Portfolio performance manipulation in collateralized loan obligations

We examine the discretionary activities that CLO managers engage in to pass monthly overcollateralization (OC) tests. These tests require a CLO's loan portfolio value, scaled by the CLO notes’ principal balance, to be above a certain threshold. Using CLOs’ granular disclosures, we develop model-free estimates for discretionary loan fair valuation and transaction-based proxies for strategic loan trading. We find a positive association between these discretionary activities and the probability of avoiding an OC test violation. This association varies predictably with junior noteholders’ influence and CLO market conditions. Strategic trading—but not discretionary fair valuation—relates to worse future CLO performance.     

Strategy on a Page: An ArchiMate‐based tool for visualizing and designing strategy

Nowadays, organizations need to be able to adjust more rapidly to the circumstances of their environment, at a strategic, tactical, and operational level. However, most software tools are designed to support the tactical and operational levels, while at a strategic level there are not many options available. In this paper, we propose a software tool which supports modelling of strategic information, covering several well‐known strategy techniques, and also facilitates the design of highly customizable management dashboards. To validate our proposed software tools, we perform two case studies, with two inherently different organizations, namely a public university and an investment fund.     

The preference for scarcity: A developmental and comparative perspective

Human adults often show a preference for scarce over abundant goods. In this paper, we investigate whether this preference was shared by 4‐ and 6‐year‐old children as well as chimpanzees, humans’ nearest primate relative. Neither chimpanzees nor 4‐year‐olds displayed a scarcity preference, but 6‐year‐olds did, especially in the presence of competitors. We conclude that scarcity preference is a human‐unique preference that develops as humans increase their cognitive skills and social experiences with peers and competitors. We explore different potential psychological explanations for scarcity preference and conclude scarcity preference is based on children's fear of missing out an opportunity, especially when dealing with uncertainty or goods of unknown value in the presence of competitors. Furthermore, the results are in line with studies showing that supply‐based scarcity increases the desirability of hedonic goods, suggesting that even as early as 6 years of age humans may use scarce goods to feel unique or special.     

Trends and Paths From Border Regions＂ The Frontier Centro-Castilla y Leon of Portugal and Spain

The objective of this paper is to determine whether the process of European Union （EU） integration has unleashed a new territorial dynamic with the convergence of border regions. Authors intend to analyze trends and trajectories of the Portuguese--Spanish border regions of the Center of Portugal and Castilla y Leon, particularly the municipalities of NUTS Ill and northern and southern Beira Interior （Central Region） and the provinces of the municipalities of Salamanca and Zamora （Region of Castilla y Leon）, in the last 20 years, given a set of demographic, economic, and social indicators, by using statistical analysis combined with contributions from the development processes established in these regions.     

Looking good or feeling good? The dual role of the body in the taste transformation process

ABSTRACT

This paper investigates the process of taste transformation in body-centered consumption fields and the role of the body in this process. Although previous studies have investigated taste acquisition, the body is still commonly understood only as the enactor of the practices in this process. By analyzing the context of healthy living, this study identifies the body as a lived-in trigger of taste transformation and the main place where change unfolds. It demonstrates how, after taste transformation, the body becomes a lived-in enactor of practices that display mastery of the tenets of a taste regime but is still captured in normative systems that animate the desire for change. The findings reveal that the body is both situated in normative beauty systems and an embodied enactor of practices and that by unveiling its dual role, it allows individuals to navigate distinction-over and distinction-between.     

The temporal becoming self—towards a Ricoeurian conceptualization of identity

To enrich conceptually the study of identity work, the paper directs attention to how identity-self constitutes in individuals’ interactions and relationships. By using a narrative approach that includes Ricoeur’s notions of idem and ipse, it elevates temporal dynamics of identity work with reference to the becoming aspect of the individual self in relation to the other. Idem identity denotes sameness and permanence through time and space, and ipse identity concerns selfhood in the sense of change and interrupted continuity. As pointed out, a Ricoeurian conceptualization of identity helps to extend our understanding of practical actions beyond individual character and traits. In consideration of both concordance and discordance in narrative structure, this conceptualization suggests a middle way between stability and variability, refraining us from relying on a narrative that presupposes a linear plot based on a causal-type model of occurrences to construct and maintain a stable and coherent personal identity.     

Thinking Outside the Block: Projected Phases of Blockchain Integration in the Accounting Industry

This paper aims to propound a thorough and circumspect analysis of the implications of blockchain technology in the accounting profession and its broader industry. The analysis begins with a summary of early developments by first movers and how they are harnessing blockchain technology to improve business practices. Concomitantly, the paper will go on to discuss how this technology will streamline accounting processes, specifically as the technology approaches critical mass. Finally, a discussion of its long‐term implications will follow through a more philosophical and conceptual dialogue. Throughout the paper, criticisms will be raised to address concerns regarding blockchain's widespread use.     

Coherent modeling of mortality patterns for age-specific subgroups

Decisions in Economics and Finance - The recent actuarial literature has shown that mortality patterns and trajectories in closely related populations are similar in some respects and that small...     

Effects of interest rate caps on credit access

Journal of Regulatory Economics - We study the liberalization of the microcredit usury rate in Colombia and its effects on loan expansion. In February 2007 the interest rate ceiling for microcredit...     

Label Style and Color Contribution to Explain Market Price Difference in Italian Red Wines Sold in the Chinese Wine Market

This study employs a hedonic price methodology to investigate the implicit price of individual labelling characteristics of Italian red wines sold in the Chinese market. Our results highlight the most important quality attributes (extrinsic and intrinsic) given in the label capable to explain price difference. In particular, reveal significant premium price for wine origin, identified in particular through the DOC/DOCG appellation given in the label, and for clean labels or labels with particular designs. On the contrary, a price discount has been revealed for Italian wines produced with local grape varieties and with a label characterised by warm colors. These results, partly in disagreement with other empirical evidence, contribute to enrich the existing literature in this field by providing useful suggestions both to the producers and other stakeholders operating in the wine industry.