Abstract:This paper is devoted to the estimation of the probability of default (PD) as a crucial parameter in risk management, requests for loans, rating estimation, pricing of credit derivatives and many others key fi nancial fi elds. Particularly, in this paper we will estimate the PD of US banks by means of the statistical models, generally known as credit scoring models. First, in theoretical part, we will briefl y introduce the two main categories of credit scoring models, which will be afterwards used in application part -linear discriminant analysis and regression models (logit and probit), including testing the statistical signifi cance of estimated parameters. In the main part of the paper we will work with the sample of almost three hundred US commercial banks which will be separated into two groups (non-default and default) on the basis of historical information. Subsequently, we will stepwise apply the mentioned above scoring models on this sample to derive several models for estimation of PD. Further we will apply these models to the control sample to determine the most appropriate model.

Virtual reality environments (VRE) allow users to visualize both real-life and imaginary activities. For this reason, they make appropriate training fields at universities, too. However, the positive or negative effects of VRE are still a subject of research. There is a need to verify methods of their deployment, student responses and the impact of VRE implementation. Science and medicine courses are frequently exploiting VRE, while their exploitation in humanities is much less frequent. In our paper, we describe and evaluate their application in finance and marketing courses. Both courses were designed and developed as part of a larger, potentially university-wide project. The courses were enriched by mazes including 3-D rooms with course content elements. Students could explore them and communicate with their lecturers and classmates. To allow anytime/anywhere access, the VRE does not require using any special interface. The finance course was organized as a pedagogical experiment with test and control groups. Due to organizational and scheduling reasons, the VRE in marketing served just as enrichment. At the end of the term, all students using VRE were given a questionnaire assessing their satisfaction. The majority expressed satisfaction. In the finance course, positive opinion was also supported by students’ improved grades. In total, 87.5% of students agreed that the application of VRE contributed to gaining knowledge. Based on the positive experience and outcomes, the university plans to expand and to intensify its VRE-supported education.

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