Kredito reitingai viena iš populiariausių, plačiai naudojamų priemonių vertinant riziką, susijusią su emitento galimybėmis ateityje vykdyti savo finansinius įsipareigojimus. Pastarųjų metų finansų krizė finansų rinkų dalyvius privertė suabejoti kredito reitingų patikimumu ir kredito reitingų agentūrų veikla. Kredito reitingų populiarumas, jų reikšmė ir abejonės dėl jų patikimumo skatina išanalizuoti kredito reitingų naudojamas metodologijas, kad suprasti, kaip naudoti jų teikiamą informaciją. Tyrimo problema – ar nepriklausomų kredito reitingų agentūrų suteikti kredito reitingai yra objektyvūs ir patikimi, ir ar investuotojai gali remtis jais priimdami finansinius sprendimus. Tyrimo tikslas – išnagrinėjus kredito reitingų agentūrų naudojamas metodologijas, palyginti Lietuvos komercinių bankų veiklos rezultatų kaitą su jiems suteiktų kredito reitingų pokyčiais bei įvertinti suteikiamų kredito reitingų patikimumą. Šiam tikslui pasiekti, nustatyti tokie uždaviniai: 1. pateikti kredito reitingų sampratą, aprašyti jų suteikimo procesą; 2. išanalizuoti metodologijas, naudojamas suteikiant kredito reitingus; 3. išanalizuoti priežastis, lėmusias pasitikėjimo kredito reitingų agentūromis mažėjimą ir šių institucijų priežiūros priemones; 4. atlikti ekspertinį analizuojamų bankų ir jų aplinkos rodiklių kompleksinį vertinimą; 5. įvertinti kredito reitingų patikimumą, lyginant jų kitimą su kelių Lietuvos komercinių bankų finansinių rodiklių kaita. Baigiamajame magistro darbe iškelta... [toliau žr. visą tekstą] / Credit ratings are one of the most popular and widely used measure the creditworthiness of issuers. The financial crisis of late years reduced trust of credit ratings and credit rating agencies. The popularity of credit ratings, their importance and doubts of their trustworthiness motivate to analyze methodologies that are used by credit rating agencies and interpret the information credit ratings gives in a properly way. The problem of the research – do sovereign credit ratings are objective and trustworthiness and investors can use them then making financial decisions. The purpose of the research – to analyze methodologies that are used by credit rating agencies, compare Lithuanian commercial banks‘ financial indices and credit ratings dynamics and evaluate the trustworthiness of credit ratings. Tasks of this work: 1. to give the conception of credit ratings and to decribe the process of estimating them; 2. to analyze the methodologies that are used by credit rating agencies; 3. to analyze the reasons of reduced trustworthiness of credit rating agencies and tools that could be used to supervise them; 4. to perform experts‘ evaluation of analyzed banks and their environment by using the multiciterial analysis; 5. evaluate the trustworthiness of credit ratings by comparing their dynamics with dynamics of financial indices of some Lithuanian commercial banks. The hypothesis of Master‘s Work – financial indices ant their dynamics do not definetely gives significant influence... [to full text]

Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal.

This thesis uses data of more than 180 banks from CEE region to identify the main determinants of long term credit ratings assigned to these banks in period between 2010 - 2012. This is done by employing two frequently used classification methods - Multiple Discriminant Analysis and Ordered Logit Model. The main contribution lies in including explanatory variables from various areas which have impact on financial health of examined banks. Apart from standard spheres of banks' performance such as capital adequacy, asset quality or profitability we investigate relevance of macroeconomic and qualitative factors as well. Although our results suggest that all mentioned areas are relevant for credit risk and hence rating assignment process the bank specific variables, both quantitative and qualitative, still play the key role.

The work is focused on influence of schools on pupil's self-concept formation at primary school. It captures the different influences of the school and the school surrounding at shaping of the self-concept of the pupil. The theoretical part maps the internal and external that influences at pupils at school. It deals with defining of self- concept as one of the special feature of personality self development, focusing on the pupils at primary schools, which influances at success at school and self-concept formation. This work presents the various effects of schools and school surrounding that are important for the development of pupils' self-concept. At the same time the work shows the possibility of the development of a healthy self-concept of pupils at elementary school. The practical part explores the self-concept of pupils at the end of the third and fifth year. The practical tries to determine the relationship between success at school and self-concept of the pupil in the primary school. There is information about pupils' maening of success at school, if success at school is important for them. It also researches which of the various influences of school is the most important and how it differ self-consept of the pupils of the third and fifth grade.

Diploma thesis Stars, points, percentage: the influence of critics reviews on the Czech cinema attendance aims to verify whether reviews and critics in printed and electronic media affect how many viewers see the movie in the cinema. Besides this main question, this study is also focused on other hypotheses associated with the general notion that a professional film critic, as an expert, has higher demands on audiovisual works, and therefore films rated in professional journals have a lower rating than when they are evaluated in the media intended for the general public. The theoretical framework of the thesis briefly deals with the definition and historical development of criticism at first in general and then with the critics and reviews of film. It also outlines the evolution of cinematography and film as media and art. In addition, some other factors that may affect cinema attendance are mentioned. The last passage summarizes the current foreign and domestic studies and works dealing with similar topics. In the research part, all the films that premiered in our country from 2006 to 2015 were analyzed by the quantitative method. There were almost 2,300 films, which were reviewed in Cinepur and Cinema magazines, on iDNES.cz and aktualne.cz news servers and Moviezone.cz, Kinobox.cz and ČSFD web portals....

Les travaux de recherche menés dans cette thèse répondent à plusieurs problématiques concernant les Petites et Moyennes Entreprises (PME). Après un état de l'art et une proposition de classification des types de rationnement de crédit, les deux premières études s'interrogent sur l'accès des PME aux crédits bancaires : la première question concerne la prédiction du rationnement de crédit à partir des caractéristiques des PME, la deuxième est relative aux déterminants des conditions de crédit. Enfin, la troisième étude teste l'existence et les causes de la divergence des notations de crédit des PME. Les travaux économétriques menés dans ces trois études se sont appuyés sur deux échantillons différents : l'un construit à partir d'un questionnaire sur le rationnement du crédit envoyé à un panel de PME, l'autre contenant les PME clientes d'un établissement bancaire, ayant obtenu au moins un crédit sur la période d'étude de quatre ans. / This dissertation addresses several issues facing Small and Medium Enterprises (SMEs). The first three articles are focusing on SMEs' access to bank loans. This issue contains two areas for intervention. The first is the prediction of credit rationing decision based upon SMEs characteristics. The second relates to the determinants of credit terms. The fourth article approaches the issue of the existence and causes of split rating. Researches covered in this thesis are based on two different samples. The first sample was constructed from a credit rationing survey sent to an SMEs panel. The second sample was supplied by one French mutual bank and relates to information on its credit reports and credit history over the period from 2007 to 2010.

In this paper we study parameter estimation via the Expectation Maximization (EM) algorithm for a continuous-time hidden Markov model with diffusion and point process observation. Inference problems of this type arise for instance in credit risk modelling. A key step in the application of the EM algorithm is the derivation of finite-dimensional filters for the quantities that are needed in the E-Step of the algorithm. In this context we obtain exact, unnormalized and robust filters, and we discuss their numerical implementation. Moreover, we propose several goodness-of-fit tests for hidden Markov models with Gaussian noise and point process observation. We run an extensive simulation study to test speed and accuracy of our methodology. The paper closes with an application to credit risk: we estimate the parameters of a hidden Markov model for credit quality where the observations consist of rating transitions and credit spreads for US corporations.

Fundação Carlos Chagas Filho de Amparo a Pesquisa do Estado do Rio de Janeiro / A responsabilidade civil do advogado é um tema que merece destaque sob a perspectiva civil constitucional. A abrangência dessa relação jurídica pelo Código de Defesa do Consumidor e a natureza negocial multiforme da relação estabelecida entre o advogado e o cliente, cuja normativa deve ser estabecida tendo em vista o caso concreto, são pontos de destaque desse trabalho, assim como a aplicabilidade do consentimento informado. Nessa toada, pretende-se conferir o enfoque funcional a partir da releitura das classificações tradicionais da responsabilidade civil em contratual, extracontratual, subjetiva, objetiva e entre as obrigações de meio e resultado para em seguida, analisarmos das hipóteses mais frequentes de responsabilização, quais sejam: a perda de uma chance, o abuso do direito processual e a reversão de liminares revertidas ao final do processo. Por fim, dentre as tendências de prevenção e precaução de danos da responsabilidade civil, revela-se a formalização de seguros de responsabilidade profissional para advogados. / Liability of attorney is a topic that deserves attention from the perspective of the constitutional civil measure. The scope of this legal relationship by the Consumer Protection Code and the nature of multifaceted relationship between lawyer and client, whose rules must be developed further in view of the case, are highlights of this work, as well as the applicability of informed consent. In this tune, it is intended to confer the functional approach from the rereading of traditional classifications of liability in contract, tort, subjective, objective, and between the obligations of means and results to then analyze the most common assumptions of accountability, which are: the loss of a chance, the abuse of procedural law and the reversal of court orders reversed at the end of the process. Finally, among the trends of precaution and prevention of damage to civil liability, it is the formalization of professional liability insurance for lawyers.

Issuers’ credit ratings change by one or more notches when credit rating agencies provide new ratings. Unique to the literature, I study the influences affecting multi notch versus single notch rating upgrades and downgrades. For Standard & Poors data, I show that rating changes with multiple notches provide more information to the market than single notch rating changes. Consistent with prior literature on the business cycle, I show that investors value good news rating changes (upgrades) more in bad times (recession) and that investors value bad news rating changes (downgrades) more in good times (expansion). I model and test probit models using variables capturing the characteristics of the previous issuer’s credit rating, liquidity, solvency, profitability, and growth opportunity to determine the classification of single notch versus multi notch rating changes. The determinants of multi notch versus single notch rating changes for upgrades and downgrades differ. Business cycle influences are evident. Firms that have multi notch rating upgrades and downgrades have significantly different probit variables vis-à-vis firms that have single notch rating upgrades and downgrades. The important characteristics for determining multiple notch upgrades are a firm’s prior rating change, prior rating, cash flow, total assets and market value. The important characteristics for determining multiple notch downgrades are a firm’s prior rating change, prior rating, current ratio, interest coverage, total debt, operating margin, market to book ratio, capital expenditure, total assets, market value, and market beta. The variables that differ for multi notch upgrades in recessions are cash flow, net income, operating margin, market to book ratio, total assets, and retained earnings. The variables that differ for multi notch downgrades in expansions are a firm’s prior rating change, current ratio, interest coverage ratio, debt ratio, total debt, capital expenditure and market beta. The power of the explanatory tests improves when the stage of the business cycle is considered. Results are robust to consideration of rating changes across rating categories, changes from probit to logit, alternative specifications of accounting variables, lags and leads of recessions and expansions timing, Fama and French industry adjustments, and winsorization levels of variables.

This thesis studies the development of the Royal Australian Navy (RAN), during the period 1911 to 1952 from the perspective of the men of the lower deck, the RAN ratings. The early RAN was modelled very closely on the Royal Navy (RN), but the expectations of its managers and administrators, imbued as they were with the culture and tradition of the RN, were not easily compatible with the character of the Australians who became the RAN???s ratings. The class distinction which functioned in the RN, when applied to the more egalitarian Australians caused ill-feeling and led to the breakdown of discipline. The Australian Commonwealth Naval Board strongly resisted attempts by the Australian Government and the Australian people to regulate its affairs, a situation which seriously disadvantaged the RAN ratings and their families. In the wider context a continuing refusal by both the British Admiralty and the senior officers of the RAN to allow the development of a truly national navy led to significant manpower problems. This both inhibited the establishment of a navy for Australia and denied that navy full use of the unique attributes of the Australian rating.