Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for 6. August 2009

Old Banks, New Lending Tricks

Posted by hkarner - 6. August 2009

Aus der Business Week:

Lenders haven’t sworn off risky financial products. They’ve come up with a slew of new ones

That didn’t take long. The economy hasn’t yet recovered from the implosion of risky investments that led to the worst recession in decades—and already some of the world’s biggest banks are peddling a new generation of dicey products to corporations, consumers, and investors. Den Rest des Beitrags lesen »

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What Should GAAP Look Like? A Survey and Economic Analysis

Posted by hkarner - 6. August 2009

Aus der Harvard Business School Press:

Authors: S.P. Kothari, Karthik Ramanna, and Douglas J. Skinner

Based on extant literature, we articulate a positive theory of GAAP under the assumption that GAAP’s objective is to facilitate efficient capital allocation within an economy. The theory predicts that GAAP’s principal focus, as shaped by the demand for and supply of financial information, is on the use of the income statement and balance sheet for performance measurement and control (stewardship). The theory allows us to compare and contrast extant GAAP, as observed in a regulated setting, with GAAP that might arise endogenously as a result of market forces. Building on previous research, we argue that verifiability and conservatism, while detracting from accounting’s role in equity valuation, are critical features of GAAP under efficient contracting. We recognize the advantage of using fair values in circumstances where these are based on observable prices in liquid secondary markets, but caution against expanding fair values to areas such as intangibles where they could be used opportunistically. We conclude that rather than converging U.S. GAAP with IFRS, competition between the FASB and the IASB would allow GAAP to better respond to market forces.

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Obama and the Economy

Posted by hkarner - 6. August 2009

Mises Daily by | Posted on 8/6/2009 12:00:00 AM

Travel with me back to yesteryear, the early days of the Reagan administration, when taxes were being cut and spending increases were being curbed (actual spending cuts were few), and when journalists were losing their heads about the supposedly catastrophic state of the economy. Den Rest des Beitrags lesen »

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Bouncing Britain

Posted by hkarner - 6. August 2009

Aus P. Krugman’s Blog in der NYT:

Two months ago I wrote that there were hints of a relatively quick economic turnaround in Britain. Now those hints have gotten much stronger. Basically, aggressive monetary policy and the depreciation of the pound are giving Britain a boost relative to other advanced countries.

Oh, and markets don’t seem to think Britain is insolvent, either. The CDS spread, which I noted was not too bad a month ago at 71, is now down to 50.

Definitely an easing crisis, though probably not enough to save Gordon Brown.

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Are ‚There Bright Spots Amid the Global Recession?

Posted by hkarner - 6. August 2009

Nuriel Roubini ist wirklich ein Schatz. Aus seinem Global EconoMonitor:

Today we take a look at which countries have best weathered the global recession and credit crunch. All economies have been affected by the crisis, but a combination of policy responses and strong fundamentals has given some countries, especially some emerging market economies, a relative edge. These same strengths could lead the countries we highlight below to perform better as the global recovery begins, even if their growth rates remain well below 2003-2007 trends.

What commonalities are visible among these countries?  One major theme is that they tended to have lower financial vulnerabilities due to more restrictive regulation and less developed financial markets, as well as larger and stronger domestic markets that sustained domestic demand. Moreover, they had the resources to engage in counter-cyclical fiscal and monetary policies, actions that were not possible in past crises. In contrast, countries that borrowed heavily to finance domestic consumption in the days of easy money are now facing sharp economic contractions.   Despite the relative strength of these countries, however, their ability to return to sustained growth will depend on structural reforms that support consumption. Den Rest des Beitrags lesen »

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Why Jerks Are Bad Decision-Makers

Posted by hkarner - 6. August 2009

Ist Ihr Englisch gut genug? „Jerks“ sind „Dummköpfe, Trottel“. Und der grossartige Tom Davenport kann dabei sogar eine Beziehung zur Finanzwirtschaft herstellen – ein intelligenter, vorzüglicher, amüsanter Blog-Post!

Tom Davenport Dienstag, 04. August 2009, 18:49:34 

There are many reasons for not working with jerks, as Bob Sutton has pointed out in his memorably-titled book The No Asshole Rule. But I think I’ve discovered another reason for not having them in your organization’s employ: they often make bad decisions. While all jerks don’t always make bad decisions, and non-jerks occasionally decide badly too, I’d guess that there is a sizable correlation between jerkiness and bad judgment.

For example, I’ve been reviewing some examples of bad decisions in the financial crisis; fortunately, there is no shortage of them. Den Rest des Beitrags lesen »

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Despite Bailouts, Business as Usual at Goldman

Posted by hkarner - 6. August 2009

aus der heutigen NYT:

Lloyd C. Blankfein has a story about the cataclysm that nearly brought down all of Wall Street. It goes something like this: One by one, lesser banks were swept away by the financial storm of 2008. And as the floodwaters rose, no one, not even Goldman Sachs, seemed safe.

Daniel Acker/Bloomberg News

Since taxpayers got Goldman back on solid ground, Lloyd C. Blankfein, the chairman, says it was never in any real danger. Den Rest des Beitrags lesen »

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Can Emerging Market Consumers Replace the U.S Consumers?

Posted by hkarner - 6. August 2009

  • U.S. private consumption was about US$10 trillion in 2008 and EU consumption accounted for about US$9 trillion while Asian consumption was less than US$5 trillion. With U.S. private consumption accounting for about 16% of global output, an increase in the U.S. savings rate to upper single digits and a reduction in consumption could mean a significant reduction in global GDP. While consumption in emerging market economies is on the rise, it is from a lower base, meaning that it will be difficult to make up for the reduction in U.S. consumption.

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Turkey’s Banking Sector: How Healthy?

Posted by hkarner - 6. August 2009

  • August 4: Moody’s placed on review for possible downgrade the local currency deposit ratings of 11 Turkish banks and the national scale ratings of three Turkish banks. The move „reflects the rating agency’s expectation that the weak economic environment will continue to exert pressure on Turkish banks‘ asset quality metrics, although Moody’s recognizes that the banks‘ overall financial strength remains robust for the time being, supported by their strong capitalization and profitability profiles.“ (iStockAnalyst)

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