The multiplication of the credit rating agencies efforts under IRB approach
This article conducts a study of multiplying the credit rating agencies efforts. These opportunities are practically important in connection with implementation of the IRB approach. The author considers Russian commercial banks as one of the main examples of using proposal methods, so in addition to literature overview the paper includes review of the Russian banking system and rating activities.
Firstly, the author discussed the rating scales mapping for comparison of rating estimations of different agencies. Then, he proposed the distance method with the connected extremum problem to find compatible mapping functions for rating scale correspondence.
Secondly, the paper considered the possibility of rating model system creation for financial institutions. The bank rating models in order logit interpretation are discussed simultaneously for resident (Russian) and non-resident institutions. In addition, the specification of bank models’ characteristics and their quality were considered for the three largest international rating agencies also as econometrical models for corporates and sovereign were presented.
The results reviewed can help to apply basic instruments for practical applications of such models to the risk management problems, which are based on the public information and remote estimation of ratings. Commercial banks and government financial regulators may be perspective consumers of the proposed methods.
Implementation of IT and program projects seems to be very complicated and taught process, associated with many uncertainties and risks. Sure, this does not mean the rejection of such projects, supposed the more responsibility for the decision making process of new information technologies implementation. To manage various problems which face project managers, it makes sense to use special risk management software. The functionality of modern risk management systems allows identifying risk occurrence, conducting scenario modeling, take the more appropriate managing decisions based on scenario analysis and mathematical calculations. All these functionality will support project manager to optimize his business activities in accordance to risk management practices and ensure better coordination and balance inside the project team. Currently there available a wide range of project management software, but it is reasonable to conduct some analysis in terms of applicability to specific IT projects. The author will review the most appropriate software solutions for the risk management in IT area, conduct competitive analysis and provide some recommendations on software selection.
Ключевые слова: портфельный подход, концепция VaR, хеджирование рисков, хедж-премия, стоимость компании
The efficiency of social reforms in different countries mostly depends on the extent to which they can be accepted by people. Moreover, even if the problems are similar, the reasons may differ, which can lead to fail in applying existing laws of one state to another one. Bribery, as shows the Corruption Perception Index, calculated by Transparency International, is a typical problem for developing countries – that also matches research (Levin & Satarov, 2000; Ilzetzki, 2010) concluding that corruption has roots in socialist regimes and that in recently established political stability instable economic situation leads to growth in crime. The main problem within the scope of this project is to identify the relation between corruption perception and level of trust in the society and to distinguish the differences in factors affecting these characteristics in post-soviet countries. The research discoveres that distrust matters a lot for the problem in Russia and suggests further examining European countries in order to explain the difference in trust.
This article evaluates the peculiarities of current corporate ratings systems and addresses specific issues of the development of econometrical rating models for emerging market enterprises. Financial indicators, market-value appraisals, industrial as well as macroeconomic factors of different countries were used as explanatory variables. Ratings of the Standard & Poor's, Moody's Investors Service and Fitch Ratings agencies were considered and used for modelling. The predictive power of the econometrical models was examined. A comparison of the methodologies of the three leading agencies was discussed.
How are professors paid? Can the "best and brightest" be attracted to the academic profession? With universities facing international competition, which countries compensate their academics best, and which ones lag behind? Paying the Professoriate examines these questions and provides key insights and recommendations into the current state of the academic profession worldwide. Paying the Professoriate is the first comparative analysis of global faculty salaries, remuneration, and terms of employment. Offering an in-depth international comparison of academic salaries in twenty-eight countries across public, private, research, and non-research universities, chapter authors shed light on the conditions and expectations that shape the modern academic profession. The top researchers on the academic profession worldwide analyze common themes, trends, and the impact of these matters on academic quality and research productivity. In a world where higher education capacity is a key driver of national innovation and prosperity, and nations seek to fast-track their economic growth through expansion of higher education systems, policy makers and administrators increasingly seek answers about what actions they should be taking. Paying the Professoriate provides a much needed resource, illuminating the key issues and offering recommendations.
One of the most popular statements in the systemic transition literature since the second half of the 1990th is that different experiences of the CEE and Baltic states, on the one hand, and the most of the CIS countries, on the other hand, are embedded in different social norms and values, encouraging efforts in the new EU member states and preventing it in some of CIS countries.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.