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...Default and Recovery Implicit in the Term Structure of Sovereign CDS Spreads
Kenneth J. Singleton (Based on Joint Work with Jun Pan) Stanford University and NBER
Pan-Singleton, 2006 p. 1
MidQuotes Time Series 0.05 1 Year 3 Year 5 Year 10 Year
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David Lando Copenhagen Business School (visiting Princeton University) Moodys/NYU Credit Risk Conference May 16-17, 2006
1
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Lorenzo Garlappi
U. of TexasAustin
Tao Shu
U. of TexasAustin
Hong Yan
U. of TexasAustin and SEC
Third Credit Risk Conference Moodys Corporation & The Salomon Center, NYU Stern May 16, 2006
In...
...Liquidity and Correlation Risk: A Clinical Study of the GM and Ford Downgrades of May 2005
Viral Acharya, Stephen Schaefer, and Yili Zhang
Discussion John Hull
The Regime Switching Approach to Understanding Liquidity
Most of the time markets have p...
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Poster GLS210 Presentation Rubric Prepare your presentation using the following presentation guidelines: 1. Follow the guideline outlined in the syllabus. 2. Convey knowledge and understanding. 3. No filler. Everything on your poster must have a clear purpose. 4. Text and images must be organized and carry the reader easily through the topic. 5. Don't include images or text that you don't discuss or understand. 6. Know the content of your references. Presenter____________________________________________________ Pier Review Grading Rubric 1, 2 Comments 3 -Completely knowledgeable with the topic and content of all cited references -insightful concept sketch Knowledge, .5 and comfort -Doesn't with the topic understand displayed orally landform -Couldn't answer simplest the questions -vague knowledge of listed references Poster format .5 -completely unorganized, -didn't follow guidelines, -no references 1, 2 -rambling, hard to follow, -too much or too little text, -too small print, etc., -incomplete references 3 Logical and well organized. All guidelines followed Poster Content .5 -lacks concept sketch -little insight or understanding displayed -images not discussed -incoherent text 1, 2, 3 -didn't explain all images -vague concept sketch -little depth of understanding 4 -clear understanding of salient park features and geology In the middle column select a value and mention what was missing. Points will be subtracted for tardiness and poor referencing. Grade out of 10 pts = Total points = ________
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Salem State >> W >> 210 (Fall, 2009)
Karst Landscapes Research Challenge GLS 210 Geomorphology Lab Dr. Lindley Hanson, Department of Geological Sciences During this lab you will be introduced to karst landscapes and processes by participating in a focused cooperative research project. ...
Salem State >> W >> 210 (Fall, 2009)
GLS210 Geomorphology Final Project: Guidelines Dr. Lindley S. Hanson, Geological Sciences, Salem State College The Project Research and construct a poster presentation describing the morphology and formative processes of a landform. Your presentation...
Salem State >> MA >> 323 (Fall, 2009)
Math 323 - Section 1 Numerical Analysis Marks Assignment 1 Due: Feb. 8, 2008 at 1:30 p.m. 1. The Taylor polynomial of degree 4 of a certain function f (x) is given by 2 4 p 4 (x) = 2 + x + x . Assume f (5) (0) = 0 and the absolute value of the kth...
Salem State >> W >> 466 (Fall, 2009)
MKT466SpecialTopics:CurrentIssuesinMarketing CASE STUDIES: ONLINE DISCUSSIONS AND PAPERS Each student will prepare three marketing cases from the Harvard Business Review: Marketing Malpractice, How Low Will You Go, and Marketing New York City (can b...
Salem State >> W >> 466 (Fall, 2009)
MKT 466 Special Topics: Current Issues in Marketing RESEARCH PROJECT Each student will choose one of current issues in marketing (see the list and definitions of Issues in Marketing in this document) and sign up for the topic and a due date (see ava...
Salem State >> W >> 466 (Fall, 2009)
SALEM STATE COLLEGE Marketing Department and Decision Sciences Online Course Syllabus Course: Instructor: Phone: E-mail: MKT 466 Special Topic: Current Issues in Marketing Professor Coleman CC203 978-542-7231 (office) 978-542-6027 (fax) lcoleman@sale...
Salem State >> MSM >> 701 (Fall, 2009)
MSM 701 Quadratics Solutions 1. Compute the distance between the following pairs of points. (a) (3, 4) and (10, 6) Answer: 173 (b) (3, 8) and (3, 12) Answer: 20 2. Find the focus, directrix, vertex, and axis of symmetry of each of the following pa...
Salem State >> MSM >> 709 (Fall, 2009)
Statistics, Probability, and Data Analysis for Middle School Teachers (Solutions) MSM 709 Summer II, 2008 1. A student compared generic to name brand batteries by having a CD player continuously play the same CD at the same volume until the batteri...
Salem State >> M >> 221 (Fall, 2009)
Calculus II (math 221) Building Riemann Sums (Solutions) 1. Let R be the region between the curve y = 2x2 + 4 and the x-axis over the interval [2, 5] and let x1 , x2 , . . . , x24 be a regular partition of [2, 5] (a) What is x11 ? Answer: x11 = 27/8...
Salem State >> MSM >> 709 (Fall, 2009)
Final Exam Solutions - MSM 709 (Data, Statistics, and Probability for Middle School Teachers) - Summer II, 2008 DIRECTIONS. A necessary part of a complete solution is a clear and thorough explanation of how you arrived at your answer. Good luck. 1. (...
Salem State >> MSM >> 701 (Fall, 2009)
MSM 701 - Rates of Change (Solutions) 1. The table below gives some values of the diameter and volume of a spherical balloon as it is inated. Diameter (cm) Volume (cm3 ) 5 65.45 10 523.6 15 1767.15 20 4188.79 25 8181.23 (a) Calculate the average rate...
Salem State >> M >> 221 (Fall, 2009)
MAT 221 Exponential Growth and Decay/Sinh and Cosh Exponential Growth and Decay 1. Solve the dierential equation: dy = .6y, y(3) = 1500. If this equation dt models the population of plankton in a laboratory seawater tank, how long until the plankton...
Salem State >> MSM >> 701 (Fall, 2009)
Powers of ten 10n = 10 10 10 10 n times 10-n = 100 1 10n = 1 Multiplying by powers of ten. Multiplying by 10n Shift decimal point n places to the right Multiplying by 10-n Shift decimal point n places to the left Scientific notation. Writte...
Salem State >> M >> 221 (Fall, 2009)
Calculus II (math 221) Finding Antiderivatives Using the Substitution Method (Solutions) 1. If y = sin(x2 ), find Answer: dy . dx dy = 2x cos(x2 ) dx 2. Use the result of problem 1 to produce a new anti-derivative formula. (HINT: every derivative ...
Salem State >> M >> 108 (Fall, 2009)
Solution to the Furniture Manufacturer Problem Using the Simplex Method The Furniture Problem: A furniture manufacturer makes two types of furniture- chairs and sofas. The production process involves three stages-carpentry, finishing, and upholstery....
Salem State >> MSM >> 709 (Fall, 2009)
Inference using the t-distribution Assumption: A simple random sample is taken from a normally distributed population with mean and standard deviation . Conclusion: The statistic X s/ n follows what is called a t-distribution with n-1 degrees of ...
Salem State >> M >> 108 (Fall, 2009)
Exam 2 Solutions Finite Mathematics (math 108) Fall, 2008 Directions. In doing each of the following exercises, explain your reasoning thoroughly where appropriate and express your thoughts clearly. 1. (10 points) Write the following system of equa...
Salem State >> MSM >> 701 (Fall, 2009)
MSM 701 - Functions (Solutions) 1. The sales tax on most things in Massachusetts is 5% of the sale price. Let P be the sale price of an item and T the sales tax on that item. (a) Make a table of ten (P, T ) pairs. P 5 10 15 20 25 30 35 40 45 50 Answe...
Salem State >> M >> 221 (Fall, 2009)
Final Exam Solutions Calculus II Summer, 2007 Directions: In doing each of the following problems, explain your reasoning thoroughly and express your thoughts clearly. There are a total of 190 points on the exam. 1. (20 points) Let R be the region ...
Salem State >> M >> 220 (Fall, 2009)
Calculus (MAT 220) - The Mean Value Theorem and Analyzing Graphs (Solutions) The Mean Value Theorem 1. On each of the following graphs, identify the following (a) All local maximums and minimums. (b) All points where it appears that f (x) = 0 (c) All...
Salem State >> MSM >> 709 (Fall, 2009)
Quiz 8 Solutions Statistics, Probability, and Data Analysis for Middle School Teachers (MSM 709) Summer II, 2008 Directions. In doing each of the following exercises, explain your reasoning thoroughly and express your thoughts clearly. In particula...
Salem State >> MSM >> 709 (Fall, 2009)
Statistics MSM 709 Summer II, 2008 1. A consumer advocacy group suspects that a local supermarket\'s ten ounce packages of cheddar cheese actually weigh less than ten ounces. The group took a random sample of 36 such package and found that the mean ...
Salem State >> MSM >> 709 (Fall, 2009)
Sampling Distributions 1. The government\'s Current Population Survey interviewed more than 131,000 people aged 25 or older in March, 2002. The median income of the people in the survey with at least a bachelor\'s degree was $44,776. The median income ...
Salem State >> MSM >> 709 (Fall, 2009)
Correlation and Regression 1. For each of the following pairs of variables, indicate which (if either) you think is best described as the explanatory variable and which is best described as the response variable. (a) The water temperature in an aquar...
Salem State >> MSM >> 709 (Fall, 2009)
Quiz 7 Solutions Statistics, Probability, and Data Analysis for Middle School Teachers (MSM 709) Summer II, 2008 Directions. In doing each of the following exercises, explain your reasoning thoroughly and express your thoughts clearly. In particula...
Salem State >> M >> 221 (Fall, 2009)
Approximating Area Function: y = x2 Interval: [0, 2] Number of Rectangles 2 y x2 4 3 2 1 0.5 1.0 1.5 2.0 Approximation: 1 12 + 1 22 = 5 1 Function: y = x2 Interval: [0, 2] Number of Rectangles 4 y x2 4 3 2 1 0.5 1.0 1.5 2.0 Approx...
Salem State >> MSM >> 709 (Fall, 2009)
Hypothesis Testing Hypotheses (right-tailed test): H 0 : = 0 Ha : > 0 IDEA: Take an SRS. If X is a lot bigger than 0 , our belief swings against of H0 . As X is less bigger than 0 , we have less reason to doubt H0 . Test Statistic: X - 0 z= / n...
Salem State >> M >> 220 (Fall, 2009)
Calculus I (MAT 220) Introduction to Limits (solutions) 1. The table below shows the evolution of a $300,000 mortgage financed at 6% interest. (a) What is the average rate of change of the balance over the first ten years of the mortgage? Be sure to...
Salem State >> M >> 407 (Fall, 2009)
Problem set for exam 2 MAT 407 Note to students: The questions on the second exam, tentatively scheduled for November 7 will be drawn from the list of questions below. In determining the length and content of that exam, I expect that you will have w...
Salem State >> M >> 220 (Fall, 2009)
MAT 220 - Functions (Solutions) Function basics 1. Let f (x) = 4x2 + 7x - 10. Calculate each of the following (a) f (-7) = 137 (b) f (1/c) = -10 + 4/c2 + 7/c (c) f (x + h) = -10 + 7(h + x) + 4(h + x)2 = -10 + 7h + 4h2 + 7x + 8hx + 4x2 2. For each of ...
Salem State >> MSM >> 701 (Fall, 2009)
MSM 701 - More on Logarithmic and Exponential Functions (Solutions) 1. Replace the question mark in each of the following with the appropriate number. (a) log20 400 = 2 (b) log3 1 729 = -6 (c) log10 100, 000, 000 = 8 2. Calculate each of the followi...
Salem State >> MA >> 813 (Fall, 2009)
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Salem State >> MA >> 813 (Fall, 2009)
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Salem State >> MGT >> 332 (Fall, 2009)
11-1 Chapter Eleven Decision Making McGrawHill/Irwin 2002 The McGrawHill Companies, Inc., All Rights Reserved. 11-2 Learning Objectives Define the phases in the decision-making process Identify some models and styles of behavioral decision m...
Salem State >> MGT >> 332 (Fall, 2009)
16-1 Chapter Sixteen Behavioral Performance Management McGrawHill/Irwin 2002 The McGrawHill Companies, Inc., All Rights Reserved. 16-2 Learning Objectives Define the theoretical processes of learning: behavioristic, cognitive, and social Discu...
Salem State >> MGT >> 332 (Fall, 2009)
3-1 Chapter Three Environmental Context: Diversity and Ethics McGrawHill/Irwin 2002TheMcGrawHillCompanies,Inc.,AllRightsReserved. Learning Objectives Identify what is meant by diversity and how it has become an important dynamic in the field of m...
Salem State >> MGT >> 332 (Fall, 2009)
4-1 Chapter Four Organizational Context: Design and Culture McGrawHill/Irwin 2002TheMcGrawHillCompanies,Inc.,AllRightsReserved. 4-2 Learning Objectives Explain the modern organization theories of open systems, information processing, contingency...
Salem State >> MGT >> 332 (Fall, 2009)
12-1 Chapter Twelve Stress and Conflict McGrawHill/Irwin 2002 The McGrawHill Companies, Inc., All Rights Reserved. 12-2 Learning Objectives Define the meaning of stress Identify the extraorganizational, organizational, and group stressors E...
Salem State >> MGT >> 332 (Fall, 2009)
10-1 Chapter Ten Communication McGrawHill/Irwin 2002 The McGrawHill Companies, Inc., All Rights Reserved. 10-2 Learning Objectives Relate the perspective, historical background, and meaning of the communication process in organizations Descr...
Salem State >> MGT >> 332 (Fall, 2009)
7-1 Chapter Seven Personality and Attitudes McGrawHill/Irwin 2002 The McGrawHill Companies, Inc., All Rights Reserved. 7-2 Learning Objectives Define the overall meaning of personality Identify the \"Big Five\" personality traits and the MyersBr...
Salem State >> MGT >> 332 (Fall, 2009)
6-1 Chapter Six Perception and Attribution McGrawHill/Irwin 2002 The McGrawHill Companies, Inc., All Rights Reserved. 6-2 Learning Objectives Define the overall nature of perception, explaining how it differs from sensation Discuss perceptual ...
Salem State >> M >> 221 (Fall, 2009)
Approximating Area Function: y = x2 Interval: [0, 2] Number of Rectangles 2 y x2 4 3 2 1 0.5 1.0 1.5 2.0 Approximation: 1 12 + 1 22 = 5 1 Function: y = x2 Interval: [0, 2] Number of Rectangles 4 y x2 4 3 2 1 0.5 1.0 1.5 2.0 Appr...
Salem State >> M >> 221 (Fall, 2009)
Inverse Functions Defintion 1 A function f is one-to-one if whenever x1 = x2 , f (x1 ) = f (x2 ). Observation 1 If f (x) > 0 for all x, then f is one-to-one. If f (x) < 0 for all x, then f is one-to-one. Observation 2 A function is one-to-one if its ...
Salem State >> W >> 390 (Fall, 2009)
What is not right for kids?! Popcorn You need a parachute with a hole in the middle. Number the balls and assign one to each player. Every player places his/her ball on the parachute and everyone grabs and lifts the parachute with two hands. Then eve...
Salem State >> M >> 407 (Fall, 2009)
Notes for Section 1.3 Multiplication Principle (k steps). If A1 is a procedure with m1 outcomes, A2 is a procedure with m2 outcomes, . . ., and Ak is a procedure with mk outcomes then the procedure that consists of performing procedures A1 , A2 , . ....
Salem State >> MSM >> 709 (Fall, 2009)
Acquiring Data (Solutions) 1. Give an example of an observational study and an example of an experiment (examples not already given in class). Answer: A survey of North Shore teens records how much time each week they spend communicating electronical...
Salem State >> MSM >> 709 (Fall, 2009)
Distributions and Data Generation - Solutions 1. Give an example of a density function not already given in class. Answer f (x) = 3x2 /2 if 1 < x < 1 0 otherwise 2. Compute the following areas (a) P (.3 < Z < 1.2) Answer .5028 (b) P (Z < 1.9) Answe...
Salem State >> M >> 407 (Fall, 2009)
Exam 1 Solutions MAT 407 Very short answer questions 1. If S is a sample space with probability measure P , what is P (S)? P (S) = 1 2. How many permutations of 15 objects taken 4 at a time are there? (Compute your answer fully.) 15! = 32, 760 15 P4...
Salem State >> M >> 108 (Fall, 2009)
Test 5 Finite Mathematics (MAT 108) Fall, 2008 Directions. In doing each of the following exercises, explain your reasoning thoroughly where appropriate and express your thoughts clearly. 1. These two questions refer to the diagram below. C B A ...
Salem State >> W >> 04 (Fall, 2009)
SALEM STATE COLLEGE COURSE SYLLABUS PHL 309: PHILOSOPHY AND NONVIOLENCE Fall Semester, 2004 Dr. Krishna Mallick * Wednesdays/Fridays, 12:30 p.m. - 1:45 p.m., Sullivan Building, Room 107B Office: SB 203B-5 Telephone: Office (978) 542-6298 e-mail: kmal...
Salem State >> M >> 108 (Fall, 2009)
Mathematics 108 - The Simplex Method Spring, 2008 Problem: Maximize 12x + 10y + 25z subject to the constraints x + 2y + z 4x + 5z 3z + 2y + z x, y, z 250 375 350 0 1. Produce the simplex tableau associated with this problem. 2. What are the g...
Salem State >> M >> 108 (Fall, 2009)
Furniture Manufacturer Problem A furniture manufacturer makes two types of furniture-chairs and sofas. The production process involves three stages-carpentry, finishing, and upholstery. Manufacture of a chair requires six hours of carpentry, 1 hour o...
Salem State >> M >> 108 (Fall, 2009)
Newspaper Problem A newspaper publisher puts out a morning paper and an evening paper. He can sell all the papers he prints, but paper and labor are in short supply. Each morning paper requires 2 pounds of paper and 2 minutes of labor to print, while...
Salem State >> M >> 108 (Fall, 2009)
Cement Problem A cement manufacturer produces two types of cement, granulated cement and powdered cement. He cannot make more than 1600 bags a day due to a shortage of vehicles to transport the cement out of the plant. A sales contract means that he ...
Salem State >> M >> 407 (Fall, 2009)
MAT 407 Probability & Mathematical Statistics I Fall, 2008 Instructor: Chris Boucher SB 308 978 542-6926 cboucher@salemstate.edu paper-mail box in Department Office http:/www.salemstate.edu/cboucher Office Hours: MTh 10:00 - 12:00 W 10:00 - 11:00 by ...
Salem State >> M >> 108 (Fall, 2009)
Test 3 Solutions Finite Mathematics (MAT 108) Fall, 2008 Directions. In doing each of the following exercises, explain your reasoning thoroughly where appropriate and express your thoughts clearly. There are a total 96 of points possible on this ex...
Salem State >> MSM >> 709 (Fall, 2009)
Statistics MSM 709 Summer II, 2008 1. A winemaker sampled ten untrained tasters to determine at what level of dimethyl sulfide they could first detect an \"off odor\" in wine (this is called an odor threshold). The results are as follows, with measur...
Salem State >> M >> 407 (Fall, 2009)
Some model solutions MAT 407 Fall, 2008 The purpose of this document is not to be a complete (or even nearly complete) set of solutions to the problem sets. But as we are placing some emphasis in this class on expressing yourself in a clear, preci...
Salem State >> MSM >> 701 (Fall, 2009)
MSM 701 - Exponents 1. Write each of the following numbers in scientific notation. (a) 4, 860, 000 = 4.86 106 (b) .00234 = 2.34 10-3 2. Write each of the following numbers without using exponents (a) 4.56 10-4 = .000456 (b) (3 1015 )(5 10-9 ) = ...
Salem State >> MSM >> 701 (Fall, 2009)
MSM 701 - Linear Systems 1. Solve the following systems of equations below. 6x + 3y = 30 2x - 4y = 15 Answer: (11/2, -1) x - 4y = 2x + 3 -5y + 4 = x - 10 Answer: (-71, 17) 4x + 2y - 1 = 4 + 3x 7 + y = x + 2 + 3y Answer: Any pair of the form (5 - 2y...
Salem State >> M >> 220 (Fall, 2009)
Calculus (MAT 220) Dierentiation (2) - Solutions 1. For each of the following nd f (x) (a) f (x) = x2 sin x Answer: f (x) = 2x sin x + x2 cos x cos x 1 (b) f (x) = x e x ex sin x ex cos x Answer: f (x) = e2x (c) f (x) = sin x cos x Answer: f (x) =...
Salem State >> M >> 220 (Fall, 2009)
Calculus Differentiation (1) (Solutions) 1. For each of the following, find f (x). (a) f (x) = x2 - 3x + 10. Answer: f (x) = 2x - 3 (b) f (x) = 3x8 - 19x4 + 3x2 - x + 17 Answer: f (x) = 24x7 - 76x3 + 6x (c) f (x) = 6ex Answer: f (x) = 6ex (d) f (x) ...
Salem State >> MSM >> 709 (Fall, 2009)
Numerical Description of Data Solutions 1. This question refers to the following data 12, 19, 28, 36, 41, 50, 59, 65, 67, 72, 83 (a) Without using a calculator, find the first quartile, the median, and the third quartile for this data set. Answer. Q...
Salem State >> M >> 108 (Fall, 2009)
MAT 108 Decreasing Annuities (Solutions) Some relevant notation: R r i n F = = = = = investment amount per compounding period nominal interest rate interest rate per compounding period number of compounding periods future value of investment Some r...
Salem State >> M >> 220 (Fall, 2009)
Calculus I (MAT 220) Optimization (Solutions) 1. Let x4 5x2 . (a) Find all critical points of f . Answer: x = 0, x = 5/2, x = (b) Where is f increasing? Answer: On ( 5/2, 0) and on ( 5/2, ) (c) Where is f decreasing? Answer: On (, 5/2) and on (0,...
Salem State >> M >> 221 (Fall, 2009)
MAT 221 Sequences and Series (Solutions) Sequences 1. Find an expression for the nth term of each of the following sequences 1 1 1 1 , , , ,. 4 16 64 256 1 Answer: an = n+1 2 (b) 1, 3, 5, 7, 9, 11, . . . Answer: an = 2n - 1 1 1 1 1 (c) 1, - , , - , ...
Salem State >> M >> 218 (Fall, 2009)
MAT 218 Mathematical Computing Fall, 2008 1. Compute the first 100 digits of 2. 2. Compute sin(/18) + e4 , accurate to 7 decimal places. 7 (1/3) - 4 3. Compute the fourth root of 34,568 4. Let f (x) = 3x3 - 7x2 + 22 . x2 + 12 (a) Compute f (33) a...
Salem State >> M >> 108 (Fall, 2009)
How to Register for 1.) Go to www.coursecompass.com , choose 2.) On the next screen read the directions and choose 3.) On the next screen enter boucher51311 in the Then choose the box and click . button to use the MyMathLab Student Access Code t...
Salem State >> MA >> 320 (Fall, 2009)
Math 320 - Homework Assignment 1: Problems due at 6 pm on Wednesday, May 28, 2008 Marks 12 1. Identify the curve by transforming the given polar equation to rectangular coordinates. Also, sketch the graph of the curve. (a) r = -6 csc (b) r 2 sin(2) ...
Salem State >> MA >> 320 (Fall, 2009)
Math 320 - Homework Assignment 2: Problems due at 6 pm on Wednesday, June 4, 2008 Marks 2 1. (a) Find r (t) if r(t) = 3t 3 i + 5t j - 8t 2 k . 4 (b) Find parametric equations of the line tangent to the graph of r(t) at the point where t = 1. 4 (c) Fi...
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