SEARCH CONTENT

You are looking at 1 - 10 of 6,730 items :

  • Management Accounting, Financial Controlling, Cost Calculation, Investment x
  • Upcoming Publications x
  • Just Published x
Clear All
Strategien, Bewertungen und Risikomanagement

Abstract

In this brief essay, I want to call something Lynn Stout was passionate about: building a better account (both theoretical and empirical) of human nature and motivation. This was the subject of a book that extended well beyond the corporate world (Cultivating Conscience [2011]) and was implicit in her most complete set of thoughts about corporate governance, The Shareholder Value Myth (2012). Lynn understood that such a behavioral account was needed to support her theory of corporate purpose. The other CONVIVIUM contributions say little about this aspect of her work, so I am bringing her thoughts about human motivation frontstage.

Abstract

This paper explores regulatory arbitrage from a legal point of view. I start from the assumption that legislators will sometimes wish to prevent regulatory arbitrage and examine legal tools available to this end. To back up the underlying assumption, I present two perspectives on the phenomenon of regulatory arbitrage. One perspective stresses its competitive element, the other one focuses on instances of arbitrage as unwanted avoidance of a legal regime. It is suggested that from both perspectives we will find that – at least sometimes – regulatory arbitrage is unwanted. I move on to illustrate how EU and U.S. legislators have dealt with an example of unwanted arbitrage. The main part of the paper then deals with legal tools to suppress arbitrage. The main focus is on legislative drafting techniques such as choosing a narrow wording, a broad wording, anti-evasion rules or the concept of abuse. I conclude with a glance at problems of regulatory arbitrage in a corporate setting.

Abstract

This article highlights the application of the Preference Ranking Organization Method for Enrichment of Evaluations (PROMETHEE) I and II in selecting the best laptop model among six different available models in the market. Seven important criteria, that is, processor, hard disk capacity, operating system, RAM, screen size, brand, and color, are selected, based on which the selection process have been made. Analytic hierarchy process (AHP) is adopted for calculating the weightages of the seven criteria and PROMETHEE is applied to select the best alternative. PROMETHEE I provides the partial ranking and preferences of one model over another, whereas PROMETHEE II provides the complete ranking of the alternatives. From this analysis, Model 4 is coming out to be the best laptop model occupying the first position and Model 1 occupies the last position, thus indicating it as the worst model among the group. The objectives of this article are to select the best laptop model among six available alternatives and to understood the steps of both multiple criteria decision-making (MCDM) methodologies, that is, PROMETHEE and AHP, in details.

Abstract

This paper investigates risk-based premiums in ex-ante insurance guaranty schemes. Exchange rate risk is incorporated into the asset portfolio to reflect the growing practice of life insurers taking offshore risks for yield enhancement. The closed-form solutions of the risk-based premium charged by the insurance guaranty fund are derived. Our premium rating includes currency mismatches between assets and liabilities, and the effects of early closure, capital forbearance, and grace periods are fully explored. First, we discover that the insurance guaranty fund premium is underestimated if currency fluctuation uncertainty is overlooked. Second, the premium is higher under regulatory forbearance than it is under the Merton stock put option, which implies that the cost is substantial. Finally, we note that the premium increases with higher financial leverage and greater foreign exposure in the asset portfolio. The results of our analysis provide further insight for regulators to implement regulatory policies and insurance guaranty schemes.

Abstract

This study is a comparative analysis of the effects of money and capital markets on the Ghanaian economy covering the period from 1991 to 2017 using the dynamic Auto Regressive Distributed Lag (ARDL) framework. Empirical results confirmed the existence of a unique and stable long-run relationship between the money market, capital market and economic growth. In respect of money market indicators, findings confirmed that monetary policy and treasury bills rate have had negative but significant impact on growth in the short- and long-run respectively. More so, total liquidity negatively and significantly influenced the Ghana-ian economy both in the short- and in the long run. Both market capitalisation and total value of stock traded, as proxies of capital market, had positive and significant effects on short-run growth, while both indicators as well as stock market turnover negatively and insignificantly a ected long-run growth. This means that capital market exerts a short-run impact on the country’s economy, while money market exerts both short- and long-run impacts. The lesson relearned is that the money market propels the Ghanaian economy better than the capital market.

Abstract

Over the last years, independent central banks were often criticized. Many critics felt that the fatal flaw of the current system lied in its independent nature. Some critics argued that the remedy to such problems was to replace independence with interdependence. Such a drastic measure is completely unnecessary. No more time should be lost discussing further the merits or the weaknesses of central bank independence. But taking central bank independence as a given, one should simply try to equip central bankers with the mandates, the tools, and the values best fitted to help them face future shocks. Deeper checks and balances with other institutions and the fair financing of investment by all economic agents, including startups and SMEs, are urgently necessary to head off financial crises that will inevitably arise in this era of growing wealth inequality, disruptive technologies and climate change.

Abstract

This paper examines the causal relationship between nutrition intake, health status, education and economic growth within a six-variate VEC framework, forecast error variance decomposition and impulse response function techniques, covering the period from 1990 to 2013, using quarterly data in Nigeria. This paper includes control variables in order to eliminate variable omission bias, unlike most existing studies. The results suggest the presence of long-run, bicausal relationships between the candidate variables of the study. In addition, the short-run unidirectional causal relationships are found between main variables, including a causal relationship running from nutrition and fiscal policy to education, as well as a causal link running from education and economic growth to health status. These findings support the existing theories. The results based on the model and empirical data suggest that the government should allocate more resources to human development in order to enhance productivity and boost economic growth. Similarly, there is a need to design adequate mechanisms to ensure proper allocation of the limited resources and avoid their embezzlement by corrupt government officials.

Abstract

The article analyzes the interconnectedness and gaps between two interrelated streams of literature, evolving in different time periods, by employing bibliometric tools. The research on the factors of life insurance demand started in the late 1960s and early 1970s, while more intensive works on the drivers of lapses in life insurance appeared during the 2000s. We map the research fields using our own criteria to create clusters and visualize the flow of knowledge within and between the clusters employing citation network analysis (CNA). We contribute by providing the most comprehensive systematic review that integrates both fields, additionally encapsulating studies on the demand for policy loans. The article detects the most important drivers of life insurance policyholder behavior during his/her lifetime and opens new horizons for future research.