tailieunhanh - CORPORATE AFTERSHOCK 2 PHẦN 10

Với cấu hình này, chẳng hạn một công ty có thể sử dụng các kỹ năng cơ cấu và phân tích độc quyền để mua các lớp học nhất định của rủi ro tín dụng từ khách hàng của mình và biến những rủi ro này sang một định dạng ngon miệng cho các nhà đầu tư thể chế, tạo ra, do đó, một lớp tài sản mới cho họ để đầu tư . | COWBOYS VERSUS CATTLE THIEVES 295 private investors are considered adults and thus able to determine for themselves the level of acceptable investment risk. And investors in turn discipline the firm by deciding to buy or sell the stock. Real problems do occur in the marketplace as some of the shenanigans of Enron WorldCom and others have plainly illustrated. But the task of distinguishing deception from puffery complexity from fraud mistakes from willful nondisclosure cowboys from cattle thieves is never easy. It is doubtful that it could ever be performed better in the political arena. The interests involved the bias against innovation and the incentive to build agency power rather than to protect investors all suggest the superiority of private competitive risk regulation. Because the optimal level of investment losses is not zero moreover the inherently risk-averse nature of the political process may unnecessarily raise barriers to innovation and thus make capitalization of financially innovative firms much more difficult than it is today. To hold the future of our economy hostage to the investment acumen of government bureaucrats would exacerbate not reduce risk. Under a private regime firms fail investors suffer losses and monitoring processes do not always work as expected. Monitoring boards are not foolproof nor are accounting firms and other external monitors. Yet too often the response to major losses and monitoring failures is to blame any business practice that cannot readily be explained. This blame-the-innovation bias threatens the evolutionary process that offers the best hope of improved risk management over time. The public goaded on by the press and crusading politicians can all too easily agree that innovation itself is the culprit. That risk is evidenced by the demonization of joint stock companies forestalling and engrossing derivatives structured finance and the like. In contrast as noted earlier in a competitively regulated world the market .