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Recent accounting changes, for the first time, permit the use of
fair value in the primary financial statements for held-to-maturity
(HTM) bank loans. While the use of fair value has historically
attracted significant discussion and debate, there is little
information in the public domain on how banks would measure fair
value or use it in loan management. This study presents and
analyzes results from in-depth discussions with seven large
internationally-active banks on their fair value use and
measurement for HTM commercial loans and commitments. The
objectives of the discussions and those of the study are to:
identify the extent to which fair value is used for HTM commercial
loan facilities and how it is used; describe valuation
methodologies used and consider the roles of market price sources
and modeling and their relative importance in fair value
estimation; consider model validation and price verification; draw
conclusions as permitted and suggest areas for future research.
This collection of original essays by economists, biologists and
political scientists has a common theme: that protecting species at
risk while safeguarding social order is a policy challenge that
entangles biology, politics, and economics. Nearly 1200 species are
listed as endangered or threatened under the Endangered Species Act
(ESA) of 1973; only twelve have been removed from the list.
Attempts at species recovery on public and private property lead
the authors to examine the political realities that define the
debate: who should pay the costs and receive the benefits, and how
interest group behaviour affects the nature of endangered species
protection. Although the ESA directs administrative agencies to
list and protect species following scientific priorities, the
collection addresses the economic choices that still must be
confronted. These range from the protection potential of private
markets to the design of incentive schemes to encourage
conservation by private landowners.
Protecting Endangered Species in the United States is a collection of original papers by economists, biologists and political scientists with a common theme--protecting species at risk while safeguarding social order is a policy challenge that entangles biology, politics, and economics. The volume begins by assessing the biological needs that define the endangered species problem. The authors then explore the political realities that delimit the debate--who pays the costs and receives the benefits, and how interest groups affect species protection. The book addresses the economic choices that must be confronted for effective protection strategies including incentive schemes to promote preservation on public and private land.
Considered the cutting edge of microeconomic theory in the 1970s,
natural monopoly research remains an active and fertile field.
Policy makers and regulators have begun to implement entry and
pricing policies that are based on theoretical and empirical
analyses. This book develops a comprehensive framework for
analyzing natural monopoly. The authors first present a historical
overview of regulatory economics, followed by analyses of optimal
pricing and investment for single- and multiproduct natural
monopolies. Topics covered include cost and demand structures,
efficiency impacts of linear and multipart pricing, peak-load
pricing, capacity determination, and the sustainability of natural
monopolies. After a survey and analysis of natural monopoly
regulation in practice, the links between technological change and
regulation are identified. The book concludes with a discussion of
the alternatives to traditional regulation, including public
ownership, franchise schemes, quality regulation, and new incentive
systems. Throughout the book, issues from the telecommunications
and energy industries are used to illustrate key points. Its
integrated framework will make it useful to academic economists,
regulatory analysts, business researchers, and advanced students of
public utility economics.
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