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The curvilinear shape of a bond price‐yield curve implies that risk management based on a linear approximation using duration is only viable for very small changes in interest rates. Not accounting for convexity when there are large yield changes can result in critical errors in measuring or hedging interest rate risk. The linear approximations will under‐or overestimate the value at risk (VaR) for non‐linear financial instruments. Nonlinearity can be particularly problematic if there are large changes in market risk factors. The large changes are more likely to occur when VaR is computed for high confidence levels and/or longer time horizons. Even if the movements in risk factors are small, estimation errors in VaR would get larger as the degree of non‐linearity in financial instruments increases.

The purpose of this paper is to provide an analysis of the concept of Limited Liability Companies (LLCs) and the extent to which these present money laundering and financing of terrorism (ML/FT) risks.

The paper examines the historical origins of LLCs and compares the benefits derived from using LLCs as an instruments or vehicle for doing business as opposed to the risks and vulnerabilities attached to them. In particular, the paper examines how LLCs present risks and vulnerabilities for ML/FT risks, before assessing existing methodologies for assessing such risks and vulnerabilities and their strengths and weaknesses.

It was found that existing frameworks used to assess risks attached to the use of LLCs could be strengthened. Reference is made to the manner in which the USA has strengthened its legislation in order to prevent the misuse of LLCs for criminal purposes.

The paper's conclusions may be relevant for defining methodologies in assessing the risks that LLCs constitute in different countries for ML/FT.

The last two decades were characterised by uncertainty in financial markets due to volatile interest rates. Consequently bond and money managers were interested in minimising interest rate risk. This was accomplished by developing immunisation strategies derived from the concept of duration. Consequently, almost all the relevant literature is limited to bond portfolio management. In this paper duration and immunisation concepts are discussed in the context of financial management: working capital management and capital budgeting techniques. In Section I, a brief review of bond duration measure is made. Section II describes the application of duration measures in bond immunisation strategies. In Section III, a duration measure is developed for working capital management technique. Section IV contains some secondary capital budgeting technique based on duration measure.

Summarizes the net capital flows from industrial to developing/transitional countries 1970‐1996 and recent changes in their equity and bond markets; and identifies the factors affecting these portfolio flows and risk/return behaviour in OIC stock markets. Uses monthly stock return data from ten OIC countries to demonstrate that despite their volatility they might offer opportunities for portfolio diversification; and uses cointegration methods to investigate the dynamic relationships between them. Discusses the causes of the Asian currency crisis and its impact on these stock marekts; and considers what trade and development policies OIC countries should adopt to improve their economies.

The purpose of this research paper is to investigate the role of corporate governance in earnings management behaviour by US listed banks during the era of the Sarbanes‐Oxley Act (2003‐2008).

The paper examines the issue of accounting quality and corporate governance within banking corporations through the use of two different measures of earnings management, namely small positive net income and the difference between discretionary realized security gains and losses and discretionary loan loss provisions (LLPs), by applying a corporate governance index estimated from 63 governance provisions.

The research found convincing evidence that banks with efficient corporate governance mechanisms report small positive income to a lesser extent than banks with weak governance efficiency. Also well‐governed banks engage less in aggressive earnings management behaviour through the use of discretionary loan loss provisions and realized security gains and losses.

The findings could prove to be valuable to investors since they must take into consideration the efficiency of each bank's corporate governance and demand supplementary information in order to reach a better investment decision when earnings are not highly informative.

The findings could prove to be useful for regulators since they are responsible for the acceptable level of corporate governance standards. Thus, they must consider strengthening governance mechanisms either though new legislation or stronger enforcement where earnings management is of such magnitude to that serious impedes information transparency and quality.

The present study aims to bridge a gap in the literature by investigating corporate governance and earnings management behaviour during a period of transition to an intensively legalized governance environment (SOX Act). The results contribute further evidence to the ongoing debate about the effectiveness of established corporate governance mechanisms.

Economic interdependence between nations has been the focus of considerable research. A particular avenue of international interrelationship that has received a great deal of recent attention is the integration of international stock markets. Increased trade between nations implies that domestic corporate profitability will be influenced by economic conditions in other countries. If international influence is widespread between particular markets then it is likely that measures of overall market performance will be related.

Flood is one of the most common disasters in Malaysia especially during northeast monsoon season (November–March). This chapter analyses flood disaster management strategies in Pahang on preparations and vulnerabilities of the local communities along the Pahang River Basin, especially in Temerloh. In Malaysia, the National Security Council (MKN) is the organisation that is fully responsible in managing the national disaster management system, which provides an effective relieve mechanism for flood disaster. This study utilises two type of sources which are primary and secondary sources to collect the data. The primary data were collected in June 2015 through a survey of 202 respondents affected by the flood by using semi-structured questionnaires through an interview conducted in person. Meanwhile, the secondary data were collected from the local authorities. From both sources, the survey shows that 31% of the population in Temerloh did not get an early warning notification, more than half involving those in the rural area. Lack of efficient early warning system became one of the vulnerability factors affecting local community. About 78% of respondents have been relocated to the relief centres around Temerloh. Agricultural income dropped by 31.2% as the result of damaged crops and cessation of small businesses, which contributed to the increase in hardcore-poor category by 6.5%. The study concludes that it is essential to review the effectiveness of flood disaster management strategies in Pahang to minimise the aftermath impact of flooding to the community.

Heritage education is currently a consolidated discipline, which advocate for a holistic vision of heritage. In this sense, this research aims to study the heritage conceptions, perceptions and learning context amongst primary and secondary students, comprehensively and fully.

This research focuses in Andorra, a country in the Pyrenees, where there are three different education systems. This allowed the study to obtain a sample of 1,235 primary and secondary students, throughout a structured questionnaire that was previously designed and validated ad hoc.

In general terms, the results show that around half of the students have a holistic view of heritage; however, natural and historical elements are highlighted as the ones they learn from the most, especially through visits in situ. Moreover, the students’ perceptions of heritage show that over a 90% of students believe it is important to safeguard because it is connected to nature and culture preservation.

This research is included in a greater scope project that also considers other agents in the education community that belong to formal and non-formal spheres. In addition, it is the first investigation where the field of heritage education is studied globally in an entire country, considering primary and secondary education students.