The premise of this volume is that business regulations are expected to grow in the near future as a consequence of the emergence of a "(world) risk society". Risks related to terrorism, climate change, and financial crises, for example, will penetrate all conditions of life. Increasingly, the decisions and actions of some bring about risks for many in this era of globalization. Controlling these risks implies managing the world through high-quality regulation, with a particular emphasis on businesses and financial institutions. Central to this approach is the argument that a major, if not the primary, aim of regulation is to internalize externalities, or in a broader context, to repair market failure. Such repair can only be accomplished when the costs are smaller than the welfare gains. Featuring contributions from researchers and policy analysts from the fields of economics, management, law, sociology, political science, and environmental policy, this book focuses on three major topics: social risks and business regulation; preconditions for better business regulation; and, theoretical issues related to better business regulation. Collectively, the authors demonstrate that the easier it is for regulated businesses to comply at the lowest costs possible - without jeopardizing the related public goals - the greater the degree of compliance. When successful, the net result is a balance of individual and collective net benefits, and by further implication, sustainable business practice and economic growth.
Schooling as a RiskyIinvestment: A Survey of Theory and Evidence focuses exclusively on the risk that is associated with investing in education. In this monograph, the authors' acknowledge that in educational choice, risk is everywhere, and that the variables affecting this choice are imperfectly known. Only recently has modern economic theory faced these issues. In a well organized framework, this monograph surveys the modest literature, identifies and explains the weakest aspects of knowledge in the field, reflects on policy issues, and presents an agenda for future research. Schooling as a RiskyIinvestment: A Survey of Theory and Evidence is organized as follows. After an introduction, Section 2 presents data on ex post variation in outcomes, and evidence on student perceptions of variability and risk to show that risk is a relevant dimension for individual decision making. As a background to the models acknowledging uncertainty, Section 3 briefly considers models for investment in human capital under conditions of perfect information and a perfect capital market. Section 4 presents empirical evidence on the effect of risk on schooling choices. Section 5 surveys the literature for empirical evidence on the relationship between level of education and dispersion in earnings. Section 6 considers methods to cope with risk such as hedging human capital risk and self-insurance through consumption smoothing. Compensation in wages for the risk associated with schooling investment is then considered in Section 7, followed by a look at policy issues in Section 8. Finally, in Section 9, the monograph concludes by summarizing what is known and identifies interesting issues and directions for future research.
In today's globalised business environment, companies face a complex assortment of new and often contradictory laws and regulations. High-profile corporate scandals involving compliance failures teach us that loss of reputation can have a significant, if not fatal, effect on a company. International companies recognise this and invest heavily in systems designed to detect and prevent compliance breaches. However, such systems and controls cannot succeed without the development of a strong compliance culture that secures buy-in from executives, managers, employees, contractors and business partners all at levels. This title offers cutting edge know-how and guidance for the development and management of a sophisticated legal risk management and compliance operation. While identifying risks and regulatory challenges, chapters also explore how professionals can manage processes; implement change; track issues and loss events; screen potential clients, partners, employees and contractors; and implement appropriate remediation. The book features chapters on board structures, tax compliance, fraud and bribery, Sarbanes-Oxley requirements, European capital markets regulation, competition law, data protection, offshoring and the cloud, human resources issues for managers, and managing legal risk in China. Legal Risk Management, Governance and Compliance is a must-have desk reference for in-house corporate counsel and compliance officers, individuals involved in the compliance, audit, legal and risk functions within companies and non-profit organisations, as well as the law firms that service these organisations' needs.
Interest in contemporary cultural industries has grown in the past decade, as they take on a greater significance in our increasingly consumer-led society. Focusing on the world of fashion photography, this book presents an interdisciplinary approach in which this and other aesthetic markets, such as advertising, modelling, art, music and more, can be viewed.
The main thrust of this groundbreaking book, is in developing a theory for these cultural markets, characterized by insecurity, and where status and aesthetic diversity generate order and price differentiation. In these industries, services and products are offered that are a mix of the aesthetic and the economic, and for fashion photographers such as those studied here, it is necessary to carefully position themselves in the market by developing unique photographic styles and separating themselves from competitors.
Yet the markets in which these industries operate differ from the type of exchange markets depicted by neoclassical economists, and therefore cannot be considered using such modes of analysis. Instead Aspers conducts his study using empirical phenomenology, an original approach presented here for the first time, which can be easily used in other empirical studies. He draws on original empirical material; participant observation and interviews generated in New York and Stockholm; which bring a depth of analysis and a relevance to this book which academics, researchers and those with a vested interest in such industries will value.
Written by one of the world's brightest young economic sociologists, this fascinating book (previously published in Sweden and enthusiastically received) is endorsed by recognized industry authorities. A noteworthy book, it provides a foothold in the burgeoning sub discipline of economic sociology, and a significant analysis of the economics of the fashion photography industry.
Written by a physicist with extensive experience as a quant on Wall Street, this book treats a wide variety of topics. Presenting the theory and practice of quantitative finance and risk, it delves into the "how to" and "what it's like" aspects not covered in textbooks or research papers. A "Technical Index" indicates the mathematical level for each chapter.This second edition includes some new, expanded, and wide-ranging considerations for risk management: climate change and its long-term systemic financial risk; markets in crisis - new crisis prediction technique and the Reggeon field theory; new "Smart Monte Carlo" and American Monte Carlo; trend risk - time scales and risk, the Macro-Micro model, and singular spectrum analysis; credit risk: counterparty risk, wrong way risk, issuer risk, and regulations; stressed correlations - new "nearest neighbor" techniques; and psychology and option models.Solid risk management topics from the first edition and valid today are included: standard/advanced theory and practice in fixed income, equities, and FX; quantitative finance and risk management - traditional/exotic derivatives, fat tails, stressed VAR, model risk, numerical techniques, deals/portfolios, systems, data, economic capital, and function toolkit; risk lab - the nuts and bolts of risk management from the desk to the enterprise; case studies of deals; Feynman path integrals, Green functions, and options; and "Life as a Quant" - communication issues, sociology, stories, and advice.
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