Tài liệu Tài Chính - Ngân Hàng

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Gender Effects on Aggregate Saving - Maria Sagrario Floro Stephanie Seguino

To avoid credit rationing, banks use other methods to screen potential borrowers. 24 For example, banks can use extensive and comprehensive covenants on loans to mitigate agency costs. As new information arrives, covenants can be renegotiated. Covenants may also require collateral or personal guarantees from firms about their future activities and business practises in order to maximise the probability of repayment. The banks lending history produces valuable information that evolves over time. Banks therefore are depositories of information, which in itself becomes a valuable asset that allows banks to ascertain good borrowers from bad,...

8/30/2018 2:10:36 AM +00:00

European Savings Banks Group

The main contributions of the paper are based on the large dataset on loan operations for which data on ex post risk are available. The study uses information on the more than three million loans entered into by Spanish credit institutions over a complete business cycle collected by the Bank of Spain’s Credit Register [Central de Información de Riesgos, CIR). With very few exceptions [such as Berger and Udell (1990)], much of the existing empirical literature on credit risk relies on data from surveys of a limited number of borrowers or lenders, usually referring to only one...

8/30/2018 2:10:34 AM +00:00

Cooperative Financial Institutions Issues in Governance, Regulation, and Supervision

The Credit Register information used here is based exclusively at the transaction or loan level, not at the level of borrowers. A given borrower may enter into several loans with the same bank or with different banks. As some characteristics of the loans cannot readily be aggregated for a given borrower (collateral, maturity, type of instrument), in order to distinguish their impact it is essential to perform the analysis at the level of each loan. If all of a borrower’s loans with various different banks are grouped together it also becomes impossible to distinguish differences in behaviour between...

8/30/2018 2:10:34 AM +00:00

De-Fragmenting aFrica: Deepening Regional Trade Integration in Goods and Services

What role is played by different types of institution in the credit risk incurred by borrowers? Carey et al. (1998) find that specialist finance firms are more willing than banks to lend to riskier borrowers. There is considerable literature on the incentives of savings banks to adopt credit policies that differ from those commercial banks in terms of levels of risk. In general, what has been found is that institutions controlled by shareholders have greater incentives to take on more risk than those controlled by managers, due to the fact that the latter have invested specific human capital or...

8/30/2018 2:10:34 AM +00:00

Deregulation of Savings Banks’ Deposit Interest Rates

Finally, another issue, which has aroused a considerable amount of interest in the literature, is the role of the bank-customer relationship in credit risk. Non-financial companies can benefit from close relationships with banks through easier access to credit, in terms of both the amount of credit they can obtain and how much it costs them, the protection they have during recession and even an implicit insurance of the cost of finance [Petersen and Rajan (1994)]. The close bank-customer relationship may produce informational rents for the bank [Sharpe (1990) and Rajan (1992)] enabling it to exercise a certain degree of market...

8/30/2018 2:10:34 AM +00:00

DEVELOPMENT COMMUNICATION SOURCEBOOK: Broadening the Boundaries of Communication

It is possible that there are interactions between several characteristics of loans in determining the PD. To know that the loan is backed by collateral provides information about the quality of the borrower at the time of the decision, depending upon the information asymmetry between the borrower and the lender [Boot et al. (1991)], and/or it provides information about the possible trade-off between the use of collateral and time invested in evaluating the risk of the operation for the lender [Manove and Padilla (1999 and 2001)]. It can be expected that lenders will offer a choice between...

8/30/2018 2:10:34 AM +00:00

Dodd-Frank and Community Banks Your Guide to 12 Critical Issues

As stated above, the database used for this study is the Credit Register of the Bank of Spain (CIR). This database records monthly information on all loans granted by credit institutions (banks, savings banks, cooperatives and credit finance establishments) in Spain for a value of over 6,000 euros. The CIR’s data distinguishes between companies and individuals. Among the latter it is possible to identify those undertaking business activities (individual businesspersons). There is a clear separation between the characteristics of loans to companies (mainly in terms of the size of the loan, maturity, collateral, and default rates)...

8/30/2018 2:10:34 AM +00:00

DON'T BANK ON THE BOMB: A GLOBAL REPORT ON THE FINANCING OF NUCLEAR WEAPONS PRODUCERS

As can be seen in Table 1, the number of observations available is large and has grown continuously throughout the period studied. Overall, there are data on over 3 million loans for the five dates analysed. This number of observations ensures the efficiency of the econometric estimates presented in the following section. The majority of companies’ loans are not secured by collateral, or in other words, have only a personal guarantee. Thus, on average, almost 85% of loans have no collateral. Loans that do have collateral have doubled their relative weight over the time horizon analysed. Collateral in the form...

8/30/2018 2:10:34 AM +00:00

200 YEARS OF SAVINGS BANKS: A STRONG AND LASTING BUSINESS MODEL FOR RESPONSIBLE, REGIONAL RETAIL BANKING

The first column of Table 2 (Model 1) shows the results of the maximum likelihood estimate of the logistic model applied to the pool of data from over the five year period studied. The model includes a constant forcing a variable to be left out of each block of characteristics to avoid perfect multicollinearity from occurring. The constant determines the PD of the excluded loans11. The characteristics of the excluded loan are: financial credit, in euros, long term (over five years), without collateral, 1993, construction sector and lent by a bank in a certain region. The interpretation of the...

8/30/2018 2:10:34 AM +00:00

COLLATERAL, TYPE OF LENDER AND RELATIONSHIP BANKING AS DETERMINANTS OF CREDIT RISK

As regards collateral, the pledging of collateral increases the PD when compared with unsecured lending. Within secured loans, the PD of those that are 100% secured is lower than that of those secured to a value of over 50% but not to a full 100%, although the latter account for only a small percentage of the sample. Finally, loans guaranteed by a credit institution or the public sector have a lower likelihood of default, less even than in the case of unsecured loans. Note that this latter class of loan is subject to a double evaluation, i.e. by the bank...

8/30/2018 2:10:34 AM +00:00

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NGUY N CHÁNH TÚ Khoa Toán, Đ i H c Sư Ph m Hu Giáo trình đi n t LÍ THUY T M R NG TRƯ NG VÀ GALOIS Hu 12-2006 .ˆ ˜ D˘ ¯ AC TÍNH KY THUAT ˙ ˙ ` ` ’ ˆ’ ´ ¯e ` ˆ ˆ ˘ • Có the tra cu’u d´ n tu’ng phan cua giáo trình bang cách click vào Bookmarks ` ’ ˆ bên le trái cua Acrobat Reader. ´ ´ ¯e ’ ’ ˆ ˆ ˆ ˆ • Có siêu kiên ket tham khao chéo và tham chieu d´ n các tài lieu tham khao ˙...

8/30/2018 2:01:46 AM +00:00

Những “kẻ phá bĩnh” tăng trưởng tín dụng

Gọi là những “kẻ phá bĩnh” vì kết quả của họ khiến những lý giải về tăng trưởng tín dụng vừa qua có vẻ chưa ổn, hoặc chưa đầy đủ. Kết quả của họ còn đặt ra khía cạnh trách nhiệm của các tổ chức tín dụng một cách rõ ràng hơn. Kết quả quá thấp đặt ra dấu hỏi lớn đối với năng lực dự báo và hoạch định chính sách vĩ mô, khi đầu năm chỉ tiêu năm nay đưa ra là 15 - 17%. Câu hỏi khác là vai trò của chính sách tiền tệ, cụ thể...

8/30/2018 1:53:11 AM +00:00

Thủ tướng: Ngân hàng là trọng tâm tái cơ cấu tài chính

Bên cạnh đó, hoạt động tái cơ cấu tài chính còn tập trung tăng cường hạ tầng tài chính, đổi mới cơ chế ổn định tài chính và giám sát tài chính theo thông lệ và chuẩn mực quốc tế nhằm đảm bảo cho tăng trưởng và ổn định kinh tế vĩ mô. Tuy nhiên, những hệ quả của cuộc khủng hoảng tài chính thế giới và suy thoái kinh tế toàn cầu, những diễn biến phức tạp hiện nay trên thị trường tài chính thế giới đang đặt hệ thống tài chính khu vực Đông Á trước không ít...

8/30/2018 1:53:06 AM +00:00

EARNINGS AND STOCK SPLITS IN THE EIGHTIES

We also frequently found that even the best corrective lenses did not improve vi- sual acuity of the impaired eye to that of the fellow eye. Through the analysis of these initial cases, an apparently predomi- nant common characteristic of these pa- tients was a work station with papers angled to the right or to the left of themon- itor and keyboard. Other reports revealed the screen was in the frontal position, but was twisted. Still others reported that their habitual work pattern was with their eyes/head twisted. Evans 23 indicated that proper func- tioning of binocular vision without symp- toms depends on: i) the anatomy of ocular structures, ii) the motor system, and iii) the sensory system through...

8/30/2018 1:48:58 AM +00:00

Multiresidential (Apartment & Condos) Security Guidelines

The subjects’ reported symptoms of visual discomfort are summarized in Ta- ble 1. Nine subjects reported monocular ocular irritating symptoms. Asthenopia (N=6) was associated with eye strain but also occurred alone. Others reported blurry vision (N=19), either at distance or near, or both, in one eye. Others noted spatial perception problems (N=8), in- cluding decreased stereopsis and print floating/moving on the page. Four others reported difficulty adjusting to a new cor- rective lens prescription. Refraction Ninety one percent of the subjects wore spectacles and 75% of them were presbyopic. Overall, there were no high levels of anisometropia. Seventy-seven percent (27 of 35) of the subjects exhibited a dioptric difference between the two eyes of 0.75 D. Four subjects had a...

8/30/2018 1:48:58 AM +00:00

Apartment and Communal Heating Solutions

We noted factors such as a habitual face tilt or the presentation of anatomical dissociation (prominent nasal septum iso- lated or combined with small pupillary distance/endophthalmus) when present. There were, however, no clear trends or patterns providing support that anatomi- cal factors significantly contributed to the problem of working with a tilted gaze. Further investigation of the relation- ship between monocular signs and symp- toms, binocular function and ergonomics within the workplace is clearly needed. Others have proposed different variables to be considered. These include anoma- lies in the ocular sensory system as a pos- sible cause. 23 A loss of clarity of the optical image in one eye could then impact the development of suppression and/or binocular instability. 37 It is likely...

8/30/2018 1:48:58 AM +00:00

GLOBAL ASSESSMENT OF GROWING STOCK, BIOMASS AND CARBON STOCK

Prices of major meat and ce real food com - modi ties have trended down ward over the past 20 years, mak ing food more af ford able to con sum- ers of all in comes (Fig ure 3). Real ce real prices fell 38–46 per cent (de pend ing on the grain in ques- tion) be tween the early 1980s and early 1990s, while de flated liq uid milk prices fell 37 per cent and real meat prices fell 23–35 per cent. Al though ce real prices fell faster than meat and milk prices, many con sum ers have begun to di ver sify their diets into meat...

8/30/2018 1:48:54 AM +00:00

Stock Price Patterns around the Trades of Corporate Insiders on the London Stock Exchange

The im por tance of even small in creases in per cap - ita con sump tion is com pounded by rap idly in creas- ing popu la tions in many de vel op ing re gions. On average, popu la tion in de vel op ing coun tries grew by 2.1 per cent per year be tween 1970 and 1995 (Table 4). The popu la tion in Sub- Saharan Af rica grew the most—al most 3 per cent per year dur ing the pe riod. Rapid popu la tion growth cou pled with in creased per cap ita con sump tion re sulted in dra ...

8/30/2018 1:48:54 AM +00:00

Determinants of Expected Stock Returns: Large Sample Evidence from the German Market

Schroe der, Bar kley, and Schroe der did not re- port price elas tici ties or the ef fects of other struc- tural changes on per cap ita con sump tion. Del gado and Cour bois (1998) es ti mated ex pen di ture, price, and ur bani za tion elas tici ties based on data from 64 de vel op ing coun tries for 1970–95. They used a sys tem of equa tions that sorted out rela tive price effects among ani mal prod ucts and that con trolled for many cul tural, geo graphic, physi cal, and eco - nomic dif fer ences be tween...

8/30/2018 1:48:54 AM +00:00

Taking Stock of Your Water System A Simple Asset Inventory for Very Small Drinking Water Systems

The own- price elas tici ties in Table 8 meas ure the change in con sump tion of vari ous ani mal prod- ucts in re sponse to rela tive price changes within the group of ani mal prod ucts. As ex pected, price rises for a given com mod ity are as so ci ated with de- creased con sump tion of that com mod ity, other things being equal. The es ti mated price re spon sive- ness for both beef and poul try is rather mod est. The price re spon sive ness of pork and mut ton is higher, but still ine las...

8/30/2018 1:48:54 AM +00:00

International Accounting Standards Illustrative Fund Financial Statements

Na tional in come, popu la tion, and ur ban growth rates are also as sumed for each coun try group, along with an tici pated changes in these rates over time. The model uses the re vised United Na tions medium- variant pro jec tions for 1996 for demo graphic as sump- tions. Na tional in come pro jec tions are es ti mated based on a re view of pro jec tions drawn from sources such as the World Bank. The model is solved on an an nual basis by link ing each coun try model to the rest of...

8/30/2018 1:48:54 AM +00:00

THE 1929 STOCK MARKET: IRVING FISHER WAS RINGT

In the first, “op ti mis tic” sce nario, feed con ver- sion ra tios im prove pro gres sively. About 1 per cent more meat per year is pro duced per kilo gram of feed in de vel op ing coun tries, with a com pounded ef fect over time. This mir rors the rapid tech no logi- cal prog ress ob served in the de vel oped coun tries from the early 1980s to the early 1990s. Under the op ti mis tic sce nario, feed con ver sion ef fi ciency in de vel oped coun tries im proves by only 0.5...

8/30/2018 1:48:54 AM +00:00

Trusting the Stock Market: LUIGI GUISO, PAOLA SAPIENZA, and LUIGI ZINGALES∗

Pro gres sively lower feed ef fi ciency raises the world price of ce real feed to the point where sub sti- tutes be come cost- effective. Pro duc tion shifts from re gions and com modi ties that can not un der take these sub sti tu tions at low enough cost to those that can. Coun tries such as Ar gen tina, with large pro duc tion ca pac ity on ranges, are fa vored in the “pes si mis tic” sce nario be cause they can com pete more eas ily, with more ex pen sive lot- fed beef, for ex am ple. The...

8/30/2018 1:48:54 AM +00:00

STOCK PRICES AND FUNDAMENTALS

The extent of foreign ownership has shown a significant rise since the publication of our previous findings in 2006 when overseas ownership of the City’s office stock was estimated at 45%. The further increase to 52% represents the culmination of a consistently rising trend which has seen foreign ownership track 60% for the past eight years. In 1980 overseas ownership of the City’s property assets stood at a mere 8% (including owner-occupiers). Foreign ownership passed 25% in the mid 1990s and, fuelled by the growth of global real asset investment and the expansion of private real estate fund vehicles, exceeded...

8/30/2018 1:48:54 AM +00:00

The Undertakings for Collective Investment in Transferable Securities Regulations 2011

The Durban Platform signifies an important milestone in the climate change negotiations and reflects the attitude towards the new climate regime. It reinforces some key building blocks for a sustained and comprehensive attempt to tackle the climate crisis. Meanwhile, the Kyoto Protocol will continue into a second commitment period and thus retains the important political value of rules-based emissions reductions from a group of industrialized countries, while preserving important mechanisms such as emissions trading, the Clean Development Mechanism (CDM), and Joint Implementation (JI). This paper will evaluate the substantive results of the Durban conference, draw implications for developing countries and...

8/30/2018 1:48:54 AM +00:00

TAKING STOCK OF DURBAN: Review of Key outcomes and the road Ahead

These individual priors play a bigger role when investors are unfamiliar with the stock market or lack data to assess it. But they are unlikely to fade away even with experience and data. Furthermore, when mistrust is deeply rooted, people may be doubtful about any information they obtain and disre- gard it in revising their priors. For example, data from a 2002 Gallup poll show that roughly 80% of respondents from some Muslim countries (Pakistan, Iran, Indonesia, Turkey, Lebanon, Morocco, Kuwait, Jordan, and Saudi Arabia) do not believe that Arabs committed the September 11 attacks (Gentzkow and Shapiro (2004)). To assess the explanatory power of a trust-based explanation, we...

8/30/2018 1:48:54 AM +00:00

Who owns the City? An analysis of Office Ownership and Global Investment in the City of London

The last three years have put many of us, not least the property industry, through a most testing period. The City’s office stock has experienced its fair share of pain as capital values plummeted by 50% between 2007 and 2009 and, in spite of a subsequent recovery, remain some 37% below their pre-crisis values. Nonetheless, throughout the 2008 global economic downturn and the ongoing Eurozone debt crisis, the Square Mile’s ability to attract occupiers and investors has proved to be a litmus test of London’s pre-eminence as a global financial centre....

8/30/2018 1:48:54 AM +00:00

Live stock to 2020 The Next Food Revolution

To assess the explanatory power of a trust-based explanation, we start by modeling the impact of trust on portfolio decisions. Not only does the model provide testable implications, but it also gives us a sense of the economic im- portance of this phenomenon. In the absence of any cost of participation, a low level of trust can explain why a large fraction of individuals do not invest in the stock market. In addition, the model shows that lack of trust amplifies the effect of costly participation. For example, if an investor thinks that there is a 2% probability that he will be cheated, the threshold level of...

8/30/2018 1:48:54 AM +00:00

The Future of Stock Exchanges in Emerging Economies: Evolution and Prospects

In this paper, we follow Lanne, Lutkepohl, and Maciejowska (2010), and obtain over-identifying information from Markov switching variance models to test whether the assumed long run structural restrictions are appropri- ate or not. Markov switching variance VAR models provide over-identifying information from decomposition of covariance matrices across states to test the assumed structural restrictions, which is essential for the correct identi- cation of fundamental and nonfundamental shocks.

8/30/2018 1:48:53 AM +00:00

Chartered Institute for Securities & Investment (CISI) Certificate for Introduction to Securities and Investment

Our results indicate that the assumed structural identi cation scheme is compatible with the data. Based on the con rmed identi cation of funda- mental and nonfundamental shocks, the historical stock prices are decom- posed into fundamental components and nonfundamental components. In contrast to Binswanger (2004), the decomposition shows that the linkage be- tween Japanese stock prices and real activity shocks became strengthened since the bubble collapsed in the beginning of 1990s. After the outburst of the recent nancial crisis, the stock price collapsed again, while the devia- tion from the fundamental value remained small. In line with Chung and Lee (1998), our results suggest that the deviation of Japanese stock prices from...

8/30/2018 1:48:53 AM +00:00