scholarly journals Loss given default in SME leasing

Author(s):  
Florian Kaposty ◽  
Philipp Klein ◽  
Matthias Löderbusch ◽  
Andreas Pfingsten

AbstractLeasing provides a fundamental source of firm funding, especially for small and medium-sized enterprises. A crucial difference from loans and bonds is that the lessor retains ownership rights of the leased asset during the lease term. This facilitates the asset utilization and work-out process and leads to higher liquidation proceeds. Hence, previous findings on the loan and bond loss given default (LGD) are not transferable to the leasing industry. Our analysis is based on a very granular data set covering a great variety of information on the lessee, the leased asset, as well as contractual and transactional characteristics. We examine novel LGD determinants such as an external credit rating, the lessee’s limited liability, and the number of leased assets and collaterals. Moreover, new results on previously explored factors question earlier findings, for example, on the lease contract type. Most importantly, as proposed by Miller and Töws (J Bank Finance 91:189–201, 2018), we analyze two different LGDs, one based on the asset utilization proceeds, the other on repayments. Our results clearly indicate the crucial importance of this separation when analyzing the drivers of the leasing LGD in detail because several determinants affect these LGDs in different ways. Our study assists both lessors and regulators in assessing the effective risk of lease contracts and enables lessors to enhance their risk management and work-out processes.

Author(s):  
Johan Lundberg

AbstractTheories of inter-jurisdictional tax and yardstick competition assume that the tax decisions of one jurisdiction will influence the tax decisions of other jurisdictions. This paper empirically addresses the issue of horizontal dependence in local personal income tax rates across jurisdictions. Based on a large data set covering Swedish municipalities over a period of 14 years, we test for interactions across municipalities that share a common border, across municipalities within a distance of 100 km of each other, and across municipalities with similar political representation in the local council. We also test the hypothesis that the tax rate of relatively larger municipalities has a greater influence on their neighbors' tax rate compared to the influence of their smaller neighbors. Our results suggest that when lagged tax rates are controlled for, the horizontal correlation across municipalities that share a common border or are within a distance of 100 km from each other becomes insignificant. This result is of importance as it suggests that lagged tax rates should be included or at least tested for when testing for horizontal interactions or mimicking in local tax rates. However, our results support the hypothesis of horizontal interactions across municipalities that share a common border when the influence of neighboring municipalities is also weighted by their relative population size, i.e. relatively larger neighbors tend to have a greater impact on their neighbor's tax rates than their relatively smaller neighbors. This is of importance as it suggests that distance or proximity matters, although only in combination with the relative population size. We also find some evidence of horizontal dependence across municipalities with similar political preferences.


2011 ◽  
Vol 46 (4) ◽  
pp. 943-966 ◽  
Author(s):  
Venky Nagar ◽  
Kathy Petroni ◽  
Daniel Wolfenzon

AbstractA major governance problem in closely held corporations is the majority shareholders’ expropriation of minority shareholders. As a solution, legal and finance research recommends that the main shareholder surrender some control to minority shareholders via ownership rights. We test this proposition on a large data set of closely held corporations. We find that shared-ownership firms report a substantially larger return on assets and lower expense-to-sales ratios. These findings are robust to institutionally motivated corrections for endogeneity of ownership structure. We provide evidence on the presence of governance problems and the effectiveness of shared ownership as a solution in settings characterized by illiquidity of ownership.


2003 ◽  
Vol 9 (4) ◽  
pp. 300-307 ◽  
Author(s):  
Gyles Glover

Since the start of the National Health Service, data have been collected on admissions to psychiatric in-patient units, first as the Mental Health Enquiry, then as part of Hospital Episode Statistics. Some details have changed but many have stayed remarkably consistent. Published literature on the wide range of research and policy work undertaken using this data source is reviewed. Early work was central to the government's deinstitutionalisation policy in the early 1960s. Subsequent studies cover a wide range of epidemiological and health services research issues. A new statistical base, the Mental Health Minimum Data Set, covering individuals receiving all types of health care is currently being set up. This will supplement (but not replace) admission statistics.


2016 ◽  
Author(s):  
Norbert Glatthor ◽  
Michael Höpfner ◽  
Adrian Leyser ◽  
Gabriele P. Stiller ◽  
Thomas von Clarmann ◽  
...  

Abstract. We present a global OCS data set covering the period June 2002 to April 2012, derived from FTIR limb emission spectra measured with the Michelson Interferometer for Passive Atmospheric Sounding (MIPAS) on the ENVISAT satellite. The vertical resolution is 4–5 km in the height region 6–15 km and 15 km at 40 km altitude. The total estimated error amounts to 40–50 pptv between 10 and 20 km and to 120 pptv at 40 km altitude. MIPAS OCS data show no systematic bias with respect to balloon observations, with deviations mostly below ±50 pptv. However, they are systematically higher than the OCS volume mixing ratios of the ACE-FTS instrument on SCISAT, with maximum deviations of up to 100 pptv in the altitude region 13–16 km. The data set of MIPAS OCS exhibits only moderate interannual variations and low interhemispheric differences. Average concentrations at 10 km altitude range from 480 pptv at high latitudes to 500–510 pptv in the tropics and at northern mid-latitudes. Seasonal variations at 10 km altitude amount up to 35 pptv in the northern and up to 15 pptv in the southern hemisphere. Northern hemispheric OCS abundances at 10 km altitude peak in June in the tropics and around October at high latitudes, while the respective southern hemispheric maxima were observed in July and in November. Global OCS distributions at 250 hPa (~ 10–11 km) show enhanced values at low latitudes, peaking during boreal summer above the western Pacific and the Indian Ocean, which indicates oceanic release. Further, a region of depleted OCS amounts extending from Brazil to central and southern Africa was detected at this altitude, which is most pronounced in austral summer. This depletion is related to seasonally varying vegetative uptake by the tropical forests. Typical signatures of biomass burning like the southern hemispheric biomass burning plume are not visible in MIPAS data, indicating that this process is only a minor source of tropospheric OCS. At the 150 hPa level (~ 13–14 km) enhanced amounts of OCS were also observed inside the Asian Monsoon Anticyclone, but this enhancement is not especially outstanding as compared to other low latitude regions at the same altitude. At the 80 hPa level (~ 17–18 km) equatorward transport of mid-latitude air masses containing lower OCS amounts around the summertime anticyclones was observed. A significant trend could not be detected in tropospheric MIPAS OCS amounts, which points to globally balanced sources and sinks.


2018 ◽  
Vol 73 (1) ◽  
pp. 35-64 ◽  
Author(s):  
Phillip Y. Lipscy ◽  
Haillie Na-Kyung Lee

AbstractA large literature has established that the International Monetary Fund (IMF) is heavily politicized. We argue that this politicization has important consequences for international reserve accumulation and financial crises. The IMF generates moral hazard asymmetrically, reducing the expected costs of risky lending and policies for states that are politically influential vis-à-vis the institution. Using a panel data set covering 1980 to 2010, we show that proxies for political influence over the IMF are associated with outcomes indicative of moral hazard: lower international reserves and more frequent financial crises. We support our causal claims by applying the synthetic control method to Taiwan, which was expelled from the IMF in 1980. Consistent with our predictions, Taiwan's expulsion led to a sharp increase in precautionary international reserves and exceptionally conservative financial policies.


2019 ◽  
Author(s):  
Yugo Kanaya ◽  
Kazuyuki Miyazaki ◽  
Fumikazu Taketani ◽  
Takuma Miyakawa ◽  
Hisahiro Takashima ◽  
...  

Abstract. Constraints from ozone (O3) observations over oceans are needed in addition to those from terrestrial regions to fully understand global tropospheric chemistry and its impact on the climate. Here, we provide a large data set of ozone and carbon monoxide (CO) levels observed (for 11 666 and 10 681 h, respectively) over oceans. The data set is derived from observations made during 24 research cruise legs of R/V Mirai during 2012 to 2017, in the Southern, Indian, Pacific, and Arctic Oceans, covering the region from 67° S to 75° N. The data are suitable for critical evaluation of the over-ocean distribution of ozone derived from chemical transport models. We first give an overview of the statistics in the data set and highlight key features in terms of geographical distribution and air mass type. We then use the data set to evaluate ozone concentration fields from Tropospheric Chemistry Reanalysis version 2 (TCR-2), produced by assimilating a suite of satellite observations of multiple species into a chemical transport model, namely CHASER. For long-range transport of polluted air masses from continents to the oceans, during which the effects of forest fires and fossil fuel combustion were recognized, TCR-2 gave an excellent performance in reproducing the observed temporal variations and photochemical buildup of O3 when assessed from ΔO3 / ΔCO ratios. For clean marine conditions with low and stable CO concentrations, two focused analyses were performed. The first was in the Arctic (> 70° N) in September every year from 2013 to 2016; TCR-2 underpredicted O3 levels by 6.7 ppb (21 %) on average. The observed vertical profiles from O3 soundings from R/V Mirai during September 2014 had less steep vertical gradients at low altitudes (> 850 hPa) than those obtained TCR-2. This suggests the possibilities of more efficient descent of the O3-rich air from above or less efficient dry deposition on the surface than were assumed in the model. In the second analysis, over the western Pacific equatorial region (125–165° E, 10° S to 25° N), the observed O3 level frequently decreased to less than 10 ppb in comparison to that obtained with TCR-2, and also those obtained in most of the Atmospheric Chemistry Climate Model Intercomparison Project (ACCMIP) model runs for the decade from 2000. These results imply loss processes that are unaccounted for in the models. We found that the model’s positive bias positively correlated with the daytime residence times of air masses over a particular grid, namely 165–180° E and 15–30° N; an additional loss rate of 0.25 ppb h−1 in the grid best explained the gap. Halogen chemistry, which is commonly omitted from currently used models, might be active in this region and could have contributed to additional losses. Our open data set covering wide ocean regions is complementary to the Tropospheric Ozone Assessment Report data set, which basically comprises ground-based observations, and enables a fully global study of the behavior of O3.


2021 ◽  
Author(s):  
Gaurav Joshi ◽  
Akshara Pande ◽  
Omdeep Gupta ◽  
Anoop Nautiyal ◽  
Sanjay Jasola ◽  
...  

Coronavirus disease 19 (Covid-19) is causing a dramatic impact on human life worldwide. As of June 11 2021, later one has attributed more than 174 million confirmed cases and over 3.5 million deaths globally. Nonetheless, a World Bank Group flagship report features Covid-19 induced global crisis as the strongest post-recession since World WarII. Currently, all approved therapeutics or vaccines are strictly allowed for emergency use. Hence, in the absence of pharmaceutical interventions, it is vital to analyze data set covering the growth rates of positive human cases, number of recoveries, other factors, and future strategies to manage the growth of fatal Covid-19 effectively. The Uttarakhand state of India is snuggled in the lap of the Himalayas and occupies more people than Israel, Switzerland, Hong Kong, etc. This study analyzed state Covid-19 data, fetched from an authenticated government repository using Python 3.9 from April 1, 2020, to February 28, 2021. The highest recovery rate was attributed to the hilly district Rudraprayag. The analysis also revealed that a very high doubling rate was seen during the last week of May to the first week of Jun 2020. At last, based on this blueprint, we have suggested 6-points solutions for preventing the next pandemic.


2017 ◽  
Vol 24 (6) ◽  
pp. 663-673 ◽  
Author(s):  
Daniel Stockemer ◽  
Aksel Sundström

There is still relatively little research on what factors explain the share of women in cabinets across countries and time. Focusing on party ideology, we advance this budding research. First, we examine if heads of government from left-leaning and/or liberal parties tend to select a larger proportion female cabinet members than those from conservative parties. Second, we evaluate whether a switch toward a left-leaning or liberal government benefits women’s cabinet presence. We test both propositions empirically with a data set covering mainly Western and industrialized countries after 1968. Our statistical analysis only find lukewarm support for the first proposition, that is, left-wing parties are no longer more likely to nominate women to cabinet posts than other party families, particularly liberal parties. Rather, what we do find is that a change in government, regardless of whether the new formateur is left-wing, liberal, or conservative, benefits the nomination of women to cabinet posts.


2018 ◽  
Vol 4 (2) ◽  
pp. 141-161
Author(s):  
Rekha Diwakar

India uses the single member plurality system (SMPS) to elect members of the lower house of its national (federal) parliament and the state assemblies. The electoral system has remained stable despite its inherent disproportionality, India’s highly heterogeneous population and, more recently, a fragmented party system. Using a comprehensive data set covering all national and some state assembly elections during the period 1952–2017, this article evaluates how SMPS has performed in India in comparison to its expected benefits, and whether there is a case for reform of the electoral system. The article finds that SMPS neither provides effective representation nor is likely to lead to stable single party governments in India – a situation that could be termed ‘the worst of both worlds’. It also highlights that a combination of rational-choice behaviour on the part of key actors as well as historical and institutional reasons has ensured the continuation of SMPS in India. The article concludes that it is time for India to seriously consider reforming its electoral system.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Bowen Yi ◽  
Da Shi ◽  
Fangfang Shi ◽  
Liang Zhang

Purpose By building on cooperation–competition theory, this study aims to investigate the multidimensional flipped effects of neighborhood hotels on Airbnb listings’ popularity, examining the degree to which such impacts are influenced by hotel types and geographical areas. Design/methodology/approach This study explores the interdependent and competitive relationship between neighborhood hotels and Airbnb from the perspective of effects on Airbnb listings’ popularity by exploring a data set covering 10,492 Airbnb listings and 2,691 hotels from Ctrip. Findings Results reveal that neighborhood hotels’ number of reviews, review ratings and prices each have positive spillover effects on Airbnb listings’ popularity, while quality assurance labels and negative review topic sentiments exert competitive effects on Airbnb popularity. Moreover, the number of budget chain hotels and high-star hotels have positive and negative effects on Airbnb popularity, respectively. Geographical areas also have a moderating effect on the relationship between various hotel-related influencing factors and Airbnb. Practical implications This study can offer hotel managers and Airbnb operators a clearer understanding of these businesses’ coexisting relationship. Findings can also provide Airbnb-specific guidelines for practitioners in terms of site selection, promotional features and development strategies for Airbnb listings. Originality/value This study establishes a cooperation–competition relationship model between hotels and Airbnb and considers the flipped effects of hotels on Airbnb for the first time. It expands previous studies by considering the multidimensional effects of hotels on Airbnb listings’ popularity and by examining the influences of hotel types and geographical areas on hotels’ impacts on Airbnb.


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