Dissertations / Theses on the topic 'Financial institutions'
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1
Wong, Shy Kuo. "Valuation of financial institutions." Thesis, Lancaster University, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.403782.
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Kim, Kyungmin, and Robert M. 1948 Townsend. "Essays on financial institutions." Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/98687.
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Thesis: Ph. D., Massachusetts Institute of Technology, Department of Economics, 2015.Chapter 2 co-authored with Robert Townsend. Cataloged from PDF version of thesis.
Includes bibliographical references.
In the first chapter, I study how banks lend or borrow liquidity in the interbank market and what I can learn about the macro-economy from the interbank market. From a unique database of interbank loan transactions in Mexico, I observe that interest rates vary across different lender-borrower pairs. I find that this variation is driven by the variation across different banks in their cost from handling an excess or a deficit of liquidity. Using my model, I characterize the shape of the interest rate curve as a function of loan size. Moreover, I find that the increased disadvantage that small banks experienced in the interbank market during the 2008 financial crisis can largely be explained by a shift in the liquidity cost. In the second chapter, joint with Robert Townsend, we study how banks choose their level of cash holdings, taking into account potential payment demands and the short-term interest rate. We develop the notion of a rationing equilibrium in the money market, where a unique equilibrium exists for any given short-term rate. We characterize how changes in the short-term interest rate translate into changes in the banks' lending activities, thus affecting the economy. In addition, we discuss how banks with different characteristics may respond differently to such changes. In the third chapter, I study a recent change in the typical form of housing rental contracts in Korea. Traditionally, houses were mostly rented in exchange for a zero-interest loan from the renter to the owner of the house. However, during recent years, such a traditional form of rental agreement has been losing popularity and partially replaced by contracts based on monthly payments to the owner. Using a model of the interaction between the renter and the borrower, I explain how various financial market trends can potentially cause the observed change in the housing rental market.
by Kyungmin Kim.
Chapter 1. A Chapter 2. Chapter 3. price-differentiation model of the interbank market and Its empirical application -- Money demand for payments by banks and the money market rate -- Analysis of a transformation in housing rental contracts in Korea.
Ph. D.
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Lukanda, Kapwadi Francky. "Legal accountability of international financial institutions in financing development." Thesis, University of Pretoria, 2009. http://hdl.handle.net/2263/67776.
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This study interrogated the softness and hardness of the law of IFIs to determine the extent to
which underlying accountability mechanisms have achieved or failed to achieve the level of
accountability and justice expected by affected non-state third parties. It also aimed at
investigating the process of financing for development in order to further the understanding of
the challenges of holding IFIs to account for the unintended consequences of the projects they
have funded. The study critically examined the legal accountability mechanisms of selected
IFIs at the institutional, international, and domestic levels to highlight their strengths and
weaknesses. The study showed that the robustness, practicability, and comprehensiveness of
the standards against which the performance of IFIs is assessed are the determining factors of
a better accountability process outcome. An outcome which truly advances the interests of an
account holder without diluting his/her/it legally protected rights. However, the legal
framework of IFI-operations does not provide the same standard of protections to IFIs, their
clients, and affected non-state third parties. While the first two categories of stakeholders seem
to enjoy a robust protection, laws and policies have been used sparingly regarding the
protection of the last category of stakeholders. The weakness of the standards that apply to
affected non-state third parties during the design, appraisal, and implementation of IFI-funded
projects does not enhance a prospect of an accountability process outcome which truly
advances the interest of this category of stakeholders. The study made some recommendations,
including a shift in the focus of existing laws and policies towards a greater protection of the
interests of affected non-state third parties. It also recommended the inclusion of community
development agreements in the overall project structure to ensuring that affected non-state third
parties and other local stakeholders benefit from an IFI-funded project.Thesis (LLD)--University of Pretoria, 2018.
Centre for Human Rights
LLD
Unrestricted
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Alamad, Samir. "Financial innovation and engineering in Islamic financial institutions." Thesis, Aston University, 2016. http://publications.aston.ac.uk/28659/.
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Drawing from work found in the financial innovation literature, the main objective of this research is to explore the effect of religious orientation towards financial innovation and engineering in Islamic Financial Institutions (IFIs). The research also examines what constitutes this religious orientation and how it is enacted in the innovation process. Religious orientation towards financial innovation is conceptualised and defined, as a system, in this research study. In order to achieve this objective, the study employs multiple theoretical perspectives to develop its theoretical framework. It combines innovation orientation theory with the theory on boundary objects to explore the role of religion in the financial innovation processes in IFIs. Religious orientation towards financial innovation and the role of Shariah as a shared boundary object is portrayed as a multidimensional knowledge and philosophical structure. This qualitative study provides two important theoretical contributions to existing theories in the innovation literature. First, it extends the existing literature of innovation orientation to a completely new field and construct that is based on a religious imperative as a framework within which financial innovation is constrained. It explains how an innovation orientation in IFIs can be directed within religious rules, which indicates that innovation orientation in IFIs is a learning philosophy. Second, the research introduces and examines the plasticity of Shariah as a shared boundary object and its dynamic role in managing tension and conflicting values in the financial innovation process. Furthermore, building on the empirical results, the study illustrates the insights that each theoretical lens affords into practices of collaboration and develops a novel analytical framework for understanding religious orientation towards financial innovation. This practical contribution, of the developed framework, could form the basis for a standardised framework for the Islamic finance industry. The study concludes by noting the policy and managerial implications of its findings and provides directions for further research.
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Ding, Lei. "Financial institutions and asset prices." Thesis, Imperial College London, 2014. http://hdl.handle.net/10044/1/27230.
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This thesis analyses the role of financial institutions in determining asset prices both theoretically and empirically, and consists of three papers. Chapter 1 provides the motivation and a detailed summary of the three papers. Chapter 2 focuses on the hedge fund industry that has come to play a prominent role in today's financial markets due to its explosive growth. Fierce competition for funds generates relative performance objectives for managers. This paper studies how a hedge-fund manager's investment decision is affected by her tournament concern, incentive contract and liquidation threat. Chapter 3 examines the impact of both managerial capital and delegated capital on asset-market equilibrium by generalising the marginal investor to be a portfolio manager who is paid a relative performance fee. This chapter studies whether it is possible to stabilise financial markets by adopting a less centralized approach based on the idea of altering institutional incentives before a crisis rather than remedial actions after a crisis. Given that the model in Chapter 3 is an example of equity risk-capital models that fit the facts surrounding bank-based intermediaries, Chapter 4 investigates the characteristics of banks' balance sheets and also suggest that banks' balance sheets convey information on predicting subsequent asset-market variations. Chapter 5 concludes.
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Nikoloski, Z. "Institutions, financial crises and welfare." Thesis, University College London (University of London), 2011. http://discovery.ucl.ac.uk/1322962/.
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The aims of this thesis are threefold: (i) to investigate empirically the political and economic determinants of income inequality, paying particular attention to the role of institutions and institutional development; (ii) to determine the impact of macro-shocks (such as financial crises) on some of the most widely used human well-being indicators, such as poverty and mortality; (iii) to assess the importance of institutions and institutional change, investigating the impact of key aspects of institutional change in former communist countries (rapid privatization programmes) onto human well-being (mortality). Fulfilling these aims is important in its own right, but also from a policy point of view. In terms of income inequality, an enhanced understanding of its determinants, will help facilitate the adoption of policies aimed at reducing it. This is particularly important, since a reduction in income inequality could have positive spill-over effects on other human well-being indicators such as health or education. Finally, a deeper understanding of the impact of financial crises helps to facilitate immediate policy responses that might better shelter those that suffer the most during periods of macroeconomic shocks. The overall findings of the thesis support the notion that financial (and economic) crises carry negative consequences for the most vulnerable parts of society. Vis-à-vis the determinants of inequality, the thesis finds that economic determinants carry more weight than political ones (and some of the determinants, for example, financial sector development, have an inverted U-shaped relationship with inequality). Finally, the thesis finds no evidence in support of the claim that rapid privatization in the countries of Central and Eastern Europe and the former USSR was associated with increases in mortality rates, further shedding light onto the social implications of the transition process.
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Martins, Joana Sofia Luís. "Credit risk of financial institutions." Master's thesis, NSBE - UNL, 2014. http://hdl.handle.net/10362/11692.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and EconomicsAlthough there is substantial literature on credit risk, studies often do not consider financial institutions. However, considering that several entities are exposed to these institutions, namely through the counterparty role that they play, it is of major relevance the accurate assessment of its credit risk. As such, this study aims at analysing three different models to measure credit risk of financial institutions and conclude which one best predicts credit rating downgrades. The three models studied comprise a credit scoring model; a naïve approach of the Merton (1974) Model; and CDS spreads. The results show that all three models are statistically significant to predict credit rating downgrades of financial institutions, though the latter two prove to better and more timely anticipate downgrades than the credit scoring model.
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Cheung, Lo. "International financial centers under different political systems a study of financial center development in China /." Click to view the E-thesis via HKUTO, 2006. http://sunzi.lib.hku.hk/hkuto/record/B36548340.
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Mokbel, Rita. "Systemic risk in financial economic institutions." Thesis, Besançon, 2016. http://www.theses.fr/2016BESA2080.
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Les crises financières et les problèmes se formaient mais les indicateurs ne sont pas précis pour permettre une intervention réglementaire. La thèse propose un modèle dynamique pour le système bancaire avec une banque centrale afin de calculer un indicateur de faillite en fonction de la probabilité qu'une banque soit en faillite et les pertes rencontrées dans le réseau financier, une méthodologie qui peut améliorer la mesure, le suivi et la gestion du risque systémique.La thèse propose également des mécanismes de compensation : 1- avec un modèle considérant l'ancienneté du passif et avec un type d'actif liquide dont la vente excessive conduit à un impact sur le marché, 2 - avec un modèle considérant les participations croisées entres les banques dont les engagements interbancaires sont de différentes séniorités et avec un type d'actif liquide dont la vente excessive conduit à un impact sur le marchéFinancial crisis pose important theoretical problems on creating reliable indicator of stability of financial systems on which basis the regulators could intervene. The thesis proposes a dynamic model of banking system were the central bank can calculate an indicator of potential defaults taking into consideration the probability for a bank to default and the losses encountered in the financial network, a methodology that can improve the measurement, monitoring, and the management of the systemic risk. The thesis also suggests a clearing mechanisms : 1- in a model with seniority of liabilities and one type of liquid asset whose fire sale has a market impact, 2 - in a model with crossholdings among the banks whose interbank liabilities may be senior and junior and with one liquid asset whose firing sale has a market impact
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Kang, Di. "TWO ESSAYS ON NONBANK FINANCIAL INSTITUTIONS." UKnowledge, 2014. http://uknowledge.uky.edu/finance_etds/3.
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Evidence shows that nonbanks, which are now significant participants in the corporate loan market, exploit information gained from lending to trade in public securities. In the first essay, I examine whether these institutions use loan-based information to facilitate merger and acquisition (M&A) deals. I find that firms are more likely to become targets if they borrow from nonbanks rather than banks. Borrowing from a larger number of nonbanks or from those with a sizeable client network also enhances a firm’s acquisition prospects. When nonbanks gain more information about borrowers through loan amendments or multiple loans, the impact of nonbank lending grows stronger. I also identify three channels that might allow nonbanks to exploit loan-based information in the M&A market.
In the second essay, I focus on the difference in covenant structure between nonbank loans and bank loans. Previous studies show that loans to riskier borrowers are more likely to have stronger financial covenants in order to mitigate agency problems and conflicts of interest between debt and equity holders. Interestingly, I find that nonbanks loans have fewer, less restrictive financial covenants than commercial banks, all else equal. Although the prior literature shows that banks play an active role in corporate governance following covenant violations, I find that nonbanks are less likely to intervene in borrowers’ decision making in similar circumstances. Nonbank borrowers are significantly more likely than bank clients to experience severe financial distress.
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Muley, Ameya (Ameya Sanjay). "Essays on frictions in financial institutions." Thesis, Massachusetts Institute of Technology, 2016. http://hdl.handle.net/1721.1/104485.
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Thesis: Ph. D., Massachusetts Institute of Technology, Department of Economics, 2016.Cataloged from PDF version of thesis.
Includes bibliographical references.
In this thesis, I explore the consequences of frictions in financial intermediation. I theoretically analyse two financial contracts commonly found in the modern shadow banking system-rehypothecation and securitisation. Rehypothecation is the direct repledging of the collateral received in a debt contract by the intermediate lender, while securitisation is the use of the debt contract itself as collateral. I show that rehypothecation enables more efficient reuse of the collateral by the intermediate lender. I emphasise the role of the limited pledgeability of the intermediary in differentiating between the two contracts. In what has significant implications for monetary policy, I also show that open market operations undertaken with the intention of increasing liquidity and investment will take away collateral from the rehypothecation chain and be counterproductive to investment down the chain. I also examine the possibility of distortions created by large global financial institutions on emerging financial markets. In the context of India, I find that prices of firms that receive foreign institutional investor flows are not differentially affected relative to the firms that don't.
by Ameya Muley.
Ph. D.
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Benelli, Roberto 1971. "Essays on institutions for financial stability." Thesis, Massachusetts Institute of Technology, 2002. http://hdl.handle.net/1721.1/8406.
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Thesis (Ph.D.)--Massachusetts Institute of Technology, Dept. of Economics, 2002.Includes bibliographical references (p. 150-155).
This thesis includes three essays on the interaction between financial market institutions and market liquidity, and its implications for financial stability. The first essay studies an overlapping generations model of a risky asset market in which some agents face a participation cost. Market participation, by affecting the size of the pool of potential holders of the risky asset, determines the liquidity of the asset market. This essay studies how the frictions that are associated with capital requirements on financial institutions affect their incentives to supply liquidity to the market. The participation decision generates a positive and a negative externality, and the interaction between the two externalities can give rise to multiple equilibria in participation, i.e. to "liquidity cycles". The second essay studies the complementary problem of the optimal design of incentive systems for financial institutions in the context of limited market liquidity. In a contract between a borrower and a lender, financial incentives are provided by requiring the borrower to finance a sufficiently large share of her investment project. In the states of nature in which many projects are liquidated simultaneously, liquidation in private contracts is excessive relative to the efficient (second-best) contract chosen by a planner who internalizes the externality working through the liquidation price. This essay studies whether capital requirements on the borrowers can implement the second best allocation, and if not what kind of policy instruments can implement it.
(cont.) The last essay presents a model of international lending that is built on a basic form of contractual incompleteness: foreign investors cannot commit to provide state-contingent or long-term finance to domestic entrepreneurs. This form of contractual incompleteness implies that there is excessive liquidation of socially viable projects in the competitive equilibrium that emerges in decentralized markets. Institutions that manage to limit liquidation have the potential to improve welfare.
by Roberto Benelli.
Ph.D.
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Wolahan, Mollye A. (Mollye Ann) 1967. "Environmental risk assessment in financial institutions." Thesis, Massachusetts Institute of Technology, 1999. http://hdl.handle.net/1721.1/70723.
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Thesis (M.C.P. and S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1999.Includes bibliographical references (leaves 52-54).
Have the environmental risk assessment policies and procedures instituted by banks been successful in promoting the welfare of the environment? Have these policies and procedures succeeded in protecting banks from environment related liability? This thesis examines the impact of environmental risk management processes on the lending practices of banks. It also evaluates the success of these processes in achieving the goals for which they were implemented. In underwriting environmental risk, financial institutions are primarily concerned with the degree to which they are exposed to liability for the cleanup of a collateralized property. Through this thesis research, it was found that bank lending practices do not address issues of environmental sustainability, such as product and building design, and air and land quality. These issues of environmental sustainability are indirect factors that are not given much weight by the banks since banks are concerned about the direct risk factor of liability. There are three reasons why the lending policies of banks are narrowly focused on direct liability risks: (1) the creation of unlimited liability for banks by federal legislation (2) the focus of banking regulations on this liability and (3) the short time frame that banks use in their credit models. The findings of this research show that banks still have significant sources of direct environmental risk. The regulatory system that has defined the environmental risk factors for banks has proven itself inefficient. Based on the cases presented in this thesis, banks have not decreased the contamination of the properties held in the portfolios. The banks have responded to this regulatory environment by insulating themselves against liability risk. The regulatory environment has created a dead-weight loss to the banking system, where the banks incur costs for addressing environmental liability risk, yet there is little increased benefit to society. A question that arises in reviewing these findings is: if banks are afraid to lend to environmentally contaminated properties because of liability concerns, why haven't other players stepped in fill this void by charging more to the borrowers of these potentially contaminated sites? Other areas of the economy have segmented in reaction to this type of market failure. For example, there is a lending market that targets homeowners who need credit but who have poor credit histories. Why does the market for high-risk environmental loans remain undifferentiated? While the limits of this study preclude offering a comprehensive answer to this question, the initial findings of this study do provide insight and guidelines for further research.
by Mollye A. Wolahan.
M.C.P.and S.M.
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Gulled, Abdirahman, and Jakaria Hossain. "Bitcoins challenge To The Financial Institutions." Thesis, Umeå universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-149842.
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Bitcoin is a cryptocurrencyand worldwide decentralizedpayment system. The network is conducted through peer-to-peertransactionsand these transactions are verified by using cryptography technology. Blockchain technology keeps the records of public distributed ledger. Bitcoins are created as a rewardfor the public who are interested to earn it known as ‘mining’.This currency can be converted into other currencies, services and products. Lately, Bitcoin has been emerging as the well-known digital currency and getting popularity all over the world for quick transition. Moreover, this cryptocurrency will be a potential financial asset for investors because of its profitable returns. The researchers perceived that there is a significant impact of Bitcoin upon traditional transaction system which influenced us to conduct this study. The purpose of this research is to remark the ways how Bitcoin challenges the traditional transaction systemand to assess the future planning structure for traditional financial institutions to compete with digital currency. Bitcoin is the profitable platform for the miners and the investors, but little bit threat for the traditional bankers and the governments. Therefore, the attitudes and ideas of people (related with Bitcoin dealings) from different background have been assessed and analyzed for this research. The authors conducted questionnaires among the people who are acquainted with both Bitcoin and traditional transaction system and tried to find out solution of research question. We used a qualitative research methodology where we conducted semi-structured interviews. The data has been analyzed based upon the interviewees’ perspective. While preparing this research paper the authors examined the previous research in this field. In addition, there are lots of scope for further research regarding Bitcoin issue, as well as the opportunities and threats for the other financial institutions. The researchers explained the suggestions for further research which might be the guidelines for the traditional financial institutions. We faced some limitations and problems from different aspects to accomplish this research paper. The researchers came to the conclusion that Bitcoin is a challengeable instrument for the traditional transaction system. However, this cryptocurrency has some unavoidable risk and the questionable image which often used to support criminal activities. As because there is no governing authority, clearing house or central bank's involvement; thus, it bears uncertainty for the Bitcoin stockholders. In this study, we have been able to deepen the knowledge and found the solution how Bitcoin affects the traditional transaction system.
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Promboon, Wipawin Brown Gregory W. "Capital flows, institutions, and financial fragility." Chapel Hill, N.C. : University of North Carolina at Chapel Hill, 2009. http://dc.lib.unc.edu/u?/etd,2331.
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Thesis (Ph. D.)--University of North Carolina at Chapel Hill, 2009.Title from electronic title page (viewed Jun. 26, 2009). "... in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the Kenan-Flagler Business School Finance." Discipline: Business Administration; Department/School: Business School, Kenan-Flagler.
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Hidayah, Nunung. "Religious compliance in Islamic financial institutions." Thesis, Aston University, 2014. http://publications.aston.ac.uk/24762/.
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The central goal of this research is to explore the approach of the Islamic banking industry in defining and implementing religious compliance at regulatory, institutional, and individual level within the Islamic Banking and Finance (IBF) industry. It also examines the discrepancies, ambiguities and paradoxes that are exhibited in the individual and institutional behaviour in relation to the infusion and enactment of religious exigencies into compliance processes in IBF. Through the combined lenses of institutional work and a sensemaking perspective, this research portrays the practice of infusion of Islamic law in Islamic banks as being ambiguous and drifting down to the institutional and actor levels. In instances of both well-codified and non-codified regulatory frameworks for Shariah compliance, institutional rules ambiguity, rules interpretation and enactment ambiguities were found to be prevalent. The individual IBF professionals performed retrospective and prospective actions to adjust the role and rules boundaries both in the case of a Muslim and a non-Muslim country. The sensitizing concept of religious compliance is the primary theoretical contribution of this research and provides a tool to understand the nature of what constitutes Shariah compliance and the dynamics of its implementation. It helps to explain the empirical consequences of the lack of a clear definition of Shariah compliance in the regulatory frameworks and standards available for the industry. It also addresses the calls to have a clear reference on what constitute Shariah compliance in IBF as proposed in previous studies (Hayat, Butter, & Kock, 2013; Maurer, 2003, 2012; Pitluck, 2012). The methodological and theoretical perspective of this research are unique in the use of multi-level analysis and approaches that blend micro and macro perspectives of the research field, to illuminate and provide a more complete picture of religious compliance infusion and enactment in IBF.
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Anderson, Jiari Ebony. "Decreasing Unethical Behaviors in Financial Institutions." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5820.
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An ethical climate helps to ensure a trustworthy organizational culture. This multiple case study explored strategies that banking managers in the southeastern region of the United States used to decrease unethical employee behaviors. The target population included 6 banking managers who demonstrated effective strategies to help ensure an ethical culture and decease unethical behaviors. Hunt and Vitell's ethical decision making theory served as the conceptual framework for this research. Data were obtained from face-to-face interviews and the review of archival data from website information. Data analysis involved an inductive examination following case descriptions. Intensive leadership skills and managers' effective communication emerged as the significant themes. Strategies that facilitated group effort in participants' organizations related to developing comprehensive training programs and policies and procedures. Organizational leaders that promote ethical behaviors can bring about positive change by encouraging inclusive growth, creating productive economic opportunities for individuals, alleviating poverty throughout communities, and contributing to the health and education of those communities.
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Aleraig, Mahmoud Ali M. "Exploring perceptions on financial reporting standards in Islamic financial institutions." Thesis, Durham University, 2015. http://etheses.dur.ac.uk/11356/.
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Islamic finance, emerged in modern times, as a religiously or Shari’ah constructed financial method and institution with the objective of providing religio-ethical financial solutions. Due to its different and unique nature, it is considered by that a special accounting system based on Shari’ah that fulfils the particular requests of Islamic finance instruments is required. For this purpose, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) have been issuing and developing Islamic accounting standards. Nevertheless, those standards are not adopted by most of the Islamic financial institutions (IFIs) that are still reporting with International Financial Reporting Standards (IFRS), which are issued for conventional financial institutions. It is, on the other hand, claimed that IFRS may be irrelevant to the needs of other cultures and people of the world especially for institutions emerged from Islamic worldview, such as Islamic banks and financial institutions due to the nature and working mechanism of these institutions. This study, hence, aims at exploring and critically investigating the main environmental factors influencing the adoption of IFRS to IFIs. This study also aims to investigate empirically the need for special accounting treatments for Islamic financial institutions that is reliable worldview, and in consistent with the values and socioeconomic formation of Muslim society by harmonising or merging with AAOIFI and IFRS. The identified research questions were responded through primary data collected from a survey questionnaire, which, among other things, mainly attempted to explore IFIs in relation to their position as to whether they would prefer to account under IFRS issued by the IASB or under the Financial Accounting Standards or FAS issued by the AAOIFI. This questionnaire, also aimed at exploring the perceptions of the participants regarding accounting practices employed in different Islamic institutions and the issue of considering adopting a particular accounting system that satisfy their needs if it is available. In addition, the questionnaire also aims to investigate the perceptions of the participants on the nature of Islamic finance and whether IFRS is considering its special needs. Furthermore, particular attempt is made to measure the perceptions on rationalising Islamic accounting as a practice and as a paradigm. The study finds that most of the IFIs participated in this study employed IFRS’ as the main accounting system, which resulted in a number of problematic issues in treating Islamic finance transactions and contracts and endogenising other religious elements, such as the prohibition of riba and paying zakat. The findings also indicate that employing IFRS in the IFIs is not applicable within the normative world and the requirements of Islamic finance as aspired by the foundational axioms developed by Islamic moral economy despite the extensive use of it in current times. Therefore, in order to be authentic IFIs require special accounting standards that are different from the IFRSs, such as AAOIFI accounting standards, which may be considered as rationalising the emergence of Islamic accounting as a practice and field, which was the case in history.
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Cheung, Lo, and 張露. "International financial centers under different political systems: a study of financial center development inChina." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2006. http://hub.hku.hk/bib/B36548340.
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Nesarul, Karim. "Export financing in Bangladesh: a study of export credit by financial institutions." Thesis, University of North Bengal, 2003. http://hdl.handle.net/123456789/566.
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Costa, Neto Nelson. "Essays on information asymmetry and financial institutions." Thesis, London School of Economics and Political Science (University of London), 2012. http://etheses.lse.ac.uk/653/.
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The thesis consists of three chapters that investigate informational asymmetry mechanisms surrounding financial institutions. In the first chapter, my co-authors and I develop a theoretical model to analyse the effect of competition on the conflict of interest arising from the issuer pay compensation model of the credit rating industry. We find that relative to monopoly, rating agencies are more likely to inflate ratings under competition, resulting in lower expected welfare. These results do not depend on the presence of ratings shopping, but instead focus on the trade-off between maintaining reputation (to increase profits in the future) and inflating ratings today (to increase current profits). In the second chapter, I document a direct link between stock mispricing, as proxied by mutual fund flow-driven price pressure, and corporate investment. One standard deviation increase in stock price pressure leads to an increase of 1.3 percent in investment. High price pressure firms with high investments have lower future stock returns and lower future operational performance than high price pressure firms with low investments. Investment sensitivity to price pressure is stronger for firms that are less financially constrained, firms with high churn rates (shorter horizon) and firms with high R&D intensity (with more opaque assets). Finally, investment sensitivity to price pressure remains positive and significant for firms that do not engage in seasoned equity offerings around the investment period, suggesting there is a channel between stock price pressure and corporate investment that is independent of external financing. The third chapter documents a pronounced market timing ability of institutional investors when it comes to selling individual stocks. Based on more than 8 million institutional trades over the period 1999 to 2009, my co-authors and I document that (i) large (block) sales of institutional investors correlate with future negative excess returns, while stock purchases do not predict positive excess returns at the stock level,(ii) the one-sided successful market timing of block liquidations is more pronounced if the block represents a larger share of the investor portfolio or/and the stock capitalization, (iii) international investors have a weaker one-sided timing ability for block liquidations. The evidence strongly supports the hypothesis that proximity of block holding investors to management provides important inside information advantages.
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Horder, Jakob. "Essays on financial institutions, inflation and inequality." Thesis, London School of Economics and Political Science (University of London), 1997. http://etheses.lse.ac.uk/83/.
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The first essay takes a political economy perspective to explain differences in inflationary performance in the post communist economies. It is argued that these differences largely result from political choices rather than structural differences. Based on empirical evidence we describe some institutional mechanisms that can prevent reversal of stabilisation policies after a change of government. The second essay uses an overlapping generations model of money to analyse what the consequences are, for the distribution of real assets and inflation, of having more than one agent extracting seigniorage. As described in the first essay uncoordinated monetary policy caused continued high inflation in some transitional economies. Here it is shown how Russia's inflationary performance after liberalisation can be explained by our model. The third essay uses a moral hazard framework to derive a testable hypothesis linking the degree of inequality and the volume of financial intermediation. This link is part of the transmission mechanism running from inequality via the financial sector to real growth in some recent models of economic development. We test the hypothesis using a new World Bank data set on inequality and find only partial support for the moral hazard model in the data. The fourth essay uses a random matching framework to model a financial market without intermediation. The economic consequences of this are analysed and it is shown that in the search economy the dispersion of project returns can affect the growth rate. This is not the case in the intermediated economy where only the mean of the project return distribution matters for growth.
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Kolasinski, Adam. "Essays in corporate finance and financial institutions." Thesis, Massachusetts Institute of Technology, 2006. http://hdl.handle.net/1721.1/37112.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2006."June, 2006."
Includes bibliographical references.
Chi: Subsidiary Debt, Capital Structure, and Internal Capital Markets I investigate external subsidiary debt financing and its implications for internal capital markets. I find that firms tend to finance business segments with subsidiary debt when those segments have better investment opportunities than the rest of the firm, and such debt tends to be parent-guaranteed. I also find that having such debt outstanding significantly reduces the effect of a segment's cash flow on the capital expenditures of other segments. These findings suggest that firms use subsidiary debt to protect their stronger segments from the underfunding or "poaching" problems modeled in theories of internal capital markets. In addition, I find that firms use subsidiary debt for reasons related to traditional capital structure concerns. Ch2: Is the Chinese Wall too High? I test whether new regulatory restrictions on cooperation between analysts and investment bankers adversely affect equity research coverage. Contrary to the hypothesis, I find that firms engaging in SEO's enjoy just as large an increase in analyst coverage in the post-regulatory period as they do in the pre-regulatory period.
(cont.) In addition, while I find that analyst coverage in the post regulatory period significantly declines for new IPOs, it declines by an equal amount for a control group of comparable firms that pay no such fees. Making the identifying assumption that any adverse consequences of the new restrictions should be larger for IPO's, I conclude that the restrictions have no adverse impact on analyst coverage. Ch3: Investment Banking and Analyst Objectivity' This chapter uncovers evidence that conflicts of interest arising from M&A advisory relations influence analysts' recommendations, corroborating regulators' and practitioners' suspicions on a topic not previously examined in the academic literature. In addition, the M&A context allows us to disentangle the conflict of interest effect from selection bias. We find that analysts affiliated with acquirer advisors upgrade acquirer stocks around M&A deals, even around all-cash deals, wherein selection bias is unlikely. Also consistent with conflict of interest, but not selection bias, target-affiliated analysts publish optimistic reports about acquirers after, but not before, the exchange ratio of an all-stock deal is set.
by Adam C. Kolasinski.
Ph.D.
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Emenalo, Chukwunonye Obi-Ogulo. "Institutions and financial system development in Africa." Thesis, University of Hertfordshire, 2014. http://hdl.handle.net/2299/14436.
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Recent research suggests that financial system development is important for economic development and for reducing financing constraints of firms (Levine, 2005). Consequently, researchers started investigating the factors that determine financial system development. A group of factors that have been identified are institutional factors. Many researchers have investigated the theoretical and empirical links among historical institutional factors, current institutional factors, and financial system development (Beck and Levine, 2005). There are, however, few studies that have investigated extensively the theoretical and empirical links among institutional factors and financial system development within the African context. Africa provides an interesting context to empirically validate and refine many of the theories that have been postulated to explain the relationships among historical and current institutional factors and financial system development. This is because Africa is in the process of developing its institutions and reforming existing ones and offers an opportunity to examine the impact of institutional factors on financial system development in nascent contexts. Therefore, this dissertation investigated the following research question: To what extent are institutional factors determinants of financial system development in Africa? To answer this research question, this study empirically evaluated the effects on financial system development of historical institutional factors that have been identified by four theories: legal origins theory, disease endowment theory, religion-based theory, and ethnic fractionalisation theory. Moreover, current institutional factors identified by the law and finance theory as possible determinants of financial system development were empirically examined. Furthermore, the links among historical and current institutional factors were empirically studied. The results show that the disease endowment variables are the only historical institutional factors that explain cross-country variation in financial system development in Africa. Additionally, this study finds that the institutional enforcement quality and efficiency of the judicial system are the only current institutional factors that explain cross-country variation in financial system development in Africa. Current institutional factors such as the efficiency of the legal property system and the quality of the credit information infrastructure do not appear to have effects on financial system development. Moreover, the institutional enforcement quality seems to be one of the possible channels through which disease endowment affects financial system development in Africa. This study also reveals that there are few statistically significant links among historical and current institutional factors within the African context. To my knowledge, this is the first study to show some of these empirical links among historical institutional factors, current institutional factors, and financial system development for the African context. The main conclusion of this dissertation is that institutional factors seem not to be determinants of financial system development in Africa to a large extent. In essence, institutional factors appear to matter for financial system development in Africa, but not as much as might have been expected judging from many calls for institutional reforms from the World Bank and others. The theoretical and policy implications of the findings of this dissertation are discussed, and future areas of research are also proposed.
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Yan, Jinghua. "Essays on corporate finance and financial institutions." online access from Digital Dissertation Consortium, 2007. http://libweb.cityu.edu.hk/cgi-bin/er/db/ddcdiss.pl?3271837.
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Buddy, Nancy J. "Analyzing the Financial Condition of Higher Education Institutions Using Financial Ratio Analysis." Thesis, University of North Texas, 1999. https://digital.library.unt.edu/ark:/67531/metadc2194/.
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The problem concerned the financial indicators used to evaluate the financial condition of the six sister higher education institutions under the authority of the Board of Regents of Oklahoma Colleges. The purposes were to determine the financial ratios that best indicate financial condition; to calculate those financial ratios for the six designated Oklahoma higher education institutions; and to evaluate and compare the financial condition of the six institutions. This study attempted to further the use of financial ratio analysis as an objective addition to subjective studies that examine an institution's definition of its mission, objectives, and goals and its own assessment of the degree to which its resources allow it to attain those goals. The data were obtained from the Integrated Postsecondary Education Data System; the financial reports were audited by independent certified public accountants and presented to the Board of Regents of Oklahoma Colleges; and John Minter Associates, Inc., provided the national norms. The set of financial ratios identified provides a means to study a single higher education institution through trend analysis and in comparison to national norms. It also works well with a sample of homogeneous institutions with interinstitutional comparison. The techniques are intended to provide a general profile of an institutions financial health. Cause-and-effect ratio analysis has been proposed as another technique to aid administrators in determining changes in their financial statements and what may have caused them. The study identified a set of financial ratios that summarize the financial condition of a higher education institution. The ratios helped to analyze the financial solvency and viability of the six Oklahoma higher education institutions and focused on the ability of the institutions to meet current and future financial requirements. The importance of financial statement analysis should not be underestimated. The understandable format of financial ratios allows virtually any stakeholder to acquire a basic comprehension of the most critical financial policies of institutions and their financial condition.
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Käfer, Benjamin [Verfasser]. "The Interaction between Financial Stability and Financial Institutions: Some Reflections / Benjamin Käfer." Kassel : Kassel University Press, 2016. http://d-nb.info/1125910100/34.
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Blanco, José C. "Financial Innovation." DigitalCommons@USU, 1996. https://digitalcommons.usu.edu/etd/3912.
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This dissertation was a study of the impact of financial innovation upon financial institutions and some of the collateral macroeconomics effects. Financial innovation has impacted the distribution of household assets throughout the Group of Seven (G-7) countries and indirectly negatively influenced the usage of traditional monetary aggregates as a reliable tool to forecast the growth in the domestic money supply between 1960 and 1990.
The empirical results indicate that the adoption of financial innovations by large U.S. commercial banks has not influenced their return on equity and the return of assets between 1990 and 1994. The variability of the return on equity and return on assets is reduced by those banks that have incorporated financial innovations over time.
The policy implications of these results indicate that sufficient market instruments exist to assist banks to control interest rate exposure caused by the volatility of interest rates and uncertain funding sources. Any intervention by regulatory authorities could be welfare-decreasing for banks and possibly increase the level of interest rates or reduce the supply of credit to prospective borrowers.
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Lao, Qionghua, and 劳琼花. "A comparative study of financial centres of Hong Kong, Beijing, Shanghai and Shenzhen." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2011. http://hub.hku.hk/bib/B47850000.
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The rise of Chinese economy has favoured the growth of several financial centres in China. This phenomenon has drawn much attention to several scholars who focus on the relationship between Hong Kong and Shanghai. With a few exceptions, the relationship among Beijing, Hong Kong, Shanghai and Shenzhen have not been satisfactorily revealed, while financial competition and cooperation among them are also far from clear.
This thesis examines the financial systems of Hong Kong, Beijing, Shanghai and Shenzhen to show their strengths and weaknesses. Financial markets, such as the stock market, bond market, funds market, insurance market, futures and derivatives market as well as the foreign exchange market are all included in this study. In addition, other important players (banking industry and multinational corporations) in the financial system are covered. This study shows that Hong Kong’s strengths lie in its stock, fund, insurance, financial futures and options, foreign exchange and its related derivatives markets, banking industry as well as the attractions of multinational corporations; whereas it is weak in parts of the stock market, the GEM, bond, PE/VC funds and commodity futures markets. Beijing is an important player in the banking industry, stock, bond, private equity fund, VC fund and insurance markets. However, it is not so developed in regard to foreign currency bond, fund (excluding PE and VC funds), financial futures and options, foreign exchange and related derivatives markets, foreign banking and the attractions of multinational corporations. Shanghai is considered to be at a similar level of ranking as Beijing. It is the capital centre of China and has the no.1 fund market in the Mainland although weaker than that of Hong Kong. Shanghai is also strong in foreign banking industry and the attraction of multinational corporations. Whereas Shanghai is weak in its banking industry (excluding foreign banking), bond market, PE/VC funds, financial futures and options as well as foreign exchange markets. Shenzhen is the weakest financial centre, with its advantages in the SME board, ChiNext and VC funds. Another finding of this study reveals that, except for the previous studies on financial centre competition and cooperation in China, there are still some potential areas such as the financial cooperation between the HKEx and SSE, the GEM and ChiNext as well as the financial competition of the private equity fund industry between Hong Kong and Beijing for the financial competition and cooperation of Beijing, Shanghai, Shenzhen and Hong Kong.
The research findings of this thesis have both theoretical and political implications. Theoretically, the study reflects the significance of an information hinterland as well as law and finance theory in the Chinese financial market and also proves the importance of Beijing as a financial centre in China. Empirically, this thesis offers some implications for policy marking to enhance the better development of these financial centres. Specifically, Mainland China should further promote its regulatory and legal quality in order to provide better regulation and supervision on the financial system. In addition, it should put more effort to promote the development of industries that perform well in Hong Kong, Beijing, Shanghai and Shenzhen.published_or_final_version
Geography
Master
Master of Philosophy
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Werth, B. "Uncertainity in IT outsourcing of large financial institutions." Thesis, Manchester Metropolitan University, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.543247.
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Tong, Jian. "Technology, industrial structure, financial institutions and economic growth." Thesis, London School of Economics and Political Science (University of London), 2001. http://etheses.lse.ac.uk/1676/.
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This thesis studies the relationship between technology and industrial structure in the context of a growing market economy. Chapters 2 and 5 develop some general equilibrium models which permit a study of the relationship between quality competition, market structure and growth. Both market structure and the rate of growth are determined endogenously as functions of underlying parameters describing the pattern of technology and tastes, and the institutional environment. It is argued that quality competition constitutes an economic mechanism of primary importance, which provides essential incentives for innovation at the industry level, while also contributing to aggregate technological progress by way of R&D spillover effects. A related theme of the thesis is that constraints on quality competition are detrimental to growth. Chapter 3 presents a theoretical model which explains certain statistical regularities regarding cohort survival patterns, the persistence of firm turnover, and the appearance of shakeouts during an industry life cycle. By treating the market as comprising a number of strategically independent submarkets, this analysis separates the strategic interaction effects which occur at the submarket level, from the independence effects which operate across submarkets. Chapter 4 studies competition between two cohorts of radically different but substitutable technologies. By analyzing the entry of new-technology- based firms, the exit of incumbents and subsequent quality competition, this chapter explores the impact of a radical innovation on market structure and on the turnover of firms. Two critical levels of the parameter which measures the efficiency of the new technology are identified: the first must be attained for 'creative destruction' to take place, while the second must be attained for this 'creative destruction' process to take a 'drastic' form which involves the complete replacement of currently active firms by a wave of new entrants.
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Schmied, Julian. "Financial performance and social goals of microfinance institutions." Universität Potsdam, 2014. http://opus.kobv.de/ubp/volltexte/2014/6769/.
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Critics argue that there has been a trend among Microfinance Institutions (MFI) to focus on profitability in order to stay financially sustainable. This made some institutions neglect the social mission of microfinancing. In this paper I intend to examine if empirical evidence supports this so called mission drift hypothesis as well as other claims in this context. Using the global panel data set of the MIX (Microfinance Information Exchange), which gathers from 1995 to 2010 and contains up to 1400 institutions with a high variety of organizational forms, I was able to identify a world-wide mission drift effect in their social goal of reaching out the poorest part of the population. Furthermore, I find that, on average, the outreach of an MFI has a significant negative influence on its short and long term financial performance. Despite that, I eventually proved that the probability that an MFI worsens its social performance substantially increases if its profitability has decreased in the previous years.Das Konzept der Mikrofinanzierung wurde, insbesondere im Zuge der Mikrofinanzkrisen in Asien und Südamerika zunehmend kritisiert. Dabei stand vor allem die Kommerzialisierung der Branche im Zentrum der Kritik. In dieser Studie soll daher unter anderem die sogenannte „Mission Drifts”-These also dass das eigentliche Ziel des Mikrokreditwesen aus den Augen verloren wurde, empirisch überprüft werden. Mit Hilfe des Microfinance Information Exchange (MIX) Datensatzes, wurden Paneldaten von bis zu 1.400 Kreditinstitutionen, mit unterschiedlichen (Rechts-)formen, aus den Jahren 1995 bis 2010 ausgewertet. Die Regressionsanalyse hat gezeigt, dass Profitablität in der Tat einen negativen Einfluss auf das Ziel hat, möglichst arme Menschen zu erreichen. Auch der Trade-off zwischen der Reichweite von Mikrokrediten und kurzfristiger sowie langfristiger Profitabilität konnte nachgewiesen werden. Die Daten zeigten aber auch, dass Mikrofinanzinstitution dazu tendieren soziale Ziele zu vernachlässigen, wenn es im vergangenen Geschäftsjahr finanziell bergab ging.
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Holloway, Tony. "Financial management and planning in higher education institutions." Thesis, Brunel University, 2006. http://bura.brunel.ac.uk/handle/2438/411.
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The aim of this dissertation is to examine whether there is a better way in which higher education institutions might approach financial management, including the way in which they choose to allocate resources within their institutions. Why do I ask this? On the basis that higher education institutions exist not only to educate students, but also to contribute to the development and furtherance of knowledge, as well as making a contribution to the national economy in terms of expertise and commercialisation of intellectual property, I considered the way in which my own institution addressed these issues from the perspective of seeking to ensure that the resources available to it were allocated in a manner that may best facilitate the achievement of these objectives. I was not convinced that my own institution’s relatively ‘simple’ model of allocating resources in relation to student numbers, based on the model used by the Higher Education Funding Council for England (HEFCE), was the best way of achieving the objectives set out in the preceding paragraph. A number of questions sprang immediately to mind. How does the model address the issue of quality? How does the model address the achievement of the institution’s strategic objectives? How does the model address the issue of directing resources to areas identified as key to the institution’s academic offering? The list was endless. The dissertation draws on my own experience across a range of sectors, and I chose the National Health Service as a comparator group that exhibits many of the characteristics of higher education institutions. It is a large consumer of public resources, is labour intensive, and needs to prioritise the allocation of resources to deliver strategic and national objectives. In light of this, I believe that it is legitimate to draw on the experience of the review of the National Health Service from 1974, particularly in the 1970s and early 1980s, that review being based on the applicability of two financial management techniques, Rationalism and Incrementalism.
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Wolfe, Simon St John. "An economic analysis of financial institutions' accounting practice." Thesis, University of Southampton, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.243653.
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Baestaens, Dirk-Emma. "The market impact of regulations on financial institutions." Thesis, University of Manchester, 1990. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.629577.
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This study aims at establishing an ex ante view of the attributes and determinants of systemic instability occurring in an economic system. Any rational discussion of the phenomenon of instability which leads to an evaluation of possible stabilisation measures has as its starting point an objective and unambiguous framework for detecting the existence and severity of episodes of instability. The difficulty of discriminating between periods of high stress in which successful action was taken to abort the crisis and episodes in which no or unsuccessful action was taken implies researchers are left in the unsatisfactory position of evaluating the efficiency issue from the context of potential Type I Errors rather than from a framework encompassing Type II Errors. It is conjectured that an economy may be under strain when its variables take extreme joint states within a fitted static multivariate distribution. The Mahalanobis Distance was used as an empirical proxy for this concept of strain, and was compared with two univariate proxies and one multivariate substitute. Robust sets of Mahalanobis outliers were identified, suggesting the single-economy and multi-economy systems under study have undergone periods of strain in this empirical sense. The Mahalanobis distances were decomposed to show the structure of the disturbances that appear to have substantive meaning. The estimation of the frequency and intensity of shocks yielded some insights in the regulatory efficiency debate.
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Minegishi, Shinya. "Research on the mutual financial institutions : comparative study." Thesis, London Metropolitan University, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.523006.
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Hessou, Hélyoth. "Essays on financial institutions capital and liquidity regulation." Doctoral thesis, Université Laval, 2020. http://hdl.handle.net/20.500.11794/67776.
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Cette thèse comprend quatre articles résumés qui vont comme suit : Le premier essai étudie le comportement d’ajustement au capital réglementaire dans un régime de capital réglementaire multiple. La présence de cet essai est motivée par le fait que les modèles d’ajustement au capital bancaire existants déjà dans la littérature ne modélisent que l’ajustement à une seule mesure de capital et ne tiennent donc pas compte de l’importante corrélation entre les différentes normes de capital. Les résultats issus de ce travail sont de deux ordres. Premièrement, il est montré que la réglementation de deux ratios de capital (ajusté ou non au risque) est assimilable à la réglementation d’un ratio unique de capital (non ajusté au risque) dont la limite est assimilable à la valeur d’une option d’achat avec comme sous-jacent le taux de risque (réglementaire) des actifs bancaires. Une analyse de l’expérience du Canada et des États-Unis offre une justification supplémentaire à la résilience relative des banques canadiennes lors de la dernière crise des subprimes des années 2007. Le deuxième essai se consacre à l’analyse de la norme de coussin contracyclique introduite sous Bâle III. Cette norme vise à lisser les fluctuations cycliques indésirables dans le capital bancaire qui affectaient négativement l’octroi de crédit par les banques surtout en période de crise. Ce travail vise à quantifier le niveau de coussin requis en tenant compte des composantes cycliques du capital bancaire. Une analyse de l’implication des nouvelles normes de liquidité est également abordée. Le troisième essai analyse l’adéquation de l’application des nouvelles normes de capital contracycliques de Bâle III avec les coopératives de crédit canadiennes. En se basant sur les données des bilans comptables des coopératives canadiennes entre la période 1996 et 2014, Cet essai démontre que, contrairement aux institutions bancaires, les coopératives possèdent déjà une stratégie de gestion contracyclique pour leur coussin de capital. À cet effet, une introduction des nouvelles normes de coussin contracycliques n’affectera pas leur comportement d’ajustement. L’analyse révèle que le coussin de capital des coopératives de crédit sous-capitalisées sont procycliques et donc qu’une attention particulière de la part des régulateurs à l’endroit de ces coopératives serait nécessaire. iii Le quatrième essai est une extension de celui qui le précède ce sens où il analyse l’effet du capital réglementaire sur l’activité d’intermédiation des coopératives de crédit canadiennes. Nos résultats suggèrent que la croissance du portefeuille de prêt croît positivement avec le niveau de capitalisation des coopératives de crédit. À l’inverse, la croissance du portefeuille est négativement liée aux changements ou ajustements dans le capital réglementaire. Cette observation suggère que les coopératives de crédit devraient être encouragées via l’implémentation et le respect d’exigences de coussin de capital (de conservation et contracyclique) qui viseraient à détenir des niveaux suffisants de capitalisation.The review of the articles included in this thesis can be summarized as follows: The first essay examines the behavior of regulatory capital adjustment in a multiple capital requirement regime such as the Basel III one. This essay is motivated by the fact that the existing bank capital adjustment models are designed to address adjustment towards a single capital ratio. Our findings are numerous. Firstly, it appears that the joint regulation of two capital ratios (adjusted and unadjusted for risk) is assimilated to the regulation of a single capital ratio (not adjusted to risk), whose limit is assimilated to the value of a call option written on (regulatory) asset risk ratio. An analysis of both the Canadian and US experiences in the joint capital regulation provides further justification for the relative resilience of Canadian banks (in comparison with their US counterparts) during the last subprime crisis of late 2007. The second essay is devoted to the analysis of the counter-cyclical buffer standard introduced under Basel III. This standard aims to smooth undesirable cyclical fluctuations in bank capital as this negatively affect the granting of credit by banks, especially in times of crisis. This work aims to quantify the required level of cushion by taking into account the cyclical components of bank capital. The implications of the new liquidity standards are also discussed. The third essay analyzes the appropriateness of the new counter-cyclical capital standards of Basel III to Canadian credit unions regulation. Based on data extracted from Canadian financial cooperatives balance sheets over the period between 1996 and 2014, this essay shows that unlike banking institutions, credit union capital is already countercyclical, and therefore the introduction of the countercyclical buffer would not alter their intermediation activities. However, the analysis also reveals that the capital cushion of under-capitalized credit unions is pro-cyclical, and therefore these credit unions need close monitoring from regulators regarding their adjustment behaviors following countercyclical measures’ adoption. v The fourth essay is an extension of the previous one in that it analyzes the effect of regulatory capital on lending by Canadian credit unions. Our findings suggest that the growth in the Canadian credit unions loan portfolio is positively associated with the level of capitalization. In contrast, we uncover a negative relation between change in credit union capital and the growth of their lending portfolio. This finding suggests that credit unions should be encouraged to hold adequate levels of capital. This can be achieved through the implementation of conservative and countercyclical capital requirements as advocated for banks.
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Bertucci, Louis. "The role of financial institutions : limits and perspectives." Thesis, Paris Sciences et Lettres (ComUE), 2019. http://www.theses.fr/2019PSLED036.
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A travers les siècles, les institutions financières ont façonné le paysage financier et influencé l’activité économique. L’objectif de cette thèse est de mettre en évidence, d’un point de vue théorique, les limites fondamentales des institutions modernes et d’en déduire les implications concernant le futur rôle de ces institutions.Le premier chapitre propose un analyse des Chambres de Compensation. A la suite de la crise financière de 2008, les autorités financières à travers le monde ont mis en place des réglementations imposant la compensation centrale sur la plupart des produits dérivés. Nous montrons que la compensation centrale nécessite un plus grand niveau de liquidité que la compensation bilatérale.Le second chapitre présente un modèle d’apprentissage en temps continu censé représenter le processus d’apprentissage d’une institution par rapport à une information cachée détenue par le marché. A l’équilibre, le niveau d’incertitude perçue par les agents, constitue une limite fondamentale du rôle des institutions financières.Le dernier chapitre introduit et analyse le Lightning Network qui est un réseau de paiement basé sur la Blockchain. Il permet aux utilisateurs de transférer de la valeur de façon instantanée sans avoir recours à un tiers de confiance. Nous discutons des implications à propos de la structure de ce réseau de paiement ainsi que de sa capacité à prendre une place importante dans le paysage financierThroughout the centuries, financial institutions have shaped the financial landscape and influenced economic activity. The goal of this dissertation is to highlight, from a theoretical point of view, fundamental limitations of modern institutions and eventually derive implications regarding the future role of those institutions.The first chapter provides an analysis of Central Clearing Platforms (CCP). In the aftermath of the financial crisis of 2008, financial authorities around the world implemented regulations imposing central clearing on most derivative products. It is shown that central clearing often requires a larger liquidity buffer than bilateral clearing.The second chapter presents a continuous-time learning model meant to represent the learning process of an institution such as a central bank regarding a hidden information held by the market. The equilibrium level of uncertainty perceived by agents is shown to be an important limitation to the role of financial institutions.The last chapter introduces a specific blockchain-based payment network called the Lightning Network. It allows users to transfer value instantly without relying on any trusted third party. We discuss the implications regarding the structure of this network as well as its ability to become an important part of the financial landscape
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Deacle, Robert. "Three Essays on Financial Institutions and Real Estate." Diss., Temple University Libraries, 2011. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/154269.
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EconomicsPh.D.
This dissertation examines several aspects of U.S. financial institutions’ real estate-related activity. The first two essays examine the impact of Federal Home Loan Bank (FHLB) membership and funding on bank and thrift holding company (BHC and THC) risk and returns. The first essay uses risk measures derived from BHC and THC stock prices, while the second essay uses risk measures based upon BHC and THC bond prices. The third essay studies the impact of BHC investment in real estate on risk and returns using measures based on stock prices. In the first essay, BHC and THC stock portfolios are formed along several dimensions. Bivariate generalized autoregressive conditional heteroskedasticity (GARCH) models are estimated to produce measures of total risk, market risk, and interest rate risk for the time period from the beginning of 2001 through 2009. Two sets of results related to FHLB activity are obtained. First, FHLB membership is found to be associated with lower total risk and market risk while having no association with interest rate risk. Second, and similarly, greater reliance on FHLB advances is associated with lower total risk and market risk but is not associated with interest rate risk. These results are consistent with the view that the risks created by government backing of the FHLB system and some of the system’s policies are mitigated by FHLB policies and products that reduce risk. In addition, THC stocks are found to have lower total and market risk than the portfolio of BHC stocks. The second essay investigates the relationship of both FHLB membership and funding with BHC and THC risk by using the cost of uninsured debt as a measure of risk. These relationships are analyzed in a simultaneous equation regression framework using data from the start of the third quarter of 2002 through the end of the first quarter of 2009. The cost of uninsured debt is proxied by yield spreads calculated from trading data on holding company (HC) bonds. Several interesting results are obtained. Reliance on advances is found to have a negative effect on the cost of debt throughout the sample period (the third quarter of 2002 through the first quarter of 2009). Cost of debt has a significant effect on the level of advances only during the recent financial crisis (the third quarter of 2007 through the first quarter of 2009), when the effect is negative. The negative association between cost of debt and the level of advances suggests that BHCs and THCs, on the whole, do not use FHLB advances to make unusually risky loans and supports the argument that FHLB policies and services have some risk-reducing effects. FHLB membership, independent of advances, is found to have no influence on HC cost of debt. Additional analysis indicates that THC status is associated with higher cost of debt than BHC status. The third essay examines the influence of real estate investment by BHCs from the third quarter of 1990 through the fourth quarter of 2010 on their risks and returns. Portfolios are formed of BHC stocks according to BHCs’ ratio of real estate investment to total assets and according to the type of regulation - lenient or strict - under which they invest in real estate. Tests of differences in median portfolio returns between these portfolios are performed. In addition, the effects of real estate investment on risk and return are estimated using univariate GARCH models of portfolio returns. The main results are as follows: 1) BHCs that invest in real estate have greater total risk and lower risk-adjusted returns than those that do not; 2) greater real estate investment is associated with lower returns and greater market risk for some types of BHCs while it is not associated with significant differences in total risk or risk-adjusted returns; and 3) BHCs that invest in real estate under relatively lenient rules have lower returns, greater total risk, and lower risk-adjusted returns than those that invest in real estate under relatively strict rules. The results indicate that benefits from real estate investment by banks - such as diversification of cash flows, economies of scale and scope, and increased charter value - are outweighed by greater variability of returns and lower returns due to BHCs’ lack of expertise in the field. The findings also provide evidence that rules granting banks greater freedom to invest in real estate result in increased risk but not increased returns.
Temple University--Theses
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Chew, Tong-Gunn. "Incentives for voluntary disclosures of derivative financial instruments by financial institutions in Singapore." Monash University, Dept. of Accounting and Finance, 2004. http://arrow.monash.edu.au/hdl/1959.1/5301.
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PESSOA, PEDRO MARTINS. "FINANCIAL INSTITUTIONS, GROWTH, AND INEQUALITY: A QUANTITATIVE EXPLORATION OF FINANCIAL DEVELOPMENT IN BRAZIL." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2017. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=31801@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROCOORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
PROGRAMA DE EXCELENCIA ACADEMICA
Intermediação financeira se intensificou fortemente no Brasil entre 2002 e 2013. Este período também foi marcado por forte crescimento econômico com queda na desigualdade de renda. O objetivo deste trabalho é investigar o efeito do desenvolvimento financeiro observado no Brasil sobre crescimento econômico e desigualdade usando um modelo dinâmico de escolha ocupacional com fricções financeiras. No modelo, agentes com riqueza e habilidades distintas tomam decisões de trabalhar ou empreender, mas são sujeitos a restrições de crédito que distorcem a alocação de fatores. Nossos resultados indicam um aumento de 15 por cento no PIB per capita e de 2 por cento na PTF, e um leve aumento na desigualdade de renda. Há um forte efeito de equilíbrio geral sobre o salário, que aumenta em 14 por cento.
Financial depth surged in Brazil during the mid-2000s, largely as a result from institutional reforms. At the same time, the country experienced strong economic growth with decreasing income inequality. The objective of this work is to gain perspective on the effects of this financial development on growth and distribution at the national level. We do this through the lens of a dynamic model with financial frictions, in which agents who differ in their wealth and abilities as workers and entrepreneurs make occupational and productive choices under credit constraints. We calibrate the model to replicate the financial deepening observed in Brazil from 2003 to 2012. Our main results indicate that GDP per capita increases by 15 percent and TFP by 2 per cent. Workers benefit indirectly as wages rise by 14 percent in equilibrium. Yet, income inequality slightly increases.
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Khomutenko, L., and Ya Khomutenko. "World experience of implementing recapitalization program in financial institutions during global financial crisis." Thesis, Українська академія банківської справи Національного банку України, 2012. http://essuir.sumdu.edu.ua/handle/123456789/59018.
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The anti-crisis policy of the government and regulatory authorities served as the basis for qualitative and deep functional upgrade of the banking sector.
In conditions of crisis, banks and other financial institutions are facing serious financial problems that mostly affect both liquidity and solvency of financial institutions. In such circumstances, governments and central banks raises the question of methods and tools, whichcan be involved to stabilize the situation and overcome the crisis.
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Kumar, Srimeenakshi. "Impact of Corporate Governance on the Financial Performance of Financial Institutions in Malaysia." Thesis, Curtin University, 2017. http://hdl.handle.net/20.500.11937/65389.
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The objective of the study is to determine the impact of corporate governance (audit committee, board composition and board size) on the financial performance (return on asset and return of equity) of financial institutions, based on agency theory. This study analyses 83 licensed financial institutions in Malaysia, for the period of 2014 and the data was collected from annual reports. The study applied multiple regression model. The findings of the study shows that audit committee and board size has a significant impact on ROA and ROE. Board composition has non-significant impact on ROA and ROE.
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Loranth, Gyöngyi. "Essays on Financial Markets Strategies." Doctoral thesis, Universite Libre de Bruxelles, 2002. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211358.
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Kwok, Ying-kit Tony. "A study on treasury risk control in financial institutions in Hong Kong /." Hong Kong : University of Hong Kong, 1995. http://sunzi.lib.hku.hk/hkuto/record.jsp?B14038912.
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Cheng, Shu-tsui, and 鄭淑翠. "Financial institutions on SME financing." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/c95p84.
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碩士國立臺灣科技大學
財務金融研究所
100
Due to the importance of Taiwan’s medium and small enterprises in terms of social and economic structure and the promotion of development in medium and small enterprises and stable finance, this study will target the relationship between features of medium and small enterprise financing, strategies for bank credit granting, and counseling measures provided by the government along with the study of the risks involved in hope to help achieve a win-win situation for medium and small enterprises and the bank. Financing (fund-raising) by medium and small enterprises and policies on assistance and counseling provided by the government will serve as the focus of this study with financial tsunami period investigated. In order to promote industrial development, various policies on financing planning, investments and credit guarantees, and counseling on financing provided by the government have assisted medium and small enterprises to successfully raise funds during different stages of business growth as well as enterprises faced with major economic changes or economic stagnation. During financial tsunami, a downward trend was shown in financing balance for medium and small enterprises in Taiwan. After the implementation of various measures by the government, gradual climb in bank loans for medium and small enterprises and credit guarantee balance within a short period of time indicates government mechanisms for saving the market during financial tsunami have achieved their purposes effectively. This study showed that aspects of financing, credit guarantees, investments, subsidy policies, finance diagnosis, and financing counseling were all covered by the counseling system constructed by the government in terms of financing (fund-raising) by the provision of a comprehensive mechanism to relieve financial difficulties faced by medium and small enterprises during different stages of growth and operation. This study suggests that medium and small enterprises should strengthen operating physique, avoid financing difficulties caused by informational asymmetry, and utilize resources provided by the government; the bank is advised to develop supply chain financing and reinforce employee training while the government is suggested to establish standards for medium and small enterprises on financial relief, set up banks medium and small enterprises to carry out government policies, continue to promote “Certified Financial Specialist for Small and Medium Enterprises”, and reinforce propagandas on various measures established by the government in terms of financing (fund-raising) and related counseling.
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Chen, Szu-Hui, and 陳思慧. "Corporate Financing, Financial Institutions and Corporate Governance." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/25279225039960376318.
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碩士國立中央大學
財務金融研究所
90
Enterprises need plentiful fund to operate the business, to expend the scale, and to innovate new products or technologies. So, how to raise fund is the important subject to enterprises. This thesis describes four phases (incubating phase, growing phase, expanding phase and restructuring phase) during an enterprise life cycle, the theoretical background for optimal financing strategies in each phase, and optimal relationship between enterprise and financial institution changes during different phases. This thesis examines the relationship between fund resource of enterprise and financial institution and the corporate governance structure of IPO companies in Taiwan. There are three main aspects to investigate: (1) the relationship between the timing, the industry of firms’ IPO and investment of financial institutions, (2) an compare about the time of entering and exiting the board of directors of financial institutions, (3) an analysis about characters of IPO firms to be attracted by financial institutions and to control the company.
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Injai, Eric. "Comparison of IPO underpricing between Financial Institutions and Non-Financial Institutions." Master's thesis, 2018. https://hdl.handle.net/10216/117417.
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Injai, Eric. "Comparison of IPO underpricing between Financial Institutions and Non-Financial Institutions." Dissertação, 2018. https://hdl.handle.net/10216/117417.
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Shah, Ronnie Rashmi 1981. "Essays on financial institutions." 2008. http://hdl.handle.net/2152/17766.
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In this dissertation, I explore the ability of financial institutions to impact firm behavior. The first essay examines whether relationships between venture capital owners (VCs) and investment banking underwriters affect a firm’s ability to issue equity. I find that past interactions between VC owners and underwriters in the form of previously underwritten initial public offerings (IPOs) significantly increase the likelihood that an IPO firm chooses a specific underwriter. In terms of how VCs and underwriters associate with each other, older VCs partner with more reputable underwriters. Despite paying higher fees, issuing firms benefit from stronger VC-Underwriter relationships through upward offer price revisions and higher valuations. VC-Underwriter relationships also predict underwriter choice in subsequent equity offerings. This essay provides empirical evidence that suggests VCs use their relationships with investment banks to enable their portfolio firms access to high quality underwriters and better underwriting services. The second essay investigates whether credit rating concerns affect capital investment decisions. Using ex-ante measures of proximity to a rating change, I find that firms that are near a credit rating downgrade spend significantly less on capital expenditures relative to those not near a rating change. The response of firms to credit rating upgrades is not symmetric: firms do not seem to adopt significantly different investment policies when near an upgrade. This effect of lowering investment when near a credit downgrade is stronger for firms that face financial constraints, experience greater adverse selection and are more active in debt markets. Related to reductions in investment, firms near rating changes also spend less on research and development expenses and pay lower dividends. My findings are consistent with firms conserving financial resources to prevent adverse credit rating changes that could increase their cost of capital.text