Global Markets Institute

Through original, proprietary research and conferences produced in cooperation with leading political, business and academic institutions, the Global Markets Institute examines issues at the intersection of the capital markets and public policy, with emphasis on those issues of commercial significance for Goldman Sachs.

Recently Published Research

Accounting Policy Update: New convertible bond accounting rule = even more EPS pressure [PDF, 655 KB]

A new FASB accounting rule for certain convertible bonds, FSP APB 14-1, will have a direct and negative effect on the interest expense, net income, and EPS of companies that have issued these securities.

Pension Palpitations: Investors focusing on who may have problems [PDF, 185 KB]

Investors are starting to focus on how weak financial asset returns in 2008 may be affecting the funded status of defined benefit pension plans and, consequently, the future financial results of the plan sponsors.

SEC/FASB statement clarifies fair value guidance [PDF, 35 KB]

On September 30, 2008 the SEC and FASB issued a joint statement with immediate clarifications to FAS 157, the FASB’s Fair Value Measurement standard. It provided guidance on how to measure fair value when an active market does not exist, indicators that should be considered in determining whether a market is inactive, and consideration of broker quotes and information from pricing services.

FASB formally proposes changes to FAS 140/FIN 46(R) [PDF, 690 KB]

On September 15 the FASB formally proposed notable changes to FAS 140 and FIN 46(R). One of the most significant changes related to this proposal was to eliminate the concept of a QSPE under FAS 140.

The Top Five Risks Conference: Key Takeaways  [PDF, 80 KB]
Abby Joseph Cohen, CFA and Douglas Gilman

The Global Markets Institute at Goldman Sachs (GMI) recently convened many well-regarded experts on trade, capital markets, demographics, resources and the environment at a full-day event, entitled Top Five Risks: Critical Perspectives on the Global Economy. This research highlights key conference takeaways for business leaders, policy specialists and academic experts.

Alternative Energy: A Global Survey  [PDF, 1.43 MB]

This research describes the primary renewable energy technologies, outlines policies designed to overcome economic barriers for these technologies, and concludes with a survey of such practices in the United States, the European Union, Japan, Brazil, India and China, hopefully providing policy makers and stakeholders with a useful reference and starting point for future decisions.

The Trillion Dollar Question: What is Your GASB 45 Number?  [PDF, 212 KB]
Michael A. Moran

This research examines unfunded retiree health care obligations in the public sector, with an emphasis on the ways government officials can proactively address these liabilities.