Market risk reporting by the world's top banks:evidence on the diversity of reporting practice and the implications for international accounting harmonisation

The increasing adoption of international accounting standards and global convergence of accounting regulations is frequently heralded as serving to reduce diversity in financial reporting practice. In a process said to be driven in large part by the interests of international business and global financial markets, one might expect the greatest degree of convergence to be found amongst the world’s largest multinational financial corporations. This paper challenges such claims and presumptions. Its content analysis of longitudinal data for the period 2000-2006 reveals substantial, on going diversity in the market risk disclosure practices, both numerical and narrative, of the world’s top-25 banks. The significance of such findings is reinforced by the sheer scale of the banking sector’s risk exposures that have been subsequently revealed in the current global financial crisis. The variations in disclosure practices documented in the paper apply both across and within national boundaries, leading to a firm conclusion that, at least in terms of market risk reporting, progress towards international harmonisation remains rather more apparent than real.

On the compatibility of benevolence and self-interest:philanthropy and entrepreneurial orientation

This article explores the philanthropy of owner–managers of small- and medium-sized enterprises (SMEs) investigating whether and why more entrepreneurially oriented SMEs are also more likely to engage in philanthropic activities. We find support for a positive link between entrepreneurial orientation (EO) and philanthropy in a representative sample of 270 Lithuanian SMEs controlling for alternative explanations. We highlight that philanthropy is relatively common among SME owner–managers and thus complement existing research which views philanthropy as sequentially following wealth generation. In line with our theorizing, further qualitative findings point to drivers of philanthropy beyond those considered in the dominant strategic-instrumental perspective. Building on social-psychological theories of motivation, we argue and confirm that philanthropy can also be an expression of owner–managers’ altruistic values; these values can be compatible and even mutually reinforcing with entrepreneurship. Our study is set in a transition economy, Lithuania, facilitating the analysis of heterogeneity in attitudes toward philanthropy.

On the Weight Distribution of the Coset Leaders of Constacyclic Codes

Constacyclic codes with one and the same generator polynomial and distinct length are considered. We give a generalization of the previous result of the first author [4] for constacyclic codes. Suitable maps between vector spaces determined by the lengths of the codes are applied. It is proven that the weight distributions of the coset leaders don’t depend on the word length, but on generator polynomials only. In particular, we prove that every constacyclic code has the same weight distribution of the coset leaders as a suitable cyclic code.

On the Hyperbolicity Domain of the Polynomial x^n + a1x^(n-1) + 1/4+ an

∗ Partially supported by INTAS grant 97-1644

On the Structure of Spatial Branching Processes

The paper is a contribution to the theory of branching processes with discrete time and a general phase space in the sense of [2]. We characterize the class of regular, i.e. in a sense sufficiently random, branching processes (Φk) k∈Z by almost sure properties of their realizations without making any assumptions about stationarity or existence of moments. This enables us to classify the clans of (Φk) into the regular part and the completely non-regular part. It turns out that the completely non-regular branching processes are built up from single-line processes, whereas the regular ones are mixtures of left-tail trivial processes with a Poisson family structure.

On the Coherence Between Probability and Possibility Measures

* This paper is supported by CICYT (Spain) under Project TIN 2005-08943-C02-01.

The Development of the Generalization Algorithm Based on the Rough Set Theory

This paper considers the problem of concept generalization in decision-making systems where such features of real-world databases as large size, incompleteness and inconsistence of the stored information are taken into account. The methods of the rough set theory (like lower and upper approximations, positive regions and reducts) are used for the solving of this problem. The new discretization algorithm of the continuous attributes is proposed. It essentially increases an overall performance of generalization algorithms and can be applied to processing of real value attributes in large data tables. Also the search algorithm of the significant attributes combined with a stage of discretization is developed. It allows avoiding splitting of continuous domains of insignificant attributes into intervals.

On the Feasibility of Steering Swallowable Microsystem Capsules Using Computer-Aided Magnetic Levitation

Swallowable capsule endoscopy is used for non-invasive diagnosis of some gastrointestinal (GI) organs. However, control over the position of the capsule is a major unresolved issue. This study presents a design for steering the capsule based on magnetic levitation. The levitation is stabilized with the aid of a computer-aided feedback control system and diamagnetism. Peristaltic and gravitational forces to be overcome were calculated. A levitation setup was built to analyze the feasibility of using Hall Effect sensors to locate the in- vivo capsule. CAD software Maxwell 3D (Ansoft, Pittsburgh, PA) was used to determine the dimensions of the resistive electromagnets required for levitation and the feasibility of building them was examined. Comparison based on design complexity was made between positioning the patient supinely and upright.

On the Arithmetic of Errors

An approximate number is an ordered pair consisting of a (real) number and an error bound, briefly error, which is a (real) non-negative number. To compute with approximate numbers the arithmetic operations on errors should be well-known. To model computations with errors one should suitably define and study arithmetic operations and order relations over the set of non-negative numbers. In this work we discuss the algebraic properties of non-negative numbers starting from familiar properties of real numbers. We focus on certain operations of errors which seem not to have been sufficiently studied algebraically. In this work we restrict ourselves to arithmetic operations for errors related to addition and multiplication by scalars. We pay special attention to subtractability-like properties of errors and the induced “distance-like” operation. This operation is implicitly used under different names in several contemporary fields of applied mathematics (inner subtraction and inner addition in interval analysis, generalized Hukuhara difference in fuzzy set theory, etc.) Here we present some new results related to algebraic properties of this operation.

On the Transformations of Symplectic Expansions and the Respective Bäcklund Transformation for the KDV Equation

2000 Mathematics Subject Classification: Primary: 34B40; secondary: 35Q51, 35Q53

On the Factorization of the Poincaré Polynomial: A Survey

2000 Mathematics Subject Classification: 13P05, 14M15, 14M17, 14L30.

Remarks on the Nagata Conjecture

2000 Mathematics Subject Classification: 14C20, 14E25, 14J26.

On the k-anonymization of time-varying and multi-layer social graphs

The popularity of online social media platforms provides an unprecedented opportunity to study real-world complex networks of interactions. However, releasing this data to researchers and the public comes at the cost of potentially exposing private and sensitive user information. It has been shown that a naive anonymization of a network by removing the identity of the nodes is not sufficient to preserve users’ privacy. In order to deal with malicious attacks, k -anonymity solutions have been proposed to partially obfuscate topological information that can be used to infer nodes’ identity. In this paper, we study the problem of ensuring k anonymity in time-varying graphs, i.e., graphs with a structure that changes over time, and multi-layer graphs, i.e., graphs with multiple types of links. More specifically, we examine the case in which the attacker has access to the degree of the nodes. The goal is to generate a new graph where, given the degree of a node in each (temporal) layer of the graph, such a node remains indistinguishable from other k-1 nodes in the graph. In order to achieve this, we find the optimal partitioning of the graph nodes such that the cost of anonymizing the degree information within each group is minimum. We show that this reduces to a special case of a Generalized Assignment Problem, and we propose a simple yet effective algorithm to solve it. Finally, we introduce an iterated linear programming approach to enforce the realizability of the anonymized degree sequences. The efficacy of the method is assessed through an extensive set of experiments on synthetic and real-world graphs.

The Methodology of the Subsistence Minimum Calculation for Developing Countries and its Computation on the Georgian Example

This article shows the social importance of subsistence minimum in Georgia. The methodology of its calculation is also shown. We propose ways of improving the calculation of subsistence minimum in Georgia and how to extend it for other developing countries. The weights of food and non-food expenditures in the subsistence minimum baskets are essential in these calculations. Daily consumption value of the minimum food basket has been calculated too. The average consumer expenditures on food supply and the other expenditures to the share are considered in dynamics. Our methodology of the subsistence minimum calculation is applied for the case of Georgia. However, it can be used for similar purposes based on data from other developing countries, where social stability is achieved, and social inequalities are to be actualized. ACM Computing Classification System (1998): H.5.3, J.1, J.4, G.3.

A note on the propagation of quantized vortex rings through a quantum turbulence tangle:energy transport or energy dissipation?

We investigate quantum vortex ring dynamics at scales smaller than the inter-vortex spacing in quantum turbulence. Through geometrical arguments and high-resolution numerical simulations, we examine the validity of simple estimates for the mean free path and the structure of vortex rings post-reconnection. We find that a large proportion of vortex rings remain coherent objects where approximately 75% of their energy is preserved. This leads us to consider the effectiveness of energy transport in turbulent tangles. Moreover, we show that in low density tangles, appropriate for the ultra-quantum regime, ring emission cannot be ruled out as an important mechanism for energy dissipation. However at higher vortex line densities, typically associated with the quasi-classical regime, loop emission is expected to make a negligible contribution to energy dissipation, even allowing for the fact that our work shows rings can survive multiple reconnection events. Hence the Kelvin wave cascade seems the most plausible mechanism leading to energy dissipation