Арбитражные возможности на рынках кредитных дефолтных свопов и облигаций
The paper presents a review of stochastic framework for term structure modeling and shows comparative advantages of commonly used techniques. The main application of the research is coherent modeling of credit and interest rate risk for Euro zone issuers.
The classical and synthetic securitizations and their historical development from the moment of their origin are observed in the article. The main instruments of securitization, their circuit engineering and main basic assets are described. In addition the global financial crisis, its development and preconditions are observed. The role the instruments of securitization and the contractor risk of the credit default swap deals role in the crisis is shown. Some ways of a quantitative assessment of the contractor risk and the factors which intensify its impact on the system of finance and the main methods of the risk management are described.
Today no one is surprised by the words traditional securitization. In the article an author considers one type of securitization, synthetic one. Without dwelling on the basic structures and concepts, the article describes the most interesting structure of synthetic securitization.
synthetic securitization, reference portfolio, pool of assets, structure of the transaction, Synthetic structure, Credit default swaps, credit protection, Tranche, Subordination, Credit enhancement
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.