Perceptions of postretirement benefit obligations by bond rating analysts

This research examines the measurement and impounding of alternative measures of a corporation's other postretirement benefits obligation (OPEBs) by an important segment of the capital markets. The Kaplan and Urwitz (1979) model is used as a benchmark from which to assess the importance of an added OPEB variable in the bond rating process. Using the corporate bond rating as the dependent variable, multiple measures of the OPEB obligation are inserted individually as an added independent variable into an N-chotomous probit model. The results for 1987 and 1988 indicate that measures calculated from publicly available information produce highly significant results. The developed postretirement liability measures are found to provide relevant and material information regarding the risk level of a firm's bonds as represented by its bond rating. This insight concerning the additional risk represented by a firm's postretirement benefits is beyond that supplied by the firm's pension information. This suggests that the additional investor default risk attributed to a firm's OPEB can be reasonably proxied by data found in the company's annual report footnote disclosures.     

Accounting for postretirement benefits: early adopters of SFAS 106

A study of companies that adopted SFAS 106 early reveals the companies generally have not funded retiree health benefits. The timing of a firm's adoption of the accounting standard is affected by a number of variables specific to that firm.     

Accounting for other postretirement benefits and pension costs at Ohio Edison

This is a case on accounting for Other Post Retirement Employee Benefits (OPEB) (SFAS 106, 1990) and Pensions (SFAS 87, 1985). The objective of the case is to enable accounting students to bridge the gap between the two standards and in so doing achieve a better understanding of both. Students can use their knowledge of pension accounting to improve their comprehension of OPEB accounting. This case is suitable for use in Intermediate Accounting, Accounting Policy, and Financial Management courses at the undergraduate and graduate levels.     

ATM风险的应对方法

近年来,银行的ATM数量不断增多,使用范围不断扩大,给广大人民群众日常生活带来了很大便利.由于ATM大部分为室外墙壁嵌装,采用全天候、自助式操作,其防护力较差并难以实施特别保护.最近,全国各地出现了不少利用ATM盗取客户钱款的犯罪活动以及各种破坏ATM的恶性事件.如何保障银行ATM的安全使用、防范各种ATM犯罪、保护客户及银行的利益,已成为银行岖亟待解决的问题.     

管住BOT风险

BOT项目在国内的引进及推广,带来了资金技术的同时,也面临着诸多的风险因素。如何建立适当有效的风险管理模式,保障项目持续、健康运营,实现预期效益目标,已成为合作双方日益关注的课题。     

美国经济的三大风险及其对中美经济的影响

当前,美国经济正面临三大风险的威胁,这三大风险分别是巨额的"双赤字"及持续增长的债务、能源价格的大幅波动以及美国当前愈演愈烈的次级债务危机.这些风险将导致美国经济的下滑及美元的贬值,同时也会导致中国外贸出口增速减慢,以及给中国经济带来过多流动性的负面影响.     

Pricing the risks of default

This paper decomposes default risk into timing and recovery risks. The two default components are explicitly priced as if they were traded in the futures market. We develop estimation strategies evaluating recovery risks and then construct implicit prices of contingent securities reflecting purely the timing risk. The models are estimated on monthly data for rates on certificates of deposit offered by institutions in the Savings and Loan Industry, during the 1987–1991 period. Empirical results support market expectations of lower likelihoods of default after 1989.     

银行卡业务风险的防范

随着银行卡业务的快速发展和银行卡市场竞争的日趋激烈,有关银行卡的投诉、纠纷等案件频发.银行卡业务风险处于多发、高发期,因此,加强银行卡业务风险防范迫在眉睫.     

Reputation and its risks

Regulators, industry groups, consultants, and individual companies have developed elaborate guidelines over the years for assessing and managing risks in a wide range of areas, from commodity prices to natural disasters. Yet they have all but ignored reputational risk, mostly because they aren't sure how to define or measure it. That's a big problem, say the authors. Because so much market value comes from hard-to-assess intangible assets like brand equity and intellectual capital, organizations are especially vulnerable to anything that damages their reputations. Moreover, companies with strong positive reputations attract better talent and are perceived as providing more value in their products and services, which often allows them to charge a premium. Their customers are more loyal and buy broader ranges of products and services. Since the market believes that such companies will deliver sustained earnings and future growth, they have higher price-earnings multiples and market values and lower costs of capital. Most companies, however, do an inadequate job of managing their reputations in general and the risks to their reputations in particular. They tend to focus their energies on handling the threats to their reputations that have already surfaced. That is not risk management; it is crisis management--a reactive approach aimed at limiting the damage.The authors provide a framework for actively managing reputational risk. They introduce three factors (the reputation-reality gap, changing beliefs and expectations, and weak internal coordination) that affect the level of such risks and then explore several ways to sufficiently quantify and control those factors. The process outlined in this article will help managers do a better job of assessing existing and potential threats to their companies' reputations and deciding whether to accept a particular risk or take actions to avoid or mitigate it.     

化解第三方风险

普华永道《2010年全球信息安全状况调查》显示,超过60％的中国受访者认为,在全球经济放缓的背景下．自己的企业正在面临着更多来自于第三方的安全风险。当企业的发展越来越依赖于商业伙伴的合作与共享,当信息化已经成为企业提升竞争力的必由之路,CFO该如何有效地管理信息系统并规避相关风险？     

智能型控险

构建企业发展的平衡器 如果有人问,驾驶一辆汽车,到底是油门重要还是刹车重要？恐怕没人会说油门比刹车重要。如果把企业比作一辆正在高速行驶的汽车,油门比作企业的业务拓展,刹车比作企业的风险管理,我们不难理解风险管理系统的不可或缺。甚至,我们需要评估,企业风险管理能力能否保障高速发展的企业的平稳前行,     

On additivity of tail comonotonic risks

ABSTRACT

As perceived from daily experience together with numerous empirical studies, the multivariate risks demonstrate a strong coherence in the extremal dependence structure especially over the course of financial turmoil or industrial accidents and outbreaks. Under this motivating paradigm, we show the universal asymptotic additivity under upper tail comonotonicity, as the probability level approaching to 1, for Value-at-Risk and Conditional Tail Expectation for a portfolio of fixed number of risks, in which each marginal risk could be any one having a finite endpoint or belonging to one of the three max domains of attraction. Our obtained results do not require the tail equivalence assumption as needed in the existing literature. This resolves a lasting problem in quantitative risk management and covers most distributions commonly encountered in practice.     

Correlation and the pricing of risks

Given a pricing kernel we investigate the class of risks that are not priced by this kernel. Risks are random payoffs written on underlying uncertainties that may themselves either be random variables, processes, events or information filtrations. A risk is said to be not priced by a kernel if all derivatives on this risk always earn a zero excess return, or equivalently the derivatives may be priced without a change of measure. We say that such risks are not kernel priced. It is shown that reliance on direct correlation between the risk and the pricing kernel as an indicator for the kernel pricing of a risk can be misleading. Examples are given of risks that are uncorrelated with the pricing kernel but are kernel priced. These examples lead to new definitions for risks that are not kernel priced in correlation terms. Additionally we show that the pricing kernel itself viewed as a random variable is strongly negatively kernel priced implying in particular that all monotone increasing functions of the kernel receive a negative risk premium. Moreover the equivalence class of the kernel under increasing monotone transformations is unique in possessing this property.      

出口风险预警信息

加拿大边境服务署对原产于中国的碳钢管配件作出反倾销日落复审终裁2008年2月28日,加拿大边境服务署发布通知,对原产于中国的碳钢管配件作出反倾销日落复审终裁。加拿大边境服务署裁定,取消对原产于中国的碳钢管配件的反倾销措施,将导致其在加拿大市场的倾销行为继续或再度发生,因此,决定继续对原产于中国的碳钢管配件实施反倾销措施。按照规定,加拿大国际贸易法庭将于2008年7月15日,对本案作出损害裁决。涉案产品海关编码为73079999．11和73079999．19。     

Understanding bilateral exchange rate risks

We apply the autoregressive conditional jump intensity (ARJI) model to weekly bilateral exchange rate returns of 31 countries and examine the determinants of bilateral exchange rate risks over the period 2001–2013. Consistent with the balance sheet effects in the open economy literature, we find that bilateral exchange rate risks are significantly reduced by external financial liabilities, above and beyond the standard optimal currency area (OCA) factors, and the development of domestic financial sectors will attenuate this effect. Subsample analysis reveals that developed countries also face credit constraints in the global capital market and the negative effects of external liabilities on bilateral exchange rate risks are increasingly pronounced in countries facing more credit constraints.     

Measuring financial risks with copulas

This paper is concerned with the statistical modeling of the dependence structure of multivariate financial data using the concept of copulas. We select some special copulas and identify the type of dependency captured by each one. We fit copulas to daily returns and simulate from the fitted models. We compare the effect of the choice of copula on risk measures and assess the variability of one-step-ahead predictions of portfolio losses. We analyze extreme scenarios and fit extreme value copulas to the block maxima and minima from daily returns. The stress scenarios constructed are compared to those obtained using models from the extreme value theory. We illustrate the usefulness of the copula approach using two stock market indexes.     

投资谈判中的法律风险

达成基本的投资意向后,投资双方需要就投资金额和投资整合过程等进行具体的谈判和协商。达到双赢固然是大家所乐见的局面,但隐藏在白纸黑字下的风险却也需谨慎对待。