The European insurance Industry is currently undergoing a substantial change in financial reporting requirements. Beginning in 2005, compliance with the International Financial Reporting Standards (IFRS) has been required in the European Union. Substantial sections of the IFRS-leading to a market-oriented valuation of insurance contracts-are still under construction and will be introduced in the next few years. To date, assessment of the potential impact of the new IFRS accounting and reporting system is largely found in trade literature, and in insurance industry business leader and expert commentator statements. The tenor of opinion is that the IFRS will create a serious challenge for the European insurance industry. To evaluate the impact of IFRS more scientifically, this article app...
In the recent past, the automotive supply industry has been facing increasing merger activity. This paper examines the short- and long-term wealth effects of horizontal mergers and acquisitions on acquirers in the automotive supply industry. Based on a sample of 230 takeover announcements between 1981 and 2007, significant positive announcement returns to acquiring companies were determined. While these positive short-term returns to acquirers represent an outstanding attribute of this industry in terms of perceived synergy potential, this study also finds that acquirers are unable to sustain this exceptional position beyond a short-term horizon. A combination of the Fama-French-3-Factor model in calendar time and the control firm approach in event time consistently reveals significant ...
The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) are seeking comment on an amendment to the notice of proposed rulemaking (NPR) to modify the agencies' market risk capital rules, published in the Federal Register on January 11, 2011 (January 2011 NPR). The January 2011 NPR did not include the methodologies adopted by the Basel Committee on Banking Supervision (BCBS) for calculating the standard specific risk capital requirements for certain debt and securitization positions, because the BCBS methodologies generally rely on credit ratings. Under section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act), all federal agenc...
To what extent do capital market factors affect home prices? This paper examines quarterly changes in median sales prices for homes across more than 3,000 U.S. ZIP Codes in 203 metropolitan areas from 2001 to 2006 to investigate home price sensitivity to returns on U.S. stocks and bonds. The findings reveal that home-price changes are positively related to returns on stocks and bonds, on average. They also show that home prices in higher priced ZIP Codes have greater exposure to capital market risk factors, consistent with higher levels of wealth and capital market participation, on average, among owners of higher priced homes.
THE 100-stock pure market-cap weighted Kuala Lumpur Composite Index will be replaced with the existing FTSE Bursa Malaysia Large 30 Index, to be renamed the FTSE Bursa Malaysia KLCI soon. How will this affect your portfolio? UNKNOWN TO MANY, JULY 6, 2009 is a significant day in the history of the Malaysian capital market, at least to many major institutional investors and large benchmarking funds. On that day, Bursa Malaysia will replace the grand old lady and icon of the Malaysian stock market, the 100-stock pure market-cap weighted Kuala Lumpur Composite Index (KLCI) with the existing FTSE Bursa Malaysia Large 30 Index (FBM30), which will be renamed as FTSE Bursa Malaysia KLCI (FBM KLCI). In order to facilitate this transition, the FBM KLCI's opening value will be equivalent to the KL...
SHANGHAI (Reuters) - China's reshuffle of key financial regulators a year earlier than normal shows the country is trying to avoid policy paralysis that has plagued its leadership restructuring decisions in the past. The new watchdogs may now press on with much- needed reforms, especially to its stock markets. With markets stagnant at home and a debt crises overseas, China cannot afford to have its reform calendar come to a standstill, as has often happened in the past in the months leading up to broader leadership reshuffles decided at the Communist Party's five-yearly congresses.
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