Credit ratings and structured finance

Josephson, Jens; Shapiro, Joel

doi:10.1016/j.jfi.2019.03.003

Cited by 11 publications

(5 citation statements)

References 35 publications

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“…In the process of product design, it is different from person to person. After all, different investors have different needs.For example, for investors around the age of 60, they have reached the retirement age and have a stable income every month [6] . Often, their children have a stable job or have a family, and their children do not need their parents' investment.For such investor groups, commercial banks can fully consider that they are more likely to be unwilling to bear the risk of the losses possibly caused by investment in financial products [7] .…”

Section: Commercial Banksmentioning

confidence: 99%

Research on the Risk of Structural Wealth Management Products Based on VaR

Wang

2024

Proceedings of the 5th Management Science Informatization and Economic Innovation Development Conference, MSIEID 2023, December

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In recent years, with the rapid development of the domestic economy, the wealth management products of Chinese banks have become increasingly mature and strong, with a history of 17 years since their development in 2003. Especially with the implementation of the "New Asset Regulations" in 2018, breakeven wealth management officially became history, and the wealth management market underwent continuous changes. Under the influence of this new regulation, major financial institutions have transformed one after another, and banks are attempting to break the shackles of traditional bank wealth management products and launch innovative products. Among them, structured wealth management products, with their advantages of controllable returns and risks, have increasingly become the new darling of the bank wealth management industry. This article analyzes a structured wealth management product called "Golden Key • Ruyi", which is issued by the Agricultural Bank of China. This article takes relevant theories as the starting point, analyzes the internal aspects of the product, and ultimately proposes relevant safeguard measures based on the problems identified in the analysis.

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Section: Commercial Banksmentioning

confidence: 99%

Research on the Risk of Structural Wealth Management Products Based on VaR

Wang

2024

Proceedings of the 5th Management Science Informatization and Economic Innovation Development Conference, MSIEID 2023, December

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“…By dividing, packaging, and transferring assets, asset securitization provides investors with diversified investment choices while also offering additional financing channels for asset holders (di Maggio et al, 2020). Asset securitization involves various types of assets, including mortgage loans, auto loans, commercial loans, consumer credit card debt, and lease revenues, which are packaged into specific securities products such as mortgage‐backed securities (MBS), asset‐backed securities (ABS), and collateralized loan obligations (CLO) (Di Lorenzo et al, 2022; Josephson & Shapiro, 2020). Its main advantages lie in maintaining financing diversity, risk diversification, liquidity enhancement, and lowering financing costs through evaluation, pricing, and special SPV transfers and sales (Mirza & Stephens, 2022).…”

Section: Literature Reviewmentioning

confidence: 99%

The way to induce asset‐backed securities participation in eco‐compensation

Zhang,

2023

Manage Decis Econ

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By establishing an ecology compensation asset securitization project, market mechanisms can be used to regulate the interests of stakeholders in ecological conservation. Previous studies have shown that combining asset securitization with environmental protection can effectively promote the sustainable development of both economy and environment. However, there is still a lack of research on the stable mechanisms and impact of integrating ecology compensation and asset securitization. In this study, we propose a comprehensive operating model for ecology compensation asset securitization and a specific valuation framework supported by a multi‐period, multi‐state Markov model for ecology compensation asset securitization. If the project's net present value is positive, it can effectively reduce the risks of ecology compensation projects and increase the return rate of ecology compensation asset securitization projects. By employing the case study of ZhongHang ShouGang Green Energy (SZ:180801) and implementing the asset pool valuation using the multi‐state Markov model, the deviation error is 0.89%, validating the effectiveness of the model. Additionally, sensitivity analysis from simulation results indicates that changes in interest rates and default probabilities are the main factors influencing the valuation of the asset pool. After summarizing the research conclusions, relevant policy recommendations and future prospects are presented. This research aims to provide reference for the development and application of ecology compensation asset securitization.

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“…Thus, academics should be aware of a possible bias by the latter in an attempt, through academic literature or otherwise, to eliminate or discredit the former. We recognize the weaknesses of these CRAs and their CRSs (Josephson & Shapiro, 2020 ; see section “What risks exist with CRSs?”). Despite this, we felt that it would be interesting, and that there may be academic merit, in using the basic ranking parameters of these CRSs and applying them to “predatory” publishing, either as a separate but complementary tool, as a supplementary tool, or as an overlay.…”

Section: A New Suggested Alternative To Assess Journal Quality: a Credit Rating-like Systemmentioning

confidence: 99%

A credit-like rating system to determine the legitimacy of scientific journals and publishers

et al. 2021

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The predatory nature of a journal is in constant debate because it depends on multiple factors, which keep evolving. The classification of a journal as being predatory, or not, is no longer exclusively associated with its open access status, by inclusion or exclusion on perceived reputable academic indexes and/or on whitelists or blacklists. Inclusion in the latter may itself be determined by a host of criteria, may be riddled with type I errors (e.g., erroneous inclusion of a truly predatory journal in a whitelist) and/or type II errors (e.g., erroneous exclusion of a truly valid scholarly journal in a whitelist). While extreme cases of predatory publishing behavior may be clear cut, with true predatory journals displaying ample predatory properties, journals in non-binary grey zones of predatory criteria are difficult to classify. They may have some legitimate properties, but also some illegitimate ones. In such cases, it might be too extreme to refer to such entities as “predatory”. Simply referring to them as “potentially predatory” or “borderline predatory” also does little justice to discern a predatory entity from an unscholarly, low-quality, unprofessional, or exploitative one. Faced with the limitations caused by this gradient of predatory dimensionality, this paper introduces a novel credit-like rating system, based in part on well-known financial credit ratings companies used to assess investment risk and creditworthiness, to assess journal or publisher quality. Cognizant of the weaknesses and criticisms of these rating systems, we suggest their use as a new way to view the scholarly nature of a journal or publisher. When used as a tool to supplement, replace, or reinforce current sets of criteria used for whitelists and blacklists, this system may provide a fresh perspective to gain a better understanding of predatory publishing behavior. Our tool does not propose to offer a definitive solution to this problem.

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Credit ratings and structured finance

Cited by 11 publications

References 35 publications

Research on the Risk of Structural Wealth Management Products Based on VaR

Research on the Risk of Structural Wealth Management Products Based on VaR

The way to induce asset‐backed securities participation in eco‐compensation

A credit-like rating system to determine the legitimacy of scientific journals and publishers

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