Benjamin J. Haskin, Barry P. Barbash and Brian M. Hall
This paper seeks to describe the recent SEC Roundtable on Money Market Funds and Systemic Risk and the context behind the roundtable.
Abstract
Purpose
This paper seeks to describe the recent SEC Roundtable on Money Market Funds and Systemic Risk and the context behind the roundtable.
Design/methodology/approach
The paper discusses the SEC's roundtable on money market funds. Context to the roundtable is provided by describing recent steps taken by regulators to address risks posed by money funds. The paper also examines the principal topics discussed at the roundtable, including the debate on the systemic risks posed by money funds and potential regulatory changes that could mitigate those risks.
Findings
A number of regulatory proposals that were raised at the roundtable could, if adopted by the SEC, significantly alter the operation of money market funds as we know them, including requiring money market funds to institute market‐based net asset value (“NAV”) instead of stable NAV, be subject to banking regulations, create an industry‐funded private liquidity bank, or maintain liquidity reserve requirements.
Practical implications
The roundtable is significant as it is likely to influence the future discussion of the regulation of money market funds, which has potential implications for both the money management industry and entities financed by money market funds.
Originality/value
The paper provides information on money market reform for investment advisers, broker‐dealers, regulatory lawyers, institutional investors, and investment companies.
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Benjamin J. Haskin, Joseph G. Davis and Jocelyn C. Flynn
The current financial crisis revealed weaknesses in the US financial system, including the difficulty of valuing complex assets. This paper seeks to examine regulatory and…
Abstract
Purpose
The current financial crisis revealed weaknesses in the US financial system, including the difficulty of valuing complex assets. This paper seeks to examine regulatory and compliance issues for hedge funds valuing complex assets.
Design/methodology/approach
Within the context of hedge fund valuation, the paper provides a general overview of: the regulatory background of hedge funds and the central role valuation plays in the operation and regulation of such funds; relevant cases brought by the SEC; and a discussion of valuation best practices.
Findings
Hedge funds are not “unregulated.” There is a body of law and accounting standards that applies to hedge fund valuation. Nevertheless, hedge fund valuation standards are evolving in this era of heightened regulatory scrutiny. The common concepts that have emerged from valuation best practices will likely provide the underpinning for any regulatory initiatives regarding hedge fund valuation.
Research limitations/implications
By the time of publication, Congress may pass pending legislation governing hedge funds and there may be additional notable SEC cases on hedge fund valuation.
Practical implications
The economic crisis has revitalized the SEC's interest in this area. Consequently, hedge funds should consider adoption of a compliance program that specifically targets valuation by stressing investor disclosure, independence of the valuation function, comprehensive written valuation polices and procedures, and internal controls.
Originality/value
The paper compiles and organizes in one place the regulatory and compliance standards governing asset valuation by hedge funds.
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Maria Cadiz Dyball, Wai Fong Chua and Chris Poullaos
The aim of the paper is to argue that accounting practices in colonial systems of government can help to construct the identity and “competency” of colonised communities.
Abstract
Purpose
The aim of the paper is to argue that accounting practices in colonial systems of government can help to construct the identity and “competency” of colonised communities.
Design/methodology/approach
The approach was a historical analysis of the colonial political and economic policies of the USA in the Philippines from 1898 to 1924. The role of accounting practices was demonstrated by focusing on the case of the Philippine National Bank from 1916 to 1924. The bank was created by a wholly‐Filipino Legislature when Americans were actively promoting “home rule” by the Filipinos as a prelude to independence. Using Weber's theoretical distinction between modern and traditional societies, primary documents on the bank and secondary references of the policies of the USA during the period of study were examined.
Findings
It was found that the Americans used controls over government moneys to express their modernity, efficiency and goodness, while the Filipinos resisted them to perpetuate traditional social arrangements in the context of a “modern” Philippine state. The controls “failed” under the stress of such tensions. The Americans concluded that the Filipinos were unable to manage government moneys “properly”, thus denying them their independence.
Research limitations/implications
Weber's theorization of traditional and modern societies should be applied to understand interactions between coloniser and colonised in cases other than the Philippines.
Originality/value
This paper will be valuable to academics and policy makers because it shows that accounting need not be an active agent by colonisers/administrators to appropriate spoils from its colony.
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This is a comparative case study of how three high school history teachers in the U.S.A. use art in their practice. The following research question was investigated: How do…
Abstract
This is a comparative case study of how three high school history teachers in the U.S.A. use art in their practice. The following research question was investigated: How do secondary history teachers incorporate the arts—paintings, music, poems, novels, and films—in their teaching of history and why? Data were collected from three sources: interviews, observations, and classroom materials. Grounded theory was utilized to analyze the data. Findings suggest these teachers use the arts as historical evidence roughly for three purposes: First, to teach the spirit of an age; second, to teach the history of ordinary people invisible in official historical records; and third, to teach, both with and without art, the process of writing history. Two of the three teachers, however, failed to teach historical thinking skills through art.
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Universities have to work with increasingly performative accountability systems. In England, the whole purpose of higher education (HE) is being contested, with the UK government…
Abstract
Universities have to work with increasingly performative accountability systems. In England, the whole purpose of higher education (HE) is being contested, with the UK government suggesting graduates look at which degree equates to the best lifetime earnings rather than other, more academic concerns. For those in leadership roles, there is a difficult balancing act required between educational values and pragmatic response, which can take a toll on individual and team wellbeing. In this chapter, drawing on literature from HE management, wellbeing, and the emotions of leadership, the author discusses the personal, affective side of leadership within the complex policy context where the personal and the political intertwine. Four principles for wellbeing in HE will be explored, alongside the three frames – learning leadership, surviving organizations, and performing leadership – in order to understand further the complexities and challenges that a leader faces.
Fatigue, occurring in an average healthy individual, under ordinary conditions of life, and while foodstuffs of a very usual character are being ingested, is an indication of an…
Abstract
Fatigue, occurring in an average healthy individual, under ordinary conditions of life, and while foodstuffs of a very usual character are being ingested, is an indication of an inability on the part of the organism to meet, with sufficient rapidity, the demands of the body created by wear and tear. It is an association of defective oxidation and the undue accumulation of waste products in the tissues and blood, and is in a very large percentage of cases caused solely by a deficiency in the average dietary of to‐day of one or more of those mineral elements which are essential to life. That mineral substances are indispensable to life has been fully demonstrated, for it has been shown that animals fed upon proteins, carbohydrates, and fats, which have been rendered as ash‐free as possible, perish even more rapidly than if they are deprived of food altogether.
Life studies are a rich source for further research on the role of the Afro‐American woman in society. They are especially useful to gain a better understanding of the…
Abstract
Life studies are a rich source for further research on the role of the Afro‐American woman in society. They are especially useful to gain a better understanding of the Afro‐American experience and to show the joys, sorrows, needs, and ideals of the Afro‐American woman as she struggles from day to day.
The important series of mechanical charging systems known generally as Indicators, have never been fully described, either from the historical or structural standpoint. Papers…
Abstract
The important series of mechanical charging systems known generally as Indicators, have never been fully described, either from the historical or structural standpoint. Papers describing one or other of the individual varieties have been published from time to time during the period of thirty‐six years they have been in use, but except the partial notices of a select few published by Mr. F. J. Burgoyne and myself, nothing of a comprehensive or accurate nature has ever appeared. Before proceeding to describe each separate invention in its order, it may be well to enquire briefly into the reasons for the origin of a device which has called forth not a little ingenuity and inventive talent. When libraries were first established under the provisions of the various Acts of Parliament, two things happened as a matter of course in every district: a building, suitable or otherwise, was provided; and, the readers in a town increased in number to an enormous and unprecedented extent. Straitened means generally led to the provision of a cramped and inconvenient building, in which the space set apart for books was often ridiculously inadequate; with the result that lofty shelves were the rule, which secured economy of storage at the expense of rapidity of service. Previous experience in mechanics' institutes, or similar libraries, was found by the new librarian a useless criterion for public library needs, and especially as a guide to the multitude of readers and the variety of their demands. Delays in service occurred continually and the poor librarian was often abashed or offended at the freely expressed scepticism with which the public received his reports of books being out. From these factors was evolved the idea of the indicator, which by and by took practical shape as a machine for saving the legs of the librarian and his assistants from frequent and fruitless climbs to high shelves, and enabling readers to satisfy themselves that books were actually in use. The original indicators were intended only for showing, by means of numbers, the novels which were out or in, but since then a considerable number of libraries have applied them to all classes.