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Deze masterproef onderzoekt de verklarende kracht van ‘schaalvergroting' bij Europese financiële instellingen op de prijs van een Credit Default Swap (CDS). Hierbij richten we ons in het bijzonder op twintig financiële instellingen binnen de Eurozone. Onze onderzoeksperiode begint in 2004 en eindigt in 2010. Het doel van deze masterproef is om na te gaan hoe de ‘schaalvergroting' bij Europese financiële instellingen heeft bijgedragen tot de financiële crisis van 2008. In de verschillende regressiemodellen inspireren we onze keuze van de variabelen, net zoals andere wetenschappelijke studies, op het Merton model. Daarnaast leveren ook liquiditeits- en macro-economische variabelen een grote bijdrage aan de verklarende kracht van onze modellen. Met deze masterproef willen we aantonen dat financiële instellingen in de aanloop naar de crisis te machtig zijn geworden waardoor ze een te grote risicopositie aanhielden. Dit leidde tot het probleem van ‘too big to fail' waarbij overheden genoodzaakt werden om deze noodlijdende systemische banken bij te staan in tijden van economische en financiële stress. Europese overheden hadden echter onvoldoende financiële middelen ter beschikking tijdens de recente financiële crisis, waardoor ze niet langer in staat waren om deze banken financieel te ondersteunen. Als gevolg hiervan verkregen deze laatste een ‘too big to save' status. Deze evolutie zorgde voor een immense opwaartse druk op de CDS-spread, gedefinieerd als de periodieke prijs die de koper van de bescherming betaalt om het kredietrisico over te dragen aan een derde partij. Onze eindconclusie bestaat er dan ook uit dat financiële instellingen, naar de toekomst toe, hun risicovolle activiteiten moeten afbouwen om zo hun risico's binnen de perken te houden en verdere vertrouwenscrisissen te vermijden. Via deze masterproef leveren we een gefundeerde indicatie voor het feit dat overheden en beleidsmakers financiële instellingen streng moeten opvolg

Credit default swap. --- Europese bankensector. --- Financiële crisis. --- Schaalvergroting. --- Too big to fail.

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Der Kollaps der US-Investmentbank Lehman Brothers löste 2008eine globale Finanzkrise aus, die Millionen von Menschen ihren Job, ihr Zuhause und ihre medizinische Versorgung gekostet hat. Systemische Banken- und Finanzmarktrisiken sind damit nicht nur eine ökonomische, sondern auch eine ethische Herausforderung. Vandad Sohrabi untersucht das Too Big to Fail-Problem großer Banken risikoethisch und diskutiert Lösungen, die das Banken- und Finanzsystem sicherer machen können. Die Zeit zum Handeln läuft jedoch ab.

Wirtschaftsethik --- Finanzkrise --- trade policy --- Reformperspektive --- Too Big to Fail --- systemische Risiken --- TBTF --- Ethik --- Philosophy --- Philosophy / Ethics & Moral Philosophy --- Ethics.

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Years after the greatest financial crisis of the century, the movie ‘The Big Short’ has raised many questions, especially concerning the Bespoke Tranche Opportunity. BTOs are taking more importance on the financial market and fear concerning these products, in particular due to their similarities with CDOs, is increasing.

The purpose of this thesis is to analyze BTOs and in particular the risks they represent. 

First, some key notions like financial stability or moral hazard are explained. In order to provide an in-depth work, shadow banking in general and financial information on different countries are also part of the research. A further reflection is made about other risks present on the market, such as state indebtedness for example. 

This research work combines theoretical literacy and a collection of opinions coming from business professionals. Rather than filling certain gaps in the scientific literature, this paper is intended to raise awareness of BTOs, and particularly draw the attention of the scientific community to the necessity of writing accurate papers on BTOs and the attention of the authorities to run studies and write financial reports on BTOs.

Bespoke Tranche Opportunity --- Collateralized Debt Obligation --- Regulatory Framework --- Financial Stability --- Too Big To Fail --- Bail-in --- Financial risks --- Sciences économiques & de gestion > Finance

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This paper examines time-series and cross-country variations in default risk co-dependence in the global banking system. The authors construct a default risk measure for all publicly traded banks using the Merton contingent claim model, and examine the evolution of the correlation structure of default risk for more than 1,800 banks in more than 60 countries. They find that there has been a significant increase in default risk co-dependence over the three-year period leading to the financial crisis. They also find that countries that are more integrated, and that have liberalized financial systems and weak banking supervision, have higher co-dependence in their banking sector. The results support an increase in scope for intra-national supervisory co-operation, as well as capital charges for "too-connected-to-fail" institutions that can impose significant externalities.

Access to Finance --- Banking crises --- Banks & Banking Reform --- Debt Markets --- Default risk --- Distance-to-default --- Emerging Markets --- Finance and Financial Sector Development --- Financial Intermediation --- Private Sector Development --- Systemic risk --- Too big to fail

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In the beginning, the World Wide Web was exciting and open to the point of anarchy, a vast and intimidating repository of unindexed confusion. Into this creative chaos came Google with its dazzling mission-"To organize the world's information and make it universally accessible"-and its much-"ed motto, "Don't be evil." In this provocative book, Siva Vaidhyanathan examines the ways we have used and embraced Google-and the growing resistance to its expansion across the globe. He exposes the dark side of our Google fantasies, raising red flags about issues of intellectual property and the much-touted Google Book Search. He assesses Google's global impact, particularly in China, and explains the insidious effect of Googlization on the way we think. Finally, Vaidhyanathan proposes the construction of an Internet ecosystem designed to benefit the whole world and keep one brilliant and powerful company from falling into the "evil" it pledged to avoid.

Internet --- Internet industry. --- Social aspects. --- Google (Firm) --- Google (Firm). --- Internet - Social aspects. --- Internet -- Social aspects. --- Internet industry -- Social aspects. --- Business & Economics --- Industries --- Information retrieval --- Philosophy and psychology of culture --- Computer architecture. Operating systems --- Internet industry --- Social aspects --- E-books --- Computer industry --- Google Inc. --- جوجل (Firm) --- Jūjil (Firm) --- Jūjal (Firm) --- شركة جوجل المحدودة --- Sharikat Jūjil al-Maḥdūdah --- Sharikat Jūjal al-Maḥdūdah --- Gugolu (Firm) --- Гугъл (Firm) --- Gugŭl (Firm) --- Кукăль (Firm) --- Kukălʹ (Firm) --- گوگل (Firm) --- شرکت گوگل --- Shirkat-i Gūgul --- 구글 (Firm) --- Kugŭl (Firm) --- גוגל (Firm) --- Gugel (Firm) --- グーグル (Firm) --- Gūguru (Firm) --- Гугл (Firm) --- Gugl (Firm) --- Internet industry - Social aspects. --- beach reads. --- books for technology lovers. --- can a company be too powerful. --- computers. --- cyber security. --- data breaches. --- data safety. --- data security. --- easy to read. --- engaging. --- expansion of google. --- google global impact. --- google search. --- googlization. --- how do i keep my data safe. --- informative books. --- intellectual property. --- interesting reads. --- is google a dangerous company. --- leisure reads. --- page turner. --- power of search engines. --- power of the internet. --- rise of technology. --- risks of technology. --- technology. --- too big to fail. --- vacation books. --- algorithms. --- china. --- critical thinking. --- cyber. --- data mining. --- data. --- digital archive. --- digital culture. --- digital information. --- digital sociology. --- digital world. --- digitization. --- google book search. --- google. --- information age. --- information technology. --- internet safety. --- internet. --- media. --- personal information. --- politics. --- popular culture. --- privacy. --- private marketing. --- science and ethics. --- science. --- social issues. --- social media. --- technology and society. --- technology ethics.