Do credit ratings help enforce market discipline on banks? Analyzing a uniquely comprehensive data set consisting of 1,081 rating change announcements for 154 international financial institutions between January 2004 and December 2015, we find that downgrades internal reasons, such as adverse changes in the operating performance or capital structure banks, are associated with significant defaul...

This paper documents that both domestic and cross-country economic policy uncertainty have significant impacts on the behaviours of analysts in United Kingdom. Specifically, has negative analyst earnings forecast accuracy, dispersion, recommendation upgrades downgrades, whereas it no impact coverage An industry analysis shows effects uncertainties vary across industries. Moreover, European glob...

We examine whether a firm’s debt maturity structure affects its credit quality. We find that firms with a larger proportion of their debt maturing within the year (short-term debt) are more likely to experience a severe fall in their credit quality in the following year, as measured by the severity of credit rating downgrades and the propensity to default. This effect is stronger for firms with...

In this paper, we use a multivariate affine jump process to model the downgrade intensities for several categories of business sector in credit portfolios. Since multivariate affine jump structure enables us to consider self-exciting effects as well as mutually exciting effects, the model can explain the downgrade clusters observed in the Japanese market. Also, we propose a new credit derivativ...

—This paper investigates the performance, analysis of amplify and forward (AF) cooperative networks with the best relay selection in independent and non-identical Nakagami-m channels and M-ary phase shift keying (MPSK) modulations. New closed form expressions are derived of the analytical upper bound, cumulative density function (CDF), probability density function (PDF), moment generating func...

Dysfunction of ENaC, the epithelial sodium channel that regulates salt and water reabsorption in epithelia, causes several human diseases, including cystic fibrosis (CF). To develop a global understanding of molecular regulators of ENaC traffic/function and to identify of candidate CF drug targets, we performed a large-scale screen combining high-content live-cell microscopy and siRNAs in human...

This paper proposes a novel approach to analyze the impacts of cyber layer failures (i.e., protection failures and monitoring failures) on the reliability evaluation of composite power systems. The reliability and availability of the cyber layer and its protection and monitoring functions with various topologies are derived based on a reliability block diagram method. The availability of the ph...

Informational Efficiency of Credit Default Swap and Stock Markets: The Impact of Credit Rating Announcements This Paper analyses the response of stock and credit default swap (CDS) markets to rating announcements by the three major rating agencies during 2000-2. Applying event study methodology, we examine whether and how strongly these markets respond to rating announcements in terms of abnorm...

Purpose Utilising a database that distinctly classifies firm-level ESG (environmental, social and governance) news sentiment as positive or negative, the authors examine information flow between two types of stock returns for 20 companies listed on Johannesburg Stock Exchange 2015 2021. Design/methodology/approach The use Shannonian transfer entropy to whether significantly flows from modified ...