Übersetzung für 'value' im kostenlosen Englisch-Deutsch Wörterbuch von LANGENSCHEIDT – mit Beispielen, Synonymen und Aussprache. Viele übersetzte Beispielsätze mit "business value" – Deutsch-Englisch Wörterbuch und Suchmaschine für Millionen von Deutsch-Übersetzungen. Viele übersetzte Beispielsätze mit "home value" – Deutsch-Englisch Wörterbuch und Suchmaschine für Millionen von Deutsch-Übersetzungen.
deutsch value -But the Central Bank, for example, is not concerned with the euro' s external value. Just think of the example of the collection of value added tax. In this way vehicles of historic value can be preserved for future generations. Eine sogenannte Wertegemeinschaft kann nicht am Bodensee enden. Spiritual values have been disseminated from Europe throughout the globe. Aus dem Umfeld der Suche evaluate , appreciate , assess , magnitude , appraise. Füllen Sie bitte das Feedback-Formular aus. We are businessmen like yourselves and know the value of a businessman's time. Sagen Sie uns Ihre Meinung!
The triggering event was the stock market crash of This was the first major financial crisis in which a lot of academically-trained quants were in high enough positions to worry about firm-wide survival.
The crash was so unlikely given standard statistical models, that it called the entire basis of quant finance into question.
A reconsideration of history led some quants to decide there were recurring crises, about one or two per decade, that overwhelmed the statistical assumptions embedded in models used for trading , investment management and derivative pricing.
These affected many markets at once, including ones that were usually not correlated , and seldom had discernible economic cause or warning although after-the-fact explanations were plentiful.
If these events were included in quantitative analysis they dominated results and led to strategies that did not work day to day.
If these events were excluded, the profits made in between "Black Swans" could be much smaller than the losses suffered in the crisis.
Institutions could fail as a result. VaR was developed as a systematic way to segregate extreme events, which are studied qualitatively over long-term history and broad market events, from everyday price movements, which are studied quantitatively using short-term data in specific markets.
It was hoped that "Black Swans" would be preceded by increases in estimated VaR or increased frequency of VaR breaks, in at least some markets.
The extent to which this has proven to be true is controversial. Abnormal markets and trading were excluded from the VaR estimate in order to make it observable.
This is risk management VaR. It was well established in quantitative trading groups at several financial institutions, notably Bankers Trust , before , although neither the name nor the definition had been standardized.
There was no effort to aggregate VaRs across trading desks. The financial events of the early s found many firms in trouble because the same underlying bet had been made at many places in the firm, in non-obvious ways.
Since many trading desks already computed risk management VaR, and it was the only common risk measure that could be both defined for all businesses and aggregated without strong assumptions, it was the natural choice for reporting firmwide risk.
Risk measurement VaR was developed for this purpose. Development was most extensive at J. Morgan , which published the methodology and gave free access to estimates of the necessary underlying parameters in This was the first time VaR had been exposed beyond a relatively small group of quants.
In , the U. Securities and Exchange Commission ruled that public corporations must disclose quantitative information about their derivatives activity.
Major banks and dealers chose to implement the rule by including VaR information in the notes to their financial statements. Worldwide adoption of the Basel II Accord , beginning in and nearing completion today, gave further impetus to the use of VaR.
VaR is the preferred measure of market risk , and concepts similar to VaR are used in other parts of the accord. VaR has been controversial since it moved from trading desks into the public eye in A famous debate between Nassim Taleb and Philippe Jorion set out some of the major points of contention.
He further charged that VaR:. After interviewing risk managers including several of the ones cited above the article suggests that VaR was very useful to risk experts, but nevertheless exacerbated the crisis by giving false security to bank executives and regulators.
A powerful tool for professional risk managers, VaR is portrayed as both easy to misunderstand, and dangerous when misunderstood. Taleb in testified in Congress asking for the banning of VaR for a number of reasons.
One was that tail risks are non-measurable. Another was that for anchoring reasons VaR leads to higher risk taking. VaR is not subadditive: For example, the average bank branch in the United States is robbed about once every ten years.
A single-branch bank has about 0. It would not even be within an order of magnitude of that, so it is in the range where the institution should not worry about it, it should insure against it and take advice from insurers on precautions.
The whole point of insurance is to aggregate risks that are beyond individual VaR limits, and bring them into a large enough portfolio to get statistical predictability.
It does not pay for a one-branch bank to have a security expert on staff. As institutions get more branches, the risk of a robbery on a specific day rises to within an order of magnitude of VaR.
At that point it makes sense for the institution to run internal stress tests and analyze the risk itself. It will spend less on insurance and more on in-house expertise.
For a very large banking institution, robberies are a routine daily occurrence. Losses are part of the daily VaR calculation, and tracked statistically rather than case-by-case.
A sizable in-house security department is in charge of prevention and control, the general risk manager just tracks the loss like any other cost of doing business.
That means they move from the range of far outside VaR, to be insured, to near outside VaR, to be analyzed case-by-case, to inside VaR, to be treated statistically.
VaR is a static measure of risk. By definition, VaR is a particular characteristic of the probability distribution of the underlying namely, VaR is essentially a quantile.
For a dynamic measure of risk, see Novak,  ch. There are common abuses of VaR: The VaR is not a coherent risk measure since it violates the sub-additivity property, which is.
From Wikipedia, the free encyclopedia. Not to be confused with Valuation risk. Theory and Practice second edition, e-book.
Concepts Techniques and Tools. Portfolio Problem Solving with Value-at-Risk. The Essentials of Risk Management. The subdivision unit is spelled Pfennig masc.
The official form is singular. Before the switch to the euro, the Deutsche Mark was the largest international reserve currency after the United States dollar.
The percental composition of currencies of official foreign exchange reserves from to From Wikipedia, the free encyclopedia. For other uses, see DEM disambiguation.
This article is about the Deutsche mark issued by the Federal Republic of Germany. For the currency of the German Empire from to , see German gold mark.
Bayerisches Hauptmünzamt , Munich Mint mark: Munich mint Hamburg mint Berlin mint Karlsruhe-Stuttgart mints. This infobox shows the latest status before this currency was rendered obsolete.
The Republic of Kosovo unilaterally declared independence on 17 February , but Serbia continues to claim it as part of its own sovereign territory.
The two governments began to normalise relations in , as part of the Brussels Agreement. Kosovo has received formal recognition as an independent state from out of United Nations member states.
Retrieved 22 June Archived from the original on Archived from the original on 13 December Retrieved 27 April History of Modern Germany since University of California Press.
Die Stuttgarter Vorfälle vom Oktober Stuttgart 48 und die soziale Marktwirtschaft, in: Archived from the original on May 4, Coin and banknote collection.
Archived from the original on 8 July Retrieved 2 May Archived from the original on 1 May Retrieved 30 April Currencies named mark or similar.
Proposed eurobonds Reserve currency Petroeuro World currency. Andorra Monaco San Marino Vatican. British pound sterling incl.
European Union portal Numismatics portal. Retrieved from " https: Pages using Timeline Webarchive template wayback links Articles with German-language external links Articles containing German-language text Articles containing Albanian-language text Articles containing Croatian-language text Articles containing Serbian-language text Articles with hAudio microformats Wikipedia articles needing clarification from May All articles with unsourced statements Articles with unsourced statements from August Wikipedia articles needing clarification from January Wikipedia articles with GND identifiers.
List Bayerisches Hauptmünzamt , Munich Mint mark: Bosnia and Herzegovina convertible mark , Bulgarian lev at par.
Woman planting an oak seedling . Denomination between rye stalks and grapes . German eagle , denomination below.
Franz Josef Strauss — Partial view of the Würzburg Residence. Dandelion , Inchworm , Butterfly. Wilhelm and Jacob Grimm. For table standards, see the banknote specification table.
Wikimedia Commons has media related to Deutsche Mark. Currency of West Germany incl. Historical Examples of value Obulus, plural Oboli —A small coin, about the value of a penny.
Philothea Lydia Maria Child. Brave and Bold Horatio Alger. Ancient Man Hendrik Willem van Loon. Clarissa, Volume 1 of 9 Samuel Richardson.
A principle, standard, or quality considered worthwhile or desirable. An assigned or calculated numerical quantity.
Published by Houghton Mifflin Company. Mathematics An assigned or calculated numerical quantity. The relative darkness or lightness of a color.
Value measures where a color falls on an achromatic scale from white to black.