This paper analyzes the relevance of cost-based accounting in financial markets, focusing on the drawbacks associated with a move from cost- to price-based accounting. While the benefits of such a move are well known, much less attention has been given to the potential hidden costs. We explore...

Banks and insurance companies maintain structural differences, limiting the extent of convergence due to factors such as demographics, the structure of liabilities, the scale of operations, regulation and accounting practices and distribution channels. Demography directly affects the needs of...