Methoden der risikobasierten Kapitalallokation im Versicherungs- und Finanzwesen

The present contribution is intended to serve as a survey of techniques of risk based capital allocation for (aggregated) insurance and/or financial positions. The starting point is the determination of the risk based capital for the aggregated position, which in turn requires the specification of the existing risk exposure and as well the risk measure used. After this the basic capital allocation procedures (absolute, incremental and marginal capital allocation) are explained. A discussion of postulates for a reasonable absolute capital allocation follows. Especially the axioms of coherent capital allocation developed by Denault are treated. Then central principles of capital allocation (proportional capital allocation, covariance principle, conditional expected value principle, conditional value-at-risk principle, Euler-principle) are introduced and their properties are discussed, especially regarding coherence. Finally firm value based approaches and as well game theoretic approaches are mentioned.     

Do Foreign Currency Accounts Help Relax Credit Constraints? Evidence from Nepal

We analyse a novel bank‐level data set from Nepal, where domestic and foreign currency (FX) deposits are reported separately on the liability side of commercial bank balance sheets. In a panel regression analysis, we estimate semi‐accounting‐identities that allow us to identify the marginal sources of financing for various asset positions. We find that banks hedge against FX exposure via their sectoral lending composition: banks with a large share of FX deposits primarily lend to firms in traded‐goods sectors. Loans to non‐traded sectors are mostly financed by domestic deposits. While earlier studies have documented a positive impact of FX accounts on financial development, our analysis suggests that this does not need to imply that severely credit constrained sectors are the main beneficiaries of this process.     

A Tale of Two Surplus Countries: China and Germany

Open Economies Review - We analyze current account imbalances through the lens of the two largest surplus countries; China and Germany. We observe two striking patterns visible since the 2007/8...     

INSTITUTIONAL RESEARCH ON PERFORMANCE MEASUREMENT AND MANAGEMENT IN THE PUBLIC SECTOR ACCOUNTING LITERATURE: A REVIEW AND ASSESSMENT

This paper reviews the evolution of institutional research on performance measurement and management (PMM) in the public sector accounting literature. An assessment of the progress of this research programme is offered in light of some key developments in the broader neo-institutional sociology (NIS) literature, such as the growing recognition of the role of embedded agency, the need to bridge institutional and rational choice explanations of action and the extension of empirical research across different levels of institutional fields. Some progress has been made in this respect and has contributed to shift the emphasis from a one-sided focus on institutional effects  on  PMM, treating institutional pressures as largely exogenous, to recognize its more intricate roles as an outcome of, as well as a medium for, change. However, further research is required into the micro dynamics involved in transforming and reproducing PMM practices at different levels of analysis and how such practices become infused with meanings conditioned by higher-order institutional logics across various levels of institutional fields. Some research strategies for addressing these issues are outlined.     

Mortgage Shoppers: How Much Do They Save?

Survey evidence suggests that many U.S. and European consumers do not spend a lot of time comparing mortgage products. We show, however, that mortgage shopping is associated with a substantial monetary payoff, using a unique data set from a website where borrowers (not the lenders) can post their complete set of received mortgage rate offers. A borrower who shops for five mortgage offers is able to save 7,078 euros in net present value on average. The potential savings suggest suboptimal mortgage shopping as the opportunity cost of time to renegotiate additional quotes is unlikely to be that high.     

Standards as Barriers Versus Standards as Catalysts: Assessing the Impact of HACCP Implementation on U.S. Seafood Imports

The United States mandated a Hazard Analysis Critical Control Points (HACCP) food safety standard for seafood in 1997. Panel model results for 1990 to 2004 suggest that HACCP introduction had a negative and significant impact on overall imports from the top thirty-three suppliers. While the effect for developed countries was positive, the negative effect for developing countries supports the view of "standards as barriers" versus "standards as catalysts." A different perspective emerges from individual country-level analysis. Regardless of development status, leading seafood exporters generally experienced a positive HACCP effect, while most other smaller trading partners faced a negative effect.     

Swiss made vs. Made in Germany — Kaufentscheidung nach Herkunftsland

Zusammenfassung  Angesichts des überangebots an Informationen zu einem Produkt oder einer Dienstleistung orientieren sich Verbraucher bei einer Kaufentscheidung h?ufig am Herkunftsland des jeweiligen Produktes. Dieses auch als Country-of-Origin-Effekt bekannte Ph?nomen wird in diesem Beitrag anhand der weltweiten Wahrnehmung schweizerischer und deutscher Produkte vorgestellt. Aus Sicht der Unternehmen und insbesondere des Marketingmanagements stellt sich die Frage, ob und unter welchen Bedingungen eine konsequente Vermarktung und Betonung des Herkunftslandes der eigenen Produkte erfolgversprechend sind. Prof. Dr. Sven Reinecke Direktor am Institut für Marketing an der Universit?t St. Gallen (HSG) under Leiter des Kompetenzzentrums „Marketing Performance Management“ sowie Mitherausgeber der Marketing Review St. Gallen. Dr. Stephan Feige Gesch?ftsführender Partner bei der htpSt. Gallen Managementberatung AG, einem Spin-Off der Universit?t St. Gallen. Dipl.-Kfm. Peter Mathias Fischer Wissenschaftlicher Mitarbeiter und Doktorand am Kompetenzzentrum Marketing Performance Management” des Instituts für Marketing der Universit?t St. Gallen.