This comprehensive edition expands on the author's previous work, offering an in-depth exploration of credit risk models and their applications. It covers essential topics such as credit risk factors, default probability, recovery rate modeling, and correlation issues. The text addresses a variety of financial instruments, including defaultable bonds, swaps, and multi-counterparty derivatives like index and basket default swaps. The author expresses gratitude for the support received during the project and acknowledges the valuable feedback from readers of the first edition.
This new edition significantly expands and updates my earlier work, focusing on credit risk models and providing a comprehensive overview of the subject. While the first edition was based on my PhD research, this version encompasses all key credit risk models, emphasizing the explanation of credit risk factors and presenting the latest findings in default probability and recovery rate modeling. Correlation issues receive special attention. The financial instruments discussed include defaultable bonds, swaps, single counterparty credit derivatives, and extend to multi-counterparty instruments such as index swaps, basket default swaps, and collateralized debt obligations. I am grateful to Springer-Verlag for their support in this endeavor and appreciate the feedback from readers of the first edition. Special thanks go to Uli Göser for his patience and encouragement, as well as to my family, particularly my sister Wendy, for their unwavering support. The content includes an introduction that outlines motivation, objectives, and structure, followed by detailed modeling of credit risk factors, definitions, and elements of credit risk, as well as methods for modeling transition and default probabilities.
Credit risk is one of the oldest forms of risk in the financial markets, and still revolutionary changes and developments are taking place in the credit markets today. This work contributes to the efforts of academics and practitioners to explain credit markets, price default related financial instruments such as defaultable fixed and floating rate debt, credit derivatives, and other securities with embedded credit risk. The whole process, from the specification of the underlying stochastic processes to the estimation of the parameters and calibration to market data is shown. The models proposed are validated in a lot of in- and out-of-sample statistical tests. Typical applications such as bond portfolio optimization under the consideration of credit risk are discussed in depth.
Die Transaktionsanalyse liefert für Kommunikation und Persönlichkeit Vergleichbares wie das Diagnosesystem eines modernen Bordcomputers: Man kann damit herausfinden, welche Fehlsteuerungen den Fahrkomfort oder die Sicherheit beeinträchtigen, und Abhilfe schaffen. Bernd Schmid und Christiane Gérard verbinden bewährte Methoden und Werkzeuge der Transaktionsanalyse mit den charakteristischen Vorzügen der systemischen Beratung. Das Buch behebt damit zum einen Defizite der klassischen Transaktionsanalyse, z. B. bei der Beratung von Organisationen. Gleichzeitig bereichert es das systemische Denken und Handeln um erfolgreiche Konzepte aus der Transaktionsanalyse, insbesondere das der Intuition.
Der zweite Band des Handbuchs stellt sämtliche Aspekte der Persönlichkeitsberatung aus systemischer Sicht dar und umfasst die theoretischen Grundlagen des Coaching wie ihre erfolgreiche praktische Umsetzung sowie die professionelle Ausbíldung von Coaches.
