We propose a multi-factor Gaussian model to analyze the dynamics of sovereign bond yields, as well as sovereign and banks CDS quotes. This paper has three objectives (all of them with relevant implications from a supervisory perspective): (1) disentangling the credit risk component of sovereign bonds from the interest rate component; (2) exploring the sovereign CDS-bond basis, i.e., the differe...

Direct quotations from business leaders can communicate to the wider public the latent state of their organization as well as the beliefs of the organization’s leaders. Candid quotes from business leaders can have dramatic effects upon the share price of their organization. For example, Gerald Ratner in 1991 stated that his company’s products were crap and consequently his company (Ratners) los...

The RPC Memory speci cation problem was proposed by Broy and Lamport as a case study in the formal design of distributed and concurrent systems The idea was to use it as a basis for comparing various approaches to formal speci ca tion re nement and veri cation Various preliminary solutions were presented and discussed during a workshop at Schloss Dagstuhl Germany in September Authors were then ...

The Information Systems field has long been concerned with the issue of research rigor vs. research relevance. A recent IS World electronic discussion group opened up the subject once again; what follows is a collection of pithy quotes from that discussion, selected from an IS practitioner point of view.