In recent years, capital markets have been hit by a series of accounting scandals across the globe, from Enron and WorldCom in the United States to Parmalat in Europe. These scandals create challenges and opportunities for regulators and standard setters. We dedicate the 12th Annual HKUST Summer...

The Basel II Capital Accord represents the most important development in international banking regulation since the original 1988 Accord. Not only is greater risk-sensitivity to be introduced to the minimum capital requirements but also new measures aimed at enhancing supervisory review and...