One of the implications of the creation of Basel Committee on Banking Supervision was the implementation of Value-at-Risk (VaR) as the standard tool for measuring market risk. Since then, the capital requirements of commercial banks with trading activities are based on VaR estimates. Therefore,...

In the latest decade, the major reorientation of the customs policy in the EU consisted in shifting the emphasis from the fiscal role to the function of protecting and ensuring security within the community. The suitable and proactive administration of risks at community level is compulsory if...

Hedge funds are said to be rewarding investments because they have favourable risk-return characteristics on a standalone basis, and because they offer valuable diversification with respect to traditional stock and bond markets. On the other hand, hedge fund returns have a number of...