Pub Date : 2020-06-08DOI: 10.18261/issn.1504-3134-2020-01-05
Mathilde Rundhaug, P. E. Lange, Per Egil Aamo
In this study, we examine the credit risk of banking bonds. We apply two option-based credit default models originally derived by Merton and Black and Cox, with the aim of producing objective credit ratings and credit spreads. A credit rating process can never be purely objective and typically credit rating assessments are highly dependent on subjective judgment on the part of credit analysts. We do believe, however, that the credit rating industry might benefit from employing objective methods to help foster consistency in the rating processes (which some CRAs already do, e.g., Moody’s). Employing data from two Norwegian banks, our analysis is designed to capture the characteristics of the Nordic financial bond market. The results indicate that structural models are well suited to computing plausible credit default probabilities, as well as credit spreads and to performing credible credit ratings of Nordic banks, given that the input parameters are properly estimated.
{"title":"Modeling Bond Spreads and Credit Default Risk in the Norwegian Financial Market Using Structural Credit Default Models","authors":"Mathilde Rundhaug, P. E. Lange, Per Egil Aamo","doi":"10.18261/issn.1504-3134-2020-01-05","DOIUrl":"https://doi.org/10.18261/issn.1504-3134-2020-01-05","url":null,"abstract":"In this study, we examine the credit risk of banking bonds. We apply two option-based credit default models originally derived by Merton and Black and Cox, with the aim of producing objective credit ratings and credit spreads. A credit rating process can never be purely objective and typically credit rating assessments are highly dependent on subjective judgment on the part of credit analysts. We do believe, however, that the credit rating industry might benefit from employing objective methods to help foster consistency in the rating processes (which some CRAs already do, e.g., Moody’s). Employing data from two Norwegian banks, our analysis is designed to capture the characteristics of the Nordic financial bond market. The results indicate that structural models are well suited to computing plausible credit default probabilities, as well as credit spreads and to performing credible credit ratings of Nordic banks, given that the input parameters are properly estimated.","PeriodicalId":80644,"journal":{"name":"BETA : bulletin of experimental treatments for AIDS : a publication of the San Francisco AIDS Foundation","volume":"44 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75658147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-08DOI: 10.18261/issn.1504-3134-2020-01-02
OleAndreas Skogsrud Haukåsen
{"title":"Mellomlederen som «boundary spanner» i en distribuert organisasjon – kunnskapsstrømmens nødvendige mellomledd","authors":"OleAndreas Skogsrud Haukåsen","doi":"10.18261/issn.1504-3134-2020-01-02","DOIUrl":"https://doi.org/10.18261/issn.1504-3134-2020-01-02","url":null,"abstract":"","PeriodicalId":80644,"journal":{"name":"BETA : bulletin of experimental treatments for AIDS : a publication of the San Francisco AIDS Foundation","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74500700","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-08DOI: 10.18261/issn.1504-3134-2020-01-04
N. Foss, Peter Møllgaard
While considerable research interest has been devoted to university governance (i.e., the allocation of authority over decisions in a university), little is known about the formation and content of university strategy and how it relates to university governance and organization. To further our knowledge about university strategy and its relation to university governance, we undertake a process study of the emergence of strategies for the organization of research work at one of the largest business schools in the world, the Copenhagen Business School in the period 1987 to 2009. We find that CBS strategy processes in this period followed a “guided evolution” model, in which the top-manager (president) invited bottom-up (research) initiatives, and supported selected ones. Such processes are likely to arise in, and be appropriate for, organizations that are characterized by considerable ambiguity, unclear/vague input/output measures, conflicting interests, and substantial heterogeneity in activities, as exemplified by universitities. We discuss the benefits and costs of the guided evolution approach.
{"title":"Strategy-Making in a Loosely Coupled System:","authors":"N. Foss, Peter Møllgaard","doi":"10.18261/issn.1504-3134-2020-01-04","DOIUrl":"https://doi.org/10.18261/issn.1504-3134-2020-01-04","url":null,"abstract":"While considerable research interest has been devoted to university governance (i.e., the allocation of authority over decisions in a university), little is known about the formation and content of university strategy and how it relates to university governance and organization. To further our knowledge about university strategy and its relation to university governance, we undertake a process study of the emergence of strategies for the organization of research work at one of the largest business schools in the world, the Copenhagen Business School in the period 1987 to 2009. We find that CBS strategy processes in this period followed a “guided evolution” model, in which the top-manager (president) invited bottom-up (research) initiatives, and supported selected ones. Such processes are likely to arise in, and be appropriate for, organizations that are characterized by considerable ambiguity, unclear/vague input/output measures, conflicting interests, and substantial heterogeneity in activities, as exemplified by universitities. We discuss the benefits and costs of the guided evolution approach.","PeriodicalId":80644,"journal":{"name":"BETA : bulletin of experimental treatments for AIDS : a publication of the San Francisco AIDS Foundation","volume":"41 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77189566","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-08DOI: 10.18261/issn.1504-3134-2020-01-03
S. Skaar
{"title":"Someone to Lean On: First-Line Managers’ Change Agency Across Distance","authors":"S. Skaar","doi":"10.18261/issn.1504-3134-2020-01-03","DOIUrl":"https://doi.org/10.18261/issn.1504-3134-2020-01-03","url":null,"abstract":"","PeriodicalId":80644,"journal":{"name":"BETA : bulletin of experimental treatments for AIDS : a publication of the San Francisco AIDS Foundation","volume":"75 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72777719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Salvage Therapy","authors":"","doi":"10.32388/badn7j","DOIUrl":"https://doi.org/10.32388/badn7j","url":null,"abstract":"","PeriodicalId":80644,"journal":{"name":"BETA : bulletin of experimental treatments for AIDS : a publication of the San Francisco AIDS Foundation","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69628342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-11-14DOI: 10.18261/issn.1504-3134-2019-02-03
A. Bygdås, E. Falkum
Artikkelen er skrevet med stotte fra forskningsprosjektet LEAN Operations som er delfinansiert av BIA-programmet hos Norges forskningsrad.
{"title":"Samarbeid, medvirkning og innovasjon – en studie av ytre press og lokal omstilling hos REC ScanWafer Herøya","authors":"A. Bygdås, E. Falkum","doi":"10.18261/issn.1504-3134-2019-02-03","DOIUrl":"https://doi.org/10.18261/issn.1504-3134-2019-02-03","url":null,"abstract":"Artikkelen er skrevet med stotte fra forskningsprosjektet LEAN Operations som er delfinansiert av BIA-programmet hos Norges forskningsrad.","PeriodicalId":80644,"journal":{"name":"BETA : bulletin of experimental treatments for AIDS : a publication of the San Francisco AIDS Foundation","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84273930","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-11-14DOI: 10.18261/issn.1504-3134-2019-02-06
P. E. Lange, K. A. Stiberg, Per Egil Aamo
{"title":"Estimating Contingent Convertible credit spreads in the Norwegian Bond Market using an option pricing approach","authors":"P. E. Lange, K. A. Stiberg, Per Egil Aamo","doi":"10.18261/issn.1504-3134-2019-02-06","DOIUrl":"https://doi.org/10.18261/issn.1504-3134-2019-02-06","url":null,"abstract":"","PeriodicalId":80644,"journal":{"name":"BETA : bulletin of experimental treatments for AIDS : a publication of the San Francisco AIDS Foundation","volume":"36 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82130731","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-11-14DOI: 10.18261/issn.1504-3134-2019-02-05
Hugo Lebriez, Martin Esch, A. Wald, Rafael Heinzelmann
{"title":"What does Integrated Reporting mean for the value-relevance of environmental, social, and governmental performance?","authors":"Hugo Lebriez, Martin Esch, A. Wald, Rafael Heinzelmann","doi":"10.18261/issn.1504-3134-2019-02-05","DOIUrl":"https://doi.org/10.18261/issn.1504-3134-2019-02-05","url":null,"abstract":"","PeriodicalId":80644,"journal":{"name":"BETA : bulletin of experimental treatments for AIDS : a publication of the San Francisco AIDS Foundation","volume":"29 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89422490","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-11-14DOI: 10.18261/issn.1504-3134-2019-02-02
O. Olson, K. Grønhaug
{"title":"Reflections on PhDs – before, during and after education","authors":"O. Olson, K. Grønhaug","doi":"10.18261/issn.1504-3134-2019-02-02","DOIUrl":"https://doi.org/10.18261/issn.1504-3134-2019-02-02","url":null,"abstract":"","PeriodicalId":80644,"journal":{"name":"BETA : bulletin of experimental treatments for AIDS : a publication of the San Francisco AIDS Foundation","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72870588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-11-14DOI: 10.18261/issn.1504-3134-2019-02-07
Bjarne Espedal
{"title":"In the pursuit of understanding how to develop organizational capability to create consistency between day-to-day practices and changing demands","authors":"Bjarne Espedal","doi":"10.18261/issn.1504-3134-2019-02-07","DOIUrl":"https://doi.org/10.18261/issn.1504-3134-2019-02-07","url":null,"abstract":"","PeriodicalId":80644,"journal":{"name":"BETA : bulletin of experimental treatments for AIDS : a publication of the San Francisco AIDS Foundation","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82251480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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