We present a new model for pricing quanto CDS where the FX could be strongly dependent on the credit reference. The model assumes lognormal hazard rate and deterministic FX local volatility where the FX spot can jump at time of default of the credit reference. We present the model, the...

On the whole, manufacturing growth in India failed to accelerate in spite of widespread trade reforms undertaken since the early 1990s. However, the picture is mixed if we look at the sub-national level. This paper attempts to examine the determinants of manufacturing performance at the...

This paper presents new estimates of the benets of equal education opportunity for blacks over the period 1820-2000. For the better part of US history, blacks have enjoyed less access to schooling for their children than whites. This paper attempts to quantify the value of this discrimination....

The paper deals with the problem of the critical appraisal of the economic theory of fascist corporatism and of the place such doctrine should be allowed in the history of Italian economic thought. The ideological, political and economic beliefs of the various tendencies of corporatism are...

In this paper, new estimating methods proposed for dynamic and static probit models with panel data. Simulation studies show that the proposed estimators work relatively well.

Since the beginning of time mankind has depended upon the available natural resources for survival, although the contribution of biodiversity to the sustainable development has recently been acknowledged. The need for this recognition arose from the fact that biodiversity provides a variety of...

We propose new specifications that explicitly account for information noise in the input data of bankruptcy hazard models. The specifications are motivated by a theory of modeling credit risk with incomplete information (Duffie and Lando [2001]). Based on over 2 million firm-months of data...

The majority of African countries, included Senegal, continue to face widespread poverty. The objective of poverty reduction is accompanied by a set of initiatives and programs that might be reflected in the government budget allocation. A crucial point is to explore, in a context of severely...

Currently, franchise - one of the fastest growing types of business, but it includes a lot of shortcomings with the legislative side. This article describes a scheme of franchising, as well as the strengths and weaknesses of the scheme to build a business.

We intend to reveal the causes and the determinants of the omitted shareholder proposals. We find that individual investors are mostly likely to submit a proposal being excluded from the proxy ballot. Since individual investors are not so skillful as institutional investors, we summarize that...