Suchergebnisse

AbstractThis article investigates whether qualitative information provided by banks about risk appetite (RA) sheds substantive insight on their effective risk taking (RT) and whether this latter in turn affects RA disclosure, as well as the role played by specific types of banks' reports (i.e., integrated report, annual report, Pillar 3 report) on such relations. Using a sample of 134 reports representing 52 banks, a generalized structural equation model is applied. The article hypothesizes and empirically finds a reciprocal relation between RA disclosure and banks' RT. More specifically, in line with agency theory, the analysis displays a predominance of the inverse relation according to which banks showing higher RT provide greater disclosure. In addition, RT is found to play a mediator role between the adoption of a specific type of report—the integrated report—and RA disclosure, independently of the context in which the banks operate. Results also highlight that RT in banks adopting an integrated report is lower than the one of matched banks. Overall, this study extends risk science by complementing the literature stream on banks' accounting discretion and risk disclosure, supporting the impact of market discipline in promoting new forms of corporate reporting. Results indeed emphasize the key role of integrated reporting on RT, suggesting that integrated logic should be strengthened by policy makers to curb banks' excessive RT and leading them to provide substantive disclosure.

Abstract
Taking on this Symposium's invitation to rethink international organizations law by focusing on scholars and practitioners outside the mainstream, this article explores and evaluates the legacy of Anne-Marie Leroy, the World Bank General Counsel from 2009 to 2016. In her attempt to trade the formal, rigid language of law for the deformalized routine of risk management – described as a 'paradigm shift' from 'rules to principles' – Leroy could be portrayed as an antipode to those who developed or nurtured the discipline of international organizations law. Yet it is precisely by focusing on figures working outside (and against) the diagrams of the discipline that we can gain a critical perspective on the evolving life of law in international institutions. The article specifically focuses on how Leroy's paradigm shift sought to bypass, manage, and overcome problems of operational expansion and institutional accountability to the outside world – perhaps the two frontiers where the conceptual normative confidence of mainstream, functionalist approaches most manifestly hit their limits. In both domains, the article shows, the principled (occasionally prohibitive) posture of liberal legalism instilled by some of Leroy's predecessors had to be traded for an attitude of 'agility' and enhanced 'risk appetite'. This article traces these changes in the professional sensibility and material practice of international law(yering) and critically evaluates the 'new normative architecture' of 'risk' that underpins it. It is by dwelling in this disjunction between familiar doctrinal dilemmas and mundane material practices of lawyering – a space teeming with unexpected rules and routines – that a critical reinvigoration, reorientation, and re-theorization of international organizations law can emerge.

This study examines the channels through which net cross-border bank flows and VIX, working through the domestic banking system, could potentially lead to the creation or exacerbation of credit and asset booms that may threaten financial stability. It uses bank firm-level data for the Philippines over the period 1991-2018. Among the study's significant findings are the following: bank lending to the real estate and housing sector is consistently and significantly affected by net cross-border bank flows (NCBF); non-core bank liabilities is an important variable as it consistently affects the amount of total loans and loans to the commercial and industrial sector as well as bank asset growth and bank leverage; net cross-border flows lower bank asset growth; and banks' cost of loans tends to be reduced by NCBF and by a reduction in global risk appetite. The use of macroprudential measures-including monitoring bank non-core liabilities and lending to sectors such as real estate-as well as capital flow management measures is warranted in order to prevent bank credit and asset booms from being created or exacerbated, which may threaten growth and financial stability.

Risk appetite is a crucial component that plays a key role in the decision-making process of project risk management. Despite rising scholarly interest in project risk management, risk appetite has received little attention thus far. A well-defined risk appetite ensures that all decisions taken throughout the course of a project are consistent with an organization's ultimate strategic aim. This research aims to identify the factors affecting the risk appetite of megaproject selection in the construction sector. The study adds to the knowledge of risk appetite in mega construction project selection and qualitatively examines the factors affecting risk appetite. Exploratory research design is used to identify these factors. The factors are identified using semi-structured interviews of 30 practitioners from the top and middle management working on mega construction projects. Thematic analysis was performed using NVIVO academic software. The most highlighted factors are financial attributes, board of directors' agility, political factors, project location and demographics. The proposed conceptual framework identifies the factors affecting the risk appetite of mega construction project selection. These factors may be utilized as a starting point by construction project organizations to evaluate the risk appetite of a mega construction project. Risk appetite-based project selection will decrease chances of failures, delays, and cost overruns in mega-projects. These factors can be used by researchers as a rationale for developing predictive or descriptive models of project selection based on risk appetite.

Country risk is an important factor affecting the risk appetite of investors
who want to create an optimal portfolio by minimizing their risks. Investor
risk appetite can affect country risk as a factor contributing to the
development of financial markets and the country's economy. The aim of this
study is to determine the relationship between investor risk appetite and
country risk. Hatemi-J cointegration and Hatemi-J asymmetric causality tests
were used to determine the relationship between CDS premium, which is
frequently preferred to represent country risk, and domestic and foreign
investor risk appetite variables. As a result of the analysis, it has been
determined that CDS premium and domestic and foreign investor risk appetite
variables are cointegrated, a positive causality from increases in both
local and foreign investor risk appetite to CDS premium and a negative or
positive causality from decreases in CDS variables to both local and foreign
investor risk appetite.

"Sustainable Life Insurance: Managing Risk Appetite for Insurance Savings and Retirement Products gives an overview of all relevant aspects of traditional and non-traditional savings and retirement products from both insurers' and policyholders' respective risk appetites. Examples of such products include general accounts, whole life, annuities (variable, fixed and fixed indexed, structured), index linked products, CPPI-based products etc. The book contains technical details associated with both practice and theory, specifically related to modelling, product design, investments and risk management challenges and solutions, tailored to both insurers' and policyholders' perspectives. Features Offers not only theoretical background but also concrete, cutting-edge "quick wins" across strategic and operational business axes An asset for professionals in the insurance industry, and a great teaching/learning resource for courses in Risk Management, Insurance Modelling, and more Highlights operational challenges across modelling, product designs and hedging"--