Today's most complete, up-to-date reference for controlling credit risk exposure of all types, in every environment Measuring and Managing Credit Risk takes you far beyond the Basel guidelines to detail a powerful, proven program for understanding and controlling your firm’s credit risk. Providing hands-on answers on practical topics from capital management to correlations, and supporting its theories with up-to-the-minute data and insights, this authoritative book examines every key aspect of credit risk, including: Determinants of credit risk and pricing/spread implications Quantitative models for moving beyond Altman’s Z score to separate “good” borrowers from “bad” Key determinants of loss given default, and potential links between recovery rates and probabilities of default Measures of dependency including linear correlation, and the impact of correlation on portfolio losses A detailed review of five of today’s most popular portfolio models—CreditMetrics, CreditPortfolioView, Portfolio Risk Tracker, CreditRisk+, and Portfolio Manager How credit risk is reflected in the prices and yields of individual securities How derivatives and securitization instruments can be used to transfer and repackage credit risk Today’s credit risk measurement and management tools and techniques provide organizations with dramatically improved strength and flexibility, not only in mitigating risk but also in improving overall financial performance. Measuring and Managing Credit Risk introduces and explores each of these tools, along with the rapidly evolving global credit environment, to provide bankers and other financial decision-makers with the know-how to avoid excessive credit risk where possible—and mitigate it when necessary.
De John Lee Hooker, on connaît surtout la légende : l’enfant qui a vu et entendu jouer Charley Patton et Blind Lemon Jefferson, le fugueur hobo de 14 ans, le guitariste improbable qui ne pouvait jouer qu’en solo, et une carrière faite de succès fulgurants, comme « Boom Boom » ou « Boogie Chillun », et d’oublis relatifs. Entre construction du mythe et négligence biographique, il a beaucoup contribué à cet état de fait. Démystifiant ce qui doit l’être, ce livre s’attache à éclairer sa vie, débusquant ses ruses et sauts de côté. Car Hooker est un personnage faussement simple, irrégulier, à la fois rusé et envoûtant, sachant s’adapter aux lois du marché tout en restant éminemment singulier. Mais, malgré ce brouillard, une chose ne trompe pas : on reconnaît dans la seconde un riff de Hooker. Olivier Renault est né en 1964. Libraire à Paris, il a publié des livres sur l’histoire de Montparnasse et Montmartre, sur les peintres Bonnard et Soutine et sur l’écrivain Blaise Cendrars.
De John Lee Hooker, on connaît surtout la légende : l'enfant qui a grandi dans les champs de coton du Delta, le fugueur hobo de 14 ans, le guitariste improbable qui ne pouvait jouer qu'en solo. Ou sa carrière contrastée, faite de succès fulgurants – comme « Boogie Chillen' », « Boom Boom » ou « I'm In The Mood » – et de périodes d'oubli relatif. S'il a su, au fil des entretiens livrés dans sa vie, construire son propre mythe, Hooker a aussi laissé les commentateurs donner libre cours à leur fantaisie. Comment s'y retrouver ? Démystifiant ce qui doit l'être, ce livre s'attache à éclairer la vie nébuleuse de ce grand bluesman, à débusquer ses stratagèmes et ses sauts de côté. Car John Lee Hooker est un personnage faussement simple, irrégulier, à la fois rusé comme Ulysse, envoûtant comme Orphée, changeant comme un Protée des temps modernes qui s'adapte aux lois du marché tout en restant éminemment singulier. Malgré le brouillard de sa légende, une chose ne trompe pas : on reconnaît dans la seconde un riff de Hooker. Olivier Renault est né en 1964. Libraire à Paris, il a publié des livres sur l’histoire de Montparnasse et Montmartre, sur les peintres Bonnard et Soutine et sur l’écrivain Blaise Cendrars.
Our objective was to better understand the impact of oral physiological characteristics on some bolus properties, i.e. viscosity, incorporated saliva rate, tongue coating, and the release of flavor from fat spreads. To complete this approach, interindividual variability related to oral physiological characteristics, i.e. salivary flow (at rest and stimulated), and composition as well as oral characteristics have been considered. The results showed that the impact of oral characteristics is more important for bolus formation than aroma release. Alone, oral and salivary physiology do not explain the release of flavor of aroma from fat spreads.
Spores est un éco-thriller mêlant scandale sanitaire et enquête criminelle. Un roman qui sonne l'alerte, esquissant les bouleversements et les périls qui nous attendent si rien ne change dans notre société : Le projet nova : un complexe de recherche et d'innovation destiné à devenir le pôle des industries de pointe. Parc industriel perdu au milieu des champs en Haute-Garonne, il donne à l'environnement un air de colonie martienne. Jusqu'à l'accident. Agents chimiques, biotechnologie, matériaux toxiques et instables ou encore organismes rares et dangereux sont expulsés dans l'air et répandus sur la terre. La région est confinée, et renommée "Zone Morte". Mais tout n'a pas disparu... dans ce nouvel environnement, des micro-organismes, des espèces végétales ou animales ont fait leur apparition : on les appelle les "cas marginaux". Bustari et Prévil, enquêteurs spéciaux de la Mission de Contrôle Sanitaire, sont désignés pour enquêter sur ces derniers. Aidés des officiers Berthod et Skeb, ils vont se lancer sur une affaire qui les poussera plus loin qu'ils ne le pensaient. En effet, depuis peu, une vague de morts suspectes liées aux cocons, des organismes fongiques aux propriétés étranges, balaye la région. Au fil des investigations, ce qui semblait n'être que des accidents se révèle faire partie d'une grande manipulation, beaucoup plus dangereuse : deux questions se posent désormais : comment lutter contre cette menace ? et surtout, qui tire les ficelles ?
The 2008 financial crisis led the whole world to ask questions of the financial industry. Why are wages in the financial industry so high? Are bonuses responsible for the financial crisis? Where do bonuses come from? Politicians and others urged people to believe that the crisis was the price of Wall Street’s greed and blamed the "bonus culture" prevalent in the financial industry. However, despite widespread condemnation and the threat of tighter regulation, bonuses in the industry have proven remarkably resilient. Wages, Bonuses and Appropriation of Profit in the Financial Industry provides an in-depth inquiry into the bonus system. Drawing on examples from France, the City and Wall Street, it explains how and why workers in the financial industry can receive such large bonuses. The book examines issues around incentives, morality and wealth-sharing among employees, including the rise of "the working rich" – those who have benefited the most from the high wages and large bonuses on offer to some employees. These people have achieved wealth through their work thanks to new forms of exploitation in our ever-more dematerialised economy. This book shows how the most mobile employees holding the most mobile assets can exploit the most immobile stakeholders. In a world where inequalities are rising sharply, this book is therefore an important study of one of the key contemporary issues. It will be of vital interest to those studying finance, banking or political economy.
This monograph by one of the world's leading vision researchers provides a thorough, mathematically rigorous exposition of a broad and vital area in computer vision: the problems and techniques related to three-dimensional (stereo) vision and motion. The emphasis is on using geometry to solve problems in stereo and motion, with examples from navigation and object recognition. Faugeras takes up such important problems in computer vision as projective geometry, camera calibration, edge detection, stereo vision (with many examples on real images), different kinds of representations and transformations (especially 3-D rotations), uncertainty and methods of addressing it, and object representation and recognition. His theoretical account is illustrated with the results of actual working programs.Three-Dimensional Computer Vision proposes solutions to problems arising from a specific robotics scenario in which a system must perceive and act. Moving about an unknown environment, the system has to avoid static and mobile obstacles, build models of objects and places in order to be able to recognize and locate them, and characterize its own motion and that of moving objects, by providing descriptions of the corresponding three-dimensional motions. The ideas generated, however, can be used indifferent settings, resulting in a general book on computer vision that reveals the fascinating relationship of three-dimensional geometry and the imaging process.
THERMAL ENERGY MANAGEMENT IN VEHICLES Comprehensive coverage of thermal energy management systems and components in vehicles In Thermal Energy Management in Vehicles, a team of distinguished researchers delivers a robust and authoritative account of thermal energy management systems and components in vehicles. Covering three main areas—the thermal management of internal combustion engines, mobile air-conditioning, and thermal management of hybrid electric vehicles and electric vehicles—the book discusses and proposes simulation models for many of the components and systems introduced in the book. The authors also cover state-of-the-art and emerging technologies, as well as likely future industry trends, and offer an accompanying website with supplementary materials like downloadable models. Readers will also find: Material that bridges the gap between academia and industry Proposed simulation models for vehicular components and systems Fulsome discussions of industry trends likely to take hold in the near future Accompanying online resources, including downloadable simulation models, on a complimentary website Perfect for researchers, graduate students, and practitioners in automotive engineering, Thermal Energy Management in Vehicles will also benefit anyone seeking a comprehensive treatment of vehicular thermal energy management systems and components.
Their generation was anything but lost, at least in the beginning. Filled with fiery ambition and idealistic to a fault, they found their voice in the Paris of 1968 and were intent on exposing the powers of repression and the demons of Western capitalism (and what, really, was the difference?)?by any means. But the acts of violence misfired, the principles of Marxism and Maoism became emptied of meaning, and the casualties mounted. The protagonist Martin is now middle-aged; his group, ?The Cause,? is disbanded; his best friend has committed suicide; and he finds he must try to explain to the man?s daughter who they were, what they thought they were doing, and what happened. ø Paper Tiger takes place during one night that this unlikely couple spends driving around Paris as they revisit a somewhat distant past. This odyssey is adroitly evoked by Rolin's long, fluid sentences as they reflect the car?s route past the sundry signs of the past and advertisements of the present dotting the Paris beltway. ø This prize-winning novel by one of France?s most acclaimed writers tells, through Martin, the elegiac story of a whole generation?s coming of age.
Mergers & Acquisitions and Partnerships in China provides a fast and accessible framework to external growth in China, and is an attempt to accurately describe the main operative conditions and in particular the most common pitfalls for foreign businessmen. The business cases in this book illustrate real business situations, including different outcomes and a thorough analysis of the reasons for success or failure of the case. The authors provide all the necessary tools to better master the negotiation and transaction process, and provide in particular, detailed explanation on the due diligence process and the regulatory framework to help readers successfully lead acquisitions in China. Written by well-known experts in finance, law, and management, who all have deep business knowledge of China, the book aims to help practitioners, such as law firms, audit and advisory firms, and entrepreneurs to start or grow their businesses in China through successful partnerships, and acquisitions and mergers by explaining how these aspects are regulated by a complex web of laws, regulatory, and political practices in a context where the state plays a key role in the approval of important transactions.
Olivier Roy is one of the world's leading experts on political Islam. But he is not only a scholar—he is also a traveler. Roy's keen and iconoclastic insights emerge from a lifetime of study combined with intrepid exploration through Afghanistan and Central Asia. In this book-length interview, Roy tells the lively and colorful story of his many adventures and discoveries in a variety of social and political settings and how they have come to shape his understanding of the Islamic world and its complex recent history. In Search of the Lost Orient is a candid, personal account of the experiences that led Roy to challenge his youthful ideas of an untouched, romanticized East and build a new intellectual framework to better understand and cohabit with the religions, politics, and cultures of the East, West, North, and South. In conversation with Jean-Louis Schlegel of the French magazine Esprit, Roy offers insight into the key themes of his career. Roy's immersion in the complexities of many Central Asian territories started him on his critique of the idea of an essentialized Islam. Alongside tales of backpacking from Paris to Kabul, his Afghan decade during the Soviet invasion, and official travel to post-Soviet Central Asia in the 1990s, Roy reflects on the nature of political and humanitarian engagement in this part of the world. He recounts his formative years, education, and developing political commitments and speaks to his evolving place within France's shifting intellectual and religious cultures. This book outlines Roy's lifelong practice—a combination of deliberate research goals and chance encounters—that examines Islam, immigration, and, more broadly, the future of cultures, religions, and secularism in the face of globalization. Both a significant intellectual autobiography and a compelling travelogue through some of the world's pivotal places, In Search of the Lost Orient offers a striking testimony to the many facets of an exceptional thinker.
Foams are ubiquitous in our daily lives. Their presence is highly desirable in certain foods, drinks and cosmetics, and they are essential in oil recovery and mineral extraction. In some industrial processes (such as the manufacture of glass, paper and wine) foams are an unwelcome by-product. Why do they appear? What controls the rate at which they disappear? Do they flow in the same way as ordinary liquids? All of these questions and more are addressed here, incorporating significant recent contributions to the field of foams. This book is the first to provide a thorough description of all aspects of the physico-chemical properties of foams. It sets out what is known about their structure, their stability, and their rheology. Engineers, researchers and students will find descriptions of all the key concepts, illustrated by numerous applications, as well as experiments and exercises for the reader. A solutions manual for lecturers is available via the publisher's web site.
Each financial crisis calls for — by its novelty and the mechanisms it shares with preceding crises — appropriate means to analyze financial risks. In Extreme Financial Risks and Asset Allocation, the authors present in an accessible and timely manner the concepts, methods, and techniques that are essential for an understanding of these risks in an environment where asset prices are subject to sudden, rough, and unpredictable changes. These phenomena, mathematically known as “jumps”, play an important role in practice. Their quantitative treatment is generally tricky and is sparsely tackled in similar books. One of the main appeals of this book lies in its approachable and concise presentation of the ad hoc mathematical tools without sacrificing the necessary rigor and precision.This book contains theories and methods which are usually found in highly technical mathematics books or in scattered, often very recent, research articles. It is a remarkable pedagogical work that makes these difficult results accessible to a large readership. Researchers, Masters and PhD students, and financial engineers alike will find this book highly useful.
The ramifications of the Global Financial Crisis, which erupted in 2007, continue to surprise not only the general public but also finance professionals, economists, and journalists. Faced with this challenge, Preparing for the Next Financial Crisis goes back to basics. The authors ask: what do theory and empirical observations tell us about the causes and the consequences of financial crisis and instability? In what has become an increasingly complex financial world, what lessons can we learn from economic policies, which have been implemented, and research, which has developed extremely rapidly in recent years, so as not to repeat past mistakes? In this comprehensive review of the literature, which is both complete and balanced, the authors highlight the points of consensus among economists and policymakers. They assess the capacity of economic policies and institutions in limiting the cost of financial instability. In conclusion, they ask if the financial system has become safer, in the light especially of the Covid-19 Global Crisis. Ten years after the GFC crisis, this is a timely review of the reform agenda, the progress made, and the areas where further changes need to be made to address new risks and challenges.
This book on face perception is one of the most researched areas in infancy and early childhood, because of the enormous information that the face conveys to its viewer, both in terms of the recognition of individuals and in the expressive information that faces convey. It remains a complex area, but a number of theoretical issues have emerged which motivate much of the current research. This book describes many of these issues, and also presents some empirical research findings to illustrate the ways in which researchers carry out their investigations.
The fascination with gold is a story which spans millennia, however scientists have recently found a new interest for gold when it is divided into miniscule grains, such as gold nanoparticles. This scientific enthusiasm started in various fields of science in the middle of the 1980s and the present book offers a panorama of the major scientific achievements obtained with gold nanoparticles.Various topics are reviewed such as: gold nanoparticle preparation methods, their plasmon resonance and thermo-optical properties, their catalytic properties, their use in biology and medicine as well as their possible toxicity and, finally, their future technological applications. The book also contains an in-depth study of the use of gold nanoparticles throughout the ages, starting from times where the concept of nanoparticles was beyond the realm of human imagination. All these topics are presented by world-class scientists within a set of self-contained chapters.This book may be used as an advanced textbook by graduate students and scientists who need an introduction to gold nanoparticles. It is also suitable for experts in the related areas of chemistry, biology, material science, optics and physics, who are interested in broadening their knowledge and who wish to have an overview of the subject. Each chapter gradually leads the reader from the basics of a topic towards some of the current scientific challenges in the area. The necessary background material to achieve a solid understanding of each topic and the scientific literature to go further in the field is provided./a
An all-in-one reference to the major Home Area Networking, Building Automation and AMI protocols, including 802.15.4 over radio or PLC, 6LowPAN/RPL, ZigBee 1.0 and Smart Energy 2.0, Zwave, LON, BACNet, KNX, ModBus, mBus, C.12 and DLMS/COSEM, and the new ETSI M2M system level standard. In-depth coverage of Smart-grid and EV charging use cases. This book describes the Home Area Networking, Building Automation and AMI protocols and their evolution towards open protocols based on IP such as 6LowPAN and ETSI M2M. The authors discuss the approach taken by service providers to interconnect the protocols and solve the challenge of massive scalability of machine-to-machine communication for mission-critical applications, based on the next generation machine-to-machine ETSI M2M architecture. The authors demonstrate, using the example of the smartgrid use case, how the next generation utilities, by interconnecting and activating our physical environment, will be able to deliver more energy (notably for electric vehicles) with less impact on our natural resources. Key Features: Offers a comprehensive overview of major existing M2M and AMI protocols Covers the system aspects of large scale M2M and smart grid applications Focuses on system level architecture, interworking, and nationwide use cases Explores recent emerging technologies: 6LowPAN, ZigBee SE 2.0 and ETSI M2M, and for existing technologies covers recent developments related to interworking Relates ZigBee to the issue of smartgrid, in the more general context of carrier grade M2M applications Illustrates the benefits of the smartgrid concept based on real examples, including business cases This book will be a valuable guide for project managers working on smartgrid, M2M, telecommunications and utility projects, system engineers and developers, networking companies, and home automation companies. It will also be of use to senior academic researchers, students, and policy makers and regulators.
This book aims to show that fuzzy set theory constitutes a highly expressive framework for modeling preference queries. It presents a study of the algorithmic aspects related to the evaluation of such queries in order to demonstrate that this framework offers a good trade-off between expressivity and efficiency. Numerous examples and proofs are liberally and lucidly demonstrated throughout, and greatly enhance the detailed theoretical aspects explored in the book.
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