Established companies are facing an increasingly dynamic and globalized competitive environment. Radical innovations are considered a means to escape this trend. In particular, it is desirable for established companies to institutionalize systems to repeatedly create new business based on radical innovations (“New Business Creation”, “NBC”). In six in-depth case studies, Philipp Hartmann identifies design variables for NBC systems and explores related performance measurement activities. In a subsequent cross-case comparison, idiosyncratic observations are synthesized into thirteen propositions. Moreover, two structurally different approaches to NBC are identified and discussed. In addition, the present research thoroughly studies performance measurement activities in the context of NBC activities and finds that they are an essential component that has been insufficiently addressed by existing theory.
Currency Competition and Foreign Exchange Markets by Philipp Hartmann of the European Central Bank is a major theoretical and empirical study of international currencies, which focuses on the role which the Euro will play in the international monetary and financial system along with the US dollar and the Japanese yen. In contrast to much of the existing literature which approaches the subject from a macroeconomic perspective, Philipp Hartmann develops a theoretical model which uses game theory, time series and panel econometrics, and links financial markets analysis with transaction cost economics. The results of Currency Competition and Foreign Exchange Markets are presented with reference to political, historical and institutional considerations, and provide accessible answers to policy-makers, business people and scholars worldwide. The sections on Spread Estimation and Multiple Vehicles with Inter-Dealer Price and Entry Competition will be of particular use for finance professionals.
Capital adequacy regulations or quantity restrictions on bank portfolios put forward by the Basle Committee on Banking Supervision have virtually become an international standard of prudential regulation. Recent proposals aim at extending this approach to market risks, in particular to foreign exchange risk. The present paper provides a critical analysis of proposals to introduce foreign exchange position limits on a uniform cross-country basis, focusing on their effectiveness and their possible impact on the functioning of both mature and developing foreign exchange markets. Theoretical considerations are underpinned in the paper with descriptions of existing or proposed regulations, in a broad range of both industrial and developing countries. Experiences with the use of foreign exchange position limits in developing countries provide insight into their widespread use for other than prudential purposes, in particular to support exchange rate and exchange control policies.
Financial Regulation presents an important restatement of the purposes and objectives of financial regulation. The authors provide details and data on the scale, nature and costs of regulatory problems around the world, and look at what sort of countries and sectors require special attention and policies. Key topics covered include: * the need to recast the form of regulation * incentive structures for financial regulation * proportionality * new techniques for risk management * regulation in emerging countries * crisis management * prospects for financial regulation in the future.
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