We use Extended Merton model(EMM)for estimating the firm’s credit risks in the presence of inflation.We show quantitatively that inflation is an influential factor making either a benign or adverse effect on the firm...We use Extended Merton model(EMM)for estimating the firm’s credit risks in the presence of inflation.We show quantitatively that inflation is an influential factor making either a benign or adverse effect on the firm’s survival,supporting at the microeconomic level New Keynesian findings of the nonlinear inflation effect on output growth.Lower inflation increasing the firm’s expected rate of return can raise its mean year returns and decrease its default probability.Higher inflation,decreasing the expected rate return,makes the opposite effect.The magnitude of the adverse effect depends on the firm strength:for a steady firm,this effect is small,whereas for a weaker firm,it can be fatal.EMM is the only model taking account of inflation.It can be useful for banks or insurance companies estimating credit risks of commercial borrowers over the debt maturity,and for the firm’s management planning long-term business operations.展开更多
A numerical model of thermoelectric module （TEM） is created by academic analysis,and the impacts of the resistance ratio and thermoelement size on the output power and thermoelectric efficiency of the TEM are analyz...A numerical model of thermoelectric module （TEM） is created by academic analysis,and the impacts of the resistance ratio and thermoelement size on the output power and thermoelectric efficiency of the TEM are analyzed by the MATLAB numerical calculation.The numerical model is validated by the ANSYS thermal,electrical,and structural coupling simulation.The effects of the variable physical property parameters and contact effect on the output power and thermoelectric efficiency are evaluated,and the concept of aspect ratio optimal domain is proposed,which provides a new design approach for the TEM.展开更多
基金The author is infinitely thankful to his friend and colleague M.Rubinstein for valuable discussions and an invariable interest to his work.The author is also thankful to C.Miller for his high estimation of the author’s efforts.Of course,all errors are author’s full responsibility.
文摘We use Extended Merton model(EMM)for estimating the firm’s credit risks in the presence of inflation.We show quantitatively that inflation is an influential factor making either a benign or adverse effect on the firm’s survival,supporting at the microeconomic level New Keynesian findings of the nonlinear inflation effect on output growth.Lower inflation increasing the firm’s expected rate of return can raise its mean year returns and decrease its default probability.Higher inflation,decreasing the expected rate return,makes the opposite effect.The magnitude of the adverse effect depends on the firm strength:for a steady firm,this effect is small,whereas for a weaker firm,it can be fatal.EMM is the only model taking account of inflation.It can be useful for banks or insurance companies estimating credit risks of commercial borrowers over the debt maturity,and for the firm’s management planning long-term business operations.
基金Funded by Guangdong Natural Science Foundation (No.00355991220615019)
文摘A numerical model of thermoelectric module （TEM） is created by academic analysis,and the impacts of the resistance ratio and thermoelement size on the output power and thermoelectric efficiency of the TEM are analyzed by the MATLAB numerical calculation.The numerical model is validated by the ANSYS thermal,electrical,and structural coupling simulation.The effects of the variable physical property parameters and contact effect on the output power and thermoelectric efficiency are evaluated,and the concept of aspect ratio optimal domain is proposed,which provides a new design approach for the TEM.
