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2008 and before Refereed journal article IABE-2008 Stockholm Summer Conference, June 6-8, 2008, Campus of South
Stockholm University (Södertörns University College), Huddinge Stockholm,
Sweden French Finance Association (AFFI) Conference, May 21&22, 2008, Lille,
France Working paper New Zealand Finance Colloquium, 14-15 February 2008, Massey University,
Palmerston-North, NZ Working paper 2007 Conference paper Journal article Journal article Journal article Journal article Seminar at Università della Svizzera Italiana, Swiss Finance
Institute, Lugano, Switzerland, 16
January 2007 2006 International Conference on Business and Finance, ICFAI University,
Hyderabad, 22/23 December 2006: AFBC Conference, Sydney, 13-15 December 2006: presentation slides RBNZ Workshop on Financial Sector Balance Sheets and Vulnerability to
Financial Crises, 25 September 2007, Wellington Opinion piece on proposed changes to disclosure regime of NZ finance companies in 'The Independent Financial Review' of 9 August 2006: Let nature take its course Asian FA Conference, Auckland, 10-12 July 2006 2005 Hess, Kurt. Feng, Gary. Is There Market Discipline for New Zealand
Non-Bank Financial Institutions? Journal of International Financial Markets,
Institutions & Money. Accepted for publication vol. 17( 4), October 2007. Presentation slides for this paper (presented at AIBF Conference, Melbourne 30 September, 2005) 2004 Hess, Kurt. (2004) The New Basel Capital Accord: Potential Effects
on Lending Rates in New Zealand?.
New Zealand Journal of Applied Business Research Volume 3(1).
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article.
Hess, Kurt. Spreadsheet-based Modeling for Teaching Finance and
Accounting Courses. The teaching of the quantitative aspects in accounting and finance poses inherent challenges and even if students have such quantitative skills, they often find it hard to really grasp the meaning of such theories or concepts. This paper advocates embedding the teaching of these concepts into spreadsheet and computer modeling exercises. The approach is motivated by the author’s experience of teaching dedicated spreadsheet-based modeling courses in finance whose structure and content is documented with this article. These courses put modeling into the centre while students acquire truly applicable concepts in finance and accounting almost automatically along the way. This practical “hands-on” method does not only provide a means of enhancing understanding and retention but it is also bound to improve employability of students as they become more adept in their use of analysis tools widely used in today’s work environment. Hess, Kurt. Francis, Graham. (2004). Cost Income Ratio Benchmarking in Banking: a
Case Study. Benchmarking:
An International Journal ISSN: 1463-5771. Issue 3, Vol. 11,
p303, 17p. This paper examines how ASB Bank, a New Zealand based retail bank, made use of 'Cost Income Ratio Benchmarking' when reviewing its operational efficiency. It in particular shows the difficulties associated with the benchmarking process in the sector and details practical steps taken to obtain meaningful comparative information. It is interesting that while the cost income ratio was the principle metric used in this benchmarking exercise, it did not seek to identify best practice in terms of minimizing this ratio but rather identifying typical ratios and cost structures among successful banking institutions. Hess, Kurt. Bond Relative Value Models and Term Structure of Credit
Spreads: A Simplified Approach.
Paper presented at Quantitative Methods in Finance (QMF) Conference,
Sydney, Australia, 15 December 2004. Bond relative value models to detect mispriced bonds are widely used in the investment community. These range from simple yield to maturity comparisons to sophisticated stochastic models. The first step for many of these models is the determination of reference yield curves. There are numerous publications on these yield curve fitting approaches with related empirical research yet few actually document practical implementations for operational purposes. Accordingly, the first part of this article describes and then illustrates implementation of a number of these benchmarking models. Within such a fitting framework, bonds subject to credit risk can often not be handled since the number of bonds of equivalent credit quality is simply too small to derive reliable reference curves. Here the article proposes a novel approach to parameterize the term structure of credit spread. Its main benefit are intuitive model parameters that relate to the concept of how market practitioners like traders and asset manager tend to measure credit risk of fixed income securities. Many of the models described herein have been implemented in EXCEL/VBA, some of which are generalized versions of models that have been developed for practical bond relative value research. The files containing the models can be downloaded from the following website: http://www.mngt.waikato.ac.nz/kurt/ Hess, Kurt (2004, January). Credit losses and provisioning in New Zealand. 2003 Hess, Kurt. New debt product matches risk and return. The
National Business Review. 01 Aug 2003, p. 40. Hess, K. Teaching Finance through Computer Modeling. Paper
presented at
New Zealand Finance Colloquium February 2003. |
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