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Displaying results 1 to 25 of 29.

  1. Liquidity regulation, the central bank and the money market
    Author: Körding, Julia; Scheubel, Beatrice
    Published: [2018]
    Publisher:  De Nederlandsche Bank NV, Amsterdam, the Netherlands

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    Series: Working paper / De Nederlandsche Bank NV ; no. 596 (May 2018)
    Subjects: regulation; Basel III; central bank; interbank lending; money market; asymmetric information
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  2. The perceived impact of government regulation in reducing online privacy concern
    Author: Škrinjarić, Bruno; Budak, Jelena; Rajh, Edo
    Published: June 2018
    Publisher:  The Institute of Economics, Zagreb, Zagreb, Croatia

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    hdl: 11159/1903
    Series: EIZ working papers ; EIZ-WP-18, 03
    Subjects: regulation; data protection; online privacy concern; Croatia
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  3. Credit market choice
    Author: Boyarchenko, Nina; Costello, Anna M.; Shachar, Or
    Published: [2018]
    Publisher:  Federal Reserve Bank of New York, New York, NY

    Which markets do institutions use to change exposure to credit risk? Using a unique data set of transactions in corporate bonds and credit default swaps (CDS) by large financial institutions, we show that simultaneous transactions in both markets are... more

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    Which markets do institutions use to change exposure to credit risk? Using a unique data set of transactions in corporate bonds and credit default swaps (CDS) by large financial institutions, we show that simultaneous transactions in both markets are rare, with an average institution having an 11 percent probability of transacting in both the CDS and bond markets in the same entity in an average week. When institutions do transact in both markets simultaneously, they increase their speculative positions in CDS by 13 cents per dollar of bond transactions, and their hedging positions by 13 cents per dollar of bond transactions. We find evidence that, during the post-crisis rule implementation period, the incentive to use paired transactions is reduced but so is the incentive to take naked positions in the CDS market. When single name contracts become eligible for central clearing, globally systemically important institutions become more likely to use single name CDS contracts. Finally, we show that, in the aggregate, U.S. globally systemically important institutions reduce their exposure to corporate credit risk in the rule implementation period, primarily through reducing the amount of credit protection sold in the index CDS market.

     
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    hdl: 10419/210715
    Series: Staff report / Federal Reserve Bank of New York ; no. 863 (August 2018)
    Subjects: CDS; corporate bonds; hedging; regulation; CCPs
    Scope: 1 Online-Ressource (circa 66 Seiten), Illustrationen
  4. Algorithmic social ordering
    towards a conceptual framework
    Author: Eyert, Florian; Irgmaier, Florian; Ulbricht, Lena
    Published: [2018]
    Publisher:  ZBW, [Kiel

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    Format: Online
    Other identifier:
    hdl: 10419/191592
    Subjects: algorithm; social order; cybernetics; politicization; application of science; information capture; regulation; behavior control
    Scope: 1 Online-Ressource (circa 11 Seiten)
  5. Red tape asset pricing
    Author: Souza, Thiago de Oliveira
    Published: 2018
    Publisher:  University of Southern Denmark, Odense

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    Series: Discussion papers on business and economics ; no. 2018, 8
    Subjects: Equity premium puzzle; intervention; regulation; risk
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  6. "Lootboxes" in digital games
    a gamble with consumers in need of regulation? : an evaluation based on learnings from Japan
    Author: Koeder, Marco Josef; Tanaka, Ema; Mitomo, Hitoshi
    Published: 2018
    Publisher:  International Telecommunications Society, Seoul

    This paper looks at the recent discussion on "Lootboxes" by regulators in several countries referring to the case of Japan in the light of business model revolutions. A game-of-chance mechanic which can be found in more and more in digital games to... more

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    This paper looks at the recent discussion on "Lootboxes" by regulators in several countries referring to the case of Japan in the light of business model revolutions. A game-of-chance mechanic which can be found in more and more in digital games to acquire virtual items and to help monetize these games. These Lootboxes have created several negative reactions and calls for regulation because if their gambling like elements. Japan had similar mechanics in games for a long time called "Gacha" and could serve as an interesting insight into its regulation. Firstly as introduction, this paper explains what Lootboxes are in comparison to "Gacha" in Japan and investigates whether they would qualify as gambling using a gambling taxonomy. Lootboxes and Gacha can be seen as very similar and comparable and both would not qualify as gambling in traditional way as long as it could not be converted into real world currency. Secondly, it reviews recent regulatory actions in Western and Asian countries and their reasonings to regulate or not to regulate "Lootbox" mechanism in games. Regulators approaches to "Lootbox" differ from country to country, from very strict to tolerant, often depending on their understanding and perception of Lootbox mechanis. Thirdly, this paper introduces a player's perception on Lootbox elements and business models. According to a third-party survey, players have a certain preferences and expectation on how to pay for a game or in-game items in accordance with the business model of the game. Several empirical cases showed that an inconsistency or lack of transparency between game players and game companies on how to pay for games could be a trigger for complaints by players, not whether it gambling or not, Finally, this paper summarizes findings from empirical studies and points out the necessity of further studies on "game of chance" elements in games. In the case of so called free-to-play games, the lack of winning probability could be a key issue while for full price games the issue lies more in a lack of transparency of the business model. The former suggests the importance to increase the transparency of "probability" to give players more chances to calculate their chance of winning before they paying for game of chance elements. The latter implies that business models of the game industry have been transforming and games as well as their monetization strategies could be expanded and modified interactively and ceaselessly creating issues on the players side. Both user side and developer side behavior needs to be studies more. But the focus should not only be on gambling and addictive problems -which are important- but also on the issue of business model transformation and the interaction between players and developers in a networked environment.

     
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    hdl: 10419/190385
    Series: Beyond the boundaries : challenges for business, policy and society : The 22nd Biennial Conference of the International Telecommunications Society, Seoul, Korea, 24th - 27th June 2018
    Subjects: Free-to-play; Lootbox; Gacha; consumer protection; gambling; micro transactions; games; Japan; Europe; US; regulation; virtual goods
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  7. Antitrust failures
    the internet giants
    Author: Taschdjian, Martin; Alleman, James
    Published: 2018
    Publisher:  International Telecommunications Society, Trento

    Facebook, Amazon, Netflix and Google, as well as Twitter – the FANG companies – have transformed society with both positive and negative effects. Soaring consumer access to information, news, social networks, and entertainment has been stimulated by... more

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    Facebook, Amazon, Netflix and Google, as well as Twitter – the FANG companies – have transformed society with both positive and negative effects. Soaring consumer access to information, news, social networks, and entertainment has been stimulated by the ever-more ubiquitous and falling prices of broadband services. E-government has transformed the delivery of public services. However, negative effects have likewise been stark. Certainly, there have been huge disruptions caused by e-commerce. State tax collectors are fighting the loss of sales tax collections. Because Facebook and Google can identify you, the ads can be targeted to your specific wants and needs, even creating "wants and needs" based on your profile. So, what the "customer" – you – perceived as free is not. Indeed, you are the commodity being sold to the advertisers. Because Facebook and Google are two-sided markets, their economic rents are "hidden" from the public (and, apparently, from the antitrust authorities) . On the user side of the market, prices are zero – "free." The other side, advertising rates are "hidden." Facebook's and Google's revenues are derived from advertising which appears when you go to their sites. They can extract exorbitant prices for ads, since they are virtually the only source that can target ads directly to potential clients. This paper examines the potential for antitrust cases against Facebook and Google as a response to their perceived threats to consumer privacy, political influences and advertising dominance. The argument for antitrust action against them is based on the following arguments. Formally, their Herfindahl-Hirschman index (HHI) for search is 8,476. Combined they currently control over half of US digital advertising; these companies together have an HHI of 2,024. In terms of "social media" United States share of visits, Facebook and Google's HHI is "highly concentrated" at 2,471. Each has obtained de facto monopoly or oligopolistic power without any concern on the part of government. Their economic rents are "hidden" from the public because their revenues are derived from advertising which appear when you go to their sites. Thus, they can extract exorbitant prices for ads. Facebook and Google Herfindahl-Hirschman indices (HHI) are high, indicating a concentrated market or highly concentrated market by several different definitions of their markets. Nevertheless, no serious antitrust case or legislation has addressed this monopoly power.

     
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    hdl: 10419/184969
    Series: Towards a digital future : turning technology into markets? : Trento, Italy, 1st – 4th August 2018 / 28th ITS European Conference 2018
    Subjects: Advertising; antitrust; competition; internet; media; regulation; pricing; two-sided market
    Scope: 1 Online-Ressource (circa 16 Seiten), Illustrationen
  8. The quantification of structural reforms
    extending the framework to emerging market economies
    Author: Égert, Balázs
    Published: [2018]
    Publisher:  EconomiX - UMR7235, Université Paris Nanterre, Nanterre

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    Series: Working paper / EconomiX ; 2018, 19
    Subjects: structural reforms; product markets; labour markets; regulation; institutions; simulation; multi-factor productivity; investment; employment; per capita impact; OECD; emerging market economies; developing countries
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  9. The Basel framework in 100 jurisdictions
    implementation status and proportionality practices
    Author: Hohl, Stefan; Sison, Maria Cynthia; Stastny, Tomas; Zamil, Raihan
    Published: 2018
    Publisher:  Bank for International Settlements, Financial Stability Institute, [Basel]

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    ISBN: 9789292592226
    Series: FSI insights on policy implementation ; no 11 (November 2018)
    Subjects: Basel framework; Basel III; proportionality; regulation; Pillar 1; Basel III implementation; risk-based capital; Basel capital framework; tailoring
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  10. Appraising home purchase appraisals
    Author: Calem, Paul Seth; Lambie-Hanson, Lauren; Nakamura, Leonard Isamu; Kenney, Jeanna H.
    Published: December 2018
    Publisher:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

    Home appraisals are produced for millions of residential mortgage transactions each year, but appraised values are rarely below the purchase contract price: Some 30% of appraisals in our sample are exactly at the home price (with less than 10% of... more

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    Home appraisals are produced for millions of residential mortgage transactions each year, but appraised values are rarely below the purchase contract price: Some 30% of appraisals in our sample are exactly at the home price (with less than 10% of them below it). We lay out a basic theoretical framework to explain how appraisers’ incentives within the institutional framework that governs mortgage lending lead to information loss in appraisals (that is, appraisals set equal to the contract price). Consistent with the theory, we observe a higher frequency of appraisal equal to contract price and a higher incidence of mortgage default at loan-to-value boundaries (notches) above which mortgage insurance rates increase. Appraisals appear to be less informative for default risk measurement compared with automated valuation models

     
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    Series: Working paper / Research Department, Federal Reserve Bank of Philadelphia ; 18, 28 (December 2018)
    FRB of Philadelphia Working Paper ; No. 18-28
    Subjects: information; mortgage; regulation; appraisal; mortgage default; foreclosure
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  11. Persuasion meets delegation
    Author: Kolotilin, Anton; Zapechelnyuk, Andriy
    Published: [2018]
    Publisher:  University of St Andrews, [St Andrews, Scotland, UK]

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    Series: School of Economics and Finance discussion paper ; no. 18, 02
    Subjects: persuasion; delegation; regulation
    Scope: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  12. Building on the Hamburg Statement and the G20 Roadmap for Digitalization
    toward a G20 framework for artificial intelligence in the workplace
    Author: Twomey, Paul
    Published: [2018]
    Publisher:  Kiel Institute for the World Economy, Kiel

    Building on the 2017 Hamburg Statement and the G20 Roadmap for Digitalization, this paper recommends a G20 framework for artificial intelligence in the workplace. It proposes high level principles for such a framework for G-20 governments to enable... more

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    Building on the 2017 Hamburg Statement and the G20 Roadmap for Digitalization, this paper recommends a G20 framework for artificial intelligence in the workplace. It proposes high level principles for such a framework for G-20 governments to enable the smoother, internationally broader and more socially acceptable introduction of big data and AI. The principles are dedicated to the work space. It summarises the main issues behind the framework principles. It also suggests two paths towards adoption of a G-20 framework for artificial intelligence in the workplace.

     
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    46
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/182005
    Series: Array ; no. 2018, 63 (September 07, 2018)
    Subjects: Artifical intelligence; privacy; wealth distribution; workplace; regulation; political principles; workers; transparency; G20; heads of government; big data; Hamburg Statement
    Scope: 1 Online-Ressource (circa 16 Seiten)
  13. A nova abordagem do FMI sobre a gestão dos fluxos de capitais e suas limitações
    lições do Brasil e da Coreia do Sul
    Author: Fritz, Barbara; Prates, Daniela Magalhães
    Published: novembro de 2018
    Publisher:  Instituto de Pesquisa Econômica Aplicada, Brasília

    As emerging economies experience a boom in capital inflows after the global financial crisis, governments were increasingly concerned about the downsides of these inflows. Even the IMF (International Monetary Fund), long a stalwart proponent of... more

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    As emerging economies experience a boom in capital inflows after the global financial crisis, governments were increasingly concerned about the downsides of these inflows. Even the IMF (International Monetary Fund), long a stalwart proponent of financial liberalization, has engaged in a new debate on capital flow management. Drawing lessons from empirical case studies on Brazil and South Korea, this paper finds that the new IMF framework remains insufficient in two main aspects. First, by defining "capital flow management measures" (CFMs) as a temporary instrument embedded in an overall strategy of financial opening, the organization insists in the general advantages of financial liberalization, which poses serious limits to emerging economies' policy space. Second, the Fund insists in in a separation of prudential financial regulation, which should be permanent, and only temporary CFMs. Yet, the case studies of Brazil and Korea presented in this paper show that especially for emerging markets with rather diversified domestic financial markets, both types of measures are interdependent and overlapping. Additionally, we demonstrate in our case studies the relevance of a third type of regulation, lying on foreign exchange (FX) derivatives instruments, which may also be required to effectively manage foreign investors' portfolio reallocations and their impact.

     
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    Language: Portuguese
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/211380
    Series: Texto para discussão / Ipea ; 2430
    Subjects: capital flows; currency derivatives; global financial crisis; regulation; emerging economies
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  14. European club football after "five treatments" with financial fair play
    time for an assessment
    Author: Franck, Egon
    Published: December 2018
    Publisher:  University of Zurich, Department of Business Administration, Zurich

    UEFA's Club Licensing and Financial Fair Play Regulations impacted on European club football. After five distinct applications of the break-even requirement, which represents the cornerstone of these regulations, it is time for an assessment. How has... more

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    UEFA's Club Licensing and Financial Fair Play Regulations impacted on European club football. After five distinct applications of the break-even requirement, which represents the cornerstone of these regulations, it is time for an assessment. How has the situation in European top-division football changed since the FFP regulation? The most recent financial data show that European club football is characterized by significant financial recovery and further polarization. How has the FFP regulation presumably affected this development? This article discusses plausible reasons why FFP has contributed to financial recovery but has not aggravated polarization. Understanding the drivers of polarization is essential before taking further regulatory steps

     
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    Language: English
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    Format: Online
    Series: UZH business working paper series ; no. 377
    Subjects: football; regulation; financial fair play; financial recovery; polarization
    Scope: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  15. Evidence-based policymaking
    promise, challenges and opportunities for accounting and financial markets research
    Author: Leuz, Christian
    Published: [2018]
    Publisher:  Center for Financial Studies, Goethe University, Frankfurt am Main, Germany

    The use of evidence and economic analysis in policymaking is on the rise, and accounting standard setting and financial regulation are no exception. This article discusses the promise of evidence-based policymaking in accounting and financial markets... more

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    The use of evidence and economic analysis in policymaking is on the rise, and accounting standard setting and financial regulation are no exception. This article discusses the promise of evidence-based policymaking in accounting and financial markets as well as the challenges and opportunities for research supporting this endeavor. In principle, using sound theory and robust empirical evidence should lead to better policies and regulations. But despite its obvious appeal and substantial promise, evidence-based policymaking is easier demanded than done. It faces many challenges related to the difficulty of providing relevant causal evidence, lack of data, the reliability of published research, and the transmission of research findings. Overcoming these challenges requires substantial infrastructure investments for generating and disseminating relevant research. To illustrate this point, I draw parallels to the rise of evidence-based medicine. The article provides several concrete suggestions for the research process and the aggregation of research findings if scientific evidence is to inform policymaking. I discuss how policymakers can foster and support policy-relevant research, chiefly by providing and generating data. The article also points to potential pitfalls when research becomes increasingly policy-oriented.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/187486
    Series: CFS working paper series ; no. 611
    Center for Financial Studies Working Paper ; No. 611
    Subjects: Politik; Finanzmarktaufsicht; Forschung; Kosten-Nutzen-Analyse; Evidence-based policymaking; cost-benefit analysis; regulation; standard setting; accounting; finance; capital markets; causal inferences; political economy
    Scope: 1 Online-Ressource (circa 53 Seiten)
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    Datei wurde von der herausgebenden Institution entfernt
  16. The value of terroir
    a historical analysis of Bordeaux and Champagne, the world’s first geographical indications
    Author: Haeck, Catherine; Meloni, Giulia; Swinnen, Johan F. M.
    Published: [2018]
    Publisher:  KU Leuven, Faculty of Economics And Business, LICOS Centre for Institutions and Economic Performance, Leuven, Belgium

    Previous studies on the value of terroir, or more generally geographical indications (GI), used hedonic techniques. We use historical data and exploit temporal and geographical variations in the introduction of wine GIs in early twentieth century... more

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    Previous studies on the value of terroir, or more generally geographical indications (GI), used hedonic techniques. We use historical data and exploit temporal and geographical variations in the introduction of wine GIs in early twentieth century France to study the impact on the price of specific wines in the years and decades following their introduction. We find large effects of GIs on prices of some Champagne wines, but no significant impact on Bordeaux or other Champagne wines.

     
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    hdl: 10419/200492
    Edition: Version: September 25, 2018
    Series: LICOS discussion paper series ; 408 (2018)
    Subjects: Treatment effects; Appellations; European agriculture; regulation; wine history
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  17. Prices versus quantities reassessed
    Author: Karp, Larry S.; Traeger, Christian
    Published: 2018
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich

    "Prices versus quantities" (Weitzman 1974), a hugely influential paper, is widely cited (and taught) in current debates about the best policy to reduce greenhouse gas emissions. The paper's criterion for ranking policies suggests that technological... more

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    "Prices versus quantities" (Weitzman 1974), a hugely influential paper, is widely cited (and taught) in current debates about the best policy to reduce greenhouse gas emissions. The paper's criterion for ranking policies suggests that technological uncertainty favors taxes over cap and trade. Weitzman models a flow pollutant, but greenhouse gases are persistent. Stock pollutants require a fundamental change in the ranking criterion. Innovations' persistence and their gradual diffusion both favor the use of cap and trade. Numerical results show that the case for cap and trade as a means of reducing greenhouse gas emissions is stronger than widely believed.

     
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    Source: Union catalogues
    Language: English
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    Format: Online
    Other identifier:
    hdl: 10419/185529
    Series: Array ; no. 7331
    Subjects: policy instruments; pollution; climate change; taxes; quantities; regulation; uncertainty; cap and trade; technology
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  18. The G-20 regulatory agenda and bank risk
    Author: Cabrera, Matías; Dwyer, Gerald P.; Nieto, María J.
    Published: 2018
    Publisher:  Banco de España, Madrid

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    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 1829
    Subjects: banks; regulation; financial crisis
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  19. Real exchange rate misalignments in the euro area
    Author: Fidora, Michael; Giordano, Claire; Schmitz, Martin
    Published: [2018]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Temi di discussione / Banca d'Italia ; number 1162 (January 2018)
    Subjects: real effective exchange rate; equilibrium exchange rate; monetary union; regulation
    Scope: 1 Online-Ressource (circa 70 Seiten), Illustrationen
  20. Knocking on parents' doors
    regulation and intergenerational mobility
    Author: Mocetti, Sauro; Roma, Giacomo; Rubolino, Enrico
    Published: [2018]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Media type: Book
    Format: Online
    Series: Temi di discussione / Banca d'Italia ; number 1182 (July 2018)
    Subjects: regulation; intergeneration mobility; occupational choice
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  21. Bit-by-bit towards unlimited
    an analysis of zero rating and sponsored data practices of internet service providers
    Author: Schnurr, Daniel; Wiewiorra, Lukas
    Published: 2018
    Publisher:  International Telecommunications Society, Trento

    Zero rating and sponsored data have recently been introduced as new tariff options in mobile telecommunications markets. Both practices exempt data traffic of specific Internet services from an Internet user's download limit and thus allow for... more

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    Zero rating and sponsored data have recently been introduced as new tariff options in mobile telecommunications markets. Both practices exempt data traffic of specific Internet services from an Internet user's download limit and thus allow for unlimited consumption of the respective content. Whereas network operators have advertised these options as consumer-friendly innovations, both practices have been criticized by net neutrality proponents and are currently under regulatory scrutiny in several countries. Based on a model of a monopolistic Internet access provider and two advertising-financed content providers, we investigate market outcomes under both zero rating and sponsored data and assess optimal pricing schemes, firms' profits, consumer surplus and total welfare. We then analyze welfare effects if network operators are prohibited from offering service-specific exemptions from users' data allowance and derive policy implications for the current regulatory debate on net neutrality.

     
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    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/184965
    Series: Towards a digital future : turning technology into markets? : Trento, Italy, 1st – 4th August 2018 / 28th ITS European Conference 2018
    Subjects: Internet access; data caps; zero rating; sponsored data; price discrimination; net neutrality; regulation; public policy
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  22. Essays on renewable energy in liberalized electricity markets
    Author: Wagner, Johannes
    Published: 2018

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    Universitätsbibliothek Braunschweig
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    Language: English
    Media type: Dissertation
    Format: Online
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    Subjects: Energy economics; electricity markets; renewable energy; power systems; regulation
    Scope: 1 Online-Ressource (ix, 126 Seiten), Diagramme, Karten
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    Dissertation, Universität zu Köln, 2018
  23. Combining uncertainty with uncertainty to get certainty?
    efficiency analysis for regulation purposes
    Author: Andor, Mark Andreas; Parmeter, Christopher F.; Sommer, Stephan
    Published: September 2018
    Publisher:  RWI - Leibniz-Institut für Wirtschaftsforschung, Essen, Germany

    Data envelopment analysis (DEA) and stochastic frontier analysis (SFA), as well as combinations thereof, are widely applied in incentive regulation practice, where the assessment of efficiency plays a major role in regulation design and benchmarking.... more

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    Data envelopment analysis (DEA) and stochastic frontier analysis (SFA), as well as combinations thereof, are widely applied in incentive regulation practice, where the assessment of efficiency plays a major role in regulation design and benchmarking. Using a Monte Carlo simulation experiment, this paper compares the performance of six alternative methods commonly applied by regulators. Our results demonstrate that combination approaches, such as taking the maximum or the mean over DEA and SFA efficiency scores, have certain practical merits and might offer an useful alternative to strict reliance on a singular method. In particular, the results highlight that taking the maximum not only minimizes the risk of underestimation, but can also improve the precision of efficiency estimation. Based on our results, we give recommendations for the estimation of individual efficiencies for regulation purposes and beyond. Data Envelopment Analysis (DEA) und Stochastic Frontier Analysis (SFA) sowie Kombinationen der beiden Methoden finden eine breite praktische Anwendung in der Anreizregulierung, zum Beispiel von Gas- und Stromnetzbetreibern. So spielt die Abschätzung der Effizienz in der Regel eine zentrale Rolle im Regulierungsdesign und führt damit zu erheblichen finanziellen Konsequenzen für die Unternehmen. Unter Verwendung eines Monte-Carlo-Simulationsexperiments wird in diesem Papier die Performance von sechs alternativen Methoden verglichen, die üblicherweise von den Regulierungsbehörden angewendet werden. Unsere Ergebnisse zeigen, dass Kombinationsansätze, wie die Verwendung des Maximums oder des Mittelwerts von DEA- und SFA-Effizienzwerten, einige praktische Vorteile aufweisen und sie daher eine nützliche Alternative zu der alleinigen Verwendung einer einzelnen Methodik darstellen. Insbesondere verdeutlichen die Ergebnisse, dass die Verwendung des Maximums nicht nur das Risiko einer Unterschätzung minimiert, sondern auch die Genauigkeit der Effizienzschätzung verbessern kann. Basierend auf unseren Ergebnissen geben wir Empfehlungen zur Schätzung individueller Effizienzenwerte für Regulierungszwecke und darüber hinaus.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783867888981
    Other identifier:
    hdl: 10419/183153
    Series: Ruhr economic papers ; # 770
    Subjects: Data envelopment analysis; stochastic frontier analysis; efficiency analysis; regulation; network operators
    Scope: 1 Online-Ressource (circa 96 Seiten), Illustrationen
  24. The good, the bad and the complex
    product design with imperfect information
    Author: Asriyan, Vladimir; Foarta, Dana; Vanasco, Victoria
    Published: [2018]
    Publisher:  [Stanford Graduate School of Business], [Stanford, CA]

    This paper explores the incentives of product designers to complexify products, and the resulting implications for overall product quality. In our model, a consumer can accept or reject a product proposed by a designer, who can affect the quality and... more

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    This paper explores the incentives of product designers to complexify products, and the resulting implications for overall product quality. In our model, a consumer can accept or reject a product proposed by a designer, who can affect the quality and the complexity of the product. While the product's quality determines the direct benefits of the product to the consumer, the product's complexity affects how costly it is for this Bayesian consumer to extract information about the product's quality. Examples include banks that design financial products that they later offer to retail investors, or policymakers who propose policies for approval by voters. We find that complexity is not necessarily a feature of low quality products. While an increase in alignment between the consumer and the designer leads to more complex but better quality products, higher product demand or lower competition among designers leads to more complex and lower quality products. Our findings produce novel empirical implications on the relationship between quality and complexity of financial products and regulatory policies, which are consistent with recent evidence

     
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    Language: English
    Media type: Book
    Format: Online
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    Series: [Stanford University Graduate School of Business research paper ; no. 19, 6]
    Subjects: product design; information frictions; information transmission; signaling; complexity; regulation; financial products
    Scope: 1 Online-Ressource
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    Volltext nicht verfügbar
  25. Identification of EU bank business models
    a novel approach to classifying banks in the EU regulatory framework
    Author: Cernov, Marina; Urbano, Teresa
    Published: [2018]
    Publisher:  European Banking Authority, London

    This paper proposes a standardised classification of business models of the European Union (EU) banks. Our work is based on a rich and unique dataset collected for the first time for the full population of EU banks at individual level. The proposed... more

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    This paper proposes a standardised classification of business models of the European Union (EU) banks. Our work is based on a rich and unique dataset collected for the first time for the full population of EU banks at individual level. The proposed approach to classification combines both a qualitative and a quantitative component, which is a new approach compared with relevant literature in business model identification and classification. The qualitative component is based on an expert knowledge of the supervisory authority, which is confirmed or challenged by quantitative indicators. Our findings are that banks' classification through this mixed approach allows better and more granular identification of banks' business models than the clustering methodology, which is more commonly used in the literature. The business model categorisation can provide the supervisory and regulatory authorities with a benchmark for classifying institutions for a more structured and consistent approach to regulatory impact assessment, analysing trends and risks, proportionality, and supervision, ensuring the continuity and comparability of results over time.

     
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    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789292453916
    Other identifier:
    hdl: 10419/299507
    Series: EBA staff paper series ; n. 2 (June 2018)
    Subjects: Business models; business model analysis; EU banks; clustering; regulation; impact assessment; proportionality; peer review
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen