While investors and lenders rely on one or more external credit rating agency (e.g., EthiFinance, Standard & Poor's, Moody's, Fitch) to directly assess their obligors' credit quality, or simply to benchmark their own estimates, part of their portfolio might not be covered by these credit...

The Livret de Développement Durable et Solidaire (LDDS) and the Livret A are French regulated savings products. The financial institutions that offer them must remunerate savers at a rate set by a formula. In return, the savings deposits are invested, generally in fixed-rate loans, the rate of...

The worrying deterioration of biodiversity and ecosystems urges us to look closer at their links with human activities and, in particular, economic activities. This is a two-way relationship: economic activities depend, directly or indirectly, on ecosystem services, but they can also harm the...

This paper presents a Continuous-Time Hidden Markov Model (CT-HMM) of debt issuers' credit quality dynamics. We observe ratings published by several agencies (e.g., Standard & Poor's, Moody's, Fitch) for one or several issuers (e.g., countries) and assume that we can find a maximum-likelihood...

This paper presents a Continuous-Time Hidden Markov Model (CT-HMM) of debt issuers' credit quality dynamics. We observe ratings published by several agencies (e.g., Standard & Poor's, Moody's, Fitch) for one or several issuers (e.g., countries) and assume that we can find a maximum-likelihood...