When I work with a group that wants to complete a task but spends no time developing a cooperative relationship, I generally find their work product to be merely satisfactory. The product meets minimum standards, but typically the dynamic within teams that spend no time on relationship development is not condusive to innovation or creativity. [...]
The macroeconomic analysis of corporate bond markets typically is based on aggregate measures of growth, employment, interest rates and monetary policy. The impact of changes of these variables on corporate revenues and cash flows and thus on credit risk depends on financial and operating leverage and on the ratio of earnings or cash flows to [...]
Additional features of commercial applications include, for example, time-varying default barriers, continuous monitoring of the default threshold, the use of alternative option pricing models and different assumptions for the behavior of asset values. They typically incorporate short-term and long-term liabilities, convertible debt, preferred equity and common equity, although this substantially enhances complexity of the model. [...]