Rating Agencies……………………………………………..14 Regulations Then and Now………………………………………………………………………………15 BASEL II……………………………………………………………………………………………………………16 Enhancements of Basel II…………………………………………………………………………………18 The Resecuritisation Exposure Using IRB Approach………………………………………….18 The Resecuritisation Exposure Using Standardized Approach…………………………...
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...BANGLADESH STOCK MARKET GROWING? KEY INDICATORS BASED ASSESSMENT M Khokan Bepari Assistant Professor Department of Cooperation and Marketing Faculty of Agricultural Economics & Rural Sociology Bangladesh Agricultural University, Mymensingh-2202, Bangladesh Phone: +88 01716601759 khokan552@yahoo.com Dr. Abu Mollik Senior Lecturer and Finance Discipline Leader School of Commerce and Marketing Division of Business and Informatics Central Queensland University abumollik@yahoo.com.au Abstract This paper focuses on the growth of Bangladesh stock market over time. The market trends in terms of market capitalization, market liquidity, market concentration, number of listings, volatility in the market index and foreign portfolio investment were considered. The study finds that key indicators are significantly correlated. Stock market growth index is constructed considering market capitalization ratio; turn over ratio, value traded to GDP ratio and volatility in market index. The findings of the study suggest that although Bangladesh stock market is growing over time, the growth has not yet assumed any stable and obvious trend. We conclude that Bangladesh stock market is still at an early stage of its growth path with a small market size relative to GDP and is characterized by poor liquidity and high market concentration. Introduction Demirguc-Kunt and Levine (1996), Singh (1997) and Levine and Zervos (1998) find that stock market growth plays an...
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...BANGLADESH STOCK MARKET GROWING? KEY INDICATORS BASED ASSESSMENT Abstract This paper focuses on the growth of Bangladesh stock market over time. The market trends in terms of market capitalization, market liquidity, market concentration, number of listings, volatility in the market index and foreign portfolio investment were considered. The study finds that key indicators are significantly correlated. Stock market growth index is constructed considering market capitalization ratio; turn over ratio, value traded to GDP ratio and volatility in market index. The findings of the study suggest that although Bangladesh stock market is growing over time, the growth has not yet assumed any stable and obvious trend. We conclude that Bangladesh stock market is still at an early stage of its growth path with a small market size relative to GDP and is characterized by poor liquidity and high market concentration. Introduction Demirguc-Kunt and Levine (1996), Singh (1997) and Levine and Zervos (1998) find that stock market growth plays an important role in predicating future economic growth in situations where the stock markets are active. The arguments of Demirguc-Kunt et al. (1996) indicate that economies without well-functioning stock markets may suffer from three types of imperfections: first, opportunities for risk diversification are limited for investors and entrepreneurs, second, firms are unable to optimally structure their financing packages and third, countries...
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...Contributions of Internal Branding Practices to Corporate Brand Success Abstract: The purpose of this study is to investigate how internal branding practices can contribute to successful corporate brand building. The thesis is based on a case study of the successful Swedish brands Saab AB, SAS Sverige and Skanska. The results show that core values are a main building block of internal branding practices and that core values are united with cultural values with a dual purpose of adding value to customers and guiding employee behavior. Furthermore, the results point out that core values internally indicate how the vision is to be achieved and that the vision may be more useful as a management tool than internal branding tool. Subcultures appear to be present in all three cases and the results suggest that corporate brands are strengthened by internalizing a main corporate culture which allows cultural interpretations within subcultures and by assuring that subcultures co-exist in harmony. Internal communication seems to support corporate and internal branding by applying a pull-principle in communications, creating forums for personal interaction and facilitating employees’ information search and processing. In terms of human resourcecontributions to brand building, practices such as recruitment, phasing in of new employees, internalization of core values among current employees and internal brand evaluations are put forward. Moreover, two additional concepts of importance in...
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...moves around the different type of marketing strategies and models used by organisations these days along with the case study of Abercrombie and Fitch Co. to create their brand value and getting an international recognition among the top appeareal companies around the world. The paper is studied with respect to the most important related departments of a business marketing finction: services, human resources and finance. Furthermore, the case study of another retail business giant apple is studies to conclude about the research and findings. The structure of report includes discussion about the problem in martketing and analysis. The proposed solutions to the research post findings is also included in the thesis. Previous study for marketing research about Apple is also include in the report to conclude the research. Table of Contents Chapter 1. Introduction 1 1.1. Background 2 1.2. Research Question 4 Chapter 2 Case Brief 5 2.1. Resume of the case 5 2.2. Relevance of the case 6 Chapter 3 Research insight 7 3.1. Problem statement and plan of analysis 7 3.2. Literature review 8 3. 3. Research discussion 12 3.3. 1. Research plan 12 3.3.2. Research design 12 3.3.3. Research methodology 13 3.3. 4. Data...
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...vhtviyrà 6à urà rrà vrà vrà vr vvrà hqà rrh puà vvrà và và @ rhà p vr 9rh xÃAvyhqà A hprà I hà Thvà hqà Trqrà h rà h vpvhvtà và urà wrpà 6h à s à svhpvhyà s ÃurÃ@ rhÃ8vvÃsqvtÃsÃurÃTrqvuÃqvrÃh rÃihvrqÃs ÃurÃP@89ÃurÃTrqvuÃ8pvyÃs X xÃGvsrÃSrrh puÃIrxÃurÃTrqvuÃHvv ÃsÃU hqrÃhqÃDq ÃhqÃurÃTrqvuÃQiyvpÃSryhvÃ6pvhv 6Ãs r Ãr vÃsÃuvÃhr ÃhÃqryvr rqÃÃurÃP@89Ãvà ((' ÃUurÃhu ÃhÃÃuhxÃGrÃTuhÃhqÃHhvÃTxtÃs ÃvtvsvphÃp vivÃÃurà rrÃhr +XPDQ 5HVRXUFH &RVWLQJ DQG $FFRXQWLQJ YV WKH %DODQFHG 6FRUHFDUG $%675$&7 In the present paper conclusions are drawn from literature whose goal was to put information on intangibles into financial and non-financial frameworks. The analysis primarily focuses on two concepts: The human resource management oriented concept called Human Resource Costing and Accounting (HRCA) and the strategic management oriented concept called Balanced Scorecard (BSC). Despite numerous articles and books on theoretic views and models to capture intangibles in a tangible way, little is known about the outcome of HRCA and BSC. Theoretical elaboration about possible effects is not rare, but investigations are scarce when it comes to financial...
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...Jurnal Teknologi Full Paper TRAFFIC SIGN DETECTION AND RECOGNITION: REVIEW AND ANALYSIS Nursabillilah Mohd Ali*, Mohd Safirin Karis, Amar Faiz Zainal Abidin, Bahzifadhli Bakri, Ezreen Farina Shair, Nur Rafiqah Abdul Razif Faculty of Electrical Engineering, Universiti Teknikal Malaysia Melaka, Malaysia Graphical abstract Article history Received 15 May 2015 Received in revised form 1 July 2015 Accepted 11 August 2015 *Corresponding author nursabillilah@utem.edu Abstract Over the years, traffic sign detection and recognition systems gives extra value to driver assistance when driving, leading to more user-friendly driving experience and much improved safety for passengers. As part of Advanced Driving Systems (ADAS) one can be benefitted by using this system especially with driving incapacities by alerting and aid them about the existence of traffic signs to minimized unwanted circumstances during driving such as fatigue, poor sight and adverse weather conditions. Though a various number of traffic sign detection systems have been revised in literature; the need of design with a robust algorithm still remains open for further research. This paper purposes to design a system capable of performing traffic sign detection while considering variations of challenges such as color illumination, computational difficulty and functional constraints existed. Traffic sign detection is divided into three main parts namely; Pre-processing, Color segmentation and Thresholding. The color segmentation...
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