Shedding Light on Non-Financial Risks – a European Survey

Shedding Light on Non-Financial Risks – a European Survey — January 2012

7. Appendix

Table 8.1.16: Country group average of willing to charge for protection [1] [2]

[3]

[4]

Full sample mean

1.04

0.38

0.49

0.34

Group 0 diff-to-mean (RoE)

0

0.01

0.1

0.04

Group 1 diff-to-mean (Fr)

0.16

0.02

-0.28

-0.39 **

Group 2 diff-to-mean (UK)

-0.04

0.03

0.22

0.25

Group 3 diff-to-mean (Ge+Au+Nl)

0.13

0.01

0.01

0.11

Group 4 diff-to-mean (Lux+Irl)

-0.27 ***

-0.07

-0.03

0.16

ANOVA F 1.71 * denotes significance at the 10% level, ** at the 5% level and *** at the 1% level. “Fr” is France, “UK” is the United Kingdom, “Ge+Au+Nl” is Germany, Austria and the Netherlands, “Lux+Irl” is Luxembourg and Ireland, and “RoE” is the rest of Europe. Answers are coded in the following manner: 0 for 0, 1 for +, 2 for ++. [1] Transparency, information and governance [2] Financial responsibility of the industry [3] Regulation on distribution [4] Stricter obligations of restitution 1.1 0.03 0.82

Table 8.1.17: Country group average of regulatory views [1] [2]

[3]

[4]

[5]

[6]

Full sample mean

1.04

0.38

0.49

0.34

0.23

0.01

Group 0 diff-to-mean (RoE)

0

0.01

0.1

0.04

-0.07

0.02

Group 1 diff-to-mean (Fr)

0.16

0.02

-0.28

-0.39 **

-0.09

-0.27

Group 2 diff-to-mean (UK)

-0.04

0.03

0.22

0.25

0.13

0.31

Group 3 diff-to-mean (Ge+Au+Nl) Group 4 diff-to-mean (Lux+Irl)

0.13

0.01

0.01

0.11

0.22

-0.12

-0.27 ***

-0.07

-0.03

0.16

0

0.14

ANOVA F 0.69 * denotes significance at the 10% level, ** at the 5% level and *** at the 1% level. “Fr” is France, “UK” is the United Kingdom, “Ge+Au+Nl” is Germany, Austria and the Netherlands, “Lux+Irl” is Luxembourg and Ireland, and “RoE” is the rest of Europe. Answers are coded in the following manner: -2 for Strongly disagree, -1 for Disagree, 0 for Unsure, 1 for Agree, 2 for Strongly agree. [1] The role of regulations is to limit non-financial risks and ensure that they are controlled and managed, not to suppress them. [2] Insuring risks will lead to a de-responsibilisation of investors. [3] A depositary cannot guarantee the restitution of assets that are not under its custody and control. [4] Regulations cannot guarantee the restitution of assets at a reasonable cost. [5] The fund management industry cannot guarantee the restitution of assets at a reasonable cost. [6] The greater regulatory constraints drastically limit the innovation in financial markets. 1.1 0.03 0.82 1.71 0.33

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An EDHEC-Risk Institute Publication