CRR visuell

Die neuen EU-Vorschriften der Capital Requirements Regulation

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Author: Günther Luz,Werner Neus,Mathias Schaber,Peter Schneider,Claus-Peter Wagner,Max Weber

Publisher: N.A

ISBN: 9783791034300

Category:

Page: 280

View: 9772

Financial Regulation in the European Union

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Author: Rainer Kattel,Jan Kregel,Mario Tonveronachi

Publisher: Routledge

ISBN: 1317428846

Category: Business & Economics

Page: 332

View: 6706

This collection offers a comparative overview of how financial regulations have evolved in various European countries since the introduction of the single European market in 1986. It includes a number of country studies which provides a narrative of the domestic financial regulatory structure at the beginning of the period, as well the means by which the EU Directives have been introduced into domestic legislation and the impact on the financial structure of the economy. In particular, studies highlight how the discretion allowed by the Directives has been used to meet the then existing domestic conditions and financial structure as well as how they have modified that structure. Countries covered are France, Germany, Italy, Spain, Estonia, Hungary and Slovenia. The book also contains an overview of regulatory changes in the UK and Nordic countries, and in post-crisis USA. This comparative approach raises questions about whether past and more recent regulatory changes have in fact contributed to increase financial stability in the EU. The comparative analysis provided in this book raises questions on whether the past and more recent changes are contributing to increase the financial stability and efficiency of individual banks and national financial systems. The crisis has demonstrated the drawbacks of formulating the regulatory framework on standards borrowed from the best industry practices from the large developed countries, originally designed exclusively for large global banks, but now applied to all financial institutions.

Darstellung der Net Stable Funding Ratio gemäß dem Entwurf zur Capital Requirements Regulation II der Europäischen Kommission, Erläuterung möglicher Auswirkungen einer verbindlichen Mindestquote auf deutsche Sparkassen und Analyse von Steuerungsmöglichkeiten der Kennzahl

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Author: Stefan Kuhlmey

Publisher: BoD – Books on Demand

ISBN: 3746060702

Category: Business & Economics

Page: 92

View: 6707

Vor der Finanzkrise, ab dem Jahr 2007, wurde die Liquiditätsfristentransformation von einigen Banken im Vertrauen darauf, sich am Interbankenmarkt jederzeit kostengünstig refinanzieren zu können, exzessiv durchgeführt. Die Hypo Real Estate (HRE)-Tochter Depfa konnte ihre kurzfristigen Kredite aufgrund einer Vertrauenskrise am Geldmarkt nicht zurückzahlen und musste vom Staat gerettet werden. Das Beispiel der HRE hatte der Bankenaufsicht verdeutlicht, dass hier ein massives Risiko in einigen Bankbilanzen besteht. Die Reaktion des Basler Ausschusses auf das zu hohe strukturelle Liquiditätsrisiko einiger Banken war die im Rahmen von Basel III initiierte Net Stable Funding Ratio (NSFR). Seit Ende 2017 finden die Verhandlungen zwischen EU-Kommission, EU-Rat und EU-Parlament über die exakte Ausgestaltung der NSFR im Rahmen der Sondierungen zur Capital Requirements Regulation II (CRR-II) statt. Voraussichtlich wird die Kennzahl ab 2019 bzw. 2020 von allen europäischen Banken und Sparkassen einzuhalten sein. Eine Umsetzung der NSFR entsprechend des Entwurfs zur CRR-II würde die Hauptertragssäulen der deutschen Sparkassen belasten, da Erlöseinbußen und Kostensteigerungen zu erwarten sind. Dies gilt einerseits, weil die strukturelle Liquiditätskennzahl die Notwendigkeit schafft, im vermehrten Umfang minderrentable hochliquide Assets auf der Aktivseite zu halten. Andererseits, weil sie eine stabilere, langfristigere und damit meist auch teurere Refinanzierung auf der Passivseite erfordert. Zudem wird durch die NSFR die Funktion der Liquiditätsfristentransformation eingeschränkt und somit auch die Fristentransformationserträge reduziert. Längerfristige Aktiva erfordern mehr stabile Refinanzierungsmittel. Oder anders formuliert, sofern nicht ausreichend stabile Refinanzierungsmittel vorhanden sind, ist die Vergabe von längerfristigen Krediten eingeschränkt. Die im Rahmen des Studiums zum MBA an der Hochschule Koblenz erstellte Masterthesis stellt die NSFR gemäß des Entwurfs zur CRR II detailliert dar und untersucht die Auswirkungen einer verbindlichen NSFR auf deutsche Sparkassen sowie potentielle NSFR-Steuerungsmaßnahmen. Hierfür erfolgte eine umfangreiche empirische Untersuchung mittels problemzentrierter Interviews deutscher Sparkassen. Aus den gewonnen Erkenntnissen wurden anschließend sechs konkrete Handlungsempfehlungen abgeleitet. Die Arbeit wurde mit der Note 1,0 bewertet.

Liquiditätskennziffern und Verschuldungsquote

Zur Einhaltung und zum Gestaltungspotenzial aufsichtsrechtlicher Kennzahlen

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Author: Julia Gimbel

Publisher: Springer-Verlag

ISBN: 3658206527

Category: Business & Economics

Page: 235

View: 8570

Julia Gimbel legt primär die Normen dar, die in Anlehnung an die Basler Vorgaben im EU-Recht mit Blick auf die Mindestquoten das Risiko der Illiquidität und der Überschuldung zu begrenzen suchen. Zudem führt sie die Maßnahmen auf, die vonseiten der Bankinstitute sinnvoll erscheinen, um diesen regulatorischen Anforderungen zu genügen. Die Autorin arbeitet Handlungsempfehlungen heraus, die die liquiditätsbezogenen Kennzahlen sowie die Höchstverschuldungsquote positiv zu beeinflussen vermögen, wobei sie stets mögliche Interdependenzen zwischen den einzelnen bankenaufsichtsrechtlichen Kennzahlen berücksichtigt und die ökonomischen Auswirkungen beachtet.

Neue Betriebswirtschaft

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Author: Wilhelm Schmeisser,Wolfgang Becker,Markus Beckmann,Alexander Brem,Peter P. Eckstein,Matthias Hartmann

Publisher: BoD – Books on Demand

ISBN: 386764828X

Category: Business & Economics

Page: 632

View: 3223

Die Betriebswirtschaft erfindet sich immer wieder neu. Sie entwickelt regelmäßig Theorien und Methoden und verfängt sich nicht in den methodischen Fehlschluss, die Wirtschaftswissenschaften müssten nach naturwissenschaftlichen-mathematischen Gesetzmäßigkeiten in der Wirtschaft suchen. Vor diesem Hintergrund ist die neue Betriebswirtschaft ein Ansatz, die klassische Betriebswirtschaft mit aktuellen Fragestellungen zu verbinden. Dieses Buch stellt deshalb klassische Themen wie Buchhaltung, Kosten-, Erfolgs- und Umsatzrechnung, Finanzierung dar, aber auch explizit Statistik zur Datengewinnung und Datenauswertung. All diese Themen werden stets im Lichte der aktuellen Entwicklungen von Digitalisierung, Internationalisierung und innovativen Geschäftsmodellen behandelt. Die Autoren wenden sich klassischen Funktionen des Betriebes zu, aber auch Themen wie Security, Compliance, Nachhaltigkeit, Online-Marketing, Innovationsmarketing, Strategisches Controlling, Cross-Mergers and Acquisitions, u.a. in Verbindung mit der Unternehmensbewertung, sowie Risk-Management. Das Buch richtet sich an Studierende der Wirtschaftswissenschaften sowie an Unternehmer und Manager, die sich mit betriebswirtschaftlichen Themen in Theorie und Praxis auseinandersetzen.

Cavanaugh Strong

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Author: Marie Ferrarella

Publisher: Harlequin

ISBN: 0373278810

Category: Fiction

Page: 288

View: 4018

Aurora's finest are back in action! Why are too many healthy seniors dying in nursing homes? Vice detective Noelle O'Banyon can't let the mystery go. And though she has no business working a homicide case, the love-shy single mom draws partner Duncan Cavanaugh into her rogue investigation. He's a notorious player she thoroughly disdains—and the feeling's mutual. Duncan considers Noelle too straightlaced for his taste. But as they uncover the shocking scandal behind the mysterious deaths, the crime-fighting pair become closer—and passionately in sync. Now, before a killer stops their bliss, can he and Noelle prevent the next murder in Aurora?

From Bauhaus to Our House

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Author: Tom Wolfe

Publisher: Farrar, Straus and Giroux

ISBN: 9781429924252

Category: Architecture

Page: 128

View: 8886

Tom Wolfe, "America's most skillful satirist" (The Atlantic Monthly), examines the strange saga of American architecture in this sequel to The Painted Word, From Bauhaus to Our House.

Derivatives and Internal Models

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Author: H. Deutsch

Publisher: Springer

ISBN: 0230502105

Category: Business & Economics

Page: 621

View: 4093

The successful first edition provided an introduction to the valuation and risk management of modern financial instruments, formulated in a precise mathematical expression and comprehensively covering all relevant topics using consistent and exact notation. In this new edition, Deutsch continues with this philosophy covering new and more advanced topics including terms structure models, second-order value at risk, time series analysis, GARCH models, differential equations, finite difference schemes, Martingales and Numeraires.

Asset and Risk Management

Risk Oriented Finance

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Author: Louis Esch,Robert Kieffer,Thierry Lopez

Publisher: John Wiley & Sons

ISBN: 0470012587

Category: Business & Economics

Page: 424

View: 7690

The aim of this book is to study three essential components of modern finance – Risk Management, Asset Management and Asset and Liability Management, as well as the links that bind them together. It is divided into five parts: Part I sets out the financial and regulatory contexts that explain the rapid development of these three areas during the last few years and shows the ways in which the Risk Management function has developed recently in financial institutions. Part II is dedicated to the underlying theories of Asset Management and deals in depth with evaluation of financial assets and with theories relating to equities, bonds and options. Part III deals with a central theory of Risk Management, the general theory of Value at Risk or VaR, its estimation techniques and the setting up of the methodology. Part IV is the point at which Asset Management and Risk Management meet. It deals with Portfolio Risk Management (the application of risk management methods to private asset management), with an adaptation of Sharpe’s simple index method and the EGP method to suit VaR and application of the APT method to investment funds in terms of behavioural analysis. Part V is the point at which Risk Management and Asset and Liability Management (ALM) meet, and touches on techniques for measuring structural risks within the on and off balance sheet. The book is aimed both at financial professionals and at students whose studies contain a financial aspect. "Esch, Kieffer and Lopez have provided us with a comprehensive and well written treatise on risk. This is a must read, must keep volume for all those who need or aspire to a professional understanding of risk and its management." —Harry M Markowitz, San Diego, USA

Light and Lighting in People and Portrait Photography

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Author: Friedrun Reinhold

Publisher: MITP-Verlags GmbH & Co. KG

ISBN: 3826683692

Category: Photography

Page: 240

View: 9288

Light and lighting are essential for a well taken photograph. This may sound simple, but it’s what the true art of photography is all about. A photographer’s skill in handling the light and getting stunning results is especially important when it comes to people and portrait photography. Portrait photographer Friedrun Reinhold helps you to find the perfect lighting for your motif. From the basics of light to various aspects of flash and continuous light, this book provides an excellent overview of everything you need to know.

Arran Coastal Way

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Author: Jacquetta Megarry

Publisher: Rucksack Readers

ISBN: 1898481792

Category: Sports & Recreation

Page: 76

View: 7915

Based on a full-colour rucksack-friendly printed guidebook, this fixed-format ebook respects the original page layouts, while also enabling instant cross-references, searchable text and (if the user is online) web links. The Arran Coastal Way is one of Scotland's Great Trails, and perhaps the finest circuit walk in the country. It runs for 65 miles (105 km) around the Isle of Arran in a memorable week-long hike from Brodick. It's accessible from near Glasgow by the Ardrossan ferry. Famous as`Scotland in miniature', Arran is rich in scenery, castles, caves and standing stones. The walking is varied, from mountain paths to deserted beaches, from minor road-walking to boulder-hopping, and in places it is refreshingly rugged. Arran's wildlife is uniquely approachable, and its residents welcoming. A Coastal Communities Fund project created many miles of new and improved path with fresh waymarking, leading to this fully revised second edition. Based on three research trips in 2017, the text and photographs were thoroughly updated to cover many route changes and extra options. This guidebook contains all you need to plan and enjoy the Arran Coastal Way, including: — detailed description of the route walked anticlockwise — background on geology, pre-history and history — whisky-making, wildlife and habitats — boat trip to the Holy Isle — Foreword by wilderness walker Cameron McNeish — new mapping of the entire route (1:55,000) — information about public transport and travel — lavishly illustrated, with 125 colour photographs. "The perfect companion to a fascinating route" - Outdoor Focus magazine

Cash Return on Capital Invested

Ten Years of Investment Analysis with the CROCI Economic Profit Model

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Author: Pascal Costantini

Publisher: Elsevier

ISBN: 0080461786

Category: Business & Economics

Page: 248

View: 6909

In this book, Pascal Costantini gives a lively and wonderfully readable account of ten years of efforts by a small group of investment analysts to find a reliable, practical and implementable method for valuing and selecting shares. The result of their effort is an original investment methodology called CROCI (Cash Return on Capital Invested), best described as a variation of the economic profit model. For over a decade now, Costantinis group at Deutsche Bank has been using this valuation tool every time it has had to take a view on the pricing of an equity asset, be it a market, a sector or an individual sharein other words, every single working day, since it is this groups job to advise institutional investors on equity valuation. Costantini describes in detail, accompanied by concrete examples in the form of charts and graphs, the precise investment results of the actual implementation of the CROCI approach in the global equity markets since 1996. Readers will enjoy taking this journey with Costantini to see how and why the model was developed, assess the results of ten years of actual implementation and measure the successes of using this model in stock picking and portfolio construction. This book will also make it easy for them to see how the CROCI approach can be used successfully by others now and in the future. The book is divided into four parts. The first part is a review and discussion of the fundamentals of investment analysis. The second part is dedicated to the construction of economic data, with the sole objective of calculating an economically meaningful asset multiple and relative return, the combination of which gives an economic PE ratio, the authors main stock selection tool. While the economic profit model is not exactly new, it is still largely ignored by the investment community. In essence, it does three things: it calculates the real amount of cash, or value created by a business; it compares the market value of an asset to an approximation of its replacement value; and it assumes that the former will converge to the latter through the arbitrage of investors and capital providers. The third part is dedicated to the analysis of economic data, and the last part deals with the actual implementation of the CROCI economic profit model, including real life examples. This final part also discusses how to use the output of the CROCI model with individual stocks, and then with investment portfolios. *Techniques are based on the authors performance record at Deutsche Bank since 1996 *Based on almost ten years of proprietary knowledge and implementation of these techniques *Factual illustrations of the results of the valuation techniques are provided at each step *Techniques are based on the author's performance record at Deutsche Bank since 1996 *Based on almost ten years of proprietary knowledge and implementation of these techniques *Factual illustrations of the results of the valuation techniques are provided at each step

Plant Reintroduction in a Changing Climate

Promises and Perils

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Author: Joyce Maschinski,Kristin E. Haskins

Publisher: Island Press

ISBN: 1610911830

Category: Science

Page: 432

View: 9907

Considered an essential conservation tool, plant reintroductions have been conducted for many of the world's rarest plant species. The expertise and knowledge gained through these efforts constitute an essential storehouse of information for conservationists faced with a rapidly changing global climate. This volume presents a comprehensive review of reintroduction projects and practices, the circumstances of their successes or failures, lessons learned, and the potential role for reintroductions in preserving species threatened by climate change. Contributors examine current plant reintroduction practices, from selecting appropriate source material and recipient sites to assessing population demography. The findings culminate in a set of Best Reintroduction Practice Guidelines, included in an appendix. These guidelines cover stages from planning and implementation to long-term monitoring, and offer not only recommended actions but also checklists of questions to consider that are applicable to projects around the world. Traditional reintroduction practice can inform managed relocation-the deliberate movement of species outside their native range-which may be the only hope for some species to persist in a natural environment. Included in the book are discussions of the history, fears, and controversy regarding managed relocation, along with protocols for evaluating invasive risk and proposals for conducting managed relocation of rare plants. Plant Reintroduction in a Changing Climate is a comprehensive and accessible reference for practitioners to use in planning and executing rare plant reintroductions.

Encyclopedia of Behavioral Neuroscience

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Author: N.A

Publisher: Elsevier

ISBN: 0080453961

Category: Psychology

Page: 1816

View: 4007

Behavioral Neuroscientists study the behavior of animals and humans and the neurobiological and physiological processes that control it. Behavior is the ultimate function of the nervous system, and the study of it is very multidisciplinary. Disorders of behavior in humans touch millions of people’s lives significantly, and it is of paramount importance to understand pathological conditions such as addictions, anxiety, depression, schizophrenia, autism among others, in order to be able to develop new treatment possibilities. Encyclopedia of Behavioral Neuroscience is the first and only multi-volume reference to comprehensively cover the foundation knowledge in the field. This three volume work is edited by world renowned behavioral neuroscientists George F. Koob, The Scripps Research Institute, Michel Le Moal, Université Bordeaux, and Richard F. Thompson, University of Southern California and written by a premier selection of the leading scientists in their respective fields. Each section is edited by a specialist in the relevant area. The important research in all areas of Behavioral Neuroscience is covered in a total of 210 chapters on topics ranging from neuroethology and learning and memory, to behavioral disorders and psychiatric diseases. The only comprehensive Encyclopedia of Behavioral Neuroscience on the market Addresses all recent advances in the field Written and edited by an international group of leading researchers, truly representative of the behavioral neuroscience community Includes many entries on the advances in our knowledge of the neurobiological basis of complex behavioral, psychiatric, and neurological disorders Richly illustrated in full color Extensively cross referenced to serve as the go-to reference for students and researchers alike The online version features full searching, navigation, and linking functionality An essential resource for libraries serving neuroscientists, psychologists, neuropharmacologists, and psychiatrists

Simply Seven

Seven Ways to Create a Sustainable Internet Business

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Author: Erik Schlie,Jörg Rheinboldt,Niko Waesche

Publisher: Palgrave Macmillan

ISBN: 0230308171

Category: Business & Economics

Page: 196

View: 4939

Simply Seven is a practical framework created to get entrepreneurs and executives started on finding the right Internet business model for their web site. It is based on the idea that there are seven business building blocks - which form the foundation of all Internet business models. SimplySeven emphasizes constant experimentation in selecting and fine-tuning one's business model and encourages using models outside of the narrow range of today's "hyped" candidates. Chapter by chapter, the book guides the reader through the lessons learned by the flagship pioneers of each business model: Skype for services, Blizzard Entertainment for subscriptions, Amazon.com for retail, Google for advertising, eBay for commissions and Apple for license sales. Regarding financial management, it is too early to tell which company will emerge as leader. However, Simply Seven does not just celebrate the successes; it also focuses on the biggest mistakes

Innovations in Quantitative Risk Management

TU München, September 2013

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Author: Kathrin Glau,Matthias Scherer,Rudi Zagst

Publisher: Springer

ISBN: 331909114X

Category: Mathematics

Page: 438

View: 8807

Quantitative models are omnipresent –but often controversially discussed– in todays risk management practice. New regulations, innovative financial products, and advances in valuation techniques provide a continuous flow of challenging problems for financial engineers and risk managers alike. Designing a sound stochastic model requires finding a careful balance between parsimonious model assumptions, mathematical viability, and interpretability of the output. Moreover, data requirements and the end-user training are to be considered as well. The KPMG Center of Excellence in Risk Management conference Risk Management Reloaded and this proceedings volume contribute to bridging the gap between academia –providing methodological advances– and practice –having a firm understanding of the economic conditions in which a given model is used. Discussed fields of application range from asset management, credit risk, and energy to risk management issues in insurance. Methodologically, dependence modeling, multiple-curve interest rate-models, and model risk are addressed. Finally, regulatory developments and possible limits of mathematical modeling are discussed.

Saving a Million Species

Extinction Risk from Climate Change

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Author: Lee Hannah

Publisher: Island Press

ISBN: 1610911822

Category: Science

Page: 417

View: 8013

The research paper "Extinction Risk from Climate Change" published in the journal Nature in January 2004 created front-page headlines around the world. The notion that climate change could drive more than a million species to extinction captured both the popular imagination and the attention of policy-makers, and provoked an unprecedented round of scientific critique. Saving a Million Species reconsiders the central question of that paper: How many species may perish as a result of climate change and associated threats? Leaders from a range of disciplines synthesize the literature, refine the original estimates, and elaborate the conservation and policy implications. The book: examines the initial extinction risk estimates of the original paper, subsequent critiques, and the media and policy impact of this unique studypresents evidence of extinctions from climate change from different time frames in the pastexplores extinctions documented in the contemporary recordsets forth new risk estimates for future climate changeconsiders the conservation and policy implications of the estimates. Saving a Million Species offers a clear explanation of the science behind the headline-grabbing estimates for conservationists, researchers, teachers, students, and policy-makers. It is a critical resource for helping those working to conserve biodiversity take on the rapidly advancing and evolving global stressor of climate change-the most important issue in conservation biology today, and the one for which we are least prepared.