Three essays in risk management in financial institutions

The choice to adopt risk-sensitive measurement approaches for operational risks: the case of Advanced Measurement Approach under Basel II New Capital Accord This paper investigates the choice of the operational risk approach under Basel II requirements and whether the adoption of advanced risk measurement approaches allows banks to save capital. Among the three possible approaches for operational risk measurement, the Advanced Measurement Approach (AMA) is the most sophisticated and requires the use of historical loss data, the application of statistical tools, and the engagement of a highly qualified staff. Our results provide evidence that the adoption of AMA is contingent on the availability of bank resources and prior experience in risk-sensitive operational risk measurement practices. Moreover, banks that choose AMA exhibit low requirements for capital and, as a result might gain a competitive advantage compared to banks that opt for less sophisticated approaches. - Internal Risk Controls and their Impact on Bank Solvency Recent cases in financial sector showed the importance of risk management controls on risk taking and firm performance. Despite advances in the design and implementation of risk management mechanisms, there is little research on their impact on behavior and performance of firms. Based on data from a sample of 88 banks covering the period between 2004 and 2010, we provide evidence that internal risk controls impact the solvency of banks. In addition, our results show that the level of internal risk controls leads to a higher degree of solvency in banks with a major shareholder in contrast to widely-held banks. However, the relationship between internal risk controls and bank solvency is negatively affected by BHC growth strategies and external restrictions on bank activities, while the higher regulatory requirements for bank capital moderates positively this relationship. - The Impact of the Sophistication of Risk Measurement Approaches under Basel II on Bank Holding Companies Value Previous research showed the importance of external regulation on banks' behavior. Some inefficient standards may accentuate risk-taking in banks and provoke a financial crisis. Despite the growing literature on the potential effects of Basel II rules, there is little empirical research on the efficiency of risk-sensitive capital measurement approaches and their impact on bank profitability and market valuation. Based on data from a sample of 66 banks covering the period between 2008 and 2010, we provide evidence that prudential ratios computed under Basel II standards predict the value of banks. However, this relation is contingent on the degree of sophistication of risk measurement approaches that banks apply. Capital ratios are effective in predicting bank market valuation when banks adopt the advanced approaches to compute the value of their risk-weighted assets.

Audit report on Internal Control over Financial Reporting of the State University of Iowa as of and for the year ended June 30, 2011

Audit report on Internal Control over Financial Reporting of the State University of Iowa as of and for the year ended June 30, 2011

Independent auditor’s report of the State of Iowa on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with government auditing standards for the year ended June 30, 2011

Independent auditor’s report of the State of Iowa on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with government auditing standards for the year ended June 30, 2011

Jackson County Sanitary Disposal Agency independent auditor's reports, basic financial statements and required supplementary information, schedule of findings, June 30, 2011

Audit report on the Jackson County Sanitary Disposal Agency for the year ended June 30, 2011

Statewide Assessment Instrument, June 15, 2010

The Iowa Department of Human Services (IDHS) has responsibility for Iowa’s child welfare system. Iowa’s child welfare system focuses on children that have been or are at risk of being abused or neglected, as well as children that are determined by the Juvenile Court to be a child in need of assistance (CINA). The child welfare system is focused on three major results that are safety, permanency, and child and family well-being.

Multidimensionnalité des violences envers les femmes. La Suisse en regard des États-Unis: pertinence et validité d'une comparaison

Summary : International comparisons in the area of victimization, particularly in the field of violence against women, are fraught with methodological problems that previous research has not systematically addressed, and whose answer does not seem to be agreed up~n. For obvious logistic and financial reasons, international studies on violence against women (i.e. studies that administer the same instrument in different countries). are seldom; therefore, researchers are bound to resort to secondary comparisons. Many studies simply juxtapose their results to the ones of previous wòrk or to findings obtained in different contexts, in order to offer an allegedly comparative perspective to their conclusions. If, most of the time, researchers indicate the methodological limitations of a direct comparison, it is not rare that these do not result in concrete methodological controls. Yet, many studies have shown the influence of surveys methodological parameters on findings, listing recommendations fora «best practice» of research. Although, over the past decades, violence against women surveys have become more and more similar -tending towards a sort of uniformization that could be interpreted as a passive consensus -these instruments retain more or less subtle differences that are still susceptible to influence the validity of a comparison. Yet, only a small number of studies have directly worked on the comparability of violence against women data, striving to control the methodological parameters of the surveys in order to guarantee the validity of their comparisons. The goal of this work is to compare data from two national surveys on violence against women: the Swiss component of the International Violence Against Women Survey [CH-IVAWS] and the National Violence Against Women Survey [NVAWS] administered in the United States. The choice of these studies certainly ensues from the author's affiliations; however, it is far from being trivial. Indeed, the criminological field currently endows American and Anglo-Saxon literature with a predominant space, compelling researchers from other countries to almost do the splits to interpret their results in the light of previous work or to develop effective interventions in their own context. Turning to hypotheses or concepts developed in a specific framework inevitably raises the issue of their applicability to another context, i.e. the Swiss context, if not at least European. This problematic then takes on an interest that goes beyond the particular topic of violence against women, adding to its relevance. This work articulates around three axes. First, it shows the way survey characteristics influence estimates. The comparability of the nature of the CH-IVAWS and NVAWS, their sampling design and the characteristics of their administration are discussed. The definitions used, the operationalization of variables based on comparable items, the control of reference periods, as well as the nature of the victim-offender relationship are included among controlled factors. This study establishes content validity within and across studies, presenting a systematic process destined to maximize the comparability of secondary data. Implications of the process are illustrated with the successive presentation of comparable and non-comparable operationalizations of computed variables. Measuring violence against. women in Switzerland and the United-States, this work compares the prevalence of different forms (threats, physical violence and sexual violence) and types of violence (partner and nonpartner violence). Second, it endeavors to analyze concepts of multivictimization (i.e. experiencing different forms of victimization), repeat victimization (i.e. experiencing the same form of violence more than once), and revictimization (i.e. the link between childhood and adulthood victimization) in a comparative -and comparable -approach. Third, aiming at understanding why partner violence appears higher in the United States, while victims of nonpartners are more frequent in Switzerland, as well as in other European countries, different victimization correlates are examined. This research contributes to a better understanding of the relevance of controlling methodological parameters in comparisons across studies, as it illustrates, systematically, the imposed controls and their implications on quantitative data. Moreover, it details how ignoring these parameters might lead to erroneous conclusions, statistically as well as theoretically. The conclusion of the study puts into a wider perspective the discussion of differences and similarities of violence against women in Switzerland and the United States, and integrates recommendations as to the relevance and validity of international comparisons, whatever the'field they are conducted in. Résumé: Les comparaisons internationales dans le domaine de la victimisation, et plus particulièrement en ce qui concerne les violences envers les femmes, se caractérisent par des problèmes méthodologiques que les recherches antérieures n'ont pas systématiquement adressés, et dont la réponse ne semble pas connaître de consensus. Pour des raisons logistiques et financières évidentes, les études internationales sur les violences envers les femmes (c.-à-d. les études utilisant un même instrument dans différents pays) sont rares, aussi les chercheurs sont-ils contraints de se tourner vers des comparaisons secondaires. Beaucoup de recherches juxtaposent alors simplement leurs résultats à ceux de travaux antérieurs ou à des résultats obtenus dans d'autres contextes, afin d'offrir à leurs conclusions une perspective prétendument comparative. Si, le plus souvent, les auteurs indiquent les limites méthodologiques d'une comparaison directe, il est fréquent que ces dernières ne se traduisent pas par des contrôles méthodologiques concrets. Et pourtant, quantité de travaux ont mis en évidence l'influence des paramètres méthodologiques des enquêtes sur les résultats obtenus, érigeant des listes de recommandations pour une «meilleure pratique» de la recherche. Bien que, ces dernières décennies, les sondages sur les violences envers les femmes soient devenus de plus en plus similaires -tendant, vers une certaine uniformisation que l'on peut interpréter comme un consensus passif-, il n'en demeure pas moins que ces instruments possèdent des différences plus ou moins subtiles, mais toujours susceptibles d'influencer la validité d'une comparaison. Pourtant, seules quelques recherches ont directement travaillé sur la comparabilité des données sur les violences envers les femmes, ayant à coeur de contrôler les paramètres méthodologiques des études utilisées afin de garantir la validité de leurs comparaisons. L'objectif de ce travail est la comparaison des données de deux sondages nationaux sur les violences envers les femmes: le composant suisse de l'International Violence Against Women Survey [CHIVAWSj et le National Violence Against Women Survey [NVAWS) administré aux États-Unis. Le choix de ces deux études découle certes des affiliations de l'auteure, cependant il est loin d'être anodin. Le champ criminologique actuel confère, en effet, une place prépondérante à la littérature américaine et anglo-saxonne, contraignant ainsi les chercheurs d'autres pays à un exercice proche du grand écart pour interpréter leurs résultats à la lumière des travaux antérieurs ou développer des interventions efficaces dans leur propre contexte. Le fait de recourir à des hypothèses et des concepts développés dans un cadre spécifique pose inévitablement la question de leur applicabilité à un autre contexte, soit ici le contexte suisse, sinon du moins européen. Cette problématique revêt alors un intérêt qui dépasse la thématique spécifique des violences envers les femmes, ce qui ajoute à sa pertinence. Ce travail s'articule autour de trois axes. Premièrement, il met en évidence la manière dont les caractéristiques d'un sondage influencent les estimations qui en découlent. La comparabilité de la nature du CH-IVAWS et du NVAWS, de leur processus d'échantillonnage et des caractéristiques de leur administration est discutée. Les définitions utilisées, l'opérationnalisation des variables sur la base d'items comparables, le contrôle des périodes de référence, ainsi que la nature de la relation victime-auteur figurent également parmi les facteurs contrôlés. Ce travail établit ainsi la validité de contenu intra- et inter-études, offrant un processus systématique destiné à maximiser la comparabilité des données secondaires. Les implications de cette démarche sont illustrées avec la présentation successive d'opérationnalisations comparables et non-comparables des variables construites. Mesurant les violences envers les femmes en Suisse et aux États-Unis, ce travail compare la prévalence de plusieurs formes (menaces, violences physiques et violences sexuelles) et types de violence (violences partenaires et non-partenaires). 11 s'attache également à analyser les concepts de multivictimisation (c.-à-d. le fait de subir plusieurs formes de victimisation), victimisation répétée (c.-à.-d. le fait de subir plusieurs incidents de même forme) et revictimisation (c.-à-d. le lien entre la victimisation dans l'enfance et à l'âge adulte) dans une approche comparative - et comparable. Dans un troisième temps, cherchant à comprendre pourquoi la violence des partenaires apparaît plus fréquente aux États-Unis, tandis que les victimes de non-partenaires sont plus nombreuses en Suisse, et dans d'autres pays européens, différents facteurs associés à la victimisation sont évalués. Cette recherche participe d'une meilleure compréhension de la pertinence du contrôle des paramètres méthodologiques dans les comparaisons entre études puisqu'elle illustre, pas à pas, les contrôles imposés et leurs effets sur les données quantitatives, et surtout comment l'ignorance de ces paramètres peut conduire à des conclusions erronées, tant statistiquement que théoriquement. La conclusion replace, dans un contexte plus large, la discussion des différences et des similitudes observées quant à la prévalence des violences envers les femmes en Suisse et aux États-Unis, et intègre des recommandations quant à la pertinence et à la validité des comparaisons internationales, cela quel que soit le domaine considéré.

Continuous-time random-walk model for financial distributions

We apply the formalism of the continuous-time random walk to the study of financial data. The entire distribution of prices can be obtained once two auxiliary densities are known. These are the probability densities for the pausing time between successive jumps and the corresponding probability density for the magnitude of a jump. We have applied the formalism to data on the U.S. dollardeutsche mark future exchange, finding good agreement between theory and the observed data.

Extreme times in financial markets.

We apply the theory of continuous time random walks (CTRWs) to study some aspects involving extreme events in financial time series. We focus our attention on the mean exit time (MET). We derive a general equation for this average and compare it with empirical results coming from high-frequency data of the U.S. dollar and Deutsche mark futures market. The empirical MET follows a quadratic law in the return length interval which is consistent with the CTRW formalism.

Random diffusion and leverage effect in financial markets

We prove that Brownian market models with random diffusion coefficients provide an exact measure of the leverage effect [J-P. Bouchaud et al., Phys. Rev. Lett. 87, 228701 (2001)]. This empirical fact asserts that past returns are anticorrelated with future diffusion coefficient. Several models with random diffusion have been suggested but without a quantitative study of the leverage effect. Our analysis lets us to fully estimate all parameters involved and allows a deeper study of correlated random diffusion models that may have practical implications for many aspects of financial markets.

Chicago to Iowa City Passenger Rail Project Financial Plan, September 2009

The Chicago to Iowa City Intercity Passenger Rail Program (Program) is a joint undertaking of the Iowa Department of Transportation (Iowa DOT) and the Illinois Department of Transportation (Illinois DOT). The purpose of the Program is to reestablish passenger rail services from Chicago to Iowa City, independently and in concert with the MWRRI (Midwest Regional Rail Initiative). The Chicago to Iowa City Corridor is one part of the vision established by the MWRRI to expand existing and develop new regional passenger rail service to meet existing and future travel demands in the Midwest. This project will expand and create a rail transportation alternative to supplant private automobile, bus, and air travel between Chicago and Iowa City, and intermediate points, and to create new transportation opportunity and capability for people who cannot meet their transportation needs with private automobile, bus and air modes.

Financial crisis: theory and practice

In the last 50 years, we have had approximately 40 events with characteristics related to financial crisis. The most severe crisis was in 1929, when the financial markets plummet and the US gross domestic product decline in more than 30 percent. Recently some years ago, a new crisis developed in the United States, but instantly caused consequences and effects in the rest of the world.This new economic and financial crisis has increased the interest and motivation for the academic community, professors and researchers, to understand the causes and effects of the crisis, to learn from it. This is the one of the main reasons for the compilation of this book, which begins with a meeting of a group of IAFI researchers from the University of Barcelona, where researchers form Mexico and Spain, explain causes and consequences of the crisis of 2007.For that reason, we believed this set of chapters related to methodologies, applications and theories, would conveniently explained the characteristics and events of the past and future financial crisisThis book consists in 3 main sections, the first one called "State of the Art and current situation", the second named "Econometric applications to estimate crisis time periods" , and the third one "Solutions to diminish the effects of the crisis". The first section explains the current point of view of many research papers related to financial crisis, it has 2 chapters. In the first one, it describe and analyzes the models that historically have been used to explain financial crisis, furthermore, it proposes to used alternative methodologies such as Fuzzy Cognitive Maps. On the other hand , Chapter 2 , explains the characteristics and details of the 2007 crisis from the US perspective and its comparison to 1929 crisis, presenting some effects in Mexico and Latin America.The second section presents two econometric applications to estimate possible crisis periods. For this matter, Chapter 3, studies 3 Latin-American countries: Argentina, Brazil and Peru in the 1994 crisis and estimates the multifractal characteristics to identify financial and economic distress.Chapter 4 explains the crisis situations in Argentina (2001), Mexico (1994) and the recent one in the United States (2007) and its effects in other countries through a financial series methodology related to the stock market.The last section shows an alternative to prevent the effects of the crisis. The first chapter explains the financial stability effects through the financial system regulation and some globalization standards. Chapter 6, study the benefits of the Investor activism and a way to protect personal and national wealth to face the financial crisis risks.

Wireless E911 Emergency Communications Fund Iowa Homeland Security and Emergency Management Division of the Iowa Department of Public Defense independent auditor's reports, basic financial statements and supplementary information, June 30, 2011.

Audit report on the Wireless E911 Emergency Communications Fund of the Iowa Homeland Security and Emergency Management Division of the Iowa Department of Public Defense for the year ended June 30, 2011