1.

Record Nr.

UNINA9910820076903321

Autore

Brigo Damiano <1966->

Titolo

Credit models and the crisis : a journey into CDOs, Copulas, correlations and dynamic models / / Damiano Brigo, Andrea Pallavicini, and Roberto Torresetti

Pubbl/distr/stampa

Chichester ; ; Hoboken, NJ, : John Wiley & Sons, 2010

ISBN

9786612782640

9781118374733

1118374738

9781282782648

1282782649

9780470667156

047066715X

Edizione

[1st edition]

Descrizione fisica

1 online resource (177 p.)

Collana

The Wiley Finance Series ; ; v.533

Altri autori (Persone)

PallaviciniAndrea

TorresettiRoberto

Disciplina

332.01/5195

Soggetti

Finance - Mathematical models

Credit - Mathematical models

Financial crises - Mathematical models

Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Note generali

Description based upon print version of record.

Nota di bibliografia

Includes bibliographical references and index.

Nota di contenuto

Credit Models and the Crisis; Contents; Preface; Acknowledgements; About the Authors; Notation and List of Symbols; 1 Introduction: Credit Modelling Pre- and In-Crisis; 2 Market Quotes; 3 Gaussian Copula Model and Implied Correlation; 4 Consistency across Capital Structure: Implied Copula; 5 Consistency across Capital Structure and Maturities: Expected Tranche Loss; 6 A Fully Consistent Dynamical Model: Generalized-Poisson Loss Model; 7 Application to More Recent Data and the Crisis; 8 Final Discussion and Conclusions; Bibliography; Index

Sommario/riassunto

The recent financial crisis has highlighted the need for better valuation models and risk management procedures, better understanding of structured products, and has called into question the actions of many financial institutions. It has become commonplace to blame the



inadequacy of credit risk models, claiming that the crisis was due to sophisticated and obscure products being traded, but practitioners have for a long time been aware of the dangers and limitations of credit models. It would seem that a lack of understanding of these models is the root cause of their failures but until now