The present research shows the influence of institutional differences on the performance of initial public offerings (IPOs), both at the level of initial underpricing and at the level of 1-, 3- and 5-year performance. Our results represent a relevant empirical contribution to the international...

Purpose – The purpose of this paper is to, first, analyse to what extent the default probability based on structural models provides additional information and that accounting ratios do not contemplate. Second, to design hybrid models by including the default probability from structural models...

Purpose – The purpose of this paper is to critically analyze the common assumption, made by many credit risk models such as the Moody's KMV Loss‐Calc model, of a β distribution for the loss‐given default (LGD). The paper shows that this assumption does not perform well in constructing...

In this paper a beta-component mixture is proposed to model the market-implied severity. Recovery rates are extracted and identified from credit default swaps instead of using defaulted bonds instead using defaulted bonds because it allows us to identify recovery rates of low probability of...

The consequences that educational underperforming has on both individuals and the society as a whole lead policy makers and planners to focus on how to measure properly the extent of educational poverty. The main aim of this paper is to propose a multidimensional adjusted poverty index (α-MAPI)...

Global trade volumes and globalization hitting records every year imply growth of commercial operations among more companies each time and inevitable dealing with exchange rate risk. As an established practice, some enterprises make payments in a timeframe agreed to in a commercial contract....