Downloadable Papers (sorted by date)

Books on Recovery Risk:  here

NEW: The Top 20 books referenced/cited in these (below listed) papers.

I've put a gray background on the top five most browsed papers in this category.   (April-1)

Loss Given Default Implied by Cross-sectional No Arbitrage (Job Market Paper)
by Jeong Song of Columbia University
(1,912K PDF) -- 42 pages -- November 15, 2007

How Much of a Haircut? Options-based structural modeling of defaulted bond recovery rates
by Robert R. Cangemi, Jr. of Citigroup,
Joseph R. Mason of Drexel University & Wharton & Federal Deposit Insurance Corporation, and
Michael S. Pagano of Villanova University
(339K PDF) -- 50 pages -- September 4, 2007

On Recovery And Intensity Correlation: A new class of credit risk models
by Raquel M. Gaspar of the Technical University Lisbon, and
Irina Slinko of Swedbank, AB
(713K PDF) -- 29 pages -- July 2007

Do Bankruptcy Codes Matter? A Study of Defaults in France, Germany, and the U.K.
by Sergei A. Davydenko of the University of Toronto, and
Julian R. Franks of the London Business School
(379K PDF) -- 49 pages -- June 2007

Implied Recovery
by Sanjiv R. Das of Santa Clara University, and
Paul Hanouna of Villanova University
(476K PDF) –- 41 pages -- March 2007

The Economic Role of Jumps and Recovery Rates in the Market for Corporate Default Risk
by Paul Schneider of Vienna University of Economics and Business Administration,
Leopold Sögner of Vienna University of Technology, and
Tanja Veža of Vienna University of Economics and Business Administration
(636K PDF) –- 37 pages -- July 6, 2007

Separating the Components of Default Risk: A Derivative-Based Approach (Job Market Paper)
by Anh Le of New York University
(524K PDF) –- 23 pages -- January 16, 2007

Recovery Ratings Reveal Diverse Expectations for Loss in the Event of Default
by William May of Fitch Ratings,
Charlotte Needham of Fitch Ratings, and
Mariarosa Verde of Fitch Ratings
(114K PDF) -- 11 pages -- December 14, 2006

Do Economic Downturns Have an Impact on the Loss Given Default of Mobile Lease Contracts? An Empirical Study for the German Leasing Market
by Thomas Hartmann-Wendels of the University of Cologne, and
Martin Honal of the University of Cologne
(268K PDF) -- 34 pages -- December 2006

(Non) consistency of the Beta Kernel Estimator for Recovery Rate Distribution
by Christian Gourieroux of CREST, CEPREMAP & the University of Toronto, and
Alain Monfort of CNAM & CREST
(533K PDF) –- 29 pages -- December 2006

Recovery Rates, Default Probabilities and the Credit Cycle
by Max Bruche of CEMFI, and
Carlos González-Aguado of CEMFI
(455K PDF) -- 40 pages -- November 28, 2006

Loss Given Default Modelling under the Asymptotic Single Risk Factor Assumption
by Joocheol Kim of Yonsei University, and
KiHyung Kim of Yonsei University
(607K PDF) –- 18 pages -- November 17, 2006

Corporate Bankruptcy Reorganizations: Estimates from a Bargaining Model
by Hülya K. K. Eraslan of the University of Pennsylvania
(498K PDF) -- 45 pages -- September 12, 2006

Understanding the Role of Recovery in Default Risk Models: Empirical Comparisons and Implied Recovery Rates
by Gurdip Bakshi of the University of Maryland,
Dilip Madan of the University of Maryland, and
Frank Zhang of the Morgan Stanley
(875K PDF) –- 33 pages -- September 6, 2006

Discount Rate for Workout Recoveries: An empirical study
by Brooks Brady of American Express,
Peter Chang of Standard & Poor's,
Peter Miu of McMaster University,
Bogie Ozdemir of Standard & Poor's, and
David Schwartz of the Federal Reserve Bank of Richmond
(226K PDF) -- 33 pages -- September 2006

Multiple Lenders and Corporate Distress: Evidence on debt restructuring
by Antje Brunner of Humboldt-Universitaet Berlin and CFS, and
Jan Pieter Krahnen Frankfurt University and CEPR
(461K PDF) -- 41 pages -- June 2006

The Risk-Adjusted Cost of Financial Distress
by Heitor Almeida of New York University and NBER, and
Thomas Philippon of New York University and NBER
(765K PDF) –- 44 pages -- March 13, 2006

Bank Loan-Loss Provisioning: Methodology and Application
by Jean Dermine of INSEAD, and
Cristina Neto de Carvalho of the Universidade Catolica Portuguesa
(209K PDF) -- 35 pages -- January 5, 2006

Structural Recovery of Face Value at Default
by Rajiv Guha of CPIM, London, and
Alessandro Sbuelz of University of Verona
(323K PDF) -- 33 pages -- December 2005

Modeling the Term Structure of Defaultable Bonds under Recovery Risk
by Lotfi Karoui of McGill University
(398K PDF) -- 35 pages -- November 5, 2005

The Link between Default and Recovery Rates: Theory, Empirical Evidence and Implications
by Edward I. Altman of New York University,
Brooks Brady of Standard & Poor's,
Andrea Resti of Bergamo University, and
Andrea Sironi of Bocconi University
(428K PDF) -- 26 pages -- November 2005

Joint Estimation of Default and Recovery Risk: A Simulation Study
by Jens Henrik Eggert Christensen of the Copenhagen Business School
(395K PDF) –- 54 pages -- October 31, 2005

A Multifactor Approach for Systematic Default and Recovery Risk
by Daniel Rösch of the University of Regensburg, and
Harald Scheule of the University of Melbourne
(320K PDF) -- 32 pages -- September 2005

Recovery Ratings: Exposing the Components of Credit Risk
by Roger Merritt of Fitch Ratings,
et.al.
(80K PDF) -- 8 pages -- July 26, 2005

Advancing Loss Given Default Prediction Models: How the quiet have quickened
by Greg M. Gupton of Moody's|KMV
(733K PDF) -- 46 pages -- July 2005

What on Earth Is "Downturn LGD" Supposed to Mean?
by Basel Committee on Banking Supervision
(51K PDF) -- 12 pages -- July 2005

Bank Loan Losses-Given-Default: A case study
by Jean Dermine of INSEAD (Fontainebleau), and
Cristina Neto de Carvalho of Universidade Catolica Portuguesa (Lisbon)
(133K PDF) -- 40 pages -- March 10, 2005

A Note on Forecasting Aggregate Recovery Rates with Macroeconomic Variables
by Stefan Trück of the Universität Karlsruhe,
Stefan Harpaintner of the Universität Karlsruhe, and
Svetlozar T. Rachev of the Universität Karlsruhe and the University of California, Santa Barbara
(204K PDF) -– 20 pages -- March 4, 2005

Recovery Rates of Bank Loans: Empirical Evidence for Germany
by Jens Grunert of the University of Mannheim, and
Martin Weber of the Centre for Economic Policy Research
(571K PDF) -– 39 pages -- March 2005

Theory and Evidence On the Resolution of Financial Distress
by David T. Brown Warrington of the University of Florida,
Brian A. Ciochetti of the University of North Carolina, and
Timothy J. Riddiough of the University of Wisconsin-Madison
(699K PDF) -- 56 pages -- February 2005

An Empirical Analysis of Bond Recovery Rates: Exploring A Structural View of Default
by Dan Covitz of the Federal Reserve Board, and
Song Han of the Federal Reserve Board
(266K PDF) –- 44 pages -- December 2004

LGD-rating for a Portfolio of Retail Loans
by d-fine
(561K PDF) – 25 pages -- May 31, 2004

Systematic Risk in Recovery Rates – An Empirical Analysis of U.S. Corporate Credit Exposures
by Klaus Düllmann of Deutsche Bundesbank, and
Monika Trapp of the Universität Ulm
(430K PDF) -- 35 pages -- June 2004

Choosing the Discount Factor for Estimating Economic LGD
by Ian Maclachlan of Australia and New Zealand Banking Group Ltd.
(263K PDF) -- 24 pages -- May 2004

Measuring LGD on Commercial Loans: An 18-Year Internal Study
by Michel Araten of JP Morgan Chase,
Michael Jacobs Jr. of JP Morgan Chase, and
Peeyush Varshney of JP Morgan Chase
(61K PDF) -- 8 pages -- May 2004

Does Industry-wide Distress Affect Defaulted Firms? - Evidence from Creditor Recoveries
by Viral V. Acharya of the London Business School,
Sreedhar T. Bharath of the University of Michigan, and
Anand Srinivasan of the National University of Singapore
(478k PDF) -- 47 pages -- October 2005

The Costs of Bankruptcy: Chapter 7 Cash Auctions vs. Chapter 11 Bargaining
by Arturo Bris of Yale University,
Ivo Welch of Yale University, and
Ning Zhu of the University of California at Davis
(522K PDF) -- 70 pages -- March 15, 2004

The Single Risk Factor Approach to Capital Charges in Case of Correlated Loss Given Default Rates
by Dirk Tasche of Deutsche Bundesbank
(216K PDF) -- 9 pages -- February 17, 2004

Bankruptcy Resolution in Japan: Corporate Reorganization vs. Civil Rehabilitation
by Pen Xu of Hosei University and RIETI
(299K PDF) -- 46 pages -- February 2004

Double Impact: Credit Risk Assessment and Collateral Value
by Ali Chabaane of ACA Consulting & BNP Paribas,
Jean-Paul Laurent of the University of Lyon & BNP Paribas, and
Julien Salomon of BNP Paribas
(363K PDF) -- 17 pages -- February 2004

What Do We Know About Loss-Given-Default?
by Til Schuermann of the Federal Reserve Bank of New York
(272K PDF) -- 30 pages -- February 2004

An analysis of bankruptcy bargaining in the U.S.
by Maria Carapeto of Cass Business School
(95K PDF) -- 29 pages -- October 6, 2003

Is Bargaining in Chapter 11 Costly?
by Maria Carapeto of Cass Business School
(188K PDF) -- 37 pages -- October 6, 2003

Reputation and the Market for Distressed Firm Debt
by Thomas H. Noe of Tulane University, and
Michael J. Rebello of Georgia State University
(112K PDF) -- 20 pages -- September 2003

Recovery Rates from Distressed Debt - Empirical Evidence from Chapter 11 Filings, International Litigation, and Recent Sovereign Debt Restructurings
by Manmohan Singh of the International Monetary Fund
(679K PDF) -- 25 pages -- August 2003

The Firm's Reorganization Decision: Empirical Evidence from Canada
by Timothy C.G. Fisher of Wilfrid Laurier University, and
Jocelyn Martel of the Université de Cergy-Pontoise
(157K PDF) -- 19 pages -- May 2003

The Paradox of Priority
by Stanley D. Longhofer of Wichita State University, and
João A.C. Santos of the Federal Reserve Bank of New York
(711K PDF) -- 14 pages -- Spring 2003

Recovery of Face Value at Default: Empirical evidence and implications for credit risk pricing
by Rajiv Guha of the London Business School
(397K PDF) -- 63 pages -- January 14, 2003

The Choice Among Traditional Chapter 11, Prepackaged Bankruptcy, and Out-of-Court Restructuring
by Keven Yost of University of Wisconsin – Madison
(120K PDF) -- 42 pages -- September 2002

Recovery Rates in the Leasing Industry
by Mathias Schmit of Leaseurope, and
Julien Stuyck of Leaseurope
(383K PDF) -- 39 pages -- September 2002

Secured Creditor Recovery Rates from Management Buy-outs in Distress
by David Citron of the City University,
Mike Wright of the Nottingham University,
Rod Ball of the Nottingham University, and
Fred Rippington of the City University
(83K PDF) -- 44 pages -- June 2002

Understanding Stochastic Exposures and LGDs in Portfolio Credit Risk
by Dan Rosen of Algorithmics, and
Marina Sidelnikova of Algorithmics
(272K PDF) -– 14 pages -- Spring 2002

LossCalc™: Moody's Model for Predicting Loss Given Default (LGD)
by Greg M. Gupton of Moody's|KMV, and
Roger M. Stein of Moody's|KMV
(1,189K PDF) -- 32 pages -- February 2002

Crisis Dynamics of Implied Default Recovery Ratios: Evidence from Russia and Argentina
by John J. Merrick, Jr. of New York University
(234K PDF) -- 19 pages -- October 2001

Analyzing and Explaining Default Recovery Rates
by Edward I. Altman of New York University,
Andrea Resti of Bergamo University, and
Andrea Sironi of Luigi Bocconi University
(3,613K PDF) -- 97 pages -- December 2001

Pricing the Risk of Recovery in Default with APR Violation
by Haluk Unal of the University of Maryland,
Dilip Madan of the University of Maryland, and
Levent Güntay of the University of Maryland
(500K PDF) -- 41 pages -- August 3, 2001

Bankruptcy Auctions: Costs, Debt Recovery, and Firm Survival
by Karin S. Thorburn of Dartmouth College
(200K PDF) -- 32 pages -- December 2000

Bank Loan Loss Given Default
by Greg M. Gupton of Moody's|KMV,
Daniel Gates of Moody's Investors Service, and
Lea V. Carty of Moody's|KMV
(179K PDF) -- 24 pages -- November 2000

Resolving Financial Distress by way of a Contract: an Empirical Study of Small UK Companies
by Julian Franks of London Business School and CEPR, and
Oren Sussman of Ben Gurion University and LBS
(124K PDF) -- 49 pages -- October 22, 2000

Depressing Recoveries
by Jon Frye of the Federal Reserve Bank of Chicago
(61K PDF) -- 14 pages -- October 17, 2000

The Direct Costs of Corporate Reorganization: An Empirical Examination of Professional Fees in Large Chapter 11 Cases
by Stephen J. Lubben of Seton Hall University
(2,732K PDF) –- 45 pages -- Fall 2000

Recovery Trends: Any Usefulness Whatsoever?
by Martin S. Fridson of Merrill Lynch
(174K PDF) -- 12 pages -- August 24, 2000

Suddenly Structure Mattered: Insights into Recoveries of Defaulted Debt
by David Keisman of Portfolio Management Data, and
Ruth Yang of Portfolio Management Data
(305K PDF) -- 9 pages -- May 24, 2000

Valuation of Bankrupt Firms
by Stuart C. Gilson of the Harvard Business School,
Edith S. Hotchkiss of Boston College, and
Richard S. Ruback of the Harvard Business School
(202K PDF) -- 32 pages -- Spring 2000

A Model for Estimating Recovery Rates and Collateral Haircuts for Bank Loans
by Esa Jokivuolle of the Bank of Finland, and
Samu Peura of Leonia plc
(202K PDF) -- 22 pages -- March 14, 2000

Recovery Rates: The Search for Meaning
by Martin S. Fridson of Merrill Lynch,
M. Christopher Garman of Merrill Lynch, and
Kathryn Okashima of Merrill Lynch
(115K PDF) -- 8 pages -- March 13, 2000

Regimes, Recoveries and Loan Ratings: the importance of insolvency legislation
by Faith Bartlett of Fitch/IBCA
(118K PDF) -- 28 pages -- October 1999

The Importance of Bank Seniority for Relationship Lending
by Stanley D. Longhofer of the Federal Reserve Bank of Cleveland, and
João A.C. Santos of the Bank for International Settlements
(306K PDF) -- 50 pages -- September 1999

Collateral, Renegotiation and the Value of Diffusely Held Debt
by Ulrich Hege of Tilburg University, and
Pierre Mella-Barral of the London School of Economics
(480K PDF) -- 45 pages -- September 1999

Recovering Your Money: Insights Into Losses From Defaults
by Karen Van de Castle of Standard & Poor's, and
David Keisman of Portfolio Data Management, LLC
(60K PDF) -- 6 pages -- June 16, 1999

Debt Recoveries for Corporate Bankruptcies
by David T. Hamilton of Moody's Risk Management Services, and
Lea V. Carty of Moody's|KMV
(201K PDF) -- 16 pages -- June 1999

Market Dynamics and Investment Performance of Distressed and Defaulted Debt Securities
by Edward I Altman of the New York University
(46K PDF) -- 23 pages -- December 1998

Measuring Loss on Latin American Defaulted Bank Loans: A 27-Year Study of 27 Countries
by Lew Hurt of Citibank, and
Akos Felsovalyi of Citibank
(286K PDF) -- 8 pages -- August 1998

Bankrupt Bank Loan Recoveries
by Lea V. Carty of Moody's|KMV
(211K PDF) -- 16 pages -- June 1998

Absolute Priority Rule Violations, Credit Rationing, and Efficiency
by Stanley D. Longhofer of the Federal Reserve Bank of Cleveland
(168K PDF) -- 35 pages -- September 1997

Why is Bank Debt Senior? A Theory of Asymmetry and Claim Priority Based on Influence Costs
by Ivo Welch of the University of California
(300K PDF) -- 54 pages -- Winter 1997

Recovery Ratios and Survival Times for Corporate Bonds
by Ivailo Izvorski of the International Monetary Fund
(1,645K PDF) -- 32 pages -- July 1997

Defaulted Bank Loan Recoveries
by Lea V. Carty of Moody's|KMV, and
Dana Lieberman of Moody's Risk Management Services
(84K PDF) -- 12 pages -- November 1996

Absolute Priority Rule Violations in Bankruptcy
by Stanley D. Longhofer of the Federal Reserve Bank of Cleveland, and
Charles T. Carlstrom of the Federal Reserve Bank of Cleveland
(75K PDF) -- 10 pages -- March 1996

Do Airlines in Chapter 11 Harm Their Rivals?: Bankruptcy andPricing Behavior in U.S. Airline Markets
by Severin Borenstein of U.C. Energy Institute, and
Nancy L. Rose of the Massachusetts Institute of Technology
(754K PDF) -- 25 pages -- February 1995

The Resolution of Financial Distress
by Ronald M. Giammarino of the University of British Columbia
(256K PDF) –- 23 pages -- 1989

Additional References (sorted by author)

Altman, Edward I., "Defaulted Bonds: Demand, Supply and Performance, 1987-1992", Financial Analysts Journal, Vol. 49, No. 3, (May/June 1993), pp. 55-60. [Abstract]

Altman, Edward I. and Allan C. Eberhart, "Do Seniority Provisions Protect Bondholders' Investments?", Journal of Portfolio Management, Vol. 20, No. 4, (Summer 1994), pp. 67-75. [Introduction]

Altman, Edward I. and Vellore M. Kishore, "Almost Everything You Wanted to Know about Recoveries on Defaulted Bonds", Financial Analysts Journal, Vol. 52, No. 6, (November/December 1996), pp. 57-64. [Abstract]

Altman, Edward, Andrea Resti, and Andrea Sironi, "Default Recovery Rates in Credit Risk Modeling: A Review of the Literature and Empirical Evidence", Economic Notes, Vol. 33, No. 2, (July 2004), pp. 183-208. [Abstract]

Asarnow, Elliot and David Edwards, "Measuring Loss on Defaulted Bank Loans: A 24-Year Study", Journal of Commercial Lending, Vol. 77, No. 7, (March 1995), pp. 11-23. [Abstract]

Asquith, Paul, Robert Gertner, and David Scharfstein, "Anatomy of Financial Distress: An Examination of Junk-Bond Issuers", Quarterly Journal of Economics, Vol. 109, No. 3, (August 1994), pp. 625-658. [Abstract]

Bester, Helmut, "The Role of Collateral in a Model of Debt Renegotiation", Journal of Money, Credit and Banking, Vol. 26, No. 1, (February 1994), pp. 72-86. [Abstract]

Bester, Helmut, "The Role of Collateral in Credit Markets with Imperfect Information", European Economic Review, Vol. 31, No. 4, (June 1987), pp. 887-899. [Abstract]

Chatterjee, Sris, Upinder S. Dhillon, and Gabriel G. Ramirez, "Resolution of Financial Distress: Debt Restructurings via Chapter 11, Prepackaged Bankruptcies, and Workouts", Financial Management Journal, Vol. 25, No. 1, (Spring 1996), pp. 5-18. [Abstract]

Clark, Kent and Eli Ofek, "Mergers as a Means of Restructuring Distressed Firms: An Empirical Investigation", Journal of Financial and Quantitative Analysis, Vol. 29, No. 4, (December 1994), pp. 541-565. [Abstract]

Eales, Robert and Edmund Bosworth, "Severity of Loss in the Event of Default in Small Business and Larger Consumer Loans", The Journal of Lending & Credit Risk Management, Vol. 80, No. 9, (May 1998), pp. 58-65. [Abstract]

Eberhart, Allan C., William T. Moore, and Rodney L. Roenfeldt, "Security Pricing and Deviations from the Absolute Priority Rule in Bankruptcy Proceedings", Journal of Finance, Vol. 45, No. 5, (December 1990), pp. 1457-1469. [Abstract]

Eberhart, Allan C. and Richard J. Sweeney, "A Note on Noise in the Market for Bankrupt Firms' Securities", Journal of Banking & Finance, Vol. 20, No. 2, (March 1996), pp. 401-415. [Abstract]

Eberhart, Allan C. and Richard J. Sweeney, "Does the Bond Market Predict Bankruptcy Settlements?", Journal of Finance, Vol. 47, No. 3, (July 1992), pp. 943-980. [Abstract]

Franks, Julian R. and Walter N. Torous, "A Comparison of Financial Recontracting in Distressed Exchanges and Chapter 11 Reorganizations", Journal of Financial Economics, Vol. 35, No. 3, (June 1994), pp. 349-370. [Abstract]

Franks, Julian R. and Walter N. Torous, "An Empirical Investigation of U.S. Firms in Reorganization", Journal of Finance, Vol. 44, No. 3, (July 1989), pp. 747-769. [Abstract]

Frye, Jon, "Collateral Damage", RISK, Vol. 13, No. 4, (April 2000), pp. 91-94. [Abstract]

Helwege, Jean, "How Long Do Junk Bonds Spend in Default?", Journal of Finance, Vol. 54, No. 1, (February 1999), pp. 341-357. [Abstract]

Hradsky, Gregory T. and Robert D. Long, "High-Yield Default Losses and the Return Performance of Bankrupt Debt", Financial Analysts Journal, Vol. 45, No. 4, (July/August 1989), pp. 38-49. [Abstract]

Indro, Daniel C., Robert T. Leach, and Wayne Y. Lee, "Sources of Gains to Shareholders from Bankruptcy Resolution", Journal of Banking & Finance, (January 1999), Vol. 23, No. 1, pp. 21-47. [Abstract]

James, Christopher, "When Do Banks Take Equity in Debt Restructurings?", Review of Financial Studies, (Winter 1995), Vol. 8, No. 4, pp. 1209-1234. [Abstract]

James, Christopher, "The Losses Realized in Bank Failures", Journal of Finance, Vol. 46, No. 4, (September 1991), pp. 1223-1242. [Abstract]

Jarrow, Robert, "Default Parameter Estimation Using Market Prices", Financial Analysts Journal, Vol. 57, No. 5, (September/October 2001), pp. 75-92. [Abstract]

Jokivuolle, Esa and Samu Peura, "Incorporating Collateral Value Uncertainty in Loss Given Default Estimates and Loan-to-value Ratios", European Financial Management, Vol. 9, No. 3, (September 2003), pp. 299-314. [Abstract]

Mella-Barral, Pierre, "The Dynamics of Default and Debt Reorganization", Review of Financial Studies, Vol. 12, No. 3, (Fall 1999), pp. 535–578. [Abstract]

Pulvino, Todd C., "Effects of Bankruptcy Court Protection on Asset Sales", Journal of Financial Economics, Vol. 52, No. 2, (May 1999), pp. 151-186. [Abstract]

Renault, Olivier and Olivier Scaillet, "On the Way to Recovery: A Nonparametric Bias Free Estimation of Recovery Rate Densities", Journal of Banking & Finance, Vol. 28, No. 12, (December 2004), pp. 2915-2931. [Abstract]

Swank, Thomas A. and Thomas H. Root, "Bonds in Default: Is Patience a Virtue?", Journal of Fixed Income, Vol. 5, No. 1, (June 1995), pp. 26-31. [Introduction]

Varma, Praveen and Richard Cantor, "Determinants of Recovery Rates on Defaulted Bonds and Loans for North American Corporate Issuers: 1983-2003", Journal of Fixed Income, Vol. 14, No. 4, (March 2005), pp. 29-44. [Abstract]

Wagner, Herbert S. III, "The Pricing of Bonds in Bankruptcy and Financial Restructuring", Journal of Fixed Income, Vol. 6, No. 1, (June 1996), pp. 40-47. [Introduction]

Ward, David J. and Gary L. Griepentrog, "Risk and Return in Defaulted Bonds", Financial Analysts Journal, Vol. 49, No. 3, (May/June 1993), pp. 61-65. [Abstract]

Books

Recovery Risk: The next challenge in credit risk management by Edward Altman, Andrea Resti; Andrea Sironi (editors),, Risk Books, June 2005, Hardcover, 364 pages