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1
Chew, Tong-Gunn. "Incentives for voluntary disclosures of derivative financial instruments by financial institutions in Singapore." Monash University, Dept. of Accounting and Finance, 2004. http://arrow.monash.edu.au/hdl/1959.1/5301.
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Sarialioglu-Hayali, Ayca. "The role of financial derivative instruments in the emerging market financial crises of the 1990s." Thesis, University of Sheffield, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.544022.
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Lightstone, Karen Touche. "An investigation into the use and financial reporting of derivative financial instruments by Canadian companies." Thesis, University of Portsmouth, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.416221.
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Canadian business contributes substantially to the economy and to employment opportunities in Canada. The level of contribution is now being seriously affected by instability in the global economy. How a company responds to this new environment will determine how well it will fare in the future. One consequence of this global instability is an increase in risks to which a company is exposed. The financial derivatives market arose to meet the needs of businesses in their risk management practices. The aim of this thesis is to provide an accurate and up-to-date portrait of the use of derivatives by public and private corporations in Canada and to provide a context for an informed discussion of the problems related to the use of derivatives by corporations. The findings indicate that public companies are not fully complying with the disclosure standards. There is evidence that some speculation with respect to derivative use in both private and public corporations. Internal controls tend to be documentary in nature which requires follow-up and investigation of actual practice. Finally, the lack of an independent oversight body as well as the standard-setting practice in Canada leaves the auditors with little in the way of enforcement tools to ensure all requires derivative disclosures are being met.
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Masondo, Jabulani Steven. "Taxation of derivative financial instruments : nature and timing of income and expenditure." Diss., University of Pretoria, 2009. http://hdl.handle.net/2263/23896.
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The purpose or objective of this dissertation was to analyse the current income tax treatment of derivative financial instruments in South Africa. In the context of financial markets, derivative financial instruments are mainly used for hedging and speculation. The dissertation considers whether the current South African Income Tax Act deals with the income taxation of derivatives with respect to gains and losses and the timing of those gains and losses. With regards to the nature of gains and losses arising from derivative transactions, the aspect which was considered is whether gains and losses were of a capital or revenue nature in the context of speculation or hedging. With regards to the timing of gains or losses, the dissertation considers when gains and losses should be brought into taxable income of a taxpayer. The following examples of derivative financial instruments were analysed: cross currency swaps, index options, credit default swaps and contracts for differences (CFDs). These derivatives were analysed with respect to the nature and timing of the gains or losses when hedging or speculating. The impact of the provisions of the Eighth Schedule is also considered with respect to the derivatives mentioned above. CopyrightDissertation (MCom)--University of Pretoria, 2009.
Taxation
unrestricted
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Kilic, Emre. "The impact of leverage implicit in derivative financial instruments on banks' default risk premium." Related electronic resource: Current Research at SU : database of SU dissertations, recent titles available full text, 2005. http://wwwlib.umi.com/cr/syr/main.
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Hassan, Mohamat Sabri. "The information quality of derivative disclosure in corporate annual reports of Australian firms in the extractive industries." Queensland University of Technology, 2004. http://eprints.qut.edu.au/15962/.
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Recent events in the business world have focused attention on the importance of high quality financial reporting. Of particular interest is where the collapse of prominent companies such as Baring Plc. was due to the company's involvement with derivative instruments. In Australia, some derivative instruments are not recognised in the balance sheet. However, the Australian accounting standard AASB 1033 Presentation and Disclosure of Financial Instruments requires extensive disclosures to overcome the lack of guidance with regard to the recognition and measurement. Therefore, AASB 1033 may be regarded as a high quality disclosure standard. This thesis investigates the transparency or information quality of derivative disclosures of Australian firms in the extractive industries using 1998 to 2001 financial reports. The extractive industries play a major role in the Australian economy, where they generated exports worth more than A$30billion in 2000 to 2002 (Department of Foreign Affairs and Trade, 2003a and 2003b). Further, firms in the extractive industries extensively use derivative instruments for hedging purposes (Berkman, Bradbury, Hancock and Innes, 1997). The objective of this study is, first, to examine the relationship between the transparency or disclosure quality of derivative information and firm characteristics. Second, this study investigates the value relevance of derivative disclosures in particularly hedge information, net fair value information and risk information. Quality is measured based on a disclosure index developed from AASB 1033 Presentation and Disclosure of Financial Instruments. A finding of concern is that the majority of firms in this study provide less than complete information and therefore enforcement power is required to ensure compliance (Kothari, 2000) Prior studies have related disclosure quality of accounting information with firm characteristics but no attempt has been made to relate those characteristics with the disclosure quality of derivative instruments. The current study contributes to the literature by examining the relationship between firm characteristics and the quality of derivative disclosures. Firm characteristics investigated are size, profitability, price-earnings ratio, market-to-book ratio, research and development activity, auditor, debt-to-equity ratio and type of extractive firm. This study finds that the variables, firm size, price-earnings and debt-to-equity ratios are associated with the disclosure quality of derivative information. To a lesser extent, the variables, market-to-book ratio and profitability, are also associated with disclosure quality. High disclosure quality has been argued to lead to a reduction in the cost of debt (Sengupta, 1998) and equity (Botosan, 1997), resulting in higher security prices (Miller and Bahnson, 2002). The results of this study indicate that high quality derivative information, as represented by the disclosure index, is value relevant. Market participants do consider hedge information and risk information components as important for decision-making. However, examining the specific information disclosed in the financial statements indicate that some of the disclosed information such as the unrealised gain or loss on financial assets and liabilities and off-balance sheet derivative financial instruments are not significant. These results contribute to the value relevance literature as this study focuses on the extractive industries which have been neglected in the literature. This study provides important information for standard setters and regulators for future directions in developing accounting standards and is particularly relevant for the impending adoption of International Accounting Standards.
7
Hart, Kevin. "Derivatives usage in Egypt : a study of the use of derivative financial instruments by Egyptian companies listed on the Egyptian Stock Exchange." Master's thesis, University of Cape Town, 2012. http://hdl.handle.net/11427/13105.
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Includes bibliographical references.In the absence of market imperfections, risk management cannot create value. There would be no demand for hedging instruments (including derivatives) in the absence of taxes, agency costs, information asymmetry or transaction costs. Financial theory proposes two main sets of explanations for risk management: firstly, risk management is a means to maximize firm value by reducing the costs of financial distress (hedging can allow firms to increase debts capacity and raise funds at lower costs), reducing taxation (reducing earnings volatility and therefore decreasing expected taxes) and reducing the effects of information asymmetry. Secondly, the reasons to hedge can be found by reference to economies of scale: the majority of studies have found a positive correlation between firm size and the use of derivatives, although size is believed to be a constraining factor rather than a determining factor for risk management. It is proposed by Schiozer and Saito (2009) that firms in emerging economies such as Brazil, Argentina (and arguably Egypt), manage risks for different reasons when compared to mature economies such as the US. Emerging economies are often characterized by high volatility of exchange and interest rates. Additionally, there is often a scarcity of domestic funding that leads firms to raise funds on foreign capital markets to finance investment projects. Foreign denominated debt has always proved to produce significant risk exposure for emerging market firms. This research was undertaken to gain insight into the use of derivatives by Egyptian firms. The majority of previous research into derivative usage has focused on developed economies with little similar research into emerging economies and even less research into Middle Eastern economies such as Egypt.
8
Smith, Stephen Eugene. "The characterisation for South African taxation purposes of gains and losses arising from the use of equity financial derivative instruments." Doctoral thesis, Faculty of Law, 2021. http://hdl.handle.net/11427/33998.
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The use of financial derivative instruments has outpaced the development of a comprehensive tax policy framework for these instruments in South Africa. Income character determination relies on common law principles which provide limited certainty within the context of modern portfolio management. How the courts will approach character determination for financial derivative instruments within investment portfolios is uncertain. This thesis considers applicable tax legislation and case law in three common law jurisdictions. The United States, the United Kingdom and Australia provide insight into the difficulties associated with formulating legislation in the light of rapid market innovation. The detailed tax code of the United States has proved a less than satisfactory policy approach and the courts have struggled with doctrines of interpretation. Australia and the United Kingdom have followed accounting principles. Simplifying proxies are used in this thesis to help disentangle the analysis from the varied and complex ways in which derivatives can be used in financial transactions. Only equity derivatives are considered within the context of regulated investment portfolios. Insolvency case law following the filing for bankruptcy by Lehman Brothers Holdings Incorporated in 2008 provides authority with which to analyse the nature of standardised derivative contracts used in the markets and the rights therefrom as ‘property'. The researcher argues per Smalberger JA in CIR v Pick ‘n Pay Employee Share Purchase Trust 1992 (4) SA 39 (A) that, ‘transactions involving shares do not differ from transactions in respect of any other property and the capital or revenue nature of a receipt is determined in the same way whether one is dealing with land or shares'. A definition is proposed to incorporate legal attributes of these instruments highlighted in the literature, and interpretive guidance issued by Her Majesty's Revenue and Customs in the United Kingdom is supported for adoption as policy principles aligned with our own common law. There can be no context distinct from the general concepts of law specific to derivatives. Continuity and coherency within a long tradition of case law on capital and revenue characterisation should be maintained and a policy framework developed from this premise.
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Guittet, Stéphane J. "Reforming financial regulation after the global financial crisis : the case of over-the-counter derivative market regulation." Thesis, Paris, Institut d'études politiques, 2013. http://www.theses.fr/2013IEPP0058.
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Au lendemain de la pire crise financière mondiale depuis les années 1930, plusieurs gouvernements réunis sous la coupe du G20 se sont accordés sur la réforme du système financier international. La régulation des marchés financiers fut étendue à de nouveaux territoires. Toutefois, si la crise est une condition du changement, elle ne montre ni l’étendue ni la séquence d’événements qui expliquent ce revirement de politique publique. Dès lors, une question se pose: quels sont les éléments qui peuvent expliquer cette évolution de la réglementation financière internationale ? Cette dissertation démontre que la politique domestique des États-Unis et des pays majeurs de l’Union Européenne ont directement influencé ce changement de politique publique. En se focalisant sur les marchés de dérivés de gré à gré, cette recherche démontrera que l’extension de la régulation financière à de nouveaux marchés est le produit de l’augmentation de l’attention du public ou « salliance politique » dans des pays influents sur la scène internationale. Toutefois, les trajectoires historiques uniques qui caractérisent ces États nous informent sur les contours uniques de ces nouvelles réglementations qui ne sont pas écrites sur une page blanche. Cette recherche examine en particulier l’évolution de la régulation financière sur les marchés de dérivés de crédit ou « credit-default swaps » aux États-Unis avec l’adoption de la loi Dodd-Frank et, en Europe, avec l’adoption de la régulation European Market Infrastructure Regulation (EMIR). Cette argumentation et cette étude empirique contribuent à l’étude de l’évolution des préférences des états dans le domaine de la réglementation financière internationaleIn the aftermath of the global financial crisis of 2007-2010, international policymakers agreed to reform international financial regulation. New areas of financial markets were placed for the first time under the direct oversight of public regulators. However, the financial crisis explains neither the scope nor the sequence of the regulation that followed in its wake. Thus, the question remains: what explains these international financial regulation outcomes after the crisis? This dissertation argues that domestic politics within the United States and the major European Union member states explain the shift and form of that financial regulation. It focuses on over-the-counter credit derivative markets to show that previously unregulated markets were brought under greater supervision when public salience increases in influential states. However, a nation’s unique historical circumstances determine the concrete regulation policy that develops. This research examines the evolution of credit-default swaps regulation in the US under the Dodd–Frank Wall Street Reform and Consumer Protection Act and in the EU, with special attention to the European Market Infrastructure Regulation (EMIR). With its argument and case study, this dissertation contributes to the study of state preference formation over-time with regard to international financial regulation
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Бурденко, Ірина Миколаївна, Ирина Николаевна Бурденко, and Iryna Mykolaivna Burdenko. "Похідні фінансові інструменти: проблеми класифікації та визначення." Thesis, Крок, 2011. http://essuir.sumdu.edu.ua/handle/123456789/63102.
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Визначення ролі похідних фінансових інструментів (далі – ПФІ) і застосування на їх основі стратегій ризик-менеджменту залежить від розуміння використання різних видів похідних фінансових інструментів. Для цього необхідна їх класифікація за певними ознаками.
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Єльнікова, Ю. В. "Організаційна структура регулювання ринку похідних фінансових інструментів." Thesis, Українська академія банківської справи Національного банку України, 2012. http://essuir.sumdu.edu.ua/handle/123456789/59043.
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Незважаючи на такі стрімкі темпи зростання обсягів торгівлі похідними
фінансовими інструментами (у першому півріччі 2011 р. склав 11 млрд. грн.,
що на 42,3 % більше ніж в 2010 р.) український ринок похідних фінансових
інструменті (ПФІ) згідно з міжнародними рейтинговими системами
відноситься до групи граничних ринків, тобто до тих, основні елементи яких
уже сформувалися, але як самодостатня саморегульована система лише
починає розвиватися. В такі ситуації актуальними є питання пов’язані з
регулюванням ринку похідних фінансових інструментів та співвідношення
його основних форм.
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Mravík, Pavel. "Finanční dopad měnových skutečností ve vybrané společnosti." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-262294.
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This dissertation evaluates development of exchange rates and its specific effects on STAP company a.s. The aim of this paper is to present the events that have had influence on the development of the exchange rate between Euro and Czech Crown and precautionary measures taken by STAP a.s. to prevent related risks. The first part comprises a summary of events that had a significant impact on the exchange rate development; the risks created by these events and methods devised to prevent these risks. The second part evaluates the specific financial derivatives used by STAP a.s. and their impact. Finally the recommendation is made for the future more effective usage of the financial instruments.
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Silva, Alberto Ricardo da. "Efeitos da mensuração e registro dos instrumentos financeiros no resultado e no patrimônio líquido de companhias abertas brasileiras não-financeiras." Universidade Presbiteriana Mackenzie, 2010. http://tede.mackenzie.br/jspui/handle/tede/871.
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Previous issue date: 2010-08-08Fundo Mackenzie de Pesquisa
Emitted in 2008 CPC 14 (Deliberation CVM nº 566/08), together with for Instrução CVM nº 475/08, they brought new practices in the that tells respect to the record and measuring of the used financial instruments. The present study has as goal analyze measuring effects and implementation current financial instruments record of Deliberação CVM nº. 566/08 and rule CVM nº. 475/08 in the result and in the patrimony liquidate of the Brazilian opened companies not-financiers. The investigation of the descriptive kind used of technical standardized of data collections concerning the financial not-derivative and derivative instruments, because it sought itself to analyze the relative accounting demonstrations to the exercises ended in 2007, before the new rules, and ended in 2008, year in which the new rules proceeded being demanded. The sample comprehended the 100 larger Brazilian opened companies not-financiers with active larger volume in 31/12/2008, and to ends of analyzes the final sample comprehended 68 companies for own informaction of instruments utilization financial not-derivative and derivative in set. In the data treatment were analyzed the qualitative, relative to the kinds identification of financial and quantitative instruments, relative to the measuring of the instruments effects in the result and in the companies' equity.Of the research results stands out: (i) In the effects in equity liquidate twelve companies evidenced financial instruments in 2008 against just two in 2007, note itself an evolution considerable because measuring in 2008 totalized R$ 121 million won liquidies against R$ 16 million net losses in 2007, however the one of if you stand out that of the final sample fiftysix companies did not evidence any information; (II) in the effects in the result were evidenced the effects of the financial instruments in forty-four companies in 2008 against forty in 2007, despite a minimum evolution in the records note itself a significant evolution in measuring that in spite of having been affected by results excepecionais of the crisis of 2008 were significant, having in 2008 R$ 1,0 billion loss and against 196 corns in 2007. It noticed in the effects analysis, of the records and measuring with base in the new rules, important effects in the patrimony liquidate and in the result of searched companies what demonstrates a partial evolution, since fifty-six companies did not announce any information in patrimony liquidate and twenty-four in the result.
Emitido em 2008 CPC 14 (Deliberação CVM nº 566/08), juntamente com a Instrução CVM nº 475/08, trouxeram novas práticas no que diz respeito ao registro e mensuração dos instrumentos financeiros utilizados. O presente estudo tem como objetivo analisar os efeitos da mensuração e registro dos instrumentos financeiros decorrentes da implementação da Deliberação CVM nº. 566/08 e Instrução CVM nº. 475/08 no resultado e no patrimônio liquido das companhias abertas brasileiras não-financeiras. A investigação do tipo descritiva utilizou de técnicas padronizadas de coletas de dados acerca dos instrumentos financeiros não-derivativos e derivativos, pois buscou-se analisar as demonstrações contábeis relativas aos exercícios findos em 2007, antes das novas normas, e findos em 2008, ano em que as novas normas passaram a serem exigidas. A amostra compreendeu as 100 maiores companhias abertas brasileiras não-financeiras com maior volume de ativos em 31/12/2008,sendo que para fins de análise a amostra final compreendeu 68 companhias por possuirem evidências de utilização de intrumentos financeiros não-derivativos e derivativos em conjunto. No tratamento dos dados foram analisados os qualitativos, relativos à identificação dos tipos de instrumentos financeiros e quantitativos, relativos à mensuração dos efeitos dos instrumentos no resultado e no patrimônio líquido das companhias. Dos resultados da pesquisa destaca-se: (i) nos efeitos no patrimonio liquido doze companhias evidenciaram instrumentos financeiros em 2008 contra apenas duas em 2007, nota-se uma evolução consideravel pois as mensurações em 2008 totalizaram R$ 121 milhões de ganhos liquidos contra R$ 16 milhões de prejuizos liquidos em 2007, porém a de se destacar que da amostra final cinquenta e seis companhias não evidenciaram qualquer informação; (ii) nos efeitos no resultado foram evidenciados os efeitos dos instrumentos financeiros em quarenta e quatro companhias em 2008 contra quarenta em 2007, apesar de uma minima evolução nos registros nota-se uma significativa evolução nas mensurações que apesar de terem sido afetados por resultados excepecionais da crise de 2008 foram significativas, tendo em 2008 R$ 1,0 bilhão de prejuizos contra 196 milhoes em 2007. Notou-se na análise dos efeitos, dos registros e mensurações com base nas novas normas, efeitos relevantes no patrimônio liquido e no resultado das companhias pesquisadas o que demonstra uma evolução parcial, visto que cinquenta e seis companhias não divulgaram qualquer informação no patrimonio liquido e vinte e quatro no resultado.
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Benseghir, Mohamed El Medhi. "Instrument financier dérivé et gestion du risque." Thesis, Paris 9, 2014. http://www.theses.fr/2014PA090063.
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A partir des années 1970, la remise en cause du système monétaire des parités fixes entraine l'apparition de risques nouveaux sur les marchés, et conduit les opérateurs financiers à rechercher de nouvelles techniques pour en maitriser les effets : les premiers instruments financiers dérivés naissent de cette volonté. Pour autant, au moment de reconnaitre juridiquement ces instruments, le législateur quant à lui ne prévoit aucune qualification ni définition précises et adopte la technique peu concluante de l'énumération. Ce qui laisse présager que les dérivés ne peuvent fonder une notion juridique unitaire mais constituent simplement l'addition de modèles financiers hétérogènes. Dès lors, la recherche de la nature juridique du dérivé se doit de démontrer sa spécificité en tant qu'instrument de transfert du risque financier à part entière et le caractériser par rapport aux autres familles de contrats nommés. En outre, si le dérivé opère un transfert de risque, il s'avère lui-même générateur d'un risque spécifique, à la fois pour les parties qui le concluent et pour les tiers en relation avec ces dernières: par ses attributs intrinsèques, il est donc fondamentalement porteur de risque pour le système financier dans son ensemble. La nécessité de reconnaitre ce risque et de le contrôler étroitement se pose alors en objectif impérieuxFrom 1970s, the questioning of the monetary system of the fixed parities causes the appearance of new risks on markets, and leads financial players to look for new techniques to master the effects: the first derivative financial instruments arise from this will. However, at the time of recognizing legally these instruments, the legislator as for him plans no precise qualification and no definition and adopts the little decisive technique of the enumeration. What leads to predict that derivatives cannot base a unitarian legal notion but constitute simply the addition of heterogeneous financial models. From then on, the research for the legal nature of derivative owes demonstrate its specificity as instrument of transfer of the full financial risk and to characterize it with regard to the other families of named contracts. Besides, if the derivative operates a transfer of risk, it turns out itself generator of a specific risk, at the same time for the parties which conclude it and for thirds in connection with the latter: by its intrinsic attributes, it is fundamentally carrying risk to the whole financial system. The necessity of recognizing this risk and of controlling it closely settles then in compelling objective
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Rattu, Muhammad Umer. "Exploring legal, regulatory and shari‘ah compliance issues in Islamic financial instruments : derivatives and sukuk." Thesis, Durham University, 2013. http://etheses.dur.ac.uk/7349/.
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In general derivatives, futures, options and swaps are considered against the principles of shari‘ah for various reasons, such as the absence of asset-backed deals, dealing in prohibited transaction of debt, presence of element of gharar (uncertainty), gambling, absence or non-existence of subject matter, Short-Selling, sale of subject-matter without prior acquiring of possession or constructive possession, ghabn (market price manipulation), ‘ina (sale and buy-back), tawarruq (multiple buy-back sales involving no actual asset transfer), amongst others. In the recent past there have been attempts to find and explore Islamic hedging products having same functions as that of derivatives having link with real economy growth. Financial transactions either linked with economic activities or they are pure financial instruments known as ‘synthetic’ transactions having no contribution to the real economy. Due to Muslim investors’ demand and excess saving due to oil wealth in the Gulf Cooperation Council, there is a demand for Islamic financial transactions. Therefore, derivatives in compliance with shari‘ah principles were developed. Sukuk are fine and popular example of such financial products and emerged as a strong substitute to conventional derivative products. Sukuk are considered shari‘ah compliant but at the same time ethical and hence fits into the requirements of financial products to overcome the adverse effects of the financial crisis. This research, hence, explores and analyses sukuk as an Islamic securitization product. In addition, this research also investigates whether or not sukuk meet the standards and criteria of conventional securitization structures in order to safeguard the interests of different parties involved in it and the public at large. Furthermore, this research examines sukuk structures whereby it identifies further shari‘ah and ethical underlying principles for further product development, design under shari‘ah. In responding to the research aims, this research attempted to peruse through original sources of both shari‘ah and English Common law on sukuk and the application of wa‘ad (undertaking) particularly in the context of sukuk and derivatives. While discussing the identified research aims in terms of determining the key legal, regulatory and shari‘ah compliance issues in the development of sukuk, the focus remained on the United Kingdom (UK), which attempts to become one of the leading centers of Islamic finance. After foundational and exploratory research, this study concludes and answered the research questions that: (i) sukuk are based on shari‘ah principles; (ii), derivatives are allowed under shari‘ah; (iii) sukuk as Islamic derivative instruments are as efficient as that of conventional derivative products and apply the similar securitization principles; (iv) wa‘ad has the same authority as that of ‘aqd (contract) and can be compared with ‘promise’ and ‘promissory estoppel’ in Common law; (v) use of wa‘ad in equity-based sukuk is against the shari‘ah; (vi) usage of wa‘ad in derivatives like Foreign Currency Forward Options, Total Return Swaps and Short-Selling is inappropriate, and (vii) UK is an attractive country for promotion and growth of sukuk. For this purpose the results of the sub-research questions were: (a) UK has sufficient legislative and regulative infrastructure to entertain shari‘ah compliant products such as sukuk in the future (b) UK so far is impartial in the debate on shari‘ah compliance approval process of products (c) there is confusion about whether sukuk are categorised as debt instruments or Collective Investment Schemes. This study came with an extensive research and analysed growth of sukuk and its structures in UK with legislative and regulatory developments and concludes UK is a place where development of sukuk is phenomenal for the strategic significance of London Stock Exchange in the global market. Though not many sukuk are being issued in UK but it is a place where most of the sukuk are listed.
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Pejčochová, Kristina. "Development of Derivatives Reporting." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-113116.
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This thesis aims to summarise the theoretical principles, concepts and considerations pertaining to accounting for and reporting of derivatives and to describe and analyse the development of major accounting standards dealing with related issues. Sections 1 and 2 provide a basic overview of derivative instruments'categorisation, mechanics, valuation and uses. Section 3 studies the principles that ensure the provision of useful financial information, with specific focus on financial instruments. Sections 4, 5 and 6 trace the development of US and international accounting standards pertaining to derivatives and financial instruments in general. The focus of the thesis lies with their measurement, recognition and disclosure.
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Rossieta, Hilda. "Introduction of accounting standards on derivatives and other financial instruments FR13 : examinations of lobbying motives." Thesis, University of Manchester, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.503073.
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Payan, Pedro Carlos. "Uma contribuição à contabilização de Swap cambial como instrumento de Hedge para empresas não financeiras: Hedge Accounting." Pontifícia Universidade Católica de São Paulo, 2009. https://tede2.pucsp.br/handle/handle/1729.
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Previous issue date: 2009-05-11Coordenação de Aperfeiçoamento de Pessoal de Nível Superior
Companies can use derivative instruments for covering risks. With the use of these instruments the problems appear in the measurement, accounting, and the disclosures. This project s objective based on a case study is to analyze the Derivative Instrument (Foreign Exchange Swap) as the countable theory and international norms of the FASB, IASB and Brazilian Norms. The Brazilian Norms are published by the CPC and together these norms are the make up of the CVM. This case study demonstrated the process of the operation, the criteria for the measurement, as well as the accounting aspect. The reasons behind this project are first, the significant volume in the transactions of Swap at the end of 2008, which reached R$ 12,6 billion. Second the risk involving these operations, the difficulty encountered by accounting for the recognition, measurement and disclosure. The collected data applied from the systems of calculations and evaluations of the instruments are then compared to the collected data reported by the company. There are no significant differences in these calculations except having discrepancy in the use of accounts, which results in the registration in Swap Accounting. Three situations dealing with assets were compared by the Derivatives Instrument: a) traditionally for the curve of the paper: the financial accounts and results of the period are affected; b) recording the marking to market without hedge accounting: it showed different balances in the item accounts; c) recording the marking to market with hedge accounting: there were alterations in the result of the period, in the financial accounts and in the total shareholder s equity
As empresas podem utilizar instrumentos derivativos para cobertura de riscos. Na utilização destes instrumentos surgem os problemas para a mensuração, contabilização e divulgação. Este trabalho tem por objetivo, através de um estudo de caso, analisar o instrumento derivativo swap cambial à luz da teoria contábil e normas internacionais do FASB, IASB e normas brasileiras publicadas pelo CPC, juntamente com os pareceres normativos da CVM. O estudo de caso demonstrou os procedimentos desta operação, os critérios para mensuração bem como sua contabilização. O tema deste trabalho tem sua justificativa, primeiramente pelo volume expressivo das operações de swap, que ao final de 2008, atingiu R$ 12.6 bilhões e também pelo risco envolvendo estas operações e a dificuldade encontrada pela Contabilidade para o reconhecimento, mensuração e evidenciação. Foram pesquisados sistemas de cálculos e de avaliação deste instrumento e aplicados aos dados coletados comparando-se com os registrados pela empresa. Não houve diferenças significativas nos cálculos, havendo apenas divergência na utilização de contas de resultado para o registro da contabilização do swap. Compararam-se três situações patrimoniais na contabilização do instrumento: a) contabilizados tradicionalmente pela curva do papel: afetaram as contas de financiamentos e resultados do período; b) contabilizados com marcação a mercado sem hedge contábil: apresentaram saldos diferentes nas contas do item a; c) contabilizados com marcação a mercado e com hedge contábil: houve alterações do resultado do período, nas contas de financiamentos e no total do grupo do Patrimônio Líquido
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Shinzato, Julio Mituo. "O uso de instrumentos financeiros e o nível de evidenciação qualitativa e quantitativa nas demonstrações contábeis de empresas não financeiras, no contexto das IFRS." Pontifícia Universidade Católica de São Paulo, 2011. https://tede2.pucsp.br/handle/handle/1482.
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Previous issue date: 2011-12-15The convergence to the international accounting standards introduced in the Brazilian accounting practices the fair value methodology from which financial assets and financial liabilities will start to be measured taking into consideration its fair market value. However, the complexity to understand, interpret and apply IAS 39 rules, recognized by the IASB, may cause distortions in the recognition and fair value measurement process with effects in the transparency of financial instruments disclosure. This process is compounded by the development of financial markets and risk exposures arising from financial instruments, requiring a better disclosure of risks associated to those instruments, especially derivatives. The study aimed to examine whether the disclosure level practiced by listed companies included in the BOVESPA index are complying with the requirements emanated from the international accounting standards. For this purpose, the financial statements for the period ended as at December 31, 2010 were object of the analysis as those statements were the first one presented according to the mandatory IFRS standards. In order to achieve the proposed objectives of the research, four index categories were developed (qualitative, quantitative, hedge accounting and risk management) based on disclosure provisions established by IFRS 7. The results obtained in the study revealed that the disclosure level for qualitative, quantitative, market risk and sensitive analysis is in line with IFRS standards. Nevertheless, more complexity accounting issues introduced by the international standards and not previously included into the Brazilian accounting practices framework, such as hedge accounting, still presents an incipient level of disclosure. Analogously, the result of the study did not take notice of greater transparency in the disclosure process with respect to credit and liquidity risk exposures, in contrast to the noticed for the market risk exposures where a high level disclosure might be attributed to a requirement enforced by CVM through a normative act
O processo de convergência às normas internacionais de contabilidade introduziu nas práticas contábeis brasileiras a contabilidade pelo valor justo, de forma que os ativos financeiros e os passivos financeiros passam a ser mensurados com base no seu valor justo de mercado. Mas, a complexidade ao entendimento, interpretação e aplicação das normas do IAS 39, admitido pelo próprio IASB, pode causar distorções no reconhecimento e avaliação a valor justo de instrumentos financeiros e com reflexos adversos no processo de evidenciação de informações sobre tais instrumentos. Esse processo é agravado com a evolução dos mercados financeiros e das exposições a riscos provenientes de instrumentos financeiros, requerendo uma melhor divulgação dos riscos associados à utilização desses instrumentos, especialmente os derivativos. A pesquisa buscou analisar se o nível de evidenciação praticado pelas companhias abertas integrantes do Índice BOVESPA está em conformidade com os padrões exigidos pelas normas internacionais de contabilidade. Para tanto foram analisadas as demonstrações financeiras padronizadas correspondentes ao período findo em 31 de dezembro de 2010, por serem essas as primeiras demonstrações obrigatórias publicadas de acordo com as IFRS. Como forma de alcançar os objetivos propostos na pesquisa, foram elaboradas quatro categorias de indicadores de evidenciação (qualitativa, quantitativa, hedge accounting e gestão de riscos), com base nos padrões de divulgação estabelecidos no IFRS 7. Os resultados obtidos na pesquisa indicam que o nível de evidenciação qualitativa, quantitativa e de riscos de mercado e análise de sensibilidade está alinhado com o IFRS. No entanto, aspectos contábeis mais complexos introduzidos pela norma internacional e não inseridos anteriormente no arcabouço das práticas contábeis brasileiras, como a contabilidade de hedge, ainda apresentam um nível incipiente de divulgação. Da mesma forma, o resultado da pesquisa não observou uma maior transparência na divulgação de exposições a riscos de crédito ou de liquidez, contrariamente ao observado às exposições de riscos de mercado em que existe uma divulgação padronizada por força de imposição normativa da CVM
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Ehsan, Muhammad Asif. "Islamic perspective on financial derivatives : demand for instruments of risk management in various businesses of Pakistan." Thesis, Durham University, 2012. http://etheses.dur.ac.uk/5949/.
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This study was undertaken with the aim of exploring the legitimacy or otherwise of financial derivatives according to the Islamic commercial law, and ascertaining the demand for instruments of risk management in various business and economic sectors of Pakistan. The study drew the conclusion that forward contracts and futures contracts are allowed to benefit from. However, only hedgers can take advantage of them. These instruments can never be used for purely speculative purposes where making or taking delivery is not intended. Although it is not necessary to pay the complete price to the seller at the time of the contract yet some other precautionary measures such as a bank guarantee or a fair amount of money to be given to the seller should be taken to ensure that pure speculation is scrupulously forestalled and the delivery would certainly be made. If a large amount of money is given to the seller at the time of the contract the proscription of bai al-kali bil-kali would no longer be applicable because bai al-kali bil-kali comes about where the settlement by both parties is deferred to a future date, but that is not the case here. This amount of money would later on be adjusted to the total price. Options trading is also permissible because it is simply an extension of the fundamental concept of freedom and legitimacy given by the Shari’ah in relation to commercial transactions. However, those types of financial derivatives which involve riba such as interest-rate futures, interest-rate options, interest-rate swaps and swaptions are ruled out altogether and can never be taken advantage of. Similarly, those derivatives which proceed on gambling, inordinate uncertainty, alcohol, pork and other inadmissible commodities are precluded into the bargain. To carry out the empirical part of the research, 600 questionnaires were randomly given out to the organizations operating in two commercial and industrial cities of Pakistan, namely Lahore and Faisalabad. The goal of the survey was to ascertain the demand for instruments of risk management in various business and economic sectors. The research findings indicated that there is demand for collateral, futures contracts, guarantee, and hatt wa ta’ajjal for credit risk management. As regards market risk management, arbun sale, bai al-salam, forward contracts, futures contracts, istijrar, istisna, and khiyar al-shart are in demand. In relation to currency risk management, foreign currency forwards, foreign currency futures, and foreign currency options are in demand. To mitigate interest-rate risk, forward rate agreements, interest-rate futures, and interest-rate options are in demand. The research findings further represented that a large number of the respondents want to use these instruments, if available, for hedging purposes. The researcher learnt while administering the questionnaires that the respondents who do not want to utilize the instruments or techniques of risk management are either unacquainted with their structure or, quite often, not aware of their adequate and proper use. It was therefore proposed that the Islamic as well as conventional financial institutions had better provide their clientele and other business entrepreneurs with the required risk management counselling. Another issue is germane to the Islamic legal implications of foreign currency options, forward rate agreements and interest rate swaps permitted by the State Bank of Pakistan. The illicit features of these instruments ipso facto make them impracticable for those people who are desirous of using only Shari’ah-compliant instruments. It was thus suggested that the State Bank of Pakistan should also introduce other Shari’ah-compliant instruments, that is to say istisna, salam, bai al-arbun, istijrar, forward contracts, futures contracts, options and Islamic swaps, and allow Islamic as well as conventional banks to employ them for risk management. It is scrupulously hoped that some, if not all, parts of this research would be of benefit to and applied by the Islamic as well as conventional financial institutions in Pakistan and elsewhere.
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Hilling, Axel. "Income taxation of derivatives and other financial instruments - economic substance versus legal form : A study focusing on Swedish non-financial companies." Doctoral thesis, Jönköping : Jönköping International Business School, Jönköping University, 2007. http://www.diva-portal.org/hj/abstract.xsql?dbid=934.
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Cornut, St-Pierre Pascale. "Les swaps ou l'innovation financière aux mains des juristes : contribution à l'étude socio-juridique de la financiarisation." Thesis, Paris, Institut d'études politiques, 2017. http://www.theses.fr/2017IEPP0036.
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Les dernières décennies ont été témoin d’un accroissement considérable du poids et de l’influence de la finance au sein des sociétés contemporaines, un phénomène que les sciences sociales ont commencé à cerner grâce à la notion de financiarisation. La financiarisation demeure un phénomène peu étudié en droit. Notre thèse contribue à son étude en adoptant une approche socio-juridique : elle part de l’hypothèse qu’une telle transformation des rapports sociaux et économiques a été l’occasion de controverses sur la scène juridique, à partir desquelles on peut mieux comprendre ce que représente la financiarisation en droit. Nous avons choisi d’aborder ces controverses à partir d’une question spécifique, celle de l’innovation financière, en prenant comme cas d’étude un type particulier d’instruments financiers ayant bouleversé le paysage de la finance depuis leur apparition dans les années 1980 : les swaps, ou les instruments dérivés de gré à gré. À partir d’une analyse des documents contractuels produits par l’industrie, de la littérature professionnelle de droit financier et du contentieux relatif aux swaps, notre étude retrace l’histoire juridique de ces instruments financiers. Il ressort de notre étude qu’en se livrant à un travail de mise en forme juridique de l’innovation financière, les juristes ont non seulement favorisé le succès des nouveaux marchés d’instruments financiers, mais qu’ils ont en outre amorcé une profonde transformation de la culture juridique du monde des affaires. La financiarisation coïncide ainsi, en droit, avec un renouvellement des concepts, des valeurs, des pratiques, des instruments et des modes d’argumentation que déploient les juristes des milieux financiers. Nous soutenons que, sous l’influence de ces derniers, c’est en fin de compte le droit lui-même qui s’est financiarisé, d’une façon qui a sensiblement accru l’autonomie juridique de l’industrie financièreThe last few decades have witnessed a considerable increase in the weight and influence of finance in contemporary societies, a phenomenon that social scientists have begun to study with the concept of financialization. Financialization remains rarely studied in law. This dissertation contributes to its study by adopting a socio-legal approach: it assumes that such a transformation of social and economic relations must have given rise to controversies in the legal arena, from which one could better understand what financialization means in law. I have chosen to approach these controversies through a specific question, that of financial innovation. I took as a case study a particular type of financial instruments, which have transformed the financial landscape since their invention in the 1980s: swaps, or over-the-counter (OTC) derivatives. Based on the analysis of contractual documents crafted by the industry, of the professional literature in financial law, and of the case law arising from swap disputes, this study recounts the legal history of these financial instruments. It shows that legal practitioners, through the legal shaping of financial innovation, have not only fostered the success of the new markets for financial instruments, but have also initiated a profound transformation of business’s legal culture. Financialization thus coincides, in law, with a renewal of concepts, values, practices, instruments and modes of argument deployed by financial lawyers. I argue that, under the influence of the latter, it is ultimately the law itself that was financialized, in a way that significantly increased the legal autonomy of the financial industry
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Pilemalm, Robert, Kristofer Horkeby, and Fredrik Gavelin. "Analys och visualisering av optioner och andra finansiella instrument : Utveckling och studie av portföljhanteringssystem." Thesis, Linköpings universitet, Företagsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-65792.
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Bakgrund: Ett sätt att minska risker vid handel med finansiella instrument är att bygga portföljer. För att kunna hantera portföljer med olika finansiella instrument och valutor samt kunna hantera flera portföljer samtidigt, används portföljhanteringssystem. Studenter kan genom att använda sig av sådana system lära sig hur finansiella marknader fungerar. Kraven på ett portföljhanteringssystem är inte desamma som kraven på ett kommersiellt system och därför finns det ett behov att utveckla en modell för denna kontext. Syfte: Denna uppsats ämnar bygga en modell i PowerPlus Pro som studenter kan använda sig av för att befästa sina kunskaper och öka sin förståelse för hur finansiella instrument fungerar. Metod: För att bygga modellen har kvalitativ metod används och för att studera hur portföljhanteringssystem ska byggas och anpassas efter studenters behov har kvalitativa intervjuer använts. Slutsatser: Vår modell uppfyller de krav som ställts på den och är anpassad för undervisning på ett universitet genom att den är användarvänlig och pedagogiskt uppbyggd. Modellen lämpar sig inte för användning av markadsaktörer.Background: A common strategy for minimizing market risk, when trading with financial instruments, is to build portfolios. In order to manage portfolios with different kinds of financial instruments and different currencies and to manage many portfolios at one time, systems for portfolio management are used. Student can with use of such systems learn how financial markets work. The requirements of a system for students are not the same as the ones of a system for commercial use are not the same and therefore there is a need to develop a model fitted to this context. Aim: The purpose of this bachelor thesis is to build a model in PowerPlus Pro, which students can use in order to confirm their knowledge of and understanding for the function of financial instruments. Method: To build the model a quantitative method has been used and to study how systems for portfolio management should be built and adapted to the needs of students has qualitative method been used. Conclusions: Our model satisfies the demand and the technical specifications that were us given and it is adapted to teaching of students, because it is user-friendly and pedagogic built. The model is not adequate for use of market actors.
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Vuillemey, Guillaume. "Derivatives markets : from bank risk management to financial stability." Thesis, Paris, Institut d'études politiques, 2015. http://www.theses.fr/2015IEPP0007/document.
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Dans sa première partie, cette thèse étudie l’utilisation optimale des produits dérivés par les intermédiaires financiers dans leur gestion du risque, en prêtant spécifiquement attention au marché des dérivés de taux d’intérêt. En modélisant la structure de capital optimale d’une banque, le premier chapitre montre comment l’usage optimal des dérivés affecte certaines décisions souvent étudiées en finance d’entreprise : l’offre de crédit, la transformation de maturité, la politique de dividendes ou les probabilités de défaut. La seconde partie de la thèse étudie au contraire le marché des dérivés comme un système à part entière. Le second chapitre utilise une base de données nouvelle et unique d’expositions bilatérales sur des contrats CDS afin d’offrir une description détaillée de la structure du réseau des expositions. Le troisième chapitre a pour objet la régulation des marchés de produits dérivés. Il étudie la compensation centrale des produits dérivés standardisés, et la demande de collatéral induite par cette réforme à l’échelle mondiale, sous une variété d’hypothèses concernant la microstructure du marchéIn its first part, this thesis studies the optimal use of derivatives contracts for risk management by financial intermediaries, focusing especially on interest rate derivative contracts. It models the optimal capital structure policy of a bank and shows how the optimal use of derivatives affects a number of oft-studied decisions in corporate finance: bank lending, maturity mismatching, payout policy or default probabilities. The second part of the thesis, in contrast, studies derivatives market as a system on its own. The second chapter uses a new and unique dataset of bilateral exposures to CDS contracts in order to provide a detailed description of the network structure of exposures. The third chapter focuses on the regulation of derivatives markets. It studies central clearing of standardized derivatives contracts and the collateral demand induced by the reform at a global scale, under a variety of hypotheses regarding the market microstructure
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Hasic, Dino, and Ajdin Pasic. "Ränteswappar i svenska fastighetsbolag : en kvalitativ studie som diskuterar hur användandet av ränteswappar ser ut idag bland svenska fastighetsbolag." Thesis, KTH, Fastigheter och byggande, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-297555.
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Denna uppsats behandlar vilka faktorer som påverkar svenska fastighetsbolags syn på ränteswappar och huruvida coronapandemin, IFRS regelverket, den nya referensräntan Swestr eller bolagens rating har någon betydelse i detta. Studien undersöker vidare hur stor efterfrågan på räntederivat tidigare har varit, samt hur framtidsutsikterna ser ut gällande användandet av ränteswappar. För att besvara studiens problemformulering har en kvalitativ metod använts, där fem semistrukturerade intervjuer med både fastighetsbolag och en bank varit utgångspunkten till arbetets slutsats. Studiens resultat visar att samtliga tillfrågade fastighetsbolag har en egen räntesäkringsstrategi och egna preferenser vad gäller räntederivat. Idag använder en klar majoritet av svenska fastighetsbolag ränteswappar i sina räntesäkringsstrategier, men studien tyder på att mindre aktörer på marknaden eventuellt i framtiden kommer söka sig till simplare lösningar. Vidare visar studien att varken coronapandemin, IFRS regelverket eller Swestr påverkar fastighetsbolagens förhållningssätt till ränteswappar. Däremot kan det externa ratingbetyget indirekt ha en koppling till hur ett fastighetsbolag väljer att hedga sig mot räntefluktuationer. Studiens område är fortsatt vagt undersökt och ämnet kommer förbli intressant att forska vidare på i framtiden.This study deals with the factors that affect Swedish real estate companies´ views on interest rate swaps and whether the corona pandemic, the IFRS regulations, the new reference interest rate Swestr or the companies external rating have any significance in this. The study further examines how the demand for interest rate swaps has changed and how the future looks like. To fulfill the purpose of the study, a qualitative method has been used, with five semi-structured interviews with both real estate companies and a bank. The collected answers have formed the basis of this paper's conclusion. The results of the study show that all real estate companies surveyed have their own interest rate hedging strategy, and their own preferences on interest rate derivatives. A majority of Swedish real estate companies use interest rate swaps today in their interest rate hedging strategies, but this study indicates that smaller real estate corporations in the market may seek more simple solutions in the future. Furthermore, the study indicates that neither the coronavirus pandemic, the IFRS regulations nor Swestr has an impact in the real estate companies´ approach towards interest rate swaps. On the other hand, the external rating can indirectly be a reason why real estate companies choose to hedge with interest rate derivatives against interest rate fluctuations. The field of study is still vaguely researched and the subject will remain interesting to research in the future.
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Hsiao, Mark Wen-Hu. "An analysis of the regulations of derivatives financial instruments in the People's Republic of China : from a comparative and economic perspective." Thesis, University of London, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.430789.
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Guardia, Renata Borges La. "O controle dos preços de transferência: aplicação em operações financeiras e derivativos." Universidade de São Paulo, 2010. http://www.teses.usp.br/teses/disponiveis/2/2133/tde-14092011-085833/.
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O controle dos preços de transferência está amparado no princípio da plena concorrência, que representa espécie de dogma no direito tributário internacional. Para a sua concretização, há duas espécies de metodologias distintas: os métodos tradicionais, apoiados na comparação dos preços ou margens brutas de lucro das transações, e os métodos baseados na comparação de lucros operacionais entre as transações cotejadas. Não obstante a existência desta gama de métodos, há exemplos nos quais o princípio da plena concorrência não propicia mecanismos suficientes para o adequado controle dos preços de transferência, porquanto inexistem dados para a comparação dos preços, margens brutas ou lucros operacionais. As negociações globais de instrumentos financeiros intra-grupo, praticadas de forma integrada entre instituições de um mesmo conglomerado bancário, estão entre as situações que mais apresentam desafios ao aludido princípio. Como alternativa, parte da doutrina internacional tem defendido a adoção do método da partilha de lucros segundo fórmulas predeterminadas ou formulary apportionment. Os principais argumentos destes teóricos são a constatação de que o princípio da plena concorrência, ao se amparar no critério da entidade segregada, ignora os ganhos de eficiência e escala gerados no âmbito dos grupos econômicos; ademais, a aplicação deste princípio mostra-se complexa, dada a sua abertura e amplitude. No direito brasileiro, as regras para o controle dos preços de transferência, a despeito de inspiradas nos métodos tradicionais disponíveis para a aplicação do princípio da plena concorrência, são simplificadas a tal ponto que os métodos envolvendo margens brutas tornaram-se semelhantes aos métodos envolvendo fórmulas predeterminadas. Esta simplificação é desejável, em especial com vistas ao atendimento da praticabilidade, legalidade, eficiência administrativa etc.. Idealmente, a melhor estratégia de política tributária a ser adotada seria aquela baseada na edição de normas que, de um lado, (i.) prevejam margens predeterminadas de lucros por setor de atividade e região, ou definam outros critérios objetivos, razoáveis sob a perspectiva econômica, para o cálculo dos preços parâmetro, mas, de outro, (ii.) admitam que estas simplificações representam safe harbours, sendo garantido ao contribuinte o direito de apresentar quaisquer argumentos ou provas admitidos em direito para comprovar sua situação peculiar. O exame das discussões envolvendo a negociação global de instrumentos financeiros auxilia na conclusão de que, para serem justas, as normas para o controle dos preços de transferência precisam ser abrangentes, possibilitando-se a adequação dos métodos às especificidades de cada caso concreto; para o adequado funcionamento do sistema tributário, contudo, é imprescindível a instituição de diversas espécies de safe harbours, aptos a abranger a maioria das situações, reservando-se às transações realmente peculiares o exame detalhado dos preços.Transfer pricing control rests on the arms length principle, one of the international consensus of international tax law. Control takes place under either of two methodologies: one comprising the Traditional Transaction Methods based on the comparison of prices and/or gross margins, and the other comprising Transactional Profits Methods based on the comparison of operating incomes from the relevant transactions. Notwithstanding the several methods in existence, the arms length principle may sometimes fail as a mechanism for adequate control of transfer pricing, insofar as data for the comparison of prices, gross margins or operational income are not available. The integrated global trading of financial instruments between units of a same banking group is an example of challenging situation for the effective application the arms length principle in transfer pricing control. Seeking an alternative approach, recent studies make the case for apportioning profits in accordance with preset formulas the so-called formulary apportionment. The main arguments behind this proposal revolve around the arms length principle ignoring economies of scale and other efficiency gains that normally breed within an economic group, as well as it being overly complex and open-ended. Although inspired by the Traditional Transactional Methods, Brazilian transfer price rules are simplified to such extent, that the gross margin comparison methods have become similar to a preset formula. Simplification is desirable from the standpoint of practicability, legal strictness, administrative efficiency, and so on. The ideal tax legislation policy would include rules that (i.) either pre-set gross margin parameters by industry and geographic location, or set forth objective, economically reasonable criteria for determination of parameter prices; but also (ii.) acknowledge such simplifications as no more than safe harbours and offer the taxpayer an opportunity to demonstrate deviation from the norm in a given peculiar situation. An analysis of the discussions on global trading of financial instruments fosters the conclusion that in order to be fair, transfer pricing rules must be all-encompassing; efficiency of the tax system, however, cannot forego the use of safe harbours that cover the majority of cases, thus restricting detail analysis to transactions that are actually peculiar.
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Daudignon, Sandra. "Three essays in monetary and financial economics." Thesis, Paris 1, 2020. http://www.theses.fr/2020PA01E063.
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Le premier chapitre analyse l'impact de la compensation centrale des swaps, obligatoire depuis 2013, sur l'activité de dérivés des banques américaines. Une partie des banques traitées, c'est-à-dire des banques qui ne sont pas éligibles à la « end-user exception », réallouent leur portefeuille en substituant les options de taux d'intérêt OTC aux swaps de taux d'intérêt OTC. Cela suggère que ces banques pourraient se livrer à un arbitrage réglementaire. Le deuxième chapitre incorpore un taux d'intérêt naturel avec tendance stochastique dans un modèle nouveau keynésien et étudie comment cela modifie la politique monétaire optimale. Il montre que des augmentations systématiques du taux d'inflation optimal se justifient en réponse à des chocs négatifs sur le niveau de long terme du taux naturel, une fois que celui-ci passe en dessous de 1 \%. Néanmoins, une règle qui cible un niveau des prix constant continue de fournir une bonne approximation de la politique optimale, tant que le niveau de long terme du taux naturel reste positif. Le troisième chapitre étudie le lien entre l'incertitude microéconomique, définie comme la dispersion des niveaux de productivité idiosyncratique, et l'allocation du crédit entre les firmes. Il analyse l'équilibre d'un marché de la dette garantie où les banques et les investisseurs financiers interagissent en présence de sélection adverse et signalement. Le modèle prédit qu'une augmentation de l'incertitude micro peut générer un changement du régime d'information et se traduire par une contraction du crédit. Dans ce cas, une forte incertitude micro rétablit l'allocation optimale, car les banques ne financent que des projets de bonne qualitéThe first chapter analyses the impact of the central clearing requirement for swaps, which entered into force in 2013, on the derivatives activity of US banks. Part of treated banks, ie banks that are not eligible to the "end-user exception", reallocate their portfolio by substituting OTC interest rate swaps (regulated products) for OTC interest rate options (unregulated products). This suggests that these banks might engage in regulatory arbitrage. The second chapter allows for an integrated natural rate of interest in a new Keynesian mode! and studies its implications for optimal monetary policy under commitment. It shows that systematic increases in the optimal rate of inflation become warranted in response to downward shocks to the long-run natural rate, once this drifts below 1%. Nevertheless a constant price level targeting rule of the form put forward in Eggertsson and Woodford (2003) continues providing a good approximation to optimal commitment, as long as the long-run natural rate remains in positive territory. The third chapter investigates the link between micro-uncertainty, defined as the cross sectional dispersion of firms' idiosyncratic productivity, and the allocation of credit across firms. It analyses the equilibrium of a collateralized debt market where banks and financial investors internet in presence of adverse selection and signaling. The mode) predicts that a jump in micro uncertainty may generate a change of the information regime which may translate into a credit crunch. In this case, a high micro uncertainty restores the efficient allocation of credit as banks finance only high quality projects
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Boucheta, Haroun. "Ecrits de droit financier : de certaines insuffisances de la régulation financière." Thesis, Paris 2, 2017. http://www.theses.fr/2017PA020030.
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Les écrits de Monsieur Haroun BOUCHETA, rassemblés en vue de l’obtention du titre de Docteur en droit, portent sur le droit financier. Depuis 2005, en prenant appui sur ses expériences professionnelles, l’auteur publie régulièrement des articles à destination tant des praticiens que des universitaires. Les écrits rassemblés sont de deux ordres. Premièrement, l’auteur s’intéresse à l’encadrement juridique de certains acteurs des marchés financiers ainsi qu’à celui d’instruments financiers et techniques financières.Parmi les acteurs étudiés, les contreparties centrales tiennent une place importante. Les études de l’auteur portant sur ce thème permettent d’appréhender l’environnement juridique et réglementaire spécifique et de comprendre ses récentes évolutions aux niveaux européen et français. Quant aux instruments financiers et techniques financières ayant fait l’objet de publications, l’auteur s’est essentiellement concentré sur les dérivés et les matières premières. Deuxièmement, d’autres écrits sont plus transversaux, voire prospectifs, puisqu’ils ont trait à des réformes européennes incontournables en matière de réglementation financière. A côté du règlement EMIR, l’auteur a consacré plusieurs études approfondies sur la réforme de la directive concernant les marchés d’instruments financiers (MIF). Ces écrits de droit financier sont accompagnés d’une introduction générale. La première partie s’appuie sur quinze articles publiés et a vocation à mettre en exergue certaines des lacunes de la régulation financière post-crise. Dans la seconde partie, l’auteur s’interroge sur la physionomie actuelle des sources du droit financier et sur le processus d’élaboration des textesThe writings of Mr. Haroun BOUCHETA, gathered for the title of Doctor of Laws, deal with financial law. Since 2005, drawing on his professional experience, the author regularly publishes articles for both practitioners and academics. The collected writings are of two kinds.First, the author is interested in the legal framework of certain players in the financial markets as well as those of financial instruments and financial techniques.Among the actors studied, central counterparties play an important role. The author's studies on this subject make it possible to understand the specific legal and regulatory environment and to understand its recent developments at European and French levels.As for financial instruments and financial techniques that have been the subject of publications, the author concentrated mainly on derivatives and commodities.Secondly, other writings are more cross-cutting and even forward-looking, as they relate to unavoidable European reforms in financial regulation. In addition to the EMIR regulation, the author devoted several in-depth studies on the reform of the Markets in Financial Instruments Directive (MiFID).These writings of financial law are accompanied by a general introduction. The first part is based on fifteen published articles from the author and is intended to highlight some of the shortcomings of post-crisis financial regulation. In the second part, the author examines the current physiognomy of the sources of financial law and the process of drafting the texts
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Khemakhem, Emna. "Three essays on regulation and taxation of stocks and derivatives." Thesis, Paris 1, 2020. http://www.theses.fr/2020PA01E067.
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La dernière décennie a été marquée par plusieurs nouvelles réglementations en réponse à la crise financière de 2007-2008. Afin de contribuer au débat, cette thèse se compose de trois chapitres qui abordent différents aspects de la réglementation des marchés boursiers et dérivés. Le premier chapitre fournit une évaluation claire de l'impact de la hausse du multiplicateur des options du KOSPI 200 sur la participation des investisseurs et l'efficacité du marché pour la période 2011-2013. Nous utilisons deux mesures de l'efficacité du marché : la part de participation des noise traders et la volatilité asymétrique. Dans la même perspective, le chapitre 2 examine l'impact de la taxe sur les gains en capital (CGT) sur la qualité et l'efficience du marché des options du KOSPI 200 . Nous utilisons diverses mesures de la liquidité du marché : le volume des transactions, la valeur des transactions, et l'écart de prix entre les cours acheteur et vendeur sur la période d'août 2015 à décembre 2016. Le troisième chapitre évalue l'impact de la taxe sur les transactions financières (STT) française sur la liquidité et la volatilité du marché. Contrairement aux études précédentes, le format de la STT Française nous permet de tester son effet sur une plus longue période 2012-2019The last decade has been marked by several new regulations in response to the 2007-2008 financial crisis. In order to contribute to the debate, this thesis consists of three chapters that address different aspects of the regulation of stock and derivatives markets. The first chapter provides an assessment of the impact of the increase of the option multiplier of the KOSPI 200 on investor participation and market efficiency for the period 2011-2013. We use two measures of market efficiency: the participation share of noise traders and asymmetric volatility. In the second chapter we examine the impact of the Capital Gains Tax (CGT) on the quality and efficiency of the KOSPI 200 options market. We use various measures of market liquidity: trading volume, trading value, and the bid-ask spread over the period August 2015 to December 2016. The third chapter assesses the impact of the French Security Transaction Tax (STT) on market liquidity and volatility. Contrary to previous studies, the format of the French STT allows us to test its effect over a longer period 2012-2019
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Todorof, Maria Borisof. "Viability of Derivatives in Radical Islam. A Comparative Assessment of the Technical and Shariah-Compliant Characteristics of the Main Islamic Financial Instruments: Contracts & Defaults in the Prospect of Revivalism." Doctoral thesis, Universitat de Barcelona, 2020. http://hdl.handle.net/10803/668696.
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This work examines the prospective viability of derivatives and financial contracts more generally under a strict application of Shariah law. The author adopts a cross-disciplinary approach in order to convey the idea that some of the most popular contracts and arrangements in Islamic finance law are deficient from a structural and Shariah-compliance perspective. The thesis argues that the investor protection issues arising from this conclusion are sufficiently serious to undermine the viability of these instruments not only in a radical but also in a more conservative environment.
This conclusion is arrived at after an in-depth analysis of the fundamental Shariah principles, relevant to finance, placing them in a historical, jurisprudential and political context. The work endeavours to guide the reader through the many turns of Islamic law, breaking down established concepts and questioning their application in modern Islamic law.
For example, the author unpacks the notion of wa‘d (promise), arguing that its extensive use in Islamic contracts renders much of the resulting complex transactions deficient from a structural perspective.
Furthermore, this work highlights technical and Shariah-related weaknesses in essential contract forms, with a particular focus on murabaha.
Importantly, the author approaches the research question from the viewpoint of contracts – comparing constructs of Islamic Contract Law to those of its Common Law counterpart, without ignoring relevant influences and inspirations coming from the civil law tradition. The purpose of this comparison is to establish that some of the most popular financial arrangements, such as sukuk, are deficient in their investor protection provisions. What is more, the author underlines that due to the hybrid characteristics of the sukuk instrument and the lack of tailor-made regulation, investors are inadequately provisioned for the event of issuer‘s default.
Starting with the idea that the sukuk instrument is structured on the basis of and resembles a number of conventional instruments, the thesis examines the possibility for a sukuk investor to obtain redress under US and UK law, as well as the comparable provisions in Malaysia and France.
Alongside this, the author delves into the beginnings, inspirations, main strands and important political leaders of Islamic Revivalism. The aim of this inquiry is to arrive to a convincing explanation about the political and economic developments in established and aspired to Islamic States. To this end, this work offers a case study of Iran and ISIS, including an analysis of the Iranian Islamic finance system and a hypothesis about the possible approach of a jihadi-salafist government to the financial framework of their aspired to State.
As a last point, the work considers how FinTech fits within the objectives of Shariah law and more specifically, its risk-management and social justice strategies.
The thesis offers conclusions which draw on the extensive research and map out a possible view of the future of financial instruments in a radical Islamic environment.Aquest treball examina la viabilitat potencial de derivats i contractes financers més generalment sota una estricta aplicació de la llei de Sharia. L‘autor adopta un enfocament interdisciplinari per tal de transmetre la idea que alguns dels contractes i arranjaments més populars en la legislació financera islàmica són deficients des d‘una perspectiva estructural i de compliment de la xaria. La tesi argumenta que els problemes de protecció dels inversors derivats d‘aquesta conclusió són prou greus per minar la viabilitat d‘aquests instruments no només en un entorn radical, sinó també en un entorn més conservador. Aquesta conclusió s‘arriba després d‘una anàlisi en profunditat dels principis fonamentals de la Sharia, rellevants per al finançament, situant-los en un context històric, jurisprudencial i polític. L‘obra s‘esforça a guiar el lector per les múltiples voltes del dret islàmic, desglossant conceptes establerts i posant en dubte la seva aplicació en el dret islàmic modern. Per exemple, l‘autor desaconsella la noció de wa‘d (promesa), argumentant que el seu ús extensiu en contractes islàmics fa que gran part de les transaccions complexes resultants siguin deficients des d‘una perspectiva estructural. A més, aquest treball posa de manifest les debilitats tècniques i relacionades amb la Sharia en les formes de contracte essencials, amb una particular atenció a la murabaha. És important destacar que l‘autor aborda la qüestió de la investigació des del punt de vista dels contractes: comparant construccions de la llei de contractes islàmica amb les de la seva contrapartida de dret comú, sense obviar les influències i inspiracions rellevants que provenen de la tradició del dret civil. L‘objectiu d‘aquesta comparació és establir que algunes de les disposicions financeres més populars, com sukuk, són deficitàries en les seves disposicions de protecció dels inversors. A més, l‘autor subratlla que, a causa de les característiques híbrides de l‘instrument sukuk i la manca de regulació a mida, els inversors no es disposen de manera adequada en cas d‘impagament de l‘emissor. A partir de la idea que l'instrument sukuk està estructurat a partir i s'assembla a diversos instruments convencionals, la tesi examina la possibilitat que un inversor sukuk obtingui redreçament segons la legislació nord-americana i del Regne Unit, així com les disposicions comparables a Malàisia i França. . Paral·lelament, l‘autor aprofundeix en els inicis, les inspiracions, les principals línies i importants líders polítics del revivalisme islàmic. L‘objectiu d‘aquesta investigació és arribar a una explicació convincent sobre els desenvolupaments polítics i econòmics dels Estats islàmics establerts i aspirants. Amb aquesta finalitat, aquest treball ofereix un estudi de cas d‘Iran i ISIS, incloent-hi una anàlisi del sistema financer islàmic iranià i una hipòtesi sobre el possible enfocament d‘un govern jihadi-salafista al marc financer dels seus aspirants a l‘Estat. Com a últim punt, el treball planteja com FinTech s‘encaixa dins dels objectius de la llei de Sharia i, més concretament, de les seves estratègies de gestió de riscos i de justícia social. La tesi ofereix conclusions que s‘extreuen en les àmplies investigacions i mostren una possible visió del futur dels instruments financers en un entorn islàmic radical.
Este trabajo examina la viabilidad prospectiva de derivados y contratos financieros de manera más general bajo una estricta aplicación de la ley Shariah. El autor adopta un enfoque interdisciplinario para transmitir la idea de que algunos de los contratos y arreglos más populares en la ley de finanzas islámica son deficientes desde una perspectiva estructural y de cumplimiento de la Shariah. La tesis argumenta que los problemas de protección de los inversores derivados de esta conclusión son lo suficientemente graves como para socavar la viabilidad de estos instrumentos no solo en un entorno radical sino también en un entorno más conservador. Se llega a esta conclusión después de un análisis en profundidad de los principios fundamentales de la Shariah, relevantes para las finanzas, colocándolos en un contexto histórico, jurisprudencial y político. El trabajo intenta guiar al lector a través de los muchos giros de la ley islámica, desglosando los conceptos establecidos y cuestionando su aplicación en la ley islámica moderna. Por ejemplo, el autor desempaqueta la noción de wa‘d (promesa), argumentando que su uso extensivo en los contratos islámicos hace que muchas de las transacciones complejas resultantes sean deficientes desde una perspectiva estructural. Además, este trabajo resalta las debilidades técnicas y relacionadas con la Shariah en las formas de contrato esenciales, con un enfoque particular en murabaha. Es importante destacar que el autor aborda la cuestión de la investigación desde el punto de vista de los contratos, comparando las construcciones del derecho contractual islámico con las de su contraparte del derecho consuetudinario, sin ignorar las influencias e inspiraciones relevantes que provienen de la tradición del derecho civil. El propósito de esta comparación es establecer que algunos de los arreglos financieros más populares, como el sukuk, son deficientes en sus disposiciones de protección al inversionista. Además, el autor subraya que debido a las características híbridas del instrumento sukuk y la falta de una regulación a medida, los inversores no cuentan con una provisión adecuada para el caso de incumplimiento del emisor. Comenzando con la idea de que el instrumento sukuk está estructurado en base a una serie de instrumentos convencionales y se asemeja a él, la tesis examina la posibilidad de que un inversor sukuk obtenga una reparación bajo las leyes de EE. UU. Y el Reino Unido, así como las disposiciones comparables en Malasia y Francia . Junto a esto, el autor profundiza en los comienzos, inspiraciones, líneas principales e importantes líderes políticos del revivalismo islámico. El objetivo de esta investigación es llegar a una explicación convincente sobre los desarrollos políticos y económicos en los Estados islámicos establecidos y aspirantes. Con este fin, este trabajo ofrece un estudio de caso de Irán e ISIS, que incluye un análisis del sistema financiero islámico iraní y una hipótesis sobre el posible enfoque de un gobierno yihadista- salafista al marco financiero de sus aspirantes al Estado. Como último punto, el trabajo considera cómo FinTech se ajusta a los objetivos de la ley islámica y, más específicamente, a sus estrategias de gestión de riesgos y justicia social. La tesis ofrece conclusiones que se basan en la extensa investigación y trazan una posible visión del futuro de los instrumentos financieros en un entorno islámico radical.
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Keffala, Mohamed Rochdi. "Risk and Performance of Derivatives Users : Evidence from Banks in Emerging and Recently Developed Countries." Thesis, Lyon 1, 2012. http://www.theses.fr/2012LYO10260.
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Cette thèse utilise des données trimestrielles et annuelles sur les cours boursiers étalant sur la période 2003-2009, ainsi que des données comptables annuelles couvrant la période 2003-2010 issues des banques de pays émergents et récemment développés. Elle a pour objectif principal d'étudier empiriquement l'effet de l'utilisation des instruments de dérivés (forwards, swaps, options et futures) sur à la fois le risque et la performance bancaires. Les majeurs résultats dévoilent qu'à l'exception des options les autres instruments de dérivés diminuent le risque bancaire. Ainsi, il n'y a pas une preuve qui atteste de l'implication des instruments de dérivés dans la faillite et la détresse des banques. Aussi, les résultats montrent qu'en général l'utilisation des instruments de dérivés réduit la performance bancaire. D'où, la théorie qui défend que l'utilisation des instruments de dérivés est bénéfique pour les banques devrait être révisée. Enfin, les résultats de l'analyse comparative révèlent que l'effet de l'utilisation des dérivés sur le risque et la performance est presque le même que ce soit dans le cas de banques de pays émergents ou récemment développés. En définitive, l'actuelle controverse concernant la responsabilité des instruments de dérivés dans le déclenchement des récentes crises financières devrait être corrigéeThis thesis uses quarterly and annual data on capital market prices covering the period 2003-2009 additionally to annual accounting data during the period 2003-2010 of banks in both emerging and recently developed countries. The purpose of the thesis is to investigate empirically the effect of using derivative instruments (forwards, swaps, options and futures) on bank risk and performance. Main results reveal that in except to options the other derivative types decrease bank risk. Thus, there is no proof that derivatives can be the cause of bank failure or distress. In addition, results show that using derivatives in the whole diminish bank performance. Indeed, adjudication that derivatives are beneficial is not allowed. Finally, comparing results expose that the effect of derivatives on bank risk and performance is almost the same either in banks from emerging or recently developed countries. Ultimately, the ongoing debate on implication of derivatives in the recent financial crises should be revised
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Miková, Tereza. "Finanční nástroje v účetnictví bank." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75486.
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Topic of the master thesis is the Financial Instruments in Bank Accounting. The master thesis looks at bookkeeping and accounting of financial instruments in international financial reporting standards context. The main reporting standards which are discussed in the paper are: IAS 32, IAS 39, IFRS 7 and IFRS 9. In the first part, the reporting standards impact on banks as commercial subjects, legislation of bank operations, financial instruments and accounting in both a national and international context are presented. The focus of master thesis is examined in the second and third sections where financial instruments are discussed in detail and their characteristics, initial recognition, subsequent measurement and accounting are also examined. The next topic is the issue of the reclassification of financial instruments and their impairment is discussed. The forth part of the thesis examines IFRS 7. The standard has claims on the disclosure of financial instruments in both the statement of financial position and statement of comprehensive income. IFRS 7 also has claims on related areas including disclosure of credit, liquidity and market risk. The last part deals with news in the examined area where the main focus is IFRS 9.
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Maymont, Anthony. "La liberté contractuelle du banquier : réflexions sur la sécurité du système financier." Thesis, Clermont-Ferrand 1, 2013. http://www.theses.fr/2013CLF10425.
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La liberté contractuelle du banquier est une liberté parmi d’autres. Cependant, elle est la plus sensible dans lamesure où elle peut avoir des répercussions sur son activité. A priori sans limites aujourd’hui, cette liberté auraitmême des conséquences indéniables sur la sécurité du système financier en facilitant le phénomène des« bulles ». Le contrat, situé au coeur de l’activité bancaire et financière, serait ainsi la cause de cette réalité. Leschocs récents, telles les crises financières, imposent l´examen détaillé des opérations bancaires nationales maisaussi internationales, notamment celles les plus dangereuses. Encore méconnue, la mesure de la libertécontractuelle du banquier s’avère nécessaire pour en proposer une relecture. L’objectif n’est donc pas d’excluretoute liberté au banquier mais de définir le degré de liberté contractuelle à lui accorder pour chaque opération.L´idée étant de lui octroyer un niveau satisfaisant de liberté tout en assurant la sécurité du système financier.L’enjeu repose finalement sur la conciliation de l’impératif contractuel, résultant de la liberté contractuelle dubanquier, avec l’impératif de sécurité du système financier, nécessaire à la pérennité des banques et del’économie mondialeThe contractual freedom of the banker is a freedom among the others. However, it is the most sensitive in so faras it can affect on his activity. Apparently unlimited today, this freedom would have even undeniableconsequences on the safety of the financial system by facilitating the phenomenon of “speculative bubbles”. Thecontract, situated in the heart of the banking and financial activity, would be thus the cause of this reality. Therecent shocks, such as financial crises, require the detailed examination of the national but also internationalbank transactions, especially the most dangerous. Still ignored, the measurement of the contractual freedom ofthe banker proves to be necessary to propose a review. The aim is not thus to rule any banker’s freedom out butto define the degree of contractual freedom to grant to him for each transaction. The idea being to grant him asatisfactory level of freedom while ensuring the safety of financial system. The stake rests finally on theconciliation of the contractual requirement, resulting from the contractual freedom of the banker, with the safetyrequirement of the financial system, necessary for the sustainability of banks and worldwide economy
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Rumčikaitė, Monika. "Finansinių priemonių atskleidimas apskaitoje." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2014. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2010~D_20140625_185715-69175.
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Dinamiškas tarptautinių finansų rinkų pobūdis įtakojo tai, jog imta plačiai naudoti įvairiausias finansines priemones: nuo paprastų tradicinių priemonių, tokių kaip obligacijos, iki įvairiausių formų išvestinių priemonių, tokių kaip palūkanų normų apsikeitimo sandoriai. Tiek viešojo tiek privataus sektoriaus ūkio subjektai savo veikloje naudoja įvairiausias finansines priemones, pradedant paprasčiausiomis, tokiomis kaip mokėtinos ir gautinos sumos, ir baigiant sudėtingesnėmis priemonėmis- valiutų apsikeitimo sandoriai, kuriais apsidraudžiami įsipareigojimai užsienio valiuta. Finansinių instrumentų naujovės padėjo efektyviau paskirstyti riziką tarp skolininkų ir investuotojų. Tačiau kai kurie finansiniai instrumentai gali būti susiję su sandoriais, kurie daro įtakos bendrovės atskaitomybei ir ji nebeparodo tikrosios bendrovės finansinės padėties. Taigi iškyla problema- kaip tinkamai atskleisti ir pateikti finansinius instrumentus, siekiant informuoti suinteresuotus asmenis dėl tikros bendrovės ekonominės būklės. Ženklus finansinių priemonių naudojimo augimas paskatino užsienio autorius nagrinėti finansinių instrumentų atskleidimą ir pateikimą, kai tuo tarpu Lietuvoje dar tik pradedama taikyti finansinių instrumentų pateikimo praktika. TASV išleido standartus, kaip turi būti pateikiamos finansinės priemonės, tačiau bendrovėms visgi iškyla problema: koks yra išvestinių priemonių poveikis įmonių veiklai ir kaip tam tikri išvestiniai instrumentai susiję su tam tikra rizika. Tyrimo... [toliau žr. visą tekstą]The dynamic nature of international financial markets led the wide-ranging using of full range of financial instruments, from simple traditional instruments such as bonds, to various forms of derivatives such as interest rate swaps. Such public and such private sector entities in their activities using a wide range of financial instruments, beginning such as payables and receivables, and ending with complex instruments, foreign exchange transactions in which hedged foreign currency liabilities. Financial instruments innovation contributed more efficient allocation of risk between borrowers and investors. However, some financial instruments may involve transactions that affect the company's accounts and it don’t show the true financial position. This raises the problem-how to detect and provide the financial instruments in order to inform stakeholders of a company's economic condition. Significant financial instrument using growth led foreign authors encouraged the financial instruments disclosure and presentation, while in Lithuania is just the beginning of financial instruments practice. The IASB has released standards for financial instruments disclosure, but companies still poses problems: what is the derivatives influence to the businesses and how some certain derivatives are associated with some risk. The object of research - the financial instruments accounting. The aim – to disclose the presentation of financial instruments, which reflect the true and fair the... [to full text]
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Guillotte, Delphine. "Les Equity Swaps." Thesis, Paris 11, 2011. http://www.theses.fr/2011PA111005.
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L’objet de cette thèse est de déterminer la nature et le régime d’un contrat financier appelé "equity swaps".L’equity swap est un contrat bilatéral qui permet à l’une des parties d’acquérir la propriété économique d’actions indiquées par les parties. Ces actions sont appelées « actions sous-jacentes ». Elles ne forment pas l’objet des obligations du contrat. Ce dernier ne donne naissance qu’à des dettes de valeur. C’est la nature particulière de ces obligations qui permet de rattacher les equity swaps à la catégorie des contrats financiers.Les actions sous-jacentes constituent donc le support des valeurs que chacune des parties s’engagent réciproquement à se payer. Ces valeurs représentent la propriété économique des actions sous-jacentes. Cette notion permet de distinguer les equity swaps des autres contrats financiers.La propriété économique répliquée par l’equity swap est toutefois source d’incertitudes. L’equity swap ne donne certes lieu à aucun transfert de propriété et aucune des parties n’est tenue de détenir les actions sous-jacentes. Mais un actionnaire peut conclure un equity swap afin de transférer la propriété économique de ses actions. En outre les equity swaps sont souvent utilisés par les investisseurs afin d’acquérir de façon occulte les actions de sociétés cotées. Bref, les parties à un equity swap n’ont pas toujours des motivations purement financières. La détermination du régime des equity swaps commande donc de s’interroger sur les conditions d’application du droit des sociétés et du droit boursier.Enfin, en tant que contrat financier, l’equity swap est censé être régi par la réglementation financière. Cette dernière était toutefois largement inadaptée aux contrats financiers. Elle doit être repenséeThe purpose of this study is to qualify and, consequently to specify the governing laws applicable to a derivative called “equity swap”.Equity swap is a bilateral contract which allows one of the parties to acquire economic ownership of some shares indicated by the parties. Those shares are called “underlying shares”. They are not due to be delivered by the parties. The parties to an equity swap are only due to pay to each other cash amounts representing values of the underlying shares. That is these very particular obligations which enable to qualify the equity swaps as derivatives.Thus, the underlying shares are used in order to calculate those cash amount so that they represent the economic ownership of the underlying shares. That is the reason why equity swaps are an original kind of derivatives.The economic ownership created by the equity swaps results in some legal uncertainty. Equity swap do not provide for assignment of legal ownership. And none of the parties is due to be the legal owner of the underlying shares. But a shareholder may enter into an equity swap in order to transfer the economic ownership of its shares and equity swaps are often used by investors in order to acquire hidden ownership in listed companies. In other words, parties do not enter into equity swaps for financial purpose only. Determining the laws applicable to the equity swaps requires to analyze companies law and stock exchange law.At last, as a derivative the equity swap is supposed to be governed by financial regulation. This regulation does not fit with derivatives. It needs to be specified
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Gavriloff, Julie. "Les méthodes du conflit de lois à l’épreuve du produit dérivé." Thesis, Paris 10, 2020. http://www.theses.fr/2020PA100047.
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Le produit dérivé est un instrument de couverture ou de spéculation portant sur les variations de valeur d’un actif sous-jacent. Ce produit est souvent l’objet de transactions internationales, mettant en concurrence différents ordres législatifs ayant vocation à régir le contrat. Pour déterminer la loi applicable, les méthodes du conflit de lois sont confrontées tant à la liberté contractuelle des parties au produit dérivé qu’aux impératifs des marchés financiers. Les marchés financiers doivent en effet présenter une stabilité et une sécurité. La loi applicable au contrat, la loi d’autonomie, régit la formation, les effets et l’extinction du contrat. Mais le dérivé peut être conclu sur un système multilatéral, être accompagné de garanties financières : d’autres lois s’y appliquent qu’il convient de déterminer, tout en prenant la mesure de l’efficacité des méthodes du conflit de lois lorsqu’elles doivent se saisir des instruments financiersThe derivative is a hedging instrument or an instrument for speculation. The derivative is usually used in international tansactions, and several legislative orders are in competition to govern the contract. The rules for choising a national law are confronted with the parties’ freedom and with the financial markets’ imperatives. The markets’ stability and security are very important. Parties can chose the law applicable to the contract. But the derivative can also be contracted on multilateral system, parties are abble to take financial collateral arrangements, and others laws can be involved
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Palseur, Alban. "Participation à l'étude de la qualification juridique des produits dérivés de crédit en droit français." Thesis, Lyon 3, 2011. http://www.theses.fr/2011LYO30075/document.
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Depuis la succession des récentes crises financières, les « dérivés de crédit » connaissent une notoriété médiatique très intense qui dépasse la seule sphère des spécialistes. Créés au début des années 1990, ils sont des instruments financiers de transfert du risque de crédit. Ils autorisent tant la protection que la spéculation. Ils sont juridiquement documentés par des conventions-Cadres proposées par l’International Swaps and Derivatives Association (ISDA), et dans une très petite mesure, par la Fédération Bancaire Française en France. Ils regroupent cinq grandes catégories de contrat : « credit default swap » ou « contrat d’échange sur le risque de crédit », « credit linked notes » ou « dérivé de crédit titrisé », « credit spread option » ou « option sur écart de taux », « credit spread forward » ou « dérivé sur écart de taux » et « total rate of return swap » ou « dérivé de transfert total de rendement ». La nature et la diversité des « dérivés de crédit » posent depuis toujours de sérieuses difficultés de qualification dans de nombreux pays. En droit français, si une qualification commune semble émerger, celle d’instrument financier, elle est hélas insuffisante à apporter un régime juridique complet. Un travail complémentaire de qualification est indispensable pour chaque contrat membre des « dérivés de crédit »Nowadays, since financial crisis, « credit derivatives » are famous. Born in 1990’s, they transfer the credit risk. They are speculation’s instrument or margin’s instrument. International Swaps and Derivatives Association (ISDA), and the Fédération Bancaire Française (in France), point to pattern juridical agreement. Credit derivatives include five big sort of agreement : « credit default swap » (« contrat d’échange sur le risque de crédit »), « credit linked notes » (« dérivé de crédit titrisé »), « credit spread option » (« option sur écart de taux »), « credit spread forward » (« dérivé sur écart de taux ») and « total rate of return swap » (« dérivé de transfert total de rendement »). Their variety and essence ask difficult question of juridical appreciation in many countries. In French law, credit derivatives are « instrument financier ». But this juridical appreciation is incomplete. Every sort of agreement must being individually studies
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Armakolla, Angela. "An assessment of CCP resilience under the new regulatory framework using public data." Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01E086.
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Dans ce travail, l’impact des accords d’EMIR et d’autres directives internationales (Principles for Financial Market Infrastructures, Key Attributes of Effective Resolution Regimes for Financial Institutions) sur la résilience des marchés financiers est étudié en termes de risque de contrepartie et de risque systémique. Plus particulièrement, le travail se focalise sur la résilience des Chambres de Compensation (CCPs), qui sont au cœur de la nouvelle architecture du système financier. Dans le cadre du mouvement réglementaire des produits dérivées vers les CCPs, le risque de contrepartie a ainsi été transféré des marchés bilatéraux aux CCPs. Il est donc aujourd’hui primordial d’évaluer les risques systémiques relatifs à cette transformation de la structure des marchés financiers. Après avoir décrit le fonctionnement des CCPs et leur cadre réglementaire, le rôle du marché européen des pensions livrées compensées comme canal d’amplification du risque systémique est analysé. Les pensions livrées sont des instruments financiers de refinancement des banques, représentant une part croissante de la liquidité des institutions financières en Europe. Un nouvel ensemble de données sur les taux de décote appliqués aux obligations d’état par les CCPs est présenté. Son analyse montre que les taux de décote sur les obligations d’État des pays périphériques ont considérablement augmenté en réaction à la hausse du risque souverain. Enfin, la procyclicité des taux de décote et la concentration des transactions sécurisées indiquent que le marché de la pension livrée pourrait être une source de risque systémique dans la zone Euro. La deuxième partie s’intéresse à la résilience financière des CCPs et de leurs membres. Comme la résilience de long terme d’une CCP dépend de la solidité de sa base de membres, la capacité de paiement des bases de membres en vertu des scénarios normaux et stressés est évaluée. Pour se protéger contre le défaut de leurs participants, les chambres de compensation ont mis au point plusieurs procédures de gestion des risques : des marges, des fonds de garantie mutuels (default fund), et des outils de récupération (remplissage des fonds de garantie mutuels, prélèvement d’une fraction des gains de marges, ). Les ressources préfinancées, les outils de récupération, et les pouvoirs d’évaluation (assessment powers) des plus importantes CCPs européennes et américaines sont étudiés afin d’évaluer l’exposition possible de leurs membres. Des règles de répartition des pertes et l’impact des nouveaux régimes de résolution sur la liquidité contingente sont aussi considérés. Il ressort de cette analyse que, sous un scénario stressé (couverture 2), la qualité de la base des membres s’érode considérablement, compromettant la capacité des membres à fournir des liquidités contingentes et à maintenir la résilience de la chambre de compensation. Enfin, l’ensemble des CCPs européens est scruté en utilisant des données publiques. Des nouveaux outils ont été développés ; ils permettent de comparer les activités des CCPs européens, leur degré d’interconnexion, et le risque de liquidité auquel fait face une CCP dans le cadre de ses activités du réinvestissement. Ces outils permettent de montrer que, dans le cas d’une crise systémique, plusieurs CCPs pourraient poser des problèmes sévères pour la stabilité du système financierNo English summary available
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Gex, Mathieu. "Le marché des credit default swaps : effets de contagion et processus de découverte des prix durant les crises." Phd thesis, Université de Grenoble, 2011. http://tel.archives-ouvertes.fr/tel-00647289.
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Cette thèse étudie la dynamique du marché des credit default swaps (CDS), instruments financiers de transfert du risque du crédit, et de ses relations avec les autres marchés, en particulier durant les épisodes de crise. Le marché des CDS a connu un développement vigoureux depuis son émergence, au milieu des années 90. Les volumes de contrats de CDS échangés ont augmenté à un rythme rapide, ce marché a ainsi connu le développement le plus rapide parmi les dérivés négociés de gré-à-gré (over-the-counter - OTC). Les participants de marché, principalement les grandes banques, ont su tirer parti des possibilités offertes par les outils de transfert de risque qui leur ont permis tout d'abord, de disposer d'instruments novateurs de protection contre le risque de crédit, mais aussi d'assurer l'expansion de leur activité d'intermédiation du crédit tout en optimisant les exigences en capital. Bien que le fonctionnement du marché des CDS ait connu une amélioration depuis le début des années 2000, plusieurs éléments mettent en doute l'hypothèse d'un marché efficient et résilient aux périodes de crise. A travers cinq articles empiriques, cette thèse se penche sur deux épisodes de crises durant lesquels le fonctionnement de ce marché a pu être perturbé : d'une part la crise de mai 2005, provoquée par la dégradation en catégorie spéculative de deux entreprises américaines majeures, General Motors et Ford, par les principales agences de notation ; d'autre part la crise financière ayant débuté en 2007 et qui a évolué en crise de la dette souveraine dans le cas des Etats européens à partir de fin 2009. L'étude de ces deux phases de crise montre que le développement du marché des CDS a participé à modifier les relations entre marchés, les investisseurs ayant fait des primes de CDS une source d'information privilégiée pour évaluer le risque de crédit. En effet, les travaux empiriques menés tout au long de la thèse concluent que ce marché est devenu progressivement le lieu où tendait à se dérouler le processus de découverte des prix. Ces travaux mettent également en lumière les vulnérabilités du marché des CDS, renforcées par des effets de contagion déjà à l'œuvre lors de l'épisode de crise de 2005, et incitent à une meilleure régulation des outils de transfert du risque de crédit et, d'une manière plus générale, des dérivés OTC.
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Abou, Hamdan Malek. "Produits dérivés, risques de marché et "Gharar" : recherche d'une alternative islamique." Thesis, Paris 2, 2013. http://www.theses.fr/2013PA020027/document.
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La position actuellement dominante parmi juristes et théoriciens de la Finance Islamique penchant vers l’interdiction des produits dérivés dans les Institutions Financières Islamiques, la recherche d’une alternative à ces produits, en particulier pour la gestion des risques de marché, constitue l’un des axes de recherche fondamentaux concernant l’avenir de cette école de pensée et de ce type d’institutions. Ainsi, ce travail de thèse s’intéresse d’abord à l’inférence des significations financières contemporaines possibles du concept islamique dit de « Gharar interdit » (litt. « risque interdit ») en l’opposant notamment à la prise de risque permise, puis, à partir des résultats correspondants, à l’exploration et proposition d’instruments alternatifs aux dérivés. Sur le premier aspect, cette recherche est partie du patrimoine du Fiqh (« jurisprudence ») islamique, et a mobilisé des outils qualitatifs et numériques d’analyse, tout en s’inspirant de la méthode de l’idéaltype de Max Weber. Sur le second, elle a mis en oeuvre une enquête combinant littérature et terrain, avant de faire passer les instruments obtenus par un filtre construit à partir des résultats du premier aspect. Ce travail a principalement permis de jeter une lumière nouvelle sur les théories de la prise de risque et du Gharar en Islam, de repérer et de discuter les zones d’ombre à l’origine des débats contemporains, de dresser un état des lieux de la recherche d’alternatives, d’identifier et de comprendre un phénomène nommé trappe à réplication, et surtout, de proposer une voie générale de sortie, utilisant la théorie islamique du besoin et de l’intérêt général, l’idée de partage du risque et celle d’alternativeThe currently prevailing position among Islamic Finance’s jurists and theorists being to prohibit derivative products in Islamic Financial Institutions, the search for an “Islamic” alternative to these products, in particular for market risks’ management, constitutes one of the fundamental axes of research concerning the future of this school and type of institutions. Thus, this doctoral work deals with the inference of the possible contemporary meanings of the Islamic concept called “prohibited Gharar” (litt. “prohibited risk”) while opposing it to the permissible risk-taking, then, based on the corresponding findings, it deals with the exploration and proposal of alternative instruments to derivatives. On the first aspect, this research used texts of Islamic Fiqh (“jurisprudence”), and mobilised qualitative and numerical tools of analysis, while drawing on Max Weber’s method of the idealtype. On the second, it implemented a survey combining literature and field study, before passing the obtained instruments through a filter constructed from the results of the first aspect. This work has mainly contributed to shed a new light on the theories of risk-taking and Gharar in Islam, to identify and discuss the shadow areas behind contemporary debates, to draw up an inventory of research on alternatives, to identify and understand a phenomenon called replication trap, and especially, to propose a general way out, using the Islamic theory of need and public interest, the idea of risk-sharing and that of alternative
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Her, Yir, and 賀儀. "TAXATION OF DERIVATIVE FINANCIAL INSTRUMENTS." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/99468049828610247838.
Full textAbstract:
碩士元智大學
管理研究所
95
Derivative financial instruments have become essential tools of modern business and investment. Through their ability to separate, replicate, and recombine economic attributes into new forms of derivatives, financial instruments enable the shifting and redistribution of risks. Indeed, the growing sophistication of these transactions has been driven by the demands from business and financial markets for more effective risk management. These developments, however, raise serious challenges to income tax systems, involving issues of the character and source of income, the timing of income and deductions, treaty classification of payment streams, and identification of the owner of financial instruments. Moreover, the greater flexibility afforded to taxpayers by such transactions has expanded opportunities for tax arbitrage. Tax systems that have responded to these concerns have adopted a variety of different approaches. Each of these methods has merit in certain circumstances, but none provides a comprehensive solution to the tax issues presented. Thus governments and tax authorities should consider seriously all of the above, either individually or in combination, in developing new rules in this area; suitable approaches must balance the various tax policy objectives at stake, while addressing the risk management needs of taxpayers. Ultimately, the innovation and expanded use of financial instruments test the viability of the current frameworks of income tax systems and international tax agreements, and will continue to demand effective and appropriate responses.
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Chin-yu, Ho, and 何金瑜. "Hedge effectiveness testing for derivative financial instruments－designated IRS for hedging instruments." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/92947059003263896034.
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碩士輔仁大學
會計學系碩士班
95
Recently, there is a rapid development both of international financial market and derivatives. Companies can use derivative instruments to hedge economic exposures or to earn the excess rewards. However, derivatives are also high leverage instruments. In order to regulate the reporting issues about derivatives, the Financial Accounting Standard Board in Taiwan issue Statements of Financial Accounting Standards No.34 and No.36 respectively. Hedge accounting users have to qualify a derivative position for hedge accounting, specifying the hedged item, identifying the hedging strategy and the derivative, and supporting documents by statistical or other means that the hedge to be highly effective in offsetting the designated risk exposure. Without these special treatments, derivative gains or losses and the gains or losses associated with the risk being hedge would classify as earnings components in different time periods. The Statement did not identify specific testing method to measure hedge effectiveness and how to attain “highly effective” hedge position. Six common used methods for testing hedge effectiveness were applied, which include the dollar-offset method, the relative-difference method, the variability-reduction method, the variance-reduction method, the standard deviation-reduction method and the regression method. We found that the results both of the relative-difference method and the regression method are much stable relatively than other testing methods.
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Kruger, Rohan. "The taxation of financial derivative instruments in South Africa." Diss., 2015. http://hdl.handle.net/2263/50649.
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The financial derivatives market is by its very nature extremely innovative and new financial instruments are constantly being developed. Financial derivatives, in particular poses a threefold challenge to taxation, i.e. the character of derivative income; the jurisdiction to tax derivatives; and when derivative income is taxed. As such, this dissertation is a discussion on the taxation of financial derivative instruments and seeks to answer the question whether or not the South African tax dispensation can adequately cater for the taxation of financial derivatives.
Firstly, the reader is introduced to the most common types of derivative instruments as well as the transactions in which they are utilised. Practical examples are also provided so as to illustrate each derivative contract and/or transaction in question. Secondly the ordinary South African tax principles are discussed with a focus as to their applicability in the taxation of financial derivatives. Thirdly, and by having regard to the position in the United Kingdom, this dissertation answers the aforementioned question by identifying the weaknesses in the South African tax dispensation and providing proposals as to how such weaknesses, in relation to the taxation of financial instruments, can be remedied.Mini-dissertation (LLM)--University of Pretoria, 2015.
tm2015
Mercantile Law
LLM
Unrestricted
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WU, Hsin-Yi, and 吳欣怡. "A Research on the Taxation of Derivative Financial Instruments." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/58938555666703571480.
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KO, SHU-HUI, and 柯姝卉. "Derivative financial instruments Beauty and Sadness-Bank Discussion and machinery Case." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/qrf5fs.
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碩士國立高雄第一科技大學
金融研究所
104
The economic environment has changed rapidly since 2000. Increasing fluctuating interest rates and the phenomenon which the capital market have caused after experiencing the volatility of interest rates make the variability of assets, debt value and profits of financial institutions increase simultaneously. Financial derivatives play an increasingly important part in the sales of risk management while financial institutions play as traders in financial derivative trading. The purposes of financial operations is to make the profit from commission charge and obtain other financial sales by providing highly professional financial services. The reasons of making financial operations the end-user（not for the purpose of trading）in finance is to reduce the financing costs, disperse the source of fond, increase the levy of investment, increase the hedging of fund dispatching and adjust the combinations of assets and liabilities. In brief, the diversity design of financial derivatives could provide the needs of hedging for financial institutions, but due to its high leverage ratio, misoperation could lead to a huge loss. Thus, many companies normally use financial derivatives to avoid their business risks. Through the investigation of financial derivatives undertaken by CCB and HIWIN CORP. and other actual hedging cases, this research is about studying the service condition of financial derivatives operated by domestic banks. What the key factor that affects the financial derivative usage of banks is will be the main idea of this research.
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Pereira, Clarisse Farias Camacho. "Cumprimento dos requisitos de divulgação dos instrumentos financeiros derivados: estudo de caso das empresas do PSI 20." Master's thesis, 2019. http://hdl.handle.net/10400.26/30487.
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A utilização de instrumentos financeiros pelas empresas, nomeadamente instrumentos financeiros derivados, é cada vez mais recorrente, pela sua função de cobertura e gestão de diversos riscos financeiros, reduzindo o impacto dos mesmos no negócio.
Neste contexto, as entidades deverão divulgar informação relativa a estes instrumentos para dar a conhecer a sua situação financeira e avaliar a eficácia desta ferramenta na cobertura de riscos. A sua divulgação obedece a um conjunto de requisitos presentes na Norma Internacional de Relato Financeiro 7 (IFRS 7).
O objetivo principal do presente estudo assenta na análise dos fatores com impacto no nível de informação acerca de instrumentos financeiros derivados das empresas cotadas em bolsa, pertencentes ao PSI 20, no período de 2015 a 2017.
A metodologia utilizada para a presente investigação, baseou-se no estudo de caso, uma vez que se analisou e estudou não só todo o normativo inerente ao tema abordado, como também todos os Relatórios e Contas das empresas.
Com base nos resultados obtidos, constatou-se que, o fator dimensão das empresas influencia o nível de informação divulgado pelas empresas nos anos de 2015, 2016 e 2017 e conclui-se também que, quanto maior a dimensão da empresa, maior é o nível de divulgação sobre os instrumentos derivados.The use of financial instruments by companies, generally named derivatives financial instruments, is increasing, because of its mainly purpose of hedging and managing financial risks, reducing their impact on the business. In this context, the companies should disclose information about the derivatives in order to raise awareness of their financial situation and to evaluate the effectiveness of hedging. The disclosure of derivatives must meet a set of requirements acknowledged by the International Financial Reporting Standard 7 (IFRS 7). The main purpose of this investigation is based on analysis of the level of disclosure information about financial instruments derivatives from PSI 20 companies, listed on Euronext Lisbon, during the period 2015 to 2017. The work methodology was based on a study case, considering that one made the analysis of the normative related to the subject of investigation as also the analysis of all companies’ annual reports and sustainability. Based on obtained results, it was determined that the factor size of the companies influence level of information by the companies reports in the years 2015, 2016 and 2017 and it is also concluded that the larger the size of the companies, the higher the level of disclosure about derivatives instruments.
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Uusiku, Toini Namene. "An investigation into the use of derivative instruments by financial institutions in Namibia." Thesis, 2008. http://hdl.handle.net/10413/4116.
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Over the past two decades, derivatives have demonstrated their important role in the financial market. At the same time, they have been criticized for some severe financial losses (Eales, 2004). These instruments enhance the ability to differentiate risk and allocate it to those investors most able and willing to take it. It appears that along with the benefits of powerful new tool for managing risks and the ability to create preferred return patterns, the use of various derivatives instruments has become what often appears to be a substantial risk (McHenry, 1995). This research aims to investigate whether financial institutions in Namibia use derivatives instruments and to ascertain the risk management practices that institutions have put in place in order to avert huge derivative losses. This survey covered all the portfolio managers that register with the Namibia Financial Institution Supervisory Body. The sample was chosen for the reason that portfolio managers are usually at the center of derivative trading dealing on behalf of their clients as market markers or trading on their own account.
Overall, this research reveals that 64.7% of financial institution in Namibia use derivatives instruments. Although institutions use derivatives for different reasons, hedging was rated high among derivative users with 58.3% followed by asset allocation with 45.5%. Accessing to market is rated third. It is also found that future contract and swaps are the most traded derivatives instrument, followed by forward contracts. This
research discovers that significant proportions (61.5%) of derivatives users find that derivatives are helpful and they will increase usage in the next financial year.Thesis (MBA)-University of KwaZulu-Natal, Westville, 2008.
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Casimiro, Liliana Fernandes. "Enquadramento contabilístico das operações com instrumentos financeiros derivados sobre commodities no sector da energia: o caso EDP - Energias de Portugal, s.a." Master's thesis, 2014. http://hdl.handle.net/10071/10274.
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Nos últimos anos, o sector energético tem sofrido algumas reestruturações. O aumento da competitividade, o contexto de globalização e a liberalização do sector eléctrico obrigam a novas regras e aumentam a complexidade no sector, e em geral, nos mercados energéticos. Como consequência, esta indústria defronta-se com uma extrema volatilidade dos preços destas commodities.
Deste modo, torna-se essencial a adopção de uma estratégia de hedging sólida e eficaz, de modo a minimizar o risco na volatilidade dos preços destas matérias e assim conferir estabilidade aos resultados da empresa. No entanto, para a adopção do hedge accounting, foram definidas, pelos organismos internacionais, regras segundo as quais a contabilidade de cobertura pode ser adoptada.
Este trabalho tem como objectivo analisar se os requisitos normativos exigidos para aplicação e qualificação de uma operação como hedge accounting afectam a política contabilística adoptada na mensuração e registo de operações de cobertura de risco de preço das commodities e, por sua vez, as demonstrações financeiras das empresas. Esta questão é abordada no âmbito de um caso: a Unidade de Negócio de Gestão de Energia da EDP – Energias de Portugal, S.A.
Uma primeira conclusão a retirar deste trabalho é que os requisitos para aplicação de hedge accounting são complexos e exaustivos, e como consequência dos mesmos é que nem sempre as empresas conseguem garantir que as relações são completamente eficazes, tendo que registar a parte ineficaz em resultados do período, ou que cumprem todos os requisitos, obrigando ao registo como derivados de negociação. Outra conclusão a retirar é que os impactos, nas demonstrações financeiras e na estabilidade conferida aos resultados, diferem consoante a política contabilística adoptada em função do cumprimento ou não dos requisitos exigidos.Over the last years, the energy sector has been involved in several restructurings. The increase on competitiveness, the globalization and liberalization contexts of electric sector, require new rules and tend to increase the sector complexity and, overall, in energy markets. Consequently, this industry faces extreme prices volatility of these commodities. Therefore, it is essential the adoption of a solid and effective hedging strategy in order to minimize the risk of volatility in the prices of those materials and thus provide the stability to the company's results. However, for the adoption of hedge accounting, have been set out by international organizations, rules under which hedge accounting can be adopted. This work has the purpose to analyse whether the standard requirements for application and qualification of a transaction as hedge accounting affect the accounting policy adopted in the measurement and accounting of hedging transactions in commodity prices and, consequently, the financial statements of the companies. This issue is tackled within a case study: the Energy Management Business Unit (“Unidade de Negócio de Gestão de Energia”) of EDP – Energias de Portugal, S.A. The first conclusion from this work is that the requirements for applying hedge accounting are complex and exhaustive and, as a consequence, the companies cannot always ensure that, the hedging relationships are quite effective, having to account the ineffective portion in the income statement or, meet all the hedge requirements, compelling the accounting as trading derivatives. Another conclusion to be drawn is that the impacts on the financial statements and the stability afforded to the income statement are different between the accounting policies adopted due to the compliance or non-compliance with the requirements.
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Chun-Chi, Chen, and 陳俊吉. "A study on accountants'' understanding and reporting ability on derivative financial instruments in Taiwan." Thesis, 1998. http://ndltd.ncl.edu.tw/handle/90341837103060613264.
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碩士國立政治大學
會計學研究所
86
In recent years, many derivative financial instruments (DFI) have been introduced into the domestic market. While transaction wolumes of DFI are increasing, the relative risk enterprises expose to is increasing. Under this circumstance, accountants'' understanding of DFI becomes more and more important to the users of financial statement. If an accountant understands DFI well enough,he/she can adequately report the transactions of DFI and, therefore, users of financial statements can properly assess the risk the enterprise faces. In this study, the author investigated the extent of the accountants understanding DFI and their ability to adequately report DFI transactions in accordance with the Statement of Financial Accounting Standard No.27 in ROC. The author used questionnaire as a tool in gathering data. Questionnaires are sent to the accountants of listed companies and companies in banking industries in Taiwan. Two indexes are used in measuring the extent of the accountants''understanding about DFI. One is a five-sacle measurement to be filled by the accountants evaluating their own capability. The other is the number of correctly answered questions about DFI by the accountants. In addition, the accounts are asked weather they have the capability of adequately disclosing DFI transactions in accordance with the Statement of Financial Accounting Standard No.27 in ROC. The Results of this research can be concluded as follow: 1.Generally speaking, the extent of the accountants understanding DFI is moderate. 2.The accountants in the enterprises involve in DFI transactions understand DFI better.than those in the enterprises not involve in DFI transactions. 3.The accountants have difficulties to report DFI in accordance with the statement of financial accounting standard No.27 in ROC.