Dissertations / Theses on the topic 'CREDOS'

Prison governors occupy a critical position in applying penal policy. Despite the importance of their role, relatively little is known about how they perceive their work and the prisoners in their care. This study focuses on their working credos in order to understand how and in which ways these affect their working practices. The study adopted a qualitative approach, gathering data through in-depth interviews with twenty-six Korean prison governors. The study aimed to construct an explanatory model of these governors' working credos and identify the characteristic features of each credo in order to understand the interrelationship between the governors' working credos and their practices. In pursuing these aims, with reference to a number of key objectives, the study first found that each governor predominantly held one of four working credos: the punishment, paramilitarist, managerialist and humanitarian credos. The typology of the working credos as Weberian ideal type was constructured by interpreting the features of the Korean prison governors. The characteristic features of each credo were identified with respect to the governors' relationships with the prisoners, staff, government and the outside community. Despite some similarities to those proposed by previous studies, the Korean governors' working credos showed a distinctive pattern of prevalence. The governors were found to have a greater tendency to hold punitive attitudes and cling to a paramilitaristic culture, and were less affected by managerialism and humanitarinanism than their counterparts in England and Wales. The formation of their working credos had been influenced by various organisational and societal factors. The country's past military regimes seem to have influenced the formation of the paramilitarist credo, and, although the evidence was not conclusive. it suggested that the governors' working credos were also influenced by various individual factors to various degrees. for example, by the governors' age. education, period of service in the prison service, and work experience at the Correctional Service Headquarters.

Tese (doutorado) - Universidade de São Paulo, Faculdade de Filosofia Letras e Ciências Humanas, São Paulo, 1997.
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In this thesis I describe the essential steps of developing a credit rating system. This comprises the credit scoring process that assigns a credit score to each credit, the forming of rating classes by the k-means algorithm and the assignment of a probability of default (PD) for the rating classes. The main focus is on the PD estimation for which two approaches are presented. The first and simple approach in form of a calibration curve assumes independence of the defaults of different corporate credits. The second approach with mixture models is more realistic as it takes default dependence into account. With these models we can use an estimate of a country’s GDP to calculate an estimate for the Value-at-Risk of some credit portfolio.

The dissertation compares the export credit rating model of the national Export Guarantee and Insurance Agency EGAP with models applied by selected Czech banks. The first part of the dissertation presents a summary of credit risk theory. It depicts the main principles of lending and its risks. The dissertation further describes the factors that influence credit risk and the methods of its modelling. While mathematical risk models project the expected loss as well as its sensitivity to the risk factors, the focus of this thesis lies in qualitative models which set a normalized scale for probability of default, the so called credit rating models. The main contribution of the dissertation lies in the survey carried out among four Czech banks belonging to owners from various countries, from which we get an overview of their rating models. It follows from the gathered information that their models are based on financial indicators when rating the buyers/exporters. The models are also considerably amended by non-financial factors whose importance in certain cases rose following the recent financial crisis. The agency EGAP insures business activities abroad and therefore its model takes into account also specific factors related to the destination country. The main difference between the models of EGAP and the examined banks lies in the method of creation and validation: EGAP does not dispose of sufficient amount of business case studies, so that it has to rely on external consulting services when setting up and validating the model. The dissertation concludes that while all rating models are composed of similar risk factors highlighting past financial indicators of the financed business, each analysed rating model differs significantly in the specific database of business cases that were used to construct the model, depending on the availability of data to the bank/insurer. The conclusion that can be drawn from this fact is that the main factor for successful prevention of future failures of the credit rating models will be the extent of the credit assessment database which will be used for the construction of the respective rating model.

Developpement d'un systeme expert, appele credex, qui a pour but d'aider les analystes financiers des banques a evaluer le risque afferent a l'attribution de prets a des entreprises. Credex est ecrit en snark. Son originalite reside dans: 1) son utilisation des modeles multiattributs de traitement de l'information pour combiner les elements de risque; 2) sa structure multi experts controlee au niveau superieur par un metamodele; 3) sa possibilite de batir une strategie d'evaluation adaptee a chaque entreprise candidate a un pret

Introduction: I lay out the broad contours of my thesis: a defence of mathematical nominalism, and nominalism more generally. I discuss the possibility of metaphysics, and the relationship of nominalism to naturalism and pragmatism. Chapter 2: I delineate an account of abstractness. I then provide counter-arguments to claims that mathematical objects make a di erence to the concrete world, and claim that mathematical objects are abstract in the sense delineated. Chapter 3: I argue that the epistemological problem with abstract objects is not best understood as an incompatibility with a causal theory of knowledge, or as an inability to explain the reliability of our mathematical beliefs, but resides in the epistemic luck that would infect any belief about abstract objects. To this end, I develop an account of epistemic luck that can account for cases of belief in necessary truths and apply it to the mathematical case. Chapter 4: I consider objections, based on (meta)metaphysical considerations and linguistic data, to the view that the existential quantifier expresses existence. I argue that these considerations can be accommodated by an existentially committing quantifier when the pragmatics of quantified sentences are properly understood. I develop a semi-formal framework within which we can define a notion of nominalistic adequacy. I show how our notion of nominalistic adequacy can show why it is legitimate for the nominalist to make use of platonistic “assumptions” in inference-making. Chapter 5: I turn to the application of mathematics in science, including explanatory applications, and its relation to a number of indispensability arguments. I consider also issues of realism and anti-realism, and their relation to these arguments. I argue that abstraction away from pragmatic considerations has acted to skew the debate, and has obscured possibilities for a nominalistic understanding of mathematical practices. I end by explaining the notion of a pragmatic meta-vocabulary, and argue that this notion can be used to carve out a new way of locating our ontological commitments. Chapter 6: I show how the apparatus developed in earlier chapters can be utilised to roll out the nominalist project to other domains of discourse. In particular, I consider propositions and types. I claim that a unified account of nominalism across these domains is available. Conclusion: I recapitulate the claims of my thesis. I suggest that the goal of mathematical enquiry is not descriptive knowledge, but understanding.

LBO transactions were structured increasingly aggressive in the years prior to the outbreak of the financial crisis (2007), as reflected in rising debt proportions. This was followed by many LBO credits experiencing difficulties to adhere to their loan documentations. Bank credit functions played a role in this, giving rise to an investigation into whether their work could be more effective. To identify areas for improvement in their work of evaluating LBO credits and – if such areas can be identified – deduce some potential measures how to address them was the aim of this research. The research is timely as evaluations of LBO credits continue to be required heavily. Many of the credits structured around 2006/2007 will soon require refinancing and in parallel new transactions come to the market. A literature review on the risk factors and cycles relating to LBOs, the simple techniques of portfolio management and LBO credit management practices found that all the ingredients required for effective LBO credit management are available. This is in conflict with the observation of increasing credit risk inherent in these transactions in the years just prior to the outbreak of the financial crisis of 2007. Based on this, 18 experts were interviewed. The results were analysed quantitatively and qualitatively. To enhance robustness, results were discussed with four senior credit executives as well as a focus group discussion of the credit function of one bank. The exploratory results of this research suggest that there is strong awareness of the risk factors in LBOs. The systematic risk in LBOs in form of an LBO cycle however is not considered to a significant degree in credit analysis/credit monitoring. Some important risk factors also receive relatively little attention in credit analysis/credit monitoring and aspects of portfolio management are not used strongly at the level of credit functions. Finally, an area of improvement that had been identified was the utilization of results; i.e. the need to draw consequences from observations made with view to risk factors. Due to the limited scope of the study, updating the results with more recent data as well validation and triangulation of results remain recommended.

Introdução: A estabilidade fisica de sistemas emulsionados pode ser avaliada através de avaliação da distribuição de gotículas, propriedades reológicas, termoanálise, microscopia, entre outras técnicas. Objetivo: Avaliar a estabilidade fisica de emulsões obtidas com diferentes concentrações de emulsificantes aniônicos (A - cetil fosfato de potássio 3, 5 e 7%) e não-iônicos (N monoestearato de glicerila, 3, 5 e 7%), e a influência da transposição de escala de produção. Metodologia: Avaliação da distribuição das gotículas formadas através de difração de raio laser, análise reológica do tipo fluxo, microscopia e termogravimetria. Resultados e Conclusão: Os valores de 90% das gotículas foram menores que 92,66 µm; 50,28µm e 38,80µm, respectivamente para 3, 5 e 7% de emulsificante N. No sistema A, 90% das gotículas foram menores que 3,85µm; 4,89µm e 63,57µm, para 3, 5 e 7%, respectivamente. O aumento de escala de produção influenciou ambos os sistemas, com aumento de viscosidade: Sistema A: de 6,614 Pa.s para 81,55 Pa.s e Sistema N - de 3,366 Pa.s para 7,153 Pa.s no sistema N. Na análise TG, somente água livre pôde ser detectada no sistema N e, no sistema A, água interlamelar e livre puderam ser detectadas (inicial e em estabilidade)
lntroduction: The physical stability of emulsions can be evaluated through droplets distribution evaluation, rheological properties, thermal analysis, microscopy and others. Objective: Evaluate the physical stability of emulsions containg different concentrations of anionic (A - potassium cetyl phosphate 3, 5 e 7%) and non-ionic emulsifiers (N - glyceril monostearate, 3, 5 e 7%), and the influence ofthe scale-up processo Methodology: Evaluate the droplets distribution with laser diffraction, rheology analysis, microscopy and thermogravimetry (TG). Results and Conc1usion: The values of 90% of the droplets were below 92.66 µm, 50.28µm and 38.80µm, respectively for 3, 5 and 7% ofN emulsifier. For system A, 90% ofthe droplets were below 3.85µm, 4.89µm and 63.57µm, for 3, 5 and 7%. The scale-up process influenced both systems, with an increase in the viscosity on system A from 6.614 Pa.s to 81.55 Pa.s and from 3.366 Pa.s to 7.153 Pa.s for system N. ln the TG analysis, only bulk water could be detected in system N and, in the system A, both interlamellar and bulk water were detected (initial and stability).

The problem addressed in this study was that the Compass Learning Odyssey program, a self-paced online intervention, was being utilized to allow middle school students at the target school to recover course credits in the core subjects of language arts, mathematics, science, and social studies, but its effectiveness had not been studied. The Compass Learning Odyssey program provided remediation opportunities for students who had failed one or more academic core courses and allowed for credit retrieval, course completion and grade promotion. The purpose of this study was to determine the impact of the implementation of summer credit retrieval online program on the overall retrieval of credits by all Grade-8 student participants and student participants in subgroups of gender and ethnic groups. The credit retrieval program had been in effect in the school since the 2006-2007 school year, but its effectiveness had not been studied. The researcher used de-identified retrospective data to answer the research questions. One-way analysis of variance and t tests were conducted to determine for each year and overall for the 4 years if there was a statistically significant difference in the impact of the implementation of the summer credit retrieval online program on (a) the overall retrieval of credits by Grade-8 students in the summer program, (b) the quality points earned by gender and ethnic subgroups, (c) the students retrieving core credits, and (d) the core courses retrieved by gender and ethnic groups.The results of the study showed that all students passed the quarter modules with at least a grade of D, with 75% of students making average progress with a grade of C. There was not a statistically significant difference between subjects studied. Ninety-three percent of the students participating in the summer credit retrieval program were able to recover enough core credits to be promoted. Suggestions for program improvements and recommendations for future research are included.

This thesis looks at the statistical interaction of credit ratings and Credit Default Swap (CDS) spreads. Both have been implicated as major contributors to the financial crises of 2007-present. The body of work contained herein looks to further our understanding of their relationship and in doing so, I make three empirical contributions to the fields of credit risk and financial economics. Firstly, in Chapter 2, I uncover a striking empirical artifact contained within CDS correlation dynamics. Namely, that there is a well-defined credit rating structure embedded in them. Although much of the extant literature treats credit derivatives and equity as contingent claims on the same underlying firm value, by contrast, no rating-based structure exists in equity correlations. In Chapter 3, I demonstrate that rating-based correlation dynamics in CDS markets are not fully consistent with the traditional framework of financial economics in which a security’s price merely reflects its fundamental value. I show that the trading behaviour of market participants in relation to CDS indices, the constituents of which are based on the discrete and somewhat arbitrary labeling of issuers as either investment-grade or high-yield, drives a distortion in single-name CDS co-movement. My results can be interpreted as the first evidence of a significant departure from traditional views of market efficiency in a $30 trillion segment of global derivatives markets. Finally, in Chapter 4, I go on to explore the complete time-series and cross-sectional interaction of the credit rating process on CDS spreads. In doing so, I identify that prior to the crisis, credit rating agencies played a much greater role in the price discovery process of corporate credit risk. As such, there has been a significant loss of information in credit ratings. This result can be explained via a loss of confidence in rating agencies due to a spill-over effect of reputational damage from their role in the collapse of the $3tn structured credit derivatives market. The use of ex post hyper-inflated AAA ratings on CDOs and RMBS, and the subsequent fall-out from doing so, has altered how credit market participants react to the information contained in corporate credit ratings. These results are particularly relevant in light of impending regulatory reform under the Dodd-Frank act of 2010.

Este estudo tem como objetivo melhorar o desempenho computacional dos algoritmos de inferência em redes credais, aplicando técnicas de computação paralela e sistemas distribuídos em algoritmos de fatoração de matrizes esparsas. Grosso modo, técnicas de computação paralela são técnicas para transformar um sistema em um sistema com algoritmos que possam ser executados concorrentemente. E a fatoração de matrizes são técnicas da matemática para decompor uma matriz em um produto de duas ou mais matrizes. As matrizes esparsas são matrizes que possuem a maioria de seus valores iguais a zero. E as redes credais são semelhantes as redes bayesianas, que são grafos acíclicos que representam uma probabilidade conjunta através de probabilidades condicionais e suas relações de independência. As redes credais podem ser consideradas como uma extensão das redes bayesianas para lidar com incertezas ou a má qualidade dos dados. Para aplicar a técnica de paralelização de fatoração de matrizes esparsas na inferência de redes credais, a inferência utiliza-se da técnica de eliminação de variáveis onde o grafo acíclico da rede credal é associado a uma matriz esparsa e cada variável eliminada é análoga a eliminação de uma coluna.
This study\'s objective is the computational performance improvement of credal network inference algorithms by applying computational parallel and distributed system techniques of sparse matrix factorization algorithms. Roughly, computational parallel techniques are used to transform systems in systems with algorithms that can be executed concurrently. And the matrix factorization is a group of mathematical techniques to decompose a matrix in a product of two or more matrixes. The sparse matrixes are matrixes which have most of their values equal to zero. And credal networks are similar to Bayesian networks, which are acyclic graphs representing a joint probability through conditional probabilities and their independence relations. Credal networks can be considered as a Bayesian network extension because of their manner of leading to uncertainty and the poor data quality. To apply parallel techniques of sparse matrix factorization in credal network inference the variable elimination method was used, where the credal network acyclic graph is associated to a sparse matrix and every eliminated variable is analogous to an eliminated column.

As Histórias de Heródoto trazem numerosos oráculos, principalmente no livro I. O estudo mais detalhado de alguns logoi demonstra que as muitas referências a Delfos e aos oráculos indicam que não se trata somente de previsões do futuro ou de demonstrar que os deuses ainda agem no mundo dos homens, mas de orientar as ações humanas. Isso está de acordo com o sentido original de , que está na raiz da palavra que costumamos traduzir por oráculo.
HerodotusHistory has numerous oracles, mostly in Book I. A detailed study from some logoi shows that many references to Delphi and the oracles indicate that they not only deal with prophecies or divine influences in the human world but with some kind of orientation for human actions. This is in accordance with the original meaning of , that is in the root of the word that we are used to translate as oracle.

We first present a Complex Singular Value Decomposition (CSVD)analysis of credit cyle and explore the lead-lag relation betweencredit cycle and business cycle, then propose a GeneralizedLinear Model (GLM) of credit rating transition probabilitiesunder the impact of business conditions.To detect the cyclic trend existence of credit condition in U.S.economy, all credit variables and business variables aretransformed to complex values and the transformed data matrix isapproximated by first order of CSVD analysis. We show that theeconomy, represented by both credit conditions and businessconditions, is changing recurrently but with different frequenciesfor different time periods. Credit variables making the greatestlinear contribution to first Principal Component can be identifiedas credit cycle indicators. The result of leading businessvariables to credit variables in an economy provides the basis topredict credit condition by business cycle indicators.The credit rating system is a publicly available measure of theriskiness of financial securities and a rating transition matrixquantifies the risk, by permitting calculation of the probabilityof downgrade or default. Credit migration is observed to beinfluenced both by business conditions and by an issuer's owncredit status. We assume the rating history for a particularinstitution is Markovian, and histories for differentinstitutions are assumed to be statistically independent, in bothcases the history of market conditions are known. With a simpleGLM, we investigate the significance of business conditions andtheir two major impacts - creditworthinessdeterioration/improvement and credit stability. We propose amodel of transition probability in discrete time and a model ofinstantaneous transition rates in continuous time, and fit themby maximum likelihood. Business conditions are shown to have asignificant effect: higher likelihood for credit qualityimprovement and stability under good business conditions whilehigher likelihood for credit quality deterioration and driftunder severe business conditions. The two business impacts aresignificant and business deterioration/improvement impact isgreater than its stability impact on credit rating transitions.Investment-grade rating transitions are more sensitive to longrate risk while speculative-grade rating transitions are moresensitive to short rate risk. Compared to a discrete model, thecontinuous transition model has much greater over-dispersion butis more practical.

It is a well-known fact that international trade contracts bear inherently more risk than the trade contracts entered by the parties from the same country. This is due to the differences in business methods and practices used, trade cultures of the parties involved, laws and regulations in the respective jurisdictions. Under these circumstances, it is very important for the seller to have the assurance of that he receives the payment for the goods dispatched and for the buyer to receive the goods what has been ordered. One effective way of having such an assurance is to rely on a letter of credit as an international payment method. But for exporters in particular, this payment method has presented difficulties in meeting the compliance requirements necessary for the payment to be triggered. The UCP 600 published by the International Chamber of Commerce provide the rules that govern letters of credit transactions. At the introduction of the UCP 600, it was aimed to remove wording that could lead to inconsistent application and interpretation, as against the language and style used in the previous version, namely the UCP 500. Highlighting the experiences under UCP 500, the ultimate focus of the revision of the UCP was to minimise the level of litigations that had arisen under the rules provided in the UCP. In several surveys, it has been reported that, nearly 50% of the first presentation for payment under letters of credit are rejected by the banks. This situation implies the fact that the provisions which cover letters of credit transactions are not either clear enough or well understood by the parties involved. Similarly, the decisions made by Courts around the world on issues related to letters of credit have taken different approaches when applying and interpreting the rules. This can clearly be seen by a myriad of controversial judicial standards which have been applied to similar mistakes in documents presented to the bank for payment. This thesis is an investigation into those issues to find out the optimal standards that could be applied to solve the said problems. In doing so, this thesis will strive to ascertain what remedial measures could be taken to address the issues related to examination of documents, the rejection of payment and fraud exception. Key words: International Trade, International Trade Law, Law of Letters of Credit, Uniform Customs and Practice for Documentary Credit 600, Examination of Documents and communicating the decision.

La vente commerciale fait naitre une charge de credit supportee soit par les fournisseurs lorsqu'ils accordent des delais de paiement, soit par les acheteurs lorsqu'ils paient comptant les marchandises grace a un financement bancaire. En france, la pratique commerciale a favorise un trop important recours au credit fournisseur. Pour remedier aux inconvenients de ce modele economique, l'efficacite de la clause de reserve de propriete a ete reconnue et, le bordereau dailly qui permet une transmission simplifiee des creances, a ete cree. Aussi, l'adaptation du credit fournisseur est-elle aujourd'hui partiellement realisee. Mais, pour promouvoir le credit acheteur qui est destine a se substituer au credit fournisseur, il convient de reformer le droit des suretes afin d'y introduire une surete globale sur les meubles : l'hypotheque mobiliere. Cette surete constitue un complement indispensable au credit global d'exploitation, technique de financement du credit acheteur
The commercial sale entails credit's charge endured by the sailns when they agree some delayx for the payment or by the buyers when they pay cash through a bank's louns. In france, the commercial pactice is turned toward sailn's credit. To cure the inconveniences of this econmic system, the efficency of retention of title clause is been knowed an the "bordereau dailly" which allowed an casier transmission of accounts is been created. So, to day, the adaptation of sailn's credit is in part realised. But, now, to promove a buyer's credit which in the futur shall replace the sail's credit, it is necessary to introduire in our legal system a now charge in the movables like the american security interest

Thesis (Ph. D.)--Ohio State University, 2004.
Title from first page of PDF file. Document formatted into pages; contains x, 97 p. : ill. Advisor: Lucia Dunn, Department of Economics. Includes bibliographical references (p. 94-97).

In this thesis, efforts are devoted to the stochastic modeling, measurement and evaluation of credit risks, the development of mathematical and statistical tools to estimate and predict these risks, and methods for solving the significant computational problems arising in this context. The reduced-form intensity based credit risk models are studied. A new type of reduced-form intensity-based model is introduced, which can incorporate the impacts of both observable trigger events and economic environment on corporate defaults. The key idea of the model is to augment a Cox process with trigger events. In addition, this thesis focuses on the relationship between structural firm value model and reduced-form intensity based model. A continuous time structural asset value model for the asset value of two correlated firms with a two-dimensional Brownian motion is studied. With the incomplete information introduced, the information set available to the market participants includes the default time of each firm and the periodic asset value reports. The original structural model is first transformed into a reduced-form model. Then the conditional distribution of the default time as well as the asset value of each name are derived. The existence of the intensity processes of default times is proven and explicit form of intensity processes is given in this thesis. Discrete-time Markovian models in credit crisis are considered. Markovian models are proposed to capture the default correlation in a multi-sector economy. The main idea is to describe the infection (defaults) in various sectors by using an epidemic model. Green’s model, an epidemic model, is applied to characterize the infectious effect in each sector and dependence structures among various sectors are also proposed. The models are then applied to the computation of Crisis Value-at-Risk (CVaR) and Crisis Expected Shortfall (CES). The relationship between correlated defaults of different industrial sectors and business cycles as well as the impacts of business cycles on modeling and predicting correlated defaults is investigated using the Probabilistic Boolean Network (PBN). The idea is to model the credit default process by a PBN and the network structure can be inferred by using Markov chain theory and real-world data. A reduced-form model for economic and recorded default times is proposed and the probability distributions of these two default times are derived. The numerical study on the difference between these two shows that our proposed model can both capture the features and fit the empirical data. A simple and efficient method, based on the ordered default rate, is derived to compute the ordered default time distributions in both the homogeneous case and the two-group heterogeneous case under the interacting intensity default contagion model. Analytical expressions for the ordered default time distributions with recursive formulas for the coefficients are given, which makes the calculation fast and efficient in finding rates of basket CDSs.
published_or_final_version
Mathematics
Doctoral
Doctor of Philosophy

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Over the last sixteen years, Brazil has gone through important legislative modifications, which have been motivated by the need, in the economical field, of reducing the interests rate and the banking spread. The changes that have occurred, not only in civil procedure, were encouraged by the financial institutions and by the Central Bank of Brazil, through a series of annual reports. The model in which the modifications were based had as its foundation the paradigm that the lack of effectiveness in the civil procedure was the result of a system that granted many guarantees to the creditor, which would make it difficult for the credits to be obtained in court. In the field of substantial law, the legislation would obstruct a series of contractual practices carried out by the financial institutions, once abusive. The Judicial System, when interpreting these rules in force, would have an inadequate position, contrary to the interests of the financial institutions. The system would suffer from a moral risk. The legislation has been modified. Licit situations have become illicit. New forms of enforcement and its instruments have been created or improved. Although, the system still suffers from the sluggishness for parties to obtain their credits in court. The interests rate and the banking spread remain high. The diagnosis was mistaken. The obtaining of the credits in court was slow not because the Judiciary System was being lenient with de debtors, or because the legislation was retrograde or excessively protective. The abuse of procedural right by the financial institutions, with the sole aim of enforcing the contractual illegalities and to force the performance of undue installments is the cause for the delay on the closure of the law suits. The financial institutions, assumingly acting in bad faith, insist on using excessive procedural tools, in order to try to make illegality prevail. The process ends up operating not as a means of enforcing justice, but as a way to blackmail and to discourage the debtor of proceeding in the defense of his legitimate rights. However, one of the damaged parties by the abuse of procedural right is the creditor himself, as far as, with the reaction of the good faith debtor, the process tends to procrastinate, not because the debtor is not right, the opposite: the debtor is right and the creditor can t cope with this fact. Notwithstanding, the abuse of procedural right can only succeed when there is an active or omissible collaboration of the Judicial System. Jurisdiction becomes a means of realization of the abuse, instead of being the least likely place for it to be found in. At last, all the parties involved lose with the abuse of procedural right: the debtor, once, in some moment, could give up, even having the law on his side; the creditor, because it will take a long time for him to obtain his credit; the State, once the Judicial System must administrate a litigation which could have been solved way before. Also, the collectivity, under a diffuse point of view. The abuse of procedural right needs treatment, and this could be preventive, corrective or compensating
Nos últimos dezesseis anos, o Brasil sofreu importantes modificações legislativas motivadas pela necessidade, no âmbito econômico, de se reduzirem os juros e o spread bancário. As modificações que houve, não só no processo civil, foram incentivadas pelas instituições financeiras e pelo Banco Central do Brasil, em uma série de relatórios anuais. O modelo em que se fundamentaram as alterações tinha como base o paradigma de que a falta de efetividade no processo civil era fruto de um sistema que conferia muitas garantias ao devedor, o que dificultaria o recebimento dos créditos em juízo. No âmbito do direito material, a legislação impediria uma série de práticas contratuais das instituições financeiras, porque abusivas. O judiciário, ao interpretar tais normas vigentes, teria uma postura inadequada, contrária aos interesses das instituições financeiras. O sistema padeceria de um risco moral. A legislação foi modificada. O que era ilícito passou a ser permitido. Novas formas de execução e meios executivos foram criados ou aperfeiçoados. Todavia, o sistema ainda padece com a lentidão no recebimento de créditos em juízo. Os juros e o spread bancário continuam elevados. O diagnóstico foi equivocado. O recebimento de créditos bancários em juízo era lento não porque o judiciário fosse leniente com os devedores, a legislação fosse retrógada ou excessivamente protetiva. O abuso de direito processual das instituições financeiras, com o objetivo de fazer valer os ilícitos contratuais e forçar o adimplemento de parcelas indevidas é que causa o retardamento da conclusão dos processos. As instituições financeiras, em presumida má-fé, insistem em se valer de meios processuais excessivos para fazer com que prevaleça a ilegalidade. O processo acaba servindo não como um meio de se fazer justiça, mas como uma forma de chantagem, um meio para desencorajar o devedor de prosseguir na defesa de seus legítimos direitos. Entretanto, um dos lesados com o abuso do direito processual é o próprio credor, na medida em que, na reação do devedor de boa-fé, o processo tende a se prolongar no tempo, não porque o devedor não tenha razão, ao contrário, porque ele a tem e o credor não se conforma com isto. O abuso de direito processual somente obtém sucesso quando há colaboração, ativa ou omissiva, do Poder Judiciário A jurisdição passa a ser um meio para realização do abuso, ao invés de ser o último local onde ele deveria existir. No final, todos os envolvidos perdem com o abuso de direito processual: o devedor, porque em algum momento pode ceder, mesmo tendo o direito a seu favor; o credor, porque demora a receber; o Estado, pois o Poder Judiciário tem de administrar um litígio que poderia ser resolvido muitos antes. A coletividade, dentro de uma visão difusa. O abuso de direito processual necessita de tratamento e ele pode ser preventivo, corretivo ou ressarcitório

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This paper has the objective to investigate in which extension the securitization made through Receivables Investment Fund ( Fundo de Investimento em Direitos Creditórios FIDC ) could be considered as a viable alternative for enterprises to gather financing resources. It is essential for the development of any economy the existence of private financing mechanisms that allows companies to supply their financial needs in favorable conditions, either regarding costs or operations deadlines, and the securitization is one of these mechanisms. In order to support the proposed analysis, some contributions from authors that have contributed for the comprehension of the questions that involved financing operations will be presented, who are either aligned to post-Keynesian schools of thought, which emphasizes the Theory of Monetary Circuit and the Theory of Financial Fragility; or are disciples of new-Keynesianism, with particular relevance to the Theory of Credit Rationing. In order to achieve the initially proposed objective, it will be performed an empirical data collection concerning FIDC established in the Market over a period of time that ranges from 2002, the year in which the first fund was established, until the end of 2005, whose results will therefore be displayed with the assistance of descriptive statistics, and will summarize the main characteristics of the operations performed over this period of time, those which will be compared to the collected data regarding other existing financing mechanisms from Credit and Capital Markets
O presente trabalho tem como principal objetivo verificar até que ponto a securitização de recebíveis, por meio dos Fundos de Investimento em Direitos Creditórios FIDC, pode ser considerada uma alternativa viável de captação de recursos para o financiamento das empresas. A existência de mecanismos privados de financiamento que permitam às empresas captar os recursos de que necessitam em condições favoráveis, tanto no que diz respeito aos custos como também aos prazos das operações, é de fundamental importância para desenvolvimento de qualquer economia do mundo e os Fundos de Investimento em Direitos Creditórios colocam-se como um desses mecanismos. Para fundamentar a análise proposta, serão apresentadas algumas contribuições de autores que contribuíram para o entendimento da problemática que envolve as operações de financiamento, os quais estão alinhados às correntes do pensamento econômico póskeynesiana, destacando as teorias do circuito monetário e da fragilidade financeira, e novokeynesiana, com destaque para a teoria do racionamento de crédito. Buscando atingir o objetivo inicialmente proposto, será realizado um levantamento de dados empíricos sobre os fundos constituídos no mercado durante o período que vai de 2002, ano em que foi lançado o primeiro fundo, até o final do ano de 2005, cujos resultados serão apresentados com o uso de estatística descritiva e trarão as principais características das operações realizadas durante esse período, as quais serão confrontadas com informações coletadas sobre outros mecanismos de financiamento existentes nos mercados de crédito e de capitais

This doctoral thesis consists of 4 self-contained chapters: Sovereign Credit Default Swap Premia. This comprehensive review of the literature on sovereign CDS spreads highlights current academic debates and contrasts them with contradictory statements from the popular press.  Real Economic Shocks and Sovereign Credit Risk. New empirical evidence highlights that global macroeconomic risk unspanned by global financial risk bears some responsibility for the strong co-movement in sovereign spreads. A model with only two global macroeconomic state variables rationalizes the existence of time-varying risk premia as a compensation for exposure to common U.S. business cycle risk. The Term Structure of CDS Spreads and Sovereign Credit Risk. The term structure of CDS spreads is an informative signal about the relative importance of global and country-specific risk factors for the time variation of sovereign credit spreads. An empirically validated model illustrates how local risk matters relatively more when the slope is negative, while systematic risk bears more responsibility when the slope is positive. Squeezed Everywhere - Disentangling Types of Liquidity and Testing Limits-to-Arbitrage. The CDS-Bond basis is used as a laboratory to disentangle different types of liquidity and to test limits-of-arbitrage. While asset-specific liquidity is cross-correlated in both the cash and derivative market, funding and market liquidity matter only for the former. The tests find strong evidence in favor of margin-based asset pricing and flight-to-quality effects.

Diss. Stockholm : Handelshögskolan, 2013. Sammanfattning jämte 4 uppsatser

Los últimos eventos de crisis financieras han generado muchas controversias sobre el rol que han presentado las clasificadoras de riesgo en los mercados financieros debido a la poca precisión de sus evaluaciones expost y sus cuestionados indicadores de riesgo los cuales son empleados por inversionistas e instituciones financieras en la toma de decisiones al momento de adquirir instrumentos de deuda emitidos por determinado país o corporación. Este contexto ha generado la búsqueda de herramientas alternativas como es el caso de las primas de credit default swap (CDS) cuya evidencia empírica ha demostrado reflejar situaciones potenciales de crisis mucho antes que la valorización de los instrumentos financieros realizado por las agencias clasificadoras de riesgo. En ese sentido, el objetivo de esta investigación en primer lugar será verificar la relación de dependencia entre las primas de CDS y las clasificaciones de crédito soberano, que dicta que cuando un país obtiene una mejora en su rating crediticio, la correspondiente prima de su CDS debería disminuir. En segundo lugar, se validar para qué países no se estaría cumpliendo dicha relación. El análisis se realizó sobre una muestra de 16 países entre el periodo de octubre de 2003 a diciembre de 2011, en la cual se aplicó el Modelo de Corrección de Errores (MCE) propuesto por Engle & Granger. Donde se comprueba que la relación de dependencia entre las primas de CDS y las clasificaciones de crédito soberano no se cumple para Estados Unidos, Alemania y Francia a diferencia del resto de países seleccionados. Lo que lleva a concluir, en parte, que para estos tres países las calificadoras de riesgo no están siendo debidamente objetivas ni guardan los mismos niveles de rigurosidad con que califican a los demás países. Lo que alimentan las críticas que se ciernen sobre ellas y elevar a la prima de los CDS como indicador adicional de riesgo crediticio.
The last events of international crisis have generated many controversies over role than the agencies of risk classification have had in the financial market because of the poor expost evaluation and polemic indicators of risk which have used for investors and financial institutions in the make decisions at the moment when they buy any instrument of debt than a country or company to issue. This context has generated the look for alternatives tools like premium of credit default swap (CDS) how empirical evidence has showed potential situations of crisis before than the valuation of financial instruments estimate for the agencies of risk classification. In that way, the purpose of this investigation first verify the relationship of interdependence between the premium of CDS and the rating of severing credit, than has established when a country obtain a improve in its credit rating at the same time its premium of CDS have to reduce. Second, validate what countries not satisfied that relationship. The analysis made for a sample of 16 countries for the period of October 2003 to December 2011, applied the Error Correction Model developed for Engle & Granger. Where proves there isn’t a relationship of interdependence for United States, Germany and France, that result contrast with the rest of countries. In conclusion, for three countries the rating agencies don’t have an objective and severity analysis when certificated the rest of countries. This situation allows make many criticizes over rating agencies and put the CDS like additional indicators of credit risk.
Tesis

The recent interest in graduation rates (a phrase sometimes used interchangeably and incorrectly with attainment rates and completion rates) began with the Commission on the Future of Higher Education, also known as the Spellings Commissions, which called for “dramatic” changes in higher education to address the “persistent gap between the college attendance and graduation rates of low-income Americans and their more affluent peers” (Cook & Hartle, 2011, p. 1). As educators, we should strive to make sure that the students we serve receive a quality education, one that will prepare them to be college or career ready. In recent years, the national graduation rate does not ensure that educators are preparing their students for life after high school. This study analyzed the findings from a specific credit recovery and how, when implemented with a strong parental involvement, a credit recovery can have a positive impact on the graduation rate. From the administering of a student survey and parent interview/questionnaire, it was determined that parental involvement and student motivation have the greatest impact on student achievement for students who participate in credit recovery. When students have consistent access to Georgia Virtual School, then their motivation is the strongest. The findings in this study imply that parental support impacts the academic success of students. If parents said they were informed about the credit recovery procedures, this implies that there is a high level of communication between the school and home. Educational leaders should focus on areas or predictors within the family, society, or individual circumstances of the child, as well as in the academic surroundings and materials in order to meet the diverse needs of the students.

In this article, author makes a description and analysis of the performance of security interest in credits. in that sense, it is analys the credit as object of security interest. Also, it is analyze the particular process of the creation of this security interest and its opposability to third parties. Finally, there is the process of execution of the foregoing security interest.
En el presente artículo, el autor realiza una descripción y análisis del funcionamiento de la Garantía Mobiliaria sobre Créditos. e n ese sentido, se analiza al Crédito como objeto de la garantía mobiliaria. Asimismo, se ve el proceso particular de la constitución de esta garantía mobiliaria y su oponibilidad a terceros. Finalmente, se observa el proceso de ejecución de la mencionada garantía.

Les agences de notations ont récemment été l'objet d'une grande attention. Leur responsabilité dans la crise des subprimes a été questionné. Les médias ont mis en avant les notes trop généreuses qui avaient été attribué à certains produits complexes, avant de s'interroger sur leur comportement quand elles ont dégradé les notes des dettes souveraines. Dans cette thèse, après avoir revu une partie de la littérature sur le sujet, je m'interroge sur deux aspects spécifique de leur activité:(i) Quels sont les conséquences de confier une information publique (comme une note de crédit) à une entité privée ?(ii) Les agences de notations disent avoir pour principal actif la réputation. Cette dernière peut expliquer pourquoi on observe des périodes de sur- notations et d'autres de sous-notations ?
Credit rating agencies have recently been under a lot of scrutiny. Their responsibility in the last financial crisis has been questioned. They received much attention from the media. The credit rating agencies have been blamed for their too generous ratings before the crisis and also for being too severe during the European debt crisis. In this thesis, after an overlook of the recent literature, I look at two specific issues related to their activity: • What issues arise when public information is released by a private entity on financial markets? • Can reputation explains why a credit rating agency can be caught underrating (respectively overrating)

This thesis charts the evolution of the credit default swaps (CDS) market from its inception to the present day. The first part focuses on the principles of CDS trading, the differences between CDS and insurance, the structure of the markets and variation in their volumes during the period, the influence of CDS on the credit crisis and the current state of the market. The second part looks at AIG and the relationship between CDS and the problems of AIG. The final part looks at the regulation and standardisation of the CDS market and trend in the changes to those regulations.

The application of credit scoring techniques to assess the credit worthiness of borrowers is a well-established practice in consumer credit. However, the use of credit scoring to provide credit decisions for mortgage loans is a new application of this method of assessment. This thesis is concerned with whether the application of credit scoring to a mortgage loan portfolio affords business benefits. A review of the literature relevant to both credit scoring and mortgage default is presented. Following a review of the literature, the methodology and research design are described. Thereafter this thesis reports the findings of a range of empirical research. Chapter Four reports the findings of the initial industry survey, which examines mortgage credit scoring. Chapter Five reports the findings of the interview programme conducted to augment the survey. Chapter Six describes a case study undertaken, which facilitated the development of a bespoke mortgage scorecard. The development and subsequent performance of the scorecard are examined. Chapter Seven provides the findings of a pilot study in which mortgage lender performance is benchmarked. This principle conclusions of this thesis are; (i) A range of organisational factors require to be controlled if scoring is to afford the risk, process and cost benefits sought by those who adopt it either as an alternative to judgmental evaluation, or to augment such a system. (ii) Subject to those controls being in place, credit scoring can outperform judgmental evaluation in predicting mortgage default.

The paper is concerned with counterparty credit risk management for credit default swaps in the presence of default contagion. In particular, we study the impact of default contagion on credit value adjustments such as the BCCVA (Bilateral Collateralized Credit Value Adjustment) of Brigo et al. 2012 and on the performance of various collateralization strategies. We use the incomplete-information model of Frey and Schmidt (2012) as vehicle for our analysis. We find that taking contagion effects into account is important for the effectiveness of the strategy and we derive refined collateralization strategies to account for contagion effects. (authors' abstract)
Series: Research Report Series / Department of Statistics and Mathematics

This dissertation addresses the question of strategic behavior with respect to unsecured credit, in the presence of vast asymmetry of information between lender and borrower. The theoretical exercise presented below differs from the existing literature on precautionary savings models in a number of ways. Firstly, it analyzes the credit scores from the perspective of a non-transferable asset and determines the effect of exogenous shocks to its value on consumer behavior. Secondly, it introduces a greater degree of asymmetry of information in the form of privately known health shocks. Thirdly, it moves away from the deterministic end of life model by introducing a stochastic shock for end of life, which also serves as an additional layer of information asymmetry between players in the market.

Finally, it modifies discounting through a dynamic discount factor. The simulations presented show significant effects from exogenous shocks to the credit allocation dynamics. These effects, however, are diminished with the passage of time, suggesting that strategic behavior is influenced more prominently in the short to medium term.

Following the establishment of economic value in the credit score, the dissertation addresses the question of asymmetric information in greater detail. By analyzing the effects of privately held stochastic health shocks in the presence of credit scores, it adds further insight into strategic behavior. Overall, the analysis focuses on the effects of exogenous changes to health that affect the incidence of such negative shocks, the magnitude of the shock, and finally the costs associated with the shock. Key findings show that the interplay between the insurance motif in borrowing and the strategic default motif are correlated with the credit scoring process and the credit allocation decision. Additionally, the dissertation also tests some of the theoretical predictions via a number of simple, stylized empirical models. Specifically, it presents models using data from the Survey of Consumer Finances that supports the hypothesis that, given a pessimistic outlook on life and health, individuals are likely to rely more on unsecured credit.

Finally, the dissertation will present extensions of the model under considerations. By expanding the current literature on precautionary savings models via the introduction of heterogeneous and dynamic risk profiles, it explores the implications of such profiles on strategic behavior. The model is estimated for various levels of static risk aversion, as well as a dynamic formulation. The results again show strong correlation between the credit scoring process and strategic behavior; however the impact is mitigated somewhat by the risk profile. To complete the picture of the effects of credit scoring on strategic behavior, an alternative credit allocation process is introduced. This process, which is a quasi-collateralized form of unsecured lending, reduces the incidence of strategic default. The implication is that credit scores have a significant impact on behavior, however, their impact also interacts with other components of the market (such as risk profiles and health shocks). These interactions modify the magnitude of the impact of the credit score on individual behavior, though largely the direction of the impact remains the same.

碩士
東吳大學
國際經營與貿易學系
96
Documentary credits (also called letters of credit) facilitate international payments, providing security for both export seller and import buyer. The letter of credit is essentially a document issued by the importer’s bank which undertakes to pay the exporter upon due compliance with documentary requirements. International letter of credit practice is governed by a set of rules produced by the ICC, commonly known as the Uniform Customs and Practice for Documentary Credits (“UCP”). The UCP is sometimes cited as the foremost example of how international business self-regulation can be more efficient than treaties, government regulation or case law. Indeed, legal commentators have called the UCP the most successful act of commercial harmonization in the history of world trade. The latest revision of UCP (UCP600) is implemented on July 1, 2007. This revision is the sixth revision of the rules since they were first promulgated in 1933. There are several differences between the UCP600 and the former 1993 Revision (UCP500). When analyzing from a broad perspective, the UCP600 is composed of 39 articles which is less than UCP500 by 10. In addition, the structural arrangement of the articles is also different. One of the structural changes to the UCP is the introduction of articles covering definitions (article 2) and interpretations (article 3). In providing definitions of roles played by banks and the meaning of specific terms and events, UCP600 avoids the necessity of repetitive text to explain their interpretation and application. This makes it easier for relevant personnel to search and use the articles. Other modifications include: establishing legal responsibilities for respective parties; strengthening the function of the banks operation procedures; distinguishing specific measurements to be taken in refusing to honour or negotiate; and shortening the time incurred to manage discrepant documents. Another overall improvement in UCP600 is that the phrase “unless the credit stipulates otherwise”, or words to that effect is not repeated countless times. It is generally accepted that any credit can be constructed to override various UCP points, and that when this happens the languages in the credit takes precedence. In sum, UCP600 is easier to use than any of its predecessors. Placement of topics is more logical, and titles more accurately reflect the points that users are most likely to seek. While some conditions are bound to displease some users, the fact that UCP600 is less wordy and better organized than its predecessor is a major point in its favour.

The aim of this work is an analysis and classification of product in chosen banking house and its usage and gain for consumers and costumers inclusive point of view. The interrogatory was using to analyze of mortgage credits. This work informs readers about issue of mortgage credit in Czech market including forecasts to expectations. In the following is an adumbration and development in European market. Chosen banking house is Česká spořitelna, a. s., because this bank is considered the greatest provider of mortgage credits in Czech republic. Majority shareholder of this bank is financial group Erste Bank.

O presente trabalho escrito ≪Responsabilidade do Credor pelo Controlo» tem como principal objetivo, identificar problemas associados à possibilidade de ingerência do credor enquanto financiador da sociedade mutuária. O credor no exercício da sua influência poderá agir, na pendência de uma situação de insolvência iminente, recorrendo e impondo vários comportamentos lesivos da mutuária, entre os quais, por exemplo, exigir um administrador nomeado pelo credor (que controla o vencimento do empréstimo) ou, até mesmo, impondo cláusulas contratuais mais exigentes, conduzindo a mutuária a uma situação de insolvência. Não se trata de analisar a legitimidade do credor em exigir o cumprimento das obrigações por parte da mutuária, mas sim de analisar possíveis condutas lesivas à mutuária, questionando se não existe entre credor e mutuária, uma relação especial, derivada de cláusulas contratuais, que colocam à disposição do credor um exercício fático de influência, impondo aos administradores da sociedade mutuária vários comportamentos, suscetíveis de causar danos. A situação sub-judice enquadra-se na Teoria da Agência, afigurando-se cada vez mais ténue a separação entre o papel dos equity holders, (sócios/acionistas) das sociedades e dos seus financiadores externos, mormente no que toca à influência que estes são suscetíveis de produzir no governo daquelas. No contexto atual de crise financeira e de consequente escassez de fontes de financiamento com que as empresas vivem o seu dia-a-dia, não é raro assistir-se a uma subordinação das mesmas perante os seus potenciais e efetivos financiadores. Assim, e porque, muitas das vezes, estas empresas carenciadas de liquidez ou simplesmente habituadas a socorrerem-se ao financiamento por contração de dívida, conduzem à ingerência dos seus credores na sua própria gestão, por imposição negocial desses, que se movem e agem como um verdadeiro administrador com o fundamento da monitorização da dívida e do seu cumprimento. Essa ingerência pode efetivar-se através de instrumentos diversos, cada vez mais sofisticados e criativos, celebrados não só no momento da concessão de crédito como durante o seu incumprimento. Não raras vezes, tanto a existência como os termos econdições em que esses instrumentos são celebrados são do completo desconhecimento dos proprietários das sociedades financiadas. Existem situações em que a influência dos credores chega a ser tão forte (e até de terceiros com quem tem relações contratuais) que os possibilita a posicionarem-se lado a lado com os equity holders e os administradores das sociedades que eles mesmos financiam. Contudo, nem as regras jurídico-societárias positivas, nem o sistema (clássico) de corporate governance estão preparados para enfrentar esta problemática crescente, revelando-se urgente a criação de regras e mecanismos tanto jus-societários como de corporate governance externa (que alguns apelidam de debt governance), que sejam aptos a dirimir os desequilíbrios e os conflitos consequentemente originados. A escolha do presente tema para Dissertação de Mestrado, tem por objetivo identificar as situações de facto, associados ao exercício do controlo por parte do credor, quando este é excessivo e arbitrário e, por outro lado, mencionar soluções e mecanismos de reação do direito, tanto na nossa lei como na jurisprudência e doutrina estrangeiras, tendo por base o comportamento lesivo do credor controlador, através do instituto da responsabilidade civil por administração de facto. A presente Dissertação procura ainda fundamentar uma possível construção dogmática para a existência da relevância do controlo económico, dando o exemplo de diversas decisões jurisprudenciais, que fazem referência ao poder de influência efetuado pelos credores. Acresce que, o exercício do controlo é ainda evidente nas situações de insolvência, quando o credor é colocado numa situação de conflito de interesses, sendo que o mesmo, poderá estar numa situação de esvaziamento do direito de voto, exercendo o sentido de voto contra um processo de reestruturação de uma sociedade contra quem detém créditos, com o objetivo de conduzir essa mesma sociedade a uma situação de insolvência, de forma a verificar-se o default e receber o prémio por ter celebrado um contrato de seguro, vulgarmente conhecido como swap. Estes são os problemas fundamentais que a presente Dissertação tem como objetivo dar resposta a um controlo de facto efetuado pelo credor, de forma a conseguir efetivar uma responsabilidade pelo exercício de influência na gestão da sociedade controlada, por via da administração de facto.
The main purpose of this paper, "Responsibility of the Creditor for Control", is to identify problems associated with the possibility of interference by the creditor as the financer of the borrowing company. The creditor, in the exercise of his influence, may, pending a situation of impending insolvency, resorting and imposing several behaviors injurious to the borrower, for example requiring an administrator appointed by the creditor (who controls the maturity of the loan) or, even imposing more demanding contractual clauses, leading the borrower to a situation of insolvency. It is not a matter of examining the creditor's legitimacy in demanding a provision, when it is in default, but rather of examining possible actions that would adversely affect the borrower, questioning if there is a special relationship between creditor and borrower derived from contractual clauses that make available to the creditor a factual exercise of influence by imposing to the administrators of the debtor company various types of conduct liable to cause damage. The situation under consideration is part of the Agency Theory, and the separation between the role of the equity holders, the companies and their external financiers seems increasingly tenuous, especially the influence susceptible to produce in the management of those. In the current context of the financial crisis and the consequent scarcity of sources of financing with which companies live their day to day activities, it is not uncommon to see them subordinated to their potential and effective financiers. Thereby, and because, often these companies whit lack of liquidity - or simply accustomed to debt contraction, lead to the interference of their creditors in their own management, by the negotiating imposition of those creditors that move with the basis of debt monitoring and compliance. This interference can be effected through various instruments, increasingly sophisticated and creative, concluded not only at the time of granting of credit but also during their default. Not infrequently, both the existence and the terms and conditions under which such instruments are concluded are of the complete ignorance of the owners of the companies being financed.There are situations where the influence of creditors becomes so strong (and even third parties with whom they have contractual relationships) that enables them to stand side by side with the equity holders and managers of the companies they finance. However, neither the positive legal norms nor the (classic) system of corporate governance are prepared to face this growing problem, and it is urgent to create rules and mechanisms for both corporate and external corporate governance (which some call of debt governance), which are able to resolve the imbalances and the resulting conflicts. The purpose of this dissertation is to identify some legal problems associated with the exercise of control by the creditor when it is excessive and arbitrary and, on the other hand, to mention solutions and mechanisms of reaction of the law, both in our law as in foreign jurisprudence, based on the injurious behavior of the controlling creditor, through the institute of civil liability for de shadow director, imposition of the duty of loyalty as a basis for the responsibility for the power of influence exercised and, to defend the path of the duties of conduct for a possible solution to the discretion of the creditor who uses the financial situation of the company to renegotiate a loan agreement, in a more advantageous way for itself, annulling any hypotheses of recovery of the debtor. The present dissertation also attempts to substantiate a possible dogmatic construction for the existence of the relevance of economic control, giving the example of several jurisprudential decisions that refer to the power of influence made by creditors. In addition, the exercise of control is still evident in insolvency situations, where the creditor is placed in a situation of conflict of interest, which may be in a situation of void voting, exercising the sense of voting against a process of restructuring of a company against whom holds credits, with the aim of leading that same company to a situation of insolvency, in order to verify the default and receive the premium for having entered into an insurance contract, commonly known as swap. These are the fundamental problems that the present dissertation aims to answer and to give an effective responsibility for the abusive exercise of the right of the creditor, demanding the early expiration of the debt, to obtain more advantageous, but often disproportionate conditions, which can lead the debtor to a situation of insolvency.