We examine whether regulation intended to improve disclosure can itself lead to higher disclosure quality in the absence of a change in preparer incentives. We exploit a setting involving a sequence of two similar regulatory changes, which have one key difference – while both regulatory changes mandate improvements to disclosure (specifically, on pension asset allocation), only one removes prep...

Once a procedure for measuring exposures to variations in returns of major asset classes is in place, it is possible to determine how effectively individual fund managers have performed their functions and the extent (if any) to which value has been added through active management. Finally, the effectiveness of the investor's overall asset allocation can be compared with that of one or more ben...

Banking risk management is considered weak compared to rapid changes in financial markets. In light of the recent global crisis, banking has become a significant concern regulators and government agencies. This work aims build model for assessing risks. The primary study method economic–mathematical modeling based on standardized Basel Committee Operational Risk Management, modified CAPM model,...