There are two competing paradigms for modeling credit risk: the structural and reduced form models. This paper applies our knowledgeof creditmarket equilibriumto thisdebate.Weshowthat credit markets have asymmetric information in the borrowing and lending relationshipwhich influenceequilibriumprices. Reduced formmodels are consistent with asymmetric equilibrium models, but structural models are...

In this work, we develop a method called fragment comparison and the template comparison (FTCOM) for assessing the global quality of protein structural models for targets of medium and hard difficulty (remote homology) produced by structure prediction approaches such as threading or ab initio structure prediction. FTCOM requires the C(alpha) coordinates of full length models and assesses model ...

Marginal structural models (MSMs) are becoming increasingly popular as a tool to make causal inference from longitudinal data. Unlike standard regression models, MSMs can adjust for time-dependent observed confounders while avoiding the bias due to the adjustment for covariates affected by the treatment. Despite their theoretical appeal, a main practical difficulty of MSMs is the required estim...

Researchers often hold out data from the estimation of econometric models to use for external validation. In this paper we examine possible rationales for this practice. For concreteness, two examples are considered. The first example (Todd and Wolpin (2008)) is taken from the microeconometrics literature. Suppose the goal is to evaluate the impact of a monetary subsidy to low-income households...

Robins (1993, 1994, 1997, 1998ab) has developed a set of causal or counterfactual models, the structural nested models (SNMs). This paper describes an alternative new class of causal modelsthe (non-nested) marginal structural models (MSMs). We will then describe a class of semiparametric estimators for the parameters of these new models under a sequential randomization (i.e., ignorability) assu...

The interplay between economic theory and econometrics comes to its full force when analyzing structural models. These models are used in Industrial Organization, Marketing, Public Finance, Labor Economics, and many other fields in economics. Structural econometric methods make use of the behavioral and equilibrium assumptions specified in economic models to define a mapping between the distrib...

the present paper aimed at studying the current models of credit portfolio management. there are currently three types of models which consider the risk of credit portfolio: the structural models (moody's kmv model, and credit- metrics model), the intensity models (the actuarial models) and the econometric models (the macro-factors model). the development of these three types of models is based...

this study designed a structural model taking into account the views of staff on human resource management systems, human resources, job satisfaction and organizational loyalty pays yeast industry in iran. this study used structural equation modeling (sem). by using cluster sampling and cochran's formula, 288 patients were selected. the structural equation analysis and factor analysis were...