Ronald Sverdlove

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We present a model that shows how interactions between creditor groups in bankruptcy can affect the debt issuance decisions of firms. In particular, we suggest that deviations from APR should be priced and can affect the issuing decisions of junior and senior debt. Our model suggests that once firms issue debt with one level of seniority, they may have an(More)
Using a comprehensive dataset of mutual funds’ quarterly holdings of credit default swap (CDS) contracts over 2007-2011, we analyze the motives for and consequences of mutual funds’ participation in the CDS market preand post-financial crisis. Consistent with theoretical work, funds resort to CDS (especially selling) when they face less predictable(More)
Although color TV is an established technology, there are a number of longstanding problems for which neural networks may be suited. Impulse noise is such a problem, and a modular neural network approach is presented in this paper. The training and analysis was done on conventional computers, while real-time simulations were performed on a massively(More)
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