or insurance business. This collects assets and manages them on behalf of beneficiaries or clients; its obligation is to preserve and enhance value on their behalf. It is usually overseen by some form

characteristics (Matsumoto, 2002) - Institutional ownership - Reliance on implicit claims with their stockholders - Value-relevance of earnings Natural disasters (such as hurricanes: Byard et al. 2007

are sustainably different from the underlying financial version of the agency theory. It assumes that each stakeholder is a part of implicit and explicit contracts that can contribute to a corporation

implicit in the methodology but have been clarified through notes Web pages that facilitate dissemination Research highlights on the credit implications of ESG trends and factors ESG- specific conferences or

acts as the oversight body, is overseen by an independent body. Such an auditor oversight body must operate in the public interest, and have an appropriate membership, an adequate charter of

overseen by experts, all aimed at creating an illusion of trustworthiness. In addition, the SEC continues to prevent investment scams in various manners, as follows:           (1) Posting on the

DODD-FRANK ACT • Financial crisis revealed behemoth players in financial industry were not overseen by any regulatory authority • Dodd-Frank mandated additional SEC oversight on PE and HF firms JUNE 22

does not constitute an implicit or explicit investment advice. The information provided herein is general in nature and does not constitute an advertisement of financial products in Switzerland pursuant

insurance are combined, at least under a common holding company. There is little guidance on how such financial conglomerates should be overseen or regulated beyond general requirements to separate certain

products (i.e., annuities), tax-efficient allocation decisions, and a portfolio optimization that includes a proxy for the investor’s implicit and/or explicit liabilities. Each of these five Gamma components