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In answer to the economic crisis, to the scandals and to the frauds, the risk of reputation has emerged (Trotta, Iannuzzi, & Pacelli, 2016). Moreover, the increased power given to regulators (Van Erp, 2013) to disclose penalties including the names of offenders amplified the risk. The media representation of these penalties can seriously damage the reputation of financial institutions concerned.
In this context, we study the quantitative impact of the publication of sanctions by UK and French regulators and the qualitative impact of the first media representation of penalties on the reputational risk of UK financial institutions. 
The sample for the publication of sanctions by the UK regulator is formed on the basis of the year 2013 whereas the sample for the publication of sanctions by the French regulator is formed on the basis of the period from December 2006 to July 2017. The results show an insignificant impact of the publication of sanctions on the abnormal returns. Therefore, the risk of reputation is low. However, we note that the coefficient of determination was diverging. This calls into question the use of good market indexes in the literature. 
Regarding the first media representation, we analyse in-depth three press articles appeared before the settlement date of sanctions and we find that the press has chosen to cover financial scandals. The content of these articles reflected an opposition to the regulation (“anti-regulation”). The choice and the content of the press limit the impact on the reputation because it tells the facts like structural problems.

Reputational risk --- Media representation --- Abnormal return --- Financial market regulators --- Administrative sanctions --- Publication of sanctions --- Financial institution --- Sciences économiques & de gestion > Finance

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This title examines how tax policies contributed to the financial crisis; whether taxation can play a role in the reform efforts to establish a sounder and safer financial system; and the pros and cons of various tax initiatives.

Fiscal policy. --- Global Financial Crisis, 2008-2009. --- Taxation. --- Duties --- Fee system (Taxation) --- Tax policy --- Tax reform --- Taxation, Incidence of --- Taxes --- Finance, Public --- Revenue --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Financial crises --- Taxation --- Economic policy --- Government policy --- debt financing --- tax policy --- financial sector --- financial crisis --- taxation --- Financial institution --- Financial services --- Tax

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Using 40 years of historical rainfall data, this paper estimates a distribution for payouts on rainfall insurance policies offered to farmers in the State of Andhra Pradesh, India, in 2006. The authors find that the contracts primarily protect households against extreme tail events; half the expected value of indemnities paid by the insurance are generated by only 2 percent of rainfall realizations. Contract payouts are significantly correlated cross-sectionally, and also inversely associated with real GDP growth. The paper discusses the implications of these findings for the potential benefits of insurance to households, the risks facing a financial institution underwriting rainfall insurance contracts, and pricing.

Debt Markets --- Deposit Insurance --- Emerging Markets --- Federal Reserve --- Federal Reserve Bank --- Federal Reserve System --- Finance and Financial Sector Development --- Financial Institution --- Financial Support --- Hazard Risk Management --- Insurance --- Insurance Policies --- International Bank --- Labor Policies --- Microinsurance --- Private Sector Development --- Risk Factors --- Social Protections and Labor --- Urban Development

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Many studies have shown that firm growth decreases monotonically with size and age. In this study, the authors investigate employment growth of firms in Turkey with an emphasis on small and medium size enterprises. In Turkey, small and medium size enterprises account for almost 77 percent of employment and play a crucial role in the economy. However, the analysis of firm dynamics in Turkey shows that medium-size firms (51-250 workers) are the slowest growing group in the economy. Moreover, small and medium size enterprises grow at a slower rate in Turkey than in several comparator countries in the Eastern Europe and Central Asia region. After determining this irregularity, the paper analyzes how the investment climate affects firm growth and finds that improved access to finance is the most important factor that significantly increases firm growth rates.

Access to Finance --- Achieving Shared Growth --- Business environment --- Credit Line --- Emerging Markets --- Employment --- Expansion --- Finance and Financial Sector Development --- Financial institution --- Financial institutions --- Firm size --- Firms --- Human capital --- Industry --- Job creation --- Lenders --- Licensing --- Loan --- Medium Enterprises --- Medium Scale Enterprises --- Medium size enterprises --- Microfinance --- Poverty Reduction --- Private Sector Development --- Small firms --- Small Scale Enterprise --- SME --- SME sector --- Suppliers

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Corporate governance arrangements define the responsibilities, authorities and accountabilities of owners, boards of directors, and executive managers of a company. Good corporate governance is as important for state financial institutions as for private sector companies. Many of the problems that commonly afflict state financial institutions can be associated with, if not attributed directly to, weaknesses in corporate governance. This note draws on guidelines recently published by the OECD and the Basel Committee for Banking Supervision to compile a comprehensive corporate governance evaluation framework relevant to state-owned commercial and development finance institutions. It highlights aspects of this framework that are considered to be of particular importance to state financial institutions by citing innovative practices in a number of countries. Finally, it presents a detailed case study of the governance arrangements in place at the Development Bank of Southern Africa.

Banks and Banking Reform --- Corporate governance --- Corporate Law --- Debt Markets --- Disclosure --- Emerging Markets --- Finance and Financial Sector Development --- Financial institution --- Financial Institutions --- Financial management --- Financial Systems --- Governance --- Institutional foundations --- Law and Development --- Legislation --- National Governance --- Presidency --- Private Sector Development --- Public policy