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In the land of the $700 billion bail-out, expected shortfalls of a few billion dollars in the biggest states and cities might not seem catastrophic.
The government will issue about $42 billion in new bonds to pay for the budget and for expected shortfalls in tax revenue.
At various times, Michigan officials had to offset more than $10 billion in expected shortfalls — closing prisons, eliminating state departments and cutting funds to libraries, day care programs, crime laboratories, zoos and more.
Note that given our deterministic term structure approximation (33) for expected shortfalls, the computation of the KVA reduces to a deterministic time-integration, which is why there is no related standard error in Table 2.
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The centile corresponds to Value-at-Risk and the conditional tail expectation corresponds to the Expected Shortfall, both risk measures frequently used in finance, where the latter has gained attention since the financial crisis of 2008.
Siemens did not give a detailed explanation for the expected shortfall, attributing it to "lower market expectations".
Siemens, based in Munich, did not give a detailed explanation for the expected shortfall, which it attributed only to "lower market expectations".
Hammond said he would "reset" the public finances in response to the Brexit vote, and an expected shortfall in tax revenues and lower GDP growth, fuelling expectations that spending will be increased in the autumn statement next month.
But it could help offset an expected shortfall of nearly 570,000 permits costing about €4.5 million.
Agilent attributed the expected shortfall to capacity constraints and component shortages.
In a statement, Fred D. Anderson, Apple's chief financial officer, attributed the expected shortfall to three factors.
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