Ideas are abstract and novel concepts that arise in the mind. One thing is the idea that nests in your head and another completely different thing is to communicate that idea to others in a way that they will understand it. It is reasonable that ideas need more extensive explanation than things...

The current financial crisis offers a unique opportunity to investigate the leading properties of market indicators in a stressed environment and their usefulness from a banking supervision perspective. One pool of relevant information that has been little explored in the empirical literature is...

Structured credit instruments offer an insight into markets’ perceptions of the extent of future credit defaults. Claims of different seniorities incur losses only if defaults reach different magnitudes, so their relative value offers an insight into the likelihood of losses being of different...

In August 1998, the Russian government defaulted on its debt, ordered private borrowers to default on foreign loans, and abandoned its support of the ruble - thereby provoking a collapse of the country’s banking system. The monetary crisis revealed the fundamental weakness of the Russian...

This article compares two federal social insurance programs: employment insurance and personal insolvency law. It argues that they both incorporate notions of deservingness that fail to account for the constrained choices facing financially precarious Canadians. It conceptualizes financial...

This paper deals with the issue of directors’ responsibility as one of the main instruments of efficient creditor protection. In continental laws this responsibility can be established in tort law, based on fault. Also, UK law and most developed continental laws are also introducing special...

Before the COVID-19 pandemic, there were approximately 7.7 million student loan borrowers in default on approximately $168 billion in federally-held student loans, including Federal Family Education Loans (“FFEL”) and Direct loans. Though borrowers have in theory been able to get out of...

The Relevance and Utility of Distress Risk and Corporate Failure Forecasts -- Searching for the Holy Grail: Alternative Statistical Modelling Approaches -- The Rise of the Machines -- An Empirical Application of Modern Machine Learning Methods -- Corporate Failure Models for Private Companies,...