According to the German law, independent and self-employed land valuation boards support
the transparency in the real estate market. The idea is that all transactions in the schedule of
purchase prices are recorded and collected in the Digital Purchase Price Collection. The
database are published and will be used for generalize price contour maps and for property
Risk assessment of chemical substances is an ever-developing discipline. Transparent and accurate
risk assessments are necessary for decision-makers to make wise risk management decisions. The
outcome of risk assessments may have enormous economical consequences, in addition to the
consequences for human health and the environment. Globalization is a fact, with huge possibilities
for economic and social prosperity. Food and consumer products are produced in one part of the
world and put on the market in another....
As was mentioned previously, the times and business priorities are changing
at a rapid pace: no longer do organisations aspire to profit for shareholders
alone – they are increasingly answerable to other stakeholders. As a result of
regulatory and media pressure, in particular, best practice, transparency, open-ness and fair play are needed to be successful and sustainable in business.
While traditional concepts still exist and are referred to in this handbook, new
meanings are also developing.
Designed for the widest audience, without sacrificing a high level of understanding, graduating from limited math to arithmetic and algebra and some calculus
Covers forwards and futures, options, binomial trees, Black-Scholes, volatility and dynamic strategies with detailed definitions and examples
What are your organization’s policies for generating and using huge datasets full of personal information? This book examines ethical questions raised by the big data phenomenon, and explains why enterprises need to reconsider business decisions concerning privacy and identity. Authors Kord Davis and Doug Patterson provide methods and techniques to help your business engage in a transparent and productive ethical inquiry into your current data practices.
Since the ﬁnancial crisis, there has been renewed interest in documenting the balance-
sheet positions of ﬁnancial institutions. We share the important goal of this literature:
to come up with data on positions that will inform the theoretical modeling of these insti-
tutions, as called for by Franklin Allen in his 2001 AFA presidential address. Adrian and
Shin (2011) investigate the behavior of Value-at-Risk measures reported by investment
Interest rate exposure is generally described as the risk of a reduction in a pro-
jected or anticipated measure of net interest income (target measure) resulting
from changes in market interest rates.
Yet from a practical perspective such a
deﬁ nition is somewhat ﬂ awed, as the use of an anticipated (or projected) mea-
sure of net interest income is fraught with risks. Any inappropriate assum ption
in the projection phase will produce an inaccurate target measure and, conse-
quently, result in an inaccurate assessment of interest rate risk.
Transparency, predictability and longevity of government programmes are necessary if investors are
to initiate a project in green technologies. For instance, the degree of high uncertainty in American
Production Tax Credits (PTC) was a contributing factor to investor exit from the wind power sector, in
particular - illustrating the importance for governments of ensuring that programmes are not subject to
excessive policy uncertainty (see Figure 2). Retroactive policy changes regarding solar power projects in
Spain have also been concerning investors.
Other important elements of good design include independence of the agencies making funding
decisions, use of peer review and competitive procedures with clear criteria for project selection. Support
for commercialisation should also be temporary and accompanied by clear sunset clauses and transparent
As noted before, support policies also require a good understanding of the state of
development of green technologies; support for commercialisation should not be provided before
technologies reach a sufficiently mature state. ...
Exchanges have suggested several complementary rationales for
establishing themselves as a source of corporate governance-related regulations.
In essence, by raising transparency and discouraging illegal or irregular
practices, exchanges are themselves able to accumulate an amount of
Every company is always at risk of having trade secrets compromised, intellectual property stolen, and business plans revealed in an untimely
manner. Industrial espionage and spying remain at a high level and are practiced on an international scale. An organization’s privacy planning
process needs to take these threats into consideration. However, theft of proprietary information is only part of an organization’s
vulnerability in privacy wars. How it uses the information it collects about its customers, or even its suppliers, can also increase its
This text offers the perfect introduction to social benefit-cost analysis. The book closely integrates the theory and practice of benefit-cost analysis using a spreadsheet framework. The spreadsheet model is constructed in a truly original way which contributes to transparency, provides a check on the accuracy of the analysis, and facilitates sensitivity, risk and alternative scenario assessment. A case study inco
The increasing globalisation of financial markets led companies in many countries to apply
from 2005 the IFRS principles. The main goal of IFRS is to safeguard investors by achieving
uniformity and transparency in the accounting principles. One of the most challenging aspects
of the IFRS rules is the accounting treatment of derivatives, a challenge that has strengthened
the relationship between risk management and accounting.
With the value of their toxic assets written down to zero, a number of banks will no
longer meet the legislated core capital requirement. The government should take a stake
in these banks in order to recapitalize them. The prior removal of troubled assets will
limit the risk taken on by the government and provide good prospects for the appreciation
of its investment. The government’s risk of loss (through the bad bank) and opportunity
for success (through the rescued good bank) would thus be clearly separated from one
another. This would also contribute to transparency.
About Ernst & Young’s Global Asset Management Center
The asset management industry is evolving at a deceptively fast pace. Asset managers and service providers face challenges every single day whether it’s managing business growth, mitigating risk, providing transparency or embracing regulatory scrutiny. Ernst & Young’s Global Asset Management Center brings together a worldwide team of professionals to help you achieve your potential — a team with deep technical experience in providing assurance, tax, transaction and advisory services.
In a more challenging, mature, and increasingly transparent market, this is
unlikely to continue to be the case as it is increasingly possible to assembl
performance records. Investors are becoming more assertive, and
regulations/directives are playing an increasingly important role in the
need for disclosure and accountability. The question of how manager
performance is rewarded is therefore a key issue for the industry: do
performance-related fees, for example, adequately distinguish between
risk taking (higher beta) and genuine skill/out-performance (alpha)? ...
The takeover of toxic assets by the government at zero cost and the corresponding write-
down of assets will create transparency, avoid the high expense of pricing distressed
assets, and will insure that shareholders are the first ones to bear the cost of failure.
risk of moral hazard will also be effectively limited. A zero-cost acquisition is also
justified based on the fact that the active management of the troubled assets is impaired
by their complex structure. This approach will also keep the bad bank’s initial capital
requirements at a minimum....
In addition to redeﬁ ning the calculation of capital requirements and establish-
ing a supervisory review process under Pillars 1 and 2, Basel II imposes new
and enhanced disclosure obligations on credit institutions under its third pillar.
The purpose of Pillar 3 is to ensure greater transparency in terms of banks’
activities and risk strategies, as well as to enhance comparability across credit
institutions – which is all in the interests of market participants.
However, before private investors will commit large amounts of capital to this sector there must be
transparent, long-term and certain regulations governing carbon emissions, renewable energy and energy
efficiency (see Deutsche Bank‟s TLC framework).
Such investments will only be made if investors are
able to earn adequate risk-adjusted returns and if appropriate market structures are in place to access this
In short, risks increase if the bank considers the synthetic ETF structure as a
stable and inexpensive source of funding for illiquid securities. ETF investors may not always
have sufficient control over collateral arrangements to enable them to prevent such a situation.
More broadly, investors in synthetic ETFs need to exercise an adequate level of scrutiny and
due diligence on collateral selection and arrangements, which in turn depends on the level of
transparency made available by ETF providers.