Resources
BNET Business Dictionary
- Default
- to fail to comply with the terms of a contract, especially to fail to pay back a debt
- Default definition on BNET »
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- Analysis & Valuation Of Subordinate Structures In Collateralized Baskets Of Defaultable Obligations
- This paper analyzes subordinate tranches in collateralized debt obligations and proposes a model for approximating the value of a basket of default-correlated debt assets. The model is calibrated to a pure intensity-based simulation of correlated defaults and represents an alternative computation method. Timing of individual obligor defaults are driven by...
- White papers 2003-03-01
- Analysis And Valuation Of Subordinate Structures In Collateralized Baskets Of Defaultable Obligations
- This paper analyzes subordinate tranches in collateralized debt obligations and proposes a model for approximating the value of a basket of default-correlated debt assets. The model is calibrated to a pure intensity-based simulation of correlated defaults and represents an alternative computation method. Timing of individual obligor defaults are driven by...
- White papers 2003-03-01
- Having Bad Credit?: Need Support? - Take Poor Credit History Loans
- In this fast moving world, it is not a difficult task to get a bad credit score. Even small defaults in transactions can lead to a bad credit score. These defaults are like making late payments or non payments of bills for electricity and gas, credit card bills, for loans...
- White papers
- Demand For Payment: In Default Of Agreement
- This template is for demand for payment with default of agreement.
- Tools & templates
- Letter Of Default On Promissory Note
- This template will be used to notify the maker of a promissory note of their default on an installment payment on a promissory note. Notice of default should be sent promptly to any account which falls behind in their payments on a note. It provides a legal basis for a...
- Tools & templates 2007-12-01
- Nudge Your Customers Toward Better Choices
- A car rental agency includes insurance unless you specifically decline it. A software vendor recommends clicking "next" for a quick install. These companies have designed defaults for customers. Well-designed defaults simplify decision making, enhance customer...
- Articles 2009-02-09
- Why Credit Card Regulation Is Broken
- Until recently, regulators routinely looked the other way as credit card issuers ensnared unwitting consumers with huge finance charges and penalties. So how did credit card regulation become so broken? Here's a brief history of the slippery practices of the industry. How...
- Articles 2009-04-15
- Reforming the Credit Card Industry
- Consumers should be able to use plastic without getting skewered by unfair bank practices. Although the Federal Reserve passed new regulations to reform the industry, many consumer groups argue the Fed failed to complete the job. Here's a list of additional reforms needed to make credit cards fairer for consumers....
- Articles 2009-04-15
Additional Resources
- SEC Opens Door to Centralized Credit-Default Swaps
- In an attempt to make what it sees as the shadowy dealings of the credit-default-swap market clearer to the outside world, the Securities and Exchange Commission today approved temporary exemptions that allow at least one firm, London-based LCH Clearnet Ltd., to operate as a central counterparty for the swaps. The...
- News items 2009-08-07
- Credit Default Swaps are the Real Stress in Bank Tests
- Stress tests to be revealed Thursday will likely show that while subprime, corporate and commercial real estate loans are doing their fair share of tearing apart bank balance sheets, the real gremlin in the banking engine is the credit default swap, or CDS. Credit default swaps are...
- Blog posts 2009-05-05
- Correlated Default Risk
- Under a comprehensive and unique data set of default probabilities, this article examines correlations between default risks for U.S. public non-financial firms. It documents the correlation structure both in the time series and in the cross section across these firms. It finds that default probabilities of issuers vary substantially over...
- White papers 2002-08-01
- Is Insurance Exchange a 'Trade Off' for AIG's Credit Default Problem
- Did we really need to pay those American International Group traders $165 million in bonuses to keep them around? The vast majority of Americans say "No." On the other hand, more Americans would know about a wife swap than a credit default swap. AIG Chief Executive Edward...
- Blog posts 2009-03-20
- Correlated Default Risk
- Using a comprehensive and unique data set of default probabilities from Moody's, the paper examine correlations between default risk for over 7,000 US public firms. This is the first paper to empirically document the correlation structure both in the time-series and in the cross-section across almost all US non-financial firms....
- White papers 2002-08-01
- Microsoft Internet Explorer 8 Is Updated with New Default Options
- Microsoft is offering users the up-front option of making Internet Explorer 8 their default browser, or else staying with a rival browser, as part of a Patch Tuesday update. The new version of IE 8 comes as Microsoft finds itself losing browser market-share to Firefox and other rivals, and negotiating...
- News items 2009-08-11
- Simulating Correlated Default Processes Using Copulas : A Criterion-Based Approach
- Modeling correlated default risk is a new phenomenon currently sweeping through the credit markets. This paper develops a methodology to assess alternative specifications of the joint distribution of default risk. Specifications are based on three criteria: level, asymmetry, and tail-dependence in the joint default distribution. The study is based on...
- White papers 2003-01-01
- Default Risk And Diversification: Theory And Empirical Implications
- Recent advances in the theory of credit risk allow the use of standard term structure machinery for default risk modeling and estimation. The empirical literature in this area often interprets the drift adjustments of the default intensity's diffusion state variables as the only default risk premium. It shows that this...
- White papers 2003-11-27
- Correlated Default With Incomplete Information
- The recent accounting scandals at Enron, WorldCom, and Tyco were related to the misrepresentation of liabilities. This paper provide a structural model of correlated multi-firm default, in which public bond investors are uncertain about the liability-dependent barrier at which individual firms default. In lack of complete information, investors form prior...
- White papers 2002-12-20
- Corporate Yield Spreads: Default Risk or Liquidity? - New Evidence From the Credit-Default Swap Market
- This paper uses the information in credit-default swaps to obtain direct measures of the size of the default and non-default components in corporate spreads. It finds that the majority of the corporate spread is due to default risk. This result holds for all rating categories and is robust to the...
- White papers 2004-02-01
- Measuring Default Risk Premia From Default Swap Rates and EDFs
- This paper estimates default risk premia for U.S. corporate debt, based on a close relationship between default probabilities, as estimated by Moody's KMV EDFs, and default swap CDS market rates. The default-swap data, obtained through CIBC from 22 banks and specialty dealers, allow us to establish a strong link between...
- White papers 2005-03-01
- Default Risk, Shareholder Advantage, and Stock Returns
- This paper, one analyzes the relationship between default probability and stock returns. Using the market-based measure of Expected Default Frequency EDF constructed by Moody's KMV, one first demonstrates that higher default probabilities are not necessarily associated with higher expected stock returns. One then show the puzzling and complex relationship between...
- White papers 2005-09-01
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