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Article 2(10) of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general legal framework for securitisation, states that "'synthetic securitisation' means a securitisation where the transfer of risk is achieved by the use of credit derivatives or guarantees, and the exposures being securitised remain exposures of the originator." This article explores the structuring of synthetic securitisations where risk is transferred by using guarantees that enable the originator to obtain the necessary credit protection. We analyse the most common structures that players in the European market use and the interest and benefits deriving from them for banking institutions acting as originators, as well as how they are implemented and organised in the Portuguese legal system. [ABSTRACT FROM AUTHOR]

RESUMO Este documento trata do processo de ajuste do banco internacional à dívida externa dos países menos desenvolvidos. Começa com uma visão geral da situação financeira dos bancos americanos durante os anos 80. Conclui que, após o default do Brasil em 1987, os bancos estão dispostos a fortalecer sua estrutura de capital, mas ainda têm riscos a enfrentar.

The research seeks to demonstrate the changes ocurred in the Allowance for Doubtful Accounts (AFDA) provisons of the five largest banks listed on the Brazilian Stock Exchange [B]³ before and after the Covid-19 Pandemic. The methodology used was documentary research, by extracting information from the Financial Statements of each of the five banks in the period from 2018 to 2022. The research was developed with the comparative analysis of AFDAs with the total assets and equity of the five financial institutions. Based on the results obtained, the research points out that the pandemic led to changes in the AFDAs of the five largest banks listed in [B]³. In all cases, there was an increase in the provision, both in absolute values and in comparison with the total assets and equity of each bank under study. [ABSTRACT FROM AUTHOR]

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Copyright of Revista Gestão & Tecnologia is the property of Revista Gestao & Tecnologia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

A transparência dos dados contábeis e financeiros amplia a possibilidade do usuário tomar decisões mais corretivas, minimizando possíveis perdas. Diante disso, buscou-se analisar os determinantes que impactam no grau de evidenciação do gerenciamento de risco de crédito nas centrais cooperativas de crédito. A amostra é constituída pelas Centrais de Cooperativas de Crédito, sendo que o Disclosure do Risco de Crédito (DRC) foi coletado conforme método aplicado por Dantas et al. (2010), enquanto as variáveis financeiras do Banco Central do Brasil. Para análise foram formuladas hipóteses, analisados com estatística descritiva e regressão de dados em painel. A análise dos resultados apresenta contribuições teóricas e empíricas. O nível de DRC foi inferior ao esperado, explicado pelo tamanho e o índice de imobilização, todavia, a rentabilidade não foi significativa para determinar o nível de divulgação, ou seja, níveis de evidenciação não estão relacionados ao desempenho econômico-financeiro nas cooperativas de crédito.

Esse artigo discute a gestão de risco de crédito em cooperativas agroindustriais, que são importantes fornecedoras de crédito de custeio para produtores no Brasil. Também apresenta e discute o modelo de credit rating desenvolvido por uma Cooperativa Agroindustrial Brasileira e a eficiência da sua carteira de crédito. Foi observado que o credit rating possibilitou avançar no grau de profissionalização na concessão de crédito, superando o paradigma da decisão ser exclusivamente julgamental. O modelo também auxiliou a Cooperativa na aplicação de uma política financeira mais justa perante o quadro associativo, bem como a minimização de riscos. Dado que a Cooperativa oferece créditos aos seus cooperados que são, ao mesmo tempo, fornecedores, clientes e “proprietários”, tais práticas são envoltas a dificuldades político-gerenciais adicionais. Com tal ambiente o artigo traz à luz da discussão acadêmica o desempenho e a expertise da cooperativa estudada no complexo gerenciamento de risco de crédito em cooperativas agroindustriais. O relato da experiência da Cooperativa, juntamente com os pressupostos teóricos e boas práticas sobre gestão de risco de crédito, podem auxiliar gestores a definir e organizar políticas de crédito mais eficientes e com menor risco.

Na medida em que o endividamento público alcança patamares recordes em 2021 e que crises econômicas ampliam a necessidade dos entes públicos pela tomada de crédito, o risco de crédito ganha destaque como métrica útil a potenciais credores e também aos próprios entes em termos de gerenciamento de sua carteira de passivos. Este trabalho avalia, visando ao curto prazo, as perspectivas para o risco de crédito estadual, com enfoque na probabilidade de default. Os métodos utilizados combinam projeções resultantes da aplicação de modelagem para dados em painel com simulações de Monte Carlo, tomando-se como referência conceitos atinentes à sustentabilidade de entes públicos para apuração do risco de inadimplência. Os resultados indicam a manutenção de uma condição negativa para grande parte dos estados e, também, a possibilidade de agrupamento dos entes em diferentes patamares de risco de crédito. Complementarmente, obteve-se uma ferramenta prática, alternativa e complementar para análise do risco de crédito subnacional no curto prazo.

Copyright of Exacta is the property of Exacta - Engenharia de Producao and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Resumo Este estudo analisa a relação entre o risco de crédito e a eficiência das cooperativas de crédito brasileiras no período de 2008 a 2017. Utilizou-se o modelo de Data Envelopment Analysis em dois estágios para a obtenção dos escores de eficiência, com a análise de um modelo Tobit no segundo estágio. Foram consultados especialistas para a construção e a validação dos escores de eficiência, o que é uma contribuição desse estudo em relação aos demais. Constatou-se que, quanto maior o risco de crédito, menores os escores de eficiência. De igual modo, viu-se que as cooperativas de crédito que conseguem manter sua continuidade no mercado e diversificam seus produtos tiveram maiores escores de eficiência e, por consequência, geraram mais benefícios aos associados. Adicionalmente, as cooperativas devem se atentar no número de pontos de atendimentos e em períodos de recessão econômica. O aumento do número de pontos de atendimento reduz os escores de eficiência. Considerando o período de retração econômica brasileira medido no período de 2015 a 2017, verificou-se um impacto negativo nos escores de eficiência médios das cooperativas. Como limitação, os resultados são decorrentes de inputs e outputs selecionados de informações contábeis e financeiras, de modo que se sugere que novas variáveis relacionadas à dimensão social das cooperativas sejam incorporadas em outros estudos a fim de avaliar a eficiência global das cooperativas de crédito brasileiras.

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As Cooperativas de Crédito têm se destacado no Sistema Financeiro Nacional pelo seu potencial de crescimento em momentos de crise e por terem se tornado um importante instrumento de desenvolvimento econômico devido à oferta de taxas de juros menores e à facilidade de acesso ao crédito. Porém, o aumento da concessão de crédito, consequentemente aumenta o risco de crédito da cooperativa. A relação risco de crédito e desempenho financeiro é um tema bastante estudado e ainda muito controverso perante aos diversos resultados obtidos pelos pesquisadores. Nesse sentido, utilizando uma amostra de 263 Cooperativas de Crédito de Livre Admissão, este estudo analisou a relação entre o risco de crédito e o retorno, no período de 2014 a 2018. Foi possível verificar por meio da regressão de dados em painel que o risco de crédito deve ser considerado fator determinante no desempenho financeiro das cooperativas de crédito de livre admissão, sendo o provisionamento para crédito de liquidação duvidosa negativamente relacionado com o retorno sobre o ativo (ROA) e com o retorno sobre o patrimônio líquido (ROE) das cooperativas analisadas. Sendo assim, uma gestão adequada do risco de crédito é fundamental para garantir a sobrevivência e o crescimento das cooperativas.

The micro and small business in Peru has been in constant development for 40 years, since then the Municipal Savings and Credit Banks (CMAC) appeared, which have administrative, financial, and economic autonomy and participate in the decentralization of the financial services; However, the growth of the loan portfolio is accompanied by high delinquency indicators related to the credit risk of these institutions. The objective of this work is to analyze whether the over-indebtedness of clients, measured as the balance and number of financial entities that the debtor has, is a variable that has a positive and direct relationship to credit risk, leading to the establishment of higher provisions that negatively affect in the income statements of this group of institutions. This research has a quantitative and correlational approach, where the data collected from 48 months, (2016-2019), were processed using the statistical methodology CRISP-DM, where the direct relationship of the over-indebtedness with the credit risk of the CMAC. The relevance of this research is aimed at making strategic decisions that allow better control of the payment behavior of your credit operations and this is reflected in better economic results. [ABSTRACT FROM AUTHOR]

The objective of this study is to analyze the influence of elements underlying accounting regulation in the disclosure of credit risk practiced by Credit Rights Investment Funds (FIDCs). The sample consists of 148 FIDCs whose explanatory notes from 2012 to 2014 were analyzed as to the level of compliance with disclosure standards through content analysis and statistical tests. The results indicate that the FIDCs partially meet the regulatory requirements for disclosure about credit risk, that there has been a relative improvement in the level of disclosure over time, that compliance with ICVM nº 489/11 is higher than CPC 40 (R1), and that quantitative normative criteria are the most publicized aspects. The constructs of the Asymmetric Information Theory allow us to understand that the asymmetry of credit risk information remains in securitization market and that the specificity of the regulations influences its occurrence.

Purpose: This research aims to identify the probability of default of infrastructure companies considering the sector specificities of their activities. In addition, the work seeks to identify the application of structural variables of probability of default in a model in a reduced way in order to identify the significance of its use. For this purpose, we investigated 1,520 North American companies from six different sectors linked to infrastructure. Originality/value: The analyzes carried out to identify the probability of a company going bankrupt hardly consider its sectorial particularity. Although most models bring important inputs for risk assessment, most of them do not consider this sectoral view. Then, this work has as value and originality the contribution to fill this gap and identify the existence of sectorial differences in the analysis of default risk in infrastructure companies in the North American market in the period between 2006 and 2018. Design/methodology/approach: The study performed a logistic regression (logit model) using 11 model variables established in calculating the probability of default. It also used the variable distance to default as an explanatory variable in order to identify its ability to explain the researched phenomenon. Findings: The study identified that, in addition to the size of the companies, the distance to default variable is the only variable that can be applied with significance in all the analyzed sectors. In addition, it was identified that companies in the oil and gas sector have less sensitivity to this variable than companies in the other sectors. Objetivo: Esta pesquisa tem como objetivo identificar a probabilidade de inadimplência de empresas de infraestrutura, considerando as especificidades setoriais de suas atividades. Além disso, o trabalho procura identificar a aplicação de variáveis estruturais de probabilidade de inadimplência em um modelo de forma reduzida, a fim de identificar a significância de seu uso. Para isso, investigamos 1.520 empresas norte--americanas de seis setores diferentes vinculados à infraestrutura. Originalidade/valor: As análises realizadas para identificar a probabilidade de uma empresa falir dificilmente consideram sua particularidade setorial. Como resultado, embora a maioria dos modelos traga insumos importantes para a avaliação de riscos, a maioria deles não considera essa visão setorial. Nesse sentido, este trabalho tem como valor e originalidade contribuir para o preenchimento dessa lacuna e identificar a existência de diferenças setoriais na análise de risco de inadimplência em empresas de infraestrutura no mercado norte-americano, no período entre 2006 e 2018. Design/metodologia/abordagem: O estudo realizou uma regressão logística (modelo logit) usando 11 variáveis do modelo estabelecidas no cálculo da probabilidade de inadimplência. O estudo também utilizou a variável distância até o default como variável explicativa, a fim de identificar sua capacidade de explicar o fenômeno pesquisado. Resultados: O estudo identificou que, além do tamanho das empresas, a distância até o default é a única variável que pode ser aplicada com significância em todos os setores analisados. Além disso, constatou-se que as empresas do setor de petróleo e gás têm menos sensibilidade a essa variável do que as empresas dos outros setores. [ABSTRACT FROM AUTHOR]

Copyright of Estudios Gerenciales is the property of Universidad ICESI and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Semestre Económico is the property of Sello Editorial de la Universidad de Medellin and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: This research aims to identify the probability of default of infrastructure companies considering the sector specificities of their activities. In addition, the work seeks to identify the application of structural variables of probability of default in a model in a reduced way in order to identify the significance of its use. For this purpose, we investigated 1,520 North American companies from six different sectors linked to infrastructure. Originality/value: The analyzes carried out to identify the probability of a company going bankrupt hardly consider its sectorial particularity. Although most models bring important inputs for risk assessment, most of them do not consider this sectoral view. Then, this work has as value and originality the contribution to fill this gap and identify the existence of sectorial differences in the analysis of default risk in infrastructure companies in the North American market in the period between 2006 and 2018. Design/methodology/approach: The study performed a logistic regression (logit model) using 11 model variables established in calculating the probability of default. It also used the variable distance to default as an explanatory variable in order to identify its ability to explain the researched phenomenon. Findings: The study identified that, in addition to the size of the companies, the distance to default variable is the only variable that can be applied with significance in all the analyzed sectors. In addition, it was identified that companies in the oil and gas sector have less sensitivity to this variable than companies in the other sectors. / Objetivo: Esta pesquisa tem como objetivo identificar a probabilidade de inadimplência de empresas de infraestrutura, considerando as especificidades setoriais de suas atividades. Além disso, o trabalho procura identificar a aplicação de variáveis estruturais de probabilidade de inadimplência em um modelo de forma reduzida, a fim de identificar a significância de seu uso. Para isso, investigamos 1.520 empresas norte-americanas de seis setores diferentes vinculados à infraestrutura. Originalidade/valor: As análises realizadas para identificar a probabili dade de uma empresa falir dificilmente consideram sua particularidade setorial. Como resultado, embora a maioria dos modelos traga insumos importantes para a avaliação de riscos, a maioria deles não considera essa visão setorial. Nesse sentido, este trabalho tem como valor e originalidade contribuir para o preenchimento dessa lacuna e identificar a existência de diferenças setoriais na análise de risco de inadimplência em empresas de infraestrutura no mercado norte-americano, no período entre 2006 e 2018. Design/metodologia/abordagem: O estudo realizou uma regressão logística (modelo logit) usando 11 variáveis do modelo estabelecidas no cálculo da probabilidade de inadimplência. O estudo também utilizou a variável distância até o default como variável explicativa, a fim de identificar sua capacidade de explicar o fenômeno pesquisado. Resultados: O estudo identificou que, além do tamanho das empresas, a distância até o default é a única variável que pode ser aplicada com significância em todos os setores analisados. Além disso, constatou-se que as empresas do setor de petróleo e gás têm menos sensibilidade a essa variável do que as empresas dos outros setores.

This study aims to propose a polynomial distributed lag model to predict the Brazilian financial system default using macroeconomic variables. This model estimates coefficients that consider lagged effects of the explanatory variables in the response variable. The most commonly used models in stress testing (linear regression, time series and panel data) do not consider that the change in a variable has a distributed effect over the later periods. The model was estimated for the period from January 2004 to February 2016, in which a default was estimated using explaned macroeconomic variables related to interest, industrial production, unemployment and Ibovespa stock index. The proposed model presented a smaller error than the most commonly models used in the literature, indicating that its use is more adequate.

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O crédito bancário é considerado umimportante canal de transmissão de choques monetários e financeiros para o lado real da economia. Este artigo investiga a relação entre risco de crédito e a políticamonetária, conduzida tanto de forma convencional quanto não-convencional, e analisa os efeitos e canais de transmissão de choques exógenos no risco de crédito, taxa nominal de juros e alíquota de compulsório sobre o ciclo econômico. O modelo de Gertler & Karadi (2011) é modificado para incorporar risco de crédito endógeno dado pela probabilidade de default em empréstimos bancários pela firma. Os resultados de simulações para a economia brasileira revelam uma taxa de default anticíclica, que compensa os bancos por perdas com os “maus” pagadores. Uma regra de compulsório anticíclica mais agressiva contribui para a estabilização do ciclo econômico sem afetar significativamente o risco de crédito.

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Copyright of Gestão e Desenvolvimento (18075436) is the property of Universidade Feevale and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

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The purpose of this study is to identify the factors that may explain the attribution of credit ratings to firms, focusing especially on the impact of derivatives. The gap explored by this research lies in the novelty of analyzing how rating agencies perceive the effects caused by information related to derivatives use by Brazilian publicly-traded companies. In addition, this study shifts the previous findings from stock analysts to rating agencies, reinforcing the discussion about the complexity of derivatives in the credit risk assessment process. This research topic is currently of interest due to the adoption of International Financial Reporting Standard (IFRS) 9 (Accounting Pronouncements Committee - CPC - 48), which came into effect in January of 2018. Based on these rules, the main novelty presented in this article was its verification of the effect of the derivatives used by companies in order to hedge their credit ratings, thus helping to fill the empirical gap that exists in the literature from the area. The results found challenge the theory that the use of hedge derivatives is viewed positively by investors. However, although no significant statistical impact was found on the ratings of companies that use derivatives, it was observed that the companies that use derivatives and have the highest notional values were those that received the best ratings from Moody's. With this we broadened the debate about the complexity of the information linked to derivatives use. In the study, 2,090 ratings attributed to non-financial companies with stocks traded on the Brasil, Bolsa, Balcão [B]³ exchange were examined between 2010 and 2016 by using panel data analysis, which lends robustness to the analysis and findings. Contrary to the central hypothesis of this research, the results presented here show that, in Brazil, companies that use derivative financial instruments for hedging do not receive the best credit ratings from rating agencies. One of the main contributions of this study is the evidence that Standard & Poor's and Moody's were unable to consistently incorporate information related to derivatives use, thus broadening the discussion about the complexity of these financial instruments. [ABSTRACT FROM AUTHOR]

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Copyright of Estudios Gerenciales is the property of Universidad ICESI and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

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This study analyzed the determinants of risk for default of the cooperative in a credit cooperative that operates in Santa Catarina and Paraná. For this, a documentary study was conducted, with data processed through Logistic Regression. Among the findings, it was observed that the sample of respondents is represented in 57% of males, with a mean age of 44 years, with a full university degree, married, and an average income of more than 3 minimum wages. At least one dependent and 47% own a home. The results indicated that the proposed model presented is statistically significant and the independent variables are adequate to predict default risk in 89.8%. The results showed that the variables: gender, educational level, number of dependents, issuance of checks with insufficient balance, Serasa, SCPC, income and title situation, are predictive factors of risk for default. [ABSTRACT FROM AUTHOR]

This paper investigates the effects of the great financial crisis on the behavior of the Brazilian credit market through a panel of 101 Brazilian banks. For that, we measure the amount of cash involved in the credit activity in the different segments that compound the Brazilian financial system. The results show that: (i) the crisis did not change the relationship between the credit market and the credit risk, regarding the Brazilian financial system as a whole; (ii) both the state-owned and the private-owned segments of the financial system were significantly affected by the crisis, but in opposite directions. While the private segment extracted cash from the credit portfolio, reacting to the worsening in credit risk, the state-owned segment injected cash in the credit portfolio, acting counter-cyclically and compensating the private reaction. [ABSTRACT FROM AUTHOR]

The objective of this study is to analyze the influence of elements underlying accounting regulation in the disclosure of credit risk practiced by Credit Rights Investment Funds (FIDCs). The sample consists of 148 FIDCs whose explanatory notes from 2012 to 2014 were analyzed as to the level of compliance with disclosure standards through content analysis and statistical tests. The results indicate that the FIDCs partially meet the regulatory requirements for disclosure about credit risk, that there has been a relative improvement in the level of disclosure over time, that compliance with ICVM n° 489/11 is higher than CPC 40 (R1), and that quantitative normative criteria are the most publicized aspects. The constructs of the Asymmetric Information Theory allow us to understand that the asymmetry of credit risk information remains in securitization market and that the specificity of the regulations influences its occurrence. [ABSTRACT FROM AUTHOR]

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Copyright of Revista de Educação e Pesquisa em Contabilidade is the property of Revista de Educacao e Pesquisa em Contabilidade and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)