Financial Exposure

Carl Levin's Senate Investigations into Finance and Tax Abuse Elise J. Bean ... stock markets plummeted, and storied financial firms went under.


Author: Elise J. Bean

Publisher: Springer

ISBN: 9783319943886

Category: Business & Economics

Page: 449

View: 684

At a time when Congressional investigations have taken on added importance and urgency in American politics, this book offers readers a rare, insider’s portrait of the world of US Congressional oversight. It examines specific oversight investigations into multiple financial and offshore tax scandals over fifteen years, from 1999 to 2014, when Senator Levin served in a leadership role on the US Senate Permanent Subcommittee on Investigations (PSI), the Senate’s premier investigative body. Despite mounting levels of partisanship, dysfunction, and cynicism swirling through Congress during those years, this book describes how Congressional oversight investigations can be a powerful tool for uncovering facts, building bipartisan consensus, and fostering change, offering detailed case histories as proof. Grounded in fact, and written as only an insider could tell it, this book will be of interest to financial and tax practitioners, policymakers, academics, students, and the general public.

Financial Exposure to the Euro Area Before and After the Crisis

Moreover, we show that institutions at home are important to explain exposure to euro area securities. In particular, the higher the standards of governance at home, the greater the exposure to the euro area debt.




ISBN: 9289916125


Page: 48

View: 651

This paper investigates whether global investors are over or under exposed towards the euro area and the role of home bias and institutions at home in shaping this exposure. According to a simple benchmark from standard portfolio theory, euro area investors - in particular those from euro area low-rating economies - are overexposed to euro area securities. Instead, investors outside the EU are underexposed to euro area securities in their total portfolio, proportionally to their degree of home bias, but not in their foreign portfolio. Nevertheless, once we account for gravity factors, the largest foreign investors overweigh euro area securities, especially debt of euro area high rating economies. Crucially, this overexposure was resilient to the euro area crisis. Moreover, we show that institutions at home are important to explain exposure to euro area securities. In particular, the higher the standards of governance at home, the greater the exposure to the euro area debt.

Exposure Draft of Proposed Amendments to IAS 39 Financial Instruments

recognition and measurement : exposures qualifying for hedge accounting, comments to be received by 11 January 2008 International Accounting Standards ...


Author: International Accounting Standards Board


ISBN: CORNELL:31924105420156

Category: Accounting

Page: 15

View: 443

International Financial Management Text and Cases

These are the general reporting principles which should be the basis of all exposure information systems. For analytical purposes these systems can be ...


Author: Bhalla V.K.

Publisher: S. Chand Publishing

ISBN: 9788121942911

Category: Business & Economics


View: 181

Part: I 1. International Financial Management: An Overview 2. The International Monetary 3. European Monetary System 4. The Global Liquidity 5. International Financial System 6. Financial Globalisation And The Crisis 7. The Financial Accounting Among Countries And International Part: Ii 8. Foreign Exchange Markets 9. Managing Foreign Exchange Reserves 10. Exchange Rate Theories 11. Currency Futures 12. Currency Options 13. The International Swap Market 14. Role Of Swaps In Managing External Debt 15. Financial Derivatives Market: A Global Perspective Part Iii 16. Foreign Exchange Risk Exposure 17. The Exposure Information System 18. Strategies For Exposure Management And Techniques For Foreign Exchange Rate Projections 19. Exposure Management 20. Organisation Of The Exposure Management Function Part Iv Part V Part Vi …...41. International Taxation Glossary Selected Bibliography Index

Exposure Draft

... domain of accounting and / or financial reporting ( or categories within ... define the domain of financial reporting , Exposure Draft Distinguishing ...


Author: United States. Federal Accounting Standards Advisory Board


ISBN: UIUC:30112079606734

Category: Finance, Public


View: 331

Financial Services Institutions


Author: United States. General Accounting Office


ISBN: STANFORD:36105061971417

Category: Corporations, Government

Page: 52

View: 559

Dangerous Exposure

... they employ various strategies to manage risk so that they earn profits , limit potential financial exposures , and build capital needed to pay claims .


Author: United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs


ISBN: PSU:000061506572

Category: Climatic changes

Page: 170

View: 570

Financial Planning Competency Handbook

Strategies and techniques to manage financial exposure due to personal risk. The terms risk, risk exposure, and risk tolerance refer to the risk of ...


Author: CFP Board

Publisher: John Wiley & Sons

ISBN: 9781119094661

Category: Business & Economics

Page: 944

View: 798

The official guide for exam success and career excellence Financial Planning Competency Handbook, Second Edition is the essential reference for those at any stage of certification and a one-stop resource for practitioners looking to better serve their clients. This fully updated second edition includes brand new content on connections diagrams, new case studies, and new instructional videos, and a completely new section devoted to the interdisciplinary nature of financial planning. You'll gain insights from diverse fields like psychology, behavioral finance, communication, and marriage and family therapy to help you better connect with and guide your clients, alongside the detailed financial knowledge you need to perform to the highest expectations as a financial planner. This book contains over ninety chapters that are essential for practitioners, students, and faculty. Whether a practitioner, student, or faculty member, this guide is the invaluable reference you need at your fingertips. Comprehensive, clear, and detailed, this handbook forms the foundation of the smart financial planner's library. Each jurisdiction has its own laws and regulations surrounding financial planning, but the information in this book represents the core body of knowledge the profession demands no matter where you practice. Financial Planning Competency Handbook, Second Edition guides you from student to practitioner and far beyond, with the information you need when you need it.

Financial Markets Operations Management

... always a good idea to maintain good working relationships with your counterparties. In our example we would have a financial exposure to Skipton Bank.


Author: Keith Dickinson

Publisher: John Wiley & Sons

ISBN: 9781118843901

Category: Business & Economics

Page: 472

View: 393

A comprehensive text on financial market operationsmanagement Financial Market Operations Management offers anyoneinvolved with administering, maintaining, and improving the ITsystems within financial institutions a comprehensive text thatcovers all the essential information for managing operations.Written by Keith Dickinson—an expert on the topic—thebook is comprehensive, practical, and covers the five essentialareas of operations and management including participation andinfrastructure, trade life cycle, asset servicing, technology, andthe regulatory environment. This comprehensive guide also coversthe limitations and boundaries of operational systems and focuseson their interaction with external parties including clients,counterparties, exchanges, and more. This essential resource reviews the key aspects of operationsmanagement in detail, including an examination of the entire tradelife cycle, new issue distribution of bonds and equities,securities financing, as well as corporate actions, accounting, andreconciliations. The author highlights specific operationalprocesses and challenges and includes vital formulae, spreadsheetapplications, and exhibits. Offers a comprehensive resource for operational staff infinancial services Covers the key aspects of operations management Highlights operational processes and challenges Includes an instructors manual, a test bank, and a solutionmanual This vital resource contains the information, processes, andillustrative examples needed for a clear understanding of financialmarket operations.

International Currency Exposure

The exposure of long-term foreign currency bonds. Journal of Financial and Quantitative Analysis 15: 973–94. Allayannis, George, and Jane Ihrig. 2001.


Author: Frank Westermann

Publisher: MIT Press

ISBN: 9780262036405

Category: Business & Economics

Page: 328

View: 800

Issues in debates about foreign currency exposure -- the denomination of liabilities or assets in foreign currency.

Modelling Pricing and Hedging Counterparty Credit Exposure

Springer Finance is a programme of books addressing students, academics and practitioners working on increasingly technical approaches to the analysis of ...


Author: Giovanni Cesari

Publisher: Springer Science & Business Media

ISBN: 9783642044540

Category: Business & Economics

Page: 254

View: 296

It was the end of 2005 when our employer, a major European Investment Bank, gave our team the mandate to compute in an accurate way the counterparty credit exposure arising from exotic derivatives traded by the ?rm. As often happens, - posure of products such as, for example, exotic interest-rate, or credit derivatives were modelled under conservative assumptions and credit of?cers were struggling to assess the real risk. We started with a few models written on spreadsheets, t- lored to very speci?c instruments, and soon it became clear that a more systematic approach was needed. So we wrote some tools that could be used for some classes of relatively simple products. A couple of years later we are now in the process of building a system that will be used to trade and hedge counterparty credit ex- sure in an accurate way, for all types of derivative products in all asset classes. We had to overcome problems ranging from modelling in a consistent manner different products booked in different systems and building the appropriate architecture that would allow the computation and pricing of credit exposure for all types of pr- ucts, to ?nding the appropriate management structure across Business, Risk, and IT divisions of the ?rm. In this book we describe some of our experience in modelling counterparty credit exposure, computing credit valuation adjustments, determining appropriate hedges, and building a reliable system.

Does Openness Imply Greater Exposure

openness.7 In the former case, we use the sample average of financial openness in the ... increases the exposure to trade-related shocks and that financial ...


Author: César Calderón

Publisher: World Bank Publications


Category: Economic development

Page: 43

View: 916

External exposure can be measured by the sensitivity of first and second moments of economic growth to openness and foreign shocks. This paper provides an empirical evaluation of external exposure using panel data methods for a worldwide sample of countries. Controlling for domestic conditions, the paper examines the growth and volatility effects of outcome measures of trade and financial integration, as well as four types of foreign shocks: terms of trade changes, trading partners' growth rates, international real interest rate changes, and net regional capital inflows. The paper analyzes the possibility of nonlinearities by allowing the growth and volatility effects of openness to vary with the general level of economic development and by letting the effects of foreign shocks depend on the degree of trade and financial integration. The findings point toward strong non-monotonic effects of openness and external shocks on growth and volatility. Moreover, all in all, the results contradict the view that international integration increases external vulnerability by hurting growth and increasing volatility or by amplifying the adverse effect of external shocks.

Troubled Asset Relief Program The Government s Exposure to AIG Following the Company s Recapitalization

... financial condition and the status of the government's exposure to AIG. ... Since then, we have continued to monitor the financial risk posed by AIG, ...


Author: Thomas J. McCool

Publisher: DIANE Publishing

ISBN: 9781437989052


Page: 97

View: 342

Assistance provided by the Dept. of the Treasury under the Troubled Asset Relief Program (TARP), and the Federal Reserve to Amer. International Group, Inc. (AIG) represented one of the federal government's largest investments in a private sector institution. AIG is a holding co. that engages in a broad range of insurance and insurance-related activities in the U.S. and abroad. This report updates a set of indicators last reported in Jan. 2011. Specifically, it discusses: (1) trends in the financial condition of AIG and its insurance companies; (2) the status of the government's exposure to AIG; and (3) trends in the unwinding of AIG Financial Products. Charts and tables. This is a print on demand edition of an important, hard-to-find publication.

ACCA P4 Advanced Financial Management Study Text 2013

Exposure to foreign exchange risk can occur in a variety of ways. Most companies and certainly multinational corporations are affected by movements in ...


Author: BPP Learning Media

Publisher: BPP Learning Media

ISBN: 9781445392165

Category: Business & Economics

Page: 692

View: 734

The BPP Study Text provides a comprehensive treatment of the updated ACCA syllabus for P4. It addresses all learning outcomes and the higher skills required in an integrated and practical way. The material, despite the technical nature of certain areas, follows a practical, common sense approach with plenty of case studies and real life business examples. The key points of each topic are summarised in a chapter roundup and tested in a diagnostic quiz at the end of each chapter. A question bank at the end of the book provides practice on exam style questions.

Export Import Bank Status of GAO Recommendations on Risk Management Exposure Forecasting and Workload Issues

Ex-Im helps U.S. firms export goods and services by providing financial products, ... From fiscal years 2008 through 2013, ExIm's exposure—that is, ...


Author: Mathew J. Scire

Publisher: U.S. Government Accountability Office


Category: Business & Economics

Page: 12

View: 146

The U.S. Export-Import Bank (Ex-Im) has addressed recommendations GAO made in two 2013 reports that related to processes for estimating losses, managing financial risks, and forecasting outstanding financial commitments (exposure). In these reports, GAO found weaknesses in the processes, including limitations in Ex-Im's data and models. Based on accounting standards for federal credit agencies, federal banking regulator guidance, and federal internal control standards, GAO made six recommendations that Ex-Im subsequently implemented. For example, GAO recommended that Ex-Im • assess whether it was using the best available data for adjusting loss estimates for long-term credit transactions to account for global economic risk. In November 2013, Ex-Im replaced a 1-year forecast of global economic conditions it used in its loss estimation model with a 5-year forecast. • retain point-in-time data on credit performance to conduct analyses to compare the performance of newer and more seasoned business at comparable points. Ex-Im began retaining such data in fiscal year 2013. • report to Congress on scenarios used for and results of stress tests on its portfolio. In September 2013, Ex-Im began including this information in quarterly reports to Congress on the bank's default rates. • assess the sensitivity of its exposure forecast model to key assumptions and estimates and identify and report the range of forecasts these analyses produced. In response, Ex-Im created additional statistical models to validate its forecasts and provided a range of estimates. Ex-Im also has begun to address two recommendations in GAO's 2013 reports concerning the bank's workload. In a March report, GAO found Ex-Im faced potential operational risks because administrative budgets and staff levels had not kept pace with growth in its portfolio and Ex-Im had not formally determined the level of business it could properly manage. In a May report, GAO found the Business Plan provided limited analysis of the adequacy of Ex-Im's resources and ability to meet congressional mandates for credit transactions supporting small business and renewable energy. Based in part on federal internal control standards, GAO recommended that Ex-Im develop benchmarks to monitor and manage workload levels and provide Congress with more information on resources associated with meeting the mandates. To help address the recommendations, Ex-Im hired a contractor to develop workload benchmarks and a workload modeling tool. As of June 2014, this effort was ongoing. As a result, the two recommendations remain open. While Ex-Im has been responsive to GAO's recommendations, it is important to note that GAO has ongoing work examining other aspects of Ex-Im operations. Furthermore, managing a large export financing portfolio and its associated risks is challenging. Therefore, it will be important for Ex-Im to sustain the improvements it has made, effectively implement future audit recommendations, and carefully manage emerging risks. Why GAO Did This Study: Ex-Im helps U.S. firms export goods and services by providing a range of financial products. The Export-Import Bank Reauthorization Act of 2012 increased the statutory ceiling on the agency's total exposure to $140 billion in 2014. As a condition of raising the exposure limit, the act required Ex-Im to prepare a report with a Business Plan and analyses of key operational elements. The act also mandated GAO to evaluate the effectiveness of Ex-Im's risk management and analyze its Business Plan. GAO reported on these issues in March and May 2013, respectively (see GAO-13-303 and GAO-13-620 ). In the reports, GAO made a total of eight recommendations—to which Ex-Im agreed. This testimony is based on GAO's March and May 2013 reports. It discusses actions Ex-Im has taken in response to GAO recommendations on (1) estimating losses, managing financial risks, and forecasting exposure levels; and (2) managing and reporting on its workload. For the 2013 reports, GAO analyzed Ex-Im's financial data, policies and procedures, Business Plan, and processes for calculating program costs and loss reserves. GAO also interviewed Ex-Im officials and other entities involved in export financing.