Kelvin Kwok-Wai Law

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Analyzing 916 CDOs issued from January 1997 to December 2007, we find that direct outputs from a rating agency model are more straightforward and accurate than actual ratings assigned to CDOs. Actual sizes of AAA rated tranches are on average 12.1% larger than implied by the rating agency model. These adjustments to the rating agency model are difficult to(More)
Advances in high-speed networks and multimedia technologies have made it feasible to provide video-on-demand (VOD) services to users. However, it is still a challenging task to design a cost-effective VOD system that can support a large number of clients (who may have different quality of service (QoS) requirements) and, at the same time, provide different(More)
This study outlines a new disclosure-based approach for predicting a firm’s future earnings using information that is geographically distributed within the United States. Using this approach, we show that firm earnings can be predicted using the past earnings of firms in a given firm’s economically-connected states. However, we find that equity analysts and(More)
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