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Tuesday, December 20, 2011

ESC award goes to WHU graduate

On December 2, the Esche Schümann Commichau (ESC) Foundation awarded the prize for best dissertation to WHU graduate Dr. Joyce Clark.

As her subject, the consultant chose to focus on a specific issue of particular relevance to businesses in the real world. Her starting point was the challenge faced by companies operating in all areas of business and industry: how to portray their risk management activities as transparently as possible in their financial statements. Existing regulations governing what is known as hedge accounting are supposed to facilitate this, but in practice are often difficult to apply due to both their complexity and their limited relevance to risk management as such.

In her dissertation, Joyce Clark suggests a number of ways in which this challenge might be met. Her work is of particular significance for financial institutions, and has now been published by the prestigious IDW Verlag, the publishing arm of the German Institute of Auditors & Accountants.

The Esche Schümann Commichau Foundation was set up by the eponymous law and tax consulting firm in Hamburg. Twice a year, the foundation presents an award to authors of dissertations that make significant and directly relevant contributions to the fileds of economics and law.