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Daily Archives: June 18, 2015

Credit Ratings and Their Information Value

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Kuvíková, Gabriela, Credit Ratings and Their Information Value: Evidence from the Recent Financial Crisis (June 1, 2015). CERGE-EI Working Paper Series No. 544. Available for download at SSRN: http://ssrn.com/abstract=2619423

“This paper examines the accuracy and timeliness of credit ratings in explaining the financial health of debt issuers over the recent financial crisis. Using annual financial statement data and macroeconomic indicators covering 2005-2013 for 2500 financial and non-financial institutions, this paper identifies the determinants of credit rating changes by two incumbent rating agencies: Moody’s and Standard & Poor’s. Empirical evidence suggests that while Moody’s is consistently more conservative in the assessment of default risk for non-financial institutions, Standard and Poor’s is consistently more conservative in the assessment of default risk for financial institutions. Fitch’s increasing market share deepens the rating disagreement between S&P and Moody’s. The results also suggest that sovereign ceilings cease to be restrictive for non-financial institutions over the recent financial crisis. S&P is a follower in its rating actions when compared to Moody’s for both financial and nonfinancial institutions.”

Cybersecurity Issues for the Bulk Power System

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CRS – Cybersecurity Issues for the Bulk Power System, Richard J. Campbell, Specialist in Energy Policy. June 10, 2015. “In the United States, it is generally taken for granted that the electricity needed to power the U.S. economy is available on demand and will always be available to power our machines and devices. However, in… Continue Reading

State Estimates of Adolescent Cigarette Use and Perceptions of Risk of Smoking

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Substance Abuse and Mental Health Services Administration (SAMHS) report by  Rachel N. Lipari, Ph.D., and Arthur Hughes, M.S., May 18, 2015: “Cigarette smoking and exposure to secondhand smoke causes more than 443,000 deaths every year, and another 8.6 million people suffer from a serious illness related to smoking. According to the Surgeon General, if current… Continue Reading

Extract from Pope Francis’s encyclical on climate change

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Via The Guardian – This is an extract from Pope Francis’s encyclical on the environment, Laudato Si – “The pope’s encyclical on climate change – on Thursday June 18, 2015 the Vatican published Pope Francis’s long-awaited encyclical on the environment, which warns of ‘serious consequences’ if the world does not act on climate change.”: “The… Continue Reading

Study – Arctic Ocean rapidly becoming more corrosive to marine species

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“New research by NOAA, University of Alaska, and Woods Hole Oceanographic Institution in the journal Oceanography shows that surface waters of the Chukchi and Beaufort seas could reach levels of acidity that threaten the ability of animals to build and maintain their shells by 2030, with the Bering Sea reaching this level of acidity by 2044. “Our research shows… Continue Reading

Intra-Family Cash Transfers in Older American Households

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“This study [June 2015 EBRI Issue Brief #415] reports the frequency and extent of intra-family cash transfers: both transfers from older households to their children and grandchildren, and vice versa. It also shows how these transfers are correlated with income levels and compares the asset and income levels of households that make such transfers and those… Continue Reading

Mid-year update on student loan complaints 2015

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“The CFPB received more than 3,100 private student loan complaints between October 1, 2014, and March 31, 2015, a 34% increase over the prior reporting period. The CFPB also received approximately 1,100 debt collection complaints related to student loans during this period. Many private student lenders advertise options to release a co-signer from a private… Continue Reading

25 Metropolitan Area Fact Sheets from American Housing Survey

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“The fact sheets released today provide information on 25 selected metropolitan areas’ housing costs, mortgages and a variety of other physical and financial characteristics. A national fact sheet is also available.  The statistics come from the American Housing Survey, which is sponsored by the Department of Housing and Urban Development (HUD) and conducted by the U.S.… Continue Reading

Report – The Global Refugee Crisis: A Conspiracy of Neglect

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“Worst refugee crisis since World War II. One million refugees desperately in need of resettlement. Four million Syrian refugees struggling to survive in Turkey, Lebanon, Jordan, Iraq and Egypt. More than 3 million refugees in sub-Saharan Africa, and only a small fraction offered resettlement since 2013. 3,500 people drowned while trying to cross the Mediterranean… Continue Reading

Report – All 50 States Fail to Meet International Standards on Police Use of Lethal Force

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“A new report by Amnesty International USA finds that all 50 states and the District of Columbia fail to comply with international standards on the use of lethal force by law enforcement officers, which require that lethal force should only be used as a last resort when strictly necessary to protect themselves or others against… Continue Reading

NHTSA’s Database Now Lists All Affected Vehicles

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“If your vehicle is manufactured by BMW, Chrysler, Daimler Trucks, Ford, General Motors, Honda, Mazda, Mitsubishi, Nissan, Subaru, or Toyota, you may be affected by a recall on airbags. The recall affects nearly 34 million vehicles in the U.S. If your vehicle is manufactured by the brands listed above use the National Highway Traffic Safety Administration’s (NHTSA) VIN… Continue Reading