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The Clean Development Mechanism (CDM) is a prominent example of the mix of public and private authority in global climate policy-making. While national governments hold the supreme authority in the CDM, the oversight and daily supervision of the project-based mechanism have been delegated via an intergovernmental body to private corporations that evaluate the environmental performance of individual CDM projects. By focusing on the CDM as a particular instance of private authority in global climate governance, this article analyses the consequences associated with the delegation of authority to private actors. The article critically assesses the role of private auditing corporations, labelled Designated Operational Entities, in the regulatory framework of the CDM and points to serious trade-offs which accompany the privatisation of authority. The article's findings suggest that the promise of innovative modes of governance to increase the effectiveness of international regulation is seriously compromised by the profit-seeking behaviour of private actors. Hence, the article underscores the need to reconsider the balance between public and private authority in global (climate) governance.
We know exactly what you want the development of a completely individualised conjoint analysis
(2013)
Improving the predictive validity of conjoint analysis has been an important research objective for many years. Whereas the majority of attempts have been different approaches to preference modelling, data collection or product presentation, only a few scholars have tried to improve predictive validity by individualising conjoint designs. This comes as a surprise because many markets have observed an augmented demand for customised products and highly heterogeneous customers' preferences. Against this background, the authors develop a conjoint variant based on a completely individualised conjoint design. More concretely, the new approach not only individualises the attributes, but also the attribute levels. The results of a comprehensive empirical study yield a significantly higher validity than existing standardised-level conjoint approaches. Consequently, they help marketers to gain deeper insights into their customers' preferences.
Business cases (BC) are often used to support information systems (IS) investment evaluation. Unfortunately, business case development (BCD) is a complex task, especially identifying and quantifying the benefits of a proposed investment. Although today’s business case frameworks (BCF) support BCD to some extent, they have several limitations
On July 20/21 in 2012, an international workshop was held on the subject of the global impact of the Euro-Financial-Crisis at the University of Potsdam. Prof. Dr. Detlev Hummel, faculty Finance and Banking, was the host of the event. Academic colleagues from Beijing, Moscow and Connecticut (USA) as well as domestic capital market and banking experts presented their analyses. Different aspects of national and international finance markets were examined, with a focus on the European region, China and Russia. Mistakes and failures of the banking regulations were identified as one, but note the sole cause of the economic problems. A lack of budget discipline of some politicians and the loss of business competitiveness of certain European nations were mentioned, too. Some members of the European Union did not succeed in mastering the challenges of the global economy. There have been structural issues in some states that impede their competitiveness in the global market, for example with China. The participants pointed out a number of other reasons for the crisis, like dubious distribution types as well as a lack of transparency of certain financial products. Furthermore, remuneration and incentive schemas of investment banks and especially the reckless risk management policy of large banks were identified as other factors for the crisis. The participants of the international workshop in Potsdam agree that the birth of the Euro-currency was a political event and will remain a challenge. The reform of the banking supervision and further steps towards an economic and fiscal union are new research tasks.
1. Introduction 2. The role of banks and what is different in banks? 3. Corporate Governance and risk management 4. Risk taking and executive board composition 5. Compensation structures – how to improve models for banks? 6. Banking supervision and regulation 7. Reform of European institutions for financial stability
Public debate about energy relations between the EU and Russia is distorted. These distortions present considerable obstacles to the development of true partnership. At the core of the conflict is a struggle for resource rents between energy producing, energy consuming and transit countries. Supposed secondary aspects, however, are also of great importance. They comprise of geopolitics, market access, economic development and state sovereignty. The European Union, having engaged in energy market liberalisation, faces a widening gap between declining domestic resources and continuously growing energy demand. Diverse interests inside the EU prevent the definition of a coherent and respected energy policy. Russia, for its part, is no longer willing to subsidise its neighbouring economies by cheap energy exports. The Russian government engages in assertive policies pursuing Russian interests. In so far, it opts for a different globalisation approach, refusing the role of mere energy exporter. In view of the intensifying struggle for global resources, Russia, with its large energy potential, appears to be a very favourable option for European energy supplies, if not the best one. However, several outcomes of the strategic game between the two partners can be imagined. Engaging in non-cooperative strategies will in the end leave all stakeholders worse-off. The European Union should therefore concentrate on securing its partnership with Russia instead of damaging it. Stable cooperation would need the acceptance that the partner may pursue his own goals, which might be different from one’s own interests. The question is, how can a sustainable compromise be found? This thesis finds that a mix of continued dialogue, a tit for tat approach bolstered by an international institutional framework and increased integration efforts appears as a preferable solution.
1. Motivation and introduction 2. International asset allocation 2.1 Risk and return drivers in international asset allocation 2.2 Passive and active investment approaches 2.3 Is international diversification advantageous? 3. Case 4. Interaction levels of the exchange rate dimension 4.1 Role of the reference currency 4.2 Decision on hedging exchange rate risks 4.3 Role of the investment currency 4.4 Role of the investment claim 5. Conclusion
1. Introduction of China’s bank reform 1.1 Stage 1 (1978–1993): Rebuilding the financial system 1.2 Stage 2 (1994–1997): Regulating the financial system 1.3 Stage 3 (1998–2002): Deepening reform of state-owned commercial banks 1.4 Stage 4 (2003-present): Public listing of state-owned banks 2. The roles of SWF in China’s bank reform 3. Future challenges
1. Porter strategic competitive analysis 2. A Porter analysis of the competitive advantage of banks in business lending and proprietary trading 3. Summary, competitive advantage of banks in business lending and proprietary trading 4. JPMorgan’s “London Whale” speculation 5. A common misapprehension about hedged positions in corporate debt 6. Conclusion
1. Introduction 2. The architecture of the financial market regulation in Europe prior to the crisis 3. The new architecture of the financial market regulation in Europe 4. Actual issues of the political discussion on further needs to adapt the regulation and the structure of the financial markets in Europe 5. A brief summary
Banking System in Russia
(2013)
1. Abstract 2. Introduction to the main monetary policy tools in China 2.1 Reserve requirements 2.2 Open market operations 2.3 Interest rate policy 2.4 Credit policy and window guidance 2.5 Real estate credit control 3. Loosening monetary policy and its effect on the banking 3.1 Loosening monetary policy measures 3.2 The effect of the expansionary monetary policy on the banking 4. Sound monetary policy with tight trend and its effect on banking 4.1 Main measures of the sound monetary policy with tight trend 4.2 The effect of sound monetary policy with tight trend on banking 5. Conclusion
The German Banking System
(2013)
Competing, collaborating or controlling? - Comparing benchmarking in European local government
(2013)
The way that local authorities in OECD countries compare and benchmark their performance varies widely. This paper explains some of the reasons behind the variations. The current local government benchmarking schemes in Europe their governance, coverage and impactlargely depend on the institutional characteristics of the respective administrative and local government systems (in other words, the starting conditions). There are signs that, as a result of the fiscal crisis in Europe and need to cut public sector costs, many countries (but not England and Wales) are leaning towards compulsory large-scale benchmarking projects.
This article investigates whether self-employed households use consumer loans - in particular, instalment loans and overdrafts - to finance business activities. Controlling for financial and nonfinancial household variables, we show that self-employed households particularly use personal overdrafts significantly more often than employee households. When analysing the correlation between consumer loan take-ups and consumption of self-employed in comparison to employee households, we find first evidence that overdrafts are used by self-employed to finance their business as well. This indicates that intermingling constitutes a financing strategy when regular business loans might not be accessible.