Mohamed A. Ayadi

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We would like to thank Van Son Lai for many helpful comments. Financial support from the Institute of International Issues in Accounting (Brock University) is gratefully acknowledged. The usual disclaimer applies. Please do not quote without the authors' permission. Abstract This paper examines the quality of credit ratings issued by the three major credit(More)
We design and implement a dynamic program (DP) for valuing corporate securities, seen as derivatives on a …rm's assets, and computing the term structure of yield spreads and default probabilities. Our setting accommodates arbitrary corporate debts, multiple seniority classes, payouts, tax bene…ts, bankruptcy costs, and a reorganization process. This(More)
This study provides a comprehensive empirical analysis of the performance of a large sample of 1,471 Canadian international equity mutual funds over the period 1988-2008. We find that the performance statistics are sensitive to the selected benchmark model and conditional specification. Fund selectivity underperformance is partially explained by higher(More)
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