Introduced in late-2007, SFAS 157 redefined existing accounting standards concerning fair value accounting and significantly impacted financial reporting for financial institutions. Prior studies, using larger samples of financial firms, have concluded that Level 3 fair values (the most opaque and subjective fair values) were heavily discounted by the market. Consistent with prior studies, this...

In crisis situations different organizations have to cooperate to gain shared situation awareness and to take accurate decisions. However, several evaluation studies of crisis mitigation processes indicate that it is hard to effectively coordinate efforts of all organizations involved. The goal of our project is to improve coordination in crisis management teams, by improving the interaction pr...

We studied systemic risk in European sovereign debt markets before and after the onset of the Greek debt crisis, taking the conditional value-at-risk (CoVaR) as a systemic risk measure, characterized and computed using copulas. We found that, before the debt crisis, sovereign debt markets were all coupled and systemic risk was similar for all countries. However, with the onset of the Greek cris...

Locating timely, useful information during crises and mass emergencies is critical for those forced to make potentially life-altering decisions. As the use of Twitter to broadcast useful information during such situations becomes more widespread, the problem of finding it becomes more difficult. We describe an approach toward improving the recall in the sampling of Twitter communications that c...

Crisis organisations depend on telecommunication services; unavailability of these services reduces the effectiveness of crisis response. Crisis organisations should therefore be aware of availability risks, and need a suitable risk assessment method. Such a method needs to be aware of the exceptional circumstances in which crisis organisations operate, and of the commercial structure of modern...

We examined the phospholipid composition of the plasma, of whole erythrocytes, and of "ghosts" of the erythrocytes from healthy volunteers, patients with sickle cell disease without crisis, and such patients in crisis, and found that phosphatidylglycerol in the plasma and "ghosts" was very significantly increased in sickle cell crisis but not in the absence of crisis. The significance of these ...

The focus of this paper is on how business leaders use communication to build transitional networks in order to successfully evolve through crisis. Chaos theory and network theory are employed as complementary bases for understanding communication and the resulting social ordering following crisis. These theories are applied on a variety of levels (network, individual, and link), broadening the...

In this chapter, we analyze empirically the existence and extent of financial contagion in the East Asian crisis. We define financial contagion as a significant increase in correlation of financial variables after controlling fundamentals and common shocks, and we develop an autoregressive model to measure contagion. In particular, we attempt to exclude the common effects of the crisis in South...

One of the frequently used strategies in crisis management, i.e. crisis communication used by organizations affected by crisis is public apology for the crisis. Usually it is lightly considered as a strategy which automatically gives results and reduces the effects of crisis, which is far from true. The effectiveness of public apology depends on an entire series of factors such as the nature of...