Rating Philosophy and Dynamic Properties of Internal Rating Systems: A General Framework and an Application to Backtesting, Anna Cornaglia (Intesa Sanpaolo) and Marco Morone (Intesa Sanpaolo)

Structural Model of Credit Risk: Hedging With Lévy Driven Processes, Luca Del Viva (Department of Business Administration, University of Pisa) and Flavia Barsotti (Department of Statistics and Applied Mathematics, University of Pisa)

Credit Default Swaps, Options and Systematic Risk, Christian Dorion (McGill University), Redouane Elkamhi (McGill University) and Jan Ericsson (McGill University)

The persistent negative CDS-bond basis during the 2007/08 financial crisis, Alessandro Fontana (University of Ca’ Foscari Venice)

Predicting Recession Probabilities with Financial Variables over Multiple Horizons, Fabio Fornari (European Central Bank) and Wolfgang Lemke (European Central Bank)

Credit ratings and credit risk, Jens Hilscher (International Business School, Brandeis University) and Mungo Wilson (Oxford University, Saϊd Business School)

Pricing Covered Bonds, Chris Kenyon (DEPFA BANK Plc.)

Credit Spread Changes Within Switching Regimes, Olfa Maalaoui (KAIST Graduate School of Finance & Copenhagen Business School), Georges Dionne (HEC Montreal) and Pascal François (HEC Montreal)

Extreme Volatilities, Financial Crises and L-moment Estimations of Tail Indexes, Bertrand Maillet (A.A.Advisors-QCG (ABN AMRO), Variances and University of Paris-1 (CES/CNRS and EIF)) and Jean-Philippe Médecin (Variances and University of Paris-1 (CES/CNRS))

Valuation of risky debt: A multi-period Bayesian model, Leonid V. Philosophov