Joseph L. Rotman

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This paper extends the analysis in Valuing Credit Default Swaps I: No Counterparty Default Risk to provide a methodology for valuing credit default swaps that takes account of counterparty default risk and allows the payoff to be contingent on defaults by multiple reference entities. It develops a model of default correlations between different corporate or(More)
W faced with a choice of selecting one of several available products (or possibly buying nothing), according to standard theoretical perspectives, people will choose the option with the highest cost–benefit difference. However, we propose that decisions about free (zero price) products differ, in that people do not simply subtract costs from benefits but(More)
Research in the realm of selection and educational testing has begun to explore test takers’ attitudes toward tests. However, valid measurement of test-taking attitudes is required before concrete conclusions may be drawn. The purpose of this investigation was to examine the psychometric properties of a popular measure of test-taking attitudes that may be(More)
Although it is of interest to empirical researchers to test whether or not a particular assetpricing model is true, a more useful task is to determine how wrong a model is and to compare the performance of competing asset-pricing models. In this paper, we propose a new methodology to test whether two competing linear asset-pricing models have the same(More)
Roger Martin, dean of the Rotman School of Management, University of Toronto, is interviewed on the subject of “design thinking”—approaching managerial problems as designers approach design problems—and its potential impact on management education. Under a design-thinking paradigm, students would be encouraged to think broadly about problems, develop a deep(More)