Accounting standard setters are considering the wider use of fair value accounting. This paper focuses on the financial stability implications of a move in the banking sector from the current accounting framework to full fair value accounting. A simulation exercise is performed on how various...

Derivate sind Finanzinstrumente, die Unternehmen nutzen, um Geschäftsrisiken abzusichern und Spekulationsgewinne zu erzielen. Verglichen mit "einfachen" Finanzprodukten, wie Aktien, Sparbüchern und Termingeldern sind sie jedoch wesentlich abstrakter und gelten daher als schwer...

This study contributes to the valuation of employee stock options (ESO) in two ways: First, a new pricing model is presented, admitting a major part of calculations to be solved in closed form. Designed with a focus on good replication of empirics, the model fits with publicly observable...