Trust In A Social Theory Of Currency Crises As Applied To Currency Boards

The conventional explanations of currency crises have not proved fruitful .Aykens (2005) proposes a social theory of currency crises which he shows is able to account for the interwar gold standard crisis. In this paper we explain the elements of Aykens’ theory, propose a brief extension of it and demonstrate with respect to currency boards, specifically those of Bosnia-Herzogovina and of Argentina both how affective trust is achieved and also how it is destroyed

Corporate Governance And Fraud

The main bank fraud cases of the past decade are examined to identify warning signs that could and should have been recognised. Brown (2001 and 2004) has rightly highlighted doubling as a key feature of the Leeson and National Australia Bank derivatives losses. This paper takes a wider view of this and other similar events-the Allied Irish fraud, the Sumitomo copper case, the Daiwa Bank losses and the National Australia Bank case – and examines the other warning signs that could and should have been recognised. If these can be seen as easier to identify while the fraud is in progress than the doubling of transactions, then these may be used to structure an early warning system of some potency

The Role Of Intangible Assets And Other Accounting Issues In A Corporate Disaster

In this paper we investigate the role of intangible assets, slotting costs and the failure to provide for legal contingencies in the problems that beset Burns Philp., an Australian blue chip company in 1997. We also move the combination of problems to a 2005 perspective and ask if in the light of recent developments in the accounting for intangible assets and contingencies ( IAS 38) directors would be in a better position to inform shareholders adequately or not

Optimal Portfolio Allocations For Global Bank Stocks In Local Currencies And Us Dollars 1992-2001

In this paper we examine the optimal composition of global portfolios of bank stocks, expressed in both local currencies and in US dollar terms, over the period January 1992 to June 2001.  We estimate optimal global bank stock portfolios using two covariance optimisation algorithms – the Markowitz expected return/variance algorithm (MPT), and the Elton, Gruber and Padberg average correlation algorithm (EGP) – and compare the composition and performance of these portfolios with a portfolio comprising equally-weighted bank stocks. Our study also includes measures of skewness and kurtosis, and risk adjusted return measures based on variance, semi-variance and portfolio betas. The purpose of our study is twofold. First, we wish to examine whether the covariance optimisation approaches produce significantly different portfolio allocations over the period of the study. Second, we wish to determine if the two significant events for the global banking sector in this period– the implementation of global risk-based capital adequacy standards in 1992 and the Asian banking crisis of 1997 – may have had any influence on the optimal allocation of global bank stocks in an investment portfolio. To achieve this we construct the optimal bank portfolios, using both optimisation algorithms, for the period 1992-1996 and 1997-2001. We include bank stock returns for 26 countries in the study. We find that the MPT and EGP optimisation algorithms do produce different portfolio allocations during both periods of the study. If return is measured against variance, the MPT algorithm produces the best performing portfolio. However if return is measured against semi-variance, the results are mixed. We also find that bank portfolios performed better on a risk-adjusted basis in the period leading up to the Asian crisis of 1997. Our most interesting finding is that if the highest risk bank stocks are removed from the portfolio, the terminal wealth of the portfolio falls by around half in each period. This suggests that higher-risk bank stocks are needed to achieve sufficient diversification to ‘protect’ the return for a global portfolio of bank stocks

Foreign Exchange Management in Perfect Pieces Ltd

4 page(s

The Chaotic Structure Of The C/C/US Exchange Rate

This paper provides a brief survey of previous applications of chaotic analysis to exchange rate series and of the connection between theoretical models of exchange rates and the chaotic approach. and then considers the key elements required to establish a chaotic structure and apply the analysis to the daily $C/$US exchange rates over the period 1973 to 2003 In particular the overshooting hypothesis as represented by the chaotic structure is investigated

The Australian Institute of Family Studies Evaluation of the 2006 Family Law Reforms: Key findings

The Australian Institute of Family Studies' Evaluation of the 2006 family law reforms was released in January 2010. It is based on an extensive amount of empirical research, unprecedented in Australia and arguably internationally, comprising 17 separate studies involving 28,000 people, 1724 court files, administrative data and legal analysis. This article presents some key findings of the Evaluation. Specifically, the Evaluation found that for the majority of families, the family law system is working satisfactorily. At the same time however, the Evaluation findings underline the existence of complex issues, including family violence and child abuse concerns, mental health problems and substance misuse which affect many families that rely on the federal family law system^ for assistance. While the introduction of family dispute resolution with exceptions+ has resulted in more disputes being resolved without court action, there is a need for refinement of processes and understandings with respect to cases that are unsuitable for such processes or cases that require additional support in order for disputes to be resolved safely and responsibly. Similarly, while children in shared care represent a minority overall, and while the majority of families with shared care appear to be doing well, there is evidence that these arrangements are sometimes being made even in circumstances where parents have safety concerns, with adverse consequences for the well-being of children

The AIFS evaluation of the 2006 family law reforms : a summary

In 2006, the Australian Government, through the Attorney- General\u27s Department (AGD) and the Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA), commissioned the Australian Institute of Family Studies (AIFS) to undertake an evaluation of the impact of the 2006 changes to the family law system: Evaluation of the 2006 Family Law Reforms (Kaspiew et al., 2009) (the Evaluation). This article provides a summary of the key findings of the Evaluation.<br /