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Credit Risk Management: Pricing, Measurement, and Modeling
by Jiří WitzanyThis book introduces to basic and advanced methods for credit risk management. It covers classical debt instruments and modern financial markets products. The author describes not only standard rating and scoring methods like Classification Trees or Logistic Regression, but also less known models that are subject of ongoing research, like e. g. Support Vector Machines, Neural Networks, or Fuzzy Inference Systems. The book also illustrates financial and commodity markets and analyzes the principles of advanced credit risk modeling techniques and credit derivatives pricing methods. Particular attention is given to the challenges of counterparty risk management, Credit Valuation Adjustment (CVA) and the related regulatory Basel III requirements. As a conclusion, the book provides the reader with all the essential aspects of classical and modern credit risk management and modeling.
Credit Risk Management for Derivatives: Post-Crisis Metrics for End-Users
by Ivan ZelenkoThis Palgrave Pivot assesses the impact of the regulatory framework for derivatives built post-crisis and examines its ambition to centralize and minimize credit risk, enhance transparency, and regain control. Zelenko delves into the powerful destabilizing forces exerted by derivatives markets in the global financial meltdown of 2008. Recapping the evolution in markets and counterparty risk management, as well as key aspects of regulation and their impact, this book aims to give readers the big picture and foster a deep understanding of the role of derivatives markets in the financial crisis. This practical angle will give useful keys to end-users and their risk managers, as they are faced with a new, complex, and changing environment. Additionally, this book conducts a comprehensive analysis of the new metrics the market has created to model, price, and manage credit risk, such as the Credit Value Adjustment (CVA), the Debt Value Adjustment (DVA), or the Funding Value Adjustment (FVA), and takes full stock of a domain that is still in rapid evolution. This volume covers the concepts, methods, and approaches taken by banks to manage counterparty credit risk in their derivatives activities in the new post-crisis market and regulatory environment, and it aims to highlight what is practical and effective today.
Credit Risk Management for Indian Banks
by K VaidyanathanCredit Risk Management for Indian Banks is a one-stop reference book for practising credit risk professionals in the Indian banking sector. This is the first book of its kind, which is exclusively targets the practical needs of Indian bankers. It lays more emphasis on the ground realities of Indian banking and enunciates principles and guidelines of credit risk management based on real-life situations.
Credit Risk Management In and Out of the Financial Crisis
by Saunders Anthony Allen LindaA classic book on credit risk management is updated to reflect the current economic crisis Credit Risk Management In and Out of the Financial Crisis dissects the 2007-2008 credit crisis and provides solutions for professionals looking to better manage risk through modeling and new technology. This book is a complete update to Credit Risk Measurement: New Approaches to Value at Risk and Other Paradigms, reflecting events stemming from the recent credit crisis. Authors Anthony Saunders and Linda Allen address everything from the implications of new regulations to how the new rules will change everyday activity in the finance industry. They also provide techniques for modeling-credit scoring, structural, and reduced form models-while offering sound advice for stress testing credit risk models and when to accept or reject loans. Breaks down the latest credit risk measurement and modeling techniques and simplifies many of the technical and analytical details surrounding them Concentrates on the underlying economics to objectively evaluate new models Includes new chapters on how to prevent another crisis from occurring Understanding credit risk measurement is now more important than ever. Credit Risk Management In and Out of the Financial Crisis will solidify your knowledge of this dynamic discipline.
Credit-Risk Modelling: Theoretical Foundations, Diagnostic Tools, Practical Examples, And Numerical Recipes In Python
by David Jamieson BolderThe risk of counterparty default in banking, insurance, institutional, and pension-fund portfolios is an area of ongoing and increasing importance for finance practitioners. It is, unfortunately, a topic with a high degree of technical complexity. Addressing this challenge, this book provides a comprehensive and attainable mathematical and statistical discussion of a broad range of existing default-risk models. Model description and derivation, however, is only part of the story. Through use of exhaustive practical examples and extensive code illustrations in the Python programming language, this work also explicitly shows the reader how these models are implemented. Bringing these complex approaches to life by combining the technical details with actual real-life Python code reduces the burden of model complexity and enhances accessibility to this decidedly specialized field of study. The entire work is also liberally supplemented with model-diagnostic, calibration, and parameter-estimation techniques to assist the quantitative analyst in day-to-day implementation as well as in mitigating model risk. Written by an active and experienced practitioner, it is an invaluable learning resource and reference text for financial-risk practitioners and an excellent source for advanced undergraduate and graduate students seeking to acquire knowledge of the key elements of this discipline.
Credit Risk Scorecards
by Naeem SiddiqiPraise for Credit Risk Scorecards"Scorecard development is important to retail financial services in terms of credit risk management, Basel II compliance, and marketing of credit products. Credit Risk Scorecards provides insight into professional practices in different stages of credit scorecard development, such as model building, validation, and implementation. The book should be compulsory reading for modern credit risk managers."--Michael C. S. Wong Associate Professor of Finance, City University of Hong Kong Hong Kong Regional Director, Global Association of Risk Professionals"Siddiqi offers a practical, step-by-step guide for developing and implementing successful credit scorecards. He relays the key steps in an ordered and simple-to-follow fashion. A 'must read' for anyone managing the development of a scorecard."--Jonathan G. Baum Chief Risk Officer, GE Consumer Finance, Europe"A comprehensive guide, not only for scorecard specialists but for all consumer credit professionals. The book provides the A-to-Z of scorecard development, implementation, and monitoring processes. This is an important read for all consumer-lending practitioners."--Satinder Ahluwalia Vice President and Head-Retail Credit, Mashreqbank, UAE"This practical text provides a strong foundation in the technical issues involved in building credit scoring models. This book will become required reading for all those working in this area."--J. Michael Hardin, PhD Professor of StatisticsDepartment of Information Systems, Statistics, and Management ScienceDirector, Institute of Business Intelligence"Mr. Siddiqi has captured the true essence of the credit risk practitioner's primary tool, the predictive scorecard. He has combined both art and science in demonstrating the critical advantages that scorecards achieve when employed in marketing, acquisition, account management, and recoveries. This text should be part of every risk manager's library."--Stephen D. Morris Director, Credit Risk, ING Bank of Canada
Credit Risk Spreads in Local and Foreign Currencies
by Dan Galai Zvi WienerA report from the International Monetary Fund.
Credit Score Repair: How to Repair your Credit and Boost your Score fast - Delete Judgements, Inquiries and Negative Acounts
by Dana LeeRoughly 30 percent of all Americans are dealing with a poor credit score and more are falling into the trap of bad credit on a daily basis. When you are at the bottom of a debt-shaped hole it can appear as though the deck is stacked against you and that you have no way of climbing your way out. <p><p> It doesn’t matter what type of debt you have accrued, the amount or how recently it has happened, there are numerous different ways of removing it from your credit report ASAP, all of which are discussed in detail inside including step by step instructions and even sample letters when applicable. You will find ways for dealing with credit card debt, late payments, liens, and judgments, even foreclosures in the quickest and most effective means possible. While creditors will lead you to believe otherwise, there are actually a wide variety of options available to those who are simply aware of their rights and are willing to fight to work out the best deals for themselves as possible, all of which are discussed in detail inside.
Credit Scores, Credit Cards: How to Avoid Mistakes and How to Manage Your Accounts Well
by Editors of Silver Lake PublishingProvides timely and valuable information on how consumer credit works in the U.S. and how to improve your credit.
Credit Scoring, Response Modeling, and Insurance Rating
by Steven FinlayWithin the financial services industry today, most decisions on how to deal with consumers are made automatically by computerized decision making systems. At the heart of these systems lie mathematically derived forecasting models. These use information about people and their past behaviour, to predict how people are likely to behave in the future. For example, who is likely to repay a loan, who will respond to a mail shot and the likelihood that someone will claim on their household insurance policy. Decisions about how to treat people are then made on the basis of the predictions calculated by the system. This book provides a step-by-step guide to how the forecasting models used by the worlds leading financial institutions are developed and deployed. It covers all stages involved in the construction of such a model, including project management, data collection, sampling, data pre-processing, model construction, validation, implementation and post-implementation monitoring of the model's performance.
Credit Scoring, Response Modelling and Insurance Rating
by Steven FinlayEvery year, financial services organizations make billions of dollars worth of decisions using automated systems. For example, who to give a credit card to and the premium someone should pay for their home insurance. This book explains how the forecasting models, that lie at the heart of these systems, are developed and deployed.
Credit Scoring Secrets: How To Raise Your Credit Score 100 Points In 100 Days
by James L. ParisThe book is based on years of working with individual clients with credit situations as difficult as recent bankruptcies, foreclosures, and even IRS tax liens. Includes letters that can be used to dispute inaccurate information from a credit bureau report. Step by step information on what you need to do if you are currently attempting to get approved for a credit card, auto loan, or mortgage. Includes sources of no qualifying credit accounts that can be used to rebuild credit.
Credit to Capabilities
by Paromita SanyalCredit to Capabilities focuses on the controversial topic of microcredit's impact on women's empowerment and, especially, on the neglected question of how microcredit transforms women's agency. Based on interviews with hundreds of economically and socially vulnerable women from peasant households, this book highlights the role of the associational mechanism - forming women into groups that are embedded in a vast network and providing the opportunity for face-to-face participation in group meetings - in improving women's capabilities. This book reveals the role of microcredit groups in fostering women's social capital, particularly their capacity of organizing collective action for public goods and for protecting women's welfare. It argues that, in the Indian context, microcredit groups are becoming increasingly important in rural civil societies. Throughout, the book maintains an analytical distinction between married women in male-headed households and women in female-headed households in discussing the potentials and the limitations of microcredit's social and economic impacts.
Credit to the Community: Community Reinvestment and Fair Lending Policy in the United States
by Dan ImmergluckThis book provides the most comprehensive examination of community reinvestment and fair lending problems and policies currently available. It outlines the history of lending discrimination and redlining in U.S. mortgage and small business lending markets, and documents the persistence of such problems today. The author explains the role that government has played in developing banking and credit markets in the United States, from the creation of Alexander Hamilton's First Bank of the United States to the ongoing support government provides through the subsidization of secondary markets and through maintenance of critical regulatory infrastructure. Immergluck takes issue with those calling for deregulation of financial services - especially in the arena of fair lending and consumer protection - and gives new voice to rationales for social contract policies such as the Community Reinvestment Act. He provides new long-term analysis of the failure of federal bank regulators to enforce the CRA, and also shows how increased community activism and media attention have led to sporadic periods of stronger CRA enforcement. Finally, he recommends a number of policy changes that are needed to modernize the nation's fair lending and community reinvestment laws and make them more relevant for the 21st century.
Credit Treasury
by Gianluca OricchioThis book presents the state-of-the-art with respect to credit risk evaluation and pricing within the contemporary global banking and financial system. It focuses on credit pricing in illiquid, liquid and hybrid markets. No one with any connection to the credit management business will be able to do without it.
Credit Where It's Due: Rethinking Financial Citizenship
by Frederick F. Wherry Kristin S. Seefeldt Anthony S. Alvarez Jose QuinonezAn estimated 45 million adults in the U.S. lack a credit score at time when credit invisibility can reduce one’s ability to rent a home, find employment, or secure a mortgage or loan. As a result, individuals without credit—who are disproportionately African American and Latino—often lead separate and unequal financial lives. Yet, as sociologists and public policy experts Frederick Wherry, Kristin Seefeldt, and Anthony Alvarez argue, many people who are not recognized within the financial system engage in behaviors that indicate their credit worthiness. How might institutions acknowledge these practices and help these people emerge from the financial shadows? In Credit Where It’s Due, the authors evaluate an innovative model of credit-building and advocate for a new understanding of financial citizenship, or participation in a financial system that fosters social belonging, dignity, and respect. Wherry, Seefeldt, and Alvarez tell the story of the Mission Asset Fund, a San Francisco-based organization that assists mostly low- and moderate-income people of color with building credit. The Mission Asset Fund facilitates zero-interest lending circles, which have been practiced by generations of immigrants, but have gone largely unrecognized by mainstream financial institutions. Participants decide how the circles are run and how they will use their loans, and the organization reports their clients’ lending activity to credit bureaus. As the authors show, this system not only helps clients build credit, but also allows them to manage debt with dignity, have some say in the creation of financial products, and reaffirm their sense of social membership. The authors delve into the history of racial wealth inequality in the U.S. to show that for many black and Latino households, credit invisibility is not simply a matter of individual choices or inadequate financial education. Rather, financial marginalization is the result of historical policies that enabled predatory lending, discriminatory banking and housing practices, and the rollback of regulatory protections for first-time homeowners. To rectify these inequalities, the authors propose common sense regulations to protect consumers from abuse alongside new initiatives that provide seed capital for every child, create affordable short-term loans, and ensure that financial institutions treat low- and moderate-income clients with equal respect. By situating the successes of the Mission Asset Fund in the larger history of credit and debt, Credit Where It’s Due shows how to prioritize financial citizenship for all.
CreditEase: Providing Credit and Financial Services for China's Underclass
by Paul M. Healy Nancy Hua Dai Lena G. GoldbergIn 2013 Ning Tang, who in 2006 founded CreditEase as a broker of P2P loans to unbanked individuals and small businesses in China, confronts the challenges of rapid growth and expansion in a changing regulatory environment. CreditEase needs to develop technology to manage its growth, address issues related to the company's expansion into products and services for China's growing high net worth (HNW) population, including questions about the suitability of its products and its vulnerability to bad debt losses and a potential leveling off of the growth in China's economy, and adjust to new and more intensive regulatory oversight. What should Tang do to position CreditEase so that it can continue to fulfill its mission of making financial products and services available to millions of underserved Chinese while branching out into other, potentially riskier lines of business and ensuring continuing compliance with evolving laws and regulations? Will its rapid growth be sustainable?
CreditEase: Taking Inclusive Finance Online
by John S. Ji Michael Chu Nancy Hua DaiThe world's largest peer-to-peer (P2P) lender annually disbursing over a million loans totaling $10 billion, China's CreditEase, must decide whether to IPO in the NYSE its online lending platform, Yirendai, before the year-end window closes in 2015. Yirendai sought to capture its customers and make virtually instantaneous credit decisions online. CreditEase's commercial success makes funding Yirendai's growth not an issue. P2P lending in China, after explosive growth followed by notorious frauds, is increasingly controversial. On the way to becoming a global example of financial inclusion, as a result of its original business model, CreditEase also pioneered and became a leader in the wealth management industry in China, serving the country's new mass affluent and high net worth families. With so many options, how should Ning Tang, founder and CEO, chart the future strategic direction of CreditEase?
Creditor Activism in Sovereign Debt: Argentina vs. Holdout Investors (B)
by Laura Alfaro Hilary White Gaurav ToshniwalSupplement
Creditor Activism in Sovereign Debt: "Vulture" Tactics or Market Backbone
by Ingrid Vogel Laura AlfaroThe role of distressed debt funds, also known as "vulture funds," in sovereign debt restructuring was a hotly debated topic, especially after the success of Elliot Associates in converting an $11 million investment in Peruvian bonds worth $21 million into a $58 million cash payout from the country, representing the full face value of the bonds plus past-due interest. Highlights the problems associated with debt restructuring coordination. On the one hand, many observers derided firms such as Elliot and Dart as "vultures" or "rouge creditors" who sought to profit on sovereign debt restructurings at the expense of countries suffering economic hardship and of the majority of bondholders whose cooperation allowed the restructurings to take place. Critics believed that these holdout creditors created "collective action problems" and presented a major obstacle to successful sovereign debt restructurings. On the other hand, other observers argued that activist investors actually improved the market overall by demonstrating the enforceability of contracts. In fact, they argued that creditors faced too many hurdles in collecting against countries after receiving favorable judgments in support of claims.
Créditos UVA: Todo lo que tenés que saber para comprar tu casa (incluso lo que ni los bancos ni el gobiernos te dicen)
by Mariano OtáloraCompleto y accesible, este libro explica minuciosamente de qué se trata el sistema de créditos UVA y despeja los temores más comunes. Información pura (que incluye lo que ni los bancos ni el gobierno dicen) para decidir cómo cumplir el anhelo de ser propietario sin morir en el intento. La casa propia, sueño de millones de familias argentinas, fue por décadas una quimera y, en repetidas coyunturas, una pesadilla. El cóctel en el que, en proporciones históricamente variables, se combinaron salarios bajos, inmuebles con precios inalcanzables y falta de crédito hipotecario, agitado siempre en ciclos de inestabilidad y crisis, y bebido alrededor de los fantasmas de la hiperinflación y la devaluación, envenenó a generaciones que se asumieron condenadas al círculo vicioso del alquiler. Lanzados con éxito en 2016, los créditos UVA ("unidad de valor adquisitivo"; en definitiva, ajuste por inflación) no tardaron en posicionarse, para muchos, como la solución al problema de la vivienda. Sin embargo, son mirados por otros con justificable desconfianza y despiertan cantidad de dudas; la principal: ¿qué pasaría con las UVA frente a un "rodrigazo", una hiperinflación, una crisis como la de 2001?
Creditworthy: A History of Consumer Surveillance and Financial Identity in America (Columbia Studies in the History of U.S. Capitalism)
by Josh LauerThe first consumer credit bureaus appeared in the 1870s and quickly amassed huge archives of deeply personal information. Today, the three leading credit bureaus are among the most powerful institutions in modern life—yet we know almost nothing about them. Experian, Equifax, and TransUnion are multi-billion-dollar corporations that track our movements, spending behavior, and financial status. This data is used to predict our riskiness as borrowers and to judge our trustworthiness and value in a broad array of contexts, from insurance and marketing to employment and housing. In Creditworthy, the first comprehensive history of this crucial American institution, Josh Lauer explores the evolution of credit reporting from its nineteenth-century origins to the rise of the modern consumer data industry. By revealing the sophistication of early credit reporting networks, Creditworthy highlights the leading role that commercial surveillance has played—ahead of state surveillance systems—in monitoring the economic lives of Americans. Lauer charts how credit reporting grew from an industry that relied on personal knowledge of consumers to one that employs sophisticated algorithms to determine a person's trustworthiness. Ultimately, Lauer argues that by converting individual reputations into brief written reports—and, later, credit ratings and credit scores—credit bureaus did something more profound: they invented the modern concept of financial identity. Creditworthy reminds us that creditworthiness is never just about economic "facts." It is fundamentally concerned with—and determines—our social standing as an honest, reliable, profit-generating person.
Cree, Inc.: Which Bright Future?
by David J. Collis Mary Furey Matthew ShafferAfter its founding in the late 1980s, Cree Inc. quickly grew into a major player in the emerging LED market. By 2007, technological improvements in LEDs had made them suitable for TV, computer, and mobile "backlighting"; and concerns over global warning led to calls to shift to more energy-efficient sources of general lighting (which favored LEDs, as they were far more efficient than the traditionally-dominant incandescents). In this context, Cree faced a strategic conundrum: Should it focus on its historical expertise in manufacturing LED "chips" and components for use in other manufacturers' applications and screens, where LEDs now had established usage? Or should it instead attempt the risky venture of manufacturing its own LED light-bulbs for direct sale to consumers for general lighting? This case presents the history of Cree and information on the LED and general-lighting markets, as background for a debate on Cree's strategic choice.
Cree Inc.: Introducing the LED Light Bulb
by Michael Norris John GourvilleCree, a North Carolina-based maker of light emitting diodes (LEDs), has just introduced its first consumer product - an LED light bulb. It is designed as an energy efficient replacement for the ubiquitous incandescent light bulb. But given that it is an unfamiliar technology and that it costs ten times what an incandescent bulb costs, there are questions about how best to promote adoption and what sales level might be expected.
Cree, Inc.: Which Bright Future?
by David J. Collis Mary Furey Matthew ShafferAfter its founding in the late 1980s, Cree Inc. quickly grew into a major player in the emerging LED market. By 2007, technological improvements in LEDs had made them suitable for TV, computer, and mobile "backlighting"; and concerns over global warning led to calls to shift to more energy-efficient sources of general lighting (which favored LEDs, as they were far more efficient than the traditionally-dominant incandescents). In this context, Cree faced a strategic conundrum: Should it focus on its historical expertise in manufacturing LED "chips" and components for use in other manufacturers' applications and screens, where LEDs now had established usage? Or should it instead attempt the risky venture of manufacturing its own LED light-bulbs for direct sale to consumers for general lighting? This case presents the history of Cree and information on the LED and general-lighting markets, as background for a debate on Cree's strategic choice.